◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈

[tommyj1]

BCR mined so far

{
"version" : 301400,
"protocolversion" : 70006,
"walletversion" : 60000,
"balance" :
"blocks" : 72407,
"timeoffset" : 0,
"moneysupply" : 13214684.99811711,
"connections" : 5,
"proxy" : "",
"difficulty" : 0.00016750,
"testnet" : false,
"keypoololdest" : 1427364463,
"keypoolsize" : 2,
"paytxfee" : 0.00000000,
"relayfee" : 0.00001000,
"errors" : ""
}

[bitcreditscc]

Several pages back, you said there are around 6 million coins in circulation.

How many coins currently exist?

Is there a premine?  If so, for what purpose?

1 minute blocks, block reward 50BCR=1440 blocks/day X block 50BCR=72000BCR/day 38.9999BCR go to miners the remaning 11.1BCR go to bank and reserve address

about 12 millin coins in circulation i think

its all in this chart http://bitexp.net/charts.php?coin=Bitcredits

What are the funds in the reserve address for? 

There are actually two addresses , namely BANK and RESERVE. Bank is immediate access and reserve requires consensus by way of vote.

Some initiatives need coin to move them along. These issues are handled from the Bank address with the reserve just in case. For example, right now I have urgent need  of  1) c++, python and java Development talent 2) Web Devs 3) Translators and marketers 4) Infrastructure maintenance and 5) Mining Pools. None of which are free. I have managed to get help for the internal messaging system, as a result that developer will need incentive. The mobile android wallet will require a whopping 4-5 BTC.

So if i find someone to carry out a job i can pay them from there until the update kicks in. When the new update goes live, all these will be paid off by the blockchain automatically. Those accounts will then switch to their original purpose, which is encouraging users and services to do banking and promote the ecosystem.

Say you have a trust rating of 5 and a credit rating of 4 and no outstanding loans, but for some reason all the banks will not give you the loan you require. You can then request from an address i will publish later on and you will get the loan based on the merits of your trust and credit ratings.

Think of it as a lender of last resort, that exists to balance out anomalies and help out the system at times. Some of all this is still rudimentary , but will iprove as time goes by.

[dbt1033]

So are banking functions going to be available on the 31st of march?

Is that still the correct release date for bank nodes?

[bitcreditscc]

Several pages back, you said there are around 6 million coins in circulation.

How many coins currently exist?

Is there a premine?  If so, for what purpose?

There is somewhere in the 12 millions total existant, you can check in your wallet for exact figure.

Yes there was a premine,but it was moved to escrow for safe keeping while i focus on development. I just don't have the time for anything else  so it'll remain there until i have time. The 6 million is held in escrow by EmpoEx, on this address ESCROW

The initial purpose was to do a delayed ICO at block 8000 and use the funds to hire more developers and speed things up, we ended up dropping that, instead focusing on development. It has been slower but has allowed refinement of the idea and better cohesion.

I prefer the technical work than handling all that, so until the community decides otherwise, those funds will remain in escrow.

Possible uses could be co-owned Bank nodes , Lending stimulant or even burn part of it. All that will have to wait until we have a successful launch of the basic banking.

Thank you for your response. 

So, on the 31st, masternodes will be released on the main net?  And at this point in time, they will not be capable of banking functions, only fee collection?

Actually, the delay until the 31st is so that we can enable basic banking.

what we are working on now is a secure internal messaging system that will allow node communication. While users can use it for everyday secure messaging, there will be forms in the wallet that you can fill out and send a specially formatted message to a Bank node and vice versa.

The one draw back we will fix in the next update is the very manual way it is done. Example :-

Client A -- trust rating 6  credit rating 5.3  requires a 30000 BCR loan to bootstrap a new asset on our blockchain (i'll explain this later)
so he/she sends a formatted message :

" Request : Loan ,Amount : 30000 BCR , Address: XXCLIENTSADDRESSXX to: XXBANKNODEADDRESSXX"

To BN01

In the current system, the owner of BN01 will have to look up their address and view the trust rating.if they wish they can communicate further with Client A and maybe try hammer out a deal. if they agree, then BN01 sends a formatted message

 " Approved : Loan ,Amount : 30000 BCR , Address: XXBANKNODEADDRESSXX to :XXCLIENTSADDRESSXX "

These records will be kept and will be used at conclusion of business or in the unlikely case, dispute resolution.


In the upgrade that will come later Banks will have lists of trusted users and custom settings. for example, in my BN i would set automatic trust for addresses belonging to those who have been supporting the project from the start. With a limit of say 500 BCR. This means when they send a request, it will be opened and processed by the client without need of any input from me.

So yeah, just give us a bit more time and you'll see a lot in the coming few days.

[bitcreditscc]

So are banking functions going to be available on the 31st of march?

