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

[John122]

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

I hereby accept this proposal!

[decrypter]

• Exponential decay of mining rewards at 10% every 2100000 Blocks

Why? I never understood this reasoning. By reducing the block reward as time progresses, you are effectively deterring mining. If this coin becomes very successful (which I hope it does), then difficulty will increase. By reducing the block size while difficulty is increasing you are effectively punishing miners. Go look at the network hashrate/difficulty of CGB. See how it dropped like a rock? Guess what, it is because the block reward got chopped in half. No one wants to mine a profitless coin.

Everyone believes that by decreasing block rewards in the future, you are encouraging early adoption now. This is simply not the case. You are not encouraging adoption, you are just encouraging miners to mine now and not mine later. It is as simple as that. The success of a coin is directly related not to the block reward but the coin value, and that is related to its actual utility in the real world. If you can't buy anything with the coin then its valueless.

So instead of following the standard protocol of decreasing block rewards, drop it. Its nonsense. The coin will succeed on the merits of its utility and purchasing power. Not the block reward. Make the block reward constant. Take a look at StableCoin. No need to punish miners which join later.

As a NRB miner and investor. I reject your idea of decreasing block rewards. I think its a giant mistake.

[barwizi]

• Exponential decay of mining rewards at 10% every 2100000 Blocks

Why? I never understood this reasoning. By reducing the block reward as time progresses, you are effectively deterring mining. If this coin becomes very successful (which I hope it does), then difficulty will increase. By reducing the block size while difficulty is increasing you are effectively punishing miners. Go look at the network hashrate/difficulty of CGB. See how it dropped like a rock? Guess what, it is because the block reward got chopped in half. No one wants to mine a profitless coin.

Everyone believes that by decreasing block rewards in the future, you are encouraging early adoption now. This is simply not the case. You are not encouraging adoption, you are just encouraging miners to mine now and not mine later. It is as simple as that. The success of a coin is directly related not to the block reward but the coin value, and that is related to its actual utility in the real world. If you can't buy anything with the coin then its valueless.

So instead of following the standard protocol of decreasing block rewards, drop it. Its nonsense. The coin will succeed on the merits of its utility and purchasing power. Not the block reward. Make the block reward constant. Take a look at StableCoin. No need to punish miners which join later.

As a NRB miner and investor. I reject your idea of decreasing block rewards. I think its a giant mistake.

a quick study of economics will assist you. Also, keep in mind that BTC, LTC and other major coins all have a "halving" every so many blocks. Rather than hit miners with shock reductions, gradual reduction is a finer option.

[Majormax]

Miners will mine if there is current profit as well as future profit. The price of the coin is one of the main variables determining profitability. That has many ways of rising.

Also, there are a lot of miners looking at medium term considerations... Why did BTC get mined for a year or two when there was no market price at all ?   Not all are short-sighted and greedy for instant money.

[ZetaM3]

Difficulty went over 5 for a minute there.

[Sigmus9]

Im sorry if this is a stupid question, but I have been mining nrb for a couple days now and my worker has found a few blocks. it's been over 24 hours since the first block was found and yet the 20coin per block found bonus has yet to reach my balance. I thought I read it takes 10 confirms to apply and that happened a long time ago as far as I can see.

Thank you.

I am very excited about NRB!

[barwizi]

OMG , that reoder guy is special. Can you believe he just wrote a GPU implementation for MMC!!? Sheesh!!! Oh well, while it does set us back a few days, i have already started looking into modifying the params to raise it's hostility.

At current it does a max of 30h/m on a 7970. Cards with less than 2 gb memory cant use it either. What do you think...should i scarp it and search for another algo, modify the current sCrypt, or modify the MMC algo to make it even more hostlie?

[Nicho]

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

Congrats on getting the banking licence, not sure how difficult that is in Africa but in the US/UK i imagine its pretty difficult.  Anyway how is this whole thing going to work, i really have so many questions, i just dont know where to begin.  I've never known anything like this, it could be good, it could be a complete flop idk but im willing to see it through.  Other people have asked this but I still do not understand how your going to work this out.  So currently i hold around 30,000 NRB on Cryptsy, not an amazing amount but still it was a couple of btc worth not long ago.  In january, how is this going to effect me exactly?  A hard fork, cryptsy trading halted, NRB gets converted into NRB 2.0 and we get 60% of our original coins into NRB 2.0?  We get the choise to go into the new venture or stay on the original NRB chain, so there will be 2 currencies called NRB?  How are you going to let all the holders of NRB know to give them the choice? (forgive the lack of knowledge on this).

