[*] 8BIT [Dark Masternodes][Anon][Roadmap Stage 4]

[niki25]

I will say as i said some post ago, the inflation can be controlled if the services to be run by the masternodes includes a burning supply feature, from the fees colected of the service, maybe lets say 50% can go to a burning address, and the other 50% for mn.
If the service requires for example 3 8bit, it will deflating the economy.
But thats if for every block on the blockchain a service is offered. As that wont be happening at early stages, it will be a inflationary system while there will be always the option of reducing the supply in circulation by burning it.
It almost should compensate a bit the inflation at the same time is bringing usability to mn.

[blackyblack]

Maybe your expectations are too high. Bootstrap is about skipping p2p download, blocks are still validated. It takes time especially on low end or busy boxes.

It seems you are right. So bootstrap is working yet does not speed up block processing much.

[8-bit-Party]

Yeah, since this is neither Bitcoin nor Litecoin our blocks are not that big and most of process is spent on validating blocks.
Speed-up will be more visible for those who have slow internet connection. Another advantage is that synchronizing process goes without temporary slow-downs caused by misbehaving or disconnecting peers. Additionally you don't eat other nodes resources. So I recommend it for everyone.

[Orestes]

You are right. I am new to this coin and do not actual numbers of the inflation rate. Can you calculate for me current inflation rate and rate after 1 year?

I saw this quote

At that moment inflation will be 10% per year.

If it is the right number I can tell that it is a fine level of inflation and it will be less in the future. How is inflation affected by the masternodes BTW? I heard MN are more profitable than staking so actual inflation could be higher...

Please go through my post history.

short story:

Every year the supply increases with about 490k 8Bit, with an initial base of 101k. There was lots of hype, first dev bailed, disillusionment followed.

Ending    - Inflation - Total Supply
year 0     -   488%  -   0.1 MLN
1st year   -   82%   -   0.6 MLN
2nd year   -   45%   -   1.0 MLN
3rd year   -   31%   -   1.5 MLN
5th year   -   19%   -   2.5 MLN
10th year   -   10%   -   5.0 MLN
25th year   -   4%   -   12.4 MLN

We are now at roughly 200k coins which means there is still 300% to go for this year. This seems much, but we have a very low marketcap, we just need to hang on and get through this stage...

Masternode currently pays out 1188/1350 per day divided over all nodes. This is a linear(fixed) amount, in an exponentially(S-curve) growing market. More nodes get added and the less profitable mn will be, this in favor for 8Bit distribution.

Cutting payout means cutting total supply. Cutting significantly means cutting supply significantly. You'll end up with a very, very rare coin... Also when we are cutting we will cut it in a linear setting, but we are already decreasing exponentially. Cutting inflation will also cut the rate of its drop, lol.

Burning coins is also an unnecessary measure, it widens the gap between now and low inflation. It has a postponing effect but creates short term gains. I can see it being useful in a saturated market where the user base is on the decline.

IMO the solution for now is intrinsic value: [development, marketing].

[8-bit-Party]

What about MASTERNODE PROFITABILITY CALCULATOR? Anyone?

[skidog]

Which page was that block explorer on ? Anybody remember?

[mastertrader777]

Which page was that block explorer on ? Anybody remember?

http://explorer.8-bit.party/

[skidog]

Which page was that block explorer on ? Anybody remember?

http://explorer.8-bit.party/

How do we get a rich list...? PS thanks...

[mastertrader777]

Which page was that block explorer on ? Anybody remember?

http://explorer.8-bit.party/

How do we get a rich list...? PS thanks...

Lol, ask your dev. I proposed a feature packed blockchain with Masternode support, Richlist, etc.

I guess you get what you pay or don't pay for.

 

[skidog]

Which page was that block explorer on ? Anybody remember?

http://explorer.8-bit.party/

How do we get a rich list...? PS thanks...

Lol, ask your dev. I proposed a feature packed blockchain with Masternode support, Richlist, etc.

I guess you get what you pay or don't pay for.

 

good point...I guess i cant complain about free...

[8-bit-Party]

How do we get a rich list...? PS thanks...

Sure. Rich list and wealth distribution are on level 3 of STEP 2. Level 3 will be announced within 2 hours. Since I see no feedback for masternode profitability calculator seems like I will have to add it that level.

So do I have a problem with jumping across pages to find what I wrote so isn't it a time to start a new thread with up-date ANN? Or maybe we should wait with it till the end of voting to publish final coin economy rules instead of about-to-be-removed old ones?

[8-bit-Party]

STEP 2

level 3

RESTORE OR CREATE MISSING INFRASTRUCTURE

We have to figure out and show current wealth distribution. Fair distribution has to be proven.

• Rich List - how rich are owners of TOP 100 (do we need more? tell me) addresses?
• Distribution - how total coin supply looks compared to top10, top20... top 100 addresses, funds frozen for masternodes, Bittrex exchange orderbook and top50 accounts?
• Masternode Profitability Calculator - how much masternode operators earn, is it profitable to fund one, what is ROI here?

DEADLINE FOR ALL TASKS: 2015-07-03 UTC

[mastertrader777]

STEP 2

level 3

RESTORE OR CREATE MISSING INFRASTRUCTURE

We have to figure out and show current wealth distribution. Fair distribution has to be proven.

• Rich List - how rich are owners of TOP 100 (do we need more? tell me) addresses?
• Distribution - how total coin supply looks compared to top10, top20... top 100 addresses, funds frozen for masternodes, Bittrex exchange orderbook and top50 accounts?
• Masternode Profitability Calculator - how much masternode operators earn, is it profitable to fund one, what is ROI here?

DEADLINE FOR ALL TASKS: 2015-07-03 UTC

Not bad, keep it up new dev.

