[ANN][BITS][Bitstar] Now on Cryptopia, Nova and Yobit new wallet fork in testing

[T3CLtd]

Total PoW+POS coin supply: 54.25 million as of 08/02/16. (PoW ended May 2014 at 15 million)

Is that correct?

That 54.24 million figure is the max supply, not the issued.

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[jakiman]

Total PoW+POS coin supply: 54.25 million as of 08/02/16. (PoW ended May 2014 at 15 million)

Is that correct?

That 54.24 million figure is the max supply, not the issued.

So you are saying it will increase from the current 20million coin supply to 54million in the next 4.5 months as stated? (or am i still reading it wrong?)

[T3CLtd]

(or am i still reading it wrong?)

As of the 8th of February 2016. It isn't in US date format.

- Total PoW+POS coin supply: 54.25 million as of 08/02/16. (PoW ended May 2014 at 15 million)
- Current coin supply 20.1m

Actually it appears that date reference should have followed the next line, the current coin count. I'll ask it be corrected.

[jakiman]

Actually it appears that date reference should have followed the next line, the current coin count. I'll ask it be corrected.

Cool. That makes more sense.

[jakiman]

My wallet stopped syncing new blocks but it is connected to 18 peers and knows that I'm getting further and further behind.
This is now about the 3rd or 4th time doing this in the past year or so. Not happy... Lucky there's a recent fast start pack!

[Frostbite72]

My wallet stopped syncing new blocks but it is connected to 18 peers and knows that I'm getting further and further behind.
This is now about the 3rd or 4th time doing this in the past year or so. Not happy... Lucky there's a recent fast start pack!

Yeah mine has done the same thing...again. I feel your pain. For me it seems once synced if I leave the wallet open, then it stays synced. If I close it for a day or two and try to resync a few hundred blocks, it stalls and never catches up, getting further and further away. I downloaded the fast start. hopefully syncs ok, but the fast start puts me further back then i was before, and is S-L-OOOOOOOOO-W to sync. Gonna have to leave it open another week just to catch up at this rate.
We really need a new walleet. FYI, I am running the OS X wallet.
All of these different crypto wallets have gotten too large and resource intensive to keep them open all the time. Some worse then others.
I was an early bitter coin adopter myself. Been here since the beginning.

[QuadraQ]

My wallet stopped syncing new blocks but it is connected to 18 peers and knows that I'm getting further and further behind.
This is now about the 3rd or 4th time doing this in the past year or so. Not happy... Lucky there's a recent fast start pack!

Yeah mine has done the same thing...again. I feel your pain. For me it seems once synced if I leave the wallet open, then it stays synced. If I close it for a day or two and try to resync a few hundred blocks, it stalls and never catches up, getting further and further away. I downloaded the fast start. hopefully syncs ok, but the fast start puts me further back then i was before, and is S-L-OOOOOOOOO-W to sync. Gonna have to leave it open another week just to catch up at this rate.
We really need a new walleet. FYI, I am running the OS X wallet.
All of these different crypto wallets have gotten too large and resource intensive to keep them open all the time. Some worse then others.
I was an early bitter coin adopter myself. Been here since the beginning.

I agree that leaving the wallet open is the best option. I have a mining machine that I also use for my PoS wallets (otherwise the CPU is just twiddling it's thumbs) and I leave Bitstar running on it all the time, and rarely have issues. The super fast 30 second block times of BitStar are one of it's best features because transactions are lightning fast, but that speed comes at a cost as well. Obviously we're still very early in the game, but fast block times can be a huge asset. The technology will improve and the network will expand with time.

[T3CLtd]

Ok, I have had confirmation from the new coin's dev that the wallet has been working well on the testnet and is all but ready for release.

With that in mind the date for the burn/buy process to commence is scheduled for this coming Friday 25th March.

A link for the wallet download will be posted on that date, along with the web address for the burn/buy page where you will be required to post a valid wallet address to receive your share of the new coin's distribution and where you will be issued with a unique BITS address to send the coins you wish to burn to.

The burn/buy submission period will cease at GMT12:00 Sunday 27th March.

A table listing all of the BITS addresses and balances which have received deposits, along with a figure showing the proportional share of the new coin which will be received at their associated new coin wallet address, will be posted in order for the community to check and verify.

Once it has been established that all is in order and there are no objections the new coin will be distributed accordingly.

