[ANN][EST 2014] Rimbit - We removed mining so its just the community and coin

[toucan]

I have been testing the Rimbit Pi it is working well and there is a lot of potential with this little device in the future.

To get 'free BTC' and confirm transactions requires a million dollar mining farm and a nuclear power plant to run the farm.

To get free RBT and confirm transactions, you need only your PC or MAC or the RimbitPi which is a $200 nifty piece of technology.

Which one makes more sense?

[rimbit]

Looks like our prediction is coming true and the mining issue is now a REAL ISSUE !!!

Rimbit's main function is that it doesnt need mining, something we state over and over again and for many, it falls on deaf ears and for others, well it makes sense and Rimbit is sometimes purchased.

Keeping Bitcoin alive is now becoming a financial requirement for those who invested millions in Bitcoin as the network is now suffering at the lack of miners who are needed to confirm and verify transactions.

Nodes are used to take place of miners, so that a global web is built to replace the mining community, who are getting smaller and smaller in numbers, which then requires even more nodes to operate.

Since day 1, Rimbit uses nodes for the same reason, even though the Rimbit Wallet is a node in itself, but the user numbers are not yet high enough for us to eliminate them, but as more Rimbit wallets come online, then there will be less nodes required, until its 100% self sufficient.

Its only the start of 2016 and already Bitcoin is failing and this scenario will play out with every other coin, except Rimbit.

I updated the ANNOUNCEMENT page and more information can also be viewed at http://rimbit.com/threads/proof-that-bitcoin-is-failing.1948/#post-3952

[rimbit]

I have been testing the Rimbit Pi it is working well and there is a lot of potential with this little device in the future.

To get 'free BTC' and confirm transactions requires a million dollar mining farm and a nuclear power plant to run the farm.

To get free RBT and confirm transactions, you need only your PC or MAC or the RimbitPi which is a $200 nifty piece of technology.

Which one makes more sense?

Looks like the Chinese are rolling out Nodes to overcome the mining problems now... It had to happen and its a real shame that even the investment bankers, business angels and corporate's never saw this issue.
The lack of Due Diligence on their behalf is without a doubt a big failure... I wonder what will happen next with the Bitcoin system and all those heavily invested in it  

It doesnt take a genius to work it out... or if thats the case, then everyone who has Rimbit must be a genius  

The question is... When China decides to stop Bitcoin operations, will the nodes come down as well... Then where does that leave Bitcoin users?

[toucan]

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.


So a 19% decrease means that 1238 nodes went down in 2015. The 100 deployed by BTCC only replaced 8% of the lost nodes. In 4 years there will be none left and transaction and confirmation times which have increased lately to as much as 45 minutes, will become unworkable.

With RBT, every person who has an open wallet on the network is a 'node' to confirm the transactions and you are rewarded with free RBT for keeping your wallet open.

So as RBT expands, the number of nodes will expand too. This is directly opposite to what is happening to BTC and will happen to other 'mined' coins as the number of nodes decreases due to cost.

Get your RBT here     https://www.indiegogo.com/projects/changing-the-digital-currency-landscape#/

And join the revolution in cryptos before the world catches on

[toucan]

For all you coin mining diehards...a geography lesson

DENIAL is a river in Egypt

[rimbit]

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.

He did nothing of the sort... His company would begin to fail if he didnt do it... Its called self preservation
When his company starts losing profit, watch how quick those nodes get pulled....

[toucan]

Ok all you BTC and altcoin mining enthusiasts. Here why mining is doomed to fail. It is simple physics or math.

The difficulty of mining new BTC increases every month or so, give or take. That is why a person who could get bitcoins with his PC in 2009 cannot get any without an ASIC miner.
But even these now become obsolete in about 3 months and become an expensive door stop. So the mining which is necessary to confirm the transactions is being done by fewer and fewer people now with 95% being huge farms with millions of $ of ASIC miners working.

The smaller guys are falling by the wayside as the cost of new miners cannot be recouped by the time they no longer work. Thus the 19% decrease in nodes in 2015 above.

Why can't the ASIC miners keep up? That is the big flaw in BTC and other mined coins as it will happen to them all eventually.

Moore's Law stated that the computing power of processors doubles every 18 months, but it has been modified to every 2 years since 2000.

If we assume that the difficulty in the calculations of the algorithm for mining BTC increase 10% per month (and it may be more as the ASIC machines last only 3 months before obsolescence.)

So here we are on Jan 1, 2016 and we have our $5000 ASIC miner. It is useless by March 31, 2016. How powerful an ASIC miner do we need by Jan 1, 2018 (2 years later)?
The difficulty will have increased from 1 at Jan 1, 2016 to 1.1 raised to the 24th power which is 10 times as powerful as before to mine any coins. However by Moore's Law, the computing power can only double in this time.

