[ANN][CAGE] CAGECOIN REVIVAL: New difficulty algorithm, network moving again!

[BARR_Official]

Total BTC - 21,000,000
Market Value - $608.1
Market Cap - $12,770,100,000

And is there anyone else in the world who agrees with you, that the market cap is $12 billion?

You can't seem to grasp that there are a total of 21,000,000 BTC, not 15,862,536. Just because a small portion of those 'shares' are not owned right now doesn't mean they don't exist.

How do they exist?  They can't be used as capital, and they're not on the market, so in what way can they be counted as market capitalization?

[CryptoDatabase]

Total BTC - 21,000,000
Market Value - $608.1
Market Cap - $12,770,100,000

And is there anyone else in the world who agrees with you, that the market cap is $12 billion?

You can't seem to grasp that there are a total of 21,000,000 BTC, not 15,862,536. Just because a small portion of those 'shares' are not owned right now doesn't mean they don't exist.

How do they exist?  They can't be used as capital, and they're not on the market, so in what way can they be counted as market capitalization?

So you mean to tell me that BTC does not have a total coin supply of 21,000,000 coins even though it is programmed to have that many? My mind is truly blown, here I thought for all these years that the entire BTC community knew what they were talking about regarding the total amount of BTC.

Being a developer myself I must be a really shitty one if I somehow managed to misread the code used to create BTC. I must be an even dumber person after taking university classes that taught me how BTC operates and functions.

Just because nobody owns the rest doesn't mean they don't exist. Certain conditions have to be met in order to unlock access to those coins.

[BARR_Official]

So you mean to tell me that BTC does not have a total coin supply of 21,000,000 coins

It does not.

even though it is programmed to have that many?

No, it's not.


 

My mind is truly blown, here I thought for all these years that the entire BTC community knew what they were talking about regarding the total amount of BTC.

The entire BTC community knows that the marketcap is 9 billion and not 12 billion, but that didn't stop you from making up your own imaginary definitions of words and concepts.

Being a developer myself I must be a really shitty one if I somehow managed to misread the code used to create BTC. I must be an even dumber person after taking university classes that taught me how BTC operates and functions.

I don't know how shitty or dumb you are, but I know you like to brag when you're wrong and insult people for telling you the truth.  I also know that if you read the code, you wouldn't need to take classes about it.  Or if you took classes about it, you wouldn't have to go through the code to learn what it says.  But I do know that reading the code and taking classes probably won't tell you the first thing about bugs, hacks, glitches, and software updates that haven't been seen yet.  Or in your case, even ones that have been seen already.

Did you know that someone once mined a block with custom software and gave himself less than the full block reward?  He was able to do that because the Bitcoin software does not specify the amount of coins that exist or will exist.  The coins from that block reward that were expected to exist will never exist.

Did you know that there are several altcoins, based on Bitcoin, which have been successfully attacked to create more coins than were supposed to exist?  If you can reference an unspent output, you can spend the coins, and there's not necessarily anything in the software that can keep you from spending more coins than the coins that are supposed to exist.

 

Just because nobody owns the rest doesn't mean they don't exist.

Yes, it does mean that.  Coins don't exist, can't be seen, and can't be spent, until they are generated as a block reward.

If we all switch to a different version of Bitcoin that reduces the block rewards, then maybe those coins will never be generated.  If Bitcoin stops working, those coins will never exist.  You expect that they will exist in the future, but that's not the same as existing now.

Certain conditions have to be met in order to unlock access to those coins.

No, they're not "locked up" somewhere, and there is no way to "access" them.  If a transaction says you have coins, then you have coins.  If you mine a block and it says you have new coins, there is nothing in any software or protocol that subtracts those coins from some vault of coins that already exists.  There is no set number of coins that will exist in Bitcoin, although the mining process is supposed to stop generating new coins at a certain block number that will probably leave the total at somewhere under 21 million.




Oh, and one more thing, since you have no idea what a bitcoin is or how it works:

The "value out" in this block #74638 is quite strange:

Code:

