◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈

[bitcreditscc]

awareness is growing, 6 BNs now, and more coming soon.

If there is real and sufficient interest in the idea, I'd like to offer the first shared BN service. Other BN holders, i encourage you to try and be competitive and offer better deals. Here's how it will work:-

I will enter into a contract with shareholders with an agreed cost, % cut and payout times.

----------------------------------------------------Bank of Minato - Bank Node Setup Contract ---------------------------------------------------
 
I will setup a BN, then when it is running, I will create 250 shares, each valued at 1050 BCR or equivalent in Bitcoin @ time of tx.

We can negotiate the burden of vps hosting. Set up is free. if you opt to let me handle the vps , cost is $16.50. You can see the specs on my preferred hosts website. 

I get a 2% cut on all payments.

Payouts to share holders are done once a day/week.

Once a month we meet for 20 minutes and audit the BN.

The BN will only conduct Banking business if the shareholders fund it and compensate me for the time it takes.

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[Jesse Livermore]

Has anyone done a comparison of what is the

1) Most expensive MN implementation?
2) Most profiatble?

Dash Masternodes cost about 13.7 BTC right now and make about $1.54 per day (at .013700000 price)

Crave Masternodes cost 1.4 BTC right now and make $2.88 per day (at .00280000 price)

BITCREDIT Banknodes cost around 5 BTC right now and make $9.20 per day  (at .00002000 price).

Per BTC return, Crave takes it.  But BITCREDIT is definitely the most undervalued right now, with the most room for growth.  If the price rises to just 5000 satoshis, one banknode will make around $23 per day.  This also doesn't take into account the service income.

Just to correct what you said here, looking at order book for BCR, looks like one banknode is actually about 10 btc due to lack of coins available for sale and due to high banknode threshold, 250k.
Sorry but I'm starting to realize more and more that that steep threshold and the lack of coins is, IMO, going to deter people from setting them up in the long-term.
JL

[Department of]

Has anyone done a comparison of what is the

1) Most expensive MN implementation?
2) Most profiatble?

Dash Masternodes cost about 13.7 BTC right now and make about $1.54 per day (at .013700000 price)

Crave Masternodes cost 1.4 BTC right now and make $2.88 per day (at .00280000 price)

BITCREDIT Banknodes cost around 5 BTC right now and make $9.20 per day  (at .00002000 price).

Per BTC return, Crave takes it.  But BITCREDIT is definitely the most undervalued right now, with the most room for growth.  If the price rises to just 5000 satoshis, one banknode will make around $23 per day.  This also doesn't take into account the service income.

Just to correct what you said here, looking at order book for BCR, looks like one banknode is actually about 10 btc due to lack of coins available for sale and due to high banknode threshold, 250k.
Sorry but I'm starting to realize more and more that that steep threshold and the lack of coins is, IMO, going to deter people from setting them up in the long-term.
JL

Yeah, the market is definitely slow.  I was making the guess that you could get some pretty big sells at .00002.  Yesterday there was more than 250k sold at around .00001700 and even a 110k sell at .00001400.  It's just a little different right now than a market where you can see things happening quickly.  You have a place a tempting buy offer to get someone to bite and then wait all day until they see it.  It goes the other way too.  Someone wanting to sell would have to go way below the top bid to sell a decent number of coins.  Eventually things will start being a little more liquid.  

But I agree the cost going up will deter some because it will put their own Banknode out of reach.  There will be services and things to let people get in on shares of banks though(the first offer for this from the dev right above), and this is all part of the BITCREDIT plan.  Once there's an easy way for people to buy into BNs I don't think it'll be a barrier.  It'll probably actually be more appealing once this is easy to do because many people don't want to or don't know how to set up their own masternodes.

[bitcreditscc]

Has anyone done a comparison of what is the

1) Most expensive MN implementation?
2) Most profiatble?