At some point there will be no possible way to make any ASIC chips and miners that can mine any coins or the cost will be so prohibitive that no one will buy them. Are we nearing that point now, 7 years after the launch of BTC as the nodes are fading away? In the 7 years, the difficulty has increased from 1 at baseline to 1.1 raised to the 84th power = 3000x

Think about that and see the genius behind RBT. No mining, every wallet is a node confirming transactions, and every wallet open to confirm transactions mines free RBT.

Which is most likely to happen RBT increase to $10 or BTC collapse to $10? They are both going to happen and are equally likely.

Get your RBT before the world catches on and BTC craters

[rimbit]

Thats exactly what we saw, way back in 2013 and then announced it, only to be flamed for saying something so ridiculously wrong...

But we knew we where right and in 2014 we put together Rimbit and again, fell under attack from forums and even Newsmedia that made many false assumptions topped with ridicule!

So its 2016 and looks like we where right all along!

[CelluleRB]

It is just the way it's gonna be. Right now, BTC is living its golden age. Soon there will be a need for new coins without mining and Rimbit is the better solution that I can see right now... And for a long time to come!

[rimbit]

It is just the way it's gonna be. Right now, BTC is living its golden age. Soon there will be a need for new coins without mining and Rimbit is the better solution that I can see right now... And for a long time to come!

I think it HAS lived its Golden age.... Its now heading in the same direction as the Incas... The gold has vanished and so has the culture and the only ones still digging are the likes of Indiana Jones, for the scraps that are left

[rimbit]

Every Friday night, we have our Teen Rimbit members (We setup a Teen section on our forum), who are on Twitch and also send out Rimbit to followers.

Its a fun evening and worth watching, so I welcome everyone and if you are a gamer as well, we also have a Rimbit Team on Steam

We are starting this in anticipation of duelling head on with other "Coin Teams" for some fun and of course, serious competition.

You can visit the Twitch Streams



https://www.twitch.tv/bubbistream

and



https://www.twitch.tv/lefalaf

Hope to see you there next Friday (Denmark Time)

You can view more about the games etc here http://rimbit.com/forums/rimbit-4-teens.65/

[robelneo]

Ok all you BTC and altcoin mining enthusiasts. Here why mining is doomed to fail. It is simple physics or math.

The difficulty of mining new BTC increases every month or so, give or take. That is why a person who could get bitcoins with his PC in 2009 cannot get any without an ASIC miner.
But even these now become obsolete in about 3 months and become an expensive door stop. So the mining which is necessary to confirm the transactions is being done by fewer and fewer people now with 95% being huge farms with millions of $ of ASIC miners working.

The smaller guys are falling by the wayside as the cost of new miners cannot be recouped by the time they no longer work. Thus the 19% decrease in nodes in 2015 above.

Why can't the ASIC miners keep up? That is the big flaw in BTC and other mined coins as it will happen to them all eventually.

Moore's Law stated that the computing power of processors doubles every 18 months, but it has been modified to every 2 years since 2000.

If we assume that the difficulty in the calculations of the algorithm for mining BTC increase 10% per month (and it may be more as the ASIC machines last only 3 months before obsolescence.)

So here we are on Jan 1, 2016 and we have our $5000 ASIC miner. It is useless by March 31, 2016. How powerful an ASIC miner do we need by Jan 1, 2018 (2 years later)?
The difficulty will have increased from 1 at Jan 1, 2016 to 1.1 raised to the 24th power which is 10 times as powerful as before to mine any coins. However by Moore's Law, the computing power can only double in this time.

At some point there will be no possible way to make any ASIC chips and miners that can mine any coins or the cost will be so prohibitive that no one will buy them. Are we nearing that point now, 7 years after the launch of BTC as the nodes are fading away? In the 7 years, the difficulty has increased from 1 at baseline to 1.1 raised to the 84th power = 3000x

Think about that and see the genius behind RBT. No mining, every wallet is a node confirming transactions, and every wallet open to confirm transactions mines free RBT.

Which is most likely to happen RBT increase to $10 or BTC collapse to $10? They are both going to happen and are equally likely.

Get your RBT before the world catches on and BTC craters

I like the this concept you have a very good point but does every here knows this,we need people who will promote and propagate this,almost every day we see new coins that are pow and pos by nature ,honestly I am promoting this algorithm  on my directory only time can test how good Rimbit systems are..

[Dink]

Hi, I wandered here by accident but found this coin simple and to the point.  I was not understanding -  if you  start with a zero balance in a wallet will earn interest at some point just for being an open wallet? 

[andulolika]

I dont understand, with no mining how do you securize the network? I do like the idea of no mining tough, yet id rather do a proof of burning stake system.

[rimbit]

Hi, I wandered here by accident but found this coin simple and to the point.  I was not understanding -  if you  start with a zero balance in a wallet will earn interest at some point just for being an open wallet? 