{
    "hash" : "0000000000790ab3f22ec756ad43b6ab569abf0bddeb97c67a6f7b1470a7ec1c",
    "ver" : 1,
    "prev_block" : "0000000000606865e679308edf079991764d88e8122ca9250aef5386962b6e84",
    "mrkl_root" : "618eba14419e13c8d08d38c346da7cd1c7c66fd8831421056ae56d8d80b6ec5e",
    "time" : 1281891957,
    "bits" : 469794830,
    "nonce" : 28192719,
    "n_tx" : 2,
    "tx" : [
        {
            "hash" : "012cd8f8910355da9dd214627a31acfeb61ac66e13560255bfd87d3e9c50e1ca",
            "ver" : 1,
            "vin_sz" : 1,
            "vout_sz" : 1,
            "lock_time" : 0,
            "in" : [
                {
                    "prev_out" : {
                        "hash" : "0000000000000000000000000000000000000000000000000000000000000000",
                        "n" : 4294967295
                    },
                    "coinbase" : "040e80001c028f00"
                }
            ],
            "out" : [
                {
                    "value" : 50.51000000,
                    "scriptPubKey" : "0x4F4BA55D1580F8C3A8A2C78E8B7963837C7EA2BD8654B9D96C51994E6FCF6E65E1CF9A844B044EEA125F26C26DBB1B207E4C3F2A098989DA9BA5BA455E830F7504 OP_CHECKSIG"
                }
            ]
        },
        {
            "hash" : "1d5e512a9723cbef373b970eb52f1e9598ad67e7408077a82fdac194b65333c9",
            "ver" : 1,
            "vin_sz" : 1,
            "vout_sz" : 2,
            "lock_time" : 0,
            "in" : [
                {
                    "prev_out" : {
                        "hash" : "237fe8348fc77ace11049931058abb034c99698c7fe99b1cc022b1365a705d39",
                        "n" : 0
                    },
                    "scriptSig" : "0xA87C02384E1F184B79C6ACF070BEA45D5B6A4739DBFF776A5D8CE11B23532DD05A20029387F6E4E77360692BB624EEC1664A21A42AA8FC16AEB9BD807A4698D0CA8CDB0021024530 0x965D33950A28B84C9C19AB64BAE9410875C537F0EB29D1D21A60DA7BAD2706FBADA7DF5E84F645063715B7D0472ABB9EBFDE5CE7D9A74C7F207929EDAE975D6B04"
                }
            ],
            "out" : [
                {
                    "value" : 92233720368.54277039,
                    "scriptPubKey" : "OP_DUP OP_HASH160 0xB7A73EB128D7EA3D388DB12418302A1CBAD5E890 OP_EQUALVERIFY OP_CHECKSIG"
                },
                {
                    "value" : 92233720368.54277039,
                    "scriptPubKey" : "OP_DUP OP_HASH160 0x151275508C66F89DEC2C5F43B6F9CBE0B5C4722C OP_EQUALVERIFY OP_CHECKSIG"
                }
            ]
        }
    ],
    "mrkl_tree" : [
        "012cd8f8910355da9dd214627a31acfeb61ac66e13560255bfd87d3e9c50e1ca",
        "1d5e512a9723cbef373b970eb52f1e9598ad67e7408077a82fdac194b65333c9",
        "618eba14419e13c8d08d38c346da7cd1c7c66fd8831421056ae56d8d80b6ec5e"
    ]
}

92233720368.54277039 BTC?  Is that UINT64_MAX, I wonder?

How were there 92 Billion bitcoins on the blockchain, if only 21 million exist and must be unlocked to get access to them? 

[CryptoDatabase]

How were there 92 Billion bitcoins on the blockchain, if only 21 million exist and must be unlocked to get access to them? 

You're so full of shit it isn't even funny.

In other words, bitcoin's inventor Nakamoto set a monetary policy at the start of the bitcoin concept that there would only ever be 21 million bitcoins in total, their numbers being released roughly every ten minutes, and the rate at which they would be generated would drop by half every four years until all were in circulation

Programming isn't always perfect and bugs do pop up and get corrected.

[BARR_Official]

How were there 92 Billion bitcoins on the blockchain, if only 21 million exist and must be unlocked to get access to them?  

You're so full of shit it isn't even funny.

So you have no clue how to answer the question.  It's okay to admit you're wrong and have no answer.

In other words, bitcoin's inventor Nakamoto set a monetary policy at the start of the bitcoin concept that there would only ever be 21 million bitcoins in total, their numbers being released roughly every ten minutes, and the rate at which they would be generated would drop by half every four years until all were in circulation

Programming isn't always perfect and bugs do pop up and get corrected.

You're such an expert that you're quoting the Wikipedia article about Bitcoin.  That is sad.

Why not post the code that sets the number of coins?  
How about the code that created the 21 million coins and keeps them locked away, where is that code?



Since Wikipedia is your source of information about Bitcoin, look at this quote from the same Wikipedia entry you quoted:

The blockchain is a distributed database – to achieve independent verification of the chain of ownership of any and every bitcoin

According to Wikipedia, which is your chosen source of information, any and every bitcoin in existence is on the blockchain.

If it's not on the blockchain, it didn't happen.  If coins aren't on the blockchain, they don't exist.


And again: 

All bitcoins in existence have been created in such coinbase transactions.

That's pretty clear.  It says all bitcoins in existence come from mining rewards.  Therefore, 21 million coins don't exist.

