[BIG] BigBullion (SHA256) 10 Million Coins | Bounties - Trading on Bittrex

[spinladen]

sept 28 -oct 3 saw less than .01 in volume.  Only in the last day did Big get up to a whopping .6!     WooohoooO!

[AngusCanine]

Its a shame there's no volume, seemed like a good idea

[pitbullfan]

No Volume?

2.5 BTC today alone...up 56% today... We looking at the same BIG? Anyway...FUD it up boys and girls. I'm licking my chops and waiting to pounce on the next good dip.

-Pit

[spinladen]

sooo..your dip has been dunking for a few days....get your fill yet?

this puppy i sitting sideways   

[WhereRtheInterwebs]

It's a great buying opportunity these days.  With bullion prices at record lows, it makes the potential for profit that much higher.  If I was running the reserve, I'd be buying like crazy right now to fill the reserve with ultra cheap bullion, down the road. 

When the atms start proliferating and Bitcoin and BIG are available on the same atms, it'll be interesting to see what people buy.  My guess is that the non-initiated public will feel better about a backed cryptocurrency.  I've been mining a little to support the network, and buying a lot to gain spots on the rich list. 

November 15th is just a little over a month away. 

[cl5150]

I'm a huge fan of this coin, still buying and mining but I have a couple of concerns.



1. People have to have faith that the bullion is there otherwise they can't have faith in this coin. Don't know how we can help achieve that?

2. That everyone will try to exchange their BIG for bullion in November and kinda defeat the purpose of this coin, if you want bullion just go buy it. But if some do then it will help with my first point if all goes smooth.

3. We can't expect the DEV to just buy bullion out of his own pocket to back these coins? Hopefully he's selling coins now to pay for the bullion?

Here are two small problems really compaired to the problems most coins have. Also what happens to the coins that are turned in for bullion?

[pitbullfan]

sooo..your dip has been dunking for a few days....get your fill yet?

this puppy i sitting sideways   

Yea I picked up a couple at 15k, the whole order didn't get filled which is a bummer, but Im hoping it retreats back to 15k or less in the next week or so and will definitely buy much more if it does.

My wallet took a good hit on the Midasoin though. Glad I was leaning more toward BIG anyway and the profits Ive made with BIG outweigh the MID losses.

And dev, how about an update on the bullion reserve balance? The spreadsheet on the website is almost a month behind.

Cheers,
Pit

[MemoryShock]

November 15th is just a little over a month away. 

What happens on the 15th?

[BIGBullion]

Just a quick update on our efforts to become fully registered:

   1) We are compliant with the KYC/AML laws in place that are required. This is why there is an SSL encrypted registration page for swapping coins for bullion.
   2) The SEC agreed with our "No Action" stance on the coin and its construction as an investment vehicle.
   3) We are in compliance with the IRS - When swapping coin for bullion you will receive a 1099. That is why we had to have your SS number.
   4) The CFTC remains a thorn in our side. This is the last step in being a fully recognized crypto investment. We have to register as a SWAP execution facility and have our   
        investment vehicle (BIG) registered as a swap eligible commodity vehicle.

       - This process, its 23 page application, and the CFTC itself has proven quite difficult and to me is a lot like the old testament ...
          Lots of pain and suffering and very little redemption....

Ok with all of that being said we are still moving forward with:
* The new QT - which is now almost ready to release. There have been lots of bumps in the road merging several versions of the Bitcoin core, but it will soon be published.
* Still working on Big Vern at Cryptsy. Those guys are waiting on our new wallet before giving us serious consideration.
* Mac and linux wallet are waiting on the newest core.
* Last but definitely not least: Bullion reserve updates and SWAP process:
    - If the CFTC delays or does not give us the green light on swapping BIG for bullion we will still continue to back it, but we will have to wait until approved by them to complete any swaps. This means that if they (CFTC) do not act quickly then we will not be able to swap any bullion for coin in November as originally planned. I know this sucks and it's not what we want to happen either, but in order for us to make BIG huge we have to play by the rules with no exceptions.  We will keep everyone posted as things develop.

