Bitflate - crypto with inflation

[dnprock]

The Bitflate blockchain has passed 190k blocks!

Block: 190k
Supply: 9.5 million

190k block:
https://explorer.bitflate.org/block/00000000000000e1b4f51dff867b11212b3c101af7950e031dbc2e7fa4510250

Reminder: Bitflate is a crypto with 7% inflation. But for the first 3 epochs, rewards will halve. The first halving is from 50 to 25 at 210k blocks (~10 million coins). It is designed to give more coins to early adopters.

[dnprock]

Hi everyone,

We have a new release for the Bitflate Core client, v0.20.2. This is a required upgrade. In this version, we changed the pchMessageStart parameter. This change prevents Bitflate clients from connecting to Bitcoin clients. But it also prevents connection to older Bitflate clients. Please upgrade your client to get new blocks. Instructions for upgrade.

https://bitflate.org/post/2021/01/24/bitflate-binaries-v0.20.2.html

[bitflate]

Hi everyone,

We released the Bitflate Whitepaper. In this paper, we describe:

- Why the market needs an inflationary cryptocurrency.
- Design of Bitflate.
- Design of an Elastic Monetary System.
- How this system can achieve Digital Cash.

https://bitflate.org/bitflate.pdf

[bitflate]

I came across a Twitter thread about Bitcoin's volatility. It's worth reading through it and the responses. Most bitcoiners are still disillusioned about volatility. They think Bitcoin's price will stabilize at "some" point in the future. But it's likely that Bitcoin's volatility is inherent. The fix for it is inflation. That's why we need Bitflate.

https://twitter.com/jp_koning/status/1371497062299230219

"The price of bitcoin is inherently volatile." @jp_koning

[bitflate]

The Bitflate blockchain has passed 200k blocks!

Block: 200k
Supply: 10 million

200k block:
https://explorer.bitflate.org/block/0000000000000231684611e46e5b3fc5cefd92234a7c6100b3b6d52d9c28b2ac

Reminder: Bitflate is a crypto with 7% inflation. But for the first 3 epochs, rewards will halve. The first halving is from 50 to 25 at 210k blocks (~10 million coins). It is designed to give more coins to early adopters.

[ir.hn]

I have been looking for a list of inflationary crypto's but you can't just type in "list of inflationary cryptocurrency" and find anything.  So I was happy to stumble on Bitflate on MiningDutch.  Inflation is the way, what people especially miners need to realize that each year forever you can compete for a chunk of 7% of the current supply of a coin.  This puts miners in a great position to capitalize.  Miners should favor inflationary cryptos!

I am a sha-256 ASIC miner.  But ASIC's have a strong opportunity cost, I can make $5 a day mining BCH on an ASIC.  Wouldn't it be neat if you could mine Bitflate on your laptop or PC in the background or while you sleep, with a very low opportunity cost?

Yespower is a "new" algorithm and has proven itself to stay GPU and ASIC free for multiple years now and successful coins like Yenten use it.  It fulfills Satoshi's goal of 1 CPU = 1 Vote.  The creator makes updates to the algorithm to keep it GPU proof and will likely also update it if an ASIC is built to obsolete the ASIC (if we choose to update to that, or we could allow the ASICs).  Even if we allow ASICs, the ASICs will be made to mine Bitflate, and Bitcoin ASIC's would not be able to mine/attack Bitflate.  ASIC's being built for an algorithm make the price of a coin that uses that algorithm go up, somewhat strangely.  I think because ASIC's allow miners to scale easier...it is easier to buy a few ASICs and get ahead of the competition than a dozen servers.

Anyhow I suggest we change the algorithm of Bitflate to Yespower.  This way all of us can mine for very little cost/opportunity cost and secure the network against rogue Bitcoin miners who want to attack the network.  The only way a Yespower coin can be attacked is with large rented hashpower from something like Amazon AWS and that costs a lot.  An army of laptops can secure against that pretty well too.

[dnprock]

Yenten looks like a small coin. Its market cap is currently 217k. I don't think it's considered proven. But I don't mind supporting a hard fork with Yespower, like BitflateYes, if there's enough community support. I prefer hard-forking the blockchain to benefit existing coin holders.

[ir.hn]

Yenten looks like a small coin. Its market cap is currently 217k. I don't think it's considered proven. But I don't mind supporting a hard fork with Yespower, like BitflateYes, if there's enough community support. I prefer hard-forking the blockchain to benefit existing coin holders.

