Historic Cryptogenic Bullion thread - CLOSED

[papersheepdog]

Morning!! Fabulous clear Winter morning, with Eric and Mrs. Eric Emu eating wheat just outside the window.

Majormax, PSD has a media promotion in hand. Could you write a text on POS coins?? I sure wish I understood more about them.

And: ten days to beta:

cryptomall.com.au

Mark, Australia

Sure, I can ,and have, written much about PoS...There are a lot of aspects to understanding PoS. Really depends what level of technicality you are looking at, and whether it is specific to one coin, or general.

A list of questions, so that I could compile FAQ would be a good start.

I could actually think of two different things that could use some experienced development. One would be, as Blair suggestd, a more broad document explaining the difference between PoW and PoS for security as well as reward mechanism. Another would be a little more specific. We are putting together an article for this particular media promotion and one section within it may have say 200 words about "what makes CGB unique and pioneering." I loved the point that Elambert made a few posts back:

CGB was one of the first PoS coins, one of the first to implement the accelerated subsidy halving, one of the first to move to PoS as a higher payout than PoW. All coins (even Bitcoin) will at some point in their life cycle come to a cross road where they have to either move away from appeasing miners or change their code and word to their earlier adopters. We are just a trend setter here again. CGB has, and in my opinion should continue to logically envision the path ahead and move proactively rather than in a reactionary manner.

That's along the lines of what I would like to include, but it will also need some more fundamental investor focused stuff on what the advantages really are in a competition sense to PoW. Possibly some detail on the Hybrid nature of CGB. This piece would be a couple well constructed sentences, but feel free to contribute to the development of the overall article (as we discuss it further).

By the way Majormax, I have to acknowledge how much I appreciate a good debate as well as the client compiling assistance you have provided in the past. This goes to VonSpass as well: I am delighted to have your input and actually get drawn into the discussion irresistibly sometimes.

papersheepdog, Canada

I better note this while it's fresh in my mind. I am just updating the website right now. I noticed we also don't have a section on minting, specifically how to do it, the fundamentals behind it, etc. I would like to have a box just for minting interest and a few docs within it. Check the Resources page, it would sit in the middle of the top section. Anyone is welcome to come up with some pieces, and we can work together to get it polished and posted.

Edit: Added to the Community - Development section of the CGB website.

Minting/Interest HOWTO: The website doesn't have a section on minting, specifically how to do it, the fundamentals behind it, etc. I would like to have a box just for minting interest and a few docs within it. Check the Resources page, it would sit in the middle of the top section.  See forum post for more context.

I would like to quickly add that the reason this is important is that it's one of the innovations that differentiate us from Bitcoin or Dogecoin for example. It also lends very well to the store of wealth use case which we promote.

[menno1986]

Hi Guys, lots of going lately, however the price is dropping and dropping, this could have something to do with the low volume (by design)... or am I wrong?
I'm wondering if someone could summerize the current phase cgb is in, and what the concrete steps will be for the next period.. (e.g. cgb lifecycle, availability artiface/new developers?, new client eta?, new functionality? etc..)

[papersheepdog]

Hi Guys, lots of going lately, however the price is dropping and dropping, this could have something to do with the low volume (by design)... or am I wrong?
I'm wondering if someone could summerize the current phase cgb is in, and what the concrete steps will be for the next period.. (e.g. cgb lifecycle, availability artiface/new developers?, new client eta?, new functionality? etc..)

Excellent questions menno1986, and I understand the sentiment. I can only offer a few things:

1. The price is reflecting a downtrend that's been in play for a long time (see the latest chart posted to Reddit).  It seems that many altcoins are on this trajectory where it doesn't matter what's happening, the "market" is steadily declining. Regardless of actual fundamentals per coin.

2. An interesting twist on this would be that the price is being manipulated overall (along with other coins perhaps?) Check this link Entrenched Interests, Lost Direction, and Stagnation in the Crypto-Currency Markets We already know this thing happens in virtually every "real world" market (precious metals, foreign exchange, bonds, equities, libor, etc), why not also in unregulated internet markets?

