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Author Topic: [ANN][EST 2014] Rimbit - We removed mining so its just the community and coin  (Read 25533 times)
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rimbit
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Rimbit - No mining, just development


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July 01, 2015, 05:53:11 PM
 #1

So why Rimbit and not Bitcoin?

We get asked this question many times and it is also this question we asked ourselves early on that made us create Rimbit, when the Bitcoin community ignored our warnings that Bitcoin would eventually be managed by Companies.....  and 2 years later, Bitcoin is managed by 21 companies with the top 3 companies managing 51% of Bitcoin and they are also based in China.
Reference: http://www.businessinsider.com/bitcoin-pools-miners-ranked-2015-7

We were Bitcoin miners (2013), and proud to be part of the community that was helping maintain the network, but after spending $10,000 USD on hardware that only had a ROI (Return of investment) of only a few months, we looked at Bitcoin more closely and we predicted that the hardware that the community needed to maintain the network, would increase in cost exponentially, we began to look at what Bitcoin was heading for.
 
So 2 years later, the Bitcoin network is managed by private miners (companies) and cloud mining firms that will let you rent their old miners.
To be effective Bitcoin miners these days, you will need to rent a large warehouse and purchase a few million dollars worth of mining equipment for that warehouse and make sure that you have a return of a few hundred thousand dollars to cover the monthly electricity bill and that simple fact is what killed the everyday Bitcoin miner!



So how is Rimbit different?


As our concerns were falling on deaf ears, we knew that the only way that Crypto Currency had a chance to survive as a community currency was to build it ourselves and with the help of community funding, we launched Rimbit the currency that was a mix of Bitcoin code and code from other coins.

The differences:

- Rimbit is not mined so no company can manage the network
- Instead the community who run Rimbit wallets are responsible in running the network
- The only hardware required to use and manage the Rimbit network is an old computer, running windows, mac or linux
- A new project has been started to run the Rimbit wallet on a RasberryPi which will only consume a few dollars worth of electricity per year
- 5% stake (Interest) is generated by the Rimbit network and issued via the blockchain back to the Rimbit wallets that remain online to help the network
- Our goal is to minimize the hardware and utility costs, while Bitcoin does the opposite and increase the hardware and utility cost (now in the $ millions per month)

Grab a wallet from our forum at http://rimbit.com/resources/categories/rimbit-wallets.1/


Github link https://github.com/Rimbit

Rimbit Forum: http://rimbit.com/forums/



You can get Rimbit at Indiegogo https://igg.me/at/rimbit-com/x/6825374


Or on these Exchanges:

C-Cex: https://c-cex.com/?p=rbt-btc
useCryptos: https://usecryptos.com/market/RBT-BTC
Yobit: https://yobit.net/en/trade/RBT/BTC
Cryptopia: https://www.cryptopia.co.nz/Exchange?market=RBT_BTC


----------------------------------------------------------
Coin Name: Rimbit

Coin Trading: RBT

Launch Date: April 23 2014

Announcement Page: https://bitcointalk.org/index.php?topic=1105448.0

Github: https://github.com/Rimbit

Money Raised on Indiegogo: https://www.indiegogo.com/projects/missed-out-on-bitcoin-here-is-your-second-chance/x/6825374#/ (Still current)

Premine 100% - (The only way to distribute a minerless crypto... funds used to maintain operations and continue development while avoiding corporate influences)

Money Supply: 360,000,000 Rimbit

Exchanges: C-Cex, useCryptos, Yobit, Cryptopia

Explorer: https://rimbitexplorer.com/chain/Rimbit

Tx Fee: 0.001 RBT

Social Accounts:

https://twitter.com/RimbitCrypto

https://www.facebook.com/Rimbitcoin/

https://www.youtube.com/channel/UCl1PCTm7Le8Tg7LuEUiSpfA
https://www.reddit.com/r/RimbitCrypto/

We created a minerless coin, simply to avoid the influences of Mining Hardware, Pools and Farms.

Our goal since day one, which continues till now, is to hand over the reigns to the community, as we have stated time and time again.

This includes the community appointing a CEO to run operations etc.

