Bitcoin Forum
December 14, 2017, 09:26:07 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 3 »  All
  Print  
Author Topic: [ANN] PayServices Multi-Value Exchange & ButterflyBits Crypto Rewards  (Read 6867 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic.
jk9694
Full Member
***
Offline Offline

Activity: 175


View Profile WWW
January 28, 2016, 05:50:39 AM
 #1



ButterflyBits (BFB) is an experimental open-source decentralized CryptoCurrency like Bitcoin and Litecoin. The name ButterflyBits comes from the PayServices Butterfly Initiative. The "butterfly effect" is the idea that a single butterfly flapping its wings on one side of the world can through a chain of events, cause a hurricane on the other side. This illustrates the idea that the smallest of actions can create a chain reaction to change the world. ButterflyBits takes the financial capabilities of both consumers and small business to new levels or heights.

What makes ButterflyBits different is that the currency’s value may be backed by more than just speculation. ButterflyBits could one day be backed by various assets on
the PayServices high speed trading & Impact Investing platform including actual shares of PayServices & other Investment packages belonging to our early partners that bring their communities into the PayServices platform through API and contribute to the Impact Investing platform or other community based features that are offered. However this all would take place after initial distribution of ButterflyBits and following regulatory approval. ButterflyBits will also be accepted for electronic goods and services offered on PayServices.



From launch and throughout initial distribution, ButterflyBits will be distributed primarily as free rewards for purchasing PayServices Butterfly Cards which activate PayServices accounts and give access to all of the many features of the PayServices Platform. By acquiring a Butterfly Card today, you will be rewarded the purchase dollar face value equivalent of the card in BFB (Butterfly Bits) as a bonus FREE gift for purchasing the card and joining the Butterfly Community! This makes ButterflyBits an extremely rare coin along with the ultimate value to be determined by the free market which will primarily take place on the PayServices Multi-Value Exchange platform along with any secondary markets that pick it up also.



Another way that ButterflyBits may be used is through individuals that have volunteered to provide services based on their special skills which ButterflyBits have been paid out in the form of a stipend at face value. ButterflyBits can also be acquired through mining however their will only be 1440 ButterflyBits a day that are produced through the Network. All proceeds through the initial phases of distribution of ButterflyBits through the sale of the PayServices Butterfly Cards given out as rewards will be used for one goal oriented specific purpose which will hold the power to help everyone. It is the hope that the proceeds acquired through these initial distribution phases that PayServices will acquire enough proceeds in order to seek further licensing which would allow PayServices to be the Bank to the Bitcoin Blockchain and all that entails.

Regardless, ButterflyBits comes with a range of decentralized financial services such as the Butterfly card of course and the Butterfly suite along with the PayServices VEMS=Value Exchange Management System. The VEMS will be available from your PayServices Account after the purchase of a Butterfly Card and allows you to buy, sell, & barter any type of value with the Butterfly Community. ButterflyBits is designed to be a practical tool and financial instrument for consumers and are extremely efficient for businesses, through providing users with the ability to make international payments as fluid and easy as possible.

The butterfly network will revolutionize the world's most basic human interaction, the exchange of value and by using a type of money to exchange value that is connected to the people & their local economies that, instead of penalizing the individuals, gives them always more the more they participate and grow with us. The Butterfly Card can not only be a payment mean for the exchange of value but also an identification item. Since all PayServices accounts require to be verified following industry standards, the name and person's details on the card are always accurate and can be verified against counterfeit anywhere using our Butterfly Point Of Sale Terminals. Some of our cards may be co-branded. All our cards have the same technical capabilities, while offerings may differ.

PayServices follows the most modern local & international industry accepted procedures in regards to KYC - "Know Your Customer" and AML - "Anti Money Laundering". The purchase of a Butterfly Card and the use of any of PayServices' money & value related solutions requires imperatively a [Verified by PayServices] account. This is achieved by completing the E-ZSignUP process via one of our Mobile or Desktop applications.

