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

[BurstBank]

I modified the crowdfund AT, to expect 1,050,000 BURST after 4 day after creation. 1,000,000 will be provided by the owner ow the script. 5% will be provided by anyone who wants to block the amount for the next year.

When the target is not met, BURSTs will be sent back (same as in crowdfund)
If the amount will be greater or equal it starts sending BURST to the owner of the script. 1/12 each 30 days (10800 blocks).
It can be modified by adding delay before first sending (optional $blocks_before_first_repayment)

DISCLAIMER: Its my first script, so take it only as proof of concept. Can someone who understands ATs check it for mistakes? Thanks :-)

I find this idea very promising and of course, will spent some BURSTSs for blocking amounts  
Hope it will be ready soon, also i can offer some funding to force finish this AT development

Hi BurstBank dev.

I think this is a good incentive to mantain burst in wallet without mine&dump...
but can you explain bettere what is the process?
where did you find the money to give 0.3%/0.5% daily??

thank you to let us understand better!!

We already have some amount of Burstcoins (not very large, a bit more that Bobafett for example) that was mined and bought, this should be enough (If not, we can buy more) for months or may be 1 year.
We will proportionally decrease reward with amount, or price increasing, to 0.1% (will take months), and then slowly decrease it more.
I think, fair capitalization of Burst, at least, is near 5-20 millions $, like Monero,Counterparty or even Darkcoin, it is at the same stage with them or even more (HDD mining, AT, crowdfunding...), and hope, that our project and BURST holding can help to reach it and reach it faster.

At that point we may slowly sell 50-70% of rest BURSTs, and earn some profits. It wouldnt be very harmfull for market in that big capitalization and price.
Another 30-49% amount we going to sell later, because BURST have some chance to hit some huge capitalization, like aurora coin 500m for example.
And last 1% will be solden only in cause of BURST costs more than Bitcoin  

I was also thinking about holding the burst for the whole year, but when releasing it at once will cause dumping the price in the future.

Dumps may be dangerous now, but when BURST will hit big capitalization and popularity it wouldnt be a problem.
 

[CIYAM]

The use of an AT in order to "lock up funds" (in return for some interest) is an interesting concept and one that is far better than any other approach (as you don't need to trust anything other than the actual code).

At first I was mystified as to what the purpose of this AT was but having seen other offers to stop coin dumping I finally "got it" (not being a miner nor invested in the coin itself sometimes this things are not obvious to me).

The AT team will be happy to further review this new AT code and hopefully we'll have an endorsed version available soon for this new use case (as usual we won't charge for our work but any donations made via the ATDevelopment Crowdfund AT would be appreciated).

[bluemountain]

The use of an AT in order to "lock up funds" (in return for some interest) is an interesting concept and one that is far better than any other approach (as you don't need to trust anything other than the actual code).

At first I was mystified as to what the purpose of this AT was but having seen other offers to stop coin dumping I finally "got it" (not being a miner nor invested in the coin itself sometimes this things are not obvious to me).

The AT team will be happy to further review this new AT code and hopefully we'll have an endorsed version available soon for this new use case (as usual we won't charge for our work but any donations made via the ATDevelopment Crowdfund AT would be appreciated).

Keep going CIYAM we need more of your development for the coin!

[coinits]

Time to vote. Burst is second from the bottom - You can select more than one!

https://bitcointalk.org/index.php?topic=1000833.0

[bobafett]

Time to vote. Burst is second from the bottom - You can select more than one!

https://bitcointalk.org/index.php?topic=1000833.0

Voted

[haitch]

The use of an AT in order to "lock up funds" (in return for some interest) is an interesting concept and one that is far better than any other approach (as you don't need to trust anything other than the actual code).

At first I was mystified as to what the purpose of this AT was but having seen other offers to stop coin dumping I finally "got it" (not being a miner nor invested in the coin itself sometimes this things are not obvious to me).

The AT team will be happy to further review this new AT code and hopefully we'll have an endorsed version available soon for this new use case (as usual we won't charge for our work but any donations made via the ATDevelopment Crowdfund AT would be appreciated).

So would my coins be locked in for a year or could I withdraw some/all of my coins and the interest I've collected up to then, but lose any future interest? I think most people have an issue locking up their coins long term.

[CIYAM]

So would my coins be locked in for a year or could I withdraw some/all of my coins and the interest I've collected up to then, but lose any future interest? I think most people have an issue locking up their coins long term.

My understanding is that the creator of the AT would send say 1M BURST to the AT and if 50K was added by others then it would pay back the creator monthly payments that include a proportion of those extra funds (so the whole amount is not locked for 12 months but the monthly payouts are limited so that the creator cannot simply "dump" their BURST).

[burstcoin]

Hi everyone, is it possible to modify wallet code to force lower deadlines on testnet to speed up testing?

