[ANN][BURST] Burst | Efficient HDD Mining | New 1.2.3 Fork block 92000

[Elmit]

Btw. thanks to bitladen for talking down the price this much. I have been buying a little at 26 sat, now all my BTC ( not that much ) has been converted to BURST, i have 4.4 mln burst.  Network size seems to come up again , difficulty is right now 1732900 and not long ago it was sometimes above 3 million, so we almost doubled from the bottom.  As long as a lot of the mined BURST is sold for BTC as soon as it is mined, we have some selling pressure on BURST, but as the reward go down, the selling pressure will too Big miners will simply have fewer BURST to sell. Historically, many BURST miners kept their coins bc they believe in a future at higher prices. I will keep mine too, as long as i find BURST offering something that most other alts do not.

Maybe BinLaden is increasing his portion ;-)

[Elmit]

Lucky that the INCOME funds are kept in BTC, because BURST just lost half of it's value, but the fund is still intact and not that it haven't lost a single %, but it is actually gaining ~0.11% daily in value

I think anybody that wants to buy BURST should buy now, this exceptional low price is unique and wont be repeated for long, so all traders should really start buying.

Buy BURST & BURST assets, and everything will be fine! 

That shows trust into the future!!!!

[duncan_idaho]

Btw. thanks to bitladen for talking down the price this much. I have been buying a little at 26 sat, now all my BTC ( not that much ) has been converted to BURST, i have 4.4 mln burst.  Network size seems to come up again , difficulty is right now 1732900 and not long ago it was sometimes above 3 million, so we almost doubled from the bottom.  As long as a lot of the mined BURST is sold for BTC as soon as it is mined, we have some selling pressure on BURST, but as the reward go down, the selling pressure will too Big miners will simply have fewer BURST to sell. Historically, many BURST miners kept their coins bc they believe in a future at higher prices. I will keep mine too, as long as i find BURST offering something that most other alts do not.

Same here

[pinballdude]

I just ordered 2*8TB drives, the 16TB will free up at least 10TB on my smaller disks, which will then be used for BURST mining, so 10TB more for the network during next week.

[Elmit]

The main reason I want to stick with Burst was the possibility to use data storage on the plots, the ideal of it and being able to mine still. I know Storj was once interested in doing something with Burst, but the dev seem not to follow up on it. Since Storj is in beta of their latest tech, would be nice to see Burst or some kind of PoC coin do a project with Siacoin before they explode.

I don't think that this is necessary. Think more as hard disk mining a cheaper machine. To degrade it to a toy would not benefit at all.

I agree with SpeedDemon13, without some type of change to compete/integrate with these other solutions SIA, Storj, maidsafe there is no way anyone will be dedicating hard drive space to Burst versus these other solutions. The reason is that these other solutions will have an ecosystem behind them, I fail to see Burst being able to compete on the same level.  I removed all Burst plots to participate in the Storj testing and rewarded with sjcx. Burst is really stuck by the fact there is not a way to utilize the used space but it would be nice to see if something was possible with Storj as Burst does have some features that could benefit that platform.

Degrade it to a toy? A decentralized way to store files is a "toy"? versus centralized dropbox. Hard disk mining is very energy efficient compared to ASIC/BTC mining but there is still waste. Now instead of wasting energy you waste drive space. It serves no purpose other than to obtain worthless coins. The question is what would make people WANT to use Burst instead of up and coming solutions.

If the mining reward was increased does it sound logical to go buy a cup of coffee with Burst and merchant says "that will be 50,000 Burst". If general use of Burst is suppose to be an alternative to BTC it still does not seem realistic.

I think, to use the storage for something else than just mining is nonsens. It just waters the quality of the coin. Better store something important things in the blockchain, ...

[BurstIncomeAsset]

If the mining reward was increased does it sound logical to go buy a cup of coffee with Burst and merchant says "that will be 50,000 Burst". If general use of Burst is suppose to be an alternative to BTC it still does not seem realistic.

BURST is not just a toy currency. It is also an application, and a system where you can do business.

All BURST assets are a magnet to investors, they can generate income from outside the BURST enviroment, and bring money into the BURST network.

This inherently adds value to BURST (which is then partially given to the miners who support the network).


So it's not just a toy currency to reward miners, for "playing" this game. But it's also a potential business platform that can be used to do business cheaply.

[pinballdude]

I think we should stick to the original miner reward scheme, and see how it plays out.  If we ever need to change something, we might want to adjust the minimum amount you need to pay to do a transaction. That will not affect the inflation dynamics, only make it a bit more expensive to move burst around.

Sometime in the distant future, the block rewards will go away or get so small they are lower than fees.