Another thing that coins do including bigger coins like Myraid ($15m) is include Yespower as a proof of work option among other options.  This allows people with multiple types of hardware to mine, however the downside is each certain algorithm splits the pie so miners of a certain algorithm won't necessarily profit as much on a coin that supports multiple algorithms.  I think the reason Myraid gets lots of miners is it is merge mined in addition to multiple algorithms.

I am a supporter of the idea of BitflateYes fork, if that is what you want to do.  Also just a hardfork without a split in the chain will also work to benefit current coin holders, and people would just switch to mining Yespower for the future for Bitflate, there aren't many sha-256 miners on Bitflate anyways.

[ir.hn]

Less than 2 weeks left before the first halving!  Get in now on Mining Dutch Sha-256

[dnprock]

Yenten looks like a small coin. Its market cap is currently 217k. I don't think it's considered proven. But I don't mind supporting a hard fork with Yespower, like BitflateYes, if there's enough community support. I prefer hard-forking the blockchain to benefit existing coin holders.

Another thing that coins do including bigger coins like Myraid ($15m) is include Yespower as a proof of work option among other options.  This allows people with multiple types of hardware to mine, however the downside is each certain algorithm splits the pie so miners of a certain algorithm won't necessarily profit as much on a coin that supports multiple algorithms.  I think the reason Myraid gets lots of miners is it is merge mined in addition to multiple algorithms.

I am a supporter of the idea of BitflateYes fork, if that is what you want to do.  Also just a hardfork without a split in the chain will also work to benefit current coin holders, and people would just switch to mining Yespower for the future for Bitflate, there aren't many sha-256 miners on Bitflate anyways.

"yespower in particular is designed to be CPU-friendly, GPU-unfriendly, and FPGA/ASIC-neutral. In other words, it's meant to be relatively efficient to compute on current CPUs and relatively inefficient on current GPUs. Unfortunately, being GPU-unfriendly also means that eventual FPGA and ASIC implementations will only compete with CPUs, and at least ASICs will win over the CPUs"

https://www.openwall.com/yespower/

I found this quote in Yespower FAQ. Yespower isn't truly ASIC resistant. Eventually, ASIC will replace CPU mining for Yespower.

[bitflate]

The Bitflate blockchain has passed 210k blocks! We had our first halving!

The reward is cut from 50 to 25. We're still early. The reward will halve 2 more times (12.5 and 6.25) before inflation starts.

Block: 210k
Supply: 10.5 million

209999 block:
https://explorer.bitflate.org/block/00000000000002adb5fae7fe02cafaf3754f0e2d633e83204c569832c1033bcd

210000 block:
https://explorer.bitflate.org/block/000000000000018f535df9a66bd7afe605221cc9dc5c77d1e783b30ab0090fcf

Reminder: Bitflate is a crypto with 7% inflation. For the first 3 epochs, rewards will halve. The first halving happened on May 11, 2021. The next halving is from 25 to 12.5 at 420k blocks (~15 million coins). It is designed to give more coins to early adopters.

[bitflate]

The Bitflate blockchain has passed 220k blocks!

Block: 220k
Supply: 10.75 million

220k block:
https://explorer.bitflate.org/block/000000000000002c3e8230a19a6f2949e47b41ae6f2fdebc0d2a65c3a9e4ff2e

Reminder: Bitflate is a crypto with 7% inflation. But for the first 3 epochs, rewards will halve. The first halving is from 50 to 25 at 210k blocks (~10 million coins). It happened on May 11, 2011. The next halving will happen at 420k blocks. The schedule is designed to give more coins to early adopters.

[Fakeslim]

Hi.

Just started mining this week (yeah, after the halving: bad timing or what!).
Throwing around 30 TH/s at the network for around 13 hours a day, so hoping to build up quite a bundle of BFL.

I notice that the block difficulty reduced from 6M to 3M this week. Is this a regular thing and will it continue?
It puts BFL profitability to the top of the Sha coin tree and will only increase interest, so it's a great positive imo.

Cheers and keep up the good work.
Looking forward to seeing how we progress when inflation begins.

[bitflate]

Hi.

Just started mining this week (yeah, after the halving: bad timing or what!).
Throwing around 30 TH/s at the network for around 13 hours a day, so hoping to build up quite a bundle of BFL.

