★★DigiByte|极特币★★[DGB]✔ Core v6.16.5.1 - DigiShield, DigiSpeed, Segwit

[HR]

Thank you for the analysis! We really appreciate everyone weighing in on this as we are all in this together. We are all looking toward a bright DigiByte future, but at this exact moment we do have too many DigiBytes coming in too circulation too fast.

More importantly as the DigiByte user base & community grows we want to make sure people are incentivized well in to the future to keep DigiByte safe, secure & in high demand.

What we are really buying with this hard fork is more time to accumulate a much larger user base.

Sounds reasonable enough to me.

I'm convinced.

[Pedro666]

Thank you for the analysis! We really appreciate everyone weighing in on this as we are all in this together. We are all looking toward a bright DigiByte future, but at this exact moment we do have too many DigiBytes coming in too circulation too fast.

More importantly as the DigiByte user base & community grows we want to make sure people are incentivized well in to the future to keep DigiByte safe, secure & in high demand.

What we are really buying with this hard fork is more time to accumulate a much larger user base.

Sounds reasonable enough to me.

I'm convinced.

Also believe in DigiByte. I wonder how it will develop further.

[sucksyd]

Remember a few months ago when the algo change happened? The block reward was about 7647. Now it's about 6917. That's about a 10% drop in block reward over three months. Now there's a proposed change to make the block reward 2435 and then only drop 11-12% over the course of a whole year!! That's a huge slowdown to the reduction of the block reward and may result in a slight increase in value in the short term, not the long term.

If left alone, the block reward would hit 2435 in two years. And would continue to decrease faster than the new proposed change. This means that with the new change, in two years DGB will be adding coins to circulation FASTER than if they left the block reward as it is now.

Excellent analysis.

I'm also inclined to agree with you on both the motives for catering to short term anxieties, and the long term negative consequences of doing so.

I hadn't realized this would happen. Once again, thanks for this extremely important comparative analysis. Great work!

I don't agree to this analysis. The numbers might be true (I didn't valid them). However, if we are for the longterm we must assume there will be a much better adoption of DGB with a lot more users as we have currently. If we don't assume this there's no sense in investing more time and money in this project
So we assume more adoption in 2 years. That also means that the daily coin production will be much smaller relative to the daily trading volume. Therefore, the new production rules will help now but don't hurt later.

The numbers are real.

Current: 0.5% drop in block reward every 3.5 days  = 1 - (.995 ^ 104) = 40.6% overall drop in block reward per year.

Proposed change: 1% drop in block reward per month = 1 - (.99 ^ 12) = 11.4% overall drop in block reward per year.

I have done some simple maths with some empirical analysis from my results :

- In approximately 728 days from now (approximately 2 years as said previously), block rewards with the actual block generation rules will hit the 2435 DGB per block.

- Past this 728 days, it's kinda easy to understand that the actual block generation rules will produce less coins than the after hard fork rules (because the actual one reduce the total amount of generated coins by 1% per week vs 0.25% per week for the new rules.)

--- BUT ---

- With the actual block generation rules, we will produce 9.05 bilions coins in the next 2 years VS 4.79 bilions coins with the after hard fork rules. This means that in only 2 years, we'll produce 4.26 bilions more coins if we don't change these block generation rules. In other words, after 2400 days (6.5 years!), both rules would have produced the same amount of coins. 6.5 years! This is not what I name a short term story... but this looks more a middle/long terms for me.

So, what I have to say after all this... is that we have to think of what market really needs actually too to give interests for DGB. We are seeing it actually, there is (imo) too much coins in circulation and too much coins produced a day for a beginning (because DGB is young, 1 year is nothing). The demand is, for the moment, too low to manage all this generated coins and that's why average DGB price is little by little dropping for months. And fortunately, DGB is always alive because a lot of people believe in the Digibyte project and are holding a lot (and buying a lot at some interesting prices). Without this, without a solid project like Digibyte seems to be, we'll maybe not be here today, always alive.