In order to get a real handle on the most recent drive to create real value, re-read the last few Weekly updates! CryptoTown is a big part of this. It's a campaign of education and consultancy. Consider the following transitions and balances:

Cryptocurrencies overall: Obscurity – Capitalization - Mining and Speculation – Adoption
Monetary system:  Centralized (debt based fiat) -> Decentralized (hard asset backing - a new balance is found between extremes)

By helping to define and advance these ideas, we see more clearly what fundamental action will make sense. CryptoTown is the result of this analysis.


 ps. I wouldn't say CGB is low volume by design (though I have heard it mentioned). Volume is a function of the utility and demand, a byproduct. I prefer to look to the gold market to draw parallels; the gold market is highly liquid because it's widely trusted and used. CGB more simply, can better withstand low volume as it's price isn't constantly used to purchase products or otherwise spend. Investors also realize that there are only ever going to be just over 1 Million CGB. Price going up or down doesn't change that.

[menno1986]

Hi Guys, lots of going lately, however the price is dropping and dropping, this could have something to do with the low volume (by design)... or am I wrong?
I'm wondering if someone could summerize the current phase cgb is in, and what the concrete steps will be for the next period.. (e.g. cgb lifecycle, availability artiface/new developers?, new client eta?, new functionality? etc..)

Excellent questions menno1986, and I understand the sentiment. I can only offer a few things:

1. The price is reflecting a downtrend that's been in play for a long time (see the latest chart posted to Reddit).  It seems that many altcoins are on this trajectory where it doesn't matter what's happening, the "market" is steadily declining. Regardless of actual fundamentals per coin.

2. An interesting twist on this would be that the price is being manipulated overall (along with other coins perhaps?) Check this link Entrenched Interests, Lost Direction, and Stagnation in the Crypto-Currency Markets We already know this thing happens in virtually every "real world" market (precious metals, foreign exchange, bonds, equities, libor, etc), why not also in unregulated internet markets?

In order to get a real handle on the most recent drive to create real value, re-read the last few Weekly updates! CryptoTown is a big part of this. It's a campaign of education and consultancy. Consider the following transitions and balances:

Cryptocurrencies overall: Obscurity – Capitalization - Mining and Speculation – Adoption
Monetary system:  Centralized (debt based fiat) -> Decentralized (hard asset backing - a new balance is found between extremes)

By helping to define and advance these ideas, we see more clearly what fundamental action will make sense. CryptoTown is the result of this analysis.


 ps. I wouldn't say CGB is low volume by design (though I have heard it mentioned). Volume is a function of the utility and demand, a byproduct. I prefer to look to the gold market to draw parallels; the gold market is highly liquid because it's widely trusted and used. CGB more simply, can better withstand low volume as it's price isn't constantly used to purchase products or otherwise spend. Investors also realize that there are only ever going to be just over 1 Million CGB. Price going up or down doesn't change that.

Thanks for your insight and explanation PSD, putting all in perspective I really believe there is a bright future ahead for CGB in combination with CryptoTown.. CGB has an unique specification and it deserves to be noticed on a big scale, this will happen sooner or later!

[BTCat]

Bought some more cheap CGB's  

Sorry I can't be around for the celebration. I'm enjoying a vacation in France. Fishing on the huge basin of Arcachon, burned by the sun, barbecues with big steaks and wine. YAY.  

Don't worry about the price, buy more...

[papersheepdog]

Consider holding a bit of Cryptogenic Bullion (CGB). To find out why, read a bit and ask some questions; experience the consultancy culture. - papersheepdog on Twitter

[papersheepdog]

Current List of CryptoTown Malls (CryptoMalls)

Please see the Reddit post.

[Majormax]

Morning!! Fabulous clear Winter morning, with Eric and Mrs. Eric Emu eating wheat just outside the window.

Majormax, PSD has a media promotion in hand. Could you write a text on POS coins?? I sure wish I understood more about them.

