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[dbt1033]

dev should IPO some bank nodes below market value, or lower the amount required. Even spreadcoin only requires 15,000 coins (this is if all the coins are in circulation and you want to be one of the 1440 masternodes)

250k coins is too steep considering the lack of liquidity. If prices keep rising no one will even bother.

The point is to only have a limited number of banks.  

Owning a banknode has significant perks and will generate significant income.

The buy in should be steep, although I agree that maybe 200k or 150k might be more reasonable.

[dbt1033]

dev should IPO some bank nodes below market value, or lower the amount required. Even spreadcoin only requires 15,000 coins (this is if all the coins are in circulation and you want to be one of the 1440 masternodes)

250k coins is too steep considering the lack of liquidity. If prices keep rising no one will even bother.

I like it that high actually. I don't think you want hundreds or thousands of banknodes at this rally stage. And lack of liquidity is only here now at this price point because many here onboard since masternode announcement are refusing to part way with coins so cheaply.
Liquidity will increase when price correctly reflects the 'true' market value.

Well said Jesse. 

[tokyoghetto]

dev should IPO some bank nodes below market value, or lower the amount required. Even spreadcoin only requires 15,000 coins (this is if all the coins are in circulation and you want to be one of the 1440 masternodes)

250k coins is too steep considering the lack of liquidity. If prices keep rising no one will even bother.

I like it that high actually. I don't think you want hundreds or thousands of banknodes at this rally stage. And lack of liquidity is only here now at this price point because many here onboard since masternode announcement are refusing to part way with coins so cheaply.
Liquidity will increase when price correctly reflects the 'true' market value.

so instead of hundreds of banks competing, you would rather have 20? or even 5? And liquidity won't increase, only price will increase. Monopolies aren't healthy for competition. Imagine if DARK/DASH only had 20 masternodes? That is worst than the 2 million premine.

The only people supporting this 250k Masternode buy-in are people who managed to buy in at sub 1k SAT prices.

If its only going to be a circle jerk of 5 banknodes, then it would be hard for newcomers to support it, especially when the dev is sitting on 6 million coins.

[dbt1033]

dev should IPO some bank nodes below market value, or lower the amount required. Even spreadcoin only requires 15,000 coins (this is if all the coins are in circulation and you want to be one of the 1440 masternodes)

250k coins is too steep considering the lack of liquidity. If prices keep rising no one will even bother.

I like it that high actually. I don't think you want hundreds or thousands of banknodes at this rally stage. And lack of liquidity is only here now at this price point because many here onboard since masternode announcement are refusing to part way with coins so cheaply.
Liquidity will increase when price correctly reflects the 'true' market value.

so instead of hundreds of banks competing, you would rather have 20? or even 5? And liquidity won't increase, only price will increase. Monopolies aren't healthy for competition. Imagine if DARK/DASH only had 20 masternodes? That is worst than the 2 million premine.

The only people supporting this 250k Masternode buy-in are people who managed to buy in at sub 1k SAT prices.

If its only going to be a circle jerk of 5 banknodes, then it would be hard for newcomers to support it, especially when the dev is sitting on 6 million coins.

The Dev isn't sitting on 6 million coins, they are in escrow at a public address.

And around 2.16 million coins per month are being generated through PoW, allowing for an additional 8 bank nodes per month.

Right now, only a few banks will be allowed to exist, but in the future, there could be hundreds.

[Jesse Livermore]

They should really be burned.  

I would suggest to the community that the dev be given a free masternode from the funds in escrow before the burn takes place.

This would secure the funds given as part of the node for a specific period of time (incentivising ongoing development) and provide the dev with a daily stream of coins through fees.  If the developer can increase the value of the coin through his work, then his salary would increase proportionally this way.

that depends on whether that will be enough to incentivize him and pay for whatever he pays for. This project has had my eye from the start and it's nice to see he is around and working.

