◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈

[bitcreditscc]

I did receive the payments for my bids ...

Me too, amount looks about right.   

Bids don't seem to have been reset / cleaned out of the files though, hopefully coming update sorts that out.

Looks like the BN that block got ~239 BCR, don't know it this will be constant, but seems like the BCR distributed to bidders is going to be about 23750 BCR per superblock after the grants / miner / BN / bnk+dof+mof+sof+tof.

it's a combo of bad math and bad code, i intend to phase out the bank and reserve in favour of a more flexible system. that will put the payout to 29750 , far more like originally intended. I am waiting on a vanity instance to get a new address , then i'll push the last bits of the latest version (0.30.17.

the bid clearing issue will be resolved in the next update

[bitcreditscc]

i see my bid coins, thanks! some small .47BCRs and one big block of 1356.

Confusion:
the bidtracker still shows the balances in the wallet of like .079BTC im assuming its just looking up the btc balance of the bid address. thiswill be confusing to tell how much has been bid

*edit oops looks like this is noticed above. and noted below there should be a solution in the next release.

question though..

who is holding multisig keys?
will the officers be holding them once elected, or is it random banknodes or bitcreditscc?

Indeed!!!!!  glad you could see it

I just finished generating some custom addresses for bidding and have added them to the client, update will be pushed in a short while. Hopefully we'll see people start to take up the jobs and we can get some work done.

I have two major proposals i am working on , will give an overview in the next post. Opinions welcomed 

[bitcreditscc]

I am going to withdraw the offer to bitcoin alts to absorb them. Instead, i'd like to create a two pronged approach to providing easy fiat/OTC purchase of BCR as follows:-

3 million BCR goes into 30000 accounts , all multisig 2 of 2, namely one master key and 30000 client keys. These will be sold for fiat only via website , accepting visa , wire and/or western union.

The credits will have additional rules as follows :-

Redemption before a specific date of our choosing will result in the total coins being reduced ie instead of receiving 1000 BCR, early redemption will get X % less calculated based on time remaining. A redemption within the maturity stage will result in 1000 BCR + default increase in trust rating. We also give a final redemption date, which if it passes will result in all keys expiring.

What this does is allow interested parties to quickly buy BCR online without need for going through BTC exchanges or the overall hassles people face now to reach us. The other batch of 3 mill will be held to see the success of this project, should it work, we use the rest, or if we prefer we can use it to make physical scratch cards that users can to get more people in their locales/work places interested.

The second is mostly just a request for funds, i'd like to raise 10 BTC so i can hire coders to help me resolve the rather large to do list, review code, remove legacy material, bring in some SPV clients and finally finance creation of the above mentioned website.

Thoughts ?

[gjhiggins]

finance creation of the above mentioned website.

?

Cheers

Graham

[bitcreditscc]

finance creation of the above mentioned website.

?

Cheers

Graham

These will be sold for fiat only via website , accepting visa , wire and/or western union.

Once we can decentralize that, we can also implement fiat bidding.

[proletariat]

I am going to withdraw the offer to bitcoin alts to absorb them. Instead, i'd like to create a two pronged approach to providing easy fiat/OTC purchase of BCR as follows:-

3 million BCR goes into 30000 accounts , all multisig 2 of 2, namely one master key and 30000 client keys. These will be sold for fiat only via website , accepting visa , wire and/or western union.

The credits will have additional rules as follows :-

Redemption before a specific date of our choosing will result in the total coins being reduced ie instead of receiving 1000 BCR, early redemption will get X % less calculated based on time remaining. A redemption within the maturity stage will result in 1000 BCR + default increase in trust rating. We also give a final redemption date, which if it passes will result in all keys expiring.

What this does is allow interested parties to quickly buy BCR online without need for going through BTC exchanges or the overall hassles people face now to reach us. The other batch of 3 mill will be held to see the success of this project, should it work, we use the rest, or if we prefer we can use it to make physical scratch cards that users can to get more people in their locales/work places interested.

