◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈

[BarTeam]

I'm working to provide the first fiat/asset gateway, i agree we need to diversify. So , hopefully others will copy my example and we can have a decentralized asset storage.

Stunning news!

[WastedLTC]

I'm working to provide the first fiat/asset gateway, i agree we need to diversify. So , hopefully others will copy my example and we can have a decentralized asset storage.

Stunning news!

Interesting project...   will be following!

[starblocks]

I'm working to provide the first fiat/asset gateway, i agree we need to diversify. So , hopefully others will copy my example and we can have a decentralized asset storage.

Stunning news!

Interesting project...   will be following!

Welcome aboard!

[bitcreditscc]

Just thought i'd remind everyone that we have a forum....   http://bitcredits.pw/

[BarTeam]

Just thought i'd remind everyone that we have a forum....   http://bitcredits.pw/

Just registered... waiting for the confirmation email.

[hack_]

There are small errors in the generated files for bidding, i sometimes get zero values. 

[bitcreditscc]

major improvement to the btc bidding process, now pursuing the ltc option and latr the dash option. Those working off the git may have noticed how there were rounding errors and zero values, working to remove those fro final product. We are slightly behind schedule but working on it. Will push changes when i have better feel for whats wrong with ltc process.

Observations

Some people are still holding coins in exchange....strange seeing as how they don't earn you anything there, whereas your coins could grown in a BN. @ 50K that's < 0.15 BTC

The lower the hash rate, the faster the blocks....strange, but true...

[WastedLTC]

Observations

Some people are still holding coins in exchange....strange seeing as how they don't earn you anything there, whereas your coins could grown in a BN. @ 50K that's < 0.15 BTC

The lower the hash rate, the faster the blocks....strange, but true...

I think I held DRK/DASH for a few months before I looked into creating a MN.    For this project, I really have not had time to dig into this option.    URL to outline the benefits and requirements of running one?

Think I have 85k BCR...

[bitcreditscc]

Observations

Some people are still holding coins in exchange....strange seeing as how they don't earn you anything there, whereas your coins could grown in a BN. @ 50K that's < 0.15 BTC

The lower the hash rate, the faster the blocks....strange, but true...

I think I held DRK/DASH for a few months before I looked into creating a MN.    For this project, I really have not had time to dig into this option.    URL to outline the benefits and requirements of running one?

Think I have 85k BCR...

Benefits to owning a BCR Bank node (current and future)

1) All banknodes receive a stipend for acting as service providers and network hubs
2) Owning a banknode allows you to perform advanced functions such as escrow on the blockchain.
3) Banknodes enable their owners to offer shares of their services/business on the blockchain, easily transferable to and from BCR
4) BNs also earn fees from providing network mandated services
5) When mining is moved to a BN only model (encourage a "green" highly efficient security apparatus), you are eligible to earn coins from mining

Basic Requirements

-50k BCR
-A synced node.
-Desire for profit 

There are multiple guides to setting one up , also there are users who offer setup services for a fee.

[bitcreditscc]

Things are really starting to look up, bid tracking now provides clear and accurate data. Far better coding sense than the last two iterations and shaved the size to sub 800 lines. Further work today and eventual plan is to run is to provide a build for those who are interested in a preview. Trying to decide if the bidding data should be seen in the GUI and what kind of update mechanism (per bid or per hour) to use.

Note:- Bidding data can be disabled, this lowers the performance requirements and bandwidth consumption.

As i built the newer version and tested, i came to realize that many of the functions we currently use in the GUi will need to be written to the RPC interface so they can be accessed via command line interfaces. The data garnered by the bid tracker will soon work in full tandem with internal calculations run by the existing iteration of the trust engine to provide client and BN data. This will make writing some of the first banking functions easy.... eg :- BN owner enters address and requests information, he/she receives data ranging from trust ratings to recommended loan threshold, another command could respond with the answer as well as telling the client what may be required to get the loan ie collateral or Insurance.

On an offside note :- autonomous blockchain central bank based off the ideas i have expressed, the work i have done and the basic principles laid out in the (seemingly) defunct XAI project.... this was discussed last night with some friends of mine who are still in the banking sector. Thoughts?

[bitcreditscc]

would you feel better if we made .onion BNs a reality?