[OVRGRO]

Just a thought... Dropping the difficulty a bunch and inviting the profit margin miners to mine in an hour compared to others who mine 24/7 isn't cool. Maybe you should lessen it to something that creates steady pace not hour spikes that produce half of the days coins. Updated reserve for sure... and any proof of ownership would be great.

[coinme.info]

Just a quick update on our efforts to become fully registered:

   1) We are compliant with the KYC/AML laws in place that are required. This is why there is an SSL encrypted registration page for swapping coins for bullion.
   2) The SEC agreed with our "No Action" stance on the coin and its construction as an investment vehicle.
   3) We are in compliance with the IRS - When swapping coin for bullion you will receive a 1099. That is why we had to have your SS number.
   4) The CFTC remains a thorn in our side. This is the last step in being a fully recognized crypto investment. We have to register as a SWAP execution facility and have our   
        investment vehicle (BIG) registered as a swap eligible commodity vehicle.

       - This process, its 23 page application, and the CFTC itself has proven quite difficult and to me is a lot like the old testament ...
          Lots of pain and suffering and very little redemption....

Ok with all of that being said we are still moving forward with:
* The new QT - which is now almost ready to release. There have been lots of bumps in the road merging several versions of the Bitcoin core, but it will soon be published.
* Still working on Big Vern at Cryptsy. Those guys are waiting on our new wallet before giving us serious consideration.
* Mac and linux wallet are waiting on the newest core.
* Last but definitely not least: Bullion reserve updates and SWAP process:
    - If the CFTC delays or does not give us the green light on swapping BIG for bullion we will still continue to back it, but we will have to wait until approved by them to complete any swaps. This means that if they (CFTC) do not act quickly then we will not be able to swap any bullion for coin in November as originally planned. I know this sucks and it's not what we want to happen either, but in order for us to make BIG huge we have to play by the rules with no exceptions.  We will keep everyone posted as things develop.

Thanks for the update. Looking forward to the new wallet. Hope there is a difficulty retarget that will stop Multipools raising it high and then leaving.
Not worried about Cryptsy as don't use it any more but they would bring more volume I imagine.
Nice to see the progress with the govt bodies. I know things can move slower than we in crypto land would like.
All a step in the right direction.

[pbleak]

Sounds great, how will the swapping for bullion work? Will it be restricted to any country?

[khornate]

Yeah something really needs to be done about the giant difficulty swings.

[OVRGRO]

Hey look 30 blocks in under 30 minutes after the 30 before it took 30 hours...  Awesome!

[crackfoo]

* Last but definitely not least: Bullion reserve updates and SWAP process:
    - If the CFTC delays or does not give us the green light on swapping BIG for bullion we will still continue to back it, but we will have to wait until approved by them to complete any swaps. This means that if they (CFTC) do not act quickly then we will not be able to swap any bullion for coin in November as originally planned. I know this sucks and it's not what we want to happen either, but in order for us to make BIG huge we have to play by the rules with no exceptions.  We will keep everyone posted as things develop.

and so it begins...

[cl5150]

If we can get more hash on the p2 pool, inferno or Zornco or whatever it is we can kill off these multi pool hits that rape the coin on low difficulty...

[WhereRtheInterwebs]

I just switched some to P2P to diversify my mining operation.

[cl5150]

I just switched some to P2P to diversify my mining operation.

if you mine for more than 24 hrs on p2p it seems to pay slightly better than other pools I have found, could just be luck,  just what I have found.  

[OVRGRO]

If we can get more hash on the p2 pool, inferno or Zornco or whatever it is we can kill off these multi pool hits that rape the coin on low difficulty...

No you can't... "they" as in 1 guy running 2 accounts hashing over 100 T up to 150T wins every time. i like to think of it as a quick way to get all my coins confirmed after spending forever mining them. I find BIG to be undervalued IF it truly will be backed by anything more than hot air and hopes. I currently have given up on mining due to the difficulty BS, but i mine other altcoins and sell for btc to buy cheap BIG. I have crept into the top 20 richest this way

[DenisZabar]

Why difficulty is not dropping?

Only few miners are mine this coin.