Bitmark

[tdokta]

Good, our friend intelle is back, they have jumped on and off the network since day three I think.

Difficulty, revisited

Satoshi told us, and we have quoted before:

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.

now what has happened with other currencies, is that they have changed the special formula to "If the price is below cost, then production slows down."

through short diff changes and things like kgw/dgw they have changed it to "If the price is below cost, then production cost falls"

which has killed them, or made it hard for them to survive

whereas with us we have the special formula from satoshi, on sunday I wrote, in slack:

so maybe what follows is only a temporary alignment for a day, or two max, followed by a slow/fast cycle like before going from 100-400 on diff, and double the price range of the last on market
for maybe 2 weeks
through which time volume on both could intensify, and close the large spread

so at diff 400, the network may quarter, slowing production down, giving the market a time to adjust, and making our btm more scarce, and thus more valuable

so the adjustment goes up, not down, on market - as long as we earn it

and with that, our network changes difficulty to just over 400, and we enter this phase.

Let this be a lesson to trust those before, and reinforce our decision to not change how our difficulty works.

good one, this difficulty explanation from Satoshi brings a lot of sense when melded with the Bitmark protocol. good thing we have the network health graph to gauge price indicators. http://bitmark.co/statistics/health my favourite is the blue line, being with the network from day one, this tool helps us greatly with our weekly costings.

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[klopper]

Just discovered bitmark... and I must say this is just AMAZING!

After reading, I think this must be one of the most promising projects in crypto, and I am happy to be a small part of it!

[subSTRATA]

Just discovered bitmark... and I must say this is just AMAZING!

The only thing amazing here is quantity of (garbage) text intentionaly blasted at noobs' faces to prevent them from realising that Bitmark is a just another scrypt clone.

[coinsolidation]

Just discovered bitmark... and I must say this is just AMAZING!

The only thing amazing here is quantity of (garbage) text intentionaly blasted at noobs' faces to prevent them from realising that Bitmark is a just another scrypt clone.

That sad truth is, that if you had read through the thread or the documents or anything which other people had, you would realize that everybody already knows that the codebase is just a fork of the latest Bitcoin release modified to support scrypt and with the chain configuration adjusted to what we need. It's what you would get if Litecoin were created today, and has had just marginally more work than say Viacoin.

In fact, if you'd like to do the same, we've saved you the work, you can clone a fully tested version of our codebase here and use it as you please.

The saddest part however, is that you, unlike everybody else who replied in the last 1300+ replies, didn't take the time to discover what the project is about, or doing.

I am glad however that the above was your response, it shows our decisions in the way we crafted the thread have worked, in that you, are the only person with an uninformed comment out of 35,000 readers. That's quite an achievement.

Regards,

Mark

[82ndabnmedic]

Just discovered bitmark... and I must say this is just AMAZING!

After reading, I think this must be one of the most promising projects in crypto, and I am happy to be a small part of it!

Thank You for those kind words. We understand that within this forum there exists many options for people to chose from, we greatly appreciate the fact that you have taken the time to both read and comprehend what Bitmark & Marking is all about. We wish to reciprocate this by remaining steadfast in working toward our goals...The Bitmark Project Team believes in action rather than hype & empty promises, so we shall continue with the approach that has worked so well for us. If you wish to be kept abreast of all the current developments, come join us on slack. Just send me or EsteNuno a PM with your email if you or anyone here is interested.
Thank You

[Este Nuno]

For anyone who hasn't seen this yet, this is pretty cool:

Some early prototype marking buttons.

http://bitmark.co/bitmark.co/logo#

[wagamamaman]

For anyone who hasn't seen this yet, this is pretty cool:

Some early prototype marking buttons.

http://bitmark.co/bitmark.co/logo#

Second that.  Excellent images, plus I hear they'll be an Api allowing people to extend to make tailor image of their own (if I understand right).

Also, I'll make this my "hello" post to this thread, although I should be know to some of you already from elsewhere.

Marking is fantastic and inspiring work.  This may well imo become an historic thread!

[subSTRATA]

Just discovered bitmark... and I must say this is just AMAZING!

The only thing amazing here is quantity of (garbage) text intentionaly blasted at noobs' faces to prevent them from realising that Bitmark is a just another scrypt clone.

That sad truth is, that if you had read through the thread or the documents or anything which other people had, you would realize that everybody already knows that the codebase is just a fork of the latest Bitcoin release modified to support scrypt and with the chain configuration adjusted to what we need. It's what you would get if Litecoin were created today, and has had just marginally more work than say Viacoin.

In fact, if you'd like to do the same, we've saved you the work, you can clone a fully tested version of our codebase here and use it as you please.

The saddest part however, is that you, unlike everybody else who replied in the last 1300+ replies, didn't take the time to discover what the project is about, or doing.

I am glad however that the above was your response, it shows our decisions in the way we crafted the thread have worked, in that you, are the only person with an uninformed comment out of 35,000 readers. That's quite an achievement.

