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

[bitkokos2]

Thanks for the info!
Best of luck! 

[boacw]

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?

[kennyP]

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.

Is SuperNET involved in the new project?

also, why burn bits, why not just sharedrop a % on all bits hodlers?

[T3CLtd]

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.

[kennyP]

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.

Good answer, I'll burn some BITS, sounds like a good experiment.

[jakiman]

I've been having issues syncing past week or so.

Mostly seeing 0 or 1 or 2 active connections and currently about 4000 blocks behind sync. (and rising each day)
My other coins have 10+ active connections and never had such issues. Any idea why?

I tried various conf files and currently have got following in my bitstar.conf.

rpcuser=username
rpcpassword=password
rpcallowip=127.0.0.1
rpcport=62124
port=41123
gen=0
server=1
addnode=seed.bitstarcoin.com
addnode=seed2.bitstarcoin.com
addnode=seed3.bitstarcoin.com
addnode=seed4.bitstarcoin.com

[Bitstar_coin]

I've been having issues syncing past week or so.

Mostly seeing 0 or 1 or 2 active connections and currently about 4000 blocks behind sync. (and rising each day)
My other coins have 10+ active connections and never had such issues. Any idea why?

I tried various conf files and currently have got following in my bitstar.conf.

rpcuser=username
rpcpassword=password
rpcallowip=127.0.0.1
rpcport=62124
port=41123
gen=0
server=1
addnode=seed.bitstarcoin.com
addnode=seed2.bitstarcoin.com
addnode=seed3.bitstarcoin.com
addnode=seed4.bitstarcoin.com

We had some node issues last week, but have just replaced them all.  Maybe try deleting your peers.dat file and letting it connect to fresh peers

[crackfoo]

Hi,

We're now testing BITS payouts on www.zpool.ca multipool. Simply mine any algo using your BITS wallet address.

This is a new feature so any issue please let us know by posting to the zpool thread listed in my sig.

Cheers!

[jakiman]

We had some node issues last week, but have just replaced them all.  Maybe try deleting your peers.dat file and letting it connect to fresh peers

Just wondering what I should have in the bitstar.conf file?

I deleted the peers.dat and it showed up to 5 active connections for a while but then slowly dropped to zero within few hours.
Also, even when I was connected to 5 active connections, it still did not sync even 1 new block. So it's just stuck at 1508234.
Repairwallet passes OK. I just deleted peers.dat again & restarted it. Getpeerinfo in debug shows 3 following addresses atm.

"addr" : "172.82.139.218:62123",
"addr" : "59.147.36.221:62123",
"addr" : "64.231.255.83:62123",

Meanwhile, my other altcoin wallets running on the same PC is syncing/staking just fine...

[Mark81]

We had some node issues last week, but have just replaced them all.  Maybe try deleting your peers.dat file and letting it connect to fresh peers

Just wondering what I should have in the bitstar.conf file?

I deleted the peers.dat and it showed up to 5 active connections for a while but then slowly dropped to zero within few hours.
Also, even when I was connected to 5 active connections, it still did not sync even 1 new block. So it's just stuck at 1508234.
Repairwallet passes OK. I just deleted peers.dat again & restarted it. Getpeerinfo in debug shows 3 following addresses atm.

"addr" : "172.82.139.218:62123",
"addr" : "59.147.36.221:62123",
"addr" : "64.231.255.83:62123",

Meanwhile, my other altcoin wallets running on the same PC is syncing/staking just fine...

How well does your wallet response to your actions? Does it lack behind? If it does then what would help you is to create new wallet and transfer your coins to that. It helped me a lot and now it been working like a charm last three months. My earlier wallet.dat was over 130Mb with lots of transactions and also there lot of inputs that slowed down whole wallet. I had to wait 30 secs back then when i did do something on wallet so you can imagine how long it took to transfer my coins to new wallet when selectin inputs. And after i manage do transfer it took from wallet over half hour to prosess that through. Wallet became more responsive by going to end with less coins in it. I hope this helps,
 Mark81

[jakiman]

Thanks all. Seems my blockchain dat files were corrupt.

