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Author Topic: Bitmark  (Read 604396 times)
coinsolidation
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August 14, 2014, 07:07:43 PM
Last edit: September 09, 2014, 01:32:26 AM by coinsolidation
 #1041

Even though I can see coinsolidation's dedication for the project, at the moment he is the key factor in this. BTM lives and dies with him. So it's still a huge risk.

I hope you don't get me wrong! I am holder of a few BTM and a supporter of this project and will buy more when time is right.

Yes. Any support for Mark's development benefits us 100 fold in the long run. Right now we're on the cusp of some big innovations in adoption by regular people but since Bitmark is 100% community funded it puts a lot of pressure on Mark working 16-18 hours a day on a non paying job. Especially when he has a family to take care of.

So especially if you're new to the project and weren't aware of our funding model it's no premine, no IPO ect. Our goal is to support full time development through donations. Anyone buying or mining BTM for future value can understand how much we all gain by having an top notch developer working around the clock of us.

Update
Due to the increase in price-tag, developer loans are now closed, I will not be accepting any more. Due to the increase in price-tag all loans received are very secure.

Donations are still welcome to 1KsbYk2rMvwg456PyPmLuEgERPwyuxtGRL

archived ->

This needs resolved. Donations do not work. Here is an alternative call for funding.

I hereby request personal developer loans.

The terms offered are 60 days maximum until repayment, 10% interest if repayment is in BTC, 15% if repayment is taken in BTM.

Half will be used to purchase BTM, half will be used fund my time - food and such basics for home. I am confident that within 45 days the price tag of BTM will be double, through hard work full time from myself and others.

I specify 60 days rather than 45, to allow time at the end to earn money by traditional freelancing should the value not double, as a contingency to make up any shortfall.

I am looking to secure between 4 and 8 BTC total. 8 BTC is a top limit. Anybody who will take up my offer can do so for any amount, for the sake of management I would request a minimum of 0.1 BTC.

Every rationale and fair alternative to developer funding has been explored, and this is far less risk than a 6 figure IPO, we are already past one month in. Bitmark is gaining traction and as noted I am the key factor in the short term.

All I am really asking is to be enabled to work hard for you, I hope by transparency and hard work I have already proved that my intentions are good.

I hope this can be addressed, so that work can progress.

All loans will be collected publicly. Each lender will confirm publicly their loan unless they wish to remain anonymous, in which case I will post the transaction for them. This post will be updated to catalogue and reflect all loans.

Additionally

I trust that the Bitmark Community will see the magnitude of our Project and assist Project Bitmark in meeting its goals.

I will commit to pay any liability in this loan. If for any reason Mark is unable to complete repayment, I will cover any remaining balance

 *(I do not foresee this to be an issue, as Mark is an honest and responsible individual)

I will make all necessary arraignments to have funds secured, 60 days from the date of the loans origination.

Code:
RECEIVED:
2 BTC     2014-08-15 d94f606f84333439ba90ca7dd209cb0c228f0ee836f236ae37b5b1ac63789155 Anonymous
0.5 BTC  2014-08-15 106f5f723e252ed04fd9c1d1c8aafc29c7c35b22d7a4d5c6f62f26ffedd6d15f Anonymous
0.4 BTC - Dannygroove, Transfer from pending IPM Pool funds.
0.5 BTC  2014-08-19 72a602daf3ae98ffa1956d1b77df4b9461e172cef2e0185b153880cff04294c4 Mister D
0.3 BTC  2014-08-21 bab652a98801623595759eeb8447563eba06f9a92a68e983faeaa1baa8fa7037 lyxx (sent to donation address by mistake)

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
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Este Nuno
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August 14, 2014, 07:27:05 PM
 #1042


I specify 60 days rather than 45, to allow time at the end to earn money by traditional freelancing should the value not double, as a contingency to make up any shortfall.


Just want to point out that if for whatever reason the BTM price alone does not cover the loan(I think it will, but regardless) Mark will easily be able to repay it through his regular job as a professional freelance programmer.

The risks are minimal considering the project rests on funding and the 10% interest is very generous in my opinion.

I would do it myself but I've also taken loans for Bitmark related expenses in the short term and will probably do so again since I believe the project is easily worth it and a good investment.

82ndabnmedic
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August 14, 2014, 10:18:05 PM
 #1043


I hereby request personal developer loans.

