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Author Topic: Bitmark  (Read 602401 times)
btcney
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December 16, 2014, 11:24:51 PM
 #1881

So, yeah seems like it's impossible to send BTM right now.
Any idea to fix this? (which doesn't include more miners)
Maybe take a look at Viacoin.

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holylacross
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December 16, 2014, 11:25:04 PM
 #1882

At this current net harsh, it will take 4 more months before the difficulty changes.
coinsolidation
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December 17, 2014, 12:40:30 AM
 #1883

So, yeah seems like it's impossible to send BTM right now.
Any idea to fix this? (which doesn't include more miners)
Maybe take a look at Viacoin.

It is possible to send quickly, it is however very slow to confirm.

We have discussed difficulty algorithms at length for many weeks.  We've discussed every approach of every moderately successful currency, and many other new proposals in addition to this.

Every proposal comes at the cost of increasing supply when demand is low, or opening the chain to attack vectors, or introduce larger compounded problems which damage the economy as a whole both now and in the future.

The community still wishes to find a difficulty algorithm which does not alter the coin emission, but as yet we have not found one.  That includes AntiGravityWave, KGW, DGW, and everything else implemented in other currencies, they all keep a relatively stable block time, at the cost of lowering the production cost and maintaining a constant supply of currency regardless of demand.

Our difficulty calculation is the same as Bitcoin, if the hashrate of Bitcoin ever drops, they will experience the same, compounded over a much longer period since their diff change is far less frequent than our 720 block change.

The issue is self resolving over time, as demand raises so does price-tag due to limited supply, as does liquidity, which increases mining profitability (fallacy, you can't calculate this), which brings in miners.  Once market liquidity increases due to demand then hashing stabilizes and diff changes become less severe.  Increasing usage is key.

The alternative is to reduce production cost to match price-tag on market, which creates excess supply, and pushes market price downwards - go to beginning of sentence and repeat.   Please do check the metrics of all PoW currencies with modified diff algorithms, and see the pattern for yourself.

Without changing difficulty, we have the cost of slow transaction confirmations on a barely used network, and the benefit of a greatly reduced coin supply when demand is low. BTM Supply: 925,820 BTM, and we had planned: 2,242,480 BTM by this time - there is 1,316,660 less BTM in the world.  Hoarding and market crashing is greatly reduced whilst we work to increase usage.  When BTM is being used, it will naturally be more liquid and mined more consistently.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
johndec2
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December 17, 2014, 10:02:44 AM
 #1884

^^ What coinsolidation said.  BTM is not a coin that should be mined (at the moment) with the intention of selling to make a profit.  Why would you at the current diff? There are plenty of other coins that will give you a better short term return.  Go join a multipool if you want short term returns.  BTM is for the long haul. Bank some now and forget them for a year or so.  Then you will hopefully get a pleasant surprise.  If things go to plan, in a year we will be wishing the diff was only 1953 Smiley  

Having said that, I do hope that some of the grand plans do come into existence sooner rather than later.  

EDIT: Question for coinsolidation.  Those 1.3 million coins that should exist but currently don't.  Are they gone forever from the final total or just delayed (assuming an increase in popularity eventually for BTM)
coinsolidation
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December 17, 2014, 10:29:07 AM
 #1885

^^ What coinsolidation said.  BTM is not a coin that should be mined (at the moment) with the intention of selling to make a profit.  Why would you at the current diff? There are plenty of other coins that will give you a better short term return.  Go join a multipool if you want short term returns.  BTM is for the long haul. Bank some now and forget them for a year or so.  Then you will hopefully get a pleasant surprise.  If things go to plan, in a year we will be wishing the diff was only 1953 Smiley  

Having said that, I do hope that some of the grand plans do come into existence sooner rather than later.  

EDIT: Question for coinsolidation.  Those 1.3 million coins that should exist but currently don't.  Are they gone forever from the final total or just delayed (assuming an increase in popularity eventually for BTM)

Thank you Johndec2.

We are making steady progress now, all components including the UI for markthis are coming together nicely.

The 1.3 million coins not yet mined are merely delayed.  Interestingly the shortfall makes space for a natural S curve of adoption, should the network start growing day after day, then blocks will roll out slightly faster than planned, giving space for coin supply to "catch up".

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
coinsolidation
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December 17, 2014, 02:07:49 PM
 #1886

http://www.cryptoshop.co/product/bitmark-2/ - Buy Bitmark with Paypal Smiley

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
holylacross
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December 17, 2014, 11:25:54 PM
 #1887

Well I'm a bit concerned about the development funds. What I read from your "project-bitmark" under Development Fund; is that the development team gets paid, in a sense, each time a block is mined and with transaction fees. At this point we are barely mining and transactions can take up to 2-3 days to confirm, so not very many transactions are going on. The development team isn't getting paid much right now, so I'm worried there won't be any incentive in 4 months and the surprise I come to will be a dead coin. I don't know exactly how the team is being funding but I have seen far too many coins go "well I'm paying out of pocket now and things aren't looking good"
I feel like I may have read something about your funding in the forums but searching though 90 pages doesnt sounds fun, so if I am wrong please point me in the right direction.
I have faith in the team and know they can do good work as they have already. I just don't want you to run out of funds and incentive to continue working and building up this coin.
coinsolidation
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December 18, 2014, 12:00:55 AM
 #1888

Well I'm a bit concerned about the development funds. What I read from your "project-bitmark" under Development Fund; is that the development team gets paid, in a sense, each time a block is mined and with transaction fees.