Dash Masternodes cost about 13.7 BTC right now and make about $1.54 per day (at .013700000 price)

Crave Masternodes cost 1.4 BTC right now and make $2.88 per day (at .00280000 price)

BITCREDIT Banknodes cost around 5 BTC right now and make $9.20 per day  (at .00002000 price).

Per BTC return, Crave takes it.  But BITCREDIT is definitely the most undervalued right now, with the most room for growth.  If the price rises to just 5000 satoshis, one banknode will make around $23 per day.  This also doesn't take into account the service income.

Just to correct what you said here, looking at order book for BCR, looks like one banknode is actually about 10 btc due to lack of coins available for sale and due to high banknode threshold, 250k.
Sorry but I'm starting to realize more and more that that steep threshold and the lack of coins is, IMO, going to deter people from setting them up in the long-term.
JL

Care to see my assessment?

The problem you describe will likely only happen if we had +24 BNs right now, but we don't , most coin is waiting at market. And you seem to have forgotten that at it's most active, most coins were bought at prices above 0.000027. So when the buy orders approach those prices, you'll start to see those coins come out. Bittrex has over 4 million stored there, all of which are open to either go to BNs or market.

if you experiment and buy the first five orders, and watch what happens. Immediately new sell orders will replace them. Someone has been using that tactic to gain a lot of BCR since yesterday, they bought, then waited, then bought again, then waited, and again and again. I've always said that face value market metrics are wrong. Just think someone has been buying, he/she mixed along with other traders pushed a 500K volume yet, there are still tons of coins for sale and nowhere near the amount of BCR there. If someone buys enough to shift the market, , you'll see coins start to pop out of the wood work.

A shortage will never happen because almost 50K BCR are added daily to the system, and not everyone is committed to having a BN. BNs are for committed folk, at current price they are making between $16 and $9 a day, and as far as i see will keep holding. In order to get coins at the moment, you need money, be it to hire/buy mining equipment, to trade your way up or to just get a BN and sit on it. This is true for every currency, why should it be different for BCR?

Let's say they average out at $10 a day and their cost is 5 BTC. So for their investment of $1100 at today's rate , they break even in 110 days. Not many businesses can do that. This is excluding their dues from Banking activity. I have setup a facility ( see above) that will earn me additional income, and should i be lucky enough to pull off 4 of those, then i could ROI in 60 days at current price.

(Not pointed at you) I think people need to leave the pump and dump cycle behind and try get into more steady crypto income, if i made this an easy entry , easy money corner then we would have banks setting up and folding quickly, and in most cases running with people's money.

I know this view is unpopular and maybe i may end up with egg on my face, but i truly believe that this combination is what is best for this project. This system requires BNs to do more, a lot more and that includes at times being the tie breaker in dispute situation, so i'd rather a person had a lot of incentive to keep their business and reputation clean, than they would have to run away.

Sorry for the article, but i hope you understand what i am saying.


Afterthought:-

With the current development drive and confidence, if the price made it to 5K sats, BN holders would break even in just over a month.....

And small timers can always co-own a BN, no pressure to own one yourself.  

[Bagdar13]

awareness is growing, 6 BNs now, and more coming soon.

If there is real and sufficient interest in the idea, I'd like to offer the first shared BN service. Other BN holders, i encourage you to try and be competitive and offer better deals. Here's how it will work:-

I will enter into a contract with shareholders with an agreed cost, % cut and payout times.

----------------------------------------------------Bank of Minato - Bank Node Setup Contract ---------------------------------------------------
 
I will setup a BN, then when it is running, I will create 250 shares, each valued at 1050 BCR or equivalent in Bitcoin @ time of tx.

We can negotiate the burden of vps hosting. Set up is free. if you opt to let me handle the vps , cost is $16.50. You can see the specs on my preferred hosts website. 

I get a 2% cut on all payments.

Payouts to share holders are done once a day/week.