[thelonecrouton]

Things are really starting to look up, bid tracking now provides clear and accurate data. Far better coding sense than the last two iterations and shaved the size to sub 800 lines. Further work today and eventual plan is to run is to provide a build for those who are interested in a preview. Trying to decide if the bidding data should be seen in the GUI and what kind of update mechanism (per bid or per hour) to use.

Note:- Bidding data can be disabled, this lowers the performance requirements and bandwidth consumption.

I think showing the bidding data (as live as is feasible, hourly would be fine, the temporal rez can be adjusted later if needed) would be great.

As i built the newer version and tested, i came to realize that many of the functions we currently use in the GUi will need to be written to the RPC interface so they can be accessed via command line interfaces. The data garnered by the bid tracker will soon work in full tandem with internal calculations run by the existing iteration of the trust engine to provide client and BN data. This will make writing some of the first banking functions easy.... eg :- BN owner enters address and requests information, he/she receives data ranging from trust ratings to recommended loan threshold, another command could respond with the answer as well as telling the client what may be required to get the loan ie collateral or Insurance.

Definitely think it's best to move the heavy lifting to the daemon and have the GUI (and user-made tools)  pull data from it as needed.

On an offside note :- autonomous blockchain central bank based off the ideas i have expressed, the work i have done and the basic principles laid out in the (seemingly) defunct XAI project.... this was discussed last night with some friends of mine who are still in the banking sector. Thoughts?

Think I should buy some more BCR.

[bitcreditscc]

I think showing the bidding data (as live as is feasible, hourly would be fine, the temporal rez can be adjusted later if needed) would be great.

I was thinking that view would be added to the banknode area as an additional tab, about tie we did something about that wasted space 

Definitely think it's best to move the heavy lifting to the daemon and have the GUI (and user-made tools)  pull data from it as needed.

It will take some doing, but if i keep up the pace we should have more to work with by end of day. Realized that the delay in start-up was being caused by initialization of values that require network access...rather this will now be done at the end of Appinit()

Think I should buy some more BCR.

Actually about to add a new BN, hoping to add one every few days, let the weak hands sell to us, eventually they'll realize they were getting pennies on the dollar for their mining.

Also in order to resolve major outstanding issues i have decreased the amount of time allocated to pursuing the exchange and other branch projects. I am now dealing with the core wallet and the Electrum wallet, the focus should yield results faster and reduce the pressure for me to complete so many things.

Meanwhile, i have pushed the cleaner code to the git on the branch bid-based... for now, to generate the bidding files, go to the Bank stats page and click refresh, in your app folder (where you are running the app from.not that data dir) you should see new files being generated.

Ignore the figures provided by the stats page for now, the addresses are not mine and as such it does not indicate the real situation. With the next update i will place the correct addresses.

One strange thing i should point out that needs resolving before we switch to a BN mining system....ever noticed how two clients can sometimes report different BN count?

[thelonecrouton]

Alasdair Macleod, who's working with Bitgold / Goldmoney, which I see in some ways as a future competitor to BCR, talks a bit about it on the latest Keiser report, about 08:20 to 11:30. He says that Bitgold doesn't allow direct transfers of Bitgold between users due to regulatory issues. If we can find a way around that with BCR then we're leaving toytown behind, this is a big real world market and there's a place in it for a working, secure p2p framework for easy and near-free transfer of real assets, whatever they may be.

https://www.youtube.com/watch?v=FiJOTmk0ECc

[bitcreditscc]

Alasdair Macleod, who's working with Bitgold / Goldmoney, which I see in some ways as a future competitor to BCR, talks a bit about it on the latest Keiser report, about 08:20 to 11:30. He says that Bitgold doesn't allow direct transfers of Bitgold between users due to regulatory issues. If we can find a way around that with BCR then we're leaving toytown behind, this is a big real world market and there's a place in it for a working, secure p2p framework for easy and near-free transfer of real assets, whatever they may be.

https://www.youtube.com/watch?v=FiJOTmk0ECc

I think i have an idea, but it still falls too close to centralization for my liking. Most nations laws only allow for centralization, that way if they want to bother you , they have a point of reference. Meanwhile try out the latest version from the git. Start up time massively reduced and stats are more accurate. Going to start creating our m of n addresses then i'll plug them in.

Only issues i have seen is that the stats take a bit of time to put together.... i want to learn multi-threading so i can decrease the wait as well as optimize the internal miner.

optimization of the internal miner is on the books because when we move to  BN only mining, only the internal miner will be viable, and it has to perform well enough that blocks will go to the desired 1 minute.