Regards,

Mark

Thank You for those kind words. We understand that within this forum there exists many options for people to chose from, we greatly appreciate the fact that you have taken the time to both read and comprehend what Bitmark & Marking is all about. We wish to reciprocate this by remaining steadfast in working toward our goals...The Bitmark Project Team believes in action rather than hype & empty promises, so we shall continue with the approach that has worked so well for us. If you wish to be kept abreast of all the current developments, come join us on slack. Just send me or EsteNuno a PM with your email if you or anyone here is interested.
Thank You

http://www.youtube.com/watch?v=5P2jJdrz9bY

Also, your politeness makes me sick. No more post for a while from me, don't wanna bump this scam anymore - I'll check what you have done in a month or so, untill then happy
debating on irrelevant matters and luring noobs into buying craps you are selling.

[schnötzel]

For anyone who hasn't seen this yet, this is pretty cool:

Some early prototype marking buttons.

http://bitmark.co/bitmark.co/logo#

Second that.  Excellent images, plus I hear they'll be an Api allowing people to extend to make tailor image of their own (if I understand right).

Also, I'll make this my "hello" post to this thread, although I should be know to some of you already from elsewhere.

Marking is fantastic and inspiring work.  This may well imo become an historic thread!

I don´t know if you know this: https://github.com/project-bitmark/marking/wiki

Could be interesting for you. Enjoy  

[klopper]

Just discovered bitmark... and I must say this is just AMAZING!

The only thing amazing here is quantity of (garbage) text intentionaly blasted at noobs' faces to prevent them from realising that Bitmark is a just another scrypt clone.

It is not the coin spec that caught my eye...

THIS is what I have been looking for, THIS is innovation at it's best!

[uuzcloud]

hi, markers

https://github.com/simplecrypto/simplecoin

we can setup a simplebitmark pool mine merged coins.

[johndec2]

hi, markers

https://github.com/simplecrypto/simplecoin

we can setup a simplebitmark pool mine merged coins.

I would hope that BTM does not go down the path of merged mining.  A coin will only have value if people are willing to expend resources to acquire it. As soon as you get them for free - well that is what they are worth.  The recent fork of DOGE is a good example.  Before merge mining the coin was worth 41 sat.  Now the nethash has multiplied by a factor of over 6 from 60 odd gh/s to 373 gh/s yet the coin is still only worth 41 sat. The is an effective over 80% devaluation of the coin.

[Este Nuno]

hi, markers

https://github.com/simplecrypto/simplecoin

we can setup a simplebitmark pool mine merged coins.

I would hope that BTM does not go down the path of merged mining.  A coin will only have value if people are willing to expend resources to acquire it. As soon as you get them for free - well that is what they are worth.  The recent fork of DOGE is a good example.  Before merge mining the coin was worth 41 sat.  Now the nethash has multiplied by a factor of over 6 from 60 odd gh/s to 373 gh/s yet the coin is still only worth 41 sat. The is an effective over 80% devaluation of the coin.

People will merge mine coins like Dogecoin with Bitmark if they'd like to. With Bitmark having the actual PoW being done for it. I expect to see people mining BTM and DOGE together fairly soon.

[johndec2]

Este.  I'm not familiar with the setup of BTM (yes, I should read the github ) but DOGE had to be modified and forked to enable merge mining. Is BTM already set up to allow merge mining?

[Este Nuno]

Este.  I'm not familiar with the setup of BTM (yes, I should read the github ) but DOGE had to be modified and forked to enable merge mining. Is BTM already set up to allow merge mining?

No, nothing specific has been set up in Bitmark for merge mining and I don't believe we will ever be an Aux-PoW mined(merge mined) currency like Doge is. But Bitmark should be able to take a similar role as Litecoin is doing with Doge, that is people mine BTM on the regular BTM network and also submit their blocks to Doge once our difficulty is at least as high as the difficulty on the Doge network.

[johndec2]

That's exactly the answer I like    Let them come to us.  I look forward to the day when LTC fork their code to enable them to be merge mined on the BTM network!!

[dbkeys]

Why does the bitmark-qt software advise that it will take 20 GB of disk space for its block chain ?  This seems excessive, since it is a new coin, and likely has many less transactions than bitcoin, which only recently , after years of operation, crossed the 20 GB mark it its blockchain.

[coinsolidation]

Why does the bitmark-qt software advise that it will take 20 GB of disk space for its block chain ?  This seems excessive, since it is a new coin, and likely has many less transactions than bitcoin, which only recently , after years of operation, crossed the 20 GB mark it its blockchain.

Developer error, I had a note to change it to something more realistic which would do for 1 year, a note rather than a github issue, and thus forgot to change it on the last release.

I may update the seed nodes and cross compile for all targets again with the same release version again, to update the binaries, since it's a non functionality changing change.

[dbkeys]

Why does the bitmark-qt software advise that it will take 20 GB of disk space for its block chain ?  This seems excessive, since it is a new coin, and likely has many less transactions than bitcoin, which only recently , after years of operation, crossed the 20 GB mark it its blockchain.

Developer error, I had a note to change it to something more realistic which would do for 1 year, a note rather than a github issue, and thus forgot to change it on the last release.

I may update the seed nodes and cross compile for all targets again with the same release version again, to update the binaries, since it's a non functionality changing change.

Ah, I see, after clearing the requisite space, I did note that the blockchain is nowhere near that large. Yeah, do remove that warning; it's needlessly fightening...

[btcney]

Damn the price is increasing every day