And: ten days to beta:

cryptomall.com.au

Mark, Australia

Here's a bit of text which gives a few pointers:

Proof of Stake is an alternative method to Proof of Work (standard mining) and it does a similar job in verifying transactions by adding a new block to the chain (which I will call 'minting' in order to differentiate from PoW mining). The new blocks perform the task of adding transactions to the permanent ledger, and as a reward, the wallet which minted the block gets a reward proportional to the coins held ( in a specific chunk) within that wallet.

 Every open wallet can participate in the search for new blocks, the only qualification being the ownership of coins with a minimum 'age' ie having been unmoved at the same address for a minimum period of time, 30 days in the case of CGB. The minting is similar to mining, in that it is probabilistic, dependent on a combination of size of chunk, age of coins and CPU power. All wallets on the network are competing to find PoS blocks, and those chunks with greatest 'weight' (age*size) have advantage, although everything gets there eventually.

To 'mint' or mine stake (Proof Of Stake), your wallet has to be open, unlocked, and contain at least some coins of the minium required 'age'. That means they would have to have been in the wallet , untouched for 30 days + in the case of CGB. The rate of new PoS coins minted is usually expressed as an annual percentage rate, of the qualifying coins.

Proof of Stake is considered more secure from a '51%' attack than proof of work, as control of the majority of the coins (ownership) would be required in addition to 51% of the network hashpower in order to change blocks.

Observed Mechanics:
 
After some time with the wallet open, an incoming transaction appears , corresponding to the amount of coins staked on each qualifying 'chunk' in the wallet. So if the stake % was , say 365%pa, that would be 1 coin per day (of coin age) per 100 coin chunk (365 coins per annum).



When your wallet has minted some stake, the whole balance used for minting (which qualified by virtue of being at least 30 days old) is transferred to 'stake' section.....When 50 confirmations are reached, everything transfers back to 'Balance'. The ageing process then begins again, but you now have two chunks for every one that minted (halved, but with stake added). When they reach 30 days old again, the wallet attempts to mint more stake. The chunks of coin are split smaller and smaller at each staking, and that is why 'coin control' is an essential tool in the wallet , otherwise the minting process can eventually grind to a halt with the blockchain being full of 'dust'.

[SolidStateSurvivor]

I found another site/place that accepts CGB.

http://www.vintageoriginalposters.com/Infopage.php

[Ghepetto]

I found another site/place that accepts CGB.

http://www.vintageoriginalposters.com/Infopage.php

Those Spock ears are sweet but 50K USD damn....

[Percy520]

lost heaps btc on this coin, the price never rise up!!!

[Samantha la]

Nice buying opportunity at cryptsy.

[IMZ]

Don't lose heart, Percy!! Almost all alts are way down, but the end of the tunnel is definitely in site.

Check out:  http://www.vintageoriginalposters.com/Infopage.php

'Bitcoin, Litecoin, Terracoin, Feathercoin, Primecoin, Cryptogenic Bullion, Digitalcoin, and many other alternative cryptocurrencies.'

This guy must be a crypto-coiner. Wish I could have a chat with him -- and CGB-er know this business??

Mark, Australia

[elambert]

Contest #4!
This contest is aimed at spreading word of one of the major projects that CGB is currently partnered with, CryptoTown! This is an enormous project aimed at bridging the gap between cryptos and real world local users and merchants and is not nation, coin or person specific. This is for all coin communities! The CGB team has a series of numbers selected and will give away 10 CGB to the corresponding individual from each group of 10 to carry out the below assignment.

1. Favorite and retweet the 'Contest # 4 tweet'
2. Subscribes to this Reddit
3. Reply to the Reddit post with a verbal vote of support, your CGB address and sign with your user name and nation (ex: elambert, USA)

Lets get started!

Guys and gals, Countdown to CGB's BDAY Contest # 4 continues! All that have carried out the above tasks so far have been awarded prizes at r/CryptoTown! Please favorite and retweet this! Lets bring as much attention as possible to the CryptoTown project, it is a game changer!

[papersheepdog]

Technical Chart Analysis (CGB) - June 24, 2014

For your convenience, presented with little comment.



We can see that the chart is running out of trends to follow.

As Mark mentioned, most of the cryptosphere is dealing with something similar at the moment.

This should be interesting. Toughest time to hold, but most rewarding.

