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

[Orestes]

You are losing time with all this voting etc. You should be a dictator to make the coin live. Make a decision, make a fork, let users decide wether to use it on not.

I actually agree with this. A dictator in the spirit of Cincinnatus is the best we can hope for at this moment.
For those interested in history: https://en.wikipedia.org/wiki/Lucius_Quinctius_Cincinnatus 

[8-bit-Party]

Dictator says you have to publish your proposal. Carry out an order

[blackyblack]

Dictator says you have to publish your proposal. Carry out an order

As you wish master.

1. Low inflation is a must.
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.

[Orestes]

Dictator says you have to publish your proposal. Carry out an order

Like i consented before, increase cost to 888 (by popular demand, for marketing reasons, and practicality).
Let the pay-out system be as it is, its high profitability is one of the key aspects of 8Bit. Its the reason why many dared to venture into this coin. The system is stable enough, the future is modest enough, let it be.

Have others for consult but decide for yourself who speaks truth, then carry on.  

If you need time, take it. If i'm wrong price should naturally destabilize significantly, if i'm right it should remain stable. Set a period aside to see what the market does, then decide.

[8-bit-Party]

Dictator says you have to publish your proposal. Carry out an order

As you wish master.

1. Low inflation is a must.
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.

1. There's no clear agreement here. I am crypto enthusiast and programmer, not economist. I have to rely on community voice. Community voice is not consistent here. That's why we will vote.
2. Result of voting here is easy to predict. Cost will probably 888 maybe even higher.
3. I know what is it forked from, PoS code origins from PPC like always. What do you mean by aging? Time required to start staking?
4. I have already published boostrap on new website, see https://bitcointalk.org/index.php?topic=1028119.msg11736308#msg11736308

[blackyblack]

Dictator says you have to publish your proposal. Carry out an order

As you wish master.

1. Low inflation is a must.
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.

1. There's no clear agreement here. I am crypto enthusiast and programmer, not economist. I have to rely on community voice. Community voice is not consistent here. That's why we will vote.
2. Result of voting here is easy to predict. Cost will probably 888 maybe even higher.
3. I know what is it forked from, PoS code origins from PPC like always. What do you mean by aging? Time required to start staking?
4. I have already published boostrap on new website, see https://bitcointalk.org/index.php?topic=1028119.msg11736308#msg11736308

Coin aging increase chance to mine a block for older stake. Let's say I turn off my wallet for couple days. When I will turn it back on I will be having more blocks mined.
There is an attack vector due to coin aging and it deincentivize people to have 24/7 nodes.

[blackyblack]

Have anyone tried to use boostrap? Didn't work for me.

[8-bit-Party]

Coin aging increase chance to mine a block for older stake. Let's say I turn off my wallet for couple days. When I will turn it back on I will be having more blocks mined.
There is an attack vector due to coin aging and it deincentivize people to have 24/7 nodes.

Code:

int64_t GetProofOfStakeReward(int64_t nCoinAge, int64_t nFees, unsigned int nHeight)
{
    int64_t nSubsidy;

    if (nHeight > 11499){
        nSubsidy = static_cast<int64_t>(1.2 * COIN);
    }else if (nHeight > 1888){
        nSubsidy = nCoinAge * COIN_YEAR_REWARD * 33 / (365 * 33 + 8);

Since block 11500 coin age is no longer taken into account when calculating PoS reward.

EDIT: I misunderstood you. You said you are not sure how is it organized. So clearly answer is: our PoS is not affected with coin aging stuff.

Have anyone tried to use boostrap? Didn't work for me.

What does it mean it did not work for you? Details please. I hope you have uncompressed (7z) it first.

[Dimitry]

Dictator says you have to publish your proposal. Carry out an order

As you wish master.

1. Low inflation is a must. Why is this a must?
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.

1. please explain..

[blackyblack]

Coin aging increase chance to mine a block for older stake. Let's say I turn off my wallet for couple days. When I will turn it back on I will be having more blocks mined.
There is an attack vector due to coin aging and it deincentivize people to have 24/7 nodes.

Code:

int64_t GetProofOfStakeReward(int64_t nCoinAge, int64_t nFees, unsigned int nHeight)
{
    int64_t nSubsidy;

    if (nHeight > 11499){
        nSubsidy = static_cast<int64_t>(1.2 * COIN);
    }else if (nHeight > 1888){
        nSubsidy = nCoinAge * COIN_YEAR_REWARD * 33 / (365 * 33 + 8);

Since block 11500 coin age is no longer taken into account when calculating PoS reward.

EDIT: I misunderstood you. You said you are not sure how is it organized. So clearly answer is: our PoS is not affected with coin aging stuff.

This is great.

Have anyone tried to use boostrap? Didn't work for me.

What does it mean it did not work for you? Details please. I hope you have uncompressed (7z) it first.

Yes I unzipped it to my 8bit directory (it is explicitly set with datadir). Made a copy and renamed to bootstrap.dat. Wallet is starting without any notice about bootstrap and continue to download blocks from 5 weeks ago.

