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Author Topic: Bullion (CBX) 'the Digital Precious Metal' | 2018 Roadmap published  (Read 332859 times)
elambert
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December 26, 2015, 03:12:45 PM
 #1041

A few questions have come in requesting clarification of how PoSP works so we wanted to provide a summary in case others are wondering the same thing:

Proof of Stake Participation (PoSP) is designed to maximize security, transaction processing and community interest by boosting the rewards (interest payouts) to CBX owners for staking their CBX. Basically the more CBX you have and the more often you stake, the more CBX you will earn. However, unlike other staking coins that allow for higher interest rates at the expense of allowing high inflation, CBX will offer higher interest rates but will keep its low 2% yearly inflationary rate.

PoSP will insure that the full 2% annual inflation of the overall supply of CBX (little less than 1 million CBX) is paid out to active stakers by distributing the unclaimed PoS rewards from non-staked CBX to the CBX owners that are staking - thereby allowing stakers a potentially far greater return than 2%.

One PoSP block will on average occur every 65 seconds. The block size will grow very slowly as it is based off of the overall supply of CBX in existence but it will basically stay at a static size – about 0.04 CBX per block (every 65 seconds) as PoSP starts.  

After 9am EST December 31st when PoSP takes over and your CBX have sat unmoved in your Vault for 1 hour, they will immediately qualify to compete for the block rewards being awarded every 65 seconds. The more CBX you have in your Vault, the more likely you are to earn these blocks. Just unlock your Vault and let PoSP run.

Below is a chart that estimates the interest rate that will be earned via PoSP relative to how many of the overall CBX in existence are being staked at any particular time.

•   All CBX (~ 1million) in existence being staked = 2% annual interest earnings
•   ½ of all CBX (~ 500k) in existence being staked = 4% annual interest earnings
•   ¼ of all CBX (~ 250k) in existence being staked = 8% annual interest earnings



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December 26, 2015, 03:16:41 PM
 #1042

A few questions have come in requesting clarification of how PoSP works so we wanted to provide a summary in case others are wondering the same thing:

Proof of Stake Participation (PoSP) is designed to maximize security, transaction processing and community interest by boosting the rewards (interest payouts) to CBX owners for staking their CBX. Basically the more CBX you have and the more often you stake, the more CBX you will earn. However, unlike other staking coins that allow for higher interest rates at the expense of allowing high inflation, CBX will offer higher interest rates but will keep its low 2% yearly inflationary rate.

PoSP will insure that the full 2% annual inflation of the overall supply of CBX (little less than 1 million CBX) is paid out to active stakers by distributing the unclaimed PoS rewards from non-staked CBX to the CBX owners that are staking - thereby allowing stakers a potentially far greater return than 2%.

One PoSP block will on average occur every 65 seconds. The block size will grow very slowly as it is based off of the overall supply of CBX in existence but it will basically stay at a static size – about 0.04 CBX per block (every 65 seconds) as PoSP starts.  

After 9am EST December 31st when PoSP takes over and your CBX have sat unmoved in your Vault for 1 hour, they will immediately qualify to compete for the block rewards being awarded every 65 seconds. The more CBX you have in your Vault, the more likely you are to earn these blocks. Just unlock your Vault and let PoSP run.

Below is a chart that estimates the interest rate that will be earned via PoSP relative to how many of the overall CBX in existence are being staked at any particular time.

•   All CBX (~ 1million) in existence being staked = 2% annual interest earnings
•   ½ of all CBX (~ 500k) in existence being staked = 4% annual interest earnings
•   ¼ of all CBX (~ 250k) in existence being staked = 8% annual interest earnings




Thanks for sharing this info, do you think in the long term the 2% will not produce a small value reduction in CBX if no new users go into?
and
There are some maximun stake age actually?

thanks in advance
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December 26, 2015, 03:50:53 PM
 #1043

Quote
do you think in the long term the 2% will not produce a small value reduction in CBX if no new users go into?
Yes, it is basic supply and demand. If there is not additional demand, then the increase in supply, even a small one like 2% per year, will cause a value reduction. However, we will continue to create demand through our planned projects so it is doubtful this will be an issue.

