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

[rimbit]

So you basically premined 100% of the coin.  Sold some off in a crowdfunding and have been selling whatever you can on exchanges ever since.  You keep bumping the thread and deleting posts hoping someone will come along and think this is something to invest in and buy more of your premined coins.  

How does that benefit anyone but you?  

Available Supply:  113,988,941 RBT   

Total Supply:  391,948,674 RBT

Anyone can make a 100% premined coin, promise the moon and the stars, and sell to anyone foolish enough to buy.

https://github.com/Rimbit/Wallets/blob/master/README.md

Rimbit is derived from NovaCoin and has:

8 minute block targets
380 million initial coins to be distributed.
10% interest for roughly one year and then 5% interest.
100% PoS after 1000 blocks.

380 million coins for you to try and slowly sell off and put the btc in your pocket for making a clone of NovaCoin.  Too funny.  

Not really... Its not essentially premined, it is 100% premined
Not sure what posts your refer as being deleted, but I would guess its just another unfounded comment
Again, not sure where you come up with Rimbit taking BTC... if you are referring to the exchanges we are on, it doesnt take a genius to see that no dumping is going on.

We tried to simply clone Bitcoin, as we think its a perfect coin, except we need the mining issue removed.
So we tested the clone and what happened is that at the end of the mining cycle, the coins regenerated an entirely new batch, meaning that at the end of Bitcoins mining, when the last Bitcoin is mined, the code will generate another 21 million coins. This can easily be tested by anyone, by just changing some settings and running the coin to its end... then wait.. then get another 21 million... When we did it, we thought it would only loop the one time, but when it looped for the second time, we shut it down and decided that we couldnt use Bitcoin as the platform

This was reported to Gavin Andresen and I was informed that this is a known issue and Quote" The next generation can figure it out"
EDIT: In the email Gavin sent to me, he quoted a github link, which I should have included, when I posted this reply, but here it is.. https://github.com/bitcoin/bips/blob/master/bip-0042.mediawiki

So we used a mix of various coins to overcome the duplicating issue of Bitcoin, plus the need to be minerless.

So I guess you are partly correct with the Novacoin comment

Sorry.. Second Edit: (I dont want to be accused of Bumping the thread all the time ) ...

It should be noted that any other coin running similar code to Bitcoin, may encounter this doubling effect, which when that point is reached, would essentially kill that coins value.
To be perfectly honest, I do not know if this bug is on SCRYPT or other...

The reason for self moderating is not to suppress opinions like yours... Its merely to stop foul language and unwarranted flaming.
We believe that Crypto should be handled and managed professionally and our forum at http://rimbit.com/forums/ also allows for difference of opinions... but with the same caveat that we do not allow flaming or foul language...

If you take any amount of time to vist the forum, you will know exactly who benefits and how Rimbit will be managed in terms of development, marketing and financial...

[rimbit]

Another important attribute of Rimbit is that its not easily diluted as is the case with Bitcoin or even Etherium.

As people invest in Bitcoin, there will always be miners getting the Bitcoin for free, albeit at huge expense on a variable process of electricity, ASIC power etc...

Etherium also suffers the same issue as people paid to get into the ICO only to have their profits diluted by GPU mining later on.

So no matter how much is fiat purchased, mining will always play a role in the coins valuation

There is also a BUZZ WORD in the air called Asic Resistant... Basically keeping mining below the needs of ASIC chips...
But what for? Wouldnt the ultimate solution actually be.. miner resistant???

We think so and thats why Rimbit is minerless...

[toucan]

If you have read my earlier posts about Moore's Law and the difficulty in solving the BTC algorithms, I kind of guessed that the difficulty must be increasing at least 10% per month. My reasoning was there has to be some reason why smaller miners are going down and ASIC miners become obsolete in 3 months.

I found a couple of links to Bitcoin data showing the difficulty as it has changed from Day 1 in 2009, I was right and pretty close (at least in the last 2 years)

 So here is the ugly truth and the Achilles heel of mined coins and why they will likely all crater in 10 years if not before.

