◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈

[bitcreditscc]

I've published the first version of a JSON-RPC Bitcredit solo miner for AMD GPUs: https://www.dropbox.com/sh/ycqnadnjp8rhsp0/AADKNyWsn0oShLPtNGCBliWba?dl=0
The gpuhash_* files need to be copied to the binaries subfolder like in clpts v2.0. The usage is -o <ip>:<port> -u <rpcuser>.<payout address>:<rpcpassword>, where .<payout address> is optional and if it is not specified then the miner tries to get an address from the wallet.  The other command line options are the same as those of clpts v2.0.
Feedback is appreciated.

EDIT: Link updated to first release version.

-- NaN

Thanks, great work. I've added to the OP.

[hack_]

Just looked at the git, great idea. Let me know if you need help setting up more nodes. What is your target , 1000 like DRK or more?

[imihal44]

Why is so little interest in this coin? only 7 miners on http://p2pool.website/.

well..i am there now hahah..

[bitcreditscc]

if you have coding skills and want to earn some coin, contact me. I have a lot of things on my plate it would be great to share the load.

[SockPuppetAccount]

Awfully quiet around here.  Wish I knew how to code so I could lend a hand.  It makes me sad that interesting projects with honest developers flounder in obscurity while everyone focuses on the latest pump and dump clone coins.

I tried to do some GPU mining yesterday, and it was obviously doing something.  Resource use shot up and desktop slowed to a crawl.  I left it for an hour though and I still had 0 shares at the pool.  My address never even showed up on the front end of the pool.  I'm using the windows GPU miner from the ANN.  Mining on Windows 7 64-bit with a GTX 980 updated to latest drivers.  32-bit and 64-bit version of the miner both had the same issue.  Not really a bitcredits problem but curious is anyone could shed light on whats wrong.  I have never used the momentum GPU miner or mined with an Nvidia based GPU so maybe there is some little detail that is obvious to others that I missing.

Noticed website is down.  Is it due to lack of funds?  If so, you should start up a BTC donation address, or maybe sell some of those IPO coins I have been trying to pry off of you! 

Honestly though, you are probably better off just using those coins as a pre-mine at this point.  Just stay open and transparent about any that you need to sell and log it all.

[bitcreditscc]

Awfully quiet around here.  Wish I knew how to code so I could lend a hand.  It makes me sad that interesting projects with honest developers flounder in obscurity while everyone focuses on the latest pump and dump clone coins.

I tried to do some GPU mining yesterday, and it was obviously doing something.  Resource use shot up and desktop slowed to a crawl.  I left it for an hour though and I still had 0 shares at the pool.  My address never even showed up on the front end of the pool.  I'm using the windows GPU miner from the ANN.  Mining on Windows 7 64-bit with a GTX 980 updated to latest drivers.  32-bit and 64-bit version of the miner both had the same issue.  Not really a bitcredits problem but curious is anyone could shed light on whats wrong.  I have never used the momentum GPU miner or mined with an Nvidia based GPU so maybe there is some little detail that is obvious to others that I missing.

Noticed website is down.  Is it due to lack of funds?  If so, you should start up a BTC donation address, or maybe sell some of those IPO coins I have been trying to pry off of you! 

Honestly though, you are probably better off just using those coins as a pre-mine at this point.  Just stay open and transparent about any that you need to sell and log it all.

For now i encourage solo mining. Yes you are right , i need a hand since there is so much to be done and so much to manage.

Website is not as important as the bank. I'm scaling back some of those items because yes, my few BTC need to be conserved for real development support . So the Bank's landing page shall soon also act as the website.

For now i want to hold off a little longer, those coins shall be used to bootstrap the network bank nodes. You know how you need to have 1000 DRK to have a masternode, i am borrowing that implementation to use as part of the colletarl system for setting up a bank node, difference being, in order to be a bank, you need 250k  BCR.