[8-bit-Party]

Have you launched your wallet with correct parameter?

Code:

-loadblock=boostrap.dat-20150628_91334

boostrap has to be placed in same dir where wallet executable is. Or wallet directory. I don't remember. Otherwise you have specify full path to boostrap file.

[blackyblack]

Have you launched your wallet with correct parameter?

Code:

-loadblock=boostrap.dat-20150628_91334

No. How could I know about it??

[blackyblack]

Dictator says you have to publish your proposal. Carry out an order

As you wish master.

1. Low inflation is a must. Why is this a must?
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.

1. please explain..

With high inflation coin cannot work as a storage of value. It will be inconvinient to use due to high volatility. It is harder to attract small investors since the whales will be moving the value of their investments down over time.

[8-bit-Party]

No. How could I know about it?

Well... if you ask for bootstrap file I expect you know what do you ask for. This is just how bootstrap loading works in every bitcoin clone.

[blackyblack]

No. How could I know about it?

Well... if you ask for bootstrap file I expect you know what do you ask for. This is just how bootstrap loading works in every bitcoin clone.

I used bootstrap for Hyper by simply putting it into the working folder. BTW I run with the -loadblock arg and do not have any difference. Blocks are loading at the same speed as before.

[8-bit-Party]

Right, this behaviour has changed in Core 0.7.1. Now file can automatically imported. 8BIT supports it. Rename that file to "boostrap.dat" and put to your data directory (where wallet is).

[Orestes]

Dictator says you have to publish your proposal. Carry out an order

As you wish master.

1. Low inflation is a must. Why is this a must?
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.

1. please explain..

With high inflation coin cannot work as a storage of value. It will be inconvinient to use due to high volatility. It is harder to attract small investors since the whales will be moving the value of their investments down over time.

What is high? As I've shown that the current setting are capable of storing value. We have a rare & undervalued coin, as market grows let supply grow accordingly. Cutting supply makes the coin extraordinarily rare, if it is too rare it won't be of any use.

The high inflation rhetoric does not fit with fixed increment as it does with regular compound interest rates.

[blackyblack]

Right, this behaviour has changed in Core 0.7.1. Now file can automatically imported. 8BIT supports it. Rename that file to "boostrap.dat" and put to your data directory (where wallet is).

Sorry, does not work for me. Can anyone conifrm bootstrap is working?

[blackyblack]

Dictator says you have to publish your proposal. Carry out an order

As you wish master.

1. Low inflation is a must. Why is this a must?
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.

1. please explain..

With high inflation coin cannot work as a storage of value. It will be inconvinient to use due to high volatility. It is harder to attract small investors since the whales will be moving the value of their investments down over time.

What is high? As I've shown that the current setting are capable of storing value. We have a rare & undervalued coin, as market grows let supply grow accordingly. Cutting supply makes the coin extraordinarily rare, if it is too rare it won't be of any use.

The high inflation rhetoric does not fit with fixed increment as it does with regular compound interest rates.

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...

[8-bit-Party]

Code:

~$ 8bitd stop
8Bit server stopping
~$ mkdir newdir
~$ cp ~/.8bit/8bit.conf newdir/
~$ wget http://www.8-bit.party/boostrap.dat-20150628_91334.7z
--2015-07-01 13:36:02--  http://www.8-bit.party/boostrap.dat-20150628_91334.7z
Resolving www.8-bit.party (www.8-bit.party)... 2400:cb00:2048:1::6812:2c88, 2400:cb00:2048:1::6812:2d88, 104.18.44.136, ...
Connecting to www.8-bit.party (www.8-bit.party)|2400:cb00:2048:1::6812:2c88|:80... connected.
HTTP request sent, awaiting response... 200 OK
Length: 40105338 (38M) [application/x-7z-compressed]
Saving to: ‘boostrap.dat-20150628_91334.7z’

100%[====================================================================================================>] 40,105,338  3.52MB/s   in 9.7s

2015-07-01 13:36:12 (3.96 MB/s) - ‘boostrap.dat-20150628_91334.7z’ saved [40105338/40105338]

~$ p7zip -d boostrap.dat-20150628_91334.7z

7-Zip (A) [64] 9.20  Copyright (c) 1999-2010 Igor Pavlov  2010-11-18
p7zip Version 9.20 (locale=en_GB.UTF-8,Utf16=on,HugeFiles=on,8 CPUs)

Processing archive: boostrap.dat-20150628_91334.7z

Extracting  boostrap.dat-20150628_91334

Everything is Ok

Size:       73925208
Compressed: 40105338
~$ mv boostrap.dat-20150628_91334 newdir/bootstrap.dat
~$ lsof|grep newdir/bootstrap.dat|wc -l
0
~$ ./2/8bit/src/8bitd -datadir=newdir
8Bit server starting
~$ lsof|grep newdir/bootstrap.dat|wc -l
12

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.