Is that still the correct release date for bank nodes?

yes, the date is unchanged, we are working night and day, any free time we have to meet the deadline.

You will have basic banking, manual until we perfect the optional automated banking.

[dbt1033]

So are banking functions going to be available on the 31st of march?

Is that still the correct release date for bank nodes?

yes, the date is unchanged, we are working night and day, any free time we have to meet the deadline.

You will have basic banking, manual until we perfect the optional automated banking.

Good luck with your project. 

I guess I might buy a few 

And thank you for your promt responses.

[bitcreditscc]

So are banking functions going to be available on the 31st of march?

Is that still the correct release date for bank nodes?

yes, the date is unchanged, we are working night and day, any free time we have to meet the deadline.

You will have basic banking, manual until we perfect the optional automated banking.

Good luck with your project. 

I guess I might buy a few 

And thank you for your promt responses.

it's actually great that you asked and luckily i was fed up of looking at endless lines of code. thanks for the questions, it's a great opportunity to talk, and let others know whats going on.

[dbt1033]

So are banking functions going to be available on the 31st of march?

Is that still the correct release date for bank nodes?

yes, the date is unchanged, we are working night and day, any free time we have to meet the deadline.

You will have basic banking, manual until we perfect the optional automated banking.

Good luck with your project.  

I guess I might buy a few  

And thank you for your promt responses.

it's actually great that you asked and luckily i was fed up of looking at endless lines of code. thanks for the questions, it's a great opportunity to talk, and let others know whats going on.

Absolutely.

If you follow through, this WILL be huge.  

Considering the current real supply is around 6 million (without the coins held in escrow), the market cap isn't but around 20k.

People will catch on soon enough.

Just took a bite out of the sell book, anyone want to help chew through the 1500 level?

[bitcreditscc]

price watch, investment lookout and some musings:

A bank node is still pretty cheap to grab, ~ 3.8 BTC.

A wipe out of 2 Bank nodes will likely lead to prices of 0.00004 if we are pessimistic.

At that rate a node will cost you 10 BTC.  

there are 6 million in circulation. Say 2 million goes into BN and you are the proud/anxious owner of one.

under these conditions, there is only 8 of those precious nodes. so initially you divide by 8 the 25% of total emmisions... which leads us to 18000/8.

you get 2250 BCR per day...~ 0.09 BTC for having that node. Say you are adventurous and decide you know someone who will do a bounty for 12000 BCR...you feel you do not need insurance, so you go ahead and commission the job. After satisfactory results are produced, you earn the listing price of 20K BCR. You just made 8K BCR ~ 0.36 BTC ....

So in a week you could earn 0.63 BTC + 0.36 BTC .... ~ 1 BTC. 4 weeks of good work, you are in the black. fro then on it's profit...

and a good bussines person saves...and buys...and controls two BNs and conducts double the business....

Just a pessimistic view.


/////////////////////////////////////////////////\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\

The optimist

A bank node is still pretty cheap to grab, ~ 3.8 BTC.

A wipe out of 3 Bank nodes will likely lead to prices of 0.0001 .

At that rate a node will cost you 25 BTC.  

there are 6 million in circulation. Say 2 million goes into BN and you are the proud/anxious owner of one.

under these conditions, there is only 8 of those precious nodes. so initially you divide by 8 the 25% of total emmisions... which leads us to 18000/8.

you get 2250 BCR per day...~ 0.22 BTC for having that node. Say you are adventurous and decide you know someone who will do a bounty for 12000 BCR...you feel you do not need insurance, so you go ahead and commission the job. After satisfactory results are produced, you earn the listing price of 20K BCR. You just made 8K BCR ~ 0.8 BTC ....

So in a week you could earn 1.54 BTC + 0.8 BTC .... ~ 2.34 BTC. 1.5 weeks of good work, you are in the black. from then on it's profit...

and a good bussines person saves...and buys...and controls two BNs and conducts double the business....

[bitcreditscc]

So are banking functions going to be available on the 31st of march?

Is that still the correct release date for bank nodes?

yes, the date is unchanged, we are working night and day, any free time we have to meet the deadline.

You will have basic banking, manual until we perfect the optional automated banking.

Good luck with your project.  

I guess I might buy a few  

And thank you for your promt responses.

it's actually great that you asked and luckily i was fed up of looking at endless lines of code. thanks for the questions, it's a great opportunity to talk, and let others know whats going on.

Absolutely.

If you follow through, this WILL be huge.  

Considering the current real supply is around 6 million (without the coins held in escrow), the market cap isn't but around 20k.

People will catch on soon enough.

Just took a bite out of the sell book, anyone want to help chew through the 1500 level?

i plan to have two BN so in the morning i will buy the 35K that i am short.

people are going to regret not buying at these sub 10000K satoshi prices.

Just think, 3 million in BN will reduce supply to 3 million circulation.

