[ANN] [BTCP] BitcoinPrivate: A Truly Private Bitcoin [Equihash]

[Miguelpt]

im not sure how this is going to be profitable to mine right now, but time will tell i guess its worth trying it out for a while.

Hey,

Feel free to test our pool: https://btcp.multipools.club

Thank you

[1715347836]

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[1715347836]

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[1715347836]

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[kurniawan05]

other bitcoin fork, there is too many bitcoin fork, but i saw you have real team dev, not anonymous and have wallet for bitcoin private. good luck

[crazydane]

ah you mean the estimates are too low ? I'll check that

Yep, they appear to be low by a factor of 100.  I started mining on suprnova about 3 hours ago and my balance (still unconfirmed) is a little over 0.13 now.  So that translates to a little over 1.0 /day. 

[normensky012]

Are you going to publish any instructions about how to claim the bitcoin private? I bought some in cryptopia but I didn't move it on a wallet outside the exchange, does this mean I won't get any btc private coins because it wasn't in my personal wallet?

[Tim.Yoshi]

Guys here is some math behind this coin.

First we should assume that usually coins tend to fall into equilibrium of price-per-coin and difficulty of network. I.e. if coin price is suddenly UP so follows the network. If coin is heavily dumped then less people are willing to mine it and thus usually all coins tend to have quite equal profitability from the same GPU's. For example look at current profitability of most equihash coins. I used $1.5 profit per day from GTX 1060 class GPU as a typical average for short-mid term.

So if we put block reward 1.56 of BTCP into whattomine ZCash (both coins have similar characteristics except block reward) calculator then we could play with possible scenarios of above-mentioned equilibrium. Here is the link: https://whattomine.com/coins/166-zec-equihash?utf8=%E2%9C%93&hr=300.0&br_enabled=true&br=1.56&d_enabled=true&d=3695598.0&p=100.0&fee=0.0&er_enabled=true&er=0.10000000&cost=0.06&hcost=0.0&commit=Calculate

So guys I should tell you overall picture is quite bad. Even if we assume BTCP will cost about 1000 USD (0.1 BTC) then difficulty should be around 30-40 times lower then now to provide comparable "standard" profitability. This is around 700 k sol/s. It's something like 300-400 rigs total capacity. If there will be more - less profit for everyone. Furthermore, if we put 100 bucks per coin (which many here can consider as more realistic), then we have capacity only for 30-40 rigs in total! That creates insanely huge risk of 51% attack. Another words, I think, if this math is right, then this coin will not be able to survive if it will cost less than around 1000 USD. Likely devs made "all-or-nothing" bet on this...

What do you think? Is that math is correct?

[jambo110]

Update: Please see details about our Voluntary Miner Contribution Program here.

BITCOIN PRIVATE
Similar to Bitcoin, BTCP will support peer-to-peer transactions without an intermediary. These transactions will be verified by network nodes through the use of cryptography and recorded in a public ledger. Unlike Bitcoin, BTCP supports an increased block size and block time for faster transactions with lower fees. Furthermore, transactions can be performed on a private (z) ledger. When sending from one private address to another, the sender, recipient, and amount are all private.

The importance of Bitcoin Private
Recently, it has become clear that the crypto community’s privacy is at risk. Everytime one makes a transaction on the Bitcoin blockchain, the transaction is recorded on the blockchain in perpetuity for anyone to see. We have seen the BitFury Group use this information to de-anonymize over 15% of the entire Bitcoin network, along with many other examples. This led us to create Bitcoin Private (BTCP) - a fork-merge of the ZCL & BTC blockchains and introduction of the zk-SNARKS feature to Bitcoin.

The hard fork will allow users to safely transfer their digital currency without any threat to their privacy, known as “shielded transactions, on the Bitcoin Private blockchain. For example, transactions would still take place on this Bitcoin based blockchain, except without being recorded anywhere on the ledger-- thus leaving absolutely no trail of your transaction details to anyone other than the sender and recipient. This has never been done before with any Bitcoin hard fork. Ultimately, privacy was once a cornerstone of Bitcoin but can no longer be guaranteed today.
Aside from the shielded transactions, Bitcoin Private is also making transactions faster and more efficient by doubling the Bitcoin block size from 1MB to 2MB.