ButterflyBits was created in May 2015 through the work of anonymous developers and miners. The ButterflyBits Network was pre-mined 100% in order to produce 100 Million ButterflyBits= to the $100 Million USD Valuation of PayServices Inc. which was determined as of February 2015 based on offers to purchase PayServices prior to this historic launch, which were immediately declined by PayServices primarily due to the fact that PayServices value is foreseen to be valued at multitudes higher before the end of this decade. The pre-mined ButterflyBits will be held in the PayServices Butterfly Effect Central Reserve Cold Storage Vault and be Viewable to anyone with a fully activated PayServices account via the PayServices ‘Butterfly Central Reserve’ or any second or third party block explorer rich list by its unique address.

ButterflyBits is a Scrypt POW Algorithm based CryptoCurrency derived from LiteCoin, in which single coin blocks were left in place indefinitely at one minute intervals which the EMA dynamically retargets the difficulty after each block. This choice was made in order to build a strong network of paid nodes mining the coin primarily for its security and sustainability in the hopes that the value of ButterflyBits will continue to remain even with the ever rising value of PayServices Inc, thanks to all that participate in all aspects of this historic community driven experimental beta CryptoCurrency project along with the simultaneous Official public Launch of the PayServices Multi-Value Exchange & Mobile Operating System.



butterflybits.conf (Sample):

gen=0
server=1
listen=1
daemon=1
rpcuser=yourusername
rpcpassword=yourpassword
rpcport=13864
rpcallowip=127.0.0.1
port=13863
addnode=108.61.10.90:13863
addnode=74.132.6.75:13863
addnode=butterfly.coin-server.com:13863





PayServices Inc. develops high end integrated secured multi OS, devices and cloud based ecosystem and tools to provide for multi factor individual and corporate identification,  credentials management and exchange within and with third parties, multi currency and value transactional trading exchange and accounting and financial systems that offers products and services to individuals, SME’s, multi nationals, NGOS’ tribes, international organisations, corporations and governments to create market places, local sustainable and ethical economies, trading and exchange systems and inhouse clearing banks using any conventional, complementary, crypto, inventory, barter or other symbols of value currencies or commitments.

The PayServices ‘Coin Index’ located on the Currencies page on the PayServices.com website has over 291 Currencies. There are 130 Fiat/Hard Currencies. For example, USD, Euro, Pounds Sterling and Chinese Yuan. There are 19 Complimentary Currencies which are like Frequent Flyer Miles. For example, Lion Dollars, EuroDrachma, Clix, BioCertz Water Credit. There are also 100 CryptoCurrencies, which will soon number around 400 Cryptos of value. For example, Bitcoin, Litecoin, EmerCoin and ButterflyBits. All these Currencies are instantly convertible into each other with your fully activated PayServices account through the VEMS=Value Exchange Management System in the ‘Values’ Section which serves as a convenient and dynamic High Speed Trading Network. The PayServices platform will one day serve as the largest Multi-Value Exchange in the world.












       









 

 

 

   






The provisions contained in this document and any of the links (Butterfly Plan) or mentioned information are owned by PAYSERVICES, INC. registered in the state of Delaware, USA (the “Company”), and are privileged. Each and every recipient, whether directly or indirectly, of the Butterfly Plan (each the “Recipient”) is responsible for holding the Butterfly Plan in confidence at all times. While the Company considers the information set forth herein to be accurate, the Company shall not be held liable, whether directly or indirectly, for the accuracy of or any omissions from the Butterfly Plan.
Each and every Recipient that intends to base a decision in whole or in part on any of the information contained in the Butterfly Plan agrees to first carefully scrutinize and verify the Butterfly Plan, and carry out any reasonable due diligence checks of the information contained in the Butterfly Plan. Any person or entity seeking to make an investment in the Butterfly Cards, ButterflyBits or the Company should not do so solely on the basis of the information contained in the Butterfly Plan. In addition, the information contained herein do not claim to be appraisals of the Company’s assets, or a valuation of any of its current or future entities or activities. The company makes no guarantees regarding any benefits received from investment, nor the legal, tax or accounting effects of any transaction, and this Butterfly Plan does not constitute an offer to sell, or a solicitation of an offer to buy securities. In furnishing the Butterfly Plan, the Company undertakes no obligation to provide Recipients with access to any additional information or to update the Butterfly Plan or to correct any inaccuracies that may be contained herein. There exists substantial information with respect to the business and its future prospects, and there are a substantial number of risks associated with an investment in the business, which are not set forth in the Butterfly Plan.

