Slimcoin | First Proof of Burn currency | Decentralized Web

[keliokan]

For the third time in few days SLM is among first coins on Freiexchange.

And diff is quite up

Someone started to mint like hell

[1714162033]

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[1714162033]

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[1714162033]

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[1714162033]

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[johnwhitestar]

For the third time in few days SLM is among first coins on Freiexchange.

And diff is quite up

Someone started to mint like hell

There are consistent buy orders, maybe they are eager to sell before the price goes up :-)

But PoB even being more risky seems to be more profitable, or?

[muf18]

I'll try today to update some contents of site, there are a few things to update.

@d5000 - would you review it later?

[johnwhitestar]

I'll try today to update some contents of site, there are a few things to update.

That's great!

By the way do we have a tool that shows the current PoB profitability for the different quantity of SLMs to invest?

[dzarmush]

For the third time in few days SLM is among first coins on Freiexchange.

And books have some orders on both sides. Hopefully alt season is coming this winter.

[johnwhitestar]

I was thinking about how to make the concept of Proof of Burn immediately understandable and then to modify our signature accordingly.
What if we define Proof of Burn as "Decentralized mining without equipment"?

[terracoinhelpstheworld]

I was thinking about how to make the concept of Proof of Burn immediately understandable and then to modify our signature accordingly.
What if we define Proof of Burn as "Decentralized mining without equipment"?

How is your definition different from PoS?

[johnwhitestar]

I was thinking about how to make the concept of Proof of Burn immediately understandable and then to modify our signature accordingly.
What if we define Proof of Burn as "Decentralized mining without equipment"?

How is your definition different from PoS?

I think technically PoS mining is called minting I guess, or?

[d5000]

I was thinking about how to make the concept of Proof of Burn immediately understandable and then to modify our signature accordingly.
What if we define Proof of Burn as "Decentralized mining without equipment"?

I always liked the analogy of "virtual mining". If you burn a coin, you "buy" a "virtual mining rig" which has the power to find blocks - hashrate is analogous to the amount of coins burned (minus decay rate).

This analogy was used already by the PoB inventor, Iain Stewart. See also: http://slimco.in/proof-of-burn-eli5/

@muf18: I forgot to update the links  , will do it ASAP. You can send me anything for review if you want, or update it yourself like you please.

Edit: Done - http://slimco.in/mentions/

[johnwhitestar]

I was thinking about how to make the concept of Proof of Burn immediately understandable and then to modify our signature accordingly.
What if we define Proof of Burn as "Decentralized mining without equipment"?

I always liked the analogy of "virtual mining". If you burn a coin, you "buy" a "virtual mining rig" which has the power to find blocks - hashrate is analogous to the amount of coins burned (minus decay rate).

This analogy was used already by the PoB inventor, Iain Stewart. See also: http://slimco.in/proof-of-burn-eli5/

I think "virtual mining" is the best and the most efficient way to explain the PoB, but we probably need to use the signatures as the most basic tool of SLM's advertising.
I'm not an advertising expert, but I studied something and to make the advertising work for us it has to have the following 3 elements in the following order:
- It has to mention the issue the reader has;
- It has to show  that what we are advertising, PoB or SLM in this case, actually solves that issue;
- It has to contain a call to action, possibly with a sense of urgency, for instance something like "if all the conditions stay equal you'll get 100% ROI in 3 month with 100,000 SLM using PoB".
And of course all above has to be as concise as possible.
I'm available to go on with this brainstorming and if someone is interested we can create a small contest with the prize in SLMs for the best solution.

Edit: Done - http://slimco.in/mentions/

So many mentions of SLM, impressive!

[terracoinhelpstheworld]

I was thinking about how to make the concept of Proof of Burn immediately understandable and then to modify our signature accordingly.
What if we define Proof of Burn as "Decentralized mining without equipment"?

I always liked the analogy of "virtual mining". If you burn a coin, you "buy" a "virtual mining rig" which has the power to find blocks - hashrate is analogous to the amount of coins burned (minus decay rate).

This analogy was used already by the PoB inventor, Iain Stewart. See also: http://slimco.in/proof-of-burn-eli5/

I think "virtual mining" is the best and the most efficient way to explain the PoB, but we probably need to use the signatures as the most basic tool of SLM's advertising.
I'm not an advertising expert, but I studied something and to make the advertising work for us it has to have the following 3 elements in the following order:
- It has to mention the issue the reader has;
- It has to show  that what we are advertising, PoB or SLM in this case, actually solves that issue;
- It has to contain a call to action, possibly with a sense of urgency, for instance something like "if all the conditions stay equal you'll get 100% ROI in 3 month with 100,000 SLM using PoB".
And of course all above has to be as concise as possible.
I'm available to go on with this brainstorming and if someone is interested we can create a small contest with the prize in SLMs for the best solution.

Considering the newcomers in the cryptoworld are looking for profit, maybe it would just worth mentioning an interesting ROI with PoB, without giving any explanation about PoB itself?
Is there any kind of estimate to see the ROI for PoB?

[johnwhitestar]

Is there any kind of estimate to see the ROI for PoB?

