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

[UKBob]

Not sure if you are aware or are following the discussion about the design flaw in BTC - where it loops and issues a whole new batch when it reaches the "final" block see http://www.rimbit.com/threads/coindesk-replies-to-the-bitcoin-issue-they-never-followed-it-up.2398/#post-5032.
 

The theory is that this is a problem but will not happen until 2125 so lets make ourselves loads of money and who cares about our children/grandkids.

[Dekker3D]

I'm new to Rimbit maybe around a month old but what I noticed with this coin is that there's no more mining in it. The community is the one in charge of increasing/decreasing the price of Rimbit. But the biggest thing in being mine-less is that there will be no increasing difficulty and rewards halving that bitcoin miners are facing not to mention ever evolving expensive miners.

[CelluleRB]

I'm new to Rimbit maybe around a month old but what I noticed with this coin is that there's no more mining in it. The community is the one in charge of increasing/decreasing the price of Rimbit. But the biggest thing in being mine-less is that there will be no increasing difficulty and rewards halving that bitcoin miners are facing not to mention ever evolving expensive miners.

That is right! A coin that does not need a zillion dollars computer to mine it and to finally get almost nothing from. Plus, this takes out the issue we now know about Bitcoin.

[Fireguy71]

Not sure if you are aware or are following the discussion about the design flaw in BTC - where it loops and issues a whole new batch when it reaches the "final" block see http://www.rimbit.com/threads/coindesk-replies-to-the-bitcoin-issue-they-never-followed-it-up.2398/#post-5032.
 

The theory is that this is a problem but will not happen until 2125 so lets make ourselves loads of money and who cares about our children/grandkids.

Would it not be better to fix it now, rather than have this problem continue to pester Bitcoin. Can it be fixed?

[rimbit]

Yes it can...
But it will require everyone exchange their Bitcoin for the new Bitcoin.. much like we did with Rimbit when we encountered that issue

------------------------ RBT ------------------------

[toothless]

Ouch - that doesn't sound like fun!  And of course the longer this goes on, the more challenging it's going to become.

[toothless]

So here's a question, and I'll use the example in an earlier post of having $400 to invest.

Looking solely at return on investment, in order to double my money would it make more sense to:


a)  invest $400 in Bitcoin and wait for Bitcoin to increase in value by another $400,

or

b) invest $400 in Rimbit and wait for Rimbit to increase in value by ONE cent?


In both (a) and (b), the end result would be a gain of $400, but I'm wondering which would be the better bet.

[toucan]

Ok, all you mining diehards..here's 7 reasons why Rimbit makes more sense as a universal currency than BTC

1) Your wallet on your own PC is your own bank. No need to store your RBT on Mt Gox and risk having them stolen.

2) All confirmations are down by the user community wallets, not centralized and limited to only big mining farms.

3) When you help confirm the transactions in #2 above, your wallet earns (mints) free RBT at a rate of 5% per annum. With BTC, only the mining firms earn free BTC.

4) RBT is becoming more and more decentralized as more people buy RBT and get their wallets. BTC however is rapidly becoming more centralized as the cost of setting up huge mining farms is in the millions of $

5) RBT transaction confirmations are getting faster and faster as more wallets come online. BTC confirmations are slowing noticeably recently as the number of nodes is rapidly decreasing.

6) The difficulty of the BTC algorithm is increasing so quickly, that in less than 5 years, it is likely no computer will be able to solve them and BTC dies. RBT is just purchased from IndiGoGo crowd funding site.

7) BTC wallet and software upgrades have no funding source, so there is no way to fix problems or enhance the wallet. RBT gets funding directly from sales on IndieGoGO in #6 above and uses the funds for wallet upgrades, enhancements and developments such as the RimbitPi $200 nifty hardware wallet.

Get your RBT now!   

 https://www.indiegogo.com/projects/revolutionary-and-established-digital-currency#/

[UKBob]

Ok, all you mining diehards..here's 7 reasons why Rimbit makes more sense as a universal currency than BTC

1) Your wallet on your own PC is your own bank. No need to store your RBT on Mt Gox and risk having them stolen.

