Bitmark

[johnywalker]

Bitmark was added to Comkort exchange.
Three markets are live Bitmark <-> BTC, LTC, DOGE.
Enjoy trading on Comkort exchange!

[Androidicus]

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.

And I would add @coinsolidation's historical statement "mining is a service, not a money printing machine".

One cannot judge short term profit against long term value. Personally, I have been mining consistently at all difficulties other than hardware downtime. Why? Because I believe in supporting the network and I do not measure the reward in terms of dumping mining production at the exchange. My 'cost of production' is my investment - the project's long term 'value' is the reward.

Read through the thread, at the project's twitter feed, and at what is actually happening on the ground i.e. marking adoption on Poloniex chatroom. With every adoption and growing excitement at what is coming in the future, the 'value' will grow...

[johndec2]

Androidicus. I admire your dedication to the coin through thick and thin but this "feast and famine" cycle is wearing a bit thin.  It's looking like the current round may last up to 10 days, followed by 6 hours of insanity, rinse and repeat.  Like you, I'm hoping that it will eventually equalise but we shall see.

The general theory around here is mine at all diffs and you will be rewarded.  Umm, sorry but that is not true.  If I was mining BTM at the current diff I would be getting around 20 BTM per day.  What I am doing is mining another coin, selling it and buying BTM. That is getting me up to 40 BTM per day plus helping support the price.  Judging by the nethash, I'm not the only one that has figured that out.


In a way, I'm doing myself and other bag holders a favour. By NOT mining the coin I'm making it scarcer and therefore more valuable.  What happened to the IPM scheme that was supposed to avoid this situation?

[thenite0wl]

i agree with johndec2. the mining aspect of btm has become unbalanced. which is fine because you can pick and choose when to mine. the worst part is the confirmations taking many hours. that is not good for a crypto hoping to be adopted by the masses. right now it has to be the least transferable crypto.

[Este Nuno]

Launch Saturday October 4th, maybe even from the night Friday:
 

Nice, looking forward to testing out your platform.

[dbkeys]

i agree with johndec2. the mining aspect of btm has become unbalanced. which is fine because you can pick and choose when to mine. the worst part is the confirmations taking many hours. that is not good for a crypto hoping to be adopted by the masses. right now it has to be the least transferable crypto.

I agree with this. I think the difficulty being slow to respond to the network hash rate as a policy to control supply / mining is fine, but it has to be balanced with the needs of users of the currency to get confirmations.

Perhaps a block reward formula that took into account the number of transactions in the block would serve all interests ? ie, reduce the block reward for blocks that have less than a certain threshold number of transactions, but do adjust the difficulty more often to respond to the network hash rate and thus produce the blocks at the desired target rate.

[melvster]

Androidicus. I admire your dedication to the coin through thick and thin but this "feast and famine" cycle is wearing a bit thin.  It's looking like the current round may last up to 10 days, followed by 6 hours of insanity, rinse and repeat.  Like you, I'm hoping that it will eventually equalise but we shall see.

The general theory around here is mine at all diffs and you will be rewarded.  Umm, sorry but that is not true.  If I was mining BTM at the current diff I would be getting around 20 BTM per day.  What I am doing is mining another coin, selling it and buying BTM. That is getting me up to 40 BTM per day plus helping support the price.  Judging by the nethash, I'm not the only one that has figured that out.


In a way, I'm doing myself and other bag holders a favour. By NOT mining the coin I'm making it scarcer and therefore more valuable.  What happened to the IPM scheme that was supposed to avoid this situation?

Yup good analysis.

It's swings and roundabouts really.  Mining BTM has the advantage of securing the net, faster confirms.  If you want to actively play the market you can arguably make an increased return during certain periods (what warren buffett calls cigar butt investing), but, imho, it's relatively small sums compared with the long-term project ambitions, as the free float is still small (under 5%) and about only 1% of people that could know about BTM do.  Similarly scarcity will act as a deflationary influence. 

But there's another aspect from the mine/trade paradigm and that's growing adoption from the web.  The poloniex rollout has been quite eye opening, there has been a hive of activity, and if this leads to more engagement and businesses to gain a significant competitive advantage, then this ought to become another driving force.  As a developer my hope is that adoption will lead, and the price follow.