I'd say do the ICO, it was planned to be delayed anyway. Sell 3 million in an ICO, it may help get more Master Nodes since they are so steep.

Burn 1.5 million then give the dev 1.5 million. He can put a million into master nodes and have 500K to help with development.

Actually i have a better idea. Some people will want Bank nodes but not have enough. So i could set up a bunch of nodes, then people can each contribute to a node, then they own it collectively, with a script that pays out to them all the fees. This will foster more nodes.

Then we can do all the rest. I'm wary about burning anything though, because there is no predicting the future, and the last thing i want is to be caught without adequate funding to complete a task. Project security first before any other consideration. It would be most disappointing to have any failures.

I also think this is a fantastic idea. For those who either don't have the funds or risk tolerance to buy up a whole masternode, allow partial shares to be bought up.

[Jesse Livermore]

dev should IPO some bank nodes below market value, or lower the amount required. Even spreadcoin only requires 15,000 coins (this is if all the coins are in circulation and you want to be one of the 1440 masternodes)

250k coins is too steep considering the lack of liquidity. If prices keep rising no one will even bother.

I like it that high actually. I don't think you want hundreds or thousands of banknodes at this rally stage. And lack of liquidity is only here now at this price point because many here onboard since masternode announcement are refusing to part way with coins so cheaply.
Liquidity will increase when price correctly reflects the 'true' market value.

so instead of hundreds of banks competing, you would rather have 20? or even 5? And liquidity won't increase, only price will increase. Monopolies aren't healthy for competition. Imagine if DARK/DASH only had 20 masternodes? That is worst than the 2 million premine.

The only people supporting this 250k Masternode buy-in are people who managed to buy in at sub 1k SAT prices.

If its only going to be a circle jerk of 5 banknodes, then it would be hard for newcomers to support it, especially when the dev is sitting on 6 million coins.

The Dev isn't sitting on 6 million coins, they are in escrow at a public address.

And around 2.16 million coins per month are being generated through PoW, allowing for an additional 8 bank nodes per month.

Right now, only a few banks will be allowed to exist, but in the future, there could be hundreds.

Exactly, we're churning out BCR pretty fast here, so it wouldn't take long for banknodes to start forming pretty quickly if the initial ones are met with any kind of success.
And Dash/Darkcoin needs as many masternodes as possible because it increases overall Darksend anonymity, which is Darkcoin's point of existence.

Right now having 1,000 banknodes is somewhat akin to China building massive ghost cities with no inhabitants... It'll just create a glut of supply without any demand. Let's instead create a handful of good, solid banknodes, see if the demand for bank nodes' services is even there and then decide to increase them by maybe lowering the minimum requirements if the demand is there.
I'm guessing that's what dev s envisioning in making minimum requirements so large.
JL

[MyFarm]

They should really be burned.  

I would suggest to the community that the dev be given a free masternode from the funds in escrow before the burn takes place.

This would secure the funds given as part of the node for a specific period of time (incentivising ongoing development) and provide the dev with a daily stream of coins through fees.  If the developer can increase the value of the coin through his work, then his salary would increase proportionally this way.

that depends on whether that will be enough to incentivize him and pay for whatever he pays for. This project has had my eye from the start and it's nice to see he is around and working.

I'd say do the ICO, it was planned to be delayed anyway. Sell 3 million in an ICO, it may help get more Master Nodes since they are so steep.

Burn 1.5 million then give the dev 1.5 million. He can put a million into master nodes and have 500K to help with development.

Well, the dev said a masternode will generate around 2250 bcr a day.  

So let's do the math.  If the coin trades around 10k satoshi (which I fully expect if the dev pulls through), the dev would make .225 btc a day from fee generation alone.  

That's 1.575 btc/week at this level (around $400), and that's the bare minimum the node can generate.

Let's say 3 months from now, the coin is trading at 100k satoshi due to a robust feature set, diverse community, and the presence of market makers.  That would pay the developer $4000 a week (once again, at the minimum).  

