[ANN] [BTC FORK] [BITFINEX] Bitcoin Interest - Decentralized Savings - Join Now

[Catost]

I hope this fork do not take place before 15 February. Due to new year in Asia BTC get a huge dumping as we all see. But this was every year like this, just look at the history... Just be relaxed, do not panic sell, and wait for the airdrop BI

Its actually better for us to come out before then. Cause people get get our coins stake them. and still make money during the dips. Our fork date is 22nd. We then have the 2 week difficulty calculation that BTC requires you to do.


Thanks,
Aaron

Also no matter when the fork happens it doesnt matter cause the number of coins you get is the same. Heck a dump is better cause you can buy and hodl for more of the fork

I think the same. What is the difference when exactly will it be released? When the price is low, we will have a chance to buy more BI and hodl them all.

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[theymos]

I don't usually comment on these things, but I was looking into this one for forum ads, and I had some thoughts on the interest mechanic. It's potentially an interesting and fun idea, though I suspect that it will not be useful in any wider sense.

The interest pool concept is extremely similar to the bond auctions done by ~all fiat central banks constantly in order to affect interest and inflation rates. Generally you'd expect the issuance of bonds to promote deflation in the short-term while creating money (and therefore inflation) in the longer-term. But I think that these effects come mainly from changes in policy rather than the policy itself, and so I don't think that the fixed-total-coupon pools in BCI will have any effect on inflation/deflation beyond the obvious effect of the subsidy itself, especially since money does not actually get tied up in BCI pools.

Since BCI in pools is not really tied up, there's no reason whatsoever for people not to pool-deposit their BCI as much as possible. Combined with the fixed total-coupon supply, I'd expect very low interest rates which do not really reflect the time-value of money in any meaningful way.

I think it'd be far more interesting (though IMO still inferior to BTC) if:

 - Money in pools was actually tied up. Then interest rates would legitimately reflect the time-value of money to some extent, and deflation might be encouraged.
 - The amount of BCI created for the interest pools and pool duration was adjusted by a "central bank" (maybe actually a PoS vote or something) with the goal of maintaining somewhat steady prices, similar to fiat central banks. This would be especially interesting because mainstream economists would find such a system far more attractive than inflexibly-deflationary cryptocurrencies like BTC; it could be seen as a test of economic theories.

(Note: I see various other technical problems with BCI, I do not agree with ever naming an altcoin "Bitcoin _____", and I do not plan on buying any BCI.)

[TaylorTot1982]

I don't usually comment on these things, but I was looking into this one for forum ads, and I had some thoughts on the interest mechanic. It's potentially an interesting and fun idea, though I suspect that it will not be useful in any wider sense.

The interest pool concept is extremely similar to the bond auctions done by ~all fiat central banks constantly in order to affect interest and inflation rates. Generally you'd expect the issuance of bonds to promote deflation in the short-term while creating money (and therefore inflation) in the longer-term. But I think that these effects come mainly from changes in policy rather than the policy itself, and so I don't think that the fixed-total-coupon pools in BCI will have any effect on inflation/deflation beyond the obvious effect of the subsidy itself, especially since money does not actually get tied up in BCI pools.

Since BCI in pools is not really tied up, there's no reason whatsoever for people not to pool-deposit their BCI as much as possible. Combined with the fixed total-coupon supply, I'd expect very low interest rates which do not really reflect the time-value of money in any meaningful way.

I think it'd be far more interesting (though IMO still inferior to BTC) if:

 - Money in pools was actually tied up. Then interest rates would legitimately reflect the time-value of money to some extent, and deflation might be encouraged.
 - The amount of BCI created for the interest pools and pool duration was adjusted by a "central bank" (maybe actually a PoS vote or something) with the goal of maintaining somewhat steady prices, similar to fiat central banks. This would be especially interesting because mainstream economists would find such a system far more attractive than inflexibly-deflationary cryptocurrencies like BTC; it could be seen as a test of economic theories.

