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

[toucan]

Rimbit poll up again to change the purchase price on IndieGoGo.

Current price is 2.1 cents and there will be an increase of 9.5% to 19% starting tomorrow May 28, so buy today at the lower price.

https://www.indiegogo.com/projects/missed-out-on-bitcoin-here-is-your-second-chance--2#/

[aioc]

Yeah right I will be moving to Rimbit if they have thousands of faucets,thousands of merchants and big names endorsing Rimbit but until now it;s none you're not even in the top 10 crypto currency on coinmarketcap, instead of bashing Bitcoin why you people co -exist with Bitcoin

Sure we are coexisting with BTC, but BTC has several major flaws that have been pointed out and no one is attempting to fix, or cannot fix.

So we shall see. BTC is 7 years old. RBT is 2 years old. We will see what RBT is like when it is 7 years old. Then you will all be on board, as BTC will be just a footnote to history 




[/quote]

So this coin will be the coin of the future and bitcoin will vanish in 7 years time ??all I can say is go take your vitamin and get 8 hours of sleep and don't worry about Trump,so you can think better this is delusional 

[Fireguy71]

The free Rimbits that are being offered on the forum are appreciated

[cbreum]

Scam

[halibit]

RBT wallet has now installed on new alcurex.com exchange site.
-halibit-

[fortunecrypto]

It's now only a matter of time before Rimbit is the prefered digital currency

I hope it's backed by fact but right now it's the age of ethreum and so many altcoins coming with great features ,like CBX and Rubies I think it's only a matter of time before people start to ask what  is Rimbit because there is not much good features on this coin compare to other altcoins..

[toucan]

RBT has tripled on exchanges this year already..from 1/2 cent to $0.018 cents now.

[robelneo]

RBT has tripled on exchanges this year already..from 1/2 cent to $0.018 cents now.

That's good congrats to your community but have checked it on Yobit but there is no volume there it's been a long flat line maybe investors on Yobit are not aware on the existence of this  coin,maybe the majority..

[toucan]

Bitcoin needs to do a hard fork and now Ethereum has a built in SNAFU flaw that allowed somebody to steal $60 million.

Someone has suggested ETH needs a hard fork too.

The logistics of a hard fork in a mined coin are almost incomprehensible and it could be fatal to the coin if done poorly.

RBT will never need a hard fork because it can just update the wallet with the error corrected and everyone downloads the wallet and keeps on trucking (minting free RBT)

Also a news bulletin today said anybody wanting to unwind contracts on DAO just has to do a 67 step process over 48 days.

How insane is that.

bye bye ETH

[toucan]

Rimbit..the crypto built for the ages... The Sleeping Giant

http://www.rimbit.com/threads/rimbit-the-sleeping-giant-is-ready-for-the-people.5368/

[bigs21024]

So the coins you mine in your wallet you have to buy back don't like the sound of that

[UKBob]

ASIC chips can never keep up with the logarithmic increase in power required to solve the algorithms.

Do you realise that mining difficulty is a result of increased hashrate and not the other way around? Miners don't have to keep up with the difficulty, the difficulty keeps up with the miners. The only reason the power required increases is because the hashrate increases. When we run up against the physical limit and Moore's Law stops applying there won't be new generations of ASICs, so the hashrate will stop increasing exponentially, and so the difficulty will stop increasing exponentially. You have the whole causality of the situation backwards.

So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery?  Because the hashrate has gone up so much.  But why has the hashrate gone up so much? .... Chicken or egg which is first?  To be honest, it does not matter, only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms.  We, the community, have little input, in fact zero.

[andulolika]

ASIC chips can never keep up with the logarithmic increase in power required to solve the algorithms.

Do you realise that mining difficulty is a result of increased hashrate and not the other way around? Miners don't have to keep up with the difficulty, the difficulty keeps up with the miners. The only reason the power required increases is because the hashrate increases. When we run up against the physical limit and Moore's Law stops applying there won't be new generations of ASICs, so the hashrate will stop increasing exponentially, and so the difficulty will stop increasing exponentially. You have the whole causality of the situation backwards.