I trust that the Bitmark Community will see the magnitude of our Project and assist Project Bitmark in meeting its goals.

I will commit to pay any liability in this loan. If for any reason Mark is unable to complete repayment, I will cover any remaining balance

 *(I do not foresee this to be an issue, as Mark is an honest and responsible individual)

I will make all necessary arraignments to have funds secured, 60 days from the date of the loans origination.

CISSP | PMP | CEH

Bitmark: Project Manager & PR Coordinator


BTC: 1FEi8MSP3ccoqLah8EcxfGZVHUViEmQfvQ

BTM: bNidDXnRu5fuD8Th7cPFh7jnPdyAhMh7Nr
coinsolidation
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August 14, 2014, 11:11:11 PM
 #1044

Medic, your are too kind, thank you for offering this security, and for your confidence.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
Androidicus
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August 15, 2014, 08:41:42 AM
Last edit: August 15, 2014, 08:52:53 AM by Androidicus
 #1045


The terms offered are 60 days maximum until repayment, 10% interest if repayment is in BTC, 15% if repayment is taken in BTM.

Half will be used to purchase BTM, half will be used fund my time - food and such basics for home. I am confident that within 45 days the price tag of BTM will be double, through hard work full time from myself and others.


Are straight BTM any use to partially negate your need to use 50% of any BTC loan to buy BTM thereby freeing up some BTC for essential expenses?

I can put approx 5k BTM into the 'loan' pot on the terms stated if this would help?

Failure is success waiting to happen...
coinsolidation
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August 15, 2014, 11:03:44 AM
 #1046

Androidicus, and others, thank you for your offer of BTM.

Let us discuss it.

My aim is to acquire BTM from those who do not see value in it or treat it as a short term investment, short term miners, day traders, etcetera. I would rather soak up that BTM than risk the valuable BTM of community members, as this would create both downwards pressure on markets and put two sets of BTM on the market, that which already is, and that which would normally be being held.

I may also add that by holding acquired BTM I can increase the value of the currency as a whole, I can also trade a portion to further increase holdings of both BTM and BTC, and hopefully provide enough to not only pay back the loans, but also to have some of my own holdings, and a budget to trade with. By doing so I would be able to fairly self fund further development without the need for measures such as those proposed.

Finally, if I took up all the offers of BTM loans I have had, I would temporarily be the biggest 'whale', and would prefer to avoid that. Simple day trading and off market acquisition in the direction of purchasing I am happy with, and see almost zero risk in - worst case I am holding a lot of BTM, exactly the thing I hope to achieve. Gambling large amounts of my supportive community's valuable BTM in the direction of selling, feels like too much risk for me to take on, imagine if somebody acquired it and bumped the price beyond where I could buy it back? No BTM, no funds for the loans, it would be a mess.

I hope that makes sense, and would value the communities input on this.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
Este Nuno
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amarha


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August 15, 2014, 12:20:58 PM
 #1047

I don't know if withdrawals are completely frozen or not but anyone who has money in Bter should strongly consider getting it all out if you can. They lost 50 million NXT and things are not looking good.
coinsolidation
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August 15, 2014, 12:25:03 PM
 #1048

I don't know if withdrawals are completely frozen or not but anyone who has money in Bter should strongly consider getting it all out if you can. They lost 50 million NXT and things are not looking good.

And probably 100 BTC too by the looks of it.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
Androidicus
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August 15, 2014, 09:09:07 PM
 #1049

Androidicus, and others, thank you for your offer of BTM.

Let us discuss it.

My aim is to acquire BTM from those who do not see value in it or treat it as a short term investment, short term miners, day traders, etcetera. I would rather soak up that BTM than risk the valuable BTM of community members, as this would create both downwards pressure on markets and put two sets of BTM on the market, that which already is, and that which would normally be being held.

I may also add that by holding acquired BTM I can increase the value of the currency as a whole, I can also trade a portion to further increase holdings of both BTM and BTC, and hopefully provide enough to not only pay back the loans, but also to have some of my own holdings, and a budget to trade with. By doing so I would be able to fairly self fund further development without the need for measures such as those proposed.

Finally, if I took up all the offers of BTM loans I have had, I would temporarily be the biggest 'whale', and would prefer to avoid that. Simple day trading and off market acquisition in the direction of purchasing I am happy with, and see almost zero risk in - worst case I am holding a lot of BTM, exactly the thing I hope to achieve. Gambling large amounts of my supportive community's valuable BTM in the direction of selling, feels like too much risk for me to take on, imagine if somebody acquired it and bumped the price beyond where I could buy it back? No BTM, no funds for the loans, it would be a mess.

