With Bitcoin mining becoming highly centralized to miners who have expensive hardware, we certainly need new projects where people who don't have these expensive miners can still mine the coins. The thing I liked about coins like bitcoinR is that they allow you to quickly get started with mining and that too with your ordinary electronic gadgets. There is technically zero risks involved in mining such coins.
Hey ToothlessCoin,
Thanks for the note. We started with CPU mining in late March with little coordination, simply letting friends and family know via text message and Facebook posts that they could mine XBR with their hardware at home. At that time, difficulty was <1 and we proved that a 1.8GHz processor and as few as 4GB RAM worked well enough whether it was Mac or Windows. The announcement was met with varying interest and most people were plagued by short term thinking (how much is it worth, where is it traded) thinking that they could just flip out of it quickly. The allure of easy money has a very strong appeal; but, when you add the necessity for people to wait between investing effort and reaping reward the number of initial participants becomes vanishingly small.
bitcoinR is not unique in this way, all PoW coins go through this same adoption curve. Those who are early in (CPU/GPU and early ASIC) prior to a price being established are the obvious long run winners. This method has the disadvantage of zero immediate gratification, but then there are legitimate examples of those who achieved success by taking an early PoW risk for a subsequent, non-guaranteed payoff.
NS
With Bitcoin mining becoming highly centralized to miners who have expensive hardware, we certainly need new projects where people who don't have these expensive miners can still mine the coins. The thing I liked about coins like bitcoinR is that they allow you to quickly get started with mining and that too with your ordinary electronic gadgets. There is technically zero risks involved in mining such coins.
But they don't have any value right now as I checked their site and its not on any exchange. Why would I mine a coin that is yet to have any value?
Hi RomiM,
This is a great question; and the answer is one that is socioeconomic in nature.
Look around in your life at the people who are successful and those who are not successful. Those who are not successful are generally paid more frequently than those who are successful. Here are some simple examples to illustrate the traditional model of socioeconomically determined monetary velocity:
Daily Pay:A laborer who in exchange for his or her physical effort in digging a hole in the earth or carrying scrap metal is paid daily. This person uses his pay to pay for food and shelter for the night, with a little bit of funds left over to buy a small breakfast and lunch the next day. There is no concept of saving, just work to survive. This person does not plan for the future.
Weekly Pay:A foreman who supervises the manual laborers in the field is paid weekly. This person has a bit longer of a time horizon and can generally afford to save a little to pay for a used car and rent an apartment. While the foreman generally has an easier life than the laborer, often there is little difference in their ability to save or plan for the future.
Bi-Weekly or Semi-Monthly Pay:This is where most of the middle class is, they get paid on the 1st and the 15th of every month, or every other Friday. They generally have had some success planning for the future, attending at least some college and are a bit more comfortable with the idea that they must invest time and effort without the happy result of immediate gratification. Many in this category finance new automobiles and obtain mortgages for comfortable homes for their families.
Monthly PayThese are most self-employed individuals or small business entrepreneurs. They must plan for the future every single month, carefully calculating how much time, effort and money they can invest in their business activities. At the end of each month, they pay their laborers, foremen and managers along with overhead for the month, saving some funds in reserve and pay themselves from whatever profit is left over. Many of these individuals have the ability to pay cash for their automobiles and homes.
Quarterly PayMany investment managers are paid quarterly. Compensation for the best investment managers range from the millions into the billions of dollars annually. They are paid partially upon performance of their investment ideas and execution and partially upon the tallied dollars that they "manage" in any given quarter. Generally these individuals hold advanced degrees and have invested significantly into their educations (often in the several-hundred-thousand-dollar range). They have planned for the future since they were children and have often had the benefit of guidance from a capable family member or mentor.
Annual PayFounders and CEOs of publicly traded companies will often take a very small salary, sometimes as low as $1 a year. This salary is obviously far lower than what our laborer examples can make in an hour, let alone an entire year; however, these individuals are visionaries, and they are willing to exert tremendous effort, energy and personal funds to ensure that they are paid handsomely at year-end through the exercising of their stock options, which could be worth tens or hundreds of millions of dollars. While it varies whether or not these individuals have heavily invested in education, they are not adverse to risk and they do not expect immediate gratification of any kind. Often, they have the discipline to live far below their means, driving used cars and living in small homes to save their focus, funds and energy to invest in a worthwhile effort that will pay them an outrageous sum once per annum or at some future time.
So, while I cannot promise that mining XBR will be a profitable endeavor and I cannot point to any exchange listing today to establish a price, I can tell you that there are some very smart men and women who have chosen to invest their time, effort, energy and personal funds into making bitcoinR a success and that it may behoove others to do likewise.
NS
PS- bitcoinR has had listing offerings from multiple exchanges, but since they were non KYC/AML compliant, we declined listing.
With Bitcoin mining becoming highly centralized to miners who have expensive hardware, we certainly need new projects where people who don't have these expensive miners can still mine the coins. The thing I liked about coins like bitcoinR is that they allow you to quickly get started with mining and that too with your ordinary electronic gadgets. There is technically zero risks involved in mining such coins.
But they don't have any value right now as I checked their site and its not on any exchange. Why would I mine a coin that is yet to have any value?
My friend once the coin is on exchange the price will jump up and we then say, its too late now.
I have seen so many projects that were not taken seriously in there initial days (when value is low) and they made good price later on exchange. The biggest example of such coin is Bitcoin.
Bingo.
NS
I just have a question. We see every coin can be mined on laptop and PCs in initial days but once it finds a good price, its complexity increase and we need expensive miners to mine that coin or we can say reward on PC goes too low that we need more PCs/laptop to mine the coin. Whats your future plan, the complexity to mine bitcoinR over time will increase with its value or not?
This is a good question and one that is difficult to answer without making promises; so what I will do is present data so one can make their own inference:
Yesterday the bitcoinR network eclipsed the hashpower equivalent of Bitcoin on November 1, 2013 (3582 TH/s). On 1-NOV-13, the value of BTC was $198.51.You can verify this here on the
bitcoinR Block Explorer.
We are approaching AML/KYC compliant exchanges soon so we can list. The first quantitative easing / tightening function to attempt to stabilize to our target price is 1-JUL-2020, so we would ideally like to be listed prior to that time.
NS
The team is from Harvard & MIT
They have a professional and intelligent team for sure. Do you have any plan to increase your team member? Any opportunity for us?
Thank you for the compliment. Regarding traditional qualifications, we feel as though our team is without par in the crypto world with the possible exception of Ripple Labs.
Yes, we are constantly looking for smart, hardworking people to help us! For ways to earn XBR without mining, please look at our XBR Bounty Hunter page:
https://bitcoinr.org/partners/xbr-bounty-hunters/There's more work to do, certainly.
NS
[moderator's note: consecutive posts merged]