The tax was scrapped before the currency was created Smiley We are funded by donations, and I personally am 100% committed to the project for several years to come, regardless of funding.  Many of us are here every day, and available in slack the majority of each day, any of you are welcome to drop in at any point.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
sdersdf3
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December 20, 2014, 11:31:44 AM
 #1889

what happened to the price of this coin? I thought bitmark was one of the success stories?
Este Nuno
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amarha


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December 20, 2014, 01:52:21 PM
 #1890

what happened to the price of this coin? I thought bitmark was one of the success stories?

There's no real demand yet thus all of the trading so far has just been speculative. But now that we have a few separate services gearing up to go and a paypal to BTM portal slowly but surely there should be some real usage coming.
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December 22, 2014, 01:09:45 PM
 #1891

what happened to the price of this coin? I thought bitmark was one of the success stories?

Bitmark looks very promising, i hope it will be one of the success stories in cryptoland.





there is always a light at the end of the tunnel...
Ryse
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December 22, 2014, 01:29:24 PM
 #1892

2015 is going to be a great year for Bitmark.

 Wink

We are all stardust.
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December 27, 2014, 05:58:30 PM
 #1893

Really a lot to read, is there some kind of overview or roadmap, for an easy overview what
is coming next?

there is always a light at the end of the tunnel...
Este Nuno
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amarha


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December 27, 2014, 08:31:11 PM
 #1894

Really a lot to read, is there some kind of overview or roadmap, for an easy overview what
is coming next?

From Bitmark PM Medic:

Good Day,

Everyone, within our ever-expanding Bitmark Community, should be well aware of the direction our Project is going. The discourse and contributions made over the past few weeks have allowed us to refine our focus.

Mark shall develop the fundamental aspects of the Marking. If there are any aspects of this project that you feel compelled to contribute to, we appreciate and encourage your assistance as we drive forward with development.

For a detailed Roadmap to Development - Please follow this link

https://bitmark.aha.io/published/4457ddb73f8f65e4b34ace9b319a4942?page=1
melvster
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December 30, 2014, 11:08:06 AM
 #1895

However, the milestones in this roadmap are quite some time in the past.

From what I have observed

- Core dev is down 90%+ from its peak
- Daily marking is down 90%+ from its peak
- Mining is down 90%+ from its peak
- Price is probably the most stable only down about 80% from its peak
- Some of the projects based on marking (real world marking, music site, markthis) seem to have stalled

Much of the work was believed to being done in private repositories.  Then this was to be moved to a public open source project, but that has not yet happened.  There are, imho legitimate, concerns that something is not right about this project, ranging from whether it's a pump and dump, to wondering if coinsolidation has moved on to other things already.

http://vps.bitmark.co/git

What has been anticipated on a 1-2 day time frame, has changed to a 10-20 day time frame, or perhaps even a 50-100 day time frame.  

The first scenario would be good for the project, the middle I think is OK, but It's not clear how much traction this project will achieve is on the latter time scales.  

Certainly Satoshi pulled off such a feat over a 10 year period, but I think the landscape has changed a lot now

2015 may well be a big year for bitmark, and I hope it is!  I think the project could do well if mark stays with it.  But imho, there are still some unknowns.
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December 30, 2014, 01:15:30 PM
 #1896

I must imagine what Satoshi's efforts would have revealed had the community not existed... or been given time.

Start coding melvin?!

inversely proportional to your observations <3

P.S. Speculation killed the cat.

count=($(grep -d recurse -Hn "wallet\.dat" / | cut -d":" -f1 | uniq -c |xargs echo | grep -oh -P '(\d+) ')); sum=0; for i in ${count[*]}; do sum=$(($sum+$i)); done; echo $sum; #  soo much crypto?
Hulk Hobo
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December 30, 2014, 09:15:13 PM
 #1897

However, the milestones in this roadmap are quite some time in the past.

From what I have observed

- Core dev is down 90%+ from its peak
- Daily marking is down 90%+ from its peak
- Mining is down 90%+ from its peak
- Price is probably the most stable only down about 80% from its peak
- Some of the projects based on marking (real world marking, music site, markthis) seem to have stalled

Much of the work was believed to being done in private repositories.  Then this was to be moved to a public open source project, but that has not yet happened.  There are, imho legitimate, concerns that something is not right about this project, ranging from whether it's a pump and dump, to wondering if coinsolidation has moved on to other things already.

http://vps.bitmark.co/git

What has been anticipated on a 1-2 day time frame, has changed to a 10-20 day time frame, or perhaps even a 50-100 day time frame.  

The first scenario would be good for the project, the middle I think is OK, but It's not clear how much traction this project will achieve is on the latter time scales.  

Certainly Satoshi pulled off such a feat over a 10 year period, but I think the landscape has changed a lot now

2015 may well be a big year for bitmark, and I hope it is!  I think the project could do well if mark stays with it.  But imho, there are still some unknowns.

What are the unknowns you're referring to? Obviously pushing back deadlines has been a bit annoying and that's my only bother. Im hesitant to approach certain apps/websites about implementing marking if I can't confidently tell them when to expect x,y,z. But on an overall Im still very hopeful and indeed bullish, on this project.
melvster
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December 31, 2014, 01:49:07 PM
 #1898

biggest unknowns for me is whether bitmark will go inactive or whether it will go viral

also whether recent systems such as changetip will start marking using bits, or reddit notes or some other system will go viral
lifeforcepools
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January 02, 2015, 01:53:38 PM
 #1899

can someone tell me how many confirmations are required for this coin. I solo mined it last week and they're still not confirmed.

thanks in advance.
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amarha


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January 02, 2015, 01:55:47 PM
 #1900

can someone tell me how many confirmations are required for this coin. I solo mined it last week and they're still not confirmed.

thanks in advance.

720 until coins mature.

Depending on what happens you might be waiting a while, not sure. How many did you end up mining if you don't mind me asking?
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