Once a month we meet for 20 minutes and audit the BN.

The BN will only conduct Banking business if the shareholders fund it and compensate me for the time it takes.

---------------------------------------------------------------------------------------------------------------------------------------------------------------

This sounds like a good idea.  I cant afford a full BN myself but would go in ~25.5k for 10% of one.  Let me know the details and I will send the BCR when we have enough people who want to try for a bank node.

[Department of]

A big chunk of a BN sitting at the bottom of the order book right now...  It's being nibbled a little bit

[starblocks]

A big chunk of a BN sitting at the bottom of the order book right now...  It's being nibbled a little bit

With very little buy support - something doesn't look right

[Department of]

A big chunk of a BN sitting at the bottom of the order book right now...  It's being nibbled a little bit

With very little buy support - something doesn't look right

Yeah, it looks better now, but the sell orders aren't close.  It's weird when markets are so illiquid. 

[thelonecrouton]

Tidied up the overview page a bit and toolstripe now has mostly white icons for consistency:


Of course it's up to the dev to decide if he likes any of this. His, "Interesting!" was, ah,  very diplomatic...  

I'd really like to see the Darksend box moved off the overview page into a tab of its own. (Sadly this lies beyond my current abilities. )

I think Darksend is pretty peripheral to the point of Bitcredit, and shifting it would allow for an easier unjumblification of the recent transactions, which are currently a squished mess.

Any opinions?

Off to play with the splash screen next, as that's about the height of my talents.  

[dbt1033]

Tidied up the overview page a bit and toolstripe now has mostly white icons for consistency:


Of course it's up to the dev to decide if he likes any of this. His, "Interesting!" was, ah,  very diplomatic... 

I'd really like to see the Darksend box moved off the overview page into a tab of their own. (Sadly this lies beyond my current abilities. )

I think Darksend is pretty peripheral to the point of Bitcredit, and shifting it would allow for an easier unjumblification of the recent transactions, which are currently a squished mess.

Any opinions?

Off to play with the splash screen next, as that's about the height of my talents. 

I really do like what you've done Crouton

So much easier to read!

[dragos_bdi]

Tidied up the overview page a bit and toolstripe now has mostly white icons for consistency:


Of course it's up to the dev to decide if he likes any of this. His, "Interesting!" was, ah,  very diplomatic...  

I'd really like to see the Darksend box moved off the overview page into a tab of its own. (Sadly this lies beyond my current abilities. )

I think Darksend is pretty peripheral to the point of Bitcredit, and shifting it would allow for an easier unjumblification of the recent transactions, which are currently a squished mess.

Any opinions?

Off to play with the splash screen next, as that's about the height of my talents.  

did you make the changes in Qt ? it's a compiled wallet ?

[dbt1033]

Does anyone have any thoughts on implementing another type of Masternode?

One with a much smaller buy in requirement that receives miner fees but has no banking functions?

This would really help to drive adoption.  

I feel like the community would grow significantly (especially with recent masternode hype!)



So many people want a masternode right now... with any coin.

If we had a wimpy one you could buy for 10k BCR, it would be a HOT item.

[dragos_bdi]

Does anyone have any thoughts on implementing another type of Masternode?

One with a much smaller buy in requirement that receives miner fees but has no banking functions?

This would really help to drive adoption.  

I feel like the community would grow significantly (especially with recent masternode hype!)



So many people want a masternode right now... with any coin.

If we had a wimpy one you could buy for 10k BCR, it would be a HOT item.

And the purpose of receiving the fee is .... ?

[dbt1033]

Does anyone have any thoughts on implementing another type of Masternode?

One with a much smaller buy in requirement that receives miner fees but has no banking functions?

This would really help to drive adoption.  

I feel like the community would grow significantly (especially with recent masternode hype!)



So many people want a masternode right now... with any coin.

If we had a wimpy one you could buy for 10k BCR, it would be a HOT item.