[SockPuppetAccount]

Awfully quiet around here.  Wish I knew how to code so I could lend a hand.  It makes me sad that interesting projects with honest developers flounder in obscurity while everyone focuses on the latest pump and dump clone coins.

I tried to do some GPU mining yesterday, and it was obviously doing something.  Resource use shot up and desktop slowed to a crawl.  I left it for an hour though and I still had 0 shares at the pool.  My address never even showed up on the front end of the pool.  I'm using the windows GPU miner from the ANN.  Mining on Windows 7 64-bit with a GTX 980 updated to latest drivers.  32-bit and 64-bit version of the miner both had the same issue.  Not really a bitcredits problem but curious is anyone could shed light on whats wrong.  I have never used the momentum GPU miner or mined with an Nvidia based GPU so maybe there is some little detail that is obvious to others that I missing.

Noticed website is down.  Is it due to lack of funds?  If so, you should start up a BTC donation address, or maybe sell some of those IPO coins I have been trying to pry off of you! 

Honestly though, you are probably better off just using those coins as a pre-mine at this point.  Just stay open and transparent about any that you need to sell and log it all.

For now i encourage solo mining. Yes you are right , i need a hand since there is so much to be done and so much to manage.

Website is not as important as the bank. I'm scaling back some of those items because yes, my few BTC need to be conserved for real development support . So the Bank's landing page shall soon also act as the website.

For now i want to hold off a little longer, those coins shall be used to bootstrap the network bank nodes. You know how you need to have 1000 DRK to have a masternode, i am borrowing that implementation to use as part of the colletarl system for setting up a bank node, difference being, in order to be a bank, you need 250k  BCR.

Well quit being so damn selfless already and put up a BTC donation address!  Doubt it will amount to much but even a few fractions of a BTC here and there would help with server costs and such.

And very cool about the bank nodes.  Thankfully I've been scooping up cheap coins at trex so I'll be one of the first bank nodes whenever the system is ready to go.  Excited to see how this all pans out.

[bitcreditscc]

If you insist  , This would be of great help since it can push other projects. However rather than just being goodwill donations i think that  special benefits must be afforded to those who are supporting this early in the project.


I think that donors should have first dibs on new services and opportunites that arise as the project grows. The most immediate benefit that can be discussed is preferential rights for banking and a token share of BitBonds. I'm not sure how to structure this in a meaningful way that will encourage donations , benefit the sponsors while not giving them too great an advantage that may turn away newcomers. For that i would really like to hear the community's opinions and suggestions.

While it may not be worth much right now, i believe when more attention is drawn by each successive launch of new services and products  these will become far more valuable. I would like to keep a public tally of donations so as to be transparent. if/once these donations start paying for anything, appropriate proof/receipts will be posted here in the thread.

I've set aside the following address for donations in Bitcoin, if you wish to donate a different currency, please advise and i will set up an address.

Bitcoin Donation Address:-  1NFPKQdfigWdfGwZmhSZKomvoUYvJWUqW9

I seriously doubt that at any given time we would need anything more than 5 BTC  to stimulate development, pay bills and/or hire help.

[bitcreditscc]

For a quick run up of the situation:

Current version  -- 0.30.14

Incoming version- 0.30.15 (03/22/15)

Guaranteed

Code clean up, small fixes and final primary interface design.

In the works

Bank/Masternode Implementation & Privacy Mode (Dark send derivative) "dark" just has bad connotations --90% complete

InstantX --90% complete

Banking Api -- First balance checking, deposit and withdrawal -35% complete

For a more technical progress report, please see our github repositories.

[bitcreditscc]

For those who have been asking about future Fiat support, this is really in the works but don't expect anything fancy. I have been in contact with various people knowledgeable in these areas and they all agree, it's a really difficult proposition due to the hedgemony of some interests

We have so many compliance issues in the UK, US and China that it's starting to make more sense to operate the bric/mortar functions in a third world country where the aforementioned interests have little or no influence.