Having confirmed that the distribution has been completed and verified by the community the BITS coins which were sent to be burned will be consolidated into one address which can be monitored until the new BITS wallet and chain is issued, whereupon that consolidation address will be omitted, thereby provably removing the submitted total number of Bitstar coin from the coin supply.


I would like to remind everyone of the following key points which should be taken into consideration when deciding if and how much you wish to commit to this burn/buy process:

1.This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.
2.This beta app may or may not be released as a commercially-launched finished product.
3.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.

[QuadraQ]

Ok, I have had confirmation from the new coin's dev that the wallet has been working well on the testnet and is all but ready for release.

With that in mind the date for the burn/buy process to commence is scheduled for this coming Friday 25th March.

A link for the wallet download will be posted on that date, along with the web address for the burn/buy page where you will be required to post a valid wallet address to receive your share of the new coin's distribution and where you will be issued with a unique BITS address to send the coins you wish to burn to.

The burn/buy submission period will cease at GMT12:00 Sunday 27th March.

A table listing all of the BITS addresses and balances which have received deposits, along with a figure showing the proportional share of the new coin which will be received at their associated new coin wallet address, will be posted in order for the community to check and verify.

Once it has been established that all is in order and there are no objections the new coin will be distributed accordingly.

Having confirmed that the distribution has been completed and verified by the community the BITS coins which were sent to be burned will be consolidated into one address which can be monitored until the new BITS wallet and chain is issued, whereupon that consolidation address will be omitted, thereby provably removing the submitted total number of Bitstar coin from the coin supply.


I would like to remind everyone of the following key points which should be taken into consideration when deciding if and how much you wish to commit to this burn/buy process:

1.This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.
2.This beta app may or may not be released as a commercially-launched finished product.
3.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.

Any idea how many of the new project's tokens we'll be able to purchase per BITS and how many total will be available?

[jakiman]

When will the new coin's forum thread be made? On the 25th?

[T3CLtd]

When will the new coin's forum thread be made? On the 25th?

I believe the new thread will be created once the distribution has been completed and verified by this community.

Any idea how many of the new project's tokens we'll be able to purchase per BITS

That isn't something which can be known beforehand given the distribution method. Not until the submission process has closed and all BITS deposits are in can the proportional allocation be calculated.

and how many total will be available?

No information about the coin is being given out at this time in case any last-minute adjustments are needed following the final testing which is taking place.

[kb4scv]

So, ppl are just going to choose an amount of BITs to send and get ? In return?   Got to be a little more to the story there, unless I missed something. 

[T3CLtd]

So, ppl are just going to choose an amount of BITs to send and get ? In return?   Got to be a little more to the story there, unless I missed something. 

The decision to participate in the burn/buy process and evaluate the number of BITS to commit is done through weighing up two factors, what percentage of the total coins committed your deposit will equate to at the end of the submission period and what the resultant reduction in total coin count will do to the value of your remaining BITS holdings.

Example: If you were to commit half a percent of the total coins submitted for burning you would be apportioned half a percent of the total coin count for the new coin. If 10% of the BITS total coin count is burned it isn't unreasonable to expect the remaining Bitstarcoins to increase in value.

[4emily]

Ok, I have had confirmation from the new coin's dev that the wallet has been working well on the testnet and is all but ready for release.

With that in mind the date for the burn/buy process to commence is scheduled for this coming Friday 25th March.

A link for the wallet download will be posted on that date, along with the web address for the burn/buy page where you will be required to post a valid wallet address to receive your share of the new coin's distribution and where you will be issued with a unique BITS address to send the coins you wish to burn to.

The burn/buy submission period will cease at GMT12:00 Sunday 27th March.

A table listing all of the BITS addresses and balances which have received deposits, along with a figure showing the proportional share of the new coin which will be received at their associated new coin wallet address, will be posted in order for the community to check and verify.

Once it has been established that all is in order and there are no objections the new coin will be distributed accordingly.

Having confirmed that the distribution has been completed and verified by the community the BITS coins which were sent to be burned will be consolidated into one address which can be monitored until the new BITS wallet and chain is issued, whereupon that consolidation address will be omitted, thereby provably removing the submitted total number of Bitstar coin from the coin supply.


I would like to remind everyone of the following key points which should be taken into consideration when deciding if and how much you wish to commit to this burn/buy process:

1.This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.
2.This beta app may or may not be released as a commercially-launched finished product.
3.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.

Without any information about the app itself or the dev team behind it, it's not possible to make an informed investment decision.