So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery?  Because the hashrate has gone up so much.  But why has the hashrate gone up so much? .... Chicken or egg which is first?  To be honest, it does not matter, only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms.  We, the community, have little input, in fact zero.

First of all that's not true, the hash rate has gone up because the amount of miners has gone up, because with each generations PCs/ASICs get better. I don't think the number of miners has decreased, yes the chinese may be a big % of the miners but with this price grow i can say for sure without looking at charts that many have turned their miners back on. You just changing the words so it always looks in your favor.
I dare to say that it's logical that if something becomes productive then many will start aiming for it, thats the only reason because Bob cannot mine with his PC anymore, yet if Bob used to mine with his PC and now is bitching it's just greed since he already has a huge amount of coins.

[UKBob]

So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery?  Because the hashrate has gone up so much.  But why has the hashrate gone up so much? .... Chicken or egg which is first?  To be honest, it does not matter, only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms.  We, the community, have little input, in fact zero.

First of all that's not true, the hash rate has gone up because the amount of miners has gone up, because with each generations PCs/ASICs get better. I don't think the number of miners has decreased, yes the chinese may be a big % of the miners but with this price grow i can say for sure without looking at charts that many have turned their miners back on. You just changing the words so it always looks in your favor.
I dare to say that it's logical that if something becomes productive then many will start aiming for it, thats the only reason because Bob cannot mine with his PC anymore, yet if Bob used to mine with his PC and now is bitching it's just greed since he already has a huge amount of coins.
[/quote]

So how much money does ordinary Bob in his back room need to "invest" in suitable PCs and electricity to mine bitcoins?

Do you personally know of any miners that have turned their machines back on?  I am not sure how you can be sure otherwise if you have no charts!

Finally, bitcoin mining was productive, that is why so many were into it.  It is only productive for massive farms - that is why they are now existing.

[andulolika]

So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery?  Because the hashrate has gone up so much.  But why has the hashrate gone up so much? .... Chicken or egg which is first?  To be honest, it does not matter, only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms.  We, the community, have little input, in fact zero.

First of all that's not true, the hash rate has gone up because the amount of miners has gone up, because with each generations PCs/ASICs get better. I don't think the number of miners has decreased, yes the chinese may be a big % of the miners but with this price grow i can say for sure without looking at charts that many have turned their miners back on. You just changing the words so it always looks in your favor.
I dare to say that it's logical that if something becomes productive then many will start aiming for it, thats the only reason because Bob cannot mine with his PC anymore, yet if Bob used to mine with his PC and now is bitching it's just greed since he already has a huge amount of coins.

So how much money does ordinary Bob in his back room need to "invest" in suitable PCs and electricity to mine bitcoins?

Do you personally know of any miners that have turned their machines back on?  I am not sure how you can be sure otherwise if you have no charts!

Finally, bitcoin mining was productive, that is why so many were into it.  It is only productive for massive farms - that is why they are now existing.

First of all, "gucked" up the quote a bit.
Second, i think its logic that if a bitcoin costs 300 USD and its BARELY profitable then if price doubles it should give you a huge edge assuming no one else turns their miners on.
Third, bitcoin is profitable for anyone depending of their cost of electricity, if you have good hands you can get it even cheaper. Chinese have really cheap electricity thanks to nuclear power for example.
Forth, personaly in the crypto world is something strange but just an example of altcoin price and altcoin miners sweeping from coin to coin.
Edit: ps: i don't see why it should be profitable only for massive farms, its also the fault of the ASIC creators, i think we need more companies that make them, and even more legit.

[UKBob]

So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery?  Because the hashrate has gone up so much.  But why has the hashrate gone up so much? .... Chicken or egg which is first?  To be honest, it does not matter, only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms.  We, the community, have little input, in fact zero.