For an idea of the mine field that setting up FCA Banking facilities is take a look at this :- http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

I'll post more of these hurdles for your perusal , so you may understand why i don't really talk about it much.

There is a very fine line between meeting http://en.wikipedia.org/wiki/Know_your_customer standards while maintaining relative integrity and basic anonymity for our clients. Just think on it, in the majority of western nations, we would be unable to separate your fiat activities from your initial block-chain activities. This is why we hope to be able to operate from a non-aligned nation and also why we are pushing integration of anonymity tools like our re-branding of Dark send and re-purposing it.  

light reading :- https://bitcointalk.org/index.php?topic=454795.0

http://en.wikipedia.org/wiki/Financial_Action_Task_Force_on_Money_Laundering

http://en.wikipedia.org/wiki/Financial_Secrecy_Index

http://en.wikipedia.org/wiki/List_of_offshore_financial_centres

http://en.wikipedia.org/wiki/List_of_company_registers

http://en.wikipedia.org/wiki/FATF_blacklist

And this is before reading the banking laws of each potential candidate nation and the ToS of our chosen parent bank

Some of the foregone conclusion however are that the parent bank we will use will have to be local to the jurisdiction we opt for, also we will likely only choose a nation that either 1) supports a multiple currency regime or 2) Uses USD.

While the USD itself is distasteful at times, the reality is that it is accepted almost everywhere.

[dragos_bdi]

Donated 0.1 BTC - TX ID 97f91a4198f08adafe17139817ce83dff06d0dc896cb4caf4b14df62eed379f3-000

Good luck !

kharon1985

[bitcreditscc]

Donated 0.1 BTC - TX ID 97f91a4198f08adafe17139817ce83dff06d0dc896cb4caf4b14df62eed379f3-000

Good luck !

kharon1985

Thanks for the support !!

[SockPuppetAccount]

For those who have been asking about future Fiat support, this is really in the works but don't expect anything fancy. I have been in contact with various people knowledgeable in these areas and they all agree, it's a really difficult proposition due to the hedgemony of some interests

We have so many compliance issues in the UK, US and China that it's starting to make more sense to operate the bric/mortar functions in a third world country where the aforementioned interests have little or no influence.

For an idea of the mine field that setting up FCA Banking facilities is take a look at this :- http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

I'll post more of these hurdles for your perusal , so you may understand why i don't really talk about it much.

There is a very fine line between meeting http://en.wikipedia.org/wiki/Know_your_customer standards while maintaining relative integrity and basic anonymity for our clients. Just think on it, in the majority of western nations, we would be unable to separate your fiat activities from your initial block-chain activities. This is why we hope to be able to operate from a non-aligned nation and also why we are pushing integration of anonymity tools like our re-branding of Dark send and re-purposing it.  

light reading :- https://bitcointalk.org/index.php?topic=454795.0

http://en.wikipedia.org/wiki/Financial_Action_Task_Force_on_Money_Laundering

http://en.wikipedia.org/wiki/Financial_Secrecy_Index

http://en.wikipedia.org/wiki/List_of_offshore_financial_centres

http://en.wikipedia.org/wiki/List_of_company_registers

http://en.wikipedia.org/wiki/FATF_blacklist

And this is before reading the banking laws of each potential candidate nation and the ToS of our chosen parent bank

Some of the foregone conclusion however are that the parent bank we will use will have to be local to the jurisdiction we opt for, also we will likely only choose a nation that either 1) supports a multiple currency regime or 2) Uses USD.

While the USD itself is distasteful at times, the reality is that it is accepted almost everywhere.

Rather than tie yourself up with all the headaches fiat brings to the table, why not focus on integrating some sort of decentralized method of exchanging bitcredits for BTC and vice-versa right from the wallet?  If anyone needs fiat, they can take their BTC to an existing exchange that has already done all that legwork.  Wouldn't a three-way multi-sig transaction effectively allow the banks to act as escrow?

