BTCD is no more

[ralexvalex]

We have little more than 1000 blocks before PoS starts. Adding 80,000 coins to the current total only gets it to 1.2 million coins. There is no way we will get to 1.4 million, let alone 1.6 million.

So, probably late tonight/early tomorrow we go to a 5% per year rate of new coins, that's ~60,000 per year! Not 100,000+ per day. OK, so it will compound, but we are talking 164 new coins per day, so this compounding will not be so fast.

Not sure if this is right, but daily rate of 1.00013698630137 compounded 365 times goes from 5% to 5.12%, so it is a gain, but really we can ignore it for the first... decade!

I estimate that in 10 years, we will get to 2 million coins. Then it does start growing faster, so after 20 years we will have 3.5 million coins, etc.

Realistically we will have < 1.5 million coins with practically no selling pressure. When I first found out about BTCD it was interesting, but I assumed it would have 22 million coins pretty fast. Also the "giant premine" was calculated not on the full 22 million like I had assumed, but on the PoW phase, so the devs have a whopping 20,000 BTCD or something like that. While in the future this will be worth quite a bit, this amount was easily obtained for 1 BTC and even after appearing on exchange for 3 BTC. So all the "premine FUDsters" can explain to us how a few BTC to the coin creators is a problem.

With DRK in the first days of the coin, there was a "bug" that allowed the early miners to get over 1 million coins. Guess who was running the official mining pool? Yes, the dev of the coin. So, Evan certainly deserves his millions from what he achieve with DRK, but on a fairness scale BTCD is orders of magnitude more fair, like 100 times more fair.

I dont know how many different people are mining, but the petahash(!) rate is absolutely incredible and this indicates it is more than the half dozen early miners that get all the cheap coins that is usual. So, for marketing if we can figure out how widely BTCD is distributed, this will head off any of the "unfair distribution" nonsense that is bound to come our way.

How else will they attack us? We dont have anything new? Ha! Let them try that and explain how 30,000 lines of new code is not new.

Awesome name. Maybe the logo is on the weak side. Hopefully there is a professional graphic artist among us. I am sure bounty for a fantastic logo will be made available. I know so far it has mostly been about the mining and I would think that BTCD community did more hash in its first week than any other coin. [Can somebody back this up with facts?]

So as we transition into PoS, the mining will go away, but please keep at least one server ready. Each server running a node will earn revenue sharing and be the cornerstone for a decentralized infrastructure that will literally change crypto. I think big, I talk big, and I achieve big.

DRK has something like 500 masternodes. It would be great if we had more nodes than DRK, so I hope somebody can document the number of active (server type) of nodes vs just people running the Qt on their PC. We wont need all these nodes for a bit yet, but I want to make sure that we can ramp up to it when it is ready.

For the next two months or so, I would like the BTCD community to become a software testing community. That is what I need to get my stuff done as soon as possible. So bug tracking, of course testers, documentation, usability focus groups, etc. there will be things for everyone who can use a computer to do. After all to get to top 10 coinmarketcap, we need a lot of new users and that means all the software needs to be easy enough to use for everyone, including all of us!

So, if you have organizational skills, we need you.
if you have graphics skills, we need you.
if you have communication skills, we need you.
if you have PR contacts, we need you
if you have common sense and can use a computer, we need you
if you have tech skills, we need you too!

I wont divulge the full tech roadmap yet, but I will show with my actions that I put my money behind what I say. I believe in my abilities to deliver the tech that I will purchase another 10+ BTC worth and to make sure I actually get the coins, I will put the bid in at .000666

HODL is the best strategy for a coin like BTCD. HODL and TESTL, then we will release and market and dominate. So if you are with me, help out to the best of your abilities and availability and dont sell below the magic price of .000666

I want today to be the last day BTCD was available below that price.

James

P.S. Its been quite a week, my multigateway went live today, you can see it at http://www.multigateway.com

He cмoг yдepжaтьcя...