The Company and the Recipient acknowledge that the potential accomplishment of a statement of projected or future target present in the Butterfly Plan (“Target”) is directly affected by unexpected events, market shifts, or circumstances that cannot be known at the time of the setting of the Target. Targets are based on expectations, estimates and projections existing at the time of the making of the Target that involve a number of economic, business and risk uncertainties, which are subject to change over time and could therefore cause materially different results or events from those anticipated. Targets in the plan may be identified through the use of words including but not limited to: "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur. Such estimates, valuations and projections are subject to significant uncertainties beyond the control of the Company. Although such projections are believed to be realistic, no representations are made as to their ultimate attainability.

Due the the nature of CryptoCurrencies along with the current regulatory climate and extreme volatility, PayServices Inc or anyone involved in this Open-Source decentralized, experimental beta CryptoCurrency Project can not be held liable for any losses or failed initiatives related to ButterflyBits or PayServices. By reading this disclaimer and continuing to engage in any activities, projects or otherwise regarding ButterflyBits, you agree to hold harmless all involved. As a community based on Open Source principals and all facets of decentralization, will do your best to act as good stewards of this Blockchain and will engage in only positive activities and uses of this historic Community based CryptoCurrency project, to the best of your ability. PayServices reserves the right to modify any or all that is stated above at anytime without notice and will be given a reasonable time frame to communicate any modifications in writing on the PayServices.com website and extends to all our partners and affiliates and is left up to the sole discretion of PayServices Inc only to decide upon and make these sole decisions which are binding and absolute.

❘|❘ NEUFUND — Re-Imagine ICOs | Connect off- and on-chain with equity tokens | Enjoy risk-free commitment ❘|❘
JOIN THE ICBM | JOIN THE DISCUSSION
1513286767
Hero Member
*
Offline Offline

Posts: 1513286767

View Profile Personal Message (Offline)

Ignore
1513286767
Reply with quote  #2

1513286767
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513286767
Hero Member
*
Offline Offline

Posts: 1513286767

View Profile Personal Message (Offline)

Ignore
1513286767
Reply with quote  #2

1513286767
Report to moderator
1513286767
Hero Member
*
Offline Offline

Posts: 1513286767

View Profile Personal Message (Offline)

Ignore
1513286767
Reply with quote  #2

1513286767
Report to moderator
1513286767
Hero Member
*
Offline Offline

Posts: 1513286767

View Profile Personal Message (Offline)

Ignore
1513286767
Reply with quote  #2

1513286767
Report to moderator
Godson_Mansa
Hero Member
*****
Offline Offline

Activity: 588


@Mansa_Godson


View Profile
January 28, 2016, 06:03:13 AM
 #2

tl;dr

but i am mildly interested
wildduck
Hero Member
*****
Offline Offline

Activity: 812


View Profile
January 28, 2016, 07:26:09 AM
 #3

Very good presentation of coin, 100% primine and then distribution like the dev wants.  Grin

pc888
Legendary
*
Offline Offline

Activity: 1092


https://bata.io


View Profile WWW
January 28, 2016, 07:36:54 AM
 #4

Interesting... posted a link in BTA ann.