You could for instance set the fee to 1 BURST or 0.01% of the amount of money transferred, whichever is largest.  Then miners will get at least 0.01% of the total transaction volume in the network as payment for their services.

Isn't that again the philosophy: DONT USE THE COIN?

Better find products and services that MOVES COINS and so increases the miners reward!!!

Elmit, i agree fully with your stance on this. I wrote "If we ever need to change something"..  i do not think we ever will have to. 

[crowetic]

I´ve been here, with BURST comunity from the early september 14. I write infrequently  because I´m spanish and  I´ve a very bad english, but I read the BURST treath every week. I´ve been mining BURST with some Tb from then and I buy some others BURST. Nowadays I own about 4 million BURST, but I spend much more than the actual value.

I´ve just read Crowetic document and I DON´T agree in some of the questions.

i) I can´t understand the reason to change the reward schema. I, like many others, think that if the BURST provided is unlimited, BURST will have in a not very long term a zero value.

ii)I´ll, also, not change the reward scheme for creating a donation fund, it would be created for the pool administrators and major solo miners, giving the 5% or 10% to that fund for each block found.

iii) and the most important, I DO NOT AGREE that the person who has been blackmailing us over the last six months and is the main cause of the lower price of the BURST, will become the maindev. He has not shown at any time has the capabilities to perform the job.

BUSRT wallet and BURST blockchain has no problems to be cahnged, the maindev must be someone with high capacities in Smart Contracts (AT) that is the great diference of this coin with all the other ones. We need to improve AT´s and generate enthusiasm in people to use this currency, because BURST it´s one of the most disruptive and high-tech coins and those are our most valuable asset.

I give my vote for maindev to vbcs, helped for someone with java and/or NTX skill.

That´s my opinon

I agree 100%

I spoke with vbcs by PM but unfortunatelly he is not able to fully work on burst.

I continue to mining burst on dev v2 pool. In near future i will buy more storage to secure blokchain and "borrow" some space from IT department where i work.

Uh, don't you think that vbcs would've been one of the first people I contacted? Since he's on the team? You think I chose the most likely person to cause complete disagreement in the community as a first choice? Get real man seriously.

[bitladen]

Uh, don't you think that vbcs would've been one of the first people I contacted? Since he's on the team? You think I chose the most likely person to cause complete disagreement in the community as a first choice? Get real man seriously.

Thanks for the confidence man, me being the last possible choice and all.

As I said it earlier, I no longer want the position. If the community is so important, perhaps they can write the code too.

[vbcs]

I´ve been here, with BURST comunity from the early september 14. I write infrequently  because I´m spanish and  I´ve a very bad english, but I read the BURST treath every week. I´ve been mining BURST with some Tb from then and I buy some others BURST. Nowadays I own about 4 million BURST, but I spend much more than the actual value.

I´ve just read Crowetic document and I DON´T agree in some of the questions.

i) I can´t understand the reason to change the reward schema. I, like many others, think that if the BURST provided is unlimited, BURST will have in a not very long term a zero value.

ii)I´ll, also, not change the reward scheme for creating a donation fund, it would be created for the pool administrators and major solo miners, giving the 5% or 10% to that fund for each block found.

iii) and the most important, I DO NOT AGREE that the person who has been blackmailing us over the last six months and is the main cause of the lower price of the BURST, will become the maindev. He has not shown at any time has the capabilities to perform the job.

BUSRT wallet and BURST blockchain has no problems to be cahnged, the maindev must be someone with high capacities in Smart Contracts (AT) that is the great diference of this coin with all the other ones. We need to improve AT´s and generate enthusiasm in people to use this currency, because BURST it´s one of the most disruptive and high-tech coins and those are our most valuable asset.

I give my vote for maindev to vbcs, helped for someone with java and/or NTX skill.

That´s my opinon

I agree 100%

I spoke with vbcs by PM but unfortunatelly he is not able to fully work on burst.

I continue to mining burst on dev v2 pool. In near future i will buy more storage to secure blokchain and "borrow" some space from IT department where i work.

Uh, don't you think that vbcs would've been one of the first people I contacted? Since he's on the team? You think I chose the most likely person to cause complete disagreement in the community as a first choice? Get real man seriously.

As I said, I will still support and maintain the AT part of burst, but working full time as core dev is something I can not handle atm. But I would gladly help and guide any new devs willing to contribute. The first "easy" task would be to port the new features of nxt ( at least the ones the community wants ) into burst. 

[pinballdude]

Uh, don't you think that vbcs would've been one of the first people I contacted? Since he's on the team? You think I chose the most likely person to cause complete disagreement in the community as a first choice? Get real man seriously.