In the constants.java file add a couple 0s to the end of initial base target.

I modified the crowdfund AT, to expect 1,050,000 BURST after 4 day after creation. 1,000,000 will be provided by the owner ow the script. 5% will be provided by anyone who wants to block the amount for the next year.

When the target is not met, BURSTs will be sent back (same as in crowdfund)
If the amount will be greater or equal it starts sending BURST to the owner of the script. 1/12 each 30 days (10800 blocks).
It can be modified by adding delay before first sending (optional $blocks_before_first_repayment)

DISCLAIMER: Its my first script, so take it only as proof of concept. Can someone who understands ATs check it for mistakes? Thanks :-)

Code:

SET @months #0000000000000012
SET @interest_decision #0000000000001440
SET @month_in_blocks #0000000000010800
SET @target_amount #0105000000000000

FUN @block_height get_Block_Timestamp
SLP $interest_decision
FUN @amount get_Current_Balance
BGE $amount $target_amount :repayment
FUN @timestamp get_Creation_Timestamp

refund_loop:
FUN A_to_Tx_after_Timestamp $timestamp
FUN @tx_info check_A_Is_Zero
BZR $tx_info :end_loop
FUN @tx_amount get_Amount_for_Tx_in_A
FUN @timestamp get_Timestamp_for_Tx_in_A
FUN B_to_Address_of_Tx_in_A
FUN send_to_Address_in_B $tx_amount
JMP :refund_loop

repayment:
FUN @monthly_payout get_Current_Balance
DIV @monthly_payout $months
FUN B_to_Address_of_Creator
(SLP $blocks_before_first_repayment)

repayment_loop:
SLP $month_in_blocks
FUN @current_ammount get_Current_Balance
BGE $monthly_payout $current_ammount :end_loop
FUN set_A1 $current_ammount
FUN send_A_to_Address_in_B
FUN @timestamp get_Last_Block_Timestamp
JMP :repayment_loop

end_loop:
FUN A_to_Tx_after_Timestamp $timestamp
FUN @tx_info check_A_Is_Zero
BZR $tx_info :end_loop
FUN @timestamp get_Timestamp_for_Tx_in_A
FUN B_to_Address_of_Creator
FUN send_All_to_Address_in_B
JMP :end_loop

Very nice! Nice to see someone is trying to write ATs .  With a quick review I found these issues. I will check it later ( when I have more free time) for other issues .

Code:

SET @months #0000000000000012 <- should be converted to hex f.e 12 -> #000000000000000c
SET @interest_decision #0000000000001440 <- should be converted to hex
SET @month_in_blocks #0000000000010800 <- should be converted to hex
SET @target_amount #0105000000000000 <- should be converted to hex

FUN @block_height get_Block_Timestamp
SLP $interest_decision
FUN @amount get_Current_Balance
BGE $amount $target_amount :repayment
FUN @timestamp get_Creation_Timestamp

refund_loop:
FUN A_to_Tx_after_Timestamp $timestamp
FUN @tx_info check_A_Is_Zero
BZR $tx_info :end_loop
FUN @tx_amount get_Amount_for_Tx_in_A
FUN @timestamp get_Timestamp_for_Tx_in_A
FUN B_to_Address_of_Tx_in_A
FUN send_to_Address_in_B $tx_amount
JMP :refund_loop

repayment:
FUN @monthly_payout get_Current_Balance
DIV @monthly_payout $months
FUN B_to_Address_of_Creator
(SLP $blocks_before_first_repayment)

repayment_loop:
SLP $month_in_blocks
FUN @current_ammount get_Current_Balance
BGE $monthly_payout $current_ammount :end_loop
FUN set_A1 $current_ammount  // you want to do montly payments. Each payment's amount is monthly_payout? if yes then change $current_ammount -> $montly_payout
FUN send_A_to_Address_in_B
FUN @timestamp get_Last_Block_Timestamp
JMP :repayment_loop

end_loop:
FUN A_to_Tx_after_Timestamp $timestamp
FUN @tx_info check_A_Is_Zero
BZR $tx_info :end_loop
FUN @timestamp get_Timestamp_for_Tx_in_A
FUN B_to_Address_of_Creator
FUN send_All_to_Address_in_B
JMP :end_loop

Code:

end_loop:
FUN B_to_Address_of_Creator
FUN send_All_to_Address_in_B
JMP :end_loop

(I dont see a reason looping through the tx's. All you want is to send all the amount to the creator. )

Did a quick read-through also, and another problem is your usage of send_A_to_Address_in_B. send_A_to_Address_in_B sends a message to address B with the message being in A. send_to_Address_in_B like you used in the other loop is the correct way to send funds.

[okae]

Time to vote. Burst is second from the bottom - You can select more than one!

https://bitcointalk.org/index.php?topic=1000833.0

voted

[Merick]

The use of an AT in order to "lock up funds" (in return for some interest) is an interesting concept and one that is far better than any other approach (as you don't need to trust anything other than the actual code).