                 ▄▄▄▄▄▄▄▄▀▀▀▀▀█▄▄
  ▄▄▄▄▄▀▀▀▀▀▀▀▀▀▀    ▄▄▄▄▄▄▄   ███
▄▀ ▄▄▄      █████████████████  ███
████      █████████████████  ███
▀▀▀█      █         ▀▀█████  ███
    █      █            ▀▀██  ███
    █      █               █  ███
▄▄▄█      █▄▄▄▄▄▄▄           ███
████      █████████▄         ███
████      ███████████        ███
████      ███████████        ███
████       ▀███████▀         ███
████▄        ▀▀▀▀▀ ▀▄       ████
██████▄              ▀▄  ▄█ ████
▀██████▄▄              ████ ████
▀█▄▄▄▄▄▄▄▄▄▄▄▄         ▀▀▀▀▀  ████
              ▀▀▀▀▀▀▀▀█████████▀▀
BATA
██████████████████████████████████  ██
██
██

██
██
██
██
██
██
██

██
██
▄████████████████████▄
██████████████████████
█████████████▀░░░░████
████████████░░░░░░████
███████████░░░░███████
███████████░░░░███████
█████████░░░░░░░░░████
█████████░░░░░░░░░████
███████████░░░░███████
███████████░░░░███████
███████████░░░░███████
███████████░░░░███████
▀██████████░░░░██████▀
▄████████████████████▄
██████████████████████
██████████████████████
████████████▀░░▀██████
█████░▀████░░░░░░▄████
█████░░░░░▀░░░░░██████
█████▄░░░░░░░░░░██████
██████░░░░░░░░░███████
██████▀░░░░░░░████████
████▄▄░░░░▄▄██████████
██████████████████████
██████████████████████
▀████████████████████▀
▄████████████████████▄
██████████████████████
███▀▀▀████████████████
███░░░████████████████
██████████████████████
███░░░██░░░▀░░░░░▀████
███░░░██░░░░░░░░░░░███
███░░░██░░░▄████░░░███
███░░░██░░░█████░░░███
███░░░██░░░█████░░░███
███░░░██░░░█████░░░███
██████████████████████
▀████████████████████▀
▄████████████████████▄
███████████▀▀█████████
█████▀▀████░░░█▀▀█████
█████░░░██▀▀░░░░░░████
██████░░░░░░░░░▄▄█████
███▀░░░░░░▄▄░░░███████
███░░▄▄░░████░░░▀░░███
███████░░░▀▀░░░░░░▄███
█████▀▀░░░░░░░░░░█████
████░░░░░░░▄██▄░░░████
█████▄▄█░░░████▄▄█████
█████████▄▄███████████
▀████████████████████▀
██
██

██
██
██
██
██
██
██

██
██
CryptocurrencyNetwork
Sr. Member
****
Offline Offline

Activity: 420


@CryptoOz


View Profile WWW
January 28, 2016, 10:39:33 AM
 #5

Interesting... posted a link in BTA ann.

Interesting could be used as a term while viewing Bata.io, however to be frank I believe the more accurate and appropriate word would be 'impressive' to say the least. Thank you. I believe the PayServices folks are going to be looking forward to discussing ways to collaborate closely and in a mutually beneficial way with the people behind the highly impressive Bata platform. Bata is indeed one of the 291 Currencies listed on the PayServices Platform. https://www.payservices.com/currency.php?type=crypto

Have you got nothing better to do than criticise? Why else do you think the link was posted in the Bata forum?
DNotes
Legendary
*
Offline Offline

Activity: 1078


DNotes Co-Founder


View Profile WWW
January 28, 2016, 04:40:41 PM
 #6

Congratulations PayServices team!

This is a massive project and a lot of effort has gone into the development of it. Wishing you all the best of luck from the DNotes team and community, you have our support!

Chase
Legendary
*
Offline Offline

Activity: 1386



View Profile
January 28, 2016, 04:42:11 PM
 #7


Congratulations PayServices on the launch of your exchange and ButterflyBits reward program. I am going to take a good look at it this weekend.  Smiley 

Master_dandosha
Hero Member
*****
Offline Offline

Activity: 560

IF YOU Enjoy Trade with ME ..PUT Feedback Please


View Profile
January 28, 2016, 04:54:48 PM
 #8


Congratulations PayServices on the launch of your exchange and ButterflyBits reward program. I am going to take a good look at it this weekend.  Smiley 
Nice to see new good idea just registered with you
Good luck

kanus1113
Sr. Member
****
Offline Offline

Activity: 453


View Profile
January 28, 2016, 05:19:41 PM
 #9

Looks very interesting. If I have your card, and DNotes in my account, would I be able to purchase something from the store in fiat and it automatically do the conversion for me?
jk9694
Full Member
***
Offline Offline

Activity: 175


View Profile WWW
January 28, 2016, 05:47:15 PM
 #10

Looks very interesting. If I have your card, and DNotes in my account, would I be able to purchase something from the store in fiat and it automatically do the conversion for me?