 In 2009, the difficulty was assigned a 1 and it stayed at that level through the end of January 2010. It started increasing in February 2010 to a 2, and then increased monthly since then. The current difficulty on March 15, 2016 is 158 Billion. This is a compound growth rate of 41% per month.

 This rate of increase of the difficulty in solving the algorithms has slowed in the last 2 years to about 13% per month. But this is still a quadrupling every year in computing power required. But even this is beyond the realm of chip manufacturing improvement.

 As you know, Moore's Law states that computing power of chips doubles every 2 years, so if we look ahead to 2020 in 4 years, the computing power increases by 2 squared or 4x. However, the difficulty will be increasing another 1.127 raised to the 48th power or 320x. This leaves chips only keeping up 1.2% to the rate of growth required.

How about in 2026, 10 years down the road? The difficulty is solving the algorithms and thus mining new BTC and confirming transactions will have increased another 1.127 raised to the 120th power or 1,833,000x while Moore's Law states that computing power will only increase 2 raised to the 5th power or 32x. Thus the computing power will only have 0.002% of what will be required.

 Unless they modify the growth rate of the difficulty, BTC is essentially finished. And other mined altcoins won't be far behind.

 So Rimbit is looking great. I originally thought that eventually there would be a few long term coins like BTC, LiteCoin, Ethereum, Doge and Rimbit, but from this data, Rimbit will be the only one left in 10 years.  

So get you Rimbit now before the rush. There is a current 2nd anniversary sale on at IndiGoGo until March 24th.

https://www.indiegogo.com/projects/a-better-digital-currency-do-you-have-some#/

[Fireguy71]

Think of the power the miners will require to run the miners when the difficulty gets that high.
I can run my RimbitPi wallet for a few dollars each year. http://rimbit.com/forums/rimbitpi.47/ 

[rimbit]

thorbjornb 1:03 AM - thorbjornb: GIVEAWAYS Im going live on Twitch at 20 pm CET (UTC +1) with rimbit giveaways on https://www.twitch.tv/bubbistream

thorbjornb 1:04 AM - thorbjornb: sry going live 20 CET (UTC +1) aka 8 pm CET (UTC +1)

Magnus Højbak Christensen 1:26 AM - Magnus Højbak Christensen: Okay guys im live now! Tune in!!! http://www.twitch.tv/lefalaf

[rimbit]

I am on the Stream Now...
Teen Rimbit is now playing "The Culling"
https://www.twitch.tv/lefalaf

There are some technical issues and a tad of lag... 

Rimbit will be given away during this stream

[rimbit]

4 more days till the secret special is over and we will be removing the secret link from the forum

Great to see Etherium doing what it is, however, being ASIC resistant is not as good as being Mining resistant, like Rimbit is.

I have been doing some trade with Bitcoin and have found that confirmation are horribly slow... I think this maybe an effect that we knew would happen when mining became a wasted effort

[UKBob]

The secret special is great value - go for it whilst it is still available!  If you buy and do not like then you can easily sell on C-Cex and other exchanges.  Imagine how much you will kick yourself when Rimbit  takes off like ETH has and you did not buy in

[cellule]

Imagine how much you will kick yourself when Rimbit  takes off like ETH has and you did not buy in

And it will! Now, everything is on place for the take off. You don't want to miss this opportunity. In fact, we're talking about spare change right now. It's nothing for what you'll get back.

[CelluleRB]

I don't like much that forum. It's old and I can't use my old tricks to stay logged... Anyway, my last comment was made using another username because the forum refuses me to loggin from another computer. :/ Now, I know that I have to logout on one machine before I login on another. It never happened to me on such great forum as the rimbit one (rimbit.com). And as a newbie... I can't comment twice inside a certain amount of minutes, which is just plain not funny. Ok, I had to say it.

[CelluleRB]

cbreum, interesting concept! Yeah Rimbit will soon begin to be accepted as it is: the best cryptocurrency around. It does the same as Bitcoin less all the problems related to it. I don't see Bitcoin as an invader/attacker though... more like the father of all the ideas that just need an upgrade, and that is named: Rimbit!

