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Author Topic: [ANN][BITS][Bitstar] Now on Cryptopia, Nova and Yobit new wallet fork in testing  (Read 436037 times)
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Bitstar_coin
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August 20, 2014, 07:09:40 AM
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We will shortly be releasing the details of an experimental project under development by our company.

This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.

Some of the Bitstarcoin dev team will be creating this public blockchain by way of a new wallet cloned from another existing coin and rebranded. The purpose of this is to use suitable PoS cryptocurrency tech which is already proven and known to be reliable.

While it will be a public and open-source new blockchain, the dev team have expressed their willingness to support the needs of our app by way of committing whichever mods/dev/forks are required to ensure the functionality needed for the app to operate smoothly and securely.

This beta app may or may not be released as a commercially-launched finished product.

Distribution of the new 'coin' will be done by way of participants receiving a proportional share of those issued from the genesis block as a primer for the public network and its market. To participate you will be required to burn the amount of Bitstarcoins you wish to commit to the project, thereby reducing the issued and max supply of Bitstars.

This app project is an entirely speculative venture. Your choice to participate in the burn/buy for the coin is taken as acknowledgement of the risks associated with an experiment such as this.


Thanks for the update. So this sounds like a separate app completely unrelated to BITS?
Correct, the ATM project for BITS still exists, albeit we have had to pause our development schedule while we wait for iDEX to be completed. So in the meantime we are proceeding with this side-project.

When you say it requires burning the amount of BITS, what does that mean exactly?
There will be a release of a set amount of coins from the genesis block of the new coin. The process of claiming a share will require Bitstarcoins to be sent to a burn address, the new coin's dev team will be providing details on how to go about this closer to the time.

So this will in turn reduce the max supply of BITS? To how much are we expecting?
Yes it will result in a reduced number of Bitstarcoins in circulation and max supply. I have no idea how many this will be.

how about the ATM project?
As mentioned, the ATM project for Bitstar is still scheduled, we just want to use this waiting period to experiment with another project idea.

And why you cant use bits as this technology?
There are a number of reasons why we can't use Bits for this side-project, we may need to ask the coin devs to perform hard-forks, soft-forks or, dare I say it, blockchain-rollbacks, during the beta testing for this app. We may need to abandon the initial coin tech/spec and request an entirely new chain. All at short notice. We also want a fresh chain so it can be handled quicker for such things as resyncing and reindexing during this period.

It feels like you moving value from bits to this new coin.
But this is actually the opposite of that, given the reduction in coin supply for Bits. This isn't moving value to a new coin, far from it, it is an entirely separate project which needs to utilise a new wallet/chain and it may or may not result in a viable business model. We make no promises about this new app becoming a commercial product, nor any about the new coin being created which, don't forget, will be an open-source decentralised coin network, it is not being created or maintained by my company. If this project succeeds and does become a commercial product utilising this new coin, it could end up bringing value to it and thereby reward those who chose to support it. Those are the factors that people will need to consider when deciding how much of their Bits holdings to commit to burning and how much to retain to possibly capitalize on the reduction in coins.

We are wanting to experiment with a number of factors concerning how feasible it is for a commercial project to work with a public decentralised coin network, such as being able to sufficiently influence the devs and its community to accept and work with short-notice forks and/or modifications to support commercial entities which potentially bring value to their coin through utilising it in non-cryptocurrency industries. We also want to see what proportion of the new coin's holders will stake and support the network.


will that coin be POW for some time?
No it will be pure Proof-of-Stake and there are good reasons for it to be distributed this burn/buy way. If the new coin were to be Proof-of-Work there would be both an expectation of return on investment from the miners and they, along with anybody they were selling to from outside of this informed community, would not take kindly to potential short-notice code-changes, forks and possible roll-backs.

As I said, this new coin is an experiment in public/private commercial collaboration, while it is being launched by its own dev team the fact is that my company will be engaging in this arrangement with the understanding that as the app we are developing is progressing, we may state that there is a need for the coin network to be modified in some way to allow for a better fit. It will be up to the dev team to decide whether they wish to respond to commercial requirements in order to cooperate in the hope of a viable long-term use-case being established for their coin.

We will continue to remind people that there are no guarantees or promises being made in regards to this side-project, so their decision to participate in the coin distribution must be taken in the knowledge that there may or may not be a viable product using this new coin at the end of this experiment.