Ultimately you will be able to do as you have described.

❘|❘ NEUFUND — Re-Imagine ICOs | Connect off- and on-chain with equity tokens | Enjoy risk-free commitment ❘|❘
JOIN THE ICBM | JOIN THE DISCUSSION
operabit
Hero Member
*****
Offline Offline

Activity: 896



View Profile
January 28, 2016, 07:14:00 PM
 #11

Very different and have a nice concept

| 
 
50
| 




                       ▄
           ▄▄▄▄▄▄███████
▄▄▄▄█████  █████████████
█████████  █████████████
█████████  █████████████
█████████  █████████████
█████████  █████████████
█████████  █████████████

█████████  █████████████
█████████  █████████████
█████████  █████████████
█████████  █████████████
█████████  █████████████
▀▀▀▀█████  █████████████
           ▀▀▀▀▀▀███████
                       ▀
| 
 
$1,5 M
|


        ▄▄▄█████████▄▄▄
      ▄█████▀▀███▀▀█████▄
    ▄███▀     ███     ▀███▄
   ████       ███       ████
  ███▀                   ▀███
 ███▀                     ▀███
▄██▀       █████████       ▀██▄
███                         ███
███        █████████        ███
███                         ███
▀██▄       █████████       ▄██▀
 ███▄                     ▄███
  ███▄                   ▄███
   ████       ███       ████
    ▀███▄     ███     ▄███▀
      ▀█████▄▄███▄▄█████▀
        ▀▀▀█████████▀▀▀
 
|
 
<>
<>
<>
<>
 
GITHUB
TWITTER
YOUTUBE
FACEBOOK
wiser
Legendary
*
Offline Offline

Activity: 1212



View Profile WWW
January 28, 2016, 07:47:05 PM
 #12

I've been trying out PayServices over the past few days, and I like it, although some of the features haven't been implemented yet. I'm really looking forward to trying out the various features as they roll out.

The question I have about BFB is this: If the coin is 100% premined, where are you getting the coins to have one coin per block indefinitely?

anticlimax
Legendary
*
Offline Offline

Activity: 1008


Syndicate - Business Management Platform


View Profile WWW
January 28, 2016, 07:57:11 PM
 #13

I've been trying out PayServices over the past few days, and I like it, although some of the features haven't been implemented yet. I'm really looking forward to trying out the various features as they roll out.

The question I have about BFB is this: If the coin is 100% premined, where are you getting the coins to have one coin per block indefinitely?

In the practical sense, it's a 100% premine, as it takes 3 years for pow to generate 1% of total supply.

twitter @antiiclimax syndicatelabs.io
wiser
Legendary
*
Offline Offline

Activity: 1212



View Profile WWW
January 28, 2016, 09:09:36 PM
 #14

Why the **** is Paycoin there . Its a major ***** scam. I even lost my microprime keys to the new developers who took over.

Paycoin is not the same thing as Josh Garza or GAW Miners. It's a legitimate coin. If you lost your microprime keys, it's not automatically the fault of the new developers. They had a limited time for people to access them for security reasons.

In any case, this isn't the place to vent about PayServices' selection of coins. They are trying to carry as many of them as possible, so not all of them are going to be top of the line.

jaipagare
Hero Member
*****
Offline Offline

Activity: 514


View Profile
January 28, 2016, 11:05:17 PM
 #15

Watching..
CryptoCritic
Newbie
*
Offline Offline

Activity: 25


View Profile
January 28, 2016, 11:33:10 PM
 #16

Interesting... posted a link in BTA ann.