The second is mostly just a request for funds, i'd like to raise 10 BTC so i can hire coders to help me resolve the rather large to do list, review code, remove legacy material, bring in some SPV clients and finally finance creation of the above mentioned website.

Thoughts ?

how would you decentralize the fiat funds received from purchased bcr? who handles this money in the meantime? how will it be used and secured?

[bitcreditscc]

I am going to withdraw the offer to bitcoin alts to absorb them. Instead, i'd like to create a two pronged approach to providing easy fiat/OTC purchase of BCR as follows:-

3 million BCR goes into 30000 accounts , all multisig 2 of 2, namely one master key and 30000 client keys. These will be sold for fiat only via website , accepting visa , wire and/or western union.

The credits will have additional rules as follows :-

Redemption before a specific date of our choosing will result in the total coins being reduced ie instead of receiving 1000 BCR, early redemption will get X % less calculated based on time remaining. A redemption within the maturity stage will result in 1000 BCR + default increase in trust rating. We also give a final redemption date, which if it passes will result in all keys expiring.

What this does is allow interested parties to quickly buy BCR online without need for going through BTC exchanges or the overall hassles people face now to reach us. The other batch of 3 mill will be held to see the success of this project, should it work, we use the rest, or if we prefer we can use it to make physical scratch cards that users can to get more people in their locales/work places interested.

The second is mostly just a request for funds, i'd like to raise 10 BTC so i can hire coders to help me resolve the rather large to do list, review code, remove legacy material, bring in some SPV clients and finally finance creation of the above mentioned website.

Thoughts ?

how would you decentralize the fiat funds received from purchased bcr? who handles this money in the meantime? how will it be used and secured?

Any form of "decentralization" in this regard....leaves much in the wind,  for example visa/mastercards or wire .....how exactly do we go about decentralizing that in any meaningful way? The idea is beautiful overall except when we try to connect to existing structures in the real world. A possible method would be for banknode owners to put up collateral and set up similar services, but then that would raise the problem of us pouring effort into coding such a solution for something that will only be used at most twice. Which would defeat the purpose of the fundraising as we would have used funds into something that is not long term.

The immediate objectives of this would be fund raising, accessibility,  visibility and a kick start for utility. We could rationalize the coding part if we could have a certain level of certainty that users/service providers would actually use the facility to create and fund their own initiatives later in the lifetime of the project, but that is highly subjective.

On the other hand, If we stick to crypto based only funding, then we can decentralize, but that would kill off the objectives of utility, accessibility and severely reduce the fund raising aspect. Just think on it a little.....of the crypto start-ups , how many are funded in crypto? More to the point, the only crypto worth use as a funding start is BTC, maybe LTC too, the rest all suffer the same issue we have - illiquidity.

[proletariat]

I am going to withdraw the offer to bitcoin alts to absorb them. Instead, i'd like to create a two pronged approach to providing easy fiat/OTC purchase of BCR as follows:-

3 million BCR goes into 30000 accounts , all multisig 2 of 2, namely one master key and 30000 client keys. These will be sold for fiat only via website , accepting visa , wire and/or western union.

The credits will have additional rules as follows :-

Redemption before a specific date of our choosing will result in the total coins being reduced ie instead of receiving 1000 BCR, early redemption will get X % less calculated based on time remaining. A redemption within the maturity stage will result in 1000 BCR + default increase in trust rating. We also give a final redemption date, which if it passes will result in all keys expiring.

What this does is allow interested parties to quickly buy BCR online without need for going through BTC exchanges or the overall hassles people face now to reach us. The other batch of 3 mill will be held to see the success of this project, should it work, we use the rest, or if we prefer we can use it to make physical scratch cards that users can to get more people in their locales/work places interested.

The second is mostly just a request for funds, i'd like to raise 10 BTC so i can hire coders to help me resolve the rather large to do list, review code, remove legacy material, bring in some SPV clients and finally finance creation of the above mentioned website.