(Note: I see various other technical problems with BCI, I do not agree with ever naming an altcoin "Bitcoin _____", and I do not plan on buying any BCI.)

These are some very good points and interesting concepts. I hope the devs take time to read and respond to this. Also as to the name I don't think it matters. Bitcoin itself is a giant and this being a fork of that makes sense to keep some remnants of it. I'd like to think Satoshis original dream was not for just hit bitcoin to be the only bitcoin. I don't see any issue with the name, in the end its just a name, its what behind that name I think that matters.

As to having the money tied up, i kind of like that idea, though I guess payments would not go out every month? WHen would you expect to see payments like in a quarterly POS voting system or something? I guess I don't follow that part as much.

-Taylor.

[KryptoKash]

Where will I store bitcoin so that I can have this fork? I am interested with this one. Bitcoin interest catches so many members. I love seeing that this project that i supported will become successful as it want it to be.

You can use your private key on our wallet or you can move your BTC to HitBTC or OkEx before we fork. 

[KickItDown]

If you just panic for a small dump, you shouldn't even live a crypto experience because you would sell everything off like if nothing happened. Patience is the key my mate.

[PDAngel]

Where will I store bitcoin so that I can have this fork? I am interested with this one. Bitcoin interest catches so many members. I love seeing that this project that i supported will become successful as it want it to be.

You can use your private key on our wallet or you can move your BTC to HitBTC or OkEx before we fork. 

Ya. This is the exact answer i want. Ok. Actually i still have some BTC at HitBTC before . Waiting for nice for at 5 days.

[negancoin]

It seems that choice of this month for the fork was not good choice, for second time the market crash and people are panicking, and no one will have time to talk about bitcoin interest's fork.

[vivavivu]

It seems that choice of this month for the fork was not good choice, for second time the market crash and people are panicking, and no one will have time to talk about bitcoin interest's fork.

Ya. Bitcoin price have go down and near to 10k. And everyone will have scare and pay a less attention on any fork. But do you think this is real chance? With a cheaper BTC price, we have more BTC. After fork, Boom, we have a double profit

[sathvik112]

Fork seems interesting, every one gets much amazed with bitcoin interest as it had a well rounded team with an excellent engineers who had a deep knowledge on cryptography and decentralized systems. Fork opportunities seems really great to invest as we gain interest on our coins.

[Rabby637]

It seems that choice of this month for the fork was not good choice, for second time the market crash and people are panicking, and no one will have time to talk about bitcoin interest's fork.

Ya. Bitcoin price have go down and near to 10k. And everyone will have scare and pay a less attention on any fork. But do you think this is real chance? With a cheaper BTC price, we have more BTC. After fork, Boom, we have a double profit

After this month many investor many trader will rich if they buy more bitcoin because btc gonna raise again after this month. After fork btc we gonna chill with btc.

[theymos]

As to having the money tied up, i kind of like that idea, though I guess payments would not go out every month? WHen would you expect to see payments like in a quarterly POS voting system or something? I guess I don't follow that part as much.

I'm imagining something like:
 - PoS voting goes from Feb 1 - Feb 7. Assume the result of the vote is "issue 100 BCI with a duration of 3 months".
 - From Feb 7-28, people can stick their BCI into the interest pool created by the above vote. (You could also optionally do on-chain limit bids so that people only add their BCI to the pool if there will be less than ___ BCI in the pool at the end.)
 - Everyone who put their BCI in the pool before Feb 28 has their BCI in the pool locked up for the voted-on period of 3 months. At the end, everyone gets their BCI back plus their proportional share of the 100 BCI that was created.
 - PoS voting for the next pool round goes from Mar 1 - Mar 7. And so on for every month. So there can be multiple ongoing pool rounds of different durations. It's like bond auctions.

