Bitmark

[emdje]

Valid points are being made here. Something indeed must be done about the stagnation in respects to mining. As said, a side chain is created to test out potential algorithms for a better difficulty adjustment. However, a blatant reduction of difficulty without adjustment of block reward would result in a to high coin production. This would result in a stable supply regardless of demand (the thought is that when demand goes down, mining goes down), which in turn would diminish the coins value. In order to control for demand in some way this test chain is set up and people are testing various things out. The basic idea is to stabilise the block time, whilst adjusting the block reward to control for demand. I don't know the details and technicalities but I do know they are working on it. First results are in, and what they tested now adjusted fine to the upwards side, but very slowly downwards, tweaking is on the way.

Hopefully I have not shared anything that is not true, but this is how I came to understand what is going on.

[melvster]

Rant on/

What is going on here?  I know I've been a bit quiet here lately as I have had other projects/distractions but when even Nicos gives up on mining BTM, I know this coin is in trouble. I'm not part of the slack clique as I have never been invited but looking at what is going on here at BCT (or rather not going on) it appears there is a severe case of "Fiddling while Rome burns".

Mining of BTM has slowed to a crawl, a few gpu miners on xHash and about 300mh/s on hash-to-coins... At this rate it will take months to the next diff change where will have 6 hours of madness and another 6 months of doldrums at 1953 diff.  THIS is unsustainable.  Dig a grave and bury BTM now.

Unless the clever people in the dev team and/or slack come up with a better solution SOON, this coin will go the way of so many others, which will be a massive shame as it is a brilliant concept that appears (to me) to be badly implemented.  You either need to work out a way to increase the mining on this coin or change the diff parameters to make it more friendly to a lower hash rate.  It pains me to say that as I want the acquisition of BTM to be as difficult as possible but if the demand is just not there, there is no alternative.  

Before you all chip in with roadmaps, etc, don't waste your breath.  We need action not "pie in the sky" plans.  To put my money where my mouth is, I've moved everything I have to Xhash (around 100mh/s) and will leave it there until the end of this month.  I will be mining at a significant loss compared to mining just about everything else, especially considering the current depressed price.  Speaking of the depressed price - the market is speaking, it is a massive vote of no confidence in the non-action of the dev team and the failed implementation deadlines.  WOW, marking on Polo... that was fun for about a week until everyone forgot about it....

If I don't see some positive action by the end of the month, I'll dump my BTM, cut my losses, and move on.  If I was to dump my over 15,000 BTM on Bittrex now, the new price would be 2 satoshis. This is not a threat, just the pleas of someone severely pissed off by the waste through inaction of what should be the best altcoin around.

Rant off/

PS: Clean up the OP. Most of the pools listed are dead.  Or even better, breath some life into the coin so that we can replace the dead pools with live pools.

PPS: Like the poster here: https://bitcointalk.org/index.php?topic=660544.msg10031495#msg10031495  I too donated to the cause.  Mine was a donation but I was led to believe it would be converted to a loan, so confident was everyone back then.  Like him, I've seen nothing.  Don't worry about me, I originally gave not lent, but it is very poor form not to pay your promised debts.

All fair points IMHO.  Respect for mining at a loss and supporting the project still.

The value proposition is core dev ie marking, not mining emission.  Fix core dev and marking everything else starts to fix itself. 

I hope this project continues as there's some great ideas. 

[tdokta]

What is going on here?  I know I've been a bit quiet here lately as I have had other projects/distractions but when even Nicos gives up on mining BTM, I know this coin is in trouble. I'm not part of the slack clique as I have never been invited but looking at what is going on here at BCT (or rather not going on) it appears there is a severe case of "Fiddling while Rome burns".

nicos shifted pool to hash to coins as xhash is closing in a few days time. we have increased machinery to 320mhs at our cost so the network doesn't fail. cant keep it up forever, but for now we continue.

[MagicOne]

I agree with the concerns of others on the state of this coin.

It would not be hard to fix the mining issue so I cannot understand why it is not being done. Hard fork in 50 or 100 blocks and add KGW or DGW, done. At the moment it seems leaving it broken is the intent of the devs.

I fear if it is not fixed soon it will be too late.   

[johndec2]

nicos shifted pool to hash to coins as xhash is closing in a few days time.

Actually, quote from the header on the xHash pool:

Good news everyone! We have found an investor and we won't be closing the pool. Thank you for your support!

Not that that really matters, glad to see he is still involved. At least there are 2 miners!!

[johndec2]

I agree with the concerns of others on the state of this coin.

It would not be hard to fix the mining issue so I cannot understand why it is not being done. Hard fork in 50 or 100 blocks and add KGW or DGW, done. At the moment it seems leaving it broken is the intent of the devs.

I fear if it is not fixed soon it will be too late.   

Good points but with one fatal flaw.  The devs want the emission of the coin to match the demand of the coin.  Currently there is almost zero demand and therefore almost zero emission.  However that in itself is also a fatal flaw because by the time they actually get past their discussion groups and roadmaps and actually implement *Something* useful, the crypto world will have left BTM behind and moved onto something else.  There are already other coins taking the basic premise behind BTM and running with it, at least one of them will "out BTM" BTM by simply being more proactive. 

Guys/Dev team. We need an algo that keeps the blocks moving even at reduced rewards.  I'd rather see 0.2 BTM every 2 minutes than 20 BTM every 12 hours or so.  Make it happen like yesterday!   