Thanks for the confidence man, me being the last possible choice and all.

As I said it earlier, I no longer want the position. If the community is so important, perhaps they can write the code too.

In fact, we probably can. Most of us are just way too busy writing code for $$$ professionally.

I think we should improve on how the development process works.

1) have a small core group that can accept pull requests,  we might already have this, possibly someone besides burstcoin have push priveleges to the github account

2) establish a unit test software suite that thoroughly tests the existing code and interfaces

3) at this point, everyone can create small and big changes to burstcoin, and present it for the core group as a pull request.  The pull request can be tested using the unit tests, as well as of course be revieed and test run on the testnet. When the core group finds the change okay ( doesn't break anything ) then they can pull the request into the main branch for the release they want it to appear in.

4) official way for non-developers and developers alike to put in feature and bug requests, discuss them etc.  ( github has this, but it has hardly been used, and likely almost none of the burst users know where it is, how to access it)

With something alike to the above, we don't need a lead developer, we just need a lot of developers with a little bit of spare time to each fix whatever they feel like fixing. The core group can develop too, but in fact only need to review and test and make as sure as possible that the code that reaches the main branch is not giving the coin trouble.

the core group will then decide when we have a stable branch, so it can be changed to a release branch and tested further on the testnet.

and the core group will handle the release, resulting in a set of binaries, and sources that whoever manages the bitcointalk initial post can then make links for.

We don't need a core developer doing everything. Much more stable and safe to have a larger group of developers build the coin, each spending whatever time he/she has available.

We already have some features some of us would like to pay for, so it is clearly possible to award a bounty to whoever produces a new feature.

Who knows, with this kind of setup, burstcoin will perhaps still once in a while do some coding for BURST and hand it to us as a pull request. Or he can be part of the core team, and review code when he has time, his input will always be enormously valuable.

If BURST becomes a team effort with a documented software development process, i think investors will see less risk in the project.

[notabeliever]

The main reason I want to stick with Burst was the possibility to use data storage on the plots, the ideal of it. I know Storj was once interested in doing something with Burst, but the dev seem not to follow up on it. Since Storj is in beta of their latest tech, would be nice to see Burst or some kind of PoC coin do a project with Siacoin before they explode.

@taek feels that poc is flawed. I have looked and looked and talked to people....and nope, can't figure out the flaws he refers to   He is quite skeptical at our netsize as well....seems to think that the netsize can't possibly be 8pb....well, we all know it's legit. I think it's just that we have way more than Sia does

As far as a small wallet release with a few nice fixes, well, not a bad idea, i did clone the repo, and may do a few changes in the wallet and make a release. Will have to talk to a few people about it.

ATM I only have a few hours / week for Burst, and am not sure how to spend my time.

There are a few options for me...I'm not a great dev, so this is about what I'm capable of / interested in. It could all take absolutely ages!

• Rebuild the wallet with electron. This will allow us to have a wallet which can install any operating system, and can run standalone from the web. I will also make it way easier to modify, allowing devs to easily work with Burst. This would initially be a very simple release with little functionality. Hopefully I can collaborate with daWallet on this project and implement mining/plotting functionality.
  
• Work on a new website. I think this is well overdue. With the release I will also release the official wallet with some small mods (catbref’s wallet.burst.city mods and some of my own). The new site would be run on github pages, making it easy for anyone to edit the site, and would also have github powered docs, allowing us all to easily make and edit guides. For this to work I’ll need the community to get behind this.
  
• Build some web apps which use the blockchain for NXT, and then through this advertise Burst. This would be the option which would take the longest, and would be the most difficult, but may have some good payoffs  in perhaps nxt devs getting involved here.
  

At the moment I am planning on going with option 2, the new website, but would love to hear what the community wants me to do, and whether there are other things I should do.

I second the motion.........
 This is a great plan for you and Dawallet  to work together on these ideas.

[bitladen]

Uh, don't you think that vbcs would've been one of the first people I contacted? Since he's on the team? You think I chose the most likely person to cause complete disagreement in the community as a first choice? Get real man seriously.

Thanks for the confidence man, me being the last possible choice and all.

As I said it earlier, I no longer want the position. If the community is so important, perhaps they can write the code too.

In fact, we probably can. Most of us are just way too busy writing code for $$$ professionally.

That actually makes sense. Except the *most* of you being coders part. But, yes there are some coders around here.

[boliu]

besides exchanges, is there any where I can spent my burst for goods?

[crowetic]

Okay, what if we make the following modifications...