At first I was mystified as to what the purpose of this AT was but having seen other offers to stop coin dumping I finally "got it" (not being a miner nor invested in the coin itself sometimes this things are not obvious to me).

The AT team will be happy to further review this new AT code and hopefully we'll have an endorsed version available soon for this new use case (as usual we won't charge for our work but any donations made via the ATDevelopment Crowdfund AT would be appreciated).

So would my coins be locked in for a year or could I withdraw some/all of my coins and the interest I've collected up to then, but lose any future interest? I think most people have an issue locking up their coins long term.

I have only been casually following this new AT discussion but it sort of sounds like a bank CD.  You deposit funds into the account for X amount of time and receive interest payments.  At the end of the X term you get your coins back along with your interest.

Would be nice to have different time frames that offer different levels of interest just like a bank CD.  

Also, if someone wants or needs to withdraw funds early they should be allowed to, just charge a fee proportional to the size of the "CD"  The fee could be kept by the bank as profits, or whatever.

Do I understand this new AT correctly?

Is the BurstBank essentially offering a service that is similar to a brick & mortar bank CD?

[harihebat]

Time to vote. Burst is second from the bottom - You can select more than one!

https://bitcointalk.org/index.php?topic=1000833.0

voted

[zippolo]

Hi everyone, is it possible to modify wallet code to force lower deadlines on testnet to speed up testing?

In the constants.java file add a couple 0s to the end of initial base target.

Thanks, really appreciate it  

[crowetic]

I must say, I love all of this usage of ATs going on, and BURST dedication!

[BurstBank]

Also, if someone wants or needs to withdraw funds early they should be allowed to, just charge a fee proportional to the size of the "CD"  The fee could be kept by the bank as profits, or whatever.

Decentralized Bank dont need any profits, those fees from early withdrawed funds may be distrubuted to more patient members!
In this case, Bank can be able to successfully operate even without any sponsors!
Unpatient dumpers will lost, for example, 20%, that will go to more patient holders.
It will be much stronger motivate to hold coins, that currently BurstBank.com

So this Decentralized Bank (if will got many amounts and members involved), will prevent dumps at all and will smooth volatility!
That is a very important problem of cryptocurrencies, in cause of solved - Burstcoin can be able to get amazing attention and rise very high!


If it will be created, i can sponsorship start balance for percentages, and also will put a big part of my Burst as a member.

[wuats]

Also, if someone wants or needs to withdraw funds early they should be allowed to, just charge a fee proportional to the size of the "CD"  The fee could be kept by the bank as profits, or whatever.

Decentralized Bank dont need any profits, those fees from early withdrawed funds may be distrubuted to more patient members!
In this case, Bank can be able to successfully operate even without any sponsors!
Unpatient dumpers will lost, for example, 20%, that will go to more patient holders.
It will be much stronger motivate to hold coins, that currently BurstBank.com

So this Decentralized Bank (if will got many amounts and members involved), will prevent dumps at all and will smooth volatility!
That is a very important problem, in cause of solved - Burstcoin can be able to get amazing attention and rise very high!


If it will be created, i can sponsorship start balance for percentages, and also will put a big part of my Burst as a member.

This is great!

[katlogic]

Infidels! why you think /bin/laden is cheat? me no cheat my friend, me high-performance.

Soon, you will all be able to join the Al-Shabal Burstcorrist Mining Camp, where I'm willing to share my mining power with you.
Nope, it's not the nodejs uray burst-pool.
and NOOO, it's not the blago miner, I made proper port of the dcct-miner, for windos. And an optimized plotter, like 15% faster.
Let's just say, amongst many other bugs, that {char blago[50]; return blago;} is just not right. OK? I see Blago commented on me

Peace be upon you!

Are you using windows for 10% of network as it is hinted in your post? If so, BURST is past the tipping point when less savoury al-kebab powers started taking notice. Just checking, something tells me diff will ramp up drastically if you're doing what I suspect you are doing.

[jzhoulon]

I think the raising of the burst now may be caused by the falling of the bitcoin, every time btc raise , burst fall, the same as the contract

[Irontiga]

I think the raising of the burst now may be caused by the falling of the bitcoin, every time btc raise , burst fall, the same as the contract

But burst's US price is generally been going UP!!

[seasonw]

Time to vote. Burst is second from the bottom - You can select more than one!

https://bitcointalk.org/index.php?topic=1000833.0

Voted! Let's vote to make Burst become 1st in the list 

[mczarnek]

I think the raising of the burst now may be caused by the falling of the bitcoin, every time btc raise , burst fall, the same as the contract

But burst's US price is generally been going UP!!

Or has it just stayed at a fairly stable $0.04 each?

Still the most undervalued coin ever though