We had a small talk with a guy in other topic
https://bitcointalk.org/index.php?topic=1268279.120He generally discussed BitMoney with z0rg1ink, but I also add a small view on our project.
It may help newcomers to understand our general ideas, so I want to paste it here either.
-----
Just have noticed this discussion. I am also a member of BitMoney dev-team. Hope to make all clear about our project, if it is so actively discussed.
- What is it about exchange rate? Will it always fall?As soon as we integrate many services, people will start to buy BTM for their needs. Most people can't mine as much as they need for usual transactions. So the rate will stabilize, with small inflation like any currency has.
-Well then, what is the reason to integrate it with my service or just use?And it's the main point. Here we come to the topic subject.
We are developing payment system which should have many obvious advantages if compared with Bitcoin. I just paste here some description from the manual:
* Anonymous (for clients) transfers optionally.
* Small storage requirements
* Ready to work immediately after start.
* Client-server protocols based on the i2p network, most experienced system for anonymous and encrypted communication.
* Client authentication and encryption key exchange based on RSA with 2048 bit keys. Everything including local settings is encrypted with AES-256.
In short, BitMoney transactions are fast, and can not be tracked like Bitcoin payments. This fact and out i2p relation provide many opportunities and we are trying to catch and use all of them (ani-spam system is just the first and one of the most simple examples). I can't say if we shall succeed or not, but the next generation cryptocurrencies have to provide this properties for their users. Bitcoin can't reach it by design, and we are already doing it.
Just for example. Fast transactions provide opportunity for shops to sell goods with a price based on almost current exchange rate, not making 3-10% markup for safe currency exchange. Moreover, low commissions let shops to make even lower prices in BTM, that is good for their consumers.
Offline payments are the other interesting feature. It will be implemented in the future release.
And I can go on long enough.
-What is the reason to mine BitMoney anyway, if my electricity doesn't cost ~0?First, for small amounts it's easier to mine BTM than to buy it. It's most about different ani-spam services (look our forum or build-in chat for example).
Second, we have plans to provide a kind of investments with BTM, but it's not about HYIP pyramids or something alike. It should be a kind of investment in external services implementation, clean and profitable for all sides with a goal of further project development. But now it is all I can tell about that.
Third, BTM mining is still profitable just to buy BTC with current rates.
Finally, if we are speaking about Bitcoin. It is also not profitable to mine for most of users. But they use it, and not because of profitable mining, but for its comparative security and anonymity.
-Where is admin's profit?We have commissions for most of transactions like any other payment system has. But our commissions are much lower.
-What happens, if you have problems with fbi?https://bitcointalk.org/index.php?topic=1241229.msg12975575#msg12975575Please, just check our news sometimes. We are in constant development and have ideas how to implement our plans in reality, with benefits for everyone.