I'm not that much informed about the mechanism of PoB, but I remember that slimcoind releases the info about how much of SLM where invested into PoB.
Should it be possible to retrieve the info about the SLMs decayed we'd have the exact number of SLMs used to mine at that moment.
Regardless of any casual sequence used to produce the new SLM using PoB statistically speaking their number should be distributed proportionally between the miners in the long run.
That could probably give us a tool to estimate the ROI of PoB, thus to build an attractive advertising model.

[casper77]

i have 10K POB effective burnt coins and i have from 30 to 100 coins per day
i dont know from what that difference depends of

[johnwhitestar]

i have 10K POB effective burnt coins and i have from 30 to 100 coins per day
i dont know from what that difference depends of

It probably depends on a causality sequence used in PoB algorithm but if you consider let say one month or one year span you'll probably see the stable average.
Should it be just 30 SLM/day your annual ROI would be 109% which is huge compared to masternode's ROI to not to speak about Bitcoin mining.
But if the average is for instance 65 SLM/day your ROI is just fabulous.
And the minimum investment is quite small, 10K is just 8$ considering the market prices.
I think it's an interesting basis to begin advertising SLM in terms of profits.

[casper77]

i have 10K POB effective burnt coins and i have from 30 to 100 coins per day
i dont know from what that difference depends of

It probably depends on a causality sequence used in PoB algorithm but if you consider let say one month or one year span you'll probably see the stable average.
Should it be just 30 SLM/day your annual ROI would be 109% which is huge compared to masternode's ROI to not to speak about Bitcoin mining.
But if the average is for instance 65 SLM/day your ROI is just fabulous.
And the minimum investment is quite small, 10K is just 8$ considering the market prices.
I think it's an interesting basis to begin advertising SLM in terms of profits.

yes, but should remember that "effective burnt coins" decreases over time and you must regularly burn if you want to always have 10K
something like asic's depreciation of equipment

[johnwhitestar]

i have 10K POB effective burnt coins and i have from 30 to 100 coins per day
i dont know from what that difference depends of

It probably depends on a causality sequence used in PoB algorithm but if you consider let say one month or one year span you'll probably see the stable average.
Should it be just 30 SLM/day your annual ROI would be 109% which is huge compared to masternode's ROI to not to speak about Bitcoin mining.
But if the average is for instance 65 SLM/day your ROI is just fabulous.
And the minimum investment is quite small, 10K is just 8$ considering the market prices.
I think it's an interesting basis to begin advertising SLM in terms of profits.

yes, but should remember that "effective burnt coins" decreases over time and you must regularly burn if you want to always have 10K
something like asic's depreciation of equipment

Good point. I have to think it over better in order our advertising message to be as near as possible to the reality.

[terracoinhelpstheworld]

i have 10K POB effective burnt coins and i have from 30 to 100 coins per day
i dont know from what that difference depends of

It probably depends on a causality sequence used in PoB algorithm but if you consider let say one month or one year span you'll probably see the stable average.
Should it be just 30 SLM/day your annual ROI would be 109% which is huge compared to masternode's ROI to not to speak about Bitcoin mining.
But if the average is for instance 65 SLM/day your ROI is just fabulous.
And the minimum investment is quite small, 10K is just 8$ considering the market prices.
I think it's an interesting basis to begin advertising SLM in terms of profits.

yes, but should remember that "effective burnt coins" decreases over time and you must regularly burn if you want to always have 10K
something like asic's depreciation of equipment

So the actual ROI should be the difference between produced coins and decayed ones.

[johnwhitestar]

i have 10K POB effective burnt coins and i have from 30 to 100 coins per day
i dont know from what that difference depends of

It probably depends on a causality sequence used in PoB algorithm but if you consider let say one month or one year span you'll probably see the stable average.
Should it be just 30 SLM/day your annual ROI would be 109% which is huge compared to masternode's ROI to not to speak about Bitcoin mining.
But if the average is for instance 65 SLM/day your ROI is just fabulous.
And the minimum investment is quite small, 10K is just 8$ considering the market prices.
I think it's an interesting basis to begin advertising SLM in terms of profits.

yes, but should remember that "effective burnt coins" decreases over time and you must regularly burn if you want to always have 10K
something like asic's depreciation of equipment

So the actual ROI should be the difference between produced coins and decayed ones.

In such case we need to understand how much coins are being decayed over time.

[terracoinhelpstheworld]

Maybe you can just remain generic on the signature, something like just "high ROI"?
If you consider the average of the quantities mentioned by @casper77 we are speaking about 65 coins/day which is 237%/y so, even if we hypothesise the decay around 100%/y, the ROI, i.e. the difference between the coin produced and decayed, is still very high, 137%. This is comparable to the masternode's ROI and is much higher than BTC mining ROI if expressed in BTC, not to mention the % you can receive putting your fiat in bank.

[johnwhitestar]

Maybe you can just remain generic on the signature, something like just "high ROI"?
If you consider the average of the quantities mentioned by @casper77 we are speaking about 65 coins/day which is 237%/y so, even if we hypothesise the decay around 100%/y, the ROI, i.e. the difference between the coin produced and decayed, is still very high, 137%. This is comparable to the masternode's ROI and is much higher than BTC mining ROI if expressed in BTC, not to mention the % you can receive putting your fiat in bank.

Then maybe we can say "Proof of Burn: virtual mining - high ROI, low initial investment"