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

[Mark81]

That is actually one of the directions we intend to encourage for the development of Bitstarcoin, should this experimental coin project be a success.

Hopefully we don't run out of bitstars  .  How is in the future possible to burn bitstars without hardforks? Is it possible to have one giant graveyard for burned coins that client takes into account when calculating coins in circuit? This would be nice feature for in future burning processes.

You create a impossible address that passes send verification but is impossible to generate a priv key for, this is the bitcoin code for doing such a thing: https://gist.github.com/CoinWhisperer/6d673f1f3d13da1611cd

think it only takes a couple of changes to make it work for any coin

Yes i understand that part but does that remove coins from actual supply of coins? So that You know how much are available?

[kb4scv]

Yes they are removed from the supply, although I would bet the block explorer would show them in the total supply as it would have no way to know they cannot be moved.  No expert here, but my two cents worth......

[kb4scv]

You guys going to make a new thread for the project? 

[4emily]

Batl now distributed

Received - thanks

Looking forward to seeing how this turns out and of course will continue watching Bitstar's further development with interest.

[Mark81]

Why is batl blockexplorer is showing proof of work for latest blocks and POS blocks are delaying? Is someone mining this coin? And it should take less than 10 hours to have 500 confirmations at 64 second block time for minted blocks, right?

[boacw]

Why is batl blockexplorer is showing proof of work for latest blocks and POS blocks are delaying? Is someone mining this coin? And it should take less than 10 hours to have 500 confirmations at 64 second block time for minted blocks, right?

What I've understood is that now, with the first wallet, POS is not enabled.
I think that everyone can mine blocks for now (I've mined 3 blocks with my raspberry pi :-)).

[Mark81]

Why is batl blockexplorer is showing proof of work for latest blocks and POS blocks are delaying? Is someone mining this coin? And it should take less than 10 hours to have 500 confirmations at 64 second block time for minted blocks, right?

What I've understood is that now, with the first wallet, POS is not enabled.
I think that everyone can mine blocks for now (I've mined 3 blocks with my raspberry pi :-)).

How that is done? Edit: Do I need to run batld on linux? Or just normal batl-qt? On normal client i don't find setgenerate command on debug window.

[T3CLtd]

You can only burn so many BITS though, so I don't really see how that would work.

I think you might want to revisit your understanding of math percentages and proportions.

You guys going to make a new thread for the project? 

A new thread will be created when the PoS-only wallet is released which should not be too much longer.

What I've understood is that now, with the first wallet, POS is not enabled.
I think that everyone can mine blocks for now (I've mined 3 blocks with my raspberry pi :-)).

Correct, there needed to be a brief period of mining initially prior to the PoS stage, although it doesn't offer much in the way of reward.

[tranzactionezlive]

Where do i burn bitstar and where is the project and how and why ? Please enlighten me on the subject !

[boacw]

How that is done? Edit: Do I need to run batld on linux? Or just normal batl-qt? On normal client i don't find setgenerate command on debug window.

I run batld and don't use "setgenerate" like with bitstard, but I use "batld walletpassphrase mypasssword 9999999 true" only.
Don't know how to do it with the QT wallet, sorry.

[Mark81]

How that is done? Edit: Do I need to run batld on linux? Or just normal batl-qt? On normal client i don't find setgenerate command on debug window.

I run batld and don't use "setgenerate" like with bitstard, but I use "batld walletpassphrase mypasssword 9999999 true" only.
Don't know how to do it with the QT wallet, sorry.

Thanks for letting know. I figured this out by myself by reading from internet. I use minerd for now and running normal QT wallet.

[Mark81]

Where do i burn bitstar and where is the project and how and why ? Please enlighten me on the subject !

Burning period has ended, sorry for your loss.

[jakiman]

You can only burn so many BITS though, so I don't really see how that would work.

There are plenty of coins. It's burnt at a percentage.
Well, unless 100% of BITS gets burnt at once

E.g. Even if 25% of BITS is burnt for next 5 projects, there will be 3559570 BITS left.
Heck, if we drop by 25% for 10 more times after it, there will be 200451 BITS left.
But I don't expect such a drastic drop although it will all depend on the project.

[kb4scv]

It was not based on a percentage for this one, although it could be for future.

Not sure you want to burn away your coin supply just to start new coins.

I am all for shrinking the supply, if you hava a desirable product to move Bits on the markets.  Thinning supply only helps if demand is still there as you can see with no rise in price from Bits on news of burning coins.

I understand working a side project if your main is on hold for a little bit, but don't loose focus! 

[jakiman]

It is burnt at a percentage as that's what owners of BITS were willing to spend our of their own balance.
Some spent only 1% of their balance while some may have spent 50% or more. This time, it averaged to about 25%.
Unless everyone devices to burn 100% of their balance, there will always be BITS remaining.

But i do agree that BITS dev should continue to focus on improving BITS as their main coin.

[kb4scv]

My point was amount was not known beforehand.  Keep having blind burn-offs and I believe you will approach that 100% as ppl want part of new coin and believe this one is stalled.  Sure, would be great to have $100 coin, but if it cannot move on exchange it will die.

Anyway, all hypothetical at the moment.  Bits devs will do what they think is best.

And, just started on this experiment.  No idea where it ends up for a while!

[jakiman]

Yeah, I do agree that it can't be burnt indefinitely as we don't want a very low coin supply of BITS.
Hopefully devs has good plans for BITS as I don't want it just being burnt away constantly to zero.

[MadCow]

My point was amount was not known beforehand.  Keep having blind burn-offs and I believe you will approach that 100% as ppl want part of new coin and believe this one is stalled.  Sure, would be great to have $100 coin, but if it cannot move on exchange it will die.

Anyway, all hypothetical at the moment.  Bits devs will do what they think is best.

And, just started on this experiment.  No idea where it ends up for a while!

i was surprised at the 25% burn of BITS for the new coin. what would have happened to bitstar if the rate had been 75%? how about 90% ... if the burn rate was too high BITS could have ended up being too small to be viable

[Mark81]

Batl network is now working great with proof of work mining. Block times are great. Also getting few batl by mining... In 18 hours ~800 batl coins received.

[tranzactionezlive]

Where do i burn bitstar and where is the project and how and why ? Please enlighten me on the subject !

Burning period has ended, sorry for your loss.

Why wasn't this announced on Poloniex which was the main exchange for BITS for over 2 years ?

It is unfair to many holders including myself who put up alot of time/investment into BITS.