Interesting could be used as a term while viewing Bata.io, however to be frank I believe the more accurate and appropriate word would be 'impressive' to say the least. Thank you. I believe the PayServices folks are going to be looking forward to discussing ways to collaborate closely and in a mutually beneficial way with the people behind the highly impressive Bata platform. Bata is indeed one of the 291 Currencies listed on the PayServices Platform. https://www.payservices.com/currency.php?type=crypto

Have you got nothing better to do than criticise? Why else do you think the link was posted in the Bata forum?

Can't we all just get along? (says the CryptoCritic)
CryptocurrencyNetwork
Sr. Member
****
Offline Offline

Activity: 420


@CryptoOz


View Profile WWW
January 28, 2016, 11:39:39 PM
 #17

Interesting... posted a link in BTA ann.

Interesting could be used as a term while viewing Bata.io, however to be frank I believe the more accurate and appropriate word would be 'impressive' to say the least. Thank you. I believe the PayServices folks are going to be looking forward to discussing ways to collaborate closely and in a mutually beneficial way with the people behind the highly impressive Bata platform. Bata is indeed one of the 291 Currencies listed on the PayServices Platform. https://www.payservices.com/currency.php?type=crypto

Have you got nothing better to do than criticise? Why else do you think the link was posted in the Bata forum?

Can't we all just get along? (says the CryptoCritic)

We can get along indeed.

I have been actively promoting it. Please note that BTA also has PayServices featured on website.



wiser
Legendary
*
Offline Offline

Activity: 1212



View Profile WWW
January 29, 2016, 08:59:20 PM
 #18

I've been trying out PayServices over the past few days, and I like it, although some of the features haven't been implemented yet. I'm really looking forward to trying out the various features as they roll out.

The question I have about BFB is this: If the coin is 100% premined, where are you getting the coins to have one coin per block indefinitely?

@wiser,

POW Blocks with one coin per block generated by the ButterflyBits Network every minute would be left in place with no halving in order to provide incentive for as many miners as possible to set up nodes and mine ButterflyBits. This would help further secure the Network and guarantee fast transactions. Since PayServices is rich in features, including ones that are not fully implemented yet along with features that are yet to come in the future, the amount of uses for these coins could be massive. This would make mining for a share of the 1440 coins a day that the Network produces worth mining in order to gain as many as possible. Currently with its distribution as rewards in increments of 10 to 125 ButterflyBits that come with the Butterfly Effect CitizenCards when purchased at $10 USD to $125 USD. Those ButterflyBits come directly out of the pre-mine which is viewable through any Block Explorer with a rich list or in the Butterfly Central Reserve. Compared to most the Bitcoin 2.0 projects along with ripple, leaving in the ability to mine ButterflyBits for the single coin blocks keeps ButterflyBits DeCentralized which is an important part of why CryptoCurrencies such as Bitcoin and Litecoin have been extremely successful. This and other components and features that make up PayServices are all a big learning lesson which we will be learning together as this grows into something that all of us will have built together and that works. ButterflyBits is just one of many components that are a part of PayServices.

Thanks for answering the question, although it would seem that as long as there are BFB's tied up for miners, then the premine wasn't entirely 100%, maybe 95%, but you would have had to have left some for the miners to unlock. Or, do those BFB's come from somewhere else? I'm just trying to understand.

As far as accessing BFB's now, I know of two ways: mining it and buying a Butterfly card through PayServices.com. Are there any other ways to acquire or purchase BFB's? Do any exchanges currently carry it? I understand PayServices will have its own exchange and marketplace in about a month. Will BFB then be for sale? I would love to get my hands on some.

wiser
Legendary
*
Offline Offline

Activity: 1212



View Profile WWW
January 30, 2016, 02:55:13 PM
 #19

I've been trying out PayServices over the past few days, and I like it, although some of the features haven't been implemented yet. I'm really looking forward to trying out the various features as they roll out.

The question I have about BFB is this: If the coin is 100% premined, where are you getting the coins to have one coin per block indefinitely?