Rimbit is geared towards being the truest Community coin possible.

----------------------------------------------------------

What are the unique features?

We started Rimbit to be a currency and have never felt it necessary to sway to far from the core principals of Bitcoin, as we strongly believe that Bitcoin is the best coin, except for the mining aspect.
We built Rimbit to simply be a currency... nothing more, nothing less and feel no need to have black hole technology or Whizz Bang X55Z-Nebulas integration, because there is no need to!!!
Its just a currency and more devs should embrace that simplicity!

However, we will use our simple approach to Rimbit to spawn new ways of utilizing blockchains by eventually combining new chains into our wallets, again bypassing mining, to give wallets more applications that can be added or removed, based on what extra utilities a user requires... such as contracts etc...

What is in store for Rimbit in the future?

We are currently running some hardware projects to enable users from less fortunate countries that ability to run Rimbit wallets, 24/7 at nearly zero electricity cost.


You can see a testing version of the RimbitPi wallet running... here https://www.youtube.com/watch?v=lLw0lLQDOhI

Rimbit would also like to harness the power of our community run blockchain so we can create applications such as password managers, document verification tools, rental contracts and a multitude of other blockchain powered tools that are safe from manipulation of the Bitcoin style network that is currently the main crypto currency and unfortunately the worst possible version of a crypto currency that is at the mercy of 21 companies than run the network!



UPDATE: March 2016 - Bitcoin network is failing and Miners are the issue

Looks like our Prediction for Bitcoin is coming true - Something we knew back in 2013 and the reason we started Rimbit in 2014

Quote:

BTCC today deployed 100 full bitcoin nodes across five continents to support the bitcoin network. Full bitcoin nodes enforce the rules of the bitcoin network by serving a full copy of the bitcoin blockchain and validating blocks and transactions.

BTCC is the first bitcoin exchange and first mining pool to donate and deploy full bitcoin nodes for the maintenance of the bitcoin network.

While bitcoin miners are rewarded with bitcoins for generating transaction confirmations, nodes are not compensated for hosting the blockchain database and relaying transactions.

BTCC's chief operating officer Samson Mow said that the company deployed the nodes in order to do its part in helping maintain the bitcoin network. The network has seen a 19 percent decrease in viable nodes over the past year to 5,280 at the time of publishing.

"As a proponent and believer in bitcoin, we see both supporting core development and well as the bitcoin network itself as our duty," Mow said. "The nodes we deployed today will help to preserve the network as the number of full bitcoin nodes continues to decrease."

BTCC's chief technology officer Mikael Wang said ten of the nodes were set up as DNS seed nodes. BTCC DNS seed nodes provide the bitcoin community with secure and trusted full nodes to help new nodes synchronize with the network.

"BTCC has deployed ten powerful DNS seed nodes with unrestricted network access that are publicly available for anyone to use when hosting their own bitcoin core nodes," Wang said. "Simply connect to seed.btcc.com:8333."

A list of all the full bitcoin nodes that BTCC has deployed is available at: https://bitnodes.21.co/nodes/?q=/BTCC:0.11.2/

BTCC deployed 19 percent of the nodes in Germany; 19 percent in Singapore; 13 percent in China; 21 percent in the United States; and 7 percent each in Australia, Brazil, Ireland, and Japan.

BTCC's chief executive officer Bobby Lee said BTCC deployed the nodes across five continents in order to ensure that people across the world can easily access the bitcoin network.

"Most reachable full bitcoin nodes are located in the US," said Lee. "So we intentionally distributed the nodes we donated in countries that rank low on the full bitcoin node geographic distribution list. We encourage other bitcoin companies to join us in contributing to the bitcoin ecosystem by sponsoring powerful full nodes."