Bitcoin & ZClassic Snapshot Date
The Bitcoin Private contribution team announced the much-anticipated snapshot date of both Bitcoin & ZClassive which are scheduled to occur on February 28, 2018. This announcement was made at the first official Bitcoin Private Conference held in Austin, Texas. The fork date and mainnet launch is scheduled to occur ~2 days later.

Bitcoin Private will be distributed on a 1:1 basis. This means, that for every 1 ZClassic (ZCL) or 1 Bitcoin (BTC) held during the snapshot, holders will receive 1 Bitcoin Private. For example, if someone holds 20.3 ZClassic and 1.5 Bitcoin, he/she will receive 21.8 Bitcoin Private.

Moving forward, the Bitcoin Private team will continue securing appropriate partnerships to bolster the Bitcoin Private initiative. You should expect announcements around these partnerships to continue throughout 2018 as we seek to build a sustainable technology platform.

We anticipate our development team to continue growing in headcount and skill set, which allows us to build out our ambitious post-fork technology roadmap. The successful execution of our roadmap will allow Bitcoin Private to deliver superior value to other Bitcoin hard forks, especially around privacy and transaction speeds.
Ultimately, we believe in a cryptocurrency world where everyone can trust their privacy will be respected.
 

FREQUENTLY ASKED QUESTIONS

Who is running the project?
See our team here.

When is the hard fork date?
The BTC+ZCL snapshot date for the long awaited Bitcoin Private Hardfork will occur on February 28th, 2018. Fork Date and Main Net Launch is approximately 2 days later.

How will BTCP be distributed?
If you have 1 ZCL, you keep 1 ZCL and get 1 BTCP, if you have 1 BTC, you keep your BTC and get 1 BTCP.

What is going to happen to ZCL after the hard fork?
It will still exist, though we are unsure how its development will continue as of right now.

Is there a premine or a founder's reward?
No to premine. We asked the community about a small founder's reward and the support was not overwhelming.

What exchanges will support the fork?
As of right now, we can not comment on exchange support.

Where can I store my ZCL to ensure I get my BTCP?
Please refer to https://zclassic.org for latest releases.

How do I mine ZCL?
We recommend you join our Voluntary Miner Contribution Program.

How do I get involved in the fork?
Please reach out to us on Reddit, Twitter, Discord, or Telegram.

Where can I buy ZCL right now?
Bittrex, Cryptopia, and Coinexchange.io

How do I claim my BTCP from ZCL?
Backup your private keys in any ZCL wallet and then import them into the BTCP wallet which will be released on the fork date.

How many BTCP will there be after the fork?
There are approximately 3 million ZCL and approximately 16.7 million BTC, so there will be approximately 19.7 million BTCP after the fork.

Can I donate to the team?
Yes you can! We're all volunteers and as such your donation is greatly appreciated. See the below wallet addresses. You can also join the Voluntary Miner Contribution Program and if you aren't a miner, you can still join the program by following this guide.

Bitcoin Private (BTCP)
Press: bitcoinprivatemarketing@gmail.com
Website: https://www.btcprivate.org
Twitter:http://www.twitter.com/bitcoinprivate
Telegram Group: http://t.me/bitcoinprivate
Telegram Announcements: http://t.me/bitcoinprivatenews

Github: https://github.com/BTCPrivate/BitcoinPrivate
Coinmarketcap: TBA
Reddit: https://www.reddit.com/r/BitcoinPrivate/
Discord: http://discord.gg/9DyxXnx
Exchanges: TBA

Contribution Team Donation Addresses:

BTC address: 1CqSD9rxdQnKEwzqqbLwpgwCeQikFCifPj
ZCL address: t1WH2DfnrAvTZRSNJVAUpdAmt4gPQ3jNssT
LTC address: LNYzDrUeX6PSecu4sL4eZkuJGaSXnf8GUH
BCH: 1MxJteinBWHMUibDxADujrgzXfX1LeVZKN

