Bullion (CBX) 'the Digital Precious Metal' | 2019 Roadmap published

[elambert]

CBX PoSP block gains have reached .04 just now...

Let's celebrate!!!!

 

So, everyone who's vault is open is getting .04, now.

So, the more CBX one has, the more ".04s" he / she receives in a certain period of time?

For example, someone with 500 CBX might receive 2 x .04 in an hour, while someone with 5000 CBX will receive 20 x .04 in the same hour?

That is correct. 0.04 is the PoSP reward per block (target block time is 65 seconds). The more CBX you have staking, the more likely you are to get the next PoSP block.

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[BitcoinCharlie]

CBX PoSP block gains have reached .04 just now...

Let's celebrate!!!!

 

So, everyone who's vault is open is getting .04, now.

So, the more CBX one has, the more ".04s" he / she receives in a certain period of time?

For example, someone with 500 CBX might receive 2 x .04 in an hour, while someone with 5000 CBX will receive 20 x .04 in the same hour?

That is correct. 0.04 is the PoSP reward per block (target block time is 65 seconds). The more CBX you have staking, the more likely you are to get the next PoSP block.

How do you setup how much you have staking. For example, the person with 5000, how does he / she set it up so that they get the best return on the 5000?

[elambert]

CBX PoSP block gains have reached .04 just now...

Let's celebrate!!!!

 

So, everyone who's vault is open is getting .04, now.

So, the more CBX one has, the more ".04s" he / she receives in a certain period of time?

For example, someone with 500 CBX might receive 2 x .04 in an hour, while someone with 5000 CBX will receive 20 x .04 in the same hour?

That is correct. 0.04 is the PoSP reward per block (target block time is 65 seconds). The more CBX you have staking, the more likely you are to get the next PoSP block.

How do you setup how much you have staking. For example, the person with 5000, how does he / she set it up so that they get the best return on the 5000?

Well you have to play around to find what works best but a good starting point (and the easiest move) if you have 5000 would be to send them all to one address so they all start off with the same age. 1 hour later, you will get your first PoSP block (as that is a substantial chunk of coin that will stake as a priority) and the 5000 CBX will be split into 2 groups of 2500 CBX. An our later those 2 groups will stake and then split again into 4 groups of 1250, etc.

Each time you stake, those CBX will continue to get split into 2 groups until they get to the 500 CBX threshold at which point they will stop splitting in half. Also, any groups of less than or equal to 500 CBX will be grouped together automatically by the Vault.

Another option would be to create 5 addresses and send 1000 CBX to each and let them start staking and splitting from there, etc.

 

 

[Killiz]

@ Killiz: I usually figure a buy-sell split (and as the project matures, we'll be able to offer slightly better buy- and sell-prices on considerable quantities of CBX).

Will follow your lead Mark, as you have a better understanding and way more experience https://bitcointalk.org/index.php?topic=757232.0

EDIT: Been reading the above thread and love the trade for physical bullion idea, alongside BitcoinFX's PoV https://bitcointalk.org/index.php?topic=951753.msg11746755#msg11746755 the actual trading of CBX and physical bullion would be an awesome option.

@ Elambert. If I'm doing something simply wrong, I apologise: haven't received an activation email. Have tried the 'resend activation email' function a number of times.

Mark,
You are checking your spam/junk mail folder too?

What name are you registering under. I can try to assist on the back-end...

Can confirm my activation email was in my spam folder, will most likely be there.

[BitcoinCharlie]

CBX PoSP block gains have reached .04 just now...

Let's celebrate!!!!

 

So, everyone who's vault is open is getting .04, now.

So, the more CBX one has, the more ".04s" he / she receives in a certain period of time?

For example, someone with 500 CBX might receive 2 x .04 in an hour, while someone with 5000 CBX will receive 20 x .04 in the same hour?

That is correct. 0.04 is the PoSP reward per block (target block time is 65 seconds). The more CBX you have staking, the more likely you are to get the next PoSP block.

How do you setup how much you have staking. For example, the person with 5000, how does he / she set it up so that they get the best return on the 5000?

Well you have to play around to find what works best but a good starting point (and the easiest move) if you have 5000 would be to send them all to one address so they all start off with the same age. 1 hour later, you will get your first PoSP block (as that is a substantial chunk of coin that will stake as a priority) and the 5000 CBX will be split into 2 groups of 2500 CBX. An our later those 2 groups will stake and then split again into 4 groups of 1250, etc.

Each time you stake, those CBX will continue to get split into 2 groups until they get to the 500 CBX threshold at which point they will stop splitting in half. Also, any groups of less than or equal to 500 CBX will be grouped together automatically by the Vault.

Another option would be to create 5 addresses and send 1000 CBX to each and let them start staking and splitting from there, etc.

 

 

Thanks for the education.

One final question. So, if more people open and stake their wallets, is the .04 likely to go back down to .39 and lower?