If I participate to the staking process, I need the sources to compile the binary for my linux OS (either Ubuntu/Intel or Debian/arm).
Will the new piece of software be open source?
The new coin is a regular public coin network with the usual open-source code, released by its own dev team, not my company. The sources you need should be available when the new coin's wallet is released.

Is SuperNET involved in the new project?
also, why burn bits, why not just sharedrop a % on all bits hodlers?
No, this is a separate side-project to the work we have been doing with supernet concerning iDEX and our plans to utilise it for the BITS ATM exchange backend.

In the same way that a POW initial distribution model for the new coin would not be suitable, a giveaway presents numerous other problems. To simply gift the initial coin supply to the BITS community would largely result in people dumping their free coin the moment it arrived on an exchange. As we're making no bones about the speculative nature of this experiment, we'd be lucky to see more than a handful of the distributed coins being staked.

Requiring people to burn some Bitstars as part of the buying process for the new coin is an effective way of creating the kind of conditions that will encourage participation by those who are more likely to support the network through running staking wallets. That there is a cost to the BITS holder to choose to burn some coins in order to receive a share of the new coin's initial distribution is balanced by the resultant reduction in the number of Bitstars potentially adding value to their remaining BITS holdings.

By establishing a vested interest in the new coin it will hopefully translate into a supportive community for it.


Please see the following link for instructions on how to swap coins and to download the temp wallet http://swap.bitstarcoin.com





Bitstar coin is a Proof-of-Stake currency which was initially distributed through a six-week Proof-of-Work mining phase.

Alongside integration with SuperNET, with regards to the rolling out of multicurrency ATM machines in Cyprus, we are also participating in an experimental project which utilises a new coin whose initial distribution will be by way of the burning of BITS coins in return for a proportional share.

This will result in the reduction of both the current and max coin totals for Bitstar.


________________________________________

★ Coin Information
- Now full PoS (was Scrypt PoW)
- 24 hour PoS staking
- Total PoW+POS coin supply: 54.25 million (PoW ended May 2014 at 15 million)
- Current coin supply 20.1m as of 08 Feb 16.
- POS interest: 35%, 25%, 10% and 1% changing annually.
- Only 4 confirmations for a transaction
- 80 confirmations for blocks to mature!
- Very low transaction fees ( 0.001 )
- NO IPO



________________________________________

BitStar Source:
 http://github.com/bitstar/bitstar

________________________________________

Wallets:

Bitstar Full Services wallet (RECOMMENDED):

Windows rar:  MediaFire
Mac DMG: MediaFire

Bitstar basic wallet:

Windows rar: MediaFire
Mac DMG: MediaFire

Fast start pack:

Windows fast start pack Bitstar_win_faststart_0417.zip


________________________________________


Extra info:


POW cutoff at 6 weeks (complete)
Yearly block count: 1049040


POS Interest:
year 1: 35%
year 2: 25%
year 3: 10%
beyond: 1%

Total amount of coins 54256119 (54.25 million) -  Currently 18m in circulation

_______________________________________

Nodes:

addnode=seed.bitstarcoin.com
addnode=seed2.bitstarcoin.com
addnode=seed3.bitstarcoin.com
addnode=seed4.bitstarcoin.com
________________________________________


Block Explorers:
http://explorer.bitstarcoin.com
blockexperts.com/bits
________________________________________

Exchanges:
Yobit
Cryptopia.co.nz
Novaexchange.com
________________________________________

IRC:
https://kiwiirc.com/client/irc.freenode.net:6667/bitstarcoin

________________________________________

BitStar in the News:
http://www.cryptotycoons.com/2014/08/bitstarcoin-a-shining-star-of-innovation
http://www.cryptoarticles.com/crypto-news/bitstar-releases-peer-to-peer-fiat-exchange-beta-wallet
http://www.btcclan.com/2014/08/23/bitstar-now-you-can-trade-in-wallet-and-more-features-soon/
http://247cryptonews.com/bitstar-now-can-trade-wallet-features/
http://bitcoin-shark.com/bitcoin_news/bitstar-now-you-can-trade-in-wallet-and-more-features
http://www.coinssource.com/bitstar-brings-local-bitcoins-the-wallet/
http://www.cryptoarticles.com/crypto-news/bitstar-a-cryptocurrency-still-seeking-its-niche

________________________________________


Social Media:

Official Web Page: http://bitstarcoin.com/
Twitter: http://www.twitter.com/Bitstar_coinz
Facebook: https://www.facebook.com/Bitstarcoin
Reddit: http://www.reddit.com/r/bitstar

________________________________________


Languages:
- Chinese https://bitcointalk.org/index.php?topic=574730.msg6267495#msg6267495
- Polish https://bitcointalk.org/index.php?topic=574843.0
- Greek https://bitcointalk.org/index.php?topic=575900.new#new
- German https://bitcointalk.org/index.php?topic=576106.new#new
- Spanish https://bitcointalk.org/index.php?topic=576811.new#new
- Italian https://bitcointalk.org/index.php?topic=587667.new#new


SuperNet announcement thread: https://forum.thesupernet.org/index.php?topic=186.0



FAQ:

Q: Syncing is taking a long time, what can I do?

A:) There are a few things we suggest in this case

  • Encrypt and lock your wallet, this stops the wallet trying to stake while syncing to the network
  • Use the fast start pack, download the fast start zip from the download links above and unzip it to your roaming folder

Q: I get warned that I cannot use the port, what can I do?




A:) This error means the coin is already running in the background or another process is using the port that bitstar needs, to fix this there are a few things to try.
  • Check the task manager to make sure bitstar isn't still running in the background
  • Reboot your pc
  • change the config so it uses a different port (port=differentporthere eg port=13253)

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Bitstar_coin
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August 20, 2014, 07:12:53 AM
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Welcome to the new thread, we had to close the last one due to a group of people (look at there post history, they join threads and only attack) doing nothing but spamming the thread with FUD and lies, as there is no real moderation from the board the only way to combat this is by having a self moderated thread.

Now to save going back to the thread the lastest news is we have created a in wallet FIAT/bits p2p exchange, it is currently in beta mode and would be greatful if you could all help with the testing.

https://mega.co.nz/#!ENky2SqZ!6CN9KNlQs1Up115auBiVEd4UzSxlzaH3peHTaHJtuwM




The next stage will build upon this with a ecommerce platform, which if the seller wants to can automatically sell the bits from a sale to fiat.  We also plan to make it so they get a free website version of there shop to attract more general public and new users from outside of the current crypto market.
 
 
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August 20, 2014, 07:14:59 AM
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Good one!

So all the readers, please send some hashpower to the multipool.

http://multipool.bitstarcoin.com/
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August 20, 2014, 07:21:48 AM
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I'd not worry too much about market price at this time as it was clearly the work of Fudders attempting to rinse-and-repeat a cycle of quick flips they were trying to achieve. The limited number of BITS for sale at those low prices were most likely their own so I doubt they made much from their little scheme.

In other news, I've had a claim from @bitcoinbegger for the 10,000 BITS and will let you all know how his in-wallet 'purchase' goes once complete.



Warning! Multiple ICO scams being launched through bot-posting forum threads, bought/hacked accounts and fake team profiles
Bitstar_coin
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August 20, 2014, 07:32:05 AM
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I'd not worry too much about market price at this time as it was clearly the work of Fudders attempting to rinse-and-repeat a cycle of quick flips they were trying to achieve. The limited number of BITS for sale at those low prices were most likely their own so I doubt they made much from their little scheme.

Agreed and I don't think its fair so it was one of the reasons I decided to do the move to this thread, they should not be able to constantly get away with this unchecked.


In other news, I've had a claim from @bitcoinbegger for the 10,000 BITS and will let you all know how his in-wallet 'purchase' goes once complete.


Brilliant, I also noticed a lot of big accounts retweet the posts I made yesterday about the update, and I also made contact with a few crypto news sites about writing about the new feature and our future plans, one of them recently did a article on us, so hoping they would like to do a follow up now I can say more about our plans.
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August 20, 2014, 07:46:14 AM
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good choice on the moderated thread. we can move forward now.

zzz
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August 20, 2014, 08:09:59 AM
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As long as the moderation is NOT TOO severe (such as deleting anything remotely negative), I'm all for self-mod threads.

You can follow me on Twitter for the latest PIVX news & updates: https://twitter.com/jakimanboy
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August 20, 2014, 08:11:29 AM
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As long as the moderation is NOT TOO severe (such as deleting anything remotely negative), I'm all for self-mod threads.

i guess statement like, its dead, its going to be dead etc should be removed. just critical remarks can be left alone and answerred too.

agree that it must not be moderated too much Smiley

zzz
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August 20, 2014, 08:18:38 AM
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Welcome to the new thread, we had to close the last one due to a group of people (look at there post history, they join threads and only attack) doing nothing but spamming the thread with FUD and lies, as there is no real moderation from the board the only way to combat this is by having a self moderated thread.