Quote
There are some maximun stake age actually?
There is no maximum stake age.

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December 26, 2015, 03:56:09 PM
 #1044

Quote
do you think in the long term the 2% will not produce a small value reduction in CBX if no new users go into?
Yes, it is basic supply and demand. If there is not additional demand, then the increase in supply, even a small one like 2% per year, will cause a value reduction. However, we will continue to create demand through our planned projects so it is doubtful this will be an issue.

Quote
There are some maximun stake age actually?
There is no maximum stake age.

Thanks for the quick answers probably CBX is one of the  more clean altcoin projects actually, 2016 is going to be a true interesting year for this project
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December 26, 2015, 04:37:53 PM
Last edit: December 26, 2015, 07:42:48 PM by elambert
 #1045

Vault v2.1.0 is available on the website now. This build assigns a new protocol version to the Vault.

Less than 5 days till the hard fork, please update asap.

edit: version number

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December 26, 2015, 06:16:40 PM
Last edit: December 26, 2015, 06:45:56 PM by CapnBDL
 #1046

HI,

Something is up with the new wallet. Mine says it is version 2.1.0.0. Is this correct? Also, it doesn't seem to want to sync. Can somebody explain what is going on? It sure isn't going to stake if it doesn't sync up.

Thanks,

CapnBDL
     Cool

edit: I think I somehow was linked to a test wallet but it came off the OP page here on BCT. Must be an ooppsss! LOL Should be a handsome reward on this error!!!

It did finally sync tho. Just took it's sweet time getting there.

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December 26, 2015, 07:07:21 PM
 #1047

hello to everyone,

we have activated a giveaway in the Dice site

http://52.10.195.19/cryptobullion

0.0025 CBX to play

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December 26, 2015, 07:37:50 PM
 #1048

HI,

Something is up with the new wallet. Mine says it is version 2.1.0.0. Is this correct? Also, it doesn't seem to want to sync. Can somebody explain what is going on? It sure isn't going to stake if it doesn't sync up.

Thanks,

CapnBDL
     Cool

edit: I think I somehow was linked to a test wallet but it came off the OP page here on BCT. Must be an ooppsss! LOL Should be a handsome reward on this error!!!

It did finally sync tho. Just took it's sweet time getting there.
Hello,
I had tell to elambert it was 2.0.2 by mistake but i compiled the version 2.1.0, i am sorry about that, elambert will most probably change his post soon.
The wallet shouldn't take more time, it will reject old protocol after fork only, maybe the first peers you reached was a bit laggy.
No sorry you can't get a test version lol, maybe in next test we can invite you if you are really interested Smiley

CBX Dev Donate: 5oS6SK8411DUdxritrohRW96rZmHC9DX7d
elambert
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December 26, 2015, 07:46:08 PM
 #1049

Version number corrected to 2.1.0

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December 27, 2015, 10:48:33 AM
 #1050

Hot as hell here. Hope everyone's holidays are going well. I am working to improve my security skills.

Anyone hanker for P2P trading in a small way? Exchanges are driving me spare!

Mark (IndiaMikeZulu), Australia
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December 27, 2015, 11:51:48 AM
 #1051

I don't get it.  PoSP encourages people to stake their coins 24/7 by offering increased rewards for doing so.  Didn't POS 2.0 and the removal of coinage from the equation already achieve this, but in a far, far more elegant manner?
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December 28, 2015, 02:28:48 AM
 #1052

Version number corrected to 2.1.0

Awww...dang!! You can't fault a Guy from trying to get a little something for making a discovery. If anyone thinks the same....check my sig line for 'tipping' info.   Tongue   LOL!

Just an FYI to our devs: I've been in this altcoin game a long time and LOVE to be a beta-tester. So...pass over the latest & greatest. I'll let you know if it works or not and what I find wrong AND right with something.