That's why I think, even if the hard fork rules isn't perfect (we have to adjust it), it will be worth it théorically for 6.5 years VS the actual block generation rules (only in terms of generated coins, but it's important). This will not kill the market, but will help it for some years (theorically only, there's a lot of other factors).

At the contrary, to not change the actual rules is very risky, because we are near a critical point. I'm pretty sure nobody here will see DGB near 5-6 satoshi, because a lot will panic and maybe, I don't know, kill the market. The after fork rules will be no more worth it after 6.5 years only... so, my question is : is it enough? Probably Digibyte team/community/investor want an intermediary solution between the actual rules and the after hard fork rules. And i'm sure this is the best solution.

Without doing any additional maths, something like :

    *Change production from 6,746 DigiBytes per block at time of fork to 3000 DigiBytes per block
    *Change reduction from 1% per week to 0.5% per week.

This only an estimation, and probably theres is a much more proper solution... but I let experts doing it, i'm not one of them And maybe will I be the only one to think like this. Let me hear your what do you think about all this.

Thank you for the analysis! We really appreciate everyone weighing in on this as we are all in this together. We are all looking toward a bright DigiByte future, but at this exact moment we do have too many DigiBytes coming in too circulation too fast.

More importantly as the DigiByte user base & community grows we want to make sure people are incentivized well in to the future to keep DigiByte safe, secure & in high demand.

What we are really buying with this hard fork is more time to accumulate a much larger user base.

anyway dev, you are still here to spur followers to join better than other

[Moxymore]

We are all looking toward a bright DigiByte future, but at this exact moment we do have too many DigiBytes coming in too circulation too fast.

We are seeing it actually, there is (imo) too much coins in circulation and too much coins produced a day for a beginning

We agree 

[24hralttrade]

@ Digibyte
Are you going for the hardfork?

When you do, we need to start getting everybody ready.  (exchanges,pools,users, etc etc)
We know that it will take some time for everybody to update. Just like last time with the multi-algo.

I did see a calculation some posts back that it will kick in around 8 december right?

Let us know what the plans are so we can help contact everybody.

greets

24

Ohh yeah, thnx dumpers for the 11 sat Stacking so much DGB right now!:D

[halinyo]

@ Digibyte
Are you going for the hardfork?

When you do, we need to start getting everybody ready.  (exchanges,pools,users, etc etc)
We know that it will take some time for everybody to update. Just like last time with the multi-algo.

I did see a calculation some posts back that it will kick in around 8 december right?

Let us know what the plans are so we can help contact everybody.

greets

24

Ohh yeah, thnx dumpers for the 11 sat Stacking so much DGB right now!:D

I don't mind it is going down either, but to my calculations, the price may be going down to 8 SAT in a week unless an update occurs.
I am patiently waiting and making more stash. DigiByte is my reference. He will take DGB to the next level

[24hralttrade]

A bit off-topic.

Looking for a exchange to deposit USD & buy BTC without any ID check/verification.
Anybody?

[halinyo]

A bit off-topic.

Looking for a exchange to deposit USD & buy BTC without any ID check/verification.
Anybody?

If there is no verification, then do not use that exchange. Not safe.
Safest way to get localbitcoins, bitbargain etc.

[24hralttrade]

A bit off-topic.

Looking for a exchange to deposit USD & buy BTC without any ID check/verification.
Anybody?

If there is no verification, then do not use that exchange. Not safe.
Safest way to get localbitcoins, bitbargain etc.

my problem is this.
I have won a tournament on Pokerstars.
Now when i want to send the money to my bank account i need to pay 29% tax. "gambling tax"

Offcourse i don't want to pay this.
So i want to use it to buy btc ->DGB without the personal registration

[frottirzokni]

We should cooperate with Apple-pay somehow.

[halinyo]

A bit off-topic.