SOURCE: https://www.btcc.com/news/article/btcc-deploys-100-full-bitcoin-nodes-across-five-continents

[ANN] Rimbit --- We removed mining so its just the community and coin --- Click Here
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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Bad Blood
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July 01, 2015, 06:30:18 PM
 #2

A long but good read. This looks like a promising coin project. How do we get the coins?
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July 01, 2015, 07:51:22 PM
 #3

One can buy RBT on IndieGoGo     https://www.indiegogo.com/projects/we-want-to-take-over-from-bitcoin-and-be-number-1#/story

Or on the Rimbit Forum store         http://rimbitforum.com/store/

Rimbit also trades on a number of exchanges such as C-Cex   and   Use-cryptos

Rimbit definitely makes sense as you don't waster thousands of dollars on mining equipment. Just buy the amount of RBT that you want or can afford.

Join the community at the forum address above and see what's happening Smiley  Smiley
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July 01, 2015, 07:57:33 PM
 #4

This isn't a new coin. It's been out Since January.  Total supply = 391,128,221  http://coinmarketcap.com/currencies/rimbit/#charts

The way to get coins is to buy them initially from Rimbit.  It was 100 percent premined.



  
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July 01, 2015, 08:04:38 PM
 #5

Actually it has been out since May 2014. Just passed 1 year.

The prices on the Rimbit forum store and IndieGoGo are general identical, so whichever is easier.
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July 01, 2015, 10:51:04 PM
 #6

I've been using Rimbit for over a year, and I've been happy with my coins. I think mining was a good idea to get bitcoin started, but it's mostly done by large mining farms now. The average user of bitcoin just buys and sells(and uses as currency) without mining, and personally I think that is the way to go for new altcoins out there. All my transactions are  fast, community support is great, and the creator of the coin is very active and helpful. There are occasional hiccups but because it's funded by sales there are paid developers to work on problems and further development.
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July 01, 2015, 11:43:27 PM
 #7

That's a really good summary! Nice to see a fair comparison without any sledging as seems to be the case in most crypto articles or forums.

I also have some Rimbit from the IGG campaign. Been great seeing how the community has grown over the past 12 or so months. Hopefully more people jump on board and adopt some Rimbit!
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July 02, 2015, 12:15:59 AM
 #8

I've been using Rimbit for over a year, and I've been happy with my coins. I think mining was a good idea to get bitcoin started, but it's mostly done by large mining farms now. The average user of bitcoin just buys and sells(and uses as currency) without mining, and personally I think that is the way to go for new altcoins out there. All my transactions are  fast, community support is great, and the creator of the coin is very active and helpful. There are occasional hiccups but because it's funded by sales there are paid developers to work on problems and further development.

What have you been using rimbit for?
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July 02, 2015, 01:21:12 AM
 #9

Personally i have been using it for my Rimbit faucet, just like bitcoin in its first couple of years the value had to grow before it can really be used. Although it may not be worth much today, I cant wait till its worth something in the near future Smiley
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July 02, 2015, 03:55:17 AM
 #10

This isn't a new coin. It's been out Since January.  Total supply = 391,128,221  http://coinmarketcap.com/currencies/rimbit/#charts

The way to get coins is to buy them initially from Rimbit.  It was 100 percent premined.

You are correct....
We looked at every scenario we could to not go down that path, but at every turn it did point to a premine...

Mining does create the perfect avenue for distribution and by removing it, we did have to figure out an alternative...

Free was not an option as it provided neither any intrinsic value, nor a financial avenue for continued development

We have had to struggle at every turn and now we are finding that we need to be involved in many more exchanges to take the coin to the next level.

So we decided that the only way to get a "fair go" at being listed with exchanges, is to become public on this forum...

[ANN] Rimbit --- We removed mining so its just the community and coin --- Click Here
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July 02, 2015, 03:57:44 AM
 #11

For those with Raspberry Pi's, we do have a wallet that was built by one of the Rimbit members...
http://rimbitforum.com/files/category/1-wallets/

We are also looking at creating some wallets for QNAP and other commercial NAS systems in the very near future ... Smiley

If your a dev and would like to help out... we would appreciate the contribution and perhaps you would be interested in becoming part of the team

[ANN] Rimbit --- We removed mining so its just the community and coin --- Click Here
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July 02, 2015, 06:20:24 PM
 #12

As Rimbit has been around for a year now, many of the members have expressed interest in certain topics.

One of those topics is gaming and as such, we setup a forum category to address these discussions.

Every now and then we have events on private servers such as some CS:GO gameplay and some Sim Racing.