You earn interest on the amount of Rimbit you are staking... So if you have a balance of 0, then you are staking 0 Rimbit and getting 0 Interest...

[rimbit]

I dont understand, with no mining how do you securize the network? I do like the idea of no mining tough, yet id rather do a proof of burning stake system.

The open wallets do all the confirmation and verification, much like Bitcoin was able to do so, in its early days.

[rimbit]

Rimbit knew this would happen in 2013, so against the Status Quo, we took all the abuse, ridicule and flaming on Bitcointalk and Cryptocoinsnews (New Media) and built Rimbit for just this day.

In an Article posted by Cointelegraph:

Should you dump Bitcoin and go out with a new cryptocurrency? Amanda Johnson of The Daily Decrypt thinks we should get over BitcoinCT r:  8 and push altcoin adoption instead.

Bitcoin’s block size limit issues have caused significant transaction delays and fueled fears of it eventually becoming unworkable. This threatens its prospects for future adoption by the general public, and block mining by nodes that would allow double the block size has stalled. Meanwhile, various other cryptocurrencies have remained largely unaffected by Bitcoin’s woes, and some, such as Ethereum, have even flourished.

CoinTelegraph spoke with Amanda Johnson, host of the cryptocurrency and decentralization show The Daily Decrypt, about the path forward for Bitcoin, and possibly abandoning it in favor of its competitors.
Open-source spirit

CoinTelegraph: Do you think the block size limit will be the end of Bitcoin? Do you think it will be the end of Bitcoin's hegemonic dominance?

Amanda Johnson: Potentially -- primarily because it indicates a disinterest among the network's decision-makers to compete for customers. Several other cryptos have made remarkably useful technical advancements, and almost any of them could have been copied and incorporated straight into Bitcoin. That is the very spirit of open-source - you share your advancements with everyone, and then you get to copy everyone else's advancements yourself.

But there is still a lot of "Bitcoin maximalism" going around, which means many users of its network believe it is specially ordained by an invisible power -- is somehow destined -- to become a global main chain forever, amen. But markets always root out this kind of magical thinking. It's just a matter of time.
Not all altcoins created equal

CT: Are altcoins a viable solution in the short term?

AJ: Not all 'altcoins' are created equal. Each one is different and has different potential. If any of them starts gaining traction, which several already are, they won't be "short-term" solutions. They'll be the *new* solutions. And if their decision-makers then act like maximalists themselves, they'll be replaced by other upstarts, and so on and so forth. This is the story of technology.

Whomever serves consumers best, fastest, and cheapest will become market leader. This with the caveat that security is of the utmost importance, because all the fast-and-cheap transactions in the world mean little if a network's blockchain is defrauded with an attack.

Source: http://cointelegraph.com/news/amanda-johnson-of-the-daily-decrypt-break-up-with-bitcoin

[fortunecrypto]

Hi, I wandered here by accident but found this coin simple and to the point.  I was not understanding -  if you  start with a zero balance in a wallet will earn interest at some point just for being an open wallet? 

You earn interest on the amount of Rimbit you are staking... So if you have a balance of 0, then you are staking 0 Rimbit and getting 0 Interest...

There are a lot of coins with POS algorithm Rimbit is not the only one but what make sit different is their community I have gone to their community and they have a strong community and they have a lot of plans for the development of this coin..

[rimbit]

Hi, I wandered here by accident but found this coin simple and to the point.  I was not understanding -  if you  start with a zero balance in a wallet will earn interest at some point just for being an open wallet? 

You earn interest on the amount of Rimbit you are staking... So if you have a balance of 0, then you are staking 0 Rimbit and getting 0 Interest...

There are a lot of coins with POS algorithm Rimbit is not the only one but what make sit different is their community I have gone to their community and they have a strong community and they have a lot of plans for the development of this coin..

POS is just the system we use, because it makes sense to us... So was removing the need to have coins mined....

We concentrated on building a good community first (took 2 years to get where we are, with a few mistakes along the way)....
And we let the currency, just be a currency.. It goes from one place to the other....
But the biggest and most controversial aspect is the mining was removed and another distribution system had to be put in place... and we spent a long long time trying to figure out a solution...
Just that aspect alone has made it very hard to not only get developers, but also get the crypto community involved and that is why if you visit the forum, most members are first time users of Crypto..

And because they are, they are the ones getting Rimbit at the best price, because as more news leaks out about "mining, killing bitcoin" then as Rimbit starts to get noticed, so to will the price increase....and they will be just like the early Bitcoin adopters and reap the rewards....

[Dink]

Thanks for the reply and added commentary.  I understood POS was in place, I miss read on the need to have some amount in the wallet to stake.  I thought even with a zero balance at some point you might get a minisclue amount just for having the wallet opened and up to date.

Anyway, it is sunny out, have a great day.