KGW and DGW are flawed algos.  DIGI would be my pick (with variable block reward based on hashrate).  If that is past your expertise, I have it on very good authority that the DIGI team are more than happy to help out. 

[melvster]

As EsteNuno says, I have been a little ill since Christmas, nothing serious merely run down after last year and when I stopped I caught a cold and flu. I'm feeling much better now, and more importantly, it appears that this is one ship that cannot sail without a captain, time to get things sorted out and back up to full steam!

Any updates?  Wasnt able to find you on slack or IRC.

Nothing in git for 23 days, and we were told in december code was ready:

http://vps.bitmark.co/git

Is the plan still to move the code from private repositories to open source?

[melvster]

I agree with the concerns of others on the state of this coin.

It would not be hard to fix the mining issue so I cannot understand why it is not being done. Hard fork in 50 or 100 blocks and add KGW or DGW, done. At the moment it seems leaving it broken is the intent of the devs.

I fear if it is not fixed soon it will be too late.   

Good points but with one fatal flaw.  The devs want the emission of the coin to match the demand of the coin.  Currently there is almost zero demand and therefore almost zero emission.  However that in itself is also a fatal flaw because by the time they actually get past their discussion groups and roadmaps and actually implement *Something* useful, the crypto world will have left BTM behind and moved onto something else.  There are already other coins taking the basic premise behind BTM and running with it, at least one of them will "out BTM" BTM by simply being more proactive. 

Guys/Dev team. We need an algo that keeps the blocks moving even at reduced rewards.  I'd rather see 0.2 BTM every 2 minutes than 20 BTM every 12 hours or so.  Make it happen like yesterday!   

KGW and DGW are flawed algos.  DIGI would be my pick (with variable block reward based on hashrate).  If that is past your expertise, I have it on very good authority that the DIGI team are more than happy to help out. 

I really dont think mining should be changed before marking comes out.  It was a day away in december before mark got sick.

If the coin parameters change, before we see core marking, people will switch to another coin. 

[Gunther]

.....

So far my trust in this coin.

[Thomas-s]

Smart people are meanwhile accumulating 

[hokus_pokus]

As EsteNuno says, I have been a little ill since Christmas, nothing serious merely run down after last year and when I stopped I caught a cold and flu. I'm feeling much better now, and more importantly, it appears that this is one ship that cannot sail without a captain, time to get things sorted out and back up to full steam!

Any updates?  Wasnt able to find you on slack or IRC.

Nothing in git for 23 days, and we were told in december code was ready:

http://vps.bitmark.co/git

Is the plan still to move the code from private repositories to open source?

Bump

[Hulk Hobo]

Smart people are meanwhile accumulating 

False, smart people limited their risk @100K, 90K, 80K ...

[tdokta]

nicos shifted pool to hash to coins as xhash is closing in a few days time.

Actually, quote from the header on the xHash pool:

Good news everyone! We have found an investor and we won't be closing the pool. Thank you for your support!

Not that that really matters, glad to see he is still involved. At least there are 2 miners!!

that's great that there are still more than one pool out there. have discovered since using hash to coins that the pool achieves a greater efficiency for the machines.

[johndec2]

I made a request earlier for the dead pools to be removed from the OP.  It still hasn't happened.  Usually the first thing people do when they investigate a coin is look at the various pools to firstly check the health of a coin and secondly to pick a pool. When they get a bunch of dead links, they assume the coin is dead and move on.

Please update the OP....

[Hulk Hobo]

Has anyone heard from Mark re: thoughts, and to generally quell concerns ... I know he's been Ill, but it really seems unlike him to be this absent ...

And John, if you do decide to Dump, message me and perhaps we can make a deal off exchange.

[tdokta]

Has anyone heard from Mark re: thoughts, and to generally quell concerns ... I know he's been Ill, but it really seems unlike him to be this absent ...

And John, if you do decide to Dump, message me and perhaps we can make a deal off exchange.

+150

[monsanto]

Is "mark"/"marking" reserved for the reputation score only?  So that regardless of the amount of bitmarks given by any individual to another, it is the specific act of giving them (i.e., each transaction) that counts as one "mark"?

 

No, it's integration specific. So you can set it up whichever way you'd like for your own website or whatever. You can also use different algorithms if you plan on emphasizing the reputation part of it. I think we wanted to have a repository of algorithms and such so that people could just choose whatever one they thought would work well for them if they felt they needed one.

In some cases like perhaps a charity, the reputation aspect might not matter as much(or it might, it depends on the way they want to do it) so they might just integrate marking as a way that people can mark and transfer value to whatever cause they deem worthy.

Thanks for the info.

IMHO, from a marketing perspective, it's too bad there isn't a way to incorporate the full Bitmark branding into the "mark" terminology -- something like "Bitmarking" or "Bitmarkers."   I think Bitmark is a fantastic name (obvious btc association) but "marks" loses this, adds some confusion (public already finds crypto confusing) and sounds generic.  Maybe this isn't possible because of the need to differentiate the reputation aspect with certain algorithms or I'm missing something else.  Anyways just my 2 cents  

[defaced]

Glad to see a good coin like this is still going on strong Congrats guys. If you need any help from me let me know.

[Gunther]

The chain is stuck? I wanted to send some BTM to my local wallet, but still no confirms... it's been 4h or so 

[hokus_pokus]

Glad to see a good coin like this is still going on strong Congrats guys. If you need any help from me let me know.

We do need help but I'm not sure what help we need. Can someone else elaborate...maybe a dev?