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Author Topic: Bitmark  (Read 602407 times)
coinsolidation
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August 29, 2014, 01:30:16 AM
 #1221

For any general cryptographic currency mining is profitable in three circumstances:

1. As a consistent service offered, choosing the optimal time to sell percentages of the currency you are mining
2. Occasionally if you are an investor in the currency who has determined that it will be cheaper to acquire what you want by renting hashing power rather than buying on market
3. As an exploiter of new currencies (stealth launches) or by catching the a low difficulty AND low network hash of currencies with a quick coin maturation.

For Bitmark:

1. as above
2. as above
3. NO - cannot be done, we are neither new nor do we have a quick coin maturation, nor is our network ever low difficulty AND low network hash at the same time.

We have crafted bitmark in such a way to make 3 impossible.

If you are a miner then you have one profitable option, to mine as a service and choose the optimal time to sell some of what you mined.

If you are a consistent service miner, and you are frustrated by large difficulty changes, the only way to prevent them is to stay on the network and be consistent. If you remove hashing power then the difficulty will drop lower and the cycle of diff changes will have a greater negative impact on you, the only way to break the cycle and limit the impact (and earnings / incentive) of misinformed category 3 miners, is to be consistent.

Finally, I repeat again, those who mine consistently over long periods of time always have the lowest average production cost, and therefore the most average profit. If you mine in any other way, inconsistently, you are doing yourself (only) a great disservice.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
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coinsolidation
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August 29, 2014, 02:36:07 AM
 #1222

Marking explained in three images... reputation+money.





Transferable earned reputation, with crypto abstracted away. Each mark is earned, capturing and reflecting that earned value over time as it gets more distributed.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
Androidicus
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August 29, 2014, 06:26:34 AM
 #1223

Perfect!

 Smiley

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tdokta
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August 29, 2014, 06:34:23 AM
 #1224

looks seamless, like it already exists .. just to bring it to the people
Androidicus
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August 29, 2014, 08:47:12 AM
 #1225

A little statement:

I abandoned all GPU mining some months ago.

Currently...

1 x 360 Kh/s GS-Dual (5 Chip)
1 x 15.6 Mh/s Rig (G-Blades)
1 x 26 Mh/s Rig (G-Blades)

The little GSD is running 24/7 on BTM

The other 2 rigs are constantly on BTM - only logistical / circumstantial reasons cause any downtime.

Being a fan of both miningpool.co and minep.it I juggle a little between the two to try and maintain a spread.

I am 100% behind Bitmark | Marking

 Cool

 



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freigeist
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August 29, 2014, 09:43:08 AM
 #1226

For any general cryptographic currency mining is profitable in three circumstances:

1. As a consistent service offered, choosing the optimal time to sell percentages of the currency you are mining
2. Occasionally if you are an investor in the currency who has determined that it will be cheaper to acquire what you want by renting hashing power rather than buying on market
3. As an exploiter of new currencies (stealth launches) or by catching the a low difficulty AND low network hash of currencies with a quick coin maturation.

For Bitmark:

1. as above
2. as above
3. NO - cannot be done, we are neither new nor do we have a quick coin maturation, nor is our network ever low difficulty AND low network hash at the same time.

We have crafted bitmark in such a way to make 3 impossible.

If you are a miner then you have one profitable option, to mine as a service and choose the optimal time to sell some of what you mined.

If you are a consistent service miner, and you are frustrated by large difficulty changes, the only way to prevent them is to stay on the network and be consistent. If you remove hashing power then the difficulty will drop lower and the cycle of diff changes will have a greater negative impact on you, the only way to break the cycle and limit the impact (and earnings / incentive) of misinformed category 3 miners, is to be consistent.

Finally, I repeat again, those who mine consistently over long periods of time always have the lowest average production cost, and therefore the most average profit. If you mine in any other way, inconsistently, you are doing yourself (only) a great disservice.


Hello.

From what I 've read here in this thread it seams you have implemented kind of egalitarian mining in this coin where centralization is avoided and any miner has a better chance to
participate in the mining or I am wrong?!

I'm not into mining myself because I have seen that usually big investment are required
to keep up with the "mining" race and have any returns at all if you don't join the mining pools
which at the end leads to centralization.
Also the current mining process in almost all coins is the same mining at low difficulty -> hype -> pumping -> dumping and the cycle repeats few times until the coin is dead and forgotten in few months so I have not seen any purpose in such coins except enrich the few (developers / miners) on the top of the chain.

