The Black Watch // NOIRBITS RE-VAMP THREAD!!!!!! (OP MANAGED)

[John122]

Would you guys support joining forces with 10 other coins and changing the algo?

What would this "joining forces" imply for Noirbit? Is there only positive that could possibly come out of it or is there a drawback of some kind?

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[barwizi]

we'd have to discuss that.

For joining with others.

Here is what i see, I've had four guys ask me to take over their coins, 2 of them are like NRB in that they have their good days.
Users are tired of switching form one coin to the other trying to mine the most profitable. So if we pick out 9 abandoned scrypt coins that are traded and create a block that import all their balance up to a certain block number, allocate a given % of overall supply to each coin....we would have united 10 TRADED coins into one. meaning users need only mine one coin.

This will be optional and attempting to game it by transferring coins after the genesis is built will be pointless. Users can choose to join or continue mining seperately, but once you join, it's a commitment.

The benefits are if a lot of users join, we can have a pretty powerful userbase. By using current exchange rates of the coin we can ensure fair import into the new chain, as a result we can essentially raise the number of coins to become ALL scrypt coins.

A coin of coins.


Introduction of a different algo


Using a new algo means we could possibly make this coin a cpu only coin, which would save us from the advent of the Scrypt ASIC. while others say those are a good thing , i beg to differ, only the guys who got them first with BTC every really made ROI, if it wasnt for the chimese pump, most would have just bought losses.

By ensuring CPU only or CPU and GPU, it stays within range of the average miner. Others complain about botnets and GPU farms, but would you compare their hits versus a ASIC farm?

[suncoastbuddy]

Are any of the pools PPS? The website says they are all PPLNS but I am not sure if they are up to date?

[chocobo]

So if I trade for noirbits today they will still be valid right? Even in the coin of coins situation?

[barwizi]

So if I trade for noirbits today they will still be valid right? Even in the coin of coins situation?

if say we decide that on block 200k we are changing, then all coins mined after that block will not be valid on the new chain.

[barwizi]

So if I trade for noirbits today they will still be valid right? Even in the coin of coins situation?

if say we decide that on block 200k we are changing, then all coins mined after that block will not be valid on the new chain.

meaning anything done before that is valid.

[Majormax]

we'd have to discuss that.

For joining with others.

Here is what i see, I've had four guys ask me to take over their coins, 2 of them are like NRB in that they have their good days.
Users are tired of switching form one coin to the other trying to mine the most profitable. So if we pick out 9 abandoned scrypt coins that are traded and create a block that import all their balance up to a certain block number, allocate a given % of overall supply to each coin....we would have united 10 TRADED coins into one. meaning users need only mine one coin.

This will be optional and attempting to game it by transferring coins after the genesis is built will be pointless. Users can choose to join or continue mining seperately, but once you join, it's a commitment.

The benefits are if a lot of users join, we can have a pretty powerful userbase. By using current exchange rates of the coin we can ensure fair import into the new chain, as a result we can essentially raise the number of coins to become ALL scrypt coins.

A coin of coins.


Introduction of a different algo


Using a new algo means we could possibly make this coin a cpu only coin, which would save us from the advent of the Scrypt ASIC. while others say those are a good thing , i beg to differ, only the guys who got them first with BTC every really made ROI, if it wasnt for the chimese pump, most would have just bought losses.

By ensuring CPU only or CPU and GPU, it stays within range of the average miner. Others complain about botnets and GPU farms, but would you compare their hits versus a ASIC farm?

This is an interesting idea. Some notes and questions:

1.  What are the technical/progaming challenges in merging several coins ? Presumably they all need to be hashing from same scrypt ?

2.  Do you have sufficient information on the developers with whom you intend to collaborate ?

3.  Would there be an apportionment/entitlement problem with allocation of stakes from old blockchains ?

4.  I assume NRB would act as the senior chain (ie the benchmark coin for number and value), and the others would merge in, if that is the intention ?

Please put me right if I am making any incorrect assumption !

[barwizi]

we'd have to discuss that.

For joining with others.

