◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈

[Jesse Livermore]

Buying 1btc worth without raising the price 2x is nearly impossible

Yeah, people are mining and holding, all the sub 1000s coins were snatched up real fast. Once people start making profit from MN, there will be even less coins available on market.

What percentage of the block reward will go to masternodes?

You beat me to it, I had same question. Also wondering about block reward rate of decrease.

[bitcreditscc]

Buying 1btc worth without raising the price 2x is nearly impossible

Yeah, people are mining and holding, all the sub 1000s coins were snatched up real fast. Once people start making profit from MN, there will be even less coins available on market.

What percentage of the block reward will go to masternodes?

You beat me to it, I had same question. Also wondering about block reward rate of decrease.

The actual payments are quite similar to DRK....(may increase it fractionally to encourage more MN)

I haven't talked about that much because i a struggling to come up with a logic algorithm that will not run into problems, the issue doubled when i added the voting.

I'll probably have it fixed in the morning, but i definitely want a review of this section and related areas.

[dragos_bdi]

Buying 1btc worth without raising the price 2x is nearly impossible

Yeah, people are mining and holding, all the sub 1000s coins were snatched up real fast. Once people start making profit from MN, there will be even less coins available on market.

What percentage of the block reward will go to masternodes?

10%, aka 5BCR

[tommyj1]

anyone have a "how to" mine with amd?

[Department of]

Buying 1btc worth without raising the price 2x is nearly impossible

Yeah, people are mining and holding, all the sub 1000s coins were snatched up real fast. Once people start making profit from MN, there will be even less coins available on market.

What percentage of the block reward will go to masternodes?

10%, aka 5BCR

They'll be making money from their other Banknode functions as well.  Loan interest, etc.

[thelonecrouton]

Is the plan still 250k BCR per banknode? There aren't going to be many banknodes with just 6 million BCR in circulation. 5k would give a potential 1200 BNs, and 600 @ 50% of currency supply.

[bitcreditscc]

Buying 1btc worth without raising the price 2x is nearly impossible

Yeah, people are mining and holding, all the sub 1000s coins were snatched up real fast. Once people start making profit from MN, there will be even less coins available on market.

What percentage of the block reward will go to masternodes?

You beat me to it, I had same question. Also wondering about block reward rate of decrease.

The actual payments are quite similar to DRK....(may increase it fractionally to encourage more MN)

I haven't talked about that much because i a struggling to come up with a logic algorithm that will not run into problems, the issue doubled when i added the voting.

I'll probably have it fixed in the morning, but i definitely want a review of this section and related areas.

Seems i can still surprise even myself. Fixed the coinbase issue.

[bitcreditscc]

anyone have a "how to" mine with amd?

I've put up bounties for that, no-one seems interested. I'll do it myself and claim the bounties.

[Department of]

Is the plan still 250k BCR per banknode? There aren't going to be many banknodes with just 6 million BCR in circulation. 5k would give a potential 1200 BNs, and 600 @ 50% of currency supply.

Yeah, it's still 250k as far as I know.  5k seems a little low, but 250k does seem really high.  Maybe there's a sweet spot somewhere in the middle.  75k-150k?  Or maybe they need to have that much in order to provide some of the services the dev has planned.

[MyFarm]

anyone have a "how to" mine with amd?

I've put up bounties for that, no-one seems interested. I'll do it myself and claim the bounties.

Don't let it get you discouraged.  If you successfully roll out masternodes (banknodes) the community will explode.  A lot of us have taken positions and are watching from the sidelines to make sure the masternodes go live successfully. 

[MyFarm]

Is the plan still 250k BCR per banknode? There aren't going to be many banknodes with just 6 million BCR in circulation. 5k would give a potential 1200 BNs, and 600 @ 50% of currency supply.

Yeah, it's still 250k as far as I know.  5k seems a little low, but 250k does seem really high.  Maybe there's a sweet spot somewhere in the middle.  75k-150k?  Or maybe they need to have that much in order to provide some of the services the dev has planned.

My understanding is the idea behind banknodes is you're going to provide banking functions.  As such, I think the idea isn't to have 2000 banks out there.  

[bitcreditscc]

Is the plan still 250k BCR per banknode? There aren't going to be many banknodes with just 6 million BCR in circulation. 5k would give a potential 1200 BNs, and 600 @ 50% of currency supply.

250K is the magic number. While we all want as many nodes as possible, i also need to balance out factors regarding banking. I have approached E.D the DRK dev about a collaborative effort to make it possible for multiple people to contribute to ownership of a BN. This is  one of they key ideas behind community/decentralized BNs. So Using M of N multi-sig and some nifty coding, potentially hundreds could own nodes.
If he agrees we can get started over the weekend.

If there is a demand for coins to set up nodes, you guys can vote for a release of the remaining escrow coins. As a BCR wallet holder, you are immediately entitled to our internal democracy.

BN ownership becomes another area of investment, you can pick a random 10 BNs to contribute to and enjoy benefits from all of them, hell if some perform really well, you could earn a ton.

[bitcreditscc]

Is the plan still 250k BCR per banknode? There aren't going to be many banknodes with just 6 million BCR in circulation. 5k would give a potential 1200 BNs, and 600 @ 50% of currency supply.

Yeah, it's still 250k as far as I know.  5k seems a little low, but 250k does seem really high.  Maybe there's a sweet spot somewhere in the middle.  75k-150k?  Or maybe they need to have that much in order to provide some of the services the dev has planned.