Your coin seems to be different in that matter but don't forget that without
services accepting the coin the coin may not also survive long time.

Out of curiosity can you tell me what would be the minimum hardware
requirements to start solo mining as a service this coin and to support this coin long term?


coinsolidation
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August 29, 2014, 02:23:04 PM
 #1227

From what I've read here in this thread it seams you have implemented kind of egalitarian mining in this coin where centralization is avoided and any miner has a better chance to participate in the mining or I am wrong?!

You are correct, the currency supply has been optimised to distribute a smaller rewards more frequently. Anybody mining will receive a portion of the rewards on average which correlates to the percentage of network hashing power they contribute on average.

If the network is running at 6GH/s, and an individual miner is providing 60MH/s, then that miner will find on average 1% of the blocks, roughly 7.2 blocks per day or 144 BTM per day. If mining consistently as a service then solo mining or pool mining equate to the same percentage of rewards, one has fees associated the other does not.

Here is a little mining calculator that can be used to calculate how much BTM can be earned per day for any given network hashrate and individual miner hashrate.

Your coin seems to be different in that matter but don't forget that without services accepting the coin the coin may not also survive long time.

Exactly! before considering mining or purchasing any currency I would encourage you to find out more it, in the case of Bitmark you'd be best to familiarise yourself with the general summary before moving on to the mainstay of the project, marking - illustrated graphically in a post slightly further up the page.

Project Bitmark is primarily focussed on adoption, with the Bitmark bit being a stable foundation on which we will build useful things.

Out of curiosity can you tell me what would be the minimum hardware requirements to start solo mining as a service this coin and to support this coin long term?

There is no technical minimum, however from a business perspective if mining as a service, then the most efficient hardware will always be the most profitable.

Of primary concern to anybody solo mining is electricity costs per kWh (per 1000w an hour), and the efficiency of the hardware - wattage per mh.

For example, a Thunder X6 will produce 18-20MH/s, we'll say 19MH/s average, with a power consumption of 450w.
Assuming your electricity is $0.10 per kWh, then to run one device will cost $0.045 per hour, $1.08 per day.
Assuming the network is 6GH/s, then one device will find 1/300 of the rewards, ~48 BTM per day, about $4-$5 worth at current value.

Then you need to consider the cost of the miner+P&P, perhaps $450. This is where the primary business decision is made, you can reasonably assume that if you've chosen a currency on the rise, that it's network hash speed will rise over time compared to your fixed hashrate, and therefore your rewards will drop, conversely that price-tag will rise also. The decision then is whether to hold what you mine choosing the optimal time to sell and recover some investment, or whether to sell immediately to be sure of a known quick return.

It is my own personal contention that selecting the currency to mine is the biggest decision to make, only mine something you are otherwise happy to hold and acquire, informed decisions such as this tend to work out best when investing in any capacity.

Others will be able to offer better advise. Research both mining and currencies heavily before making any decisions.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
82ndabnmedic
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August 29, 2014, 03:13:07 PM
 #1228

Marking explained in three images... reputation+money.





Transferable earned reputation, with crypto abstracted away. Each mark is earned, capturing and reflecting that earned value over time as it gets more distributed.



Brilliant, they look great Mark!

I can envision the day when Marking is fully integrated. As you surf the web in all directions, anywhere you point your browser, Marking can and will be there.

CISSP | PMP | CEH

Bitmark: Project Manager & PR Coordinator


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BTM: bNidDXnRu5fuD8Th7cPFh7jnPdyAhMh7Nr
coinsolidation
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August 29, 2014, 03:36:18 PM
 #1229

Fast forward a while, is this true democracy? Voted and paid for by the people.


Bitmark (reputation+money) : Bitmark v0.9.4 (release)
Androidicus
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August 29, 2014, 03:52:33 PM
 #1230

Fast forward a while, is this true democracy? Voted and paid for by the people.

Perhaps illustrating the seemingly endless potential for adoption of Marking...

Failure is success waiting to happen...
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August 29, 2014, 03:52:41 PM
 #1231

Fast forward a while, is this true democracy? Voted and paid for by the people.



With coloured marks perhaps. Given out to individuals to use where they see fit. As a vote which can be delegated or cast by themselves.

Giving adoptions*(we should probably think of a better term for that, it's a little vague) the ability to create special sets of marks for use could be really powerful.