Here is what i see, I've had four guys ask me to take over their coins, 2 of them are like NRB in that they have their good days.
Users are tired of switching form one coin to the other trying to mine the most profitable. So if we pick out 9 abandoned scrypt coins that are traded and create a block that import all their balance up to a certain block number, allocate a given % of overall supply to each coin....we would have united 10 TRADED coins into one. meaning users need only mine one coin.

This will be optional and attempting to game it by transferring coins after the genesis is built will be pointless. Users can choose to join or continue mining seperately, but once you join, it's a commitment.

The benefits are if a lot of users join, we can have a pretty powerful userbase. By using current exchange rates of the coin we can ensure fair import into the new chain, as a result we can essentially raise the number of coins to become ALL scrypt coins.

A coin of coins.


Introduction of a different algo


Using a new algo means we could possibly make this coin a cpu only coin, which would save us from the advent of the Scrypt ASIC. while others say those are a good thing , i beg to differ, only the guys who got them first with BTC every really made ROI, if it wasnt for the chimese pump, most would have just bought losses.

By ensuring CPU only or CPU and GPU, it stays within range of the average miner. Others complain about botnets and GPU farms, but would you compare their hits versus a ASIC farm?

This is an interesting idea. Some notes and questions:

1.  What are the technical/progaming challenges in merging several coins ? Presumably they all need to be hashing from same scrypt ?

2.  Do you have sufficient information on the developers with whom you intend to collaborate ?

3.  Would there be an apportionment/entitlement problem with allocation of stakes from old blockchains ?

4.  I assume NRB would act as the senior chain (ie the benchmark coin for number and value), and the others would merge in, if that is the intention ?

Please put me right if I am making any incorrect assumption !

This will be a once off thing, merging the chains by importing is not limited to sCrypt coins. We could literary grab any coin and give it a place in this chain.
I intend to merge only coins that are traded bu have been abandoned by their devs.

The allocation is not an issue, by deciding say we will merge 10 coins.... we simply look at it's value and give it an equivalent portion.  Example:-

we dedicate redeemable 10% of the new chain to coin imports, look at the explanation below.

Say we look at coin X traded at 0.001 BTC each and there are 1000 of them
                            y               0.01  BTC each                     1000 of them
                            z               0.00001 BTC each                 100k of them

coin each unit of y is equivalent to 10 of x and 1k of z, so we allocate the 10% based 1:10:1000 if we were importing those three only.

The math becomes more complicated the more coins involved but it is feasible. unlike the MMC/PTS import that dictated a prie based on dev's opinion, this will be based on actual market price on a given day and publicized so people can pick which coin(s) they wish to hold.

The trade is based on market price not NRB, the option i will give NRB holders is the ability to import into NRB 2.0 which will stick to the spirit i launched NRB in ...i.e no premine, experimental and capable of expansion.

NRB 2.0

While some things are cleared up, it is basically a migration from Scrypt to a new algorith that will be ASIC resistant for the forseeable future, and what makes it seperate from those who opt to join in the sCrypt coin of coins , is that holders automatically own shares in The bank and hosting project i've been talking about. The Original NRB chain is unsuitable for many reasons including the fact that some coins had "disappearing effect" also some individuals hold unhealthy amounts that would constitute a problem for share issuing (You will be mailed actual share certificates on my Birthday....i'm planning to open the hosting side and small shop and trade on that day)

[Majormax]

Thanks for the info... Something nobody has tried before : I will follow with interest !

[chocobo]

Cool, I like both ideas. So how would opting to change to NRB 2.0 work? Just updating a wallet?

[barwizi]

Thanks for the info... Something nobody has tried before : I will follow with interest !

Ok, all updates will be posted here.

Cool, I like both ideas. So how would opting to change to NRB 2.0 work? Just updating a wallet?

you would import the private key of your NRB wallet

[barwizi]

So in short you want to implement AES as hash and have the same system as MMC? As a shareholder of NRB i have to ask... are coins converted 1:1? And what will be the specs of the new coin..

Any ETA?