My understanding is the idea behind banknodes is you're going to provide banking functions.  As such, I think the idea isn't to have 2000 banks out there.  

Quite true, but other will be satisfied by just the Node fees, so it's a really complex thing.

I chose 250K after a few days of discussion, here and in ypool chat and skype. The idea is to make it something within reach, but requiring commitment. Obviously if the price rises beyond a given point i may have to re-think this but for now we are fine. As i said a moving average would have been a great idea, but with the price so easily influenced, it is not such a good idea.

[Department of]

Is the plan still 250k BCR per banknode? There aren't going to be many banknodes with just 6 million BCR in circulation. 5k would give a potential 1200 BNs, and 600 @ 50% of currency supply.

250K is the magic number. While we all want as many nodes as possible, i also need to balance out factors regarding banking. I have approached E.D the DRK dev about a collaborative effort to make it possible for multiple people to contribute to ownership of a BN. This is  one of they key ideas behind community/decentralized BNs. So Using M of N multi-sig and some nifty coding, potentially hundreds could own nodes.
If he agrees we can get started over the weekend.

If there is a demand for coins to set up nodes, you guys can vote for a release of the remaining escrow coins. As a BCR wallet holder, you are immediately entitled to our internal democracy.

BN ownership becomes another area of investment, you can pick a random 10 BNs to contribute to and enjoy benefits from all of them, hell if some perform really well, you could earn a ton.

Sounds like a pretty exciting future.  I wouldn't hold your breath for Evan to get back to you though.  He's probably pretty busy with the rebranding to DASH happening in four days and working on rolling out features for it.  In the future if things go well with the banknodes and their functions it would be pretty amazing to have some collaborations though, letting users of other coins take advantage of the functions of banknodes and in turn growing both coins' economies.

[thelonecrouton]

Much as I hate banks, the idea of being one tickles my fancy.

Where is my recourse when someone borrows BCR from my bank and then fails to pay it back? Is there going to be some escrowed collateral system in place?

[Department of]

Much as I hate banks, the idea of being one tickles my fancy.

Yeah, I agree.  Banknodes won't be much like today's banks though.  They'll just be bringing some of the necessary functions of banks into the cryptocurrency world.  I can just picture people applying to banknodes for a mortgage on a house...

[bitcreditscc]

Future BN owners-- some optimistic numbers for your consideration.

Right now the cost of a BN ~ 3 BTC... someone brave enough to buy one or two's worth now, has taken away most of what is on market. Obviously some not so smart person or some automatic bot will jump at the chance to sell, not realizing an acute shortage is starting to arise. if a third person then buys what ever is left, save for the (currently) outrageous asks, this will leave us on a steep upward slope.

The strong minded would set up a node, and enjoy 20% rewards within a few days, while the actual number of coins is relatively slow in comparison, the value would be much greater. Demand of the now rare BCR potentially would push the price to 0.0001. The effect would be that it now only takes 1/10 of your initial BCR investment to break even.

Because we will now have a hiring program and a ratings/rewards program for our best performing banks, that becomes another avenue of income.

Say you own BN-A and you get 150 BCR/hour.

Then you invest another 15K in getting a bounty filled, you approach BN-B to Insure your venture with a 5% flat rate. You get it done within the week and only pay 750BCR. You filled a 20K bounty. Your profit for that is 4250 BCR.

Go back to market (at optimistic price) and you walk away with 0.4 BTC. Remember..you are still earning 150BCR from your BN on an hourly basis.

This system encourages entrepreneurship and smart thinking, with no gain whatsoever for scammers because the moment you abscond with what tiny loan you got, you are blacklisted by all BN owners.

It also encourages cooperation partnership and networking. Many users have many great ideas, just not the juice to make them happen. Imagine what a collaborative effort could do?

I already have a set example of a collaborative project that I will give as an example and award ownership rights to the best performing bank for the next three months.

My numbers are optimistic, it could get better than that or worse than that, but the one thing i know for sure is that you will profit.  Think on it...if you and a hand ful of other guys, say only 6 bank nodes....you get to divvy up all the rewards in a smaller group. On the other hand if there are 20 nodes, the shortage of coin on the market will make the price really high, a few thousand coins would put you in the black.


The ball is in your court.

[bitcreditscc]

Much as I hate banks, the idea of being one tickles my fancy.

Where is my recourse when someone borrows BCR from my bank and then fails to pay it back? Is there going to be some escrowed collateral system in place?

there will be many levels of security, but the ultimate decision is yours.

What the client will provide you is a trust rating and tx history of whoever asks for a loan form you. It will also recommend a ceiling on how much they can borrow.

All this is data that will help you decide whether that person is deserving. You can even talk it over with the person via (upcoming) secure messaging. Once you agree to terms, you can go ahead. One i get more development talent, i intend to create a decentralized escrow system within the network, but the fun part is that it will not just be BCR escrow... by using the standard Multisig of BTC based coins, it can manage escrow for other coins as well via RPC. While this data will not be visible on the BCR chain, the client will have a feed that you can use. (this is much later on though, for now it's a concept.)


BTW, getting trust rating high enough to actually be able to borrow takes a long time and a lot of activity, so if someone runs away with 1000 BCR, it will cost them more than that to get back to the same level of trust with a different account.

I am re-adjusting it to 6 months minimum on top of the other requirements. This will really discourage bad people.

[bitcreditscc]

MN payments will start at 20%. Nice bump to push things along 

[MyFarm]

Dev, can you please provide the block reward reduction timeline?