ZClassic (ZCL)
Website: http://zclassic.org/
Explorer: http://explorer.zclmine.pro
ANN: https://bitcointalk.org/index.php?topic=1671982
Github: https://github.com/z-classic/zclassic
Coinmarketcap: https://coinmarketcap.com/currencies/zclassic/
Reddit: https://www.reddit.com/r/ZClassic/
Twitter: https://twitter.com/ZclassicCoin
Telegram News: https://t.me/bitcoinprivatenews
Discord: https://discord.gg/BGbC88c
ZCL Electrum Wallet: https://github.com/BTCP-community/electrum-zcl/releases

ZClassic Exchanges:
https://bittrex.com/Market/Index?MarketName=BTC-ZCL
https://www.cryptopia.co.nz/Exchange?market=ZCL_BTC
https://www.coinexchange.io/market/ZCL/BTC


Setting up ZCL wallet nodes:
https://redd.it/7n9ily

For them who forgot the front page, your welcome.

[ugahenne]

Update - I tried "sweeping" my BTC balance from before the snapshot (0.026xxxx) for testing purposes. I'm getting an error that I've also seen people complain about on Twitter a lot:
https://dumpt.com/img/viewer.php?file=fnis26c4s9yibrg3bqtz.png

Odd thing is that after 2nd attempt it started showing a balance of 0.09xxxx, which down to the last digit seems to refer to a single transaction in that amount to my BTC wallet in February. Then I tried a 3rd time, and this time it said "success" but what actually happened was it moved the 0.09xxxx minus a 0.0001 transaction fee to my Z-Address.

Next odd thing: a 4th attempt to import this private key lead to another single transaction of 0.08xxxx (referring to a specific BTC transaction in January, again, down to last digit) to show in my balance.

So am I supposed to just keep trying despite this error message until all my BTC transactions materialize in a BTCP balance???

Am I doing something wrong? Or just impatient and after successful import the individual BTC transactions will start to appear one by one as the blockchain synchs?

EDIT: I tried and tried and tried and finally my 3rd (and last) BTC transaction from early January showed up. Now I'm happy with a fully claimed BTC balance of 0.026xxxx.... But to get here was friggin' weird. Is this supposed to be like that? I'm really doubting right now if I should try w/ my (vastly larger) ZCL balance.

[Freaks]

Is there a way to recieve BTCP from having a BTC?
Wallte says that key is invalid...

Did you tried it into Coinomi which is working smoothly without any issue I tested this wallet it gone nice. Maybe you are putting you private key manually this could be reason of this error.

[Legionar]

Guys here is some math behind this coin.

First we should assume that usually coins tend to fall into equilibrium of price-per-coin and difficulty of network. I.e. if coin price is suddenly UP so follows the network. If coin is heavily dumped then less people are willing to mine it and thus usually all coins tend to have quite equal profitability from the same GPU's. For example look at current profitability of most equihash coins. I used $1.5 profit per day from GTX 1060 class GPU as a typical average for short-mid term.

So if we put block reward 1.56 of BTCP into whattomine ZCash (both coins have similar characteristics except block reward) calculator then we could play with possible scenarios of above-mentioned equilibrium. Here is the link: https://whattomine.com/coins/166-zec-equihash?utf8=%E2%9C%93&hr=300.0&br_enabled=true&br=1.56&d_enabled=true&d=3695598.0&p=100.0&fee=0.0&er_enabled=true&er=0.10000000&cost=0.06&hcost=0.0&commit=Calculate

So guys I should tell you overall picture is quite bad. Even if we assume BTCP will cost about 1000 USD (0.1 BTC) then difficulty should be around 30-40 times lower then now to provide comparable "standard" profitability. This is around 700 k sol/s. It's something like 300-400 rigs total capacity. If there will be more - less profit for everyone. Furthermore, if we put 100 bucks per coin (which many here can consider as more realistic), then we have capacity only for 30-40 rigs in total! That creates insanely huge risk of 51% attack. Another words, I think, if this math is right, then this coin will not be able to survive if it will cost less than around 1000 USD. Likely devs made "all-or-nothing" bet on this...

