Bitmark

[coinsolidation]

The important information which enables people to make a decision as to whether they want to consider finding out more about Bitmark is in the OP, and the rest of the information together with full rationale are just a link away.

'Allocation of Variables' is not a good description for the coin specifications. I think the first thing people want to know are the basics: coin cap, block reward schedule, algo. If I were just finding this thread, I wouldn't wade through 49 links just to find this information out. I would skim, not find it, and close the tab.

I don't think it has to be the standard [ANN] format that everyone else uses, but there should definitely be an easy to find section for the basic information.

The first few lines of the wiki have all of that information in the form of links link 'Block Time: 120 Seconds (2 Minutes)' which takes you to find out more about each thing.

I will update the OP before the end of the day, to make the pertinent details somewhat clearer.

A question to you is, if the first thing you read was the basic blockchain configuration would you then read more, and would you be here today?

Thank you for the feedback.

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[cryptozim]

A question to you is, if the first thing you read was the basic blockchain configuration would you then read more, and would you be here today?

That's a valid question, and one that I don't have an answer to. I can answer the opposite of that question, though: If that information wasn't available in the OP, no, I would not be here.

[coinsolidation]

A question to you is, if the first thing you read was the basic blockchain configuration would you then read more, and would you be here today?

That's a valid question, and one that I don't have an answer to. I can answer the opposite of that question, though: If that information wasn't available in the OP, no, I would not be here.

Thank you, would you be willing to give the OP a review later once I have updated it and suggest things you feel need changed?

On another note, I have set the 230MH/s running on the IPM Pool Test for 3 hours. Once the difficulty changes I will do the calculations and report here as to progress and estimates.

And the first block by the IPM Pool has just been found The IPM Pool has a permanent address of bXcNHNYKxbSwqTMguD6CaePPBBXRpXKe4d we need our own block explorer, not urgently

[82ndabnmedic]

Mark - I forgot to add my Bitmark address for the IPM. I know this is nothing urgent, but I did not want to overlook it again. Thanks

My Bitmark Address: bDz5HR4xQCKsXw97riGN5yCss7FBaEncQ6

[dimfot]

well for me the non prefixed and standard OP made me realize what this coin's about and made me mine and stick with it 

[emdje]

Coinsolidation just rented my rig  
https://www.miningrigrentals.com/rigs/3166
I was already mining Bitmarks  

When you confirm you are mining Bitmarks with it I will give you half an hour extra  

[coinsolidation]

My Bitmark Address: bDz5HR4xQCKsXw97riGN5yCss7FBaEncQ6

Thank you. That saves me a PM. Already the IPM Pool has mined 140 BTM, and counting.

well for me the non prefixed and standard OP made me realize what this coin's about and made me mine and stick with it 

That is good to know, and thank you for sticking with it. I will update the OP as it needs freshened up and to be more relevant to the current status. The project is moving fast.

Coinsolidation just rented my rig  
https://www.miningrigrentals.com/rigs/3166
I was already mining Bitmarks  

When you confirm you are mining Bitmarks with it I will give you half an hour extra  

Confirmed: A2 Mini 29MH/s, rental id 34790

Mark

[emdje]

My Bitmark Address: bDz5HR4xQCKsXw97riGN5yCss7FBaEncQ6

Thank you. That saves me a PM. Already the IPM Pool has mined 140 BTM, and counting.

well for me the non prefixed and standard OP made me realize what this coin's about and made me mine and stick with it 

That is good to know, and thank you for sticking with it. I will update the OP as it needs freshened up and to be more relevant to the current status. The project is moving fast.

Coinsolidation just rented my rig  
https://www.miningrigrentals.com/rigs/3166
I was already mining Bitmarks  

When you confirm you are mining Bitmarks with it I will give you half an hour extra  

Confirmed: A2 Mini 29MH/s, rental id 34790

Mark

Just gave you an extra hour. Enjoy

[coinsolidation]

Just gave you an extra hour. Enjoy

Sorry, but if possible could you remove the extra hour?

I am very grateful for your sentiment, thank you.

For the next 2-3 days I am trying to manually complete the IPM Pool process and implement it at the same time. The exact figures are very important to have and quite complex to calculate, any additional free time added will skew the figures and potential lead me to make a mistake.

Again, thank you, perhaps as we progress a fixed fee hashing power arrangement could be made. If the IPM Pool has constant demand and bitmark continues to grow as it is, the hashing power needed could require more than the hashing power that is available to lease from all the services combined. As such, prearranged fixed fee hashing may need to be considered in the future.

[cryptozim]

well for me the non prefixed and standard OP made me realize what this coin's about and made me mine and stick with it 

I do like the non-prefixed title. Much cleaner.