[jl777]

For whoever wants to know more about how Multigateway works  v.01 of the Multigateway Service Docs - http://multigateway.org/downloads/Multigateway_docs.pdf




James

P.S. Teleport is a descendant of MGW

[jl777]

I saw the low price caused by the big drop in BTC price and I thought I could get some nice BTCD below .004, but it looks like there is not much available, ~250 BTCD below that price on bittrex

James

[PilotofBTC]

For whoever wants to know more about how Multigateway works  v.01 of the Multigateway Service Docs - http://multigateway.org/downloads/Multigateway_docs.pdf

James

P.S. Teleport is a descendant of MGW

I finally got a chance to try the mgw today. It works very well, and was quite easy. But, why oh why do you have to wait for 6 BTC confirms? Most every exchange is happy with 1 confirm and surely 3 should be more than enough.

[jl777]

For whoever wants to know more about how Multigateway works  v.01 of the Multigateway Service Docs - http://multigateway.org/downloads/Multigateway_docs.pdf

James

P.S. Teleport is a descendant of MGW

I finally got a chance to try the mgw today. It works very well, and was quite easy. But, why oh why do you have to wait for 6 BTC confirms? Most every exchange is happy with 1 confirm and surely 3 should be more than enough.

I dont want to take any chances with peoples BTC deposits. Will you guarantee that bitcoind will NEVER go on a fork for more than 3 blocks? I have seen quite a few things that should never happen, yet does.

Didnt Mtgox go under because they only required 1 confirm?
3 is the bare minimum and it is set to 4 now, but with the difference in NXT blocktimes, sometimes it adds another block.

Not sure why it goes to 6 blocks sometimes, maybe a long NXT block and a couple fast BTC blocks?

[paulthetafy]

I saw the low price caused by the big drop in BTC price and I thought I could get some nice BTCD below .004, but it looks like there is not much available, ~250 BTCD below that price on bittrex

James

I picked up more in the low 400's, but it seems I could have waited and got them around 360-370k.  Oh well nvm,  We are still up from 7 days ago, but I was quite hopeful to be holding around 500k by now, especially given how much work has gone in.  I'm quite surprised by how much was dumped this week.  I guess some weak hands and some taking advantage of the pump and dump to try and accumulate. 

There's going to be a huge rush for coins when the first of the features goes live though, it will hit 700k in no time, and a lot of people will be pissed at their missed opportunity!

[jl777]

I saw the low price caused by the big drop in BTC price and I thought I could get some nice BTCD below .004, but it looks like there is not much available, ~250 BTCD below that price on bittrex

James

I picked up more in the low 400's, but it seems I could have waited and got them around 360-370k.  Oh well nvm,  We are still up from 7 days ago, but I was quite hopeful to be holding around 500k by now, especially given how much work has gone in.  I'm quite surprised by how much was dumped this week.  I guess some weak hands and some taking advantage of the pump and dump to try and accumulate. 

There's going to be a huge rush for coins when the first of the features goes live though, it will hit 700k in no time, and a lot of people will be pissed at their missed opportunity!

Getting a couple hundred BTCD at ~350K is better than not, but its not like you could get 10 BTC worth at such prices. It seems you need to have a 100 BTC bid way below market for sellers to scramble to sell into it. Is that what happened the other day? That seemed pretty backwards.

Within a day after the libjl777 is connected up, I expect to get the basic teleport debugged. While I wait, I actually have some quiet time to clean up the code, deal with some random strangenesses I saw during the debugging scramble. Getting it into a library form forced me to generalized the interface, so now I have a solid framework to do the broadcasting of the public addresses and pubkeys.

At this point I would be very surprised if there wasnt a BitcoinDarkd doing teleports early next week. I think the QT versions will also just work as well as the BitcoinDarkd, at least as long as we are just using JSON to the debug console. Tomorrow, I will go through all the error possibilities and make sure they are handled sanely. so the version early next week could be in solid beta level if I can get all the error handling coded. Maybe even some teleport accounting.