2) All confirmations are down by the user community wallets, not centralized and limited to only big mining farms.

3) When you help confirm the transactions in #2 above, your wallet earns (mints) free RBT at a rate of 5% per annum. With BTC, only the mining firms earn free BTC.

4) RBT is becoming more and more decentralized as more people buy RBT and get their wallets. BTC however is rapidly becoming more centralized as the cost of setting up huge mining farms is in the millions of $

5) RBT transaction confirmations are getting faster and faster as more wallets come online. BTC confirmations are slowing noticeably recently as the number of nodes is rapidly decreasing.

6) The difficulty of the BTC algorithm is increasing so quickly, that in less than 5 years, it is likely no computer will be able to solve them and BTC dies. RBT is just purchased from IndiGoGo crowd funding site.

7) BTC wallet and software upgrades have no funding source, so there is no way to fix problems or enhance the wallet. RBT gets funding directly from sales on IndieGoGO in #6 above and uses the funds for wallet upgrades, enhancements and developments such as the RimbitPi $200 nifty hardware wallet.

Get your RBT now!   

 https://www.indiegogo.com/projects/revolutionary-and-established-digital-currency#/

8. BTC will soon be using as much electricity as Denmark! Rimbit can run happily on old PCs / Pis etc http://www.extremetech.com/extreme/225660-bitcoin-could-soon-use-more-power-than-denmark-but-help-is-on-the-way

[CryptoAddict]

The fact that Bitcoin has any value is largely because of the PoW mining process.

Do you know why POW mining is fair? Because it allows outsiders to get coins WITHOUT BUYING THEM FROM A CURRENT HOLDER.
Premine 100% ? What a fucking joke. Do you seriously think there is any future to this setup.

And BTW, why the name? Do you know what a RIMJOB is??

[UKBob]

The fact that Bitcoin has any value is largely because of the PoW mining process.

Do you know why POW mining is fair? Because it allows outsiders to get coins WITHOUT BUYING THEM FROM A CURRENT HOLDER.
Premine 100% ? What a fucking joke. Do you seriously think there is any future to this setup.

And BTW, why the name? Do you know what a RIMJOB is??

Really? An outsider can mine Bitcoin?  Perhaps if they are a billionaire then they can afford the electricity and the computing power needed.  But of the worlds population maybe a very small fraction of 1% could afford that.

[CryptoAddict]

I agree there are problems with PoW mining and how it becomes more centralized as it gets more expensive to mine. But what RimBit is proposing is not a solution lol.

100% Premine = 100% Scam

[robelneo]

I agree there are problems with PoW mining and how it becomes more centralized as it gets more expensive to mine. But what RimBit is proposing is not a solution lol.

100% Premine = 100% Scam

I totally agree with you with premine of all the coins there is one group that can control it all there could be a better solution to these problems except 100% premine equal distribution is the best solution and there are coins and new coins that has this algorithm

[toothless]

The fact that Bitcoin has any value is largely because of the PoW mining process.

Do you know why POW mining is fair? Because it allows outsiders to get coins WITHOUT BUYING THEM FROM A CURRENT HOLDER.
Premine 100% ? What a fucking joke. Do you seriously think there is any future to this setup.

And BTW, why the name? Do you know what a RIMJOB is??

  For a moment there, I thought there was an intelligent comment coming.  Then I started reading.

The PoW process is what will sink Bitcoin. 

Mining is consuming enormous amounts of power, it is controlled by just a few companies who can afford to spend tens of millions in mining equipment, and is the reason why BTC transactions are taking hours to process.

You think that outsiders can get BTC from somewhere other than a CURRENT HOLDER?  Name one.
YOU can't mine Bitcoin.  If you could, you wouldn't have enough electricity left over to post your messages!

Oh, unless I suppose you're bigger than Denmark ... http://www.extremetech.com/extreme/225660-bitcoin-could-soon-use-more-power-than-denmark-but-help-is-on-the-way

BTC is a pretty good coin which is why it has seen success.  But, there are flaws in it's design that some of the biggest BTC holders have known about for years.  It can be fixed, but they don't want to because it would require a massive amount of work and the public acknowledgement of the problem would drive BTC prices into the ground.