I had a backup of the entire blockchain/wallet from November and that synced fine when I ran it.
Now I have plenty of active connections and synced up to the latest block. Good stuff. 

[Bitstar_coin]

Thanks all. Seems my blockchain dat files were corrupt.

I had a backup of the entire blockchain/wallet from November and that synced fine when I ran it.
Now I have plenty of active connections and synced up to the latest block. Good stuff. 

Nice, the current fast start pack would have got you up and running too.

We may issue a new none forking update soon, upping the stake split amount from 5000, maybe making it a manual variable, this should clear up some of the dust issues when staking.  Will also try and find a way to block staking while syncing as this causes the syncing issues too.

To fix this manually simply encrypt your wallet and only enter your password once synced.

[jakiman]

Nice, the current fast start pack would have got you up and running too.

We may issue a new none forking update soon, upping the stake split amount from 5000, maybe making it a manual variable, this should clear up some of the dust issues when staking.  Will also try and find a way to block staking while syncing as this causes the syncing issues too.

To fix this manually simply encrypt your wallet and only enter your password once synced.

Thanks. Yeah, that was my next plan if my own backup failed. 

Newer optimized wallet sounds great!

[QuadraQ]

Thanks all. Seems my blockchain dat files were corrupt.

I had a backup of the entire blockchain/wallet from November and that synced fine when I ran it.
Now I have plenty of active connections and synced up to the latest block. Good stuff. 

Nice, the current fast start pack would have got you up and running too.

We may issue a new none forking update soon, upping the stake split amount from 5000, maybe making it a manual variable, this should clear up some of the dust issues when staking.  Will also try and find a way to block staking while syncing as this causes the syncing issues too.

To fix this manually simply encrypt your wallet and only enter your password once synced.

That last point is key. I've never had any syncing problems but I ALWAYS encrypt my wallets and never stake until I'm up-to-date. You really should be encrypting your wallets for security reasons anyway.

[jakiman]

I agree. Everyone should encrypt to password protect their wallet. It's just safer. (and has syncing benefits as mentioned for PoS coins)

[pereira4]

So what will happen to Bitstar holders? I have been holding my coins since the early days, is this new coin you talk about a separate coin or related to Bitstar? I dont get it.

Also, anyone call tell me how to compile the source code for Windows? I don't trust compiled .exe files.

https://github.com/bitstar/bitstar/blob/master/doc/readme-qt.rst

I have been following this guide, but the link here:

"Download the QT Windows SDK and install it. You don't need the Symbian stuff, just the desktop Qt."

http://qt.nokia.com/downloads/sdk-windows-cpp

It doesn't work.

I still have the wallet.dat file for this coin so I still have my coins, and would like to make the wallet work. I have heard some people have problems with syncing tho.. please help.

[Graphique]

Better use this manual to make yourself a development environment on windows, it's updated regularly.

Read first, as you need the Qt4 part and not the default Qt5

https://bitcointalk.org/index.php?topic=149479.0

[T3CLtd]

So what will happen to Bitstar holders? I have been holding my coins since the early days, is this new coin you talk about a separate coin or related to Bitstar? I dont get it.

Please take the time to read the following and if you are still unsure of what is going on I will be happy to answer your questions.

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.

[jakiman]

Wow. Someone bought over 1.8 BTC of BITS all the way to 1600 sat at Poloniex yesterday. Very interesting.

[T3CLtd]

Just to give an estimation regarding the timescale, I understand the new coin's wallet will be ready for closed testing next week. Once complete, the instructions for downloading it and performing the burn/buy procedure will be posted soon after.

If you are interested in participating please pay attention to updates in this thread.

There will be a limited time within which you will need to act and the issuing of your proportional share of the new coin will only occur *after* it has closed and all the deposits can be tallied and the new coin's distribution divided accordingly. A list of all the deposit addresses and amounts will be posted here in order for participants and the community as a whole to confirm all is in order and that the share amount apportioned to each BITS deposit is correct.

Once the new coin has been issued the Bitstar dev team will put in place the process for provably burning the committed BITS and adjusting the total coin count downwards. Details for how this will be done are to be posted after the new coin's recipients have confirmed successful receipt of their share.