[emdje]

Just gave you an extra hour. Enjoy

Sorry, but if possible could you remove the extra hour?

I am very grateful for your sentiment, thank you.

For the next 2-3 days I am trying to manually complete the IPM Pool process and implement it at the same time. The exact figures are very important to have and quite complex to calculate, any additional free time added will skew the figures and potential lead me to make a mistake.

Again, thank you, perhaps as we progress a fixed fee hashing power arrangement could be made. If the IPM Pool has constant demand and bitmark continues to grow as it is, the hashing power needed could require more than the hashing power that is available to lease from all the services combined. As such, prearranged fixed fee hashing may need to be considered in the future.

No it is not possible sorry. I am not home currently, otherwise I could have 'pulled the plug'. And due to the heat here I turned off everything but the miner, so no way to remotely log in. You could set up an extra pool on mining rig rentals and switch over for the last hour. Mine something for yourself  
Sorry for the inconvenience.

[Chronikka]

Been busy with work the last couple of days, and I return to see Bitmark doing quite well   

IPM here I come...

[roko]

check this out https://twitter.com/bit_mark

[coinsolidation]

IPM Pool Test Update

I have ran the first IPM Pool Test round for a period of 3 hours.
Some settings need changed on the Pool server, and I need to speak to both the rig rental company and the stratum-mining team about some issues.
Additionally the difficulty is too low and the network speed too high after changes today.

The first test went well, performing exactly as expected, and minting 608 BTM for the investors and 32 BTM for the Bitmark Foundation.

First Round

Code:

Time Period:		3 Hours
Network Difficulty:	16.0725
Network Block Target: 	90
Network Block Created:	173
Network Performance:	1.9222x
Target Net Hashrate:	575.257 MH/s
Average Net Hashrate:	1,105.759 MH/s
IPM Pool Hashrate:	205 MH/s
IPM Pool Network %:	18.552%
IPM Pool Block Target:	31 Blocks
IPM Pool Blocks Found:	32 Blocks
IPM Pool BTC/MH/day:	0.00111461 BTC
Production Cost/BTM:	$0.0280 USD, 0.00004463 BTC
Investor Cost/BTM:	$0.0295 USD, 0.00004698 BTC
BTM Cost Change:	?

Once the difficulty changes again I will run the next test for another 3 hours.

Next Round Estimate

Code:

Time Period:		3 Hours
Network Difficulty:	33.5128
Network Block Target: 	90
Network Block Created:	114
Network Performance:	1.2666x
Target Net Hashrate:	1,199.469 MH/s
Average Net Hashrate: 	1,520 MH/s
IPM Pool Hashrate:	419 MH/s (35% of target)
IPM Pool Network %:	27.565%
IPM Pool Block Target:	31 Blocks
IPM Pool Blocks Found:	31 Blocks
IPM Pool BTC/MH/day:	0.00115 BTC
Production Cost/BTM:	$0.0611 USD, 0.00009715 BTC
Investor Cost/BTM:	$0.0643 USD, 0.00010226 BTC
BTM Cost Change:	+117.667%

The IPM Pool proposal has more information on BTM production cost according to network difficulty.

In the absence of a market to establish the price, NewLibertyStandard's estimate based on production cost is a good guess and a helpful service (thanks).  The price of any commodity tends to gravitate toward the production cost.  If the price is below cost, then production slows down.  If the price is above cost, profit can be made by generating and selling more.  At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.

[dimfot]

IPM Pool Test Update

I have ran the first IPM Pool Test round for a period of 3 hours.
Some settings need changed on the Pool server, and I need to speak to both the rig rental company and the stratum-mining team about some issues.
Additionally the difficulty is too low and the network speed too high after changes today.

The first test went well, performing exactly as expected, and minting 608 BTM for the investors and 32 BTM for the Bitmark Foundation.

First Round

Code:

Time Period:		3 Hours
Network Difficulty:	16.0725
Network Block Target: 	90
Network Block Created:	173
Network Performance:	1.9222x
Target Net Hashrate:	575.257 MH/s
Average Net Hashrate:	1,105.759 MH/s
IPM Pool Hashrate:	205 MH/s
IPM Pool Network %:	18.552%
IPM Pool Block Target:	31 Blocks
IPM Pool Blocks Found:	32 Blocks
IPM Pool BTC/MH/day:	0.00111461 BTC
Production Cost/BTM:	$0.0280 USD, 0.00004463 BTC
Investor Cost/BTM:	$0.0295 USD, 0.00004698 BTC
BTM Cost Change:	?

Once the difficulty changes again I will run the next test for another 3 hours.