[Nicho]

OMG , that reoder guy is special. Can you believe he just wrote a GPU implementation for MMC!!? Sheesh!!! Oh well, while it does set us back a few days, i have already started looking into modifying the params to raise it's hostility.

At current it does a max of 30h/m on a 7970. Cards with less than 2 gb memory cant use it either. What do you think...should i scarp it and search for another algo, modify the current sCrypt, or modify the MMC algo to make it even more hostlie?

Modify it, make an original algo?  But does it really matter, dont most ppl have 2gb or more on their gfx cards?

[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

Congrats on getting the banking licence, not sure how difficult that is in Africa but in the US/UK i imagine its pretty difficult.  Anyway how is this whole thing going to work, i really have so many questions, i just dont know where to begin.  I've never known anything like this, it could be good, it could be a complete flop idk but im willing to see it through.  Other people have asked this but I still do not understand how your going to work this out.  So currently i hold around 30,000 NRB on Cryptsy, not an amazing amount but still it was a couple of btc worth not long ago.  In january, how is this going to effect me exactly?  A hard fork, cryptsy trading halted, NRB gets converted into NRB 2.0 and we get 60% of our original coins into NRB 2.0?  We get the choise to go into the new venture or stay on the original NRB chain, so there will be 2 currencies called NRB?  How are you going to let all the holders of NRB know to give them the choice? (forgive the lack of knowledge on this).

If say there are 200k NRB in the bank, and you own 10k, if The Bank makes a hundred dollars, You will get 5 dollars added to you USD Balance. If the banks earns 100 BTC you will get 5 BTC to your account.

If you keep 10k in your account during a coin year , you'll end up with 16k.

Some are suggesting i keep the chains apart to avoid confusion and allow more broad distribution of shares. This will ensure that trading is not halted and current holders and miner can game it for profit.

I am considering all options and community input is vital. Also due to the fact that i am paying for the infrastructure myself, it takes time to put together some of the requirements.

[Sigmus9]

This looks very good to me

[x0rcist]

OMG , that reoder guy is special. Can you believe he just wrote a GPU implementation for MMC!!? Sheesh!!! Oh well, while it does set us back a few days, i have already started looking into modifying the params to raise it's hostility.

At current it does a max of 30h/m on a 7970. Cards with less than 2 gb memory cant use it either. What do you think...should i scarp it and search for another algo, modify the current sCrypt, or modify the MMC algo to make it even more hostlie?

The fact that botnets are cheap these days and with a GPU miner just released why not take the time to come up with another algo or something based on scrypt jane? How hard would it be to combine a cpu algo with a gpu algo and come up with something like quark does but then with gpu cpu combined.. prime jane for example

[Nicho]

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

Congrats on getting the banking licence, not sure how difficult that is in Africa but in the US/UK i imagine its pretty difficult.  Anyway how is this whole thing going to work, i really have so many questions, i just dont know where to begin.  I've never known anything like this, it could be good, it could be a complete flop idk but im willing to see it through.  Other people have asked this but I still do not understand how your going to work this out.  So currently i hold around 30,000 NRB on Cryptsy, not an amazing amount but still it was a couple of btc worth not long ago.  In january, how is this going to effect me exactly?  A hard fork, cryptsy trading halted, NRB gets converted into NRB 2.0 and we get 60% of our original coins into NRB 2.0?  We get the choise to go into the new venture or stay on the original NRB chain, so there will be 2 currencies called NRB?  How are you going to let all the holders of NRB know to give them the choice? (forgive the lack of knowledge on this).

If say there are 200k NRB in the bank, and you own 10k, if The Bank makes a hundred dollars, You will get 5 dollars added to you USD Balance. If the banks earns 100 BTC you will get 5 BTC to your account.

If you keep 10k in your account during a coin year , you'll end up with 16k.

Some are suggesting i keep the chains apart to avoid confusion and allow more broad distribution of shares. This will ensure that trading is not halted and current holders and miner can game it for profit.

I am considering all options and community input is vital. Also due to the fact that i am paying for the infrastructure myself, it takes time to put together some of the requirements.

Thanks for the reply.  What will be the main goal of said bank, what are you going to do with crypto deposits?  I assume you can deposit multiple coins but NRB will be shareholding coins?  Are you going to then make loans based on the crypto deposits?  If so are you going to be operating a fractional reserve system, of what percentage?  How are you proposing to run the bank, ie where does its main profits come from?  What are the overall risks involved?  What is the African governments position on crypto currencies?  Could we see a situation, like in India, a kind of ban and your premises get raided?