[BitcoinCharlie]

@ Killiz: I usually figure a buy-sell split (and as the project matures, we'll be able to offer slightly better buy- and sell-prices on considerable quantities of CBX).

Will follow your lead Mark, as you have a better understanding and way more experience https://bitcointalk.org/index.php?topic=757232.0

@ Elambert. If I'm doing something simply wrong, I apologise: haven't received an activation email. Have tried the 'resend activation email' function a number of times.

Mark,
You are checking your spam/junk mail folder too?

What name are you registering under. I can try to assist on the back-end...

Can confirm my activation email was in my spam folder, will most likely be there.

Mine was as well...

[VonSpass]

One final question. So, if more people open and stake their wallets, is the .04 likely to go back down to .39 and lower?

No. With PoSP, block gains remain the same (and actually grow over time) as the yearly 2% interest is compounded at each block. What changes when more, or less, people participate is how often you win.

There is one block generated, worldwide, per 65 second average.

More people staking means that you will need more CBX to win blocks as often as you did when there were less people participating; but the block rewards remain the same for everybody (and actually go up).

[elambert]

Here is the calculation for PoSP block reward (from the white paper).



http://cryptobullion.io/white-paper/

[Killiz]

Would like to add that owning and staking more CBX does not benefit the holder of a larger amount, any more than someone with a smaller amount, other than they will earn more CBX against their balance. Let me explain.

Person A has 100 CBX and Person B has 1000 CBX.

Lets say the average annual PoSP interest is 15%, (2% annual combined on the total supply).

For person A to earn their share over the year,  15% (100/100) x 15 = 15 CBX, their funds would need to stake 15/0.04 = 375 blocks over the year.

Person B to earn their share, 15% (1000/100) x 15 = 150 CBX, their funds would need to stake 150/0.04 = 3750 blocks over the year.

So even though those with higher balances are staking more blocks, they need to, to receive their share of the interest, those with smaller balances need to stake far fewer to to receive theirs.

A person with only 1 CBX would only need to stake (1/100) x 15 = 0.15 CBX, 0.15/0.04 = 3.75 blocks or 4 blocks over a year.

The only secret is keeping your vault running, as you are giving your percentage to others on the network if you don't.

[malafaya]

[...]
... Also, any groups of less than or equal to 500 CBX will be grouped together automatically by the Vault.
[...]
 

I believe this isn't happening on my side. I had 6 CBX "on the side" and they never got aggregated to the main chunk. I'll make a test targeting this feature and will let you know.

[malafaya]

[...]
... Also, any groups of less than or equal to 500 CBX will be grouped together automatically by the Vault.
[...]
 

I believe this isn't happening on my side. I had 6 CBX "on the side" and they never got aggregated to the main chunk. I'll make a test targeting this feature and will let you know.

Confirmed. It doesn't aggregate.

[IMZ]

@ Killiz: I usually figure a buy-sell split (and as the project matures, we'll be able to offer slightly better buy- and sell-prices on considerable quantities of CBX).

Will follow your lead Mark, as you have a better understanding and way more experience https://bitcointalk.org/index.php?topic=757232.0

@ Elambert. If I'm doing something simply wrong, I apologise: haven't received an activation email. Have tried the 'resend activation email' function a number of times.

Mark,
You are checking your spam/junk mail folder too?

What name are you registering under. I can try to assist on the back-end...

Can confirm my activation email was in my spam folder, will most likely be there.

Mine was as well...

Actually, Killiz, as we are community newcomers, we will follow your lead.

And my activation problem? Fascist Martians had hacked my Gmail account, and have been erasing the activation emails -- no wait! That's not true. I'm just a ninny, and didn't know to look in my Spam folder.

Mark

[Alex4J]

[...]
... Also, any groups of less than or equal to 500 CBX will be grouped together automatically by the Vault.
[...]
 

I believe this isn't happening on my side. I had 6 CBX "on the side" and they never got aggregated to the main chunk. I'll make a test targeting this feature and will let you know.

Confirmed. It doesn't aggregate.

Maybe new selection system is  bit too restrictive with dust.
You can try to launch wallet with old selection system:
CryptoBullion-Qt.exe -hardstake

It maybe will stake better but use more ressources

[malafaya]

[...]
... Also, any groups of less than or equal to 500 CBX will be grouped together automatically by the Vault.
[...]
 

I believe this isn't happening on my side. I had 6 CBX "on the side" and they never got aggregated to the main chunk. I'll make a test targeting this feature and will let you know.

Confirmed. It doesn't aggregate.

Maybe new selection system is  bit too restrictive with dust.
You can try to launch wallet with old selection system:
CryptoBullion-Qt.exe -hardstake

It maybe will stake better but use more ressources

I started Vault with that switch some hours ago. I just got a stake but the small amount which didn't stake (1.6 CBX) is still separate.

[Killiz]

Actually, Killiz, as we are community newcomers, we will follow your lead.

