Bitmark

[Qiuyue201]

Why sudden collapse?

Collapse? I see growth:

The market will always move in waves, can't only go straight up (overbought/oversold). The longterm trend is up.

yup, and as the price corrects itself it will come up to over 350k sats

Yup, clearly a correction. Look at the previous part of the chart. It usually goes like this but it is more visible now because of the scale.

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[melvster]

Thanks for updating the latest checkpoint.

I've marked the latest checkpoint via my slack account:

melvincarvalho 8:55 AM mark https://github.com/project-bitmark/bitmark/commit/e253704bbf106dfbbf8c7b90b521da391d838510 1
klaranet (bot) 8:55 AM 1₥ has been awarded to https://github.com/project-bitmark/bitmark/commit/e253704bbf106dfbbf8c7b90b521da391d838510

This has no significance other than for me to say that there has not been a double spend that I have noticed. 

Note: this is not a zero trust endorsement, it's a micro trust endorsement.  Therefore, in crypto currency terms is meaningless.  But in terms of a social signal it would allow a casual onlooker to see a data point, who it was from, and if they want to, make an inference. 

[Androidicus]

Hello Bitmark community,

Glad to be onboard with you  ! I'm a Dogecoin and Reddcoin fan and now happy to have come accross Project Bitmark, if memory serves I think it was through a CoinDesk article or other crypto-news site.
I find the projet to be hugely ambitious and love how it goes beyond the social aspect that Reddcoin wants to address.

I went through the github Wiki & read a nice interview I got forwarded on Twitter by the Bitmark account. I still have a lot of questions but I'm confident and hope everything will clarify as the development keeps advancing (respect to the team btw ).

I'm currently bootstrapping an apparel company and I thought, heck, it would be amazing to integrate Marking with my articles. Looking forward to learn how this can be done but I can already imagine putting QR codes or NFC chips on some parts of my products

Oh and I was wondering why don't you guys hang out on Reddit more often?
Also, I'm seeing that it's something like 20-40% less profitable to be mining BTM now (awaiting the drop in difficulty following the drop in the hashrate!), so I think I'll be bouncing between mining altcoins + converting to BTM and directly mining BTM for a higher hashrate although mine is quiet low. What's your strategy?

Cheers !

Hello and welcome. The developers and team are indeed hard at work on the project. It's also great to hear that you are one of the many potential adopters.

I will let others provide you with a more full response as rather busy myself! But, in short, I have talked before in this thread about the investment vs profit subject. Personally, I have made a considered decision to keep my hashrate constantly on Bitmark thereby supporting the network through all difficulty levels.

Enjoy...

[dbkeys]

The hashrate has now dropped to 5.25 GH/s for the network but the difficulty has not dropped with the hashrate drop.  Why is that?  Is that by design?

Changes every 720 blocks.

Seems to me that it is very unresponsive. A block has to be added to the block chain in order to verify the transactions within it. 720 blocks, if they were being generated every 2 minutes, would be one day; but because the difficulty remains high even as the network hash rate drops, isn't it possible those 720 blocks could be generated in as long as _several_ days before the difficulty re-adjusts ? What is the philosophy behind such a rather delayed response to the network hash rate ?

[dbkeys]

Why sudden collapse?

Collapse? I see growth:

The market will always move in waves, can't only go straight up (overbought/oversold). The longterm trend is up.

I see growth as well. I like the bitmark project. Currently, the price is at at 50% fibonacci retracement level from its high. It's likely that the price finds support here at about 1.4 mBTC / BTM

[klopper]

The hashrate has now dropped to 5.25 GH/s for the network but the difficulty has not dropped with the hashrate drop.  Why is that?  Is that by design?

Changes every 720 blocks.

Seems to me that it is very unresponsive. A block has to be added to the block chain in order to verify the transactions within it. 720 blocks, if they were being generated every 2 minutes, would be one day; but because the difficulty remains high even as the network hash rate drops, isn't it possible those 720 blocks could be generated in as long as _several_ days before the difficulty re-adjusts ? What is the philosophy behind such a rather delayed response to the network hash rate ?