Block count average is still ~90 and while this is an improvement, i think an even lower hash rate will result in faster blocks since the work that needs to be done will be less.

I still have not had any real resistance or technical objections to this plan, though i do forsee a quick arms race at some point where people will be trying to buy up all the sub 10k sat coins and setup BNs. After that things will settle down. When block reward halves, sell pressure is going to reduce, while hopefully people will opt to bid for their coins, resulting in stronger backing. At some point , i will add a price floor indicator to the client to signify the lowest backed price you can always sell your BCR @. Hopefully once liquidity index crosses the 25% threshold we'll see serious people joining in.

[bitcreditscc]

As a security move i will stipulate a minimum bidding value, this ensures viable rounding and prevents DoS attacks by spamming the addy with dust. We dont want irregular blocks or math that jams up clients. A bid less than the threshold risks being ignored, this should mitigate any typical trolling.

0.001 BTC and equiv in accepted currencies... Thoughts?

[bitcreditscc]

Observations

Some people are still holding coins in exchange....strange seeing as how they don't earn you anything there, whereas your coins could grown in a BN. @ 50K that's < 0.15 BTC

The lower the hash rate, the faster the blocks....strange, but true...

Reason I'm still holding my coins in the exchange is because there's still no working wallet. At least not for me under Windows 8.1 x64.

Older log:

Code:

2015-06-22 20:56:47 CheckBlock() : Skipping banknode payment check - nHeight 142853 Hash 000013d38b9b8113d09df32322704331a0a35fbb7e711873b6347fe5e6651912
2015-06-22 20:56:47 No coin database inconsistencies in last 289 blocks (290 transactions)
2015-06-22 20:56:47  block index             777ms
2015-06-22 20:56:47 init message: Portemonnee aan het laden...
2015-06-22 20:56:47 nFileVersion = 301608
2015-06-22 20:56:47 Keys: 2 plaintext, 0 encrypted, 2 w/ metadata, 2 total
2015-06-22 20:56:47  wallet                    2ms
2015-06-22 20:56:47 init message: Loading banknode cache...
2015-06-22 20:56:47 ERROR: Read : Failed to open file X:\Encrypted-container\BCRCoinData\mncache.dat
2015-06-22 20:56:47 Missing banknode cache file - mncache.dat, will try to recreate
2015-06-22 20:56:47 Locking Banknodes:
2015-06-22 20:56:47 fLiteMode 0
2015-06-22 20:56:47 nInstantXDepth 5
2015-06-22 20:56:47 Darksend rounds 2
2015-06-22 20:56:47 Anonymize Bitcredit Amount 10000
2015-06-22 20:56:48 RandAddSeedPerfmon: 298608 bytes
2015-06-22 20:56:48 mapBlockIndex.size() = 142853
2015-06-22 20:56:48 nBestHeight = 142852
2015-06-22 20:56:48 setKeyPool.size() = 1
2015-06-22 20:56:48 mapWallet.size() = 0
2015-06-22 20:56:48 mapAddressBook.size() = 1
2015-06-22 20:56:48 init message: Adressen aan het laden...
2015-06-22 20:56:48 Loaded 5 addresses from peers.dat  0ms
2015-06-22 20:56:48 Added connection peer=0
2015-06-22 20:56:48 dnsseed thread start
2015-06-22 20:56:48 net thread start
2015-06-22 20:56:48 addcon thread start
2015-06-22 20:56:48 opencon thread start
2015-06-22 20:56:48 msghand thread start
2015-06-22 20:56:48 init message: Klaar met laden
2015-06-22 20:56:48 dumpaddr thread start
2015-06-22 20:56:48 GUI: initializeResult : Initialization result:  1
2015-06-22 20:56:48 GUI: PaymentServer::LoadRootCAs : Loaded  0  root certificates
2015-06-22 20:56:48 GUI: TransactionTablePriv::refreshWallet
2015-06-22 20:56:50 trying connection 198.52.160.64:8877 lastseen=32.4hrs

Deleting mncache.dat never worked for me.

Ah, i'm still getting my windows 10 up to snuff, but meanwhile i will try a cross compile off my linux box. Saturday morning i should have a report.

[LucD88]

Ah, i'm still getting my windows 10 up to snuff, but meanwhile i will try a cross compile off my linux box. Saturday morning i should have a report.

Thanks for the quick reply! I'm wondering if I'm the only one with this problem. The same error occurs on both my Windows 8.1 x64 desktop and my Windows 10 x64 laptop.