[coinsolidation]

The Bitmark aware miners problem is a social problem entirely under the control of Bitmark aware miners.

We encourage you to form a community and educate each other, agree that it is better to suffer a marginally too high difficulty once for an extra few hours and prevent a large difficulty drop than to withdraw all support and keep yourselves in the "feast and famine" cycle.

It is the BTM miners who determine the current and subsequent difficulty, by adding and withdrawing hashing power, it can only be resolved with education and communication. The users, developers, traders, investors, and general community cannot help you, all we can do is repeat the same information month after month. Mine consistently or suffer inconsistency.

[skywave]

not sure what's wrong - my wallet (0.9.2.2-beta) is sync'ing but looks like it's hanging - saying 2 hrs behind - and stuck on block 43646.. 8 active conn..
hmmm what could be wrong?

[coinsolidation]

not sure what's wrong - my wallet (0.9.2.2-beta) is sync'ing but looks like it's hanging - saying 2 hrs behind - and stuck on block 43646.. 8 active conn..
hmmm what could be wrong?

That is correct, we have a low hashrate and a high difficulty, please check http://bitmark.co:3000/ for the latest blocks.

We are hopeful that miners will begin to mine more consistently, for everyone's benefit, including their own.

[MiningSev0]

not sure what's wrong - my wallet (0.9.2.2-beta) is sync'ing but looks like it's hanging - saying 2 hrs behind - and stuck on block 43646.. 8 active conn..
hmmm what could be wrong?

Dito.

I think this is because of the extremly low network Speed combined with the very high Diff.
The Result of this two factors is that Blocks came so slow that the wallet "thinks" there must be more blocks and I must be out of sync.
But it isn't so.
Take a look on the Blockexplorer http://bitmark.co:3000/
In about 8 days the next 720 Blocks will pass maybe in about 2 hours.  
And then slow again  

[thetruth123123]

Does this coin even have a POD?
Doesn't seem legit
No POD = Red Flag

[emdje]

Does this coin even have a POD?
Doesn't seem legit
No POD = Red Flag

explain POD 

[statdude]

Does this coin even have a POD?
Doesn't seem legit
No POD = Red Flag

LOL.

Mark has proven himself as by far the most reputable dev on this forum.
he doesnt need POD, in fact he needs to protect itself, BTM will one day be very big.

Does Satoshi have POD? Didn't think so.

Mark has no BTM to speak of, and gives anything he receives to the foundation and new members. He know he will always have enough.

This isn't an "ICO" bullshit where you need "POD" - even though I've seen it result in many, many scam coins anyway (shadecoin, anyone?)

His "POD" is his extensive work on the project, why don't you check it out?

Come to the trollbox on Polo and I'll mark you 500 Marks.

[coinsolidation]

I am also not the only developer or community member, if I pass away the project continues with or without my presence.

This is an open source decentralized project where anybody can do what they want to, and they do. There is no single point of failure.

[statdude]

I am also not the only developer or community member, if I pass away the project continues with or without my presence.

This is an open source decentralized project where anybody can do what they want to, and they do. There is no single point of failure.

Good point,
Once BTM has enough momentum, Mark could probably leave the project completely and it would be fine, much like Satoshi did.

At this point, he's very important to it's future still.

[dbkeys]

Does this coin even have a POD?
Doesn't seem legit
No POD = Red Flag

explain POD 

POD = Proof of Developer
ICO = Initial Coin Offering

[emdje]

Does this coin even have a POD?
Doesn't seem legit
No POD = Red Flag

explain POD 

POD = Proof of Developer
ICO = Initial Coin Offering

thnx! If I could Mark you here I would 

[klopper]

Does this coin even have a POD?
Doesn't seem legit
No POD = Red Flag

Thanks for a good laugh. As Project Bitmark is open source, anyone can recognize the innovation in the works here.

As far as my thoughts on POD goes, it adds nothing but false security. It's not working, and will never work - Cryptocurrency is supposed to be decentralized.

[dbkeys]

Does this coin even have a POD?
Doesn't seem legit
No POD = Red Flag

explain POD 

POD = Proof of Developer
ICO = Initial Coin Offering

thnx! If I could Mark you here I would 

Welcome !
I'm dbkeys on the Poloniex 'troll box'