Later-
CapnBDL
     Cool

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   The Investment Bank of the Future  
The Security Token Protocol and Licensed Security Token Exchange
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Facebook Medium
Whitepaper ANN
LinkedIn    Reddit
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December 28, 2015, 09:49:11 PM
Last edit: December 28, 2015, 10:19:40 PM by elambert
 #1053

URGENT:
If you updated to Vault v2.1, it is imperative that you update immediately to v2.1.1.
v2.1 is not being accepted by older versions of the CBX software so you will not be able to stay with the main block chain.
If after upgrading to 2.1.1 you have a problem matching the block count on the official CBX block explorer (https://chainz.cryptoid.info/cbx/), you will want to use the bootstrap blockchain download from the website so you do not have to resync from genesis.

v2.1.1 is now available for download via the CBX website http://cryptobullion.io/storage-use/
Please update now.



A little over 2 days until the hardfork so if you are running on anything older than v2.1.1, please update asap.

Any questions or issues, please don't hesitate to ask.


Thanks!

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December 28, 2015, 09:52:37 PM
 #1054

Version number corrected to 2.1.0

Awww...dang!! You can't fault a Guy from trying to get a little something for making a discovery. If anyone thinks the same....check my sig line for 'tipping' info.   Tongue   LOL!

Just an FYI to our devs: I've been in this altcoin game a long time and LOVE to be a beta-tester. So...pass over the latest & greatest. I'll let you know if it works or not and what I find wrong AND right with something.

Later-
CapnBDL
     Cool
Yes of course, i will conact you if i need some beta tester in next version Smiley

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December 29, 2015, 12:35:07 AM
 #1055

hi, i have what may be a dumb question...not sure.  
i have version v1.3.0.0 on THIS computer
if i download this :
 http://cryptobullion.io/storage-use/

on a different computer, can i just send the coins to it and it will all work out fine ?  
or not ?  

and then, i guess the hardfork will still happen, so i'll have to hardfork it.....right ?

thanks
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December 29, 2015, 12:38:48 AM
 #1056

I think the answer is yes but remember always to make a backup of you wallet.dat and too if is possible to write the private key in some paper wallet for extra security
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December 29, 2015, 08:45:11 AM
Last edit: December 29, 2015, 02:15:38 PM by Killiz
 #1057

hi, i have what may be a dumb question...not sure.  
i have version v1.3.0.0 on THIS computer
if i download this :
 http://cryptobullion.io/storage-use/

on a different computer, can i just send the coins to it and it will all work out fine ?  
or not ?  

and then, i guess the hardfork will still happen, so i'll have to hardfork it.....right ?

thanks

If you download the latest version 2.1.1 on your other computer and use the bootstrap file to quicken up the syncing process.
Once your vault is synced, close it.

Then copy your wallet.dat from your old computer onto a memory stick/ usb drive, plug it in to the new computer and replace the one created during the installation of 2.1.1

You now will have an up to date client on another computer with your CBX and all your previous transaction data.

Always make an extra backup whenever tinkering with your wallet.dat

Edit: If you have an up to date wallet/vault. There is no need to hard fork anything. This is an automatic process.
All it means is that all the old clients will become obsolete and won't work with the new algorithm.

Once you have downloaded and installed the latest version it would be best to keep it running and up to sync as much as possible if not constantly until PoSP has started on 31 December.
We need everyone using the new client 2.1.1 and have it running as the PoSP algorithm takes effect!


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December 29, 2015, 08:48:26 AM
 #1058

only 1 mil coins ,it is good  Smiley

...


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lab rat hoax
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December 29, 2015, 01:51:48 PM
 #1059

Thank you for your help Killiz
elambert
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December 29, 2015, 02:08:11 PM
 #1060

48 hours until hard fork!

Make sure you update to 2.1.1 and get your CBX ready to start staking for PoSP

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