I hope that makes sense, and would value the communities input on this.

I see where you are coming from...

If I had venture capital on tap this whole situation would be a no brainer!

Failure is success waiting to happen...
Androidicus
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August 15, 2014, 09:13:31 PM
 #1050

I don't know if withdrawals are completely frozen or not but anyone who has money in Bter should strongly consider getting it all out if you can. They lost 50 million NXT and things are not looking good.

Thanks Este - remembered I had .02 Btc there - now out. Shame there were no signs that mywl.it was going to disappear! That and coinex.pw a few months ago and I'm not faring very well...

 Roll Eyes

Failure is success waiting to happen...
coinsolidation
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August 15, 2014, 09:46:51 PM
 #1051

I don't know if withdrawals are completely frozen or not but anyone who has money in Bter should strongly consider getting it all out if you can. They lost 50 million NXT and things are not looking good.

Thanks Este - remembered I had .02 Btc there - now out. Shame there were no signs that mywl.it was going to disappear! That and coinex.pw a few months ago and I'm not faring very well...

 Roll Eyes

Perhaps in the future we could spend some time on creating a distributed secure exchange, previously I have modelled and coded such a thing, it would need more work. It's something to think about, maybe early next year.

In the interim today's events have prompted me to with Poloniex and we have came up with some approaches to further mitigate risks and tighten security - although it is already very good.

1. Each week Busoni and I will speak for a short time, to update checkpoints, ensure their code is rebuilt, and notify of any changes to the code.

2. At this time they are going to inform us of the total combined amount of BTM they hold for all users, so we can see if people are using the exchange as a web wallet. If this does happen then we can try to advise our community as to the benefits of securing their own currency, and also find out their requirements to make real secure web or mobile wallets to manage funds.

3. We have agreed that I will anonymously enquire on technical forums and stackexchange as to the most secure server and daemon setup's, there are various approaches to holding wallets and storing currency, I have proposed some alternatives to them, and we now seek to identify the benefits of each, with peer review, so that they may make the best decisions.

Funding Update
A total of 2.5 BTC has now been committed to me, out of the 8 BTC target. Thank You to both of those who have displayed such confidence and faith in both the project and I.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
Androidicus
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August 15, 2014, 10:16:33 PM
 #1052

I don't know if withdrawals are completely frozen or not but anyone who has money in Bter should strongly consider getting it all out if you can. They lost 50 million NXT and things are not looking good.

Thanks Este - remembered I had .02 Btc there - now out. Shame there were no signs that mywl.it was going to disappear! That and coinex.pw a few months ago and I'm not faring very well...

 Roll Eyes

Perhaps in the future we could spend some time on creating a distributed secure exchange, previously I have modelled and coded such a thing, it would need more work. It's something to think about, maybe early next year.

In the interim today's events have prompted me to with Poloniex and we have came up with some approaches to further mitigate risks and tighten security - although it is already very good.

1. Each week Busoni and I will speak for a short time, to update checkpoints, ensure their code is rebuilt, and notify of any changes to the code.

2. At this time they are going to inform us of the total combined amount of BTM they hold for all users, so we can see if people are using the exchange as a web wallet. If this does happen then we can try to advise our community as to the benefits of securing their own currency, and also find out their requirements to make real secure web or mobile wallets to manage funds.

3. We have agreed that I will anonymously enquire on technical forums and stackexchange as to the most secure server and daemon setup's, there are various approaches to holding wallets and storing currency, I have proposed some alternatives to them, and we now seek to identify the benefits of each, with peer review, so that they may make the best decisions.

Funding Update
A total of 2.5 BTC has now been committed to me, out of the 8 BTC target. Thank You to both of those who have displayed such confidence and faith in both the project and I.

These are excellent points and great news on the funding update.

To the wider populus, business community, would be adopters; unregulated and decentralised (and, dare I add, anonymity) seem to be synonymous with insecure and poorly supported / protected.

Truly addressing security vulnerabilities is one part, as is user awareness. The average fiat user of online services takes comfort and confidence from the various banking and credit card systems 'guarantees' and fraud protection - cryptocurrency, as yet, has none... one day, perhaps?