[robelneo]

Hello I would like to ask I have 100 rimbits which I have gotten from a promotion I know that it is a proof of stakes but it's been over a week but I am not earning at all how many rimbit coins I need to start earning from staking..

[UKBob]

Hello I would like to ask I have 100 rimbits which I have gotten from a promotion I know that it is a proof of stakes but it's been over a week but I am not earning at all how many rimbit coins I need to start earning from staking..

It varies.  Which is not helpful for you.  But if you have your wallet on 24/7 then it will come through eventually.  I have a colleague who bought into that last promo like you did and they went for the secret perk too, but they are still waiting for their first interest to come through.

[CelluleRB]

Hello I would like to ask I have 100 rimbits which I have gotten from a promotion I know that it is a proof of stakes but it's been over a week but I am not earning at all how many rimbit coins I need to start earning from staking..

It will happen, don't worry. The coins has to get "older".

[robelneo]

Hello I would like to ask I have 100 rimbits which I have gotten from a promotion I know that it is a proof of stakes but it's been over a week but I am not earning at all how many rimbit coins I need to start earning from staking..

It will happen, don't worry. The coins has to get "older".

Ok I will be patient and wait for it to mature but I cannot run it for 24 hours the most hour i can run my pc is only 12 hours it's summer here and the heat might have an effect on my pc

[rimbit]

Hello I would like to ask I have 100 rimbits which I have gotten from a promotion I know that it is a proof of stakes but it's been over a week but I am not earning at all how many rimbit coins I need to start earning from staking..

Interest is earned per annum and its also based on coinage.

You dont have to have it running 24/7, but it will help if you just run it when you have the PC on.
You also need to make sure the wallet is unlocked.

We will be auctioning a RimbitPi very soon and it will allow wallets to be locked and minting, plus only requiring a few dollars a year in running cost, while running it 24/7

[CelluleRB]

Hello I would like to ask I have 100 rimbits which I have gotten from a promotion I know that it is a proof of stakes but it's been over a week but I am not earning at all how many rimbit coins I need to start earning from staking..

We will be auctioning a RimbitPi very soon and it will allow wallets to be locked and minting, plus only requiring a few dollars a year in running cost, while running it 24/7

Will it generate a lot of heat?

[Fireguy71]

Hello I would like to ask I have 100 rimbits which I have gotten from a promotion I know that it is a proof of stakes but it's been over a week but I am not earning at all how many rimbit coins I need to start earning from staking..

We will be auctioning a RimbitPi very soon and it will allow wallets to be locked and minting, plus only requiring a few dollars a year in running cost, while running it 24/7

Will it generate a lot of heat?

The Raspberry Pi uses very little energy, if you are not overclocking the cpu you should be fine. My kit came with a heat sink and I have not added this as what I am doing with the RimbitPi does not put enough of a demand of it.   

[gummy]

Hello I would like to ask I have 100 rimbits which I have gotten from a promotion I know that it is a proof of stakes but it's been over a week but I am not earning at all how many rimbit coins I need to start earning from staking..

Interest is earned per annum and its also based on coinage.

You dont have to have it running 24/7, but it will help if you just run it when you have the PC on.
You also need to make sure the wallet is unlocked.

We will be auctioning a RimbitPi very soon and it will allow wallets to be locked and minting, plus only requiring a few dollars a year in running cost, while running it 24/7

https://lh3.googleusercontent.com/proxy/0hxcdBN_UPyEK4MDrhN4iy5JFjr-QLsGIrEu-mnG9n5Uh3I9UvJsKpFypzio9Shr64O54DcrOPenK-sji2PCz78fISM0jl49hti1q9Z_8tU0AGpcpbo2aiXlLNVJ-Qq7dPDNLwaaebJKn-5yqwtURUBPeW5bcBTr27DbRYqN=w426-h296-p

I think it's great that something concrete & tangible like this RimbitPi is a direct result of the Indiegogo funding campaign.  It adds a level of trust when people can be seen to be delivering on promises.

[CelluleRB]

Can you say more about the RimbitPI? Can we just make our own PI computer and get the code?