[T3CLtd]

Without any information about the app itself or the dev team behind it, it's not possible to make an informed investment decision.

It isn't an investment decision, it is a participation one. You could choose not to participate and your existing holdings of BITS will still benefit from the resultant reduction in total number of coins following the burn process.

I have explained that the app is being developed by my company and, as an experimental project which may or may not be released as a final product, it is and will be subject to the usual levels of commercial sensitivity and confidentiality.

This isn't a crowd-sale, it isn't a funding exercise, it is merely a way for the new coin to be fairly distributed and create a sufficient level of vested interest that those who participate will be motivated to run staking wallets and be willing to co-operate with any updates, amendments or modifications which we may ask the coin's development team to make in order to better suit the needs of the app as it undergoes development and testing.

[unclepeter]

Without any information about the app itself or the dev team behind it, it's not possible to make an informed investment decision.

It isn't an investment decision, it is a participation one. You could choose not to participate and your existing holdings of BITS will still benefit from the resultant reduction in total number of coins following the burn process.

I have explained that the app is being developed by my company and, as an experimental project which may or may not be released as a final product, it is and will be subject to the usual levels of commercial sensitivity and confidentiality.

This isn't a crowd-sale, it isn't a funding exercise, it is merely a way for the new coin to be fairly distributed and create a sufficient level of vested interest that those who participate will be motivated to run staking wallets and be willing to co-operate with any updates, amendments or modifications which we may ask the coin's development team to make in order to better suit the needs of the app as it undergoes development and testing.

So if the experimental project is not released will the new coin be used for other projects or abandoned by the new devs?

[T3CLtd]

So if the experimental project is not released will the new coin be used for other projects or abandoned by the new devs?

We simply don't know at this stage. This is why it is an experimental coin project being distributed the way it is. If you choose to participate then it would make sense to retain a proportional number of your BITS holdings to gain value from the reduced supply which should help offset any potential loss if the new coin does not lead to a commercially viable app integration.

As mentioned previously, we still intend to roll-out the multi-coin ATMs which will include Bitstars, but are waiting on iDEX to be completed in order to do so. In the interim we are embarking on this app project and need a new coin, one based on proven (in cryptocurrency terms) tech so as to have a reliable open-source public coin network we can work with.

[kb4scv]

Well, we shall see what kind of interest is generated.  Doesn't seem to me that this is very sound unless you just have no expectations at all for interest. 

I think most that are in Bitstar for this long believe you will be successful in the long run.  I think they believe in you guys.  I don't see where keeping info from loyal holders creates interest or value or good will after this long following your team. 

You would have to know how many experimental coins you plan to create.  At least sharing that would let ppl have some idea of what kind of value might occur.  We all know this is speculation, but without any idea of possible value, it amounts to tossing Bits away.  And, since this may not create a lot of interest, it may not even lead to many Bits being burned. 

This would seem to be a bold move, but one that is being presented in a way that is half-hearted toward reducing Bit supply.  Why not work to make at least one side of the speculation a more sure bet so that the other doesn't seem such a tough decision?

Anyway, you know what you want, best of luck to you guys either way.

[T3CLtd]

I think most that are in Bitstar for this long believe you will be successful in the long run.  I think they believe in you guys.  I don't see where keeping info from loyal holders creates interest or value or good will after this long following your team. 

Firstly, it sounds like I need to remind you that my company is not the dev for Bitstarcoin or the new coin. We have no obligation to holders, loyal or otherwise and, secondly, given the number of wallets which were reported as needing serious synchronization after being offline for so long, many long-term holders have not even been helping the coin network function through staking. As for creating value, that is an artificial notion without actual economic use for a coin network. There are enough cryptocurrency projects already busy hyping their supposed future value in order to raise their present market price. This creates speculative bubbles which burst, usually leaving many people suffering large losses.

Why not work to make at least one side of the speculation a more sure bet so that the other doesn't seem such a tough decision?

Because this isn't being done to appease speculators. It is being done as a novel way to ensure fair distribution of a new coin while creating enough of a vested interest that it will hopefully encourage sufficient numbers of staking wallets to be left running and, therefore, create a strong and reliable PoS network.

By the way, the number of new coins being issued does not in any way dictate the market value of the total. It dictates the value of each token, sure, but not the market cap. So there is nothing gained by knowing the number of coins being distributed if the share you will receive is a proportional allocation of the total issued.

[kb4scv]

Fair enough, not interested in the least here then.  Still, best of luck to you.