What do you think? Is that math is correct?

Yes. The coin starting price will be 25$ (that is unofficial) but most likely it will be 25$. And after that will go even lower.

[punkoivan]

hello community, I'd like to introduce our Bitcoin Private miining pool!

https://btcp.nibirupool.com

Fee 1%
min payout - 0.001 BTCP
PPLNT

Stratum: stratum+tcp://btcp.nibirupool.com:8828
SSL: ssl://btcp.nibirupool.com:7727

You are very welcome!

[MinermanNC]

first almost 24 hours mining = .40 BTCP @ 10-11 MH avg.

So if coin list at $100.00 now that would = $40.00. Just enough to cover cost of mining 

If it list at $200-300 then were good! lol but have my doubts we will see any of the above. Ya never know though.....

[Legionar]

first almost 24 hours mining = .40 BTCP @ 10-11 MH avg.

So if coin list at $100.00 now that would = $40.00. Just enough to cover cost of mining 

If it list at $200-300 then were good! lol but have my doubts we will see any of the above. Ya never know though.....

25$.

[MinermanNC]

first almost 24 hours mining = .40 BTCP @ 10-11 MH avg.

So if coin list at $100.00 now that would = $40.00. Just enough to cover cost of mining 

If it list at $200-300 then were good! lol but have my doubts we will see any of the above. Ya never know though.....

25$.

If $25.00 is best we see... then we losing money mining lol

Back to BTCZ 

[Legionar]

first almost 24 hours mining = .40 BTCP @ 10-11 MH avg.

So if coin list at $100.00 now that would = $40.00. Just enough to cover cost of mining 

If it list at $200-300 then were good! lol but have my doubts we will see any of the above. Ya never know though.....

25$.

If $25.00 is best we see... then we losing money mining lol

Back to BTCZ 

We all lost money. And when people will see 25$ it will go even lover, since everyone will want to get just a little bit out of this. It is unrealistic to expect 100$ what even 300$.

[mcfom]

Where are these price coming from ? It is simple math that price should be somewhere more high than $25 which are for mining now. Actually no one knows what's going on. I suppose in a month time everything will be as clear as day light about technical as well as price matters.

[mrtlstn]

first almost 24 hours mining = .40 BTCP @ 10-11 MH avg.

So if coin list at $100.00 now that would = $40.00. Just enough to cover cost of mining 

If it list at $200-300 then were good! lol but have my doubts we will see any of the above. Ya never know though.....

25$.

I am sorry for you dude, seems you dont have any btcp... Do not be jealous , if you be a good miner perhaps you can get some of them one day!  

[jambo110]

first almost 24 hours mining = .40 BTCP @ 10-11 MH avg.

So if coin list at $100.00 now that would = $40.00. Just enough to cover cost of mining 

If it list at $200-300 then were good! lol but have my doubts we will see any of the above. Ya never know though.....

25$.

If $25.00 is best we see... then we losing money mining lol

Back to BTCZ 

We all lost money. And when people will see 25$ it will go even lover, since everyone will want to get just a little bit out of this. It is unrealistic to expect 100$ what even 300$.

"You" lost money, Your butt hurt, We see this in your previous posts. Unlucky for you.

[punkoivan]

Is there Discord invite link that works?

[MinermanNC]

Where are these price coming from ? It is simple math that price should be somewhere more high than $25 which are for mining now. Actually no one knows what's going on. I suppose in a month time everything will be as clear as day light about technical as well as price matters.

I have no idea lol, I just posted an observation of the first 24 hours on cost of producing .40 BTCP give or take  

The current state of mining is about 2/3 more coin vs same hash to produce ZEC. (11000 h's will produce .13 ZEC in 24 hrs.) or about $52.00 worth

11000 h's BTCP is .40 in 24 hrs. so......

[Lontonbit]

Where does it show on explorer how many btcp have been claimed?