Either you don't know, or don't want to know, that some of the biggest holders of BTC (the ones who are controlling it's future) have huge stockpiles of BTC that they can cash out in 2017.  How many problems do you really think they want to acknowledge before they have their billions in cash?

 

[toothless]

I agree there are problems with PoW mining and how it becomes more centralized as it gets more expensive to mine. But what RimBit is proposing is not a solution lol.

100% Premine = 100% Scam

  As premined coins hit the marketplace, it's the market that determines the price, not the original miner.  So yes, the original miner could try to sell coins for more than the market price, but depending on his asking price, he might not be very successful.

I agree with you that the mining of PoW coins becomes more centralized with time ... but this also means that by default, the processing of transactions also becomes more centralized.  That's the problem you've been seeing with Bitcoin for the past months - transactions are now taking hours to process, unless you're willing to pay a higher fee.

I don't think anyone is saying BTC is all bad, but there are a few significant well-known issues that need to be addressed or the coin will eventually fail.

[CelluleRB]

Ok, all you mining diehards..here's 7 reasons why Rimbit makes more sense as a universal currency than BTC

1) Your wallet on your own PC is your own bank. No need to store your RBT on Mt Gox and risk having them stolen.

2) All confirmations are down by the user community wallets, not centralized and limited to only big mining farms.

3) When you help confirm the transactions in #2 above, your wallet earns (mints) free RBT at a rate of 5% per annum. With BTC, only the mining firms earn free BTC.

4) RBT is becoming more and more decentralized as more people buy RBT and get their wallets. BTC however is rapidly becoming more centralized as the cost of setting up huge mining farms is in the millions of $

5) RBT transaction confirmations are getting faster and faster as more wallets come online. BTC confirmations are slowing noticeably recently as the number of nodes is rapidly decreasing.

6) The difficulty of the BTC algorithm is increasing so quickly, that in less than 5 years, it is likely no computer will be able to solve them and BTC dies. RBT is just purchased from IndiGoGo crowd funding site.

7) BTC wallet and software upgrades have no funding source, so there is no way to fix problems or enhance the wallet. RBT gets funding directly from sales on IndieGoGO in #6 above and uses the funds for wallet upgrades, enhancements and developments such as the RimbitPi $200 nifty hardware wallet.

Get your RBT now!   

 https://www.indiegogo.com/projects/revolutionary-and-established-digital-currency#/

8. BTC will soon be using as much electricity as Denmark! Rimbit can run happily on old PCs / Pis etc http://www.extremetech.com/extreme/225660-bitcoin-could-soon-use-more-power-than-denmark-but-help-is-on-the-way

To this, you can add that the Rimbit community proved to be a warm welcoming one with members from different spheres of interest. That adds to its intrinsect value as a cryptocoin.

[nagatraju]

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

There is no innovation or idea behind this currency. They just selling their Pre-Mine Coins.

[darpa11]

I'm new here and own Bitcoin, Ether and Rimbit... so I've made money on Ether and Rimbit, nothing on Bitcoin, I bought Ether in Jan at a Dollar plus and I make 5% on the coin with Rimbit... so tell me why Bitcoin is so great?

[Fireguy71]

I agree there are problems with PoW mining and how it becomes more centralized as it gets more expensive to mine. But what RimBit is proposing is not a solution lol.

100% Premine = 100% Scam

Why do you think Rimbit not providing a solution? and why do you think all pre-mined coins are a scam?

[rimbit]

I agree that in nearly all cases, premine is a bad idea...
But thats only considering that the crypto community has a trust issue, can be very immature and like many companies built around Bitcoin, have failed time and time again

Rimbit is solid and we have 2 years of proof that a premine can work and as time moves on, we will only get stronger as other coins die off, like Bitcoin... and I am sorry to say that, as I was a miner at one stage, mining Bitcoin until the day that I couldnt afford to buy anymore ASIC miners...

Etherium is a great concept, but ask a blue collar worker anywhere in the world if he wants to do a contract for whatever... the answer will be.. "What".... "I just want to send some cash to someone else"