Thoughts ?

how would you decentralize the fiat funds received from purchased bcr? who handles this money in the meantime? how will it be used and secured?

Any form of "decentralization" in this regard....leaves much in the wind,  for example visa/mastercards or wire .....how exactly do we go about decentralizing that in any meaningful way? The idea is beautiful overall except when we try to connect to existing structures in the real world. A possible method would be for banknode owners to put up collateral and set up similar services, but then that would raise the problem of us pouring effort into coding such a solution for something that will only be used at most twice. Which would defeat the purpose of the fundraising as we would have used funds into something that is not long term.

The immediate objectives of this would be fund raising, accessibility,  visibility and a kick start for utility. We could rationalize the coding part if we could have a certain level of certainty that users/service providers would actually use the facility to create and fund their own initiatives later in the lifetime of the project, but that is highly subjective.

On the other hand, If we stick to crypto based only funding, then we can decentralize, but that would kill off the objectives of utility, accessibility and severely reduce the fund raising aspect. Just think on it a little.....of the crypto start-ups , how many are funded in crypto? More to the point, the only crypto worth use as a funding start is BTC, maybe LTC too, the rest all suffer the same issue we have - illiquidity.

it wouldn't be trustless though. you could be the pope and people would still not trust him 100% to hold their tangible currency. big dilemma....

[thelonecrouton]

it wouldn't be trustless though. you could be the pope and people would still not trust him 100% to hold their tangible currency. big dilemma....

No, it wont be trustless, because you can't do perfectly trustless when dealing with real stuff. Bitcoin isn't really perfectly trustless (and certainly isn't decentralised) either, you're just relying on the distributed ledger and some rather centralised miners (ie. trusting a lot of practically anonymous counterparties) to keep your unbacked-by-anything 1's and 0's safe from attack.

Multiparty custodial structures can be put in place though to minimise risk, and with any fiat connection will come the requirement for real names and identities for said custodians. These things would need to be hammered out before BCR can expand beyond BTC/LTC/DASH 'donational interoperability.' 

[thelonecrouton]

3 million BCR goes into 30000 accounts , all multisig 2 of 2, namely one master key and 30000 client keys. These will be sold for fiat only via website , accepting visa , wire and/or western union.

The credits will have additional rules as follows :-

Redemption before a specific date of our choosing will result in the total coins being reduced ie instead of receiving 1000 BCR, early redemption will get X % less calculated based on time remaining. A redemption within the maturity stage will result in 1000 BCR + default increase in trust rating. We also give a final redemption date, which if it passes will result in all keys expiring.

I know a lot of that can be scripted but it seems a bit... complex?

3000000 BCR @ 0.000003 is ~9 BTC... I would be tempted to buy the lot myself.   

Maybe sell it gradually, as a working bidding system slowly but surely adds daily to the assured minimum value and pushes up the market price? I do appreciate that you're impatient to get things done and hire skilled helpers though.

[jasemoney]

setgenerate true stopped working for me

Code:

2015-10-19 22:32:02 Successfully synced, asking for Banknode list and payment list
2015-10-19 22:32:02 Successfully synced, asking for Banknode list and payment list
2015-10-19 22:32:02 Successfully synced, asking for Banknode list and payment list
2015-10-19 22:32:07 BitcreditMiner started
2015-10-19 22:32:07 BitcreditMiner started
2015-10-19 22:32:07 BitcreditMiner started
2015-10-19 22:32:07 BitcreditMiner started
2015-10-19 22:32:07  === Grant Database Block Height 222855 === 
2015-10-19 22:32:07 Checking GDB is updated...Required Height : 222855, requested from: 222860 
2015-10-19 22:32:07 CreateNewBlock(): total size 1000
2015-10-19 22:32:07  === Grant Database Block Height 222855 === 
2015-10-19 22:32:07 Checking GDB is updated...Required Height : 222855, requested from: 222860 
2015-10-19 22:32:07  === Grant Database Block Height 222855 === 
2015-10-19 22:32:07 Checking GDB is updated...Required Height : 222855, requested from: 222860 
2015-10-19 22:32:07 Check Grant Awards rewarded for Block 222860
2015-10-19 22:32:07 ERROR: ConnectBlock() : grant awards error( grantAward=0)
2015-10-19 22:32:07 CreateNewBlock(): total size 1000
2015-10-19 22:32:07 BitcreditMiner runtime error: CreateNewBlock() : TestBlockValidity failed
2015-10-19 22:32:09 P2P peers available. Skipped DNS seeding.
2015-10-19 22:32:09 dnsseed thread exit
2015-10-19 22:32:09  === Grant Database Block Height 222855 === 
2015-10-19 22:32:09 Checking GDB is updated...Required Height : 222855, requested from: 222860 
2015-10-19 22:32:09 Check Grant Awards rewarded for Block 222860
2015-10-19 22:32:09 ERROR: ConnectBlock() : grant awards error( grantAward=0)
2015-10-19 22:32:09 BitcreditMiner runtime error: CreateNewBlock() : TestBlockValidity failed

guess im not fully synced. im on 222859 network is 222880+ im on 17.8 rc2, windows 6 connections all showing proper height.

[bitcreditscc]

it wouldn't be trustless though. you could be the pope and people would still not trust him 100% to hold their tangible currency. big dilemma....

Perhaps in a future where all transactions are digital and all banks are on publicly accessible blockchains, we could have such a utopian system.  I think that we all have to ask ourselves is: when i say i need funding to complete  a set of tasks, do you as a user/investor/service provider , see the need and value of what i propose, and are you willing to make a direct "donation" towards seeing the idea become a reality? After which one would review the cost/benefits of giving me the funding i request and make a decision.

To encourage donations, there would be major benefits allotted based on how much they helped and these benefits would be perpetual in the systems lifetime. Buying BCR is an investment for some, but a smarter person would invest in the system itself and reap benefits on a grander scale.

[bitcreditscc]

it wouldn't be trustless though. you could be the pope and people would still not trust him 100% to hold their tangible currency. big dilemma....

No, it wont be trustless, because you can't do perfectly trustless when dealing with real stuff. Bitcoin isn't really perfectly trustless (and certainly isn't decentralised) either, you're just relying on the distributed ledger and some rather centralised miners (ie. trusting a lot of practically anonymous counterparties) to keep your unbacked-by-anything 1's and 0's safe from attack.

Multiparty custodial structures can be put in place though to minimise risk, and with any fiat connection will come the requirement for real names and identities for said custodians. These things would need to be hammered out before BCR can expand beyond BTC/LTC/DASH 'donational interoperability.' 

This ^ +1

I am also trying to figure out a legal way of making it such that a "registered banknode" can be considered a "branch" of a holding company....

[bitcreditscc]

3 million BCR goes into 30000 accounts , all multisig 2 of 2, namely one master key and 30000 client keys. These will be sold for fiat only via website , accepting visa , wire and/or western union.

The credits will have additional rules as follows :-

Redemption before a specific date of our choosing will result in the total coins being reduced ie instead of receiving 1000 BCR, early redemption will get X % less calculated based on time remaining. A redemption within the maturity stage will result in 1000 BCR + default increase in trust rating. We also give a final redemption date, which if it passes will result in all keys expiring.

I know a lot of that can be scripted but it seems a bit... complex?

3000000 BCR @ 0.000003 is ~9 BTC... I would be tempted to buy the lot myself.   

Maybe sell it gradually, as a working bidding system slowly but surely adds daily to the assured minimum value and pushes up the market price? I do appreciate that you're impatient to get things done and hire skilled helpers though.

Highly complex but i like the challenge 

I think the best is to set targets and let people vote on how much to spend to reach each target.