@wiser,

POW Blocks with one coin per block generated by the ButterflyBits Network every minute would be left in place with no halving in order to provide incentive for as many miners as possible to set up nodes and mine ButterflyBits. This would help further secure the Network and guarantee fast transactions. Since PayServices is rich in features, including ones that are not fully implemented yet along with features that are yet to come in the future, the amount of uses for these coins could be massive. This would make mining for a share of the 1440 coins a day that the Network produces worth mining in order to gain as many as possible. Currently with its distribution as rewards in increments of 10 to 125 ButterflyBits that come with the Butterfly Effect CitizenCards when purchased at $10 USD to $125 USD. Those ButterflyBits come directly out of the pre-mine which is viewable through any Block Explorer with a rich list or in the Butterfly Central Reserve. Compared to most the Bitcoin 2.0 projects along with ripple, leaving in the ability to mine ButterflyBits for the single coin blocks keeps ButterflyBits DeCentralized which is an important part of why CryptoCurrencies such as Bitcoin and Litecoin have been extremely successful. This and other components and features that make up PayServices are all a big learning lesson which we will be learning together as this grows into something that all of us will have built together and that works. ButterflyBits is just one of many components that are a part of PayServices.

Thanks for answering the question, although it would seem that as long as there are BFB's tied up for miners, then the premine wasn't entirely 100%, maybe 95%, but you would have had to have left some for the miners to unlock. Or, do those BFB's come from somewhere else? I'm just trying to understand.

As far as accessing BFB's now, I know of two ways: mining it and buying a Butterfly card through PayServices.com. Are there any other ways to acquire or purchase BFB's? Do any exchanges currently carry it? I understand PayServices will have its own exchange and marketplace in about a month. Will BFB then be for sale? I would love to get my hands on some.


@wiser,

Ok,

"Thanks for answering the question, although it would seem that as long as there are BFB's tied up for miners, then the premine wasn't entirely 100%, maybe 95%, but you would have had to have left some for the miners to unlock."

Technically in a sense you are correct. In 2140 or around there when the last Bitcoin containing Block is mined there will still be Blocks Generated by the Bitcoin Network every 10 Minutes. However the POW Blocks will only contain transactions and those transactions will be the incentive for the miners to continue solving Blocks.  The Transactions will look like new Bitcoins when added up together but technically will not be but instead the Network regenerating itself so that the system continues to work. Bitcoins should be very very expensive by then so even small transactions could be worth a lot especially when all combined together in one Block same as now where the blocks contain 25 Bitcoin plus 0.23884096 BTC in transaction fees according to a Bitcoin Block just solved by The BitClub Network.

Recently we have seen some AltCoins hit their Coin Cap. Some are programed through halving to stop halving once they get down to single coin blocks. In other words these AltCoins blocks stay at one coin per block plus the Network transaction fees. Since AltCoins are nowhere near as valuable as Bitcoin, the single coin blocks left in to add to the transaction fees provide more incentive to keep miners solving blocks since AltCoins transactions alone would technically not provide a large enough incentive to continue solving blocks which process the transactions and keep the blockchain moving and the coins Network alive. This is a similar case. So it would be safe to say that the ButterflyBits Network is 99.5% Pre-mined and the 100 Million BFB Network will increase by around 525k annually.

The percentage of the premise will lesson every year. In 100 years there will be 150 Million BFB give or take as its slowly added to annually through the single coin blocks. The BFB Community could make the decision through consensus to modify the parameters through some type of Hard Fork including changing Algorithms, etc. ButterfltBits has had its Source Code up on GitHub since last May and will remain there. The BFB community will be in charge of that. Pull requests will be submitted and reviewed in accordance with the Open Source Initiative and will be governed under Open Source Principles. This is why its important ant to get involved and embrace this, plus secure the BFB Network. Having ButterflyBits are like having a part of PayServices. The PayServices Community is its backbone.