[bitcreditscc]

Rather than tie yourself up with all the headaches fiat brings to the table, why not focus on integrating some sort of decentralized method of exchanging bitcredits for BTC and vice-versa right from the wallet?  If anyone needs fiat, they can take their BTC to an existing exchange that has already done all that legwork.  Wouldn't a three-way multi-sig transaction effectively allow the banks to act as escrow?

A decentralized exchange is feasible, but i'd like to give current implementations a few more months so that they can be reviewed by professionals. They are definitely an improvement and headed in the right direction and would solve a lot of issues for us. One most immediate advantage i'd like to use is the ability to trade ANY crypto directly to BCR without risk of a middle man or exchange rate manipulation.


I fully see what you are saying, I am focused on a fiat platform for the the following reasons:-

Easy fiat-BCR conversion opens up a line of investment, the strongest.

Major investment comes from fiat, not bitcoin. If we truly want to be a serious venture, then within 6 months we need to open an avenue for fiat investments to come in. Try to think of it this way, if you could go online, pay your $100 dollar utility bills and just as easily purchase $6 worth of BCR to hold/trade or use, would it not encourage more investment due to ease?

Fiat investment also allows us to offset the effects of the pump and dump gangs who usually leave fledgling currencies in tatters. This happens because the sudden jump in price that can be caused by 10 BTC would send the market reeling, then as users jump in the fray at high prices, the 10 BTC buyer who bought the bulk at below 1000 satoshi, proceeds to dump. Immediate effects are a backlash (misdirected) at the project leaders, and later a lack of trust. Direct fiat investment offsets these effects because instead  of relying on the ultra hard to get BTC, people can buy small bits and pieces with as little as $5 and the currency will gain tangible real support.

I always lament how difficult it is to turn my euros into BTC then proceed to trade that for BCR or any other alt, or the reverse. Because if i could, everytime i go online to trade, i would buy maybe $5 worth. It's a insignificant amount, but if you consider a month that is $150, money  that most hesitate to just throw in, in one go. And if there are a hundred people investing an average of $2 a day, there would be a constant buy pressure of $200 a day, $ 6000 a month. if we plug in those numbers into the current market, you can see the huge difference it would have, and the biggest boon of this would be that it is actual support, conscious support in small amounts that accumulates and forms a strong base. This is fiat numbers at these low prices, can you imagine the actual support that would stem from people discovering this?

If we today tried to raise the required $1000 dollars for our mobile wallet in BTC, it is highly unlikely we would ever reach that amount in any meaningful time frame, however if we had fiat facilities, and 100 users who love their mobiles each gave $10 to the cause, we'd have the wallet by next monday.

The BTC funding scene is so full of scams, weirdness and dead promises, allowing ourselves to fall into that cesspit will result in failure. We need direct fluid migration of value between BCR and world currencies in order to attract users/investors. This is the very first step in expanding our user base. If we can prove this ease, then we can push real merchant and payment processor adoption. The moment it becomes easy to conduct business in BCR and to trade between it and any currency, be it digital crypto or fiat we will see immense gains.

If i had a reliable partner, we could approach this issue from both fronts because like you said a decentralized crypto-crypto exchange is ideal. i will keep thinking on this and maybe we can have a situation where we can satisfy both plans in the next two months.

[SockPuppetAccount]

Rather than tie yourself up with all the headaches fiat brings to the table, why not focus on integrating some sort of decentralized method of exchanging bitcredits for BTC and vice-versa right from the wallet?  If anyone needs fiat, they can take their BTC to an existing exchange that has already done all that legwork.  Wouldn't a three-way multi-sig transaction effectively allow the banks to act as escrow?

A decentralized exchange is feasible, but i'd like to give current implementations a few more months so that they can be reviewed by professionals. They are definitely an improvement and headed in the right direction and would solve a lot of issues for us. One most immediate advantage i'd like to use is the ability to trade ANY crypto directly to BCR without risk of a middle man or exchange rate manipulation.