If the funds in escrow are not burned, I think they would be a great tool to attract VC investors and hire additional developer talent.

I like this solution because it gives the developer the ability to "give himself a raise".

This.

God I'd love to invest in a coin where there is real business acumen.  I'm sick of all the amateur mistakes other coins are making due to their lack of business skill.

[bitcreditscc]

dev should IPO some bank nodes below market value, or lower the amount required. Even spreadcoin only requires 15,000 coins (this is if all the coins are in circulation and you want to be one of the 1440 masternodes)

250k coins is too steep considering the lack of liquidity. If prices keep rising no one will even bother.

 Simply it would be spitting in the faces of those who have committed themselves to support this project by buying their way to a bank node at fair market price. I value my supporters, no way in hell would i disrespect them like that. 250K is a bargain,all you need to do is commit to having one. I don't mean to be rude or anything, but honestly if we make it too easy to get a BN we will have trouble makers.

What's funny is that you chose to compare with SPR...conviniently avoiding DRk....what is the cost of a DRK node?

20 BTC right?..... and you say 4 BTC is steep....

The overall perks of a BN will overshadow a MN in a few weeks especially with my current cook book.

Let me elaborate, all you can do with a MN is collect fees. A BN can for example fund an incubator and get profits, it can leverage it'self as collateral for a transaction. A BN can employ people, hell a BN can spawn another BN in a few weeks/months.

[xxxgoodgirls]

Mr Spead is that you

[dbt1033]

Mr Spead is that you

And you win the off-topic post of the day award

[MyFarm]

dev should IPO some bank nodes below market value, or lower the amount required. Even spreadcoin only requires 15,000 coins (this is if all the coins are in circulation and you want to be one of the 1440 masternodes)

250k coins is too steep considering the lack of liquidity. If prices keep rising no one will even bother.

The point is to only have a limited number of banks.  

Owning a banknode has significant perks and will generate significant income.

The buy in should be steep, although I agree that maybe 200k or 150k might be more reasonable.

Over 70,000 coins are generated per day.  Just sit on the bid and be patient and you'll get your coins.

250k is a good number.  It's not that hard to get if you're smart and patient.  And we want our bankers to be smart.  If you're not smart enough to figure out how to acquire coins in a manner that will be profitable in the long run, you shouldn't be banking.

[dbt1033]

dev should IPO some bank nodes below market value, or lower the amount required. Even spreadcoin only requires 15,000 coins (this is if all the coins are in circulation and you want to be one of the 1440 masternodes)

250k coins is too steep considering the lack of liquidity. If prices keep rising no one will even bother.

The point is to only have a limited number of banks.  

Owning a banknode has significant perks and will generate significant income.

The buy in should be steep, although I agree that maybe 200k or 150k might be more reasonable.

Over 70,000 coins are generated per day.  Just sit on the bid and be patient and you'll get your coins.

250k is a good number.  It's not that hard to get if you're smart and patient.  And we want our bankers to be smart.  If you're not smart enough to figure out how to acquire coins in a manner that will be profitable in the long run, you shouldn't be banking.

Hey, I've got my bank node.

But slightly decreasing the requirements might allow current banknodes to do more business through larger reserve holdings.

I think 250k is a great number.  But 200K could be better, imo.

Either way, I'm in.  This coin rocks.  This developer works his ass off.


edit:  And with 6,000,000 in coins held in secure escrow...  This coin is absolutely ripe for VC investment.

@Dev I understand you want to do things your own way.  A VC doesn't have to be a tyrant.  But you are on to something that could potentially acquire a multi-million dollar market cap.  Sometimes, you have to give a little to gain a lot.

[bitcreditscc]

Mr Spead is that you

made me laugh.

Would be nice though if he had stuck around, we could have done some amazing work together.