I guess not many people are following this thread as the price action doesnt seem like it is several days before beta release.Maybe they are expecting some several month long process like other coins have? I designed teleport to be very testable, so the test cycle should go pretty quickly, plus I am actually fast at fixing bugs.

James

P.S. I know windows support is important, but I dont even have a windows machine, so others will have to build and verify on windows.

[jl777]

http://bitscan.com/articles/anonymity-why-dark-is-the-new-black

Must read article!

James

[jeezy]

http://bitscan.com/articles/anonymity-why-dark-is-the-new-black

Must read article!

James

That's really cool. Looking forward to all the new features to come. Keep up the good work James!

[MuFaza]

http://bitscan.com/articles/anonymity-why-dark-is-the-new-black

Must read article!

James

That's really cool. Looking forward to all the new features to come. Keep up the good work James!

very nice read indeed.

I hope we get past these "bitcoin is going to die" talks since it's causing heavy downtrend on altcoins too. Of course there are a lot going on behind the scenes but overall there is very negative atmosphere around the bitcoin.

I believe btcd is still better gain in long-term than shorting btc at the moment. Progress has been faster than expected and some big sells has been happening recently so there are even less coins up for graps if the bitcoin starts the ascent. (provided that weakhands sold to proper bitcoindark holder )

I know you are busy James but any thoughts to share about this matter? What is the rest of the community thinking?

My point is to assure investors that shorting might not be a better option in long-term.

[Azeh]

I think BTC will see a resurgence once the wider community realizes the impact Teleport will have by turning BTC dark!

[jl777]

We are making some very fundamental changes to the BTCD core, these are changes that I doubt any existing coin will ever make. What this means is that BTCD will have a permanent advantage as to being the most efficient currency to Teleport. For all other coins, teleporting will also incur fees, which means that over the years (yes years), the overall teleport volumes for BTCD will keep rising. And the value of BTCD would also increase as more and more of it gets stored in long term telepods.

So, the future is quite bright for BTCD!

Now some people have asked me about the role of NXT in this. NXT can be thought of as the CPU, certainly a vital part of the computer, but what good is a CPU by itself? BTCD will be the brand, the entire user experience, network, and inside will be NXT. The only way I have been able to get so much tech done is by building on top of what already exists. Reinventing stuff that is already there is just a waste of time. NXT has a great 2.0 crypto feature set and dozens of devs continually improving it, so without much effort BTCD will get the benefit of all these improvements.

Now, a lot of you probably dont quite understand how assets work. It is quite a new sort of thing and it is a bit like shares in a company, not that there is an actual company, but that is the closest way to think about InstantDEX, NXTprivacy, etc. These are assets that were issued in NXT Asset Exchange, but other than the 1 NXT txfee when you trade it, it is pretty independent of NXT itself. To use the features of NXT, there will be the txfee to pay, though it is supposed to drop to 0.1 NXT in a few months. For most things its not really a big deal, but for trading, it is not so good to be charged each time you change your bid. That is why InstantDEX will only charge when there is a trade completed. A key point to realize is that InstantDEX will support direct wallet to wallet trading and in this case it wont need to use NXT at all.

I am solving a very big problem and piecing together a system out of the best components possible. Again back to the computer analogy, you want the best CPU, the best hard drive, the best RAM, the best monitor, the best power supply, etc. One weak link and it could make the whole computer not work. I view BTCD as not just any component, but the entire perfect system. So, I am routing revenue sharing from InstantDEX and NXTprivacy not to NXT holders, but to BTCD stakers. I own quite a larger percentage of BTCD than I do of NXT as I was pretty late in discovering NXT. My various assets, I view as components to the system and I will work to make them as good as possible.

crypto is very complicated and we need to make it simple for the mass market to use it, think Apple computer. They also have Intel CPU inside, but that is not much of a factor as far as customers are concerned, and their iPhone and other devices dont even have Intel compatible CPU, the Apple brand has transcended the CPU.

