◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈

[WastedLTC]

210 million to 50 million reduction in total supply imminent... may not be a 4X price rise but it will move the market.

If you have a little patience then bidding daily is usually a far cheaper way to acquire BCR. Also feels less like handing over money, more like moving it from one pocket to another.

I don't think the 210 to 50 should move the market much. There's not going to be a reduction in coins, just a reduction in possible coins. The current supply will not be shrunk as its under 50 million

why 50? Why not 21m?

for one,  there are 30 million out there now.

Why not 30m? 

I got no idea.   HA!

[thelonecrouton]

210 million to 50 million reduction in total supply imminent... may not be a 4X price rise but it will move the market.

If you have a little patience then bidding daily is usually a far cheaper way to acquire BCR. Also feels less like handing over money, more like moving it from one pocket to another.

I don't think the 210 to 50 should move the market much. There's not going to be a reduction in coins, just a reduction in possible coins. The current supply will not be shrunk as its under 50 million

why 50? Why not 21m?

for one,  there are 30 million out there now.

Why not 30m? 

I got no idea.   HA!

It would get rid of all this mining nonsense...

But hey, only 20 million to go.

[jasemoney]

210 million to 50 million reduction in total supply imminent... may not be a 4X price rise but it will move the market.

If you have a little patience then bidding daily is usually a far cheaper way to acquire BCR. Also feels less like handing over money, more like moving it from one pocket to another.

I don't think the 210 to 50 should move the market much. There's not going to be a reduction in coins, just a reduction in possible coins. The current supply will not be shrunk as its under 50 million

why 50? Why not 21m?

for one,  there are 30 million out there now.

Why not 30m?  

I got no idea.   HA!

It would get rid of all this mining nonsense...

But hey, only 20 million to go.

gotta reward the miners somehow..
and the bidders.
at least making the majority of the emission go to bidders = backing the coin and adding value to the chain in a unique way.

if this was going to become low% pos... it needs to be completely overhauled before v2 comes out.

[coins101]

210 million to 50 million reduction in total supply imminent... may not be a 4X price rise but it will move the market.

If you have a little patience then bidding daily is usually a far cheaper way to acquire BCR. Also feels less like handing over money, more like moving it from one pocket to another.

I don't think the 210 to 50 should move the market much. There's not going to be a reduction in coins, just a reduction in possible coins. The current supply will not be shrunk as its under 50 million

why 50? Why not 21m?

for one,  there are 30 million out there now.

Why not 30m?  

I got no idea.   HA!

It would get rid of all this mining nonsense...

But hey, only 20 million to go.

gotta reward the miners somehow..
and the bidders.
at least making the majority of the emission go to bidders = backing the coin and adding value to the chain in a unique way.

if this was going to become low% pos... it needs to be completely overhauled before v2 comes out.

Just for the sake of speculative discussion only:

Not if you plan to become a bitcoin sidechain. At the point that becomes a realistic possibility, you would get the benefits of Bitcoin miners securing the BCR blockchain.

[thelonecrouton]

Bidding still way cheaper than Bittrex. (Assuming you get your bid in early of course.)

[rhinomonkey]

How does bidding work? I am looking to purchase ~ 1 BTC worth of BCR later this week and if I can get them cheaper than on trex I would gladly do so

A link will do; I can do research if you don't feel like explaining haha

[thelonecrouton]

How does bidding work? I am looking to purchase ~ 1 BTC worth of BCR later this week and if I can get them cheaper than on trex I would gladly do so

Simply send your bid to the bidding address shown in-wallet on the bids page: 1BCRbid2i3wbgqrKtgLGem6ZchcfYbnhNu

Then unlock your BCR wallet and import the Bitcoin privkey for the Bitcoin address that you sent from. You then magically receive your share of the block reward each block until the next bid period starts at midnight GMT each day.

If you send from the same BTC address each time, you only need to do the importprivkey thing once.

[rhinomonkey]

How does bidding work? I am looking to purchase ~ 1 BTC worth of BCR later this week and if I can get them cheaper than on trex I would gladly do so

Simply send your bid to the bidding address shown in-wallet on the bids page: 1BCRbid2i3wbgqrKtgLGem6ZchcfYbnhNu

Then unlock your BCR wallet and import the Bitcoin privkey for the Bitcoin address that you sent from. You then magically receive your share of the block reward each block until the next bid period starts at midnight GMT each day.

If you send from the same BTC address each time, you only need to do the importprivkey thing once.

Ah, no bueno. I'm the idiot who purchased a mac a while back not thinking it would be advantageous to have a windows comp. Looks like trex it is  

Thanks for the explanation though

[fishbone]

Bidding works on win64 version of v0.30.19.10-33f2960-dirty ?

[thelonecrouton]

Ah, no bueno. I'm the idiot who purchased a mac a while back not thinking it would be advantageous to have a windows comp. Looks like trex it is  

Thanks for the explanation though

Virtualbox + ubuntu VM image...?

[rhinomonkey]

Ah, no bueno. I'm the idiot who purchased a mac a while back not thinking it would be advantageous to have a windows comp. Looks like trex it is  

Thanks for the explanation though

Virtualbox + ubuntu VM image...?

If I download Virtualbox, I can run Ubuntu? I haven't ever tried running a different OS on my Mac.