1. The cap stays, but coins are added to its total.

2. Rewards are still raised, and decline in reward is lowered. Reward goes to 15k/block now, and reward decline changes to match bitcoin's halving times, by going to 1.455% per month.

3. Transaction fees go up too, minimum goes to 2 or more BURST per transaction, until we believe we can lower it again when there are many more transactions in the network.



This gives incentive for miners to jump back in now and make network bigger again, during this we work our asses off and get the market mods done, mixer AT integrated, etc. Make the market browser better with categories and searchable, etc. Hire a PR company to promote the decentralized market, and get many more users to it.

Get more assets up and running, and work hard to get investors at the same time.

[crowetic]

besides exchanges, is there any where I can spent my burst for goods?

BURST has a built in marketplace. http://burstcoin.info/market which we're hoping to make much more user friendly here soon. (Want to make categories, allow for pictures or links to pictures, auto open in wallet, things like that.)

For now you find what you want there, copy the user's BURST account, add them in your wallet, and you can buy their items.



There are also assets you can purchase that are built into BURST's asset exchange.

ByteEnt is my asset https://block.burstcoin.info/as.php?as=1800253871016293364

and another good one is INCOIME... https://block.burstcoin.info/as.php?as=11188744773544606055

[notabeliever]

I like it...If others agree let's do this. Would it be fair to say that given a few weeks if the plan doesn't work then we rollback some of the  changes. Except for any wallet changes.

[RealBitcoin]

C`mon guys i cant believe nobody added this coin yet to Yobit:

https://yobit.net/en/addcoin/

Guys add the coin to yobit so that I can buy some. I`m waiting here for like 1 month to buy some.

but i cant understand one thing here, why if you want to buy burst, you don't use one of the current exchanges where we are?

Because I dont want to have like 1000 exchange accounts. I am usng Yobit and i would like to buy some BURST ffs.

Please guys add it to yobit, i see you guys need some investors, man there are tons of traders there who would pump the price up to 100 satoshi!!!

Just add it to Yobit and all problems will be solved!!

Lol c`mon guys, is it so fucking hard to just add it to Yobit, it would help your currency.

It takes 5 minutes to fill out the form. Seriously WTF guys, please dont be lazy! 

[callmejack]

Okay, what if we make the following modifications...


1. The cap stays, but coins are added to its total.

2. Rewards are still raised, and decline in reward is lowered. Reward goes to 15k/block now, and reward decline changes to match bitcoin's halving times, by going to 1.455% per month.

3. Transaction fees go up too, minimum goes to 2 or more BURST per transaction, until we believe we can lower it again when there are many more transactions in the network.



This gives incentive for miners to jump back in now and make network bigger again, during this we work our asses off and get the market mods done, mixer AT integrated, etc. Make the market browser better with categories and searchable, etc. Hire a PR company to promote the decentralized market, and get many more users to it.

Get more assets up and running, and work hard to get investors at the same time.

if i remeber correctly the current settings for the reward decline are halving every 14 month which is about 3.42 times as fast as bitcoin.
beside structural adjustments to the protocol itself adding additional supply will first be required at some point after people pay for services in BURST.

required structural changes are checkpoints and new transaction types which won't be stored forever in the blockchain.
today you can freeze the whole network with 92k burst per day simply because a block can only contain 255 transactions.
increasing the fees would limit new services since the fees may get higher than the payment you buy a service with.

a variable i could deal with would be to lower the blocktime and double this way the possible rewards since there are still many many blocks mined every day within less than a minute (last 360 blocks 127).
this is why the calculation for the basetarget requires adjustments (posted as comment into the google docs burst reborn - https://docs.google.com/document/d/1Xk23cNYy1BfV5DNto5FjG-3l1VUDFXETAqHbeyK7rX4)

[yeponlyone]

Okay, what if we make the following modifications...


1. The cap stays, but coins are added to its total.

2. Rewards are still raised, and decline in reward is lowered. Reward goes to 15k/block now, and reward decline changes to match bitcoin's halving times, by going to 1.455% per month.

3. Transaction fees go up too, minimum goes to 2 or more BURST per transaction, until we believe we can lower it again when there are many more transactions in the network.



This gives incentive for miners to jump back in now and make network bigger again, during this we work our asses off and get the market mods done, mixer AT integrated, etc. Make the market browser better with categories and searchable, etc. Hire a PR company to promote the decentralized market, and get many more users to it.

Get more assets up and running, and work hard to get investors at the same time.

Nice, but some devfund most be established to cover expenses. I think it makes sense that a small part of each block should be devoted to this. Not anywhere near 10% but some.

Fees can also be made relative to the sum sent: Are you sending large amounts, it's not unreasonable with higher fees.