BTCD is rare, very rare by crypto standards and it will have a fundamental advantage as the contents of telepods. It will also be getting revenue sharing from my assets. At first this wont be that big of a factor, but over time it will become more and more important, this is why it is important to build as big of a network as possible. The more people using the network, the more people are discovering BTCD and the more fees are being generated. I think NXT will benefit to some degree to, but since it is so much bigger than BTCD, the relative impact will be minor. I am hoping that my assets will do quite nicely and I would like to offer some amounts of NXTprivacy to the bounty pool. I want to keep my BTCD

One problem with BTCD is that the coin creators didnt set aside enough, the launch was too fair. So now we are lacking funds to pay for all the things we need and to reward the volunteers working on all the different parts of BTCD. I will match all BTCD raised for donations with an equal market value of NXTprivacy. Unfortunately, I dont have that much InstantDEX left. So while NXTprivacy isnt BTCD itself, it will be a key component of the overall system. I doubt it will do as good as BTCD itself, but at least this doubles the current value of the funds raised. With all the things we have in progress, BTCD can easily go up tenfold from where it is now. I would be totally surprised if NXTprivacy goes up fivefold, so the profit potential for BTCD is quite a bit better, as well it should be, since it is the entire system and not just a component.

James

P.S. No buying panic! Just wait for the WH to sell below market price

[bitkokos]

I would like a little help mining btcd in bitcoindark.net multipool.
I have one small SHA256 miner and one 1.3mh/s scrypt miner pointed there.
Now I want to use a GPU to mine with X11 algo.
I have never mined anything else other than SHA256 and Scrypt so I need some help with X11.

First I know I must get sgminer.

What do I have to use for BTCD mining?
https://bitcointalk.org/index.php?topic=475795.0;all

If I want to mine BTCD in multipool with scrypt on a GPU I can write
cgminer --scrypt  -o stratum+tcp://stratum.nicehash.com:3333 -u BTCAddresshere -p x -I 15 -g 2 -w 128 --thread-concurrency 3048

how about sgminer?
Also, do I need any special version of sgminer or I can just use the latest?

thanks

[Azeh]

Donation Update!

459.359 BTCD received

In a recent development, James has reiterated the importance of funding for development and has offered to provide matching BTCD donations with NXTprivacy.

Keep those donations rolling in!  They will be put to good use.

Thanks

[valarmg]

The only concern I have about BTCD is the 5% staking inflation. Short term, that doesn't matter much, but long term it seems high and will put a constant downward pressure on prices. Why was 5% chosen? 2% sounds a much better figure to me. (Or 5% initially, falling to 2% longterm). Any thoughts or is the 5% set in stone?

[pvnamk19]

I don't know how to help, just donate 5 out of 16 BTCD for the coin development.
TxID:
ded3afd372a2fab73285f63fd22383b2842381bc3457607e852675b74a32e85a-000

[IceColdTommy]

I would like a little help mining btcd in bitcoindark.net multipool.
I have one small SHA256 miner and one 1.3mh/s scrypt miner pointed there.
Now I want to use a GPU to mine with X11 algo.
I have never mined anything else other than SHA256 and Scrypt so I need some help with X11.

First I know I must get sgminer.

What do I have to use for BTCD mining?
https://bitcointalk.org/index.php?topic=475795.0;all

If I want to mine BTCD in multipool with scrypt on a GPU I can write
cgminer --scrypt  -o stratum+tcp://stratum.nicehash.com:3333 -u BTCAddresshere -p x -I 15 -g 2 -w 128 --thread-concurrency 3048

how about sgminer?
Also, do I need any special version of sgminer or I can just use the latest?

thanks

you can download latest miner here
https://nicehash.com/software/

algo for x11 mining is x11mod

what kind of gpu you own

[jl777]

The only concern I have about BTCD is the 5% staking inflation. Short term, that doesn't matter much, but long term it seems high and will put a constant downward pressure on prices. Why was 5% chosen? 2% sounds a much better figure to me.