When the time comes and ButterflyBits become widely distributed it might be incumbent of those that end up as holders one day, they will want to protect their holding by running some sort of desktop ASIC Scrypt Miner to help keep the ButterflyBits Network Secure and in confidence have a piece of mind that they are doing their part in keeping the Network DeCentralized and confirming transactions which will help protect their holdings and add to them constantly a BFB coin here and there.

I did not know how to explain it any shorter. My apologies for the length. Please if anyone reads this do correct any errors I have made while explaining this or if possible give a far shorter and more accurate explanation regarding how it works when a CryptoCurrency Network generates its last coin. Thanks!!

"Or, do those BFB's come from somewhere else?"

No, they are generated by the ButterflyBits Network like other Cryptocurrency Networks do such as Bitcoin or Litecoin. Without Block generation the transactions could not take place or be confirmed and the Blockchain would stall. PayServices is a highly valuable company, one coin per block plus transaction fees should be enough in value to incentivize mining on a mass scale which is what will be needed in order to truly sustain the ButterflyBits Network.


"Are there any other ways to acquire or purchase BFB's?"

Yes, in what we are told to be less than 30 days from now once the conversion/Trading/Exchange mechanism is in place which allows the Crypto Nodes to communicate much further than they do today with the existing PayServices System and High Speed Trading Network via the VEMS=Value Exchange Management System and the PayServices CEO rings the bell (No bell) and says 'Let the Trading Begin" there will most likely be ButterflyBits available for buy/Sell/Trade or Convert and the free market will determine their price from then on dynamically.

PayServices has had a certain amount of volunteers that have come to help with certain tasks based on their skills and the need for those skills in helping get this platform ready. Because PayServices being a start-up, along with the 3+ years that it has taken to get this far, funding to pay those volunteers especially since May 2015 has been scarce, however the CEO had offered a few of those volunteers stipends that were gifted to them in the form of ButterflyBits which they gladly accepted. Granted these BFB coins were not just given away in stacks but instead given out mathematically comparable to one dollar each theoretically as gifts based on the work accomplished. We are talking about a small amount and nothing out of the 100 Million BFB Pre-mine. This was one of the components  that was used to determine how many BFB to give away as rewards while trying to maintain equal face value to the cost of each Butterfly Effect Citizen Card when sold.

My guess is that once the Social Communities take shape individually per Crypto Dev Team along with their existing communities plus the new communities that will form that I would think the CEO would have a bulletin Board or something viewable to all listing the need for certain individuals with specific Skills that are needed for this or that and my guess that the volunteer work that members of the PayServices Community are interested in that they will be gifted in ButterflyBits as a form of stipend for their help. The PayServices CEO understands the importance of Community, especially the Crypto Community which will be its backbone, my guess is there will be more opportunities than we can count for members of the PayServices/Crypto Community to participate in at higher levels including front and back work, activism, education, community building and especially advising PayServices directly how PayServices can do better or create more needed features. PayServices is going to belong to everyone that gets involved with it. This will be the largest new community project ever. It will grow and grow with everyones help and its incumbent of us all to make this of value for everyone involved.


"Do any exchanges currently carry it?"

Not that I am aware of but a secondary Market would be great.

"Will BFB then be for sale?"

Most likely yes, of course.


Thanks so much for this! No worries about the length. Sometimes it just takes a lot of words to adequately explain something. I now understand the premine vs. one coin per block indefinitely conundrum. The part I was missing was that 100 BFB was not a final number, but that this amount would be added to gradually over time. So slightly inflationary, but at 0.5% annually not excessively so Smiley

I'm enjoying the development of PayServices and look forward to the launch of the trading platform/marketplace. I will probably buy some BFB at that point, depending on what the market does.

Thanks again for the thorough explanations!

jk9694
Full Member
***
Offline Offline

Activity: 175


View Profile WWW
February 02, 2016, 04:49:31 AM
 #20

The first cards are shipping out... Don't forget to get yours!  Smiley

❘|❘ NEUFUND — Re-Imagine ICOs | Connect off- and on-chain with equity tokens | Enjoy risk-free commitment ❘|❘
JOIN THE ICBM | JOIN THE DISCUSSION
Pages: [1] 2 3 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!