[dbt1033]

2,250 BCR a day for each bank node?  Where do these fees come from?

Oh, and where did you come up with 250k for each bank node?  This seems steep, although I'm sure you have your reasons.

[antonio8]

@bitcreditscc

So when the MN start, what will b the payout for that? I mean will the Bank Node still get the current 11 coins per block and then another portion for the Master Node?

[dbt1033]

Masternodes getting more expensive by the minute

[bitcreditscc]

2,250 BCR a day for each bank node?  Where do these fees come from?

Oh, and where did you come up with 250k for each bank node?  This seems steep, although I'm sure you have your reasons.

The distribution is similar to drk, i just made a calculation based on those numbers.

250K is the magic number because it signals one's commitment to actually running a node, and because you invested that much, you'd do your best to make it profitable, which in turn stimulates the ecosystem.

[bitcreditscc]

@bitcreditscc

So when the MN start, what will b the payout for that? I mean will the Bank Node still get the current 11 coins per block and then another portion for the Master Node?

it starts at 25% and slowly rises ... just like DRK. you can view that in the source.

Yes, that % is hardcoded and will only removed when the system is completely self sufficient.

Development is both capital and labor intensive, developers seldom work for peanuts and as you can see from the attempts to have a donation system...noone really likes to fund development, even if they like the idea. There is still a lot of work to be done before I can say that banking is now completely viable. Then i'll have to start worrying about decentralized exchange, fiat trading deposit and withdrawal, mobile clients, web based banking and so many more ideas. And note, this doesn't include the colored coins research, development and implementation. 

If this idea fails, i'd be very depressed and everyone will look to me, that's why i am very insistent on being able to pay for work should the need arise.

[bitcreditscc]

Quick correction, it's not 11 coins. it's actually 10. The extra is likely going to the block finder on p2pool.

[bitcreditscc]

2 more BTC in buys and the cost of a MN will have doubled. if you have any hopes at all of running a node, i strongly suggest you stock up on coins now. lost opportunities never present themselves again in this industry. 

a piece of advice to those who would pay attention.... people who procrastinated and didn't buy, or sold at sub 100 satoshi, are regretting now.
 
Those who procrastinated and didn't buy, or sold at sub 1000 satoshi, are regretting now.

I'd rather not be bothered in future by those who procrastinate, don't buy, or panic and sell at sub 10000 satoshi... they will regret it.

[dbt1033]

2 more BTC in buys and the cost of a MN will have doubled. if you have any hopes at all of running a node, i strongly suggest you stock up on coins now. lost opportunities never present themselves again in this industry.  

a piece of advice to those who would pay attention.... people who procrastinated and didn't buy, or sold at sub 100 satoshi, are regretting now.
 
Those who procrastinated and didn't buy, or sold at sub 1000 satoshi, are regretting now.

I'd rather not be bothered in future by those who procrastinate, don't buy, or panic and sell at sub 10000 satoshi... they will regret it.

I'm sure people might help fund development if you meet your masternode implementation deadline

I recall the user MyFarm stating that several people are watching from the sidelines several pages back.  I believe this to be true.

If you produce, and you want to be a top coin, people will invest in YOU.

[bitcreditscc]

2 more BTC in buys and the cost of a MN will have doubled. if you have any hopes at all of running a node, i strongly suggest you stock up on coins now. lost opportunities never present themselves again in this industry. 

a piece of advice to those who would pay attention.... people who procrastinated and didn't buy, or sold at sub 100 satoshi, are regretting now.
 
Those who procrastinated and didn't buy, or sold at sub 1000 satoshi, are regretting now.

I'd rather not be bothered in future by those who procrastinate, don't buy, or panic and sell at sub 10000 satoshi... they will regret it.

I'm sure people might help fund development if you meet your masternode implementation deadline

that's actually a small concern, because while I will likely meet the date we would not have had much time to test. that's what i'm trying to beat if we can at least have 2 days testing full on. I can be a lot more confident.

[antonio8]

@bitcreditscc

So when the MN start, what will b the payout for that? I mean will the Bank Node still get the current 11 coins per block and then another portion for the Master Node?

it starts at 25% and slowly rises ... just like DRK. you can view that in the source.

Yes, that % is hardcoded and will only removed when the system is completely self sufficient.

Development is both capital and labor intensive, developers seldom work for peanuts and as you can see from the attempts to have a donation system...noone really likes to fund development, even if they like the idea. There is still a lot of work to be done before I can say that banking is now completely viable. Then i'll have to start worrying about decentralized exchange, fiat trading deposit and withdrawal, mobile clients, web based banking and so many more ideas. And note, this doesn't include the colored coins research, development and implementation. 

If this idea fails, i'd be very depressed and everyone will look to me, that's why i am very insistent on being able to pay for work should the need arise.

I say you keep a portion that was going to be used as an IPO to fund your development.