[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

Congrats on getting the banking licence, not sure how difficult that is in Africa but in the US/UK i imagine its pretty difficult.  Anyway how is this whole thing going to work, i really have so many questions, i just dont know where to begin.  I've never known anything like this, it could be good, it could be a complete flop idk but im willing to see it through.  Other people have asked this but I still do not understand how your going to work this out.  So currently i hold around 30,000 NRB on Cryptsy, not an amazing amount but still it was a couple of btc worth not long ago.  In january, how is this going to effect me exactly?  A hard fork, cryptsy trading halted, NRB gets converted into NRB 2.0 and we get 60% of our original coins into NRB 2.0?  We get the choise to go into the new venture or stay on the original NRB chain, so there will be 2 currencies called NRB?  How are you going to let all the holders of NRB know to give them the choice? (forgive the lack of knowledge on this).

If say there are 200k NRB in the bank, and you own 10k, if The Bank makes a hundred dollars, You will get 5 dollars added to you USD Balance. If the banks earns 100 BTC you will get 5 BTC to your account.

If you keep 10k in your account during a coin year , you'll end up with 16k.

Some are suggesting i keep the chains apart to avoid confusion and allow more broad distribution of shares. This will ensure that trading is not halted and current holders and miner can game it for profit.

I am considering all options and community input is vital. Also due to the fact that i am paying for the infrastructure myself, it takes time to put together some of the requirements.

Thanks for the reply.  What will be the main goal of said bank, what are you going to do with crypto deposits?  I assume you can deposit multiple coins but NRB will be shareholding coins?  Are you going to then make loans based on the crypto deposits?  If so are you going to be operating a fractional reserve system, of what percentage?  How are you proposing to run the bank, ie where does its main profits come from?  What are the overall risks involved?  What is the African governments position on crypto currencies?  Could we see a situation, like in India, a kind of ban and your premises get raided?

no, i will accept NRB, NRT, BTC, PTS and LTC for the bank. Any other coins would only be after HUGE pressure from voters. The goal is to begin main stream acceptance of crypto currency as well as creating a firm backing that will not plummet with the value of a single fiat. The value stores will be greatly varied. As for fractional reserve, i am looking into the benefits, but for now i was hoping that the bank would be an umbrella that will own other ventures that will generate the capital. Over here i had skeptical response in the beginning but once they understood that i would not be attempting to change their national currency, we got along. There are no guarantees however, you should well know that changes in government = changes in policy. But i am sure if i stay within the legal framework, we'll be fine.

[Sigmus9]

Awesome coin!!!! Im excited 

[chocobo]

Are you still considering launching NRB 2.0 for new years day? Or has that been pushed back?

[barwizi]

Are you still considering launching NRB 2.0 for new years day? Or has that been pushed back?

The launch has been pushed back, please read the posts to understand the reasons.

[Nicho]

Are you still considering launching NRB 2.0 for new years day? Or has that been pushed back?

The launch has been pushed back, please read the posts to understand the reasons.

I know you must be super busy but any chance of submitting some sort of detailed white paper, business plan or some sort of confirmed proposal once you've decided what your going to do exactly, i have to keep going back through these pages to figure out what your talking about and i think it keeps changing as time goes on.

Is NRB 2.0 going to be a completely new coin with a new name, NRB 2.0 isn't exactly a catchy name?  Can we trade it or will it be only held by the bank never to be touched/withdrawn/traded etc.?  As to my previous post you mention other coins that you will take in deposit, will they be share holding coins in the bank once submitted, ie if i deposit btc will that mean i get shares in the bank too because they will be converted to the new coin or will they just sit in the bank gaining some sort of interest?  I take it you have abandoned the combining 10 dying coins idea?

Every time i think of 100 questions for you, i write about 5 and forget what else i needed to ask you.  You've certainly got your work cut out for you over the next few months, do you have help or are you doing this all on your own?

[coinpig]

Hi everyone,

Noirbits Community Forum is ready, please register and start discussing.

url - http://noirbitstalk.org/


Note: We are looking for forum moderators.


thank you

[Nicho]

Hi everyone,

Noirbits Community Forum is ready, please register and start discussing.

url - http://noirbitstalk.org/


Note: We are looking for forum moderators.


thank you

Nice work, hopefully it will soon resemble time square and not a tumble weed blowing through a deserted town