Tech-wise, you'd probably do this by having:
 1. On-chain transactions with inputs but no outputs, voting on a pool round's parameters. Each pool round would be identified with a number.
 2. On-chain transactions which look like normal, but each output would have an an extra integer field (or script ops) saying, "this output belongs to the specified pool round, and will not be spendable until that round has matured". Such outputs would have undefined value until the round is over, since you don't know in advance how many people are going to join it.

(This sort of on-chain voting is horribly inefficient and can also be manipulated by miners, BTW, but it's the easiest way to do it.)

I don't think that there's any particular need for miners to explicitly send/dedicate BCI to the interest pools, since everyone knows everything about the pools and what they should be paying anyway.

For the PoS voting, you could instead have people vote on the values of facts like "what is the current BCI price?" and then use an algorithm to translate that into appropriate round parameters, like Milton Friedman's idea of computer-controlled inflation. Maybe you could even have a mechanism for punishing people who lie about such facts. But this all gets very complicated, especially in an adversarial environment.

[soferox]

As to having the money tied up, i kind of like that idea, though I guess payments would not go out every month? WHen would you expect to see payments like in a quarterly POS voting system or something? I guess I don't follow that part as much.

I'm imagining something like:
 - PoS voting goes from Feb 1 - Feb 7. Assume the result of the vote is "issue 100 BCI with a duration of 3 months".
 - From Feb 7-28, people can stick their BCI into the interest pool created by the above vote. (You could also optionally do on-chain limit bids so that people only add their BCI to the pool if there will be less than ___ BCI in the pool at the end.)
 - Everyone who put their BCI in the pool before Feb 28 has their BCI in the pool locked up for the voted-on period of 3 months. At the end, everyone gets their BCI back plus their proportional share of the 100 BCI that was created.
 - PoS voting for the next pool round goes from Mar 1 - Mar 7. And so on for every month. So there can be multiple ongoing pool rounds of different durations. It's like bond auctions.

Tech-wise, you'd probably do this by having:
 1. On-chain transactions with inputs but no outputs, voting on a pool round's parameters. Each pool round would be identified with a number.
 2. On-chain transactions which look like normal, but each output would have an an extra integer field (or script ops) saying, "this output belongs to the specified pool round, and will not be spendable until that round has matured". Such outputs would have undefined value until the round is over, since you don't know in advance how many people are going to join it.

(This sort of on-chain voting is horribly inefficient and can also be manipulated by miners, BTW, but it's the easiest way to do it.)

I don't think that there's any particular need for miners to explicitly send/dedicate BCI to the interest pools, since everyone knows everything about the pools and what they should be paying anyway.

For the PoS voting, you could instead have people vote on the values of facts like "what is the current BCI price?" and then use an algorithm to translate that into appropriate round parameters, like Milton Friedman's idea of computer-controlled inflation. Maybe you could even have a mechanism for punishing people who lie about such facts. But this all gets very complicated, especially in an adversarial environment.

Hello Theymos,

I am Aaron, the developer for BCI.

These are all definitely some interesting approaches and ideas on how to approach the pool. I think one of our biggest things was we did not want people to have to put trust in the pooling process. We wanted to decentralize that and allow users to keep coins in whatever wallet, exchange, etc. of their choice and still be able to stake those coins, or a certain amount, and be able to take from a pool of funds. The pool does change from month to month. With so many hypes, scams, and ponzi's we wanted to give people a fresh breath of air knowing that their coins are safe and just like fiat I have the choice to keep it in my mattress or a bank (neither great choices imo lol )

I do like the idea of voting period and what not, and that is something after launch I will definitely look into and see if that is something that would benefit everyone. The thought on miners not needing to send/dedicate BCI to pool is a little off. Miners don't send anything. The address that mined coins goes to could be their staking address and it will grow every month, plus whatever they mine which is more built for the long term miner wanting to hold for longer. Most of those things are more scenarios, and like you need there is no need for a miner to do this, but of course they have no reason not to also.