I wasnt around when this was decided, but
The actual figure is closer to 4%, so it is about 100 coins per day, even with compounding it will take decades to get to 10 million coins, I think around 60 years to reach the max

so for practical purposes, since the base is so small, 1.2 mil, the number of coins over the critical next three years is 1.2 to 1.3 million
I think this rate of inflation is less than bitcoin is now after 5+ years, with a few more years before the inflation is about the same

One of the cool thinks about BTCD is that the staking actually provides meaningful income. While at current prices the staking income wont be that much, as the value of BTCD rises, the staking could provide a permanent funding for anybody who was smart enough to buy a big enough stake.

James

P.S. Longer term, we will need all the BTCD the staking will create if only to compensate for BTCD in cold storage telepods

[bitkokos]

I would like a little help mining btcd in bitcoindark.net multipool.
I have one small SHA256 miner and one 1.3mh/s scrypt miner pointed there.
Now I want to use a GPU to mine with X11 algo.
I have never mined anything else other than SHA256 and Scrypt so I need some help with X11.

First I know I must get sgminer.

What do I have to use for BTCD mining?
https://bitcointalk.org/index.php?topic=475795.0;all

If I want to mine BTCD in multipool with scrypt on a GPU I can write
cgminer --scrypt  -o stratum+tcp://stratum.nicehash.com:3333 -u BTCAddresshere -p x -I 15 -g 2 -w 128 --thread-concurrency 3048

how about sgminer?
Also, do I need any special version of sgminer or I can just use the latest?

thanks

you can download latest miner here
https://nicehash.com/software/

algo for x11 mining is x11mod

what kind of gpu you own

an R9-280X by gigabyte

[valarmg]

The only concern I have about BTCD is the 5% staking inflation. Short term, that doesn't matter much, but long term it seems high and will put a constant downward pressure on prices. Why was 5% chosen? 2% sounds a much better figure to me.

I wasnt around when this was decided, but
The actual figure is closer to 4%, so it is about 100 coins per day, even with compounding it will take decades to get to 10 million coins, I think around 60 years to reach the max

so for practical purposes, since the base is so small, 1.2 mil, the number of coins over the critical next three years is 1.2 to 1.3 million
I think this rate of inflation is less than bitcoin is now after 5+ years, with a few more years before the inflation is about the same

One of the cool thinks about BTCD is that the staking actually provides meaningful income. While at current prices the staking income wont be that much, as the value of BTCD rises, the staking could provide a permanent funding for anybody who was smart enough to buy a big enough stake.

James

P.S. Longer term, we will need all the BTCD the staking will create if only to compensate for BTCD in cold storage telepods

Without coin inflation, more BTCD in cold storage telepods means more scarcity and higher prices. I don't see a problem with that .

Is there a maximum number of coins hardcoded?

One of the things people love about bitcoin is the fixed supply. There will only ever be 21million. The more extra coins being added, the harder a coin has to hold its value (see Dogecoin, Mintcoin). From this point of view, 5% in perpetuity seems large. I'm thinking longterm here, as in 5, 10, 100 years down the line. Things can't be changed when a coin has matured, but perhaps it can now at this early stage. (If it can't then there's no much point in this discussion; if it can then maybe a poll?)

I'm imagining a world with BTCD as the main world currency. At 5% a year, the price of BTCD will continually go down. At 5% a year, it'll often be better for investors to hold their money rather than spend it, killing investment. 2%, though, is considered the best case inflation for modern economies. 2% will allow BTCD to be staked/saved for a reasonable return, but will also encourage spending/investment.

I realize that hardly anyone is thinking that far ahead, but the better thought out a coin is, the better its chance of success. Some economists dismiss bitcoin because of longterm deflation and could favor a 2% inflation coin. I know from an altcoin investment point of view, I'm more interested in coins with less inflation--I think some people could dismiss a 5% inflation coin out of hand just from that one fact.

Edit: used the 5% figure rather than 4% because that's what it says in the OP. Is the % fixed or does it vary based on how many people are staking?