Now to save going back to the thread the lastest news is we have created a in wallet FIAT/bits p2p exchange, it is currently in beta mode and would be greatful if you could all help with the testing.

https://mega.co.nz/#!ENky2SqZ!6CN9KNlQs1Up115auBiVEd4UzSxlzaH3peHTaHJtuwM




The next stage will build upon this with a ecommerce platform, which if the seller wants to can automatically sell the bits from a sale to fiat.  We also plan to make it so they get a free website version of there shop to attract more general public and new users from outside of the current crypto market.
 
 



When i signed up yesterday i never received the confirmation email, and now when i try to sign up again it says my username is already taken Huh
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August 20, 2014, 08:19:39 AM
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Did you check your Spam folder?


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August 20, 2014, 08:20:08 AM
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As long as the moderation is NOT TOO severe (such as deleting anything remotely negative), I'm all for self-mod threads.

Good criticism is another thing, but when that is pointless for to build development and only reason to cause panic I say its need to stop spreading lies. At moment bits is trying to gain exposure on among people and its not help if you are unsure if its good  investment. There are too many people burned their fingers with bad coins and fuders.
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August 20, 2014, 08:21:46 AM
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Did you check your Spam folder?


yes been checking from time to time and no mail revevied  Sad
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August 20, 2014, 08:24:11 AM
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i did get the confirmation email eventually. arrived after a day or so.  Huh

zzz
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August 20, 2014, 08:27:10 AM
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i didnt get the confirmation as well. arrived after a day or so.  Huh

Ahh then theres still hope as i signed up around noon yesterday. Will check during today, and if i havent gotten it yet ill poke the dev to see if he can do something about it Smiley
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August 20, 2014, 08:28:23 AM
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i didnt get the confirmation as well. arrived after a day or so.  Huh

Ahh then theres still hope as i signed up around noon yesterday. Will check during today, and if i havent gotten it yet ill poke the dev to see if he can do something about it Smiley

i have no doubt he can. maybe pm him your email address so he can enable it without confirmation email. but confirmation email, if problem, should be fixed. it limits the beta process if that doesnt work properly.


any coin that makes me a profit.
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August 20, 2014, 08:35:01 AM
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I'm thinking of setting up a FUD thread, anything I delete will then be posted there as I delete it.  Would that be good for transparency?

Regarding the email problem, I've had 2 members say they are having problem with Microsoft blocking our emails, I've signed up with Microsoft officially to get us onto there anti spam partnership system, so that should be fixed by the end of the day.
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August 20, 2014, 08:41:54 AM
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I'm thinking of setting up a FUD thread, anything I delete will then be posted there as I delete it.  Would that be good for transparency?

Regarding the email problem, I've had 2 members say they are having problem with Microsoft blocking our emails, I've signed up with Microsoft officially to get us onto there anti spam partnership system, so that should be fixed by the end of the day.

my problem was with outlook express, can you verify the following email id ( when was it sent out ? ): 1XJgZB-0007fB-Kd

zzz
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August 20, 2014, 08:53:17 AM
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I am an investor, there is no chance to me.

INVALID BBCODE: close of unopened tag in table (1)
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August 20, 2014, 09:03:36 AM
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I am an investor, there is no chance to me.

Hi,  what do you mean with no change for you?  Smiley
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August 20, 2014, 09:40:26 AM
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I am an investor, there is no chance to me.

i am an investor as well ( and coder ) but i think there are chances... if you look at the roadmap of what is coming ( dev, maybe make a neat pdf for that ) i think there is enough opportunity to make a profit on this.
There is a marketplace coming ( dont know if it exactly will be like silkroad ). But,

I dont know if i should invest in the dev or in the coin, or both, or none. I already had a discussion in investing into the dev in order to extend the current service into a standalone product. Yes, competing with localbitcoins. There are some bumps on the road that have to be eliminated.

The statement, if you are a real investor, that there are no chances, that is just short-sighted. sorry.

Lets not forget; the dev did a good job here. He is not putting up fake promisses and delivers. That is worth something. Look at all the other coins. False promisses, ripped/bought code and so on. Just there to take your money.

any coin that makes me a profit.
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