Ok, the actual algo hasn't been decide but AES looks good thus far. As for conversion, no it will probably be a lower ratio. I intend to lower the total supply in a way that makes the share issuing simpler for me. Issuing 50 million share via post would be tough on me. I think bringing it down to 12 million would be great, that way i can mail paper wallets that represent shares to people, and should i manage to get this 3D printer working...i'll begin printing plastic coins with the Bar-code wallets inside.

[dopey]

Good work man, Noirbits might be making a comeback.

[x0rcist]

So in short you want to implement AES as hash and have the same system as MMC? As a shareholder of NRB i have to ask... are coins converted 1:1? And what will be the specs of the new coin..

Any ETA?

Ok, the actual algo hasn't been decide but AES looks good thus far. As for conversion, no it will probably be a lower ratio. I intend to lower the total supply in a way that makes the share issuing simpler for me. Issuing 50 million share via post would be tough on me. I think bringing it down to 12 million would be great, that way i can mail paper wallets that represent shares to people, and should i manage to get this 3D printer working...i'll begin printing plastic coins with the Bar-code wallets inside.

I agree with AES, its a good algo indeed that puts any ASIC type in the back seat. Also about distribution i have my own thoughts so lets have a chat in the next days and see if we can come up with a proper way to add value to the good name of NRB. ps. i like the idea of joining forces with PTS...

[educatedwarrior]

Joined Cryptocult pool Only 700kH/s but better than nothing!

That's great!  Barwizi  - I'll be keeping an eye on the git repository for updates.   Happy Holidays to the dev team and all Noirbits miners!!!!

[John122]

Your plan seems like a great idea Barwizi!

I also like the part about merging some dying coins, but only if the value of NRB 2.0 is something like 85% NRB + 15% total of other coins. Anything higher than that and we'll be diluting all the hard work we did mining NRB until now with a few people who bought a crap-ton of dying coins at ridiculously cheap price in my opinion.

[chocobo]

So what does a share in the bank count for? Is that a noirbit coin 2.0 or something that is just available at launch? Also when is your birthday?

Love these ideas great job

[barwizi]

Your plan seems like a great idea Barwizi!

I also like the part about merging some dying coins, but only if the value of NRB 2.0 is something like 85% NRB + 15% total of other coins. Anything higher than that and we'll be diluting all the hard work we did mining NRB until now with a few people who bought a crap-ton of dying coins at ridiculously cheap price in my opinion.

you are of course right, For NRB 2.0 only NRB can be imported and they will mean a lot. I just need to reduce the sharecount and ensure that no individual especially exchanges, holds too much of a controlling share and can override either my or the group's decisions. As for the merged sCrypt coin, i'll leave it to the NRB community to choose which coins we accept as this is part of the company's projects, as it stands any proceeds made from this will be divided and recorded, the actual payouts will be made once i get someone to design the website and engine I need. The payouts are based on how much NRB 2.0 you hold.

[Hilux74]

Sounds like some great ideas.. Excited to see how this moves forward.

[barwizi]

Official Proposal


Barwizi

Version 0.1
=============

Proposal January 2014 (Strategic)

• Use of a modified Momentum algo to switch from GPU mineable sCrypt to CPU
• Introduction of PoS of 0.01% per week
• Exponential decay of mining rewards at 10% every 2100000 Blocks
• Change of the reward to 100 coins per block
• Limiting the Cap at 21 million
• Allowing use of the Voting System to help core team keep afloat financially
• Maintain Experimental state of coin but introduce securities (Share Certificates) directly tradeable for fiat currency
• Introduce a share system that equates a holders's wallet balance to a % stake in the ALL VENTURES undertaken by Weiss International Crypto Finanace Division
• Importation of the current coin of choice for WICFD i.e Noirbits balances to enable stake holders to transfer all holdings to the new chain if they wish to partake in the company business
• Possible introduction of Post mining proof of stake that will reward those who opt to stay on the Original NRB chain, essentially for every coin year (~262800 blocks) Users with active NRB Bank accounts will  be awarded 60% stake on the coins in their account in the last 10k blocks before coin year passes