First of all that's not true, the hash rate has gone up because the amount of miners has gone up, because with each generations PCs/ASICs get better. I don't think the number of miners has decreased, yes the chinese may be a big % of the miners but with this price grow i can say for sure without looking at charts that many have turned their miners back on. You just changing the words so it always looks in your favor.
I dare to say that it's logical that if something becomes productive then many will start aiming for it, thats the only reason because Bob cannot mine with his PC anymore, yet if Bob used to mine with his PC and now is bitching it's just greed since he already has a huge amount of coins.

So how much money does ordinary Bob in his back room need to "invest" in suitable PCs and electricity to mine bitcoins?

Do you personally know of any miners that have turned their machines back on?  I am not sure how you can be sure otherwise if you have no charts!

Finally, bitcoin mining was productive, that is why so many were into it.  It is only productive for massive farms - that is why they are now existing.

First of all, "gucked" up the quote a bit.
Second, i think its logic that if a bitcoin costs 300 USD and its BARELY profitable then if price doubles it should give you a huge edge assuming no one else turns their miners on.
Third, bitcoin is profitable for anyone depending of their cost of electricity, if you have good hands you can get it even cheaper. Chinese have really cheap electricity thanks to nuclear power for example.
Forth, personaly in the crypto world is something strange but just an example of altcoin price and altcoin miners sweeping from coin to coin.
Edit: ps: i don't see why it should be profitable only for massive farms, its also the fault of the ASIC creators, i think we need more companies that make them, and even more legit.

I cant be bothered with long posts and so gucked the quote.

So can an ordinary person buy the kit and mine bitcoins?  I think not, because the kit needed is too expensive.  That is why these farms have grown as it is the only way anyone can mine.  Whether the BTC is $300 or $600 is irrelevant if you cannot afford to buy into the mining.  I agree with the 4th point, people are not mining BTC but any and all other crypto coins.  It is the only way to make money and hopefully get some payback on the kit they have that cost a fortune!

[andulolika]

So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery?  Because the hashrate has gone up so much.  But why has the hashrate gone up so much? .... Chicken or egg which is first?  To be honest, it does not matter, only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms.  We, the community, have little input, in fact zero.

First of all that's not true, the hash rate has gone up because the amount of miners has gone up, because with each generations PCs/ASICs get better. I don't think the number of miners has decreased, yes the chinese may be a big % of the miners but with this price grow i can say for sure without looking at charts that many have turned their miners back on. You just changing the words so it always looks in your favor.
I dare to say that it's logical that if something becomes productive then many will start aiming for it, thats the only reason because Bob cannot mine with his PC anymore, yet if Bob used to mine with his PC and now is bitching it's just greed since he already has a huge amount of coins.

So how much money does ordinary Bob in his back room need to "invest" in suitable PCs and electricity to mine bitcoins?

Do you personally know of any miners that have turned their machines back on?  I am not sure how you can be sure otherwise if you have no charts!

Finally, bitcoin mining was productive, that is why so many were into it.  It is only productive for massive farms - that is why they are now existing.

First of all, "gucked" up the quote a bit.
Second, i think its logic that if a bitcoin costs 300 USD and its BARELY profitable then if price doubles it should give you a huge edge assuming no one else turns their miners on.
Third, bitcoin is profitable for anyone depending of their cost of electricity, if you have good hands you can get it even cheaper. Chinese have really cheap electricity thanks to nuclear power for example.
Forth, personaly in the crypto world is something strange but just an example of altcoin price and altcoin miners sweeping from coin to coin.
Edit: ps: i don't see why it should be profitable only for massive farms, its also the fault of the ASIC creators, i think we need more companies that make them, and even more legit.

I cant be bothered with long posts and so gucked the quote.

So can an ordinary person buy the kit and mine bitcoins?  I think not, because the kit needed is too expensive.  That is why these farms have grown as it is the only way anyone can mine.  Whether the BTC is $300 or $600 is irrelevant if you cannot afford to buy into the mining.  I agree with the 4th point, people are not mining BTC but any and all other crypto coins.  It is the only way to make money and hopefully get some payback on the kit they have that cost a fortune!