I notice that the block difficulty reduced from 6M to 3M this week. Is this a regular thing and will it continue?
It puts BFL profitability to the top of the Sha coin tree and will only increase interest, so it's a great positive imo.

Cheers and keep up the good work.
Looking forward to seeing how we progress when inflation begins.

Welcome, bitflate dev here! Thanks for the interest. Most Bitflate's parameters are the same as Bitcoin. Block difficulty adjusts every 2016 blocks. It changes depending on how fast the blocks are mined. It went back to 6M now.

We're in the 2nd era with 25-coin block rewards. It'll halve 2 more times (to 12.5 and 6.25) before inflation of 7% starts. This bootstrap scheme creates scarcity.

You can trade BFL coins on Unnamed Exchange.

https://www.unnamed.exchange/Exchange?market=BFL_BTC

Beware of this exchange. I've heard complaints about them.

[bitflate]

The Bitflate blockchain has passed 230k blocks!

Block: 230k
Supply: 11 million

230k block:
https://explorer.bitflate.org/block/00000000000004bd54748bf56204a651768db1c455274aa21bdf32180f182aa8

Reminder: Bitflate is a crypto with 7% inflation. But for the first 3 epochs, rewards will halve. The first halving is from 50 to 25 at 210k blocks (~10 million coins). It happened on May 11, 2021. The next halving will happen at 420k blocks. The schedule is designed to give more coins to early adopters.

[bitflate]

Hi everyone,

Bitflate is listed on more coin listing sites. We're increasing our web presence!

https://coincost.net/en/currency/bitflate
https://www.coinlore.com/coin/bitflate
https://coinmomo.com/coins/bitflate
https://blockspot.io/coin/bitflate/
https://beincrypto.com/convert/bitflate-to-usd?amount=250
https://cryptopro.app/price/bitflate/

[bitflate]

Another listing site added Bitflate: https://www.coinmarketleague.com/coin/bitflate

[Fakeslim]

Hi.

Just started mining this week (yeah, after the halving: bad timing or what!).
Throwing around 30 TH/s at the network for around 13 hours a day, so hoping to build up quite a bundle of BFL.

I notice that the block difficulty reduced from 6M to 3M this week. Is this a regular thing and will it continue?
It puts BFL profitability to the top of the Sha coin tree and will only increase interest, so it's a great positive imo.

Cheers and keep up the good work.
Looking forward to seeing how we progress when inflation begins.

Welcome, bitflate dev here! Thanks for the interest. Most Bitflate's parameters are the same as Bitcoin. Block difficulty adjusts every 2016 blocks. It changes depending on how fast the blocks are mined. It went back to 6M now.

We're in the 2nd era with 25-coin block rewards. It'll halve 2 more times (to 12.5 and 6.25) before inflation of 7% starts. This bootstrap scheme creates scarcity.

You can trade BFL coins on Unnamed Exchange.

https://www.unnamed.exchange/Exchange?market=BFL_BTC

Beware of this exchange. I've heard complaints about them.

Thank you for your reply.
With the question marks over Unnamedexchange, are you actively looking to list on other exchanges?
I've had a good experience with Tradeogre and Coinex.
With the drop in difficulty this week, you'll be able to announce passing 240k shortly.

[bitflate]

Thank you for your reply.
With the question marks over Unnamedexchange, are you actively looking to list on other exchanges?
I've had a good experience with Tradeogre and Coinex.
With the drop in difficulty this week, you'll be able to announce passing 240k shortly.

I've received emails from several exchanges. There're so many of them. And they all want listing fees. Exchange doesn't seem to be a big pain point right now. I think we still need more trading volume. But I'm just a dev. I relay messages to the community. I don't and can't make all decisions.

[bitflate]

The Bitflate blockchain has passed 240k blocks!

Block: 240k
Supply: 11.25 million

240k block:
https://explorer.bitflate.org/block/0000000000000314ff94b58e7c0f4ebe3e1be71327cd7de843913c20ba8baa0c

Reminder: Bitflate is a crypto with 7% inflation. But for the first 3 epochs, rewards will halve. The first halving is from 50 to 25 at 210k blocks (~10 million coins). It happened on May 11, 2021. The next halving will happen at 420k blocks. The schedule is designed to give more coins to early adopters.