Seeking miners to help secure Betcoin cryptocurrency

[joey.rich]

Betcoin is a cryptocurrency with a novel inflation model which is a hybrid between proof-of-work and proof-of-stake.

In Betcoin, approximately 1/3 of the currency is paid out to miners and 2/3 is paid out to coin holders via gamified proof of stake.

All betcoins accrue interest at a rate of 0.01% per 125 minutes and coin holders can realize their gains by staking their betcoins in virtual basketball games between 32 countries.

The Betcoin currency runs on an application called PolyCash and uses a blockchain called Datachain. For more information about the project please visit
https://poly.cash/

We've recently completed some important upgrades to Betcoin like making it easy to install with Docker, and building a peer verification API that confirms if you're in sync with the network every 10 minutes.

Betcoin uses the Scrypt mining algorithm and currently has a very low level of difficulty. Right now you can mine coins quickly even using a normal CPU.  We need to get the difficulty level up in order to secure the chain, as we prepare to begin marketing this cryptocurrency to a wider market.  Therefore I would like to connect with anyone who has Scrypt miners available for use.

Please feel free to PM me or reply in this thread if you have any questions.  If you're ready to set up a node and start mining please see our installation instructions on Github.
https://github.com/PolyCash/polycash

[1715324147]

1715324147

[1715324147]

1715324147

[1715324147]

1715324147

[1715324147]

1715324147

[wheelz1200]

Betcoin is a cryptocurrency with a novel inflation model which is a hybrid between proof-of-work and proof-of-stake.

In Betcoin, approximately 1/3 of the currency is paid out to miners and 2/3 is paid out to coin holders via gamified proof of stake.

All betcoins accrue interest at a rate of 0.01% per 125 minutes and coin holders can realize their gains by staking their betcoins in virtual basketball games between 32 countries.

The Betcoin currency runs on an application called PolyCash and uses a blockchain called Datachain. For more information about the project please visit
https://poly.cash/

We've recently completed some important upgrades to Betcoin like making it easy to install with Docker, and building a peer verification API that confirms if you're in sync with the network every 10 minutes.

Betcoin uses the Scrypt mining algorithm and currently has a very low level of difficulty. Right now you can mine coins quickly even using a normal CPU.  We need to get the difficulty level up in order to secure the chain, as we prepare to begin marketing this cryptocurrency to a wider market.  Therefore I would like to connect with anyone who has Scrypt miners available for use.

Please feel free to PM me or reply in this thread if you have any questions.  If you're ready to set up a node and start mining please see our installation instructions on Github.
https://github.com/PolyCash/polycash

Ypu might want to put this post in the altcoin mining section.  Mining scrypt with cpus?  One L3+ would crush any difficulty that would make sense for cpu miners.  What exchanges is this coin on.  And is there liquidity in those exchanges for betcoin?

[vv181]

If it urgently needs some hash power, do in mind that you can rent some hashrate using NiceHash for personal use(https://www.nicehash.com/marketplace).

[joey.rich]

Ypu might want to put this post in the altcoin mining section.  Mining scrypt with cpus?  One L3+ would crush any difficulty that would make sense for cpu miners.  What exchanges is this coin on.  And is there liquidity in those exchanges for betcoin?

Yeah, we badly need to get the difficulty up to a reasonable level.
Betcoin is not yet listed on any exchanges.

[joey.rich]

If it urgently needs some hash power, do in mind that you can rent some hashrate using NiceHash for personal use(https://www.nicehash.com/marketplace).

I will look into this, thanks for the recommendation.

[Xal0lex]

As long as this token is only traded on one Pancakeswap, it will never gain much popularity or reach. What's the point of mining a token that's hard to sell and doesn't have enough liquidity? In the crypto sphere, the uniqueness of the consensus model alone is not enough. Mining is a means of making money, but in this case we can't talk about any earnings, because the coin is not supported by anyone or anywhere and has no strong investors.

[joey.rich]

As long as this token is only traded on one Pancakeswap, it will never gain much popularity or reach. What's the point of mining a token that's hard to sell and doesn't have enough liquidity? In the crypto sphere, the uniqueness of the consensus model alone is not enough. Mining is a means of making money, but in this case we can't talk about any earnings, because the coin is not supported by anyone or anywhere and has no strong investors.

Thanks for your feedback, I believe you've accurately pointed out some of the challenges facing this project.  I am working on getting Betcoin listed on exchanges, and finding investors.  If you want to stay updated on this project, just make sure to sign up for our newsletter via https://poly.cash

[wheelz1200]

As long as this token is only traded on one Pancakeswap, it will never gain much popularity or reach. What's the point of mining a token that's hard to sell and doesn't have enough liquidity? In the crypto sphere, the uniqueness of the consensus model alone is not enough. Mining is a means of making money, but in this case we can't talk about any earnings, because the coin is not supported by anyone or anywhere and has no strong investors.

Yep classic chicken or the egg situation.  You need to have good liquidity before you can get a strong mining community behind it.  Why would anyone with scrypt asics move away from mining litecoin and side mining doge to move over to a coin with no way to sell out and at least recoup your bills.  Work on getting exchanges and volume then you can see more hashpower incoming.

[joey.rich]

One thing that makes this project special is the opportunity to set up automated betting strategies.

There are no betting fees so the system is nearly frictionless.  And of course bettors are rewarded through the inflation of the currency, so betting technically has a positive expected value.

Then if you can improve on the odds being used in the betting events, you can write code to automatically bet and profit from your insights.

I have written a couple of sample strategies that you can select from when logging in to my public node.



Hopefully this helps clarify the idea behind this project.