And the purpose of receiving the fee is .... ?

Maintain a permanent node to stabilize the network / facilitate Darksend transactions and mixing functions.

You would receive a very small fee.

I think this is a fantastic idea.  BCR could be the first coin with 2 tiers of masternodes.  One for whales, one for the little guy.

Maybe owning a smaller masternode could help build credit too

[thelonecrouton]

did you make the changes in Qt ? it's a compiled wallet ?

Yes, compiled and working.

[dragos_bdi]

Does anyone have any thoughts on implementing another type of Masternode?

One with a much smaller buy in requirement that receives miner fees but has no banking functions?

This would really help to drive adoption.  

I feel like the community would grow significantly (especially with recent masternode hype!)



So many people want a masternode right now... with any coin.

If we had a wimpy one you could buy for 10k BCR, it would be a HOT item.

And the purpose of receiving the fee is .... ?

Maintain a permanent node to stabilize the network / facilitate Darksend transactions and mixing functions.

You would receive a very small fee.

I think this is a fantastic idea.  BCR could be the first coin with 2 tiers of masternodes.  One for whales, one for the little guy.

Maybe owning a smaller masternode could help build credit too

For now, I do not see that functioning very well.
"stabilize the network", in current phase it's still all in development, sometimes, and now very often, bitcreditscc release mandatory's updates, maybe in the next update, need to disconnect old clients. updating 10 MN wallets it's easy, without much disruptive problems, updating 150 MN's ... it's something different ... This could cause small and often forks till all update. In future, in a more stable environment, it's an idea.
"Darksend transactions and mixing functions", from what I understand from the Dev, it's not a must, can be done with current/future MN's

In current phase, it will be a headache implementing such a thing. We still not have the basic BN functions ...

[dragos_bdi]

did you make the changes in Qt ? it's a compiled wallet ?

Yes, compiled and working.

The whole Qt needs a rework, not only colors and icons.

[dbt1033]

Does anyone have any thoughts on implementing another type of Masternode?

One with a much smaller buy in requirement that receives miner fees but has no banking functions?

This would really help to drive adoption.  

I feel like the community would grow significantly (especially with recent masternode hype!)



So many people want a masternode right now... with any coin.

If we had a wimpy one you could buy for 10k BCR, it would be a HOT item.

And the purpose of receiving the fee is .... ?

Maintain a permanent node to stabilize the network / facilitate Darksend transactions and mixing functions.

You would receive a very small fee.

I think this is a fantastic idea.  BCR could be the first coin with 2 tiers of masternodes.  One for whales, one for the little guy.

Maybe owning a smaller masternode could help build credit too

For now, I do not see that functioning very well.
"stabilize the network", in current phase it's still all in development, sometimes, and now very often, bitcreditscc release mandatory's updates, maybe in the next update, need to disconnect old clients. updating 10 MN wallets it's easy, without much disruptive problems, updating 150 MN's ... it's something different ... This could cause small and often forks till all update. In future, in a more stable environment, it's an idea.
"Darksend transactions and mixing functions", from what I understand from the Dev, it's not a must, can be done with current/future MN's

In current phase, it will be a headache implementing such a thing. We still not have the basic BN functions ...

I agree.  I didn't really have any kind of time frame in mind.  

[thelonecrouton]

did you make the changes in Qt ? it's a compiled wallet ?

Yes, compiled and working.

The whole Qt needs a rework, not only colors and icons.

I completely agree, but I am amusing myself until someone who knows what they are doing comes along. 

[Pansyfaust]

Hey everyone. Pretty interesting concept we have going on here.

 I'm a bit of a causal miner with BCN and I'm having problems syncing up the wallet to the network. It gets to a particular block and then the wallet freezes and closes. Any tips to get in syncing up properly? I've tried deleting the blocks and reinstalling the entire wallet sans the wallet.dat

What version do you have ?

I have v0.30.16.5-beta