Ha ok IMZ, but I wouldn't rate you as a newcomer to the community! Will put something together at the weekend, when I have more time at hand.

Get a thread started in the Marketplace also

[BTCat]

I was wondering if the wallet could be protected with a password for sending coins. Just like Electrum does.
Another level of security against malware.

[BitcoinFX]

@elambert recently forwarded a reddit post to me regarding the CBX PoV (Proof-of-Value) concept.

- https://www.reddit.com/r/CryptoBullionX/comments/42qtqh/i_dont_get_it_please_explain/

Perhaps someone would be kind enough to post a response, as I don't currently use reddit.

In looking at the proof of value page I see a certificate and physical bullion. A few questions:

    what happens if I want to send a partial amount of CBX to someone. Say 1/2 of the CBX backing the physical bullion.
    Is there something about the physical bullion itself that "signs" it and ties it to the amount of CBX?
    Is the CBX tied to the physical bullion not just an amount of CBX, but an amount of CBX on a specified segment of the CBX blockchain (presuming CBX uses blockchain technology) ?

These are just some starter questions.

- Sending any quantity of CBX from a 'backed' physical bullion wallet address, beyond the self-signed allocation, effectively breaks the contract that you made with yourself. PoV CBX addresses would be automatically and consistently checked via the blockchain (explorer) for validity in this regard. Technically the physical bullion is backing the CBX and not vice versa. If you might envisage spending half of your CBX in the near future, then you would perhaps choose to back with just half the quantity of CBX, for example. You are of course free to send and receive CBX to/from a 'backed' address above the presented 'backed' quantity and/or to spend any PoSP interest.

- Nothing in regards to the physical bullion itself "signs" it or ties it directly to the amount of CBX, except for the self-signed contract that you are creating with yourself and then presenting to the network, in terms to Proof-of-Value and ownership, of course also being directly linked to the weight and type of the physical bullion represented.

- The CBX signing message and verification system effectively facilitates an 'open' standard for a Proof-of-Value network including a blockchain based technology. Anyone is able to verify that the message is valid. Such a system is also useful for trading if each party wants to confirm ownership.
- https://www.reddit.com/r/Bitcoin/comments/18qy88/bitcoin_message_signing_and_verification/

It is also useful in terms of providing literal Proof-of-Value, i.e. perhaps in terms of issuing assets, as with coinprism - https://www.coinprism.com/ for Bitcoin and colored 'coins'.


Moreover, the collective 'value' of the physical bullion 'backing' x amount of CBX (against the total supply) would primarily allow for a combined 'live' comparison widget, not dissimilar to this example for Bitcoin;

- BTC to gold - http://preev.com/btc/xau
- BTC to silver - http://preev.com/btc/xag
- BTC to platinum - http://preev.com/btc/xpt
- BTC to palladium - http://preev.com/btc/xpd

Of course, the essence of our PoV Network creation being to find price equilibrium for CBX/Real-Bullion - untied from the current market value of BTC on crypto exchanges.

A Proof-of-Value Network, using blockchain technology for verification can truly remain open, decentralized and P2P, whilst enabling true independent price discovery. PoSP also helps to facilitate this model very well indeed.

I have described this kind of Proof-of-Value Network as a 'Paradox-of-Value', as in modern times we have all become far to familiar with using currency as a 'debt' based system. Blockchain technology gives us all the ability to not only store and send value in or on a blockchain, but also to add and to represent value (and ownership) on a blockchain.

As @lab rat hoax described "Collateralized asset certification (as opposed to collateralized Debt obligation)".
- https://bitcointalk.org/index.php?topic=951753.msg11903796#msg11903796

[Killiz]

Will get it quoted over on reddit for you BitcoinFX.

[BitcoinFX]

In regards to my previous post, we might also look at the example of digix - https://dgx.io/ on the Ethereum platform - apparently being a company that is offering blockchain based assets (paper gold contracts) in exchange for your Ethereum. "the first Smart Asset company built on Ethereum"

So, in contrast to a PoV Network, this would in fact appear to be a centralized store-of-value (of physical gold) representative on a blockchain technology, although apparently your gold (decentralized asset cards / tokens) are 'fully redeemable' !?!

- https://wikipedia.org/wiki/Digital_gold_currency ... !?!

As with crypto-currency, the best and only way to truly own anything is to actually hold it yourself.

If anyone wants to exchange crypto-currency 'value' for physical bullion then that's all well and good. However, not having to trust a 3rd party with your 'money' is exactly one thing that Bitcoin (mostly) solved!

With a truly decentralized Proof-of-Value network, there is no 3rd party, counter party or company to trust whatsoever, you (as an individual or company) have only to present existing value to an already fully peer-to-peer based network, adding value and price stability for everyone.

  

[BitcoinFX]

Will get it quoted over on reddit for you BitcoinFX.

Thank you @Killiz