The only reason for that is because they want a fortune, you can still get into mining with little money with cloud mining in a trusted site as hashnest (i know no one else), now you lose a bit with cloud mining since you cannot do anything against electricity. Yet the price of the miners has nothing to do with btc. I do agree that they are expensive, but if you take care of things properly at long term the roi is almost safe unless btc price goes down.

[dooglus]

ASIC chips can never keep up with the logarithmic increase in power required to solve the algorithms.

Do you realise that mining difficulty is a result of increased hashrate and not the other way around? Miners don't have to keep up with the difficulty, the difficulty keeps up with the miners. The only reason the power required increases is because the hashrate increases. When we run up against the physical limit and Moore's Law stops applying there won't be new generations of ASICs, so the hashrate will stop increasing exponentially, and so the difficulty will stop increasing exponentially. You have the whole causality of the situation backwards.

So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery? 

Mining is a competitive business. Only the most efficient miners will survive. If Bob is paying twice as much per kilowatt as the Chinese miner then how can he hope to remain in business? There are no "participation prizes" in the real world. Only the fittest survive.

Because the hashrate has gone up so much.  But why has the hashrate gone up so much? .... Chicken or egg which is first?

The hashrate has gone up due to improvements in mining hardware. From CPU to GPU to FPGA to the various generations of ASICs, each faster and more efficient than the last. Difficulty tracks hashrate. Hashrate doesn't track difficulty. Your chicken and egg analogy doesn't apply, since if anything higher difficulty has an inverse effect on the hashrate as uncompetitive miners drop out when they stop being profitable.

To be honest, it does not matter,

I only bothered correcting the point because that guy made the same error many many times in this thread and elsewhere. He thinks that the difficulty goes up on its own and that miners have to keep up, when in fact it's the other way around. If it doesn't matter to you, why comment on it?

only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms.  We, the community, have little input, in fact zero.

The miners work for us, the economic majority. We are not reliant on them. If they misbehave we can fire them by changing the proof of work algorithm.

[UKBob]

ASIC chips can never keep up with the logarithmic increase in power required to solve the algorithms.

Do you realise that mining difficulty is a result of increased hashrate and not the other way around? Miners don't have to keep up with the difficulty, the difficulty keeps up with the miners. The only reason the power required increases is because the hashrate increases. When we run up against the physical limit and Moore's Law stops applying there won't be new generations of ASICs, so the hashrate will stop increasing exponentially, and so the difficulty will stop increasing exponentially. You have the whole causality of the situation backwards.

So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery? 

Mining is a competitive business. Only the most efficient miners will survive. If Bob is paying twice as much per kilowatt as the Chinese miner then how can he hope to remain in business? There are no "participation prizes" in the real world. Only the fittest survive.

Because the hashrate has gone up so much.  But why has the hashrate gone up so much? .... Chicken or egg which is first?

The hashrate has gone up due to improvements in mining hardware. From CPU to GPU to FPGA to the various generations of ASICs, each faster and more efficient than the last. Difficulty tracks hashrate. Hashrate doesn't track difficulty. Your chicken and egg analogy doesn't apply, since if anything higher difficulty has an inverse effect on the hashrate as uncompetitive miners drop out when they stop being profitable.

To be honest, it does not matter,

I only bothered correcting the point because that guy made the same error many many times in this thread and elsewhere. He thinks that the difficulty goes up on its own and that miners have to keep up, when in fact it's the other way around. If it doesn't matter to you, why comment on it?

only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms.  We, the community, have little input, in fact zero.

The miners work for us, the economic majority. We are not reliant on them. If they misbehave we can fire them by changing the proof of work algorithm.

The miners work for us?  Seriously?  I just had visions of the animals in George Orwells Animal Farm talking about the pigs.  It does not matter what else you say, I will find it hard to take it seriously now!

[dooglus]

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.

The bug was fixed in Bitcoin on Mar 10, 2014. There was no need to do a hard fork since the bug wouldn't have had any effect until approximately 256 years after the genesis block.

The problem is that C++ doesn't define what happens when you right-shift a 64 bit integer 64 or more places. What most compilers do when you ask them to right-shift 64 places is to right-shift 0 places, ie. do nothing.