I think the idea of restricting and give users a choice on how much of the pool to be used is a fun and interesting idea. Obviously we want this savings community, as we put it, to be as decentralized as possible. and I think that would help a lot.

I think right now there are a lot of potential use cases for how we can do this, and our approach I think from here will be heavily dictated by the community, as I have said we want to keep as much decentralized, or at the very least allow the needs of the community to drive some of those choices.

As to the name, and before I start off let me say I respect your stance on it and understand it completely and I hope nothing I say next comes across as rude or disrespectful as it is not my intentions. Its my personal belief that Satoshi envisioned a world of not just one Bitcoin, but many and each serving a purpose and it part of the reason the name itself does not belong to anyone, as he wanted everyone to be a part of it. By no means do we intend, nor are we trying to be deceitful and I hope that point has been made and known to be our honest and truthful stance. We think we have a great idea (as most do lol) and that this being the first attempt we are going to be more than open to criticism and more importantly recommendations like you have given. I do understand that Bitcoin is the holy grail in this industry and by no means are we trying to pretend to be them, but rather we are using the bitcoin source, and felt it to be appropriate to pay that respect to the creator and keep that in the name. I think by now people know who the real Bitcoin is, but I understand your second point on the idea of deceit. Allow me to open up and say by no means will you ever hear from us, or ever see us try to pull a roger and try to "become bitcoin" and call the real bitcoin, legacy or any nonsense like that. I know you don't know me, but I couldn't be more sincere about showing nothing but respect and credit to bitcoin and Satoshi's dream of what it could become.

You have some really great ideas and it would be really awesome to maybe have a conversation with you on some of them and go into more details as you definitely know what you are talking about. Think that would be possible to maybe have a skype call or something one of these days? I love to get some ideas and recommendations to better align this with a project you might considering buying into some day. If so PM and I can get you my skype address or phone

Thank you,
Aaron M.

[ResuLT]

What is the exchanges that support this fork? Are you willing to add others exchange rather than HitBTC like Bittrex? Poloniex?

[Jedie22]

Bitcoin interest does not look like an another ICO. We believe it had a huge dedication as notice their efforts we park our bitcoin and in result we can gain interest on our bitcoin. This fork seems legit to invest as could also see period of time to invest.

You're right, a good news to our community that contributes to the decentralization and helping to protect it from failure. Also, the team launched Bitcoin Interest to help the community of miners and coin holders alike, as they are the ones that continue to drive this industry towards success and this project built using the latest technology, focusing on speedy frictionless transactions. Very impressive project which for sure have a great potential in the future.

[steampunkz]

Seem's like the admin of this forum have commended to this topic about the project. Hoping that  the administrator and developers have good and honest to say about BCI forking bitcoin.

[4p0l4k4y]

Seem's like the admin of this forum have commended to this topic about the project. Hoping that  the administrator and developers have good and honest to say about BCI forking bitcoin.

I wonder what this project thinks about the situation of bitconnect, where in there bitconnect coins drop fron $340 to $30 in just 1 night. Can they guarantee thier investors that this wont happen to them in the future.

[Slashoon]

I wonder how much it will be safe to earn interest on this platform? You need to fully trust the team to believe in this project

[rabotacoin]

I wonder how much it will be safe to earn interest on this platform? You need to fully trust the team to believe in this project

Investing is always a huge risk and even if the developers are fully confident in a good rise of their coin, the matter can go quite a different scenario, so here everyone decides for himself whether to invest or not.

[coinbitcoin91]

I wonder how much it will be safe to earn interest on this platform? You need to fully trust the team to believe in this project

You're right. Did you read the first page of this project? Read carefully. Road map and white paper. To whom it inspires a power of attorney, but to someone it does not. Everyone makes their decision to trust this project or not.

[Efta321]

What is the exchanges that support this fork? Are you willing to add others exchange rather than HitBTC like Bittrex? Poloniex?

I also hope everything can go smoothly with the teamwork and hard work I am sure this project will be successful.