Cheers,

MasterTrader777

[Dimitry]

Which page was that block explorer on ? Anybody remember?

http://explorer.8-bit.party/

How do we get a rich list...? PS thanks...

Lol, ask your dev. I proposed a feature packed blockchain with Masternode support, Richlist, etc.

I guess you get what you pay or don't pay for.

 

cheap bitch and posting above is gogo new dev are you bipolar sir? if not what are you?

[8-bit-Party]

Yet another thing to take into consideration.
We can increase number of confirmations required to commit masternode.
Once you have to wait for a day to get masternode activated you will not sell it (or rather coins invested) one day later.

Again, this is not something I promote nor force.

Masternodes are still pretty new thing.
They change economics and nobody is absolute sure how they will affect altcoins ecosystem.

Like we had pool hopping aiming to most profitable pool, then multipools aiming to most profitable PoW coin, finally we can see kinda masternode hopping aiming to most profitable masternode investment.

Those who are in this business for more than a month understand this analogy.
There are cases when experience lets predict future. I believe this might be such case.

How would it work? You can seek for a coins with temporary reduced number of masternodes. Then you buy amount of coins letting you to run profitable number of masternodes. Because of your shopping rate grows. You immediately withdraw coins and run masternodes. As long as number of masternodes is low you keep your masternodes running. Once number of masternodes grows you start to cash out. Market price comes back to previous value. Collected masternode rewards are your profit. You can be kind and just keep those coins, you can be also aggressive investor and dump them immediately.

What is temporary reduced number of masternodes? First of all, it's pretty common that there are many nodes run on same machine. Second, it's pretty common that there are many nodes run on same network. Finally many nodes are run on home computers on weak connections. There are also network outages and human factor. So it's pretty easy to figure out and attack masternode network weak points instead of massive attack what probably wont be profitable.  It would be very expensive to attack DASH this way, but neither 8BIT nor CRAVE nor any other new altcoin are safe.

This is actually why I aggresively promote running own masternode. With current (and maybe next) inflation we are safe as long as masternode network is widely spread.

We can look at others, make copy&paste or be those who create things and let others to copy&paste them.
And take advantage from being first with its implementation.
Do you have an idea? SHARE IT HERE!

[mastertrader777]

Which page was that block explorer on ? Anybody remember?

http://explorer.8-bit.party/

How do we get a rich list...? PS thanks...

Lol, ask your dev. I proposed a feature packed blockchain with Masternode support, Richlist, etc.

I guess you get what you pay or don't pay for.

 

cheap bitch and posting above is gogo new dev are you bipolar sir? if not what are you?

This may be an accurate depiction  

https://youtu.be/8FftI0oRg2M?t=1m

[dbt1033]

Ideas for 8bit:

1.  Follow through on torrent/game hosting.
2.  Add Gui functionality for darksend.
3.  Distributed twitch tv like service.
4.  8bit casino hosted on masternodes.
5.  8bit marketplace for cartridges/systems
6.  One click masternodes set up
7.  8bit apparel store on masternodes.
8.  In wallet emulator for 8 bit games
9.  Multiplayer port for 8bit games where users can bet against each other and play for high scores.  Tournaments hosted on masternodes.
10.  Gaming enthusiast chat room in wallet.
11.  Create your own 8bit game hosted on your masternode.  People can play your game for a certain window of time by paying 1 8bit.

Just brainstorming here

Edit:  Establish a Board of Directors.  Require 1000 8bit balance for a seat / access to special slack channel.  Call these Directors something nerdy/related to gaming.  Also require each director to add .1 btc buy support at a certain price point on bittrex.

[sacskate]

Any plans on fixing whatever problem cryptsy is having with the coin? I bought a bunch a while ago and they have been in limbo for a while now.

[8-bit-Party]

I guess if more people withdraw a coins from cryptsy and report issue they will finally fix it. It's not a big cost to withdraw 2 8BIT.

[8-bit-Party]

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STEP 4
ADJUST COIN ECONOMY


level 1
brainstorm and collecting options for incoming vote

BACKGROUND: Discussion in last weeks (too many weeks actually) about new economy model brought no (even close to) final decision. Therefore I created following solution:

• Today at 14:00 (2 PM) UTC I will open call for proposals thread. That thread will collect our proposals of items to be put into a poll. Please register your proposal in following scheme:
  

Code:

MN COST: N.M
BLOCK VALUE: N.M
MN REWARD: N.M

for e.g. proposal to keep current model will be (missing decimal part will be considered as 0):

Code:

MN COST: 112.0
BLOCK VALUE: 1.2
MN REWARD: 0.88

• Note that it is not voting yet, but I would love too see everyone participate to make sure we all understand we can't change that values often. Also, if someone else posted proposal equal or very similiar to yours, absolutely post your copy too. This is how statistics work and it's required to get most wanted options.
  
• Please keep that thread free of any other discussion. Discussion, arguing, convincing etc. should take place in here in main thread - here and only here. Place your proposal only once. If you change your mind, change your post or just post again - YOUR LAST POST MATTERS, previous one will be ignored.
  
• Trolling, FUD - disallowed. Serious proposals only. Suggestion of mn reward equal to 999999 8BIT will be rejected.
  
• On Saturday, at 18:00 (6 PM) UTC I will close that thread and start to extract values from set of our proposals. From all proposals, for each item I will pick 3 most popular values (I will probably use median to choose them). That's how we will get voting input. If there's someone who wish to do it instead of me - I will be happy to hear about it.
  
• I am open to any sugestions, changes etc. Just give a serious reason and ask other to confirm they agree.
• Once we read instructions, there we go - official Call for proposals Thread: https://bitcointalk.org/index.php?topic=1104296
  

Spread the word about this voting. Use hashtag #8bitvoting. Let them hear about us!

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