Looking for a exchange to deposit USD & buy BTC without any ID check/verification.
Anybody?

If there is no verification, then do not use that exchange. Not safe.
Safest way to get localbitcoins, bitbargain etc.

my problem is this.
I have won a tournament on Pokerstars.
Now when i want to send the money to my bank account i need to pay 29% tax. "gambling tax"

Offcourse i don't want to pay this.
So i want to use it to buy btc ->DGB without the personal registration

Is there any other payment option ? They should have paid in DGB right away if not BTC
If there is, for example, Payza, you can withdraw your money to Payza and convert to BTC right away and buy DGB.
Or withdraw to Egopay (I think cryptsy is accepting) and buy BTC on cryptsy --> DGB.

Is there any other payment option other than banks. Let me know in PM.

[24hralttrade]

A bit off-topic.

Looking for a exchange to deposit USD & buy BTC without any ID check/verification.
Anybody?

If there is no verification, then do not use that exchange. Not safe.
Safest way to get localbitcoins, bitbargain etc.

my problem is this.
I have won a tournament on Pokerstars.
Now when i want to send the money to my bank account i need to pay 29% tax. "gambling tax"

Offcourse i don't want to pay this.
So i want to use it to buy btc ->DGB without the personal registration

Is there any other payment option ? They should have paid in DGB right away if not BTC
If there is, for example, Payza, you can withdraw your money to Payza and convert to BTC right away and buy DGB.
Or withdraw to Egopay (I think cryptsy is accepting) and buy BTC on cryptsy --> DGB.

Is there any other payment option other than banks. Let me know in PM.

I will have a look on this tonight

Thnx for sharing

[halinyo]

We should cooperate with Apple-pay somehow.

Almost impossible. It is supported by banks, who are against virtual currencies at the moment.
Apple has already made their choice. And there is "Imoney" patented by Apple.

So maybe not so good news for Digital currencies unless you have something really unique and worth implementing.
1 or 2 altcoins may get involve with it.

Maybe in the future, we will see all companies making their own virtual currencies. So if you are a very famous coin and transparent, then a company may grab your coin and your dev team. So basically, all depends on how much you are widely accepted. So DGB is getting there thanks to Jared.

[DigiByte]

Help us test out the v3.0.3 update!

1) Point your miner here on any algo: http://66.228.53.4/getting_started

2) Use one of the following addresses as the user:
Skein
DEsFvMDkS3Q5wjkxmT9bhNypLy1nAAexnR

Scrypt
DPR7pkmoLNPH3isR1eUsLhmpFARbAXyKov

Sha256
DBfBxJa2AZdPT4hdnMcpn4ZUrEGy29bgWQ

Groestl
DNHnXgXx7yrjMjh6KN5LnRDHzasu4zf8p7

Qubit
DQPpn4a9uqpx4tdS66h5LewpVYREX2gDMH

3) Turn your miner on for 10 min or a couple hours. Feel free to change between algos as well.

This is a test network so no real DigiBytes will be mined. We want to see how the new difficulty code will react as miners come on and off the network.

Thanks for your help! We are very close to rolling out the v3.0.3 update!

[24hralttrade]

Help us test out the v3.0.3 update!

1) Point your miner here on any algo: http://66.228.53.4/getting_started

2) Use one of the following addresses as the user:
Skein
DEsFvMDkS3Q5wjkxmT9bhNypLy1nAAexnR

Scrypt
DPR7pkmoLNPH3isR1eUsLhmpFARbAXyKov

Sha256
DBfBxJa2AZdPT4hdnMcpn4ZUrEGy29bgWQ

Groestl
DNHnXgXx7yrjMjh6KN5LnRDHzasu4zf8p7

Qubit
DQPpn4a9uqpx4tdS66h5LewpVYREX2gDMH

3) Turn your miner on for 10 min or a couple hours. Feel free to change between algos as well.

This is a test network so no real DigiBytes will be mined. We want to see how the new difficulty code will react as miners come on and off the network.