I fully see what you are saying, I am focused on a fiat platform for the the following reasons:-

Easy fiat-BCR conversion opens up a line of investment, the strongest.

Major investment comes from fiat, not bitcoin. If we truly want to be a serious venture, then within 6 months we need to open an avenue for fiat investments to come in. Try to think of it this way, if you could go online, pay your $100 dollar utility bills and just as easily purchase $6 worth of BCR to hold/trade or use, would it not encourage more investment due to ease?

Fiat investment also allows us to offset the effects of the pump and dump gangs who usually leave fledgling currencies in tatters. This happens because the sudden jump in price that can be caused by 10 BTC would send the market reeling, then as users jump in the fray at high prices, the 10 BTC buyer who bought the bulk at below 1000 satoshi, proceeds to dump. Immediate effects are a backlash (misdirected) at the project leaders, and later a lack of trust. Direct fiat investment offsets these effects because instead  of relying on the ultra hard to get BTC, people can buy small bits and pieces with as little as $5 and the currency will gain tangible real support.

I always lament how difficult it is to turn my euros into BTC then proceed to trade that for BCR or any other alt, or the reverse. Because if i could, everytime i go online to trade, i would buy maybe $5 worth. It's a insignificant amount, but if you consider a month that is $150, money  that most hesitate to just throw in, in one go. And if there are a hundred people investing an average of $2 a day, there would be a constant buy pressure of $200 a day, $ 6000 a month. if we plug in those numbers into the current market, you can see the huge difference it would have, and the biggest boon of this would be that it is actual support, conscious support in small amounts that accumulates and forms a strong base. This is fiat numbers at these low prices, can you imagine the actual support that would stem from people discovering this?

If we today tried to raise the required $1000 dollars for our mobile wallet in BTC, it is highly unlikely we would ever reach that amount in any meaningful time frame, however if we had fiat facilities, and 100 users who love their mobiles each gave $10 to the cause, we'd have the wallet by next monday.

The BTC funding scene is so full of scams, weirdness and dead promises, allowing ourselves to fall into that cesspit will result in failure. We need direct fluid migration of value between BCR and world currencies in order to attract users/investors. This is the very first step in expanding our user base. If we can prove this ease, then we can push real merchant and payment processor adoption. The moment it becomes easy to conduct business in BCR and to trade between it and any currency, be it digital crypto or fiat we will see immense gains.

If i had a reliable partner, we could approach this issue from both fronts because like you said a decentralized crypto-crypto exchange is ideal. i will keep thinking on this and maybe we can have a situation where we can satisfy both plans in the next two months.

You are ambitous.  I like that.  0.11 BTC sent to donation address (had to tack on the extra 0.01 so I can officially be the highest contributor so far ).

You are only one guy.  Just do what you can do for now.  Wish I could do more.  I'm trying to think of worthy coders around here who would be interested but nothing springing to mind.  But if you build it, they will come!

[bitcreditscc]

Bitcredit MasterNodes Source Code

Hello all, today i uploaded the advance 0.30.20 code for technical users to review and test out.

This implementation represents the addition of masternode support, the intent is to use this existing structure and layer banking on top of it. Essentially Masternodes will become the bank nodes by default. This means that as soon as any person can match the criteria, they can have their own bank node. This is set to preserve the decentralized nature of the network.

Please note this is for review and is only going to be implemented once we are sure that this will work.

Enjoy your day.

[bitcreditscc]

I may have found a viable means of rewarding our donors. Every day i will issue BitBond IOUs that will represent actual BitBonds, these will be signed using the banks keys, and the actual bonds will be issued a few days before the bank and exchange go live. BitBonds will be the first asset issued by the bank and will be honored as such. There are exactly 2.1 million BitBonds.