[MyFarm]

If the dev delivers on his promises I can bring VCs to the table if so desired.  VCs often get a bad rap and some deserve it.  But the good ones can make all the difference in the world.

Look at Darkcoin.  An extremely creative, talented, hard-working developer with the business acumen of a rock.  They are in desperate need of a quality executive to run the business side of things while allowing the dev to continue to be creative.  Not only does this allow the dev to focus on what he's good at, but it protects investors from amateur business decisions.  

[bitcreditscc]

dev should IPO some bank nodes below market value, or lower the amount required. Even spreadcoin only requires 15,000 coins (this is if all the coins are in circulation and you want to be one of the 1440 masternodes)

250k coins is too steep considering the lack of liquidity. If prices keep rising no one will even bother.

The point is to only have a limited number of banks.  

Owning a banknode has significant perks and will generate significant income.

The buy in should be steep, although I agree that maybe 200k or 150k might be more reasonable.

Over 70,000 coins are generated per day.  Just sit on the bid and be patient and you'll get your coins.

250k is a good number.  It's not that hard to get if you're smart and patient.  And we want our bankers to be smart.  If you're not smart enough to figure out how to acquire coins in a manner that will be profitable in the long run, you shouldn't be banking.

Hey, I've got my bank node.

But slightly decreasing the requirements might allow current banknodes to do more business through larger reserve holdings.

I think 250k is a great number.  But 200K could be better, imo.

Either way, I'm in.  This coin rocks.  This developer works his ass off.


edit:  And with 6,000,000 in coins held in secure escrow...  This coin is absolutely ripe for VC investment.

@Dev I understand you want to do things your own way.  A VC doesn't have to be a tyrant.  But you are on to something that could potentially acquire a multi-million dollar market cap.  Sometimes, you have to give a little to gain a lot.

@MyFarm i actually will take a week off development after network stabilizes to write articles and ideas for Bn holders that they can pursue. ]

@dbt1033  a new framework would not change my work ethic at all. So long as they let me innovate and develop without interference in my daily routine. Like now, everyone has been worried about people running away with funds... i have solved that problem already... working code will be in the next update.

[MyFarm]

I'm not a programmer and my analyst friend I usually trust with code analysis has picked a rather inopportune time to go hiking in the Andes.

Have any programmers out there reviewed the dev's code?  If so, what is your opinion?  Quality work or monkeys banging on a keyboard?

[bitcreditscc]

If the dev delivers on his promises I can bring VCs to the table if so desired.  VCs often get a bad rap and some deserve it.  But the good ones can make all the difference in the world.

Look at Darkcoin.  An extremely creative, talented, hard-working developer with the business acumen of a rock.  They are in desperate need of a quality executive to run the business side of things while allowing the dev to continue to be creative.  Not only does this allow the dev to focus on what he's good at, but it protects investors from amateur business decisions.  

You would not believe me, i was there sitting on my desk at work, boss walks in sees me compiling on windows and says "Are you a hacker?" I get free time a lot and lately it's all gone to this project I really want this to take off. I just hope you guys will show up for the final testing phase so we can be sure it all works.

I like to think i know business, but ever since i took up coding, i like it more...it's logical. What i sorely want is translators for Russian, Chinese and other major languages....hell i need an English translator who can take all the technical specs here and condense them into a simple pamphlet.

[bitcreditscc]

I'm not a programmer and my analyst friend I usually trust with code analysis has picked a rather inopportune time to go hiking in the Andes.

Have any programmers out there reviewed the dev's code?  If so, what is your opinion?  Quality work or monkeys banging on a keyboard?

No reviews have been submitted yet. But while we are on the subject.... just me at work.

[MyFarm]

Just focus on coding and deliver on your promises.  If you do, people will be falling over themselves to do translations and anything else there is a bounty for.

Don't sweat the small stuff.

[dbt1033]

Someone submitted another variant of this logo a few pages back.

I just played around with it a bit because I really liked the design.