Please show us 21 million bitcoins on the blockchain, or admit that all those coins aren't on the blockchain and therefore don't exist.

[CryptoDatabase]

How were there 92 Billion bitcoins on the blockchain, if only 21 million exist and must be unlocked to get access to them?  

You're so full of shit it isn't even funny.

So you have no clue how to answer the question.  It's okay to admit you're wrong and have no answer.

In other words, bitcoin's inventor Nakamoto set a monetary policy at the start of the bitcoin concept that there would only ever be 21 million bitcoins in total, their numbers being released roughly every ten minutes, and the rate at which they would be generated would drop by half every four years until all were in circulation

Programming isn't always perfect and bugs do pop up and get corrected.

You're such an expert that you're quoting the Wikipedia article about Bitcoin.  That is sad.

Why not post the code that sets the number of coins?  
How about the code that created the 21 million coins and keeps them locked away, where is that code?



Since Wikipedia is your source of information about Bitcoin, look at this quote from the same Wikipedia entry you quoted:

The blockchain is a distributed database – to achieve independent verification of the chain of ownership of any and every bitcoin

According to Wikipedia, which is your chosen source of information, any and every bitcoin in existence is on the blockchain.

If it's not on the blockchain, it didn't happen.  If coins aren't on the blockchain, they don't exist.


And again:  

All bitcoins in existence have been created in such coinbase transactions.

That's pretty clear.  It says all bitcoins in existence come from mining rewards.  Therefore, 21 million coins don't exist.

Please show us 21 million bitcoins on the blockchain, or admit that all those coins aren't on the blockchain and therefore don't exist.

int64 static GetBlockValue(int nHeight, int64 nFees)
{
    int64 nSubsidy = 50 * COIN;

    // Subsidy is cut in half every 210000 blocks, which will occur approximately every 4 years
    nSubsidy >>= (nHeight / 210000);

    return nSubsidy + nFees;
}



Code is designed to do exactly what it is coded to do. It's not hard to come to the conclusion that using the above formula puts the total coin count to 21,000,000.

As I said before, the coins are there and are only given out when certain conditions are met, aka mining and other variables.

The blockchain has to abide by the code set forth above.

Everyone but you understands that there are a total of 21 million BTC.

In case you didn't know, there is a difference between total supply and available supply, use google if this is too hard for you to understand.

[BARR_Official]

Code:

COIN = 100 * 1000 * 1000
nSubsidy = 50 * COIN
nHeight = 0
total = 0
while nSubsidy != 0:
    nSubsidy = 50 * COIN
    nSubsidy >>= nHeight / 210000
    nHeight += 1
    total += nSubsidy

print total / float(COIN)

If you run this in Python, you will find that the number will not be 21,000,000, and that's according to the code you posted.

It can't be defined in the code as two different numbers, and you keep saying a number that is incorrect, and therefore you are incorrect about what the code says. 

I'll wait while you run that program (lol).

Anyway all that is irrelevant, because you're talking about what the supply of bitcoins might be in the future.  Nothing you're saying has anything to do with how many bitcoins exist right now. 

[CryptoDatabase]

Code:

COIN = 100 * 1000 * 1000
nSubsidy = 50 * COIN
nHeight = 0
total = 0
while nSubsidy != 0:
    nSubsidy = 50 * COIN
    nSubsidy >>= nHeight / 210000
    nHeight += 1
    total += nSubsidy

print total / float(COIN)

If you run this in Python, you will find that the number will not be 21,000,000, and that's according to the code you posted.

It can't be defined in the code as two different numbers, and you keep saying a number that is incorrect, and therefore you are incorrect about what the code says.  

I'll wait while you run that program (lol).

Anyway all that is irrelevant, because you're talking about what the supply of bitcoins might be in the future.  Nothing you're saying has anything to do with how many bitcoins exist right now.  

The number is a fraction of a hair under 21,000,000. Don't be stupid.

We're not talking about what it 'might' be in the future, we are talking about what it is programmed to be right now.

[BARR_Official]

Anyway the Cagecoin burn starts in a little over 24 hours. 

Send a private message to this account with the number of CAGE you're burning, and your NXT address.  (Don't use a NXT deposit address from an exchange.)  Then send your CAGE to the burn address. 

The burn address is:   DUUhXNEw1bNAMSKgm1Kt2tSPWdzF8952Np

When your transaction shows up with confirmations on the block explorer, we will send your BARR to your NXT account.

You will receive 1 BARR for every 500,000 CAGE you burn, which is .00000200 BARR per CAGE.

[BARR_Official]

The burn period for Cagecoin has begun, and will end at 23:59 September 28. 

Follow the above instructions to participate, and see our ANN for full details:
https://bitcointalk.org/index.php?topic=1219460.0

Check the balance of the burn address at this link:
http://cagechain.info/address/DUUhXNEw1bNAMSKgm1Kt2tSPWdzF8952Np

[almightyruler]

The burn period for Cagecoin has begun, and will end at 23:59 September 28. 