[jasemoney]

How does bidding work? I am looking to purchase ~ 1 BTC worth of BCR later this week and if I can get them cheaper than on trex I would gladly do so

Simply send your bid to the bidding address shown in-wallet on the bids page: 1BCRbid2i3wbgqrKtgLGem6ZchcfYbnhNu

Then unlock your BCR wallet and import the Bitcoin privkey for the Bitcoin address that you sent from. You then magically receive your share of the block reward each block until the next bid period starts at midnight GMT each day.

If you send from the same BTC address each time, you only need to do the importprivkey thing once.

For the record, bidders are awarded their proportional investment with 30,000 bcr daily.
therefore bidding 1btc at one time could only maximum get you 30,000 bcr, if no one else bid.

bids are cleared at 00:00 GMT

example:
00:00 GMT: bid address is cleared
00:01 GMT: miners solve block(s) and 1BCRbid2i3wbgqrKtgLGem6ZchcfYbnhNu bitcoin bid address is empty, miners award themselves 20bcr
00:02 GMT: bob's bitcoin confirms .01btc into 1BCRbid2i3wbgqrKtgLGem6ZchcfYbnhNu and bob receives 100% contribution from the bid payout of 20bcr
00:20 GMT: alice's bitcoin confirms .02btc into 1BCRbid2i3wbgqrKtgLGem6ZchcfYbnhNu and now bob receives 1/3 and alice receives 2/3 from the bid payout per block until more bidders btc confirm or the bid address clears on the next 00:00 GMT

as the day goes by if people join much later by bidding at say 12:00GMT they are only eligible for their share in the rest of the days bids until the bid address is cleared again at the next 00:00 GMT, in the case of 12:00 GMT bid they would lose the opportunity for half the days bid rewards by joining halfway through the cycle.

therefore its worth looking at how much people had historically bid and trying to judge your roi on bidding.

im sure my numbers may be wrong but the idea is correct.

[thelonecrouton]

If I download Virtualbox, I can run Ubuntu? I haven't ever tried running a different OS on my Mac.

Sure, same as renting a VPS to run a masternode, except you're doing it on your local machine which is probably much better specced so you can have a full desktop GUI if you want. You're not going to get GPU accelerated anything but it will be perfectly useable. You just need a few gigs of space for whatever OS image you're using.

[coins101]

How does bidding work? I am looking to purchase ~ 1 BTC worth of BCR later this week and if I can get them cheaper than on trex I would gladly do so

Simply send your bid to the bidding address shown in-wallet on the bids page: 1BCRbid2i3wbgqrKtgLGem6ZchcfYbnhNu

Then unlock your BCR wallet and import the Bitcoin privkey for the Bitcoin address that you sent from. You then magically receive your share of the block reward each block until the next bid period starts at midnight GMT each day.

If you send from the same BTC address each time, you only need to do the importprivkey thing once.

For the record, bidders are awarded their proportional investment with 30,000 bcr daily.
therefore bidding 1btc at one time could only maximum get you 30,000 bcr, if no one else bid.

bids are cleared at 00:00 GMT

example:
00:00 GMT: bid address is cleared
00:01 GMT: miners solve block(s) and 1BCRbid2i3wbgqrKtgLGem6ZchcfYbnhNu bitcoin bid address is empty, miners award themselves 20bcr
00:02 GMT: bob's bitcoin confirms .01btc into 1BCRbid2i3wbgqrKtgLGem6ZchcfYbnhNu and bob receives 100% contribution from the bid payout of 20bcr
00:20 GMT: alice's bitcoin confirms .02btc into 1BCRbid2i3wbgqrKtgLGem6ZchcfYbnhNu and now bob receives 1/3 and alice receives 2/3 from the bid payout per block until more bidders btc confirm or the bid address clears on the next 00:00 GMT

as the day goes by if people join much later by bidding at say 12:00GMT they are only eligible for their share in the rest of the days bids until the bid address is cleared again at the next 00:00 GMT, in the case of 12:00 GMT bid they would lose the opportunity for half the days bid rewards by joining halfway through the cycle.

therefore its worth looking at how much people had historically bid and trying to judge your roi on bidding.

im sure my numbers may be wrong but the idea is correct.

What happens to the btc?

[thelonecrouton]

What happens to the btc?

Funds development and backs the currency.

[coins101]

What happens to the btc?

Funds development and backs the currency.

So, if there are zero bids then the miners get 100%?

[rhinomonkey]

Windows users who wish to take a look at the wallet we will be using for v 2.0 can download the client side wallet here :- Bitcredit v2.0 Client (Lending Platform)

Was able to download this and take a poke around. Looks great! Looking forward to using it 4 rlz. 

[thelonecrouton]

Should I add scheduled bid capability to the qt client? It would look something like this:



Tooltip message is a bit convoluted but hopefully explains enough.



Bid Now button now calls Electrum and points it at the bidding address for you, who uses HDD munching Bitcoin Core if they don't have to?

Not sure I've mentioned it but clicking on the logo on any page takes you back to the main menu too. Will get around to adding a visual c(l)ue for this. Added visual cue.

[thelonecrouton]

What happens to the btc?

Funds development and backs the currency.

So, if there are zero bids then the miners get 100%?

Yes. Unlikely to happen though.

[dzejmsdin]

Why unlikely... most often there are only 2 bidders...
I was even only one bidder for a couple of periods recently...