Off-topic: For anyone else using Windows 10, it's highly recommended to fix the Windows 10 privacy issues.

[bitcreditscc]

Ah, i'm still getting my windows 10 up to snuff, but meanwhile i will try a cross compile off my linux box. Saturday morning i should have a report.

Thanks for the quick reply! I'm wondering if I'm the only one with this problem. The same error occurs on both my Windows 8.1 x64 desktop and my Windows 10 x64 laptop.

Off-topic: For anyone else using Windows 10, it's highly recommended to fix the Windows 10 privacy issues.

If you don't mind my asking..why do you not use linux? While it sometimes requires some technical skills, it relatively safer and more stable that other OS. Also you can run it off a flash disk for ultimate portability. I only keep windows for gaming.

On another note, i did once have an issue starting the wallet, but after removing the mncache it was ok. But anyway, i disliked the startup delays so it was overdue for an overhaul.

If you have a vm for testing wallets i'd appreciate i you ran the wallet off the git and let me know what you think.

[thelonecrouton]

Why anyone runs Windows is beyond me, and if you think asking Win 10 politely to stop spying on you is really going to stop it spying on you...    Android and OSX/IOS should also be considered zero-privacy environments. Linux alone isn't going to protect you but it's a hell of a head start. The DASH crowd in particular are hilarious, running a privacy centric currency on proprietary black box OS's... idiots.  


Anyway, for purely comedic value I present some idiocy of my own, a crude, assumption-laden, and mathematically unsound little lunchbreak script; I was wondering what effect money being used to support BCR might have on the market price, instead of that money being pissed away on useless PoW...

Code:

#!/usr/bin/python

# BCR in circulation on day distribution by bidding starts
MoneySupply = 20000000  

# BCR price on day distribution by bidding starts		
MarketPrice = 0.000002  			

# total BCR minted per day
BCRTotalDistributedByBid = 40000

# appx. BCR minted per day that would have gone to miners
# we assume that the BN to total MoneySupply ratio remains steady
# currently there are ~100 BNs (5000000 BCR) against a MoneySupply of ~19000000 BCR
# ~ 25% of daily 40000 BCR minted
DistributedByBid = 30000

# we start with zero BTCBacking and thus zero AssuredMarketValue
BTCBacking = 0					 
AssuredMarketValue = 0				 
 
# we'll iterate through 365 days
n = 365

for x in range (1, n):
	
	print "Day " + str(x) + " : " + "MoneySupply = " + str(MoneySupply) + ", MarketPrice = " + str(MarketPrice)
	print "MarketCap = " + str(MoneySupply * MarketPrice)
	print "BTC Backing = " + str(BTCBacking)
	
	# each day the AssuredMarketValue (per BCR) rises a bit, we'll be pessimistic and assume
	# the DistributedByBid is bid for at 50% of the current MarketPrice
	AssuredMarketValue = AssuredMarketValue + (((DistributedByBid * MarketPrice) / MoneySupply) / 2)
	
	# we'll assume that the market value per BCR increases in proportion to the BTC backing
	# again we'll be pessimistic and assume it only lends half of it's actual value
	MarketPrice = (MarketPrice + (AssuredMarketValue / 2))
	
	# each day the money supply goes up by 40000
	MoneySupply = MoneySupply + BCRTotalDistributedByBid
	
	# we'll assume that each day the BTCBacking increases by 30000 BCR bid for at current market price
	# eg. 30000 BCR * 0.000002 = 0.06 BTC
	BTCBacking = BTCBacking + (DistributedByBid * MarketPrice)

I added the halvings at lines 31 and 35 because the initial results were frankly outrageous. As it is it yields this:

Code:

Day 364 : MoneySupply = 34520000, MarketPrice = 0.000493307694068 BTC
MarketCap = 17028.9815992 BTC
BTC Backing = 953.107444541 BTC

The glaring problem with this supersimplistic model is the discrepancy between MarketCap and BTC Backing, but then, BTC has a large (in cryptognat terms) Market Cap and exactly ZERO backing... and each US$ in existence is backed by $5000 or something of outright debt...

These numbers are not meant to be taken seriously, it doesn't take into account future supply curve reductions, and I certainly don't think all BCR assets should be held as Backed-By-Bugger-All-BTC, but I think it does help show just how much money is wasted on PoW, which could be backing the currency instead.