Failure is success waiting to happen...
Coin-Moron
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August 16, 2014, 09:36:57 PM
 #1053

Is there a multipool that pays out BTM?
coinsolidation
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August 16, 2014, 09:50:08 PM
 #1054

Is there a multipool that pays out BTM?

Not that I know of

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
Coin-Moron
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August 16, 2014, 10:20:35 PM
 #1055

Is there a multipool that pays out BTM?

Not that I know of
Gpu mining is awful.
Glad to see a responsible Dev.
Cheers
coinsolidation
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August 16, 2014, 10:37:18 PM
 #1056

Is there a multipool that pays out BTM?

Not that I know of
Gpu mining is awful.
Glad to see a responsible Dev.
Cheers

Just to be certain of your meaning, and in case the GPU question arises again

GPU miners can't mine it fairly, it's impossible, arguments there in wiki ain't make GPU owners to mine it. Lots of Titans will land on this coin and in a week expect incredible difficulty. You have to make it at least scrypt-n, so home miners can win several months. This is it. Good luck.

GPU miners can mine Bitmark fairly, you will receive an amount of BTM according to how much hashrate you commit to securing the networking for it's users.

Mining is a service offered, not a money printing machine. If you offer a less efficient service that is not as beneficial to the users then your service will not generate as much revenue.

Technology progresses over time, GPU miners made CPU miners redundant, ASICs make GPUs redundant. You keep up or you fall behind.

I am the developer, I do not have an asic, I cannot mine the coin I created. When I can I will buy an asic to do so, and if I want to sooner I will hire one, or later buy some BTM, but that is speculation on my part.

My service is not mining, my service is developing. If your service is mining then treat it as a business and upgrade your hardware, or target your service at people who require gpu hashing to secure their network.

Bitmark's focus is on it's users, the decision to use scrypt is in their best interests, to keep their network reliable and secure.

For the sake of interest, the last person to ask about GPU mining above, sammy007, has been on the network since, and in IRC every day Smiley

One approach for GPU miners who seek to get more BTM than their hashrate allows, is to use a different multipool to get BTC, then move BTC in to BTM, or ask for the development of a multipool which pays out BTM.

Personally I'd rather encourage stable miners who support the Bitmark network through high hashrates and low, they will have the lowest average production cost of anybody, and reap the most rewards long term.

In the near future you will also be able to automate the multipool process through the IPM Pool, you could set an exit BTC address to be the input address at the IPM Pool, and convert to BTM this way. Or perhaps you could be one of the BTC paid miners for the IPM, where you have all your running costs for 32 hours paid in BTC, and mine for the IPM for 24 hours with all BTM going to the investors, then 8 hours for yourself for free, taking profit in BTM.

We have tried hard to balance the needs of all parties.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
Coin-Moron
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August 16, 2014, 10:46:55 PM
 #1057

Just went through the Ipm link.
Indeed a good one and when can we expect it?
coinsolidation
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August 16, 2014, 10:58:54 PM
 #1058

Just went through the Ipm link.
Indeed a good one and when can we expect it?

It is all but ready, I am working on both a combined website and IPM pool interface as we speak, and have been funded by the developer loans receive so far for a week or more full time, so certainly in the next few days Smiley

If anybody else would like to take up the funding offer 5.5 BTC of developer loans are still required to help me work on this full time for the foreseeable future.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
Coin-Moron
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August 16, 2014, 11:17:31 PM
 #1059

Just went through the Ipm link.
Indeed a good one and when can we expect it?

It is all but ready, I am working on both a combined website and IPM pool interface as we speak, and have been funded by the developer loans receive so far for a week or more full time, so certainly in the next few days Smiley

If anybody else would like to take up the funding offer 5.5 BTC of developer loans are still required to help me work on this full time for the foreseeable future.
Will contribute very soon dev.
Keep up the good work.
82ndabnmedic
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August 16, 2014, 11:41:58 PM
 #1060

Genuinely pleased to see the community step up and fund development of Project Bitmark. The potential magnitude of our project is, at this time, unparalleled.

CISSP | PMP | CEH

Bitmark: Project Manager & PR Coordinator


BTC: 1FEi8MSP3ccoqLah8EcxfGZVHUViEmQfvQ

BTM: bNidDXnRu5fuD8Th7cPFh7jnPdyAhMh7Nr
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