Thanks for your help! We are very close to rolling out the v3.0.3 update!

Maybe a stupid question but will some rented hash work to test?

[DigiByte]

Help us test out the v3.0.3 update!

1) Point your miner here on any algo: http://66.228.53.4/getting_started

2) Use one of the following addresses as the user:
Skein
DEsFvMDkS3Q5wjkxmT9bhNypLy1nAAexnR

Scrypt
DPR7pkmoLNPH3isR1eUsLhmpFARbAXyKov

Sha256
DBfBxJa2AZdPT4hdnMcpn4ZUrEGy29bgWQ

Groestl
DNHnXgXx7yrjMjh6KN5LnRDHzasu4zf8p7

Qubit
DQPpn4a9uqpx4tdS66h5LewpVYREX2gDMH

3) Turn your miner on for 10 min or a couple hours. Feel free to change between algos as well.

This is a test network so no real DigiBytes will be mined. We want to see how the new difficulty code will react as miners come on and off the network.

Thanks for your help! We are very close to rolling out the v3.0.3 update!

Maybe a stupid question but will some rented hash work?

Yes, absolutely it will work. However, everything appears to be working as expected so don't waste too much money on rented hash for testnet. Cheers!

[24hralttrade]

Help us test out the v3.0.3 update!

1) Point your miner here on any algo: http://66.228.53.4/getting_started

2) Use one of the following addresses as the user:
Skein
DEsFvMDkS3Q5wjkxmT9bhNypLy1nAAexnR

Scrypt
DPR7pkmoLNPH3isR1eUsLhmpFARbAXyKov

Sha256
DBfBxJa2AZdPT4hdnMcpn4ZUrEGy29bgWQ

Groestl
DNHnXgXx7yrjMjh6KN5LnRDHzasu4zf8p7

Qubit
DQPpn4a9uqpx4tdS66h5LewpVYREX2gDMH

3) Turn your miner on for 10 min or a couple hours. Feel free to change between algos as well.

This is a test network so no real DigiBytes will be mined. We want to see how the new difficulty code will react as miners come on and off the network.

Thanks for your help! We are very close to rolling out the v3.0.3 update!

Maybe a stupid question but will some rented hash work?

Yes, absolutely it will work. However, everything appears to be working as expected so don't waste too much money on rented hash for testnet. Cheers!

Oke well i still have a small amount of btc on nicehash,  will try scrypt & sha for a few minutes.

[ReSl]

Help us test out the v3.0.3 update!

1) Point your miner here on any algo: http://66.228.53.4/getting_started

2) Use one of the following addresses as the user:
Skein
DEsFvMDkS3Q5wjkxmT9bhNypLy1nAAexnR

Scrypt
DPR7pkmoLNPH3isR1eUsLhmpFARbAXyKov

Sha256
DBfBxJa2AZdPT4hdnMcpn4ZUrEGy29bgWQ

Groestl
DNHnXgXx7yrjMjh6KN5LnRDHzasu4zf8p7

Qubit
DQPpn4a9uqpx4tdS66h5LewpVYREX2gDMH

3) Turn your miner on for 10 min or a couple hours. Feel free to change between algos as well.

This is a test network so no real DigiBytes will be mined. We want to see how the new difficulty code will react as miners come on and off the network.

Thanks for your help! We are very close to rolling out the v3.0.3 update!

Hey Jared, im on with Groestl, difficulty 0.01, 85 Mh/s++. Will run it about 1h and switching after to Qubit. Hope this will help.

[DigiByte]

Hey Jared, im on with Groestl, difficulty 0.01, 85 Mh/s++. Will run it about 1h and switching after to Qubit. Hope this will help.

Awesome! Thanks for the help!

@24hr Thank you as well!

[24hralttrade]

Digibyte. Get in touch with dutch!

http://www.coindesk.com/dutch-official-bitcoin-transactions-probably-liable-vat/