[ANN] Blacknet BLN | Staking | Future of zApp & ZeFi

Quote from: dzimbeck link=topic=469640.msfac9831#msg6249831 date=1397659241

Guys!! I just realized something very important about dumping this coin!!! Please listen.

PLEASE READ MINERS:
At the current hash rates the mining pool generates 35-60 BTC a day. At the current price that buys roughly 200,000 coins a DAY.

So with a LIMITED SUPPLY of 74 Million coins at the current price the pool will BUY THE ENTIRE MARKET in one year.

I want everyone to repost this so that it really sinks in.

Dumpers or not, if the miners HOLD they will push this coin much higher than it was last week. Even in 3 months, they will have bought 25% of the entire supply. By that time im very certain that the price will give way to the pressure.

I didnt realize this, but this makes much sense, im moving to the bcmultipool right now, only 4mh/s but if theres 100 like me reading that message of you and realizing the same as me theyll also point their
Miners to the bcmultipool right away!

We should really tell everybody about this fact this is great

i dont know why you didnt see this. it's a very simple calculation. it's constant guaranteed daily investment. no matter how long it takes.. if we keep acquiring and hold, the price has no choice, but to go up. no choice! and up, and up and up and up.

You are assuming your buying action has no impact on the price. This can only happen if you defy supply and demand.

Its just pure logic. The pool has to buy they have no choice. At this price they buy up 100% of the coins in a year. Simple math. Add that to community drive, good branding, fast confirmations and proof of stake. Miners just need to mine for a year and walk away from the computer. No matter what, they buy the market in a year. The price has to rise based on that alone. Blackcoin atms, coinkite and other things also make this swell. Also it being top 20 coins makes it swell upwards. There is no other choice this coin must replace litecoin.

What would happen if you bought 200,000 coins on bter today (using funds from mining other coins)?

With the same amount of money, would you be able to buy 200,000 coins tomorrow at the same price or would it most likely be higher?

And what about the next day?

Thats the point. When you buy you push the price up. The hash rate on the pool went up when the price was 4x. The only problem was people got scared. But it wont matter because there is enough miners to support a contant amount of pressure. Litecoin is down 4x from last year and it has not recovered. It never will because miners dump all over the coin every day the only thing holding it up is bagholders. They will leave Litecoin like I did once they realize proof of stake is better.

When you buy you push the price up and in turn diminish your buying power unless the amounts you buy with increase at the same rate. Blackpool hashrate increase and profits would have to match the price increase of BC (1000x 2000x? I don't know) just to stand still. Otherwise, blackpool influence on the price will diminish over time.

When was the first blackpool payment? I can't see a history of payments on the website.

The blackcoin pool has been around for over a month. Their miners get paid. Why do you think they are there??! I would love to hear miners come in and reply to this just throw your shit out.

There is truth to the buying power going down as price goes up. That is why miners need to hold!! They are investors as well they need to realize its a collective effort. Besides, a 10x increase puts us next to Litecoin. Im pretty sure that investors will take it from there.

I am not calling into question if it exists or is functional, I am asking as I am not sure blackpool is a world first.

But I am more interested in any features that BC will have.

I will have to catch up with this thread later, can someone point me to when the first blackpool payment was made?

Thanks guys

It is a world first. They were the first 100% pow/pos hybrid to go to the proof of stake stage. Its the first coin ever to be mined indirectly. Its also one of the fastest coins in the world at 10 second confirmations. They are also more resilient to malleability issues which can allow for smart contracts. Bitcoin struggles with that since rawtx can be tampered with. Just like peercoin it cant be 51% attacked which is huge since Bitcoin will eventually be destroyed by "selfish miner" and 51% attacks. People dont understand how serious 51% attacks are. Quantum computing will end Bitcoin. It will not be able to end Blackcoin or Peercoin. We should get the crypto commmunity prepared for that. So while there are miners we should have them mine this coin indirectly so they are (A) Happy and (B) in the right coin. POS > POW. Thats the point.

If the 25th March was the earliest Blackpool payment, I know of another POS multipool that was active and whose first payment was earlier.

Do you mean 10 ten seconds for confirmations?

Can you provide th elink to the discussion on Smart contracts? This is very interesting to me.

I think you mean POW > POS.

There is not a discussion about smart contracts because people think they are impossible because of txmaleability (alice can change the txid by altering the sighash slightly thus making future contracts void)... early discussions about blackcoin said there were some recent patches applied. Multisig accounts 10 second confirmations and those patches help greatly.

How do I know this? Because I am working on software for bitcoin its sort of secret but I will be sure to mention blackcoin when I finish.
https://cryptocointalk.com/topic/6156-blackcoin-bc-information/

The thread above mentions the patches. I have not checked the source but Soekip and I need to talk after I finish my bitcoin programs. Blackcoin can be better than bitcoin based on that alone.

I mean Proof of Stake is better than proof of Work. Proof of work is vulnerable to 51% attack so one day Bitcoin will fail. Its just logic. Quantum computers and light processors are not that far out. They can easily double spend Bitcoins. I dont mean to get all technical but this is just a fact. People should really read my posts to understand better. My program for bitcoin will definitely refer to this thread.

Are you saying smart contracts are possible in blackcoin? Are they implemented? Any discussion on the multisig gateways?

Shame about the other world firsts though.

Yeah they are definitely. They are possible in bitcoin too but i am not going to reveal that here. There is a few drawbacks in Bitcoin that I think other coins can mitiagate better. I wanted to see the source and better understand the patches of tx sighash maleability. Stay posted and I will release my beta software in a few weeks. I have been mentioning it on this thread I will start one of my own. I want the blackcoin community to be the first to know because I am a supporter. I used to be in Litecoin and switched to dark/black. My software will definitely change crypto. It will cause a whole new paradigm.

That is nice but very common claims in the crypto world. Events are moving fast and may be passing you, multisig gateways are being tested now and implemented in weeks in other coins. Decentralised exchanges are live with more coming out within weeks.

Having said that, I wouldn't mind a PM when you get the beta out.

RE: multipools, this fully functional POS multipool had a payment on the 22nd March. It is one of two in case the other goes down, it automatically switches to the other. I am told there was a payment on the 13th but you have to go through all payments manually to find it >> http://hashrate.org:8080/workerreports/13777396447329170446.

I will leave you guys to get on with it.

Thanks