Launch follow-up!
First, let me say how amazed we were by the response. When our team pulled together on this, we had no idea how well it would be received. When the network hash hit well over 100THs and 3M+ difficulty last night we were insanely surprised. We figured we'd see a few THs, but not 100. Thankfully the difficulty algorithms have worked properly and the network is chugging a long. Sadly, it spiked up so quickly that smaller miners are having a hard time grabbing blocks right this second. We understand the frustration, but the client is in the wild and the miners have the say -- not us. And to all the miners, thanks! We had a great time on launch and we hope you'll stick around while we continue to build up BNS!
Here's a screenshot of just one of the pools last night. It was over 100+ TH/s. And several of the other pools had really high rates as well! Thank you guys.
We wanted all of our focus to be on this launch. Anything we had planned beyond the launch would be meaningless if we did like many new coins and totally messed up the launch
There has been some concerns expressed regarding the exchanges, so we wanted to clarify. Our goal with the exchanges wasn't to let people dump their coins, it was to give people options and to let people buy in who missed the launch. All coins need to get a value. Obviously 12 hours in will be different than next week, which will be different in a year, etc. We expected that some people would dump, we're not that naive, but we hope that people will see our team's dedication and hold on to some coins. People invariably sell to try and make a quick profit, but some hold and we're hoping to turn the hoarders faith into profit. In the end, it's their choice, but we're doing our best to build a community and keep everyone involved in the development of the ecosystem.
The alternate theory on people selling for a quick buck is that gives opportunity to any buyers who really believe in the coin. I hope those buyers will ultimately be the winners.
We'll be shifting our efforts now toward getting this coin market share. While we have our own ideas of how to do that, the coin is now everyone's coin. Please share any ideas you might have as well!
Honestly, I think the launch was extremely fair, so while we definitely gave out more coins on day one that our initial 2 min block intervals, the difficulty adjusted as expected. I've watched some coins mint a month+ worth of coins in 1 day and we did not want that as it crushes the value. The difficulty will continue to swing up and down until the 2880 block (probably down as things calm a little). At which time KGW will kick in as expected and that will stabilize everything.
Beyond patching a few glitches with the client (nothing major) we're working on merchant services now and hope to have them released within a week or two after everyone on the team gets a chance to catch their breathe from the release. It took a lot of time to get everything up and packaged and while we wanted to get it all completed before launch, the stars simply didn't align. Our developers are working hard and we're here for the long run. Please alert us of any issues you find, we'll fix them ASAP.
Also, we're handing out the bounties as promised, working on getting BNS integrated into more services (yes, including exchanges) and getting the entire system going. We hope you'll stick with us while we do!
Please note I'm working on the bounty payments today. Please give me a little time, I was up a little late last night (as in I saw the sun rise lol).. So, don't stress about it, you will receive your coins. If you are due a bounty and haven't done so already, please PM me as well with your wallet and I will get to you!