Follow the above instructions to participate, and see our ANN for full details:
https://bitcointalk.org/index.php?topic=1219460.0

Check the balance of the burn address at this link:
http://cagechain.info/address/DUUhXNEw1bNAMSKgm1Kt2tSPWdzF8952Np

Hey, just a couple of questions.

1. Why are/were you buying CAGE on an exchange if people are supposed to swap their CAGE for BARR? Are these funds going to be burned too?

2. How do we verify that the burn address is unspendable? Based on my (very limited) understanding, a suitable provably unspendable address is one that has a specific sequence of characters that are extremely unlikely (but not totally impossibru) to ever be generated by any given private key. So "DUUhXNEw1bNAMSKgm1Kt2tSPWdzF8952Np" just looks like a normal random address, whereas "xxCaGeBuRnErAlLyOuRcOiNsArEnOwG0N3xxx" would be something that would take an impossibly large amount of time for a vanity key generator to come up with. Happy to be corrected if I'm wrong.

[wargo]

2. How do we verify that the burn address is unspendable? Based on my (very limited) understanding, a suitable provably unspendable address is one that has a specific sequence of characters that are extremely unlikely (but not totally impossibru) to ever be generated by any given private key. So "DUUhXNEw1bNAMSKgm1Kt2tSPWdzF8952Np" just looks like a normal random address, whereas "xxCaGeBuRnErAlLyOuRcOiNsArEnOwG0N3xxx" would be something that would take an impossibly large amount of time for a vanity key generator to come up with. Happy to be corrected if I'm wrong.

Even this address is normal, after specified period they can be sent to final burning address or even in special way for burning coins without sending to address (OP_RETURN).

[almightyruler]

2. How do we verify that the burn address is unspendable? Based on my (very limited) understanding, a suitable provably unspendable address is one that has a specific sequence of characters that are extremely unlikely (but not totally impossibru) to ever be generated by any given private key. So "DUUhXNEw1bNAMSKgm1Kt2tSPWdzF8952Np" just looks like a normal random address, whereas "xxCaGeBuRnErAlLyOuRcOiNsArEnOwG0N3xxx" would be something that would take an impossibly large amount of time for a vanity key generator to come up with. Happy to be corrected if I'm wrong.

Even this address is normal, after specified period they can be sent to final burning address or even in special way for burning coins without sending to address (OP_RETURN).

Understood, but that introduces a level of trust. The receiving address would be the one controlling the burn of funds (including opting to not burn anything), rather than the person sending the funds.

[BARR_Official]

1. Why are/were you buying CAGE on an exchange if people are supposed to swap their CAGE for BARR? Are these funds going to be burned too?

We've already burned 5 billion that we bought on exchanges.  We will burn everything we buy.
Most people won't take the time to swap for BARR, so they can participate by selling to us.
If they just want to dump and cash out, it's much simpler to dump their CAGE.  Otherwise they would just burn it, get the BARR, and then dump the BARR immediately anyway.  Either way they get about the same amount of money, since we're swapping BARR at an equivalent value to what the CAGE is selling for.

As always, the coins we buy can never be dumped again because we're burning them.  Every other pump must eventually have a dump - people will sell the coins they bought.  Only BARR gives you a pump with no dump. 

What we're really taking is part of your marketcap;  if we burn $5,000 worth of CAGE and issue $5,000 worth of new BARR, then our marketcap goes up by $5,000 and CAGE goes down by $5,000.  The price per coin can still stay the same, but we've brought some of your coin supply to our blockchain.

2. How do we verify that the burn address is unspendable?

Our burn addresses come from this list:

http://earlz.net/view/2014/10/22/0340/provably-spendable-altcoin-burn-addresses

Some explorers recognize these as burn addresses and mark the coins as destroyed.

[Tony116]

i selled all Cage. Thks everybody 

[BARR_Official]

UPDATE - Cagechain.info is subtracting the burned coins from the "outstanding" coin supply.  

I don't know if the admin added the address or if it was already built-in and subtracted them automatically.

[swordfish6975]

UPDATE - Cagechain.info is subtracting the burned coins from the "outstanding" coin supply. 

I don't know if the admin added the address or if it was already built-in and subtracted them automatically.

I'm admin - it's just Abe block explorer with custom gui, must have been something that the original dev coded in.

[BARR_Official]

Well that's pretty cool, we have a smart explorer

[nezolder]

I can confirm, they will precisely sending the BARR-s as the cage arrives the burning address!

[BARR_Official]

3 hours left, message us here and your burns will be honored as long as the block explorer shows them with a timestamp prior to midnight.