Right now BCR as a system sorely needs :-

1) A complete code review, clean up and improvement, and completion of some ideas half implemented.
2) SPV clients ( i mean all of them, with some supporting banknode management)
3) Full native support for derived assets/ contracts

[bitcreditscc]

setgenerate true stopped working for me

guess im not fully synced. im on 222859 network is 222880+ im on 17.8 rc2, windows 6 connections all showing proper height.

You did something 

get a bootstrap + balances and re-sync.

[proletariat]

it wouldn't be trustless though. you could be the pope and people would still not trust him 100% to hold their tangible currency. big dilemma....

Perhaps in a future where all transactions are digital and all banks are on publicly accessible blockchains, we could have such a utopian system.  I think that we all have to ask ourselves is: when i say i need funding to complete  a set of tasks, do you as a user/investor/service provider , see the need and value of what i propose, and are you willing to make a direct "donation" towards seeing the idea become a reality? After which one would review the cost/benefits of giving me the funding i request and make a decision.

To encourage donations, there would be major benefits allotted based on how much they helped and these benefits would be perpetual in the systems lifetime. Buying BCR is an investment for some, but a smarter person would invest in the system itself and reap benefits on a grander scale.

oh , about the 10btc... I was not even talking about that when i mentioned the trustless issue (or you for that matter) I hope it didn't come off that way..... 10 btc for the code fund is perfectly reasonable................. All ears about that...........

[proletariat]

it wouldn't be trustless though. you could be the pope and people would still not trust him 100% to hold their tangible currency. big dilemma....

No, it wont be trustless, because you can't do perfectly trustless when dealing with real stuff. Bitcoin isn't really perfectly trustless (and certainly isn't decentralised) either, you're just relying on the distributed ledger and some rather centralised miners (ie. trusting a lot of practically anonymous counterparties) to keep your unbacked-by-anything 1's and 0's safe from attack.

Multiparty custodial structures can be put in place though to minimise risk, and with any fiat connection will come the requirement for real names and identities for said custodians. These things would need to be hammered out before BCR can expand beyond BTC/LTC/DASH 'donational interoperability.'  

RE: bold part.

Pretty curious about that dynamic between complete strangers - just names on the internet. That would be two names at least to be identified with the bcr fiat funds. You wouldn't trust me (proletariat) with your money would you?  

[bitcreditscc]

Miners and bidders , feel free to update. BNs can ignore as this is mostly mining, GUI and license fixes.

only update BN if you are using it to mine too

going to take a break, then study lockboxes by armory, that's how we are going to distribute keys among the offices.

[bitcreditscc]

it wouldn't be trustless though. you could be the pope and people would still not trust him 100% to hold their tangible currency. big dilemma....

Perhaps in a future where all transactions are digital and all banks are on publicly accessible blockchains, we could have such a utopian system.  I think that we all have to ask ourselves is: when i say i need funding to complete  a set of tasks, do you as a user/investor/service provider , see the need and value of what i propose, and are you willing to make a direct "donation" towards seeing the idea become a reality? After which one would review the cost/benefits of giving me the funding i request and make a decision.

To encourage donations, there would be major benefits allotted based on how much they helped and these benefits would be perpetual in the systems lifetime. Buying BCR is an investment for some, but a smarter person would invest in the system itself and reap benefits on a grander scale.

oh , about the 10btc... I was not even talking about that when i mentioned the trustless issue (or you for that matter) I hope it didn't come off that way..... 10 btc for the code fund is perfectly reasonable................. All ears about that...........

All good, i just hope we can do it all in good time. If i got a good chunk early enough, i'd push most of the foundation work and have it all working by late December, mid January- mid Feb could possibly see trials of p2plending.

[dextronomous]

hi there,

is there a link for a compiled version out. thanks for that work. ready to put in half .50 btc right now. maybe more.
dunno what exactly coins for coins means does.. anyway maybe some tweaked out front page design..