So far we have

kharon1985 -- 1 BBD

SockPuppetAccount -- 1.1 BBD

Total 0.21 BTC

Bitcoin Donation Address:-  1NFPKQdfigWdfGwZmhSZKomvoUYvJWUqW9

BitBonds have a pegged value, their value will always be preserved.

[dragos_bdi]

I may have found a viable means of rewarding our donors. Every day i will issue BitBond IOUs that will represent actual BitBonds, these will be signed using the banks keys, and the actual bonds will be issued a few days before the bank and exchange go live. BitBonds will be the first asset issued by the bank and will be honored as such. There are exactly 2.1 million BitBonds.

So far we have

kharon1985 -- 1 BBD

SockPuppetAccount -- 1.1 BBD

Total 0.21 BTC

Bitcoin Donation Address:-  1NFPKQdfigWdfGwZmhSZKomvoUYvJWUqW9

BitBonds have a pegged value, their value will always be preserved.

So 2.1 million BBD = 210000 BTC

[bitcreditscc]

I may have found a viable means of rewarding our donors. Every day i will issue BitBond IOUs that will represent actual BitBonds, these will be signed using the banks keys, and the actual bonds will be issued a few days before the bank and exchange go live. BitBonds will be the first asset issued by the bank and will be honored as such. There are exactly 2.1 million BitBonds.

So far we have

kharon1985 -- 1 BBD

SockPuppetAccount -- 1.1 BBD

Total 0.21 BTC

Bitcoin Donation Address:-  1NFPKQdfigWdfGwZmhSZKomvoUYvJWUqW9

BitBonds have a pegged value, their value will always be preserved.

So 2.1 million BBD = 210000 BTC

Yes, in it's simplest form. Keep note that soon we will have a fiat solution for transactions.

[bitcreditscc]

On the subject of Bank nodes, i am working out some details, but as you have probably seen in the code, i am looking at collateral values of anywhere between 50k and 500k BCR.

Having a bank node is an immense opportunity and also a very profitable investment, as a result the investment has to be such that it is high enough that anyone who wishes to do will do so in good faith because being a bad actor will always lose you money.

Allow me to give a moderate scenario :-

-You are mining daily (one of the few) and earning 20k BCR per week.

-Your mining has been earning you 0.03 BTC (at current rates).

And when the bank nodes become active you decide to buy the 250k BCR to have your own bank node and it costs you 0.5 BTC.

-Another 2 people buy 250k each.

-This will almost dry up the sell side of the market at these low prices

-Your node earns you between 1000 and 2000 BCR a week for processing tx, escrow and acting as insurer of large transactions.

Because of the pressure caused by the removal of a large swathe of total coins in circulation price is now 0.00003  ~ 0.00006

-your earnings from your bank node are 0.03 to 0.12 BTC per week per node.

- you used far less resources to get there

-you can earn more by performing more banking functions, potentially boosting your income significantly (depending on trust rating)


This is just a quick model using available data, things could be even better or worse.


Immediate effects

-The removal of coins from the market on such a scale by potential bankers may result in a price shock, that will likely cause a pump

-miners will flood here looking to make a profit, IMO this will be inconsequential  they haven't met that difficulty adjustment  


Rules that will be introduced to prevent market manipulation by bankers and/or dumping

1) Obviously high stakes to become a bank

2) The actual collateral tx will have additional rules imposed on it that will basically make it mature only once a year/6 months. This in effect means that becoming a bank is a commitment that you cannot back out off until your collateral tx matures.


Notes:

Your Banking collateral is just that. If you wish to perform functions such as lending and Insuring or participate in contracts you will need your own additional funding.

What about the Premine?

The premine is still in escrow waiting for me to finish up, but there are three possible scenarios for it

1) It can be burned (bad idea)

2) It can be put up for sale in parts (whenever market available coins < bank collateral)

3) It can be used to set up a large number of banks which can then be sold off as full bank nodes ready to go, the proceeds of which will be used to further development and start pushing more on the front of fiat trading/ mobile wallets and hire more coders.