Edit: Also, happy page 150!!

[FiniteRed]

Right now 0.53 BTC would clean Cryptsy's order-book right out, I wish I had that lying arround as 0.53 BTC for 1892 CGB is nuts

[papersheepdog]

Right now 0.53 BTC would clean Cryptsy's order-book right out, I wish I had that lying arround as 0.53 BTC for 1892 CGB is nuts

I am reminded of my silver investments. I got in a lot at over 30$ and am I worried? Nope. You can go over the math of how much more you *could* have but that's a fruitless exercise. You simply buy on the way down (as close to the bottom as you can guess), and sell on the way up (as close to the top as you can guess).

papersheepdog, Canada

[papersheepdog]

CGB Core Team Weekly Update - June 24, 2014

Please also see the Reddit post for further discussion.

Good day everyone. This update will have to be brief as we are extremely busy making preparations for CGB's 1st birthday on the 27th, and other media attention that we are putting in major overtime to make happen. Quite a few developments recently should be mentioned in no special order:

• /r/CryptoTown subReddit launched (and on Twitter)  
• Dedicated CryptoTown Development Workshop launched  
• Article published (June16): E-Tour of The Crypto Sphere – /u/indiamikezulu
• CryptoTown project directory launched  
• Deep discussion on CGB fundamentals and reward structure  

We have a big favor to ask of the Cryptogenic Bullion community. We need donations. We are struggling to put together the funds for an ambitious professional marketing campaign. By next month, many of you will be shocked at the quality and exposure of our next big piece. For the ability to continue to fully capture the momentum we will need real funding. CGB is ready, CryptoTown is the face of the next big push. Your contributions could mean the difference between kicking off the party and waiting around for something to happen. This is a special appeal to anyone who may have the ability; don't just hold CGB, invest in it (CGB Foundation).

Details on Friday's party may be divulged shortly.

The CGB Core Team

[IMZ]

Woo hoo! Sent 100 CGB to the Foundation.

And check out this article:

http://www.coindesk.com/australia-igot-exchange-secures-funding-global-expansion/

'He added that Australia had huge potential as a bitcoin hub. While he has seen his customers make major purchases like cars through igot’s exchange, some trades were made for major export items like coal.'

Wow!! and I am still treated like an annoying simpleton at my bank when I ask about Bitcoin.

And I had a wonderfully weird argument with Hotel with Big Chandeliers in The Lobby today. I rang them because they were listed on a SpendBitcoin site. They accept Bitcoin via Expedia -- but I was told that I couldn't say that. 'We have no association at all with Bitcoin,' I was told -- yeh, umm, well . . . actually, you do. I can book a room at your hotel with Bitcoin.

What transpired was wholly positive: I hammered my way to Medium Level Guy. We decided that the Directory should have a section that directs people to the 'Australian Expedia Customers Section.' The Directory has reached a higher plain.

Mark, Australia

[IMZ]

Was gonna post this over at the Workshop, but I think it should be here. Gotta stir the possum:

guys -- notwithstanding that we have a good deal on our plates -- the Directory work is revealing a reality to which (imho) we must respond right now:


really, it's an extension of me nagging everyone to Get Involved Right Now:

everyone with a year or more under their belt is used to the terrain changing very rapidly. However, those changes have been, so to speak, 'within' the crypto sphere.' Well, I see something new and very scary:

'e-commerce platform' and 'expedia.com' and 'dcpos' and 'payment method' are the buzz words. Chunks of crypto technology are being tied together into massive 'commercial applications,' and 98% of the present expansion of cryptos is happening in that field (and 98% within that field involves only Bitcoin . . . ).

Now, some of those apps do provide for the acceptance of a range of cryptos . . . but I wouldn't bet that we can just sit about and wait for CGB to be put on those lists!! (We're at 177 on coinmarketcap at this second).

A boutique coin must apply boutique techniques. We need an amazing network of connections whereby we can argue for the inclusion of CGB in portfolios; and if we don't begin that networkiing yesterday, we may find that the vast majority of territory has been 'locked down' into corporate-controlled apps.

Mark, Australia