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 from "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.

[klopper]

Cool! You can now mark in the Poloniex trollbox!

https://poloniex.com/marking

Great work guys!

[Thomas-s]

Cool! You can now mark in the Poloniex trollbox!

https://poloniex.com/marking

Great work guys!

This is awesome.

[batesresearch]

Cool! You can now mark in the Poloniex trollbox!

https://poloniex.com/marking

Great work guys!

Excellent work Bitmark team one of many projects that you have succeeded in and many more to come.

[SmokeJoe]

Cool! You can now mark in the Poloniex trollbox!

https://poloniex.com/marking

Great work guys!

Excellent work Bitmark team one of many projects that you have succeeded in and many more to come.

What does it mean exactly?

[coinsolidation]

Cool! You can now mark in the Poloniex trollbox!

https://poloniex.com/marking

Great work guys!

Excellent work Bitmark team one of many projects that you have succeeded in and many more to come.

What does it mean exactly?

Marking, the main part of this project, is now implemented on poloniex. If you don't know what marking is head to the OP, or scroll backwards through our twitter for lighter reading.

I'd like to thank the team at Poloniex for getting to know our project, and taking the decision to implement marking on their website, I hope it proves to be both useful and fun.

[Rraider]

https://poloniex.com/exchange


BIG BIG hit with the Polo trolls 

[SmokeJoe]

Cool! You can now mark in the Poloniex trollbox!

https://poloniex.com/marking

Great work guys!

Excellent work Bitmark team one of many projects that you have succeeded in and many more to come.

What does it mean exactly?

Marking, the main part of this project, is now implemented on poloniex. If you don't know what marking is head to the OP, or scroll backwards through our twitter for lighter reading.

I'd like to thank the team at Poloniex for getting to know our project, and taking the decision to implement marking on their website, I hope it proves to be both useful and fun.

Sorry, I've been smoking again, but I really like this coin. Good luck!

[pabloangello]

Cool! You can now mark in the Poloniex trollbox!

https://poloniex.com/marking

Great work guys!

This is historical moment and will leave big mark on Bitmark/Marking history

[mushroomfour9]

Why can you only mark so much per minute if you dont have 2fa?

[coinsolidation]

Why can you only mark so much per minute if you dont have 2fa?

Because it is reputation and money. Maybe Poloniex will change the limits, it is their implementation and every marking implementation is free to choose their own constraints, interface, and usage.

[mushroomfour9]

Why can you only mark so much per minute if you dont have 2fa?

Because it is reputation and money. Maybe Poloniex will change the limits, it is their implementation and every marking implementation is free to choose their own constraints, interface, and usage.

Ok. By the way i really like marking on the troll box, i can really see this becoming huge. Thanks keep up the good work!!!!

[emdje]

https://poloniex.com/exchange


BIG BIG hit with the Polo trolls 

There is a leaderboard and a log  : https://poloniex.com/markingLedger

[kold678]

I don't want to sound off but wtf is with the difficulty at 1953 when no one is mining the damn thing bunch of bs I tell yah it should drop rewarding the few of us that continue to mine costs money to mine and sure not making much

[coinsolidation]

I don't want to sound off but wtf is with the difficulty at 1953 when no one is mining the damn thing bunch of bs I tell yah it should drop rewarding the few of us that continue to mine costs money to mine and sure not making much

When it drops many people join to mine it pushing the difficulty back up again. Eventually it will reach a point where hashrate evens out and grows consistently, until then it's better to have less supply when there's less demand, than to have the same supply.

Miners are rewarded with BTM according to their hashrate, the more consistently miners (as a whole) mine the more consistent their rewards. As for the price-tag of those rewards in some other currency, well that changes over time and can't be calculated in advance, it depends if you ever swap it for some other currency, and at which point you do if you choose to.