* For those who aren't aware, an adoption is an entity who has integrating marking in to their system(website ect.).
coinsolidation
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August 29, 2014, 03:54:14 PM
 #1232

You may have read about DACs and Multi Signatures, here's a quick model to show them simply used in real world action, check the right hand side.



Is marking becoming clearer yet?

This is a model for the Bitmark Foundation in the future, and how we hope it can be run. - The budget can come from the earlier git mockup, one click public micro-funding

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
coinsolidation
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August 29, 2014, 04:01:36 PM
 #1233

With coloured marks perhaps. Given out to individuals to use where they see fit. As a vote which can be delegated or cast by themselves.

Giving adoptions*(we should probably think of a better term for that, it's a little vague) the ability to create special sets of marks for use could be really powerful.

* For those who aren't aware, an adoption is an entity who has integrating marking in to their system(website ect.).

Yes Smiley - delegation will be important, I vote for whatever Mary votes for.

Ideally it would be a bit more thorough, consider a petition/task to 'Fix the Potholes on Hill Street', there could be say two more sections:

1. voted in experts to manage the project for a percentage of budget
2. local contractors with submitted budgets to do the work

Completely decentralized self managing local governance.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
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August 29, 2014, 08:08:27 PM
 #1234

With coloured marks perhaps. Given out to individuals to use where they see fit. As a vote which can be delegated or cast by themselves.

Giving adoptions*(we should probably think of a better term for that, it's a little vague) the ability to create special sets of marks for use could be really powerful.

* For those who aren't aware, an adoption is an entity who has integrating marking in to their system(website ect.).

Yes Smiley - delegation will be important, I vote for whatever Mary votes for.

Ideally it would be a bit more thorough, consider a petition/task to 'Fix the Potholes on Hill Street', there could be say two more sections:

1. voted in experts to manage the project for a percentage of budget
2. local contractors with submitted budgets to do the work

Completely decentralized self managing local governance.

Yeah, it could have a lot of really interesting applications like that. Smiley

It will be fun to figure out all of these systems.
Androidicus
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August 29, 2014, 08:10:27 PM
 #1235

Mmm...

I just found block 32000 !

Just had to share that...  Cool

Failure is success waiting to happen...
coinsolidation
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August 29, 2014, 08:34:22 PM
 #1236

Mmm...

I just found block 32000 !

Just had to share that...  Cool

Congratulations, it should have been block 33200, we are currently running 40 hours behind currency schedule, which is nice, as a consequence there are 24,000 less BTM in the world than there should be by today's date.

Bitmark (reputation+money) : Bitmark v0.9.4 (release)
Androidicus
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August 29, 2014, 08:45:57 PM
 #1237

Mmm...

I just found block 32000 !

Just had to share that...  Cool

Congratulations, it should have been block 33200, we are currently running 40 hours behind currency schedule, which is nice, as a consequence there are 24,000 less BTM in the world than there should be by today's date.

Looking forward to 33200!

Some excellent examples of potential Marking adoption earlier - great things to come...

Failure is success waiting to happen...
82ndabnmedic
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August 30, 2014, 01:25:34 AM
 #1238

Friendly reminder: There is still a Bounty out for the development of an IRC Log Bot.

For Bounty requirements, follow this link https://trello.com/c/AhbeqcvV and click to view or download PDF.

CISSP | PMP | CEH

Bitmark: Project Manager & PR Coordinator


BTC: 1FEi8MSP3ccoqLah8EcxfGZVHUViEmQfvQ

BTM: bNidDXnRu5fuD8Th7cPFh7jnPdyAhMh7Nr
Androidicus
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August 30, 2014, 01:00:03 PM
 #1239

On miningpool.co there are two miners at 3 and 8 Kh/s respectively at bottom of the list - now that is what I call dedication, belief, & commitment!

And one is also donating on the pool... respect! Where is that Marking button next to them..?!

 Smiley

Failure is success waiting to happen...
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August 30, 2014, 01:10:59 PM
 #1240

On miningpool.co there are two miners at 3 and 8 Kh/s respectively at bottom of the list - now that is what I call dedication, belief, & commitment!

And one is also donating on the pool... respect! Where is that Marking button next to them..?!

 Smiley

Good Call Adroidicus!

To all those dedicated miners, Thank You!

CISSP | PMP | CEH

Bitmark: Project Manager & PR Coordinator


BTC: 1FEi8MSP3ccoqLah8EcxfGZVHUViEmQfvQ

BTM: bNidDXnRu5fuD8Th7cPFh7jnPdyAhMh7Nr
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