This weekend, some of the Rimbit Forum members will be racing Assetto Corsa and anyone reading this post is more than welcome to join.

The Forum post is here at http://rimbitforum.com/topic/2273-rimbit-race-weekend-2/ that outlines the times, entry fee and prizemoney

Cheers

[ANN] Rimbit --- We removed mining so its just the community and coin --- Click Here
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July 02, 2015, 06:37:15 PM
 #13

One thing I love about Rimbit is the generation of interest on the holdings in your unlocked wallet. For the first year it was 10%. This was paid periodically based on the number of RBT that one owns.

Now it has dropped back to 5% and will stay at that number forever. It is great to watch my total increasing weekly as free RBT are minted (generated) as we call it.
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July 02, 2015, 08:23:36 PM
 #14

It has not always been smooth sailing

When we tested our Rimbit wallet for the first time (early 2014) in preparation for the main launch, the wallet at that time was pretty much more of a Bitcoin copy that a smattering of other Coin code.

Initially we started selling Rimbit at the completion of the initial mining but as we left the miners running to continue to confirm and verify transactions, we hit a massive issue.

What we discovered was once all the coins where generated and the miners left to run, that it suddenly looped back to the original coin count and began mining new coins again.
So we went from the code specified 360 million coins and then after the loop, it began mining another 360 million coins, which completely destroyed the purpose of Rimbit as we now had 720 million coins.

We contacted some of the top devs of Bitcoin and warned them of our findings. Apparently its a known issue.
Whether is been resolved or not by Bitcoin, we dont know but we do speculate that it is partly a reason why there is a need for Bitcoin to do a hard fork.

We looked at some of the fixes we needed to implement and the options where to hard fork Rimbit or just start from scratch again.

We chose the latter as it was easier for us to do that, than continue with the current wallet.

So in mid-late 2014, we took the old Rimbit wallet offline and asked everyone to move over to the new wallet and the transition was fairly simple, albeit with a lot of support help which we where more than happy to do in record time.

We have had a few other stumbling blocks, but as a community, everyone is informed and we try and resolve issues as quick as possible Smiley

[ANN] Rimbit --- We removed mining so its just the community and coin --- Click Here
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July 03, 2015, 04:46:22 AM
 #15

What have you been using rimbit for?

Mostly tipping, if I see a post I like and they have their Rimbit address in their signature, I might send a few coins their way. I've also done some trading on the exchanges. One of the reasons I never got into bitcoin was because getting money on an exchange is usually tedious/expensive, and there's not much local use near me. Using Rimbit finally got me into getting some bitcoin. There's only two places I know of that you can use Rimbit as payment(a bar in the Caribbean and a store who's location I don't recall at the moment), but I know that will grow in the future. There's a buy/sell forum and there have been ads posted, but I don't recall any actually happening. I'm hoping to offer some Carolina Reapers for sale next summer.
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July 03, 2015, 04:23:02 PM
 #16

We have had a few other stumbling blocks, but as a community, everyone is informed and we try and resolve issues as quick as possible Smiley

As an early Rimbit holder, I am amazed at how quickly the issues have been resolved.  It's great to have a forum where all questions get some sort of answer that makes sense.
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July 11, 2015, 09:35:57 AM
 #17

We have had a few other stumbling blocks, but as a community, everyone is informed and we try and resolve issues as quick as possible Smiley

As an early Rimbit holder, I am amazed at how quickly the issues have been resolved.  It's great to have a forum where all questions get some sort of answer that makes sense.

We are rebuilding the .com website to enable more features on it as well as including Author status

In the meantime, please use the forum at www.rimbitforum.com

[ANN] Rimbit --- We removed mining so its just the community and coin --- Click Here
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July 11, 2015, 09:55:40 AM
 #18

What exchange is this listed on ?

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July 11, 2015, 09:30:56 PM
 #19

Interesting that all of the "supporters" of this coin only have single digit activity. I guess this coin draws a lot of BCT newbs... LMFAO

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July 11, 2015, 09:40:08 PM
 #20

I still can not understand the idea of currency or its innovation.
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