Next Round Estimate

Code:

Time Period:		3 Hours
Network Difficulty:	33.5128
Network Block Target: 	90
Network Block Created:	114
Network Performance:	1.9222x
Target Net Hashrate:	1,199.469 MH/s
Average Net Hashrate: 	1.520 MH/s
IPM Pool Hashrate:	419 MH/s (35% of target)
IPM Pool Network %:	27.565%
IPM Pool Block Target:	31 Blocks
IPM Pool Blocks Found:	31 Blocks
IPM Pool BTC/MH/day:	0.00115 BTC
Production Cost/BTM:	$0.0611 USD, 0.00009715 BTC
Investor Cost/BTM:	$0.0643 USD, 0.00010226 BTC
BTM Cost Change:	+117.667%

The IPM Pool proposal has more information on BTM production cost according to network difficulty.

In the absence of a market to establish the price, NewLibertyStandard's estimate based on production cost is a good guess and a helpful service (thanks).  The price of any commodity tends to gravitate toward the production cost.  If the price is below cost, then production slows down.  If the price is above cost, profit can be made by generating and selling more.  At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.

Isn't this way setting a price for Bitmark?

[coinsolidation]

The IPM Pool proposal has more information on BTM production cost according to network difficulty.

In the absence of a market to establish the price, NewLibertyStandard's estimate based on production cost is a good guess and a helpful service (thanks).  The price of any commodity tends to gravitate toward the production cost.  If the price is below cost, then production slows down.  If the price is above cost, profit can be made by generating and selling more.  At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.

Isn't this way setting a price for Bitmark?

The difficulty determines the production cost of a Bitmark each day.
Supply and Demand determines the price tag.

If demand for the Bitmark is greater than the supply, then the price tag on markets goes up. More people try to provide the supply which pushes the difficulty (and therefore production cost) up.
If supply for the Bitmark is greater than the demand, then the price tag on markets does down. Less people try to provide the supply which pushes the difficulty (and therefore production cost) down.

Demand is driven by the usefulness and adoption of Bitmark.

From a price tag perspective the IPM pool:
 * allows people to see the production cost transparently and see it changing each day.
 * allows some investors to purchase a fair share of each days Bitmarks at a price close to that of production.
 * provides a measure of confidence in Bitmark, that people are willing to pay slightly more than the base production cost to ensure the longevity of Bitmark.
 * reduces downwards changes in difficulty, cushioning the blow to markets and producers (miners).
 * reduces the ability for multipools and private farms to exploit the value of the coin, as when they drive up production cost the variable hashrate of the IPM pool keeps production higher than pools alone can, reducing it back down softly, which makes it harder for these bad actors to repeat the exploit.
 * encourages honest miners who mine to hold and support as they can, which reduces some downwards pressure on markets.
 * reduces the ability for anybody to hoard, ensuring distribution is fairer and limiting ability to corner the market, manipulate it or price fix, or acquire an unfair amount.
 * encourages user adoption by cushioning the effects of difficulty adjustments to keep confirmations at an average speed even when under attack.
 * reinforces security by making a 51% attack almost infeasible, as any attacker would have to out power the miners and the variable hashing power of investors seeking to protect their investment.

The IPM Pool combined with both our block chain configuration and the way the project is focussed, attempts to balance the interests of miners, investors, development team, so that we can offer the user a stable and balanced experience.

[coinsolidation]

Checkpoints: I have updated the checkpoints now that we are a few days in, if you are building from source or run a pool, please update as you see fit.

P2Pool
https://github.com/project-bitmark/p2pool is ready for testing if anybody would like to run it.
One node is up on the dedicated server.
Follow the install instructions including scrypt support. Then start with "--net bitmark".

Thank you to TheDirector for his help in both initiating and setting this up.

Once we have P2Pool mined a block I will submit a pull request to the main project.

IPM Pool
My concerns with our stratum pool have now been addressed.
The next three hour test updated 08:30 UTC is now underway, the IPM Pool is hashing at 430MH/s.
There will then be a twelve hour test before the next change. Followed by two full mining day tests.

[emdje]

He Mark are you intentionally preventing me from mining BitMark by renting my rig again? (Joking)
Glad you like the rig. Currently not hashing so great..... Is that due to a test you are running?

[coinsolidation]

He Mark are you intentionally preventing me from mining BitMark by renting my rig again? (Joking)
Glad you like the rig. Currently not hashing so great..... Is that due to a test you are running?

The last round consisted of 30 hired mining rigs and on average they performed exactly as required.
Could you provide more details as to how it was not hashing so great, was it rejects or a the difficulty inappropriately set or something else?

I will post the details of the last round very shorty.

[pabloangello]

I would like to invest 0.2 BTC into IPM pool. Where should I send BTC and when I will get Bitmarks mined for it?