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

[FiniteByDesign]

So, lets imagine that I back 10 CBX with 1 Oz of fine silver and you back 1 CBX with 5 Oz of fine silver.

11 CBX is now backed by 6 Oz of fine silver having a value of x in whatever currency.

Now factor in many other individuals doing the very same thing and backing CBX using varying quantities of gold, silver, platinum, palladium, nickle and copper - coins and bars etc., all being publically verifiable.

x number of CBX is now backed by x worth of fully decentralized physical bullion.


The provision of goods and services (as well as exchange platforms) helped to build and establish the bitcoin economy.

Being rarer than bitcoin and presenting itself as a 'store-of-value, CBX as asset based commodity money should seek to establish seperate and additonal price discovery through other means.

 

Hi BitcoinFX! I still have some of your USBs...

I like your idea but curious how this really would work to add value to my CBX and my precious metals? The public announcement to tie 2 of these together would not be enforceable and could be easily broken correct?

[cryptobullion.io]

Added link to OP for 8BTC forum.

[BitcoinFX]

So, lets imagine that I back 10 CBX with 1 Oz of fine silver and you back 1 CBX with 5 Oz of fine silver.

11 CBX is now backed by 6 Oz of fine silver having a value of x in whatever currency.

Now factor in many other individuals doing the very same thing and backing CBX using varying quantities of gold, silver, platinum, palladium, nickle and copper - coins and bars etc., all being publically verifiable.

x number of CBX is now backed by x worth of fully decentralized physical bullion.


The provision of goods and services (as well as exchange platforms) helped to build and establish the bitcoin economy.

Being rarer than bitcoin and presenting itself as a 'store-of-value, CBX as asset based commodity money should seek to establish seperate and additonal price discovery through other means.

 

Hi BitcoinFX! I still have some of your USBs...

I like your idea but curious how this really would work to add value to my CBX and my precious metals? The public announcement to tie 2 of these together would not be enforceable and could be easily broken correct?

Hey FiniteByDesign! I'll send you a PM.

Glad that you like this concept.

The best way to look at this in terms of adding value I think is to recognize that any participating entity must hold both CBX and precious metal. Both of these things probably being a very good idea in principal and in practice.

Being a cryptographically signed message and therefore verifiable on the blockchain, manual or automated verification that the CBX holding still remains is ofc possible via a block explorer. So, if the amount of CBX for the public address is ever spent below the represented amount then the individual 'backing' can be considered to be divested and is delisted from the spread sheet and/or blockchain / application database.

One of the only potential issues with this is double or multiple representation of an individual bullion holding against multiple CBX addresses. However, holdings could be represented in to two or more categories i.e. certificated (numbered) proof-of-bullion vs non-certificated (proof-of-weight) etc.,

Whilst most economists would probably argue that this issue presents us with a quandry not disimilar to that of Gresham's law - https://wikipedia.org/wiki/Gresham's_law - remember that this is being proposed only on a fully decentralized basis.

As described in social sciences the proposed action of backing our own CBX is with individual 'agency' - https://wikipedia.org/wiki/Structure_and_agency - "Agency is the capacity of individuals to act independently and to make their own free choices."

Furthermore, within a free market it is equally important not to set the ratio of CBX to x precious metal, but to leave this action up to the individual to determine for themselves.

CBX is an intangible asset - https://wikipedia.org/wiki/Intangible_asset

Bullion (precious metal) is a tangible asset - https://wikipedia.org/wiki/Tangible_property

We are presenting a way to combine Representitive Money - https://wikipedia.org/wiki/Representative_money and Commodity Money - https://wikipedia.org/wiki/Commodity_money together.

Thus, creating a fully decentralized Store of Value Network on top of the existing Crypto Bullion blockchain.

The data derived from this action would essentially allow anyone to do Value Network Analysis and Value Conversion of Tangible and Intangible Assets - http://www.vernaallee.com/images/VAA-VNAandValueConversionJIT.pdf - 'on the blockchain'.

...

The referenced passage from The Frogs is as follows (usually dated at 405 BC).

"   The course our city runs is the same towards men and money.

    She has true and worthy sons.

    She has fine new gold and ancient silver,

    Coins untouched with alloys, gold or silver,

    Each well minted, tested each and ringing clear.

    Yet we never use them!

    Others pass from hand to hand,

    Sorry brass just struck last week and branded with a wretched brand.

    So with men we know for upright, blameless lives and noble names.

    These we spurn for men of brass... "  

[cryptobullion.io]

Excellent work with the voting push on Bter guys! We still have a long way to go but we have accumulated almost 500 votes in just a few days time. Please keep at it!

https://bter.com/voting

[BTCat]

Excellent work with the voting push on Bter guys! We still have a long way to go but we have accumulated almost 500 votes in just a few days time. Please keep at it!

https://bter.com/voting

Let's RT for votes, thanks in advance: https://twitter.com/CryptoBullionX/status/616338387369357314

[cryptobullion.io]

July 2, 2015 'State of the Bullion' Address:

Hello to the Crypto Bullion community!

We have a lot that has transpired since our last formal announcement and things are moving along in a positive direction for CBX as reflected in our month over month USD valuation (5 cents per CBX last month, now over 20 cents per CBX). Although this is a substantial 400% increase in price and is very exciting, we are still very early in our ambitious plans and significantly shy of our short-term and long-term targets.

TEAM:
We have added 2 new members to our team since our last announcement. Alex “RainbowDash” has joined us as our Online Services Expert and has hit the ground running. His primary points of focus so far have been working on setting up a CBX price ticker and faucet, which are both very close to release. Jimmy “JimmyZhu” has joined our team as our Liaison to China. Jimmy has already translated the front page of the website to Mandarin, started and is managing a CBX thread on the primary Chinese cryptocurrency forum 8BTC and is working on translating the CBX Vault (client) so our next release will be more user friendly for our Chinese users. (We are working on one other team addition at the present to fill our Investor Relations Officer position - we will provide more details on this appointment shortly.) Welcome!

DEVELOPMENT:
We have outlined our technical development plan at a high level regarding our upcoming hard fork that will be explained in detail with its accompanying white paper. Basically PoW will be removed and CBX will operate via PoS exclusively. The inflationary rate will stay at 2% per year, however the current PoS implementation will be replaced by our new PoSP system that is now under development. This system will reward only those actively staking and in such a way that it will maximize network security via a pay-for-work methodology that allows for a variable interest earnings rate reflective of network participation. With this new design, those actively securing the CBX network will find an opportunity to earn a substantially higher interest rate on their holdings while the overall inflationary rate remains a constant 2% per annum. We are confident the PoSP implementation will be a game changer and are very excited about releasing it to the public in the near future.

FUNDING:
We have reached out to the current Crypto Bullion community, and any who care to come along for the ride to help in funding our technical developments as well as our substantial marketing campaigns that will accompany them. We have set a target fund raising goal of 20 BTC (10 BTC for technical development and 10 BTC for marketing). This is a great opportunity for each individual to take ownership of the project and help to control the resurgence of CBX.

So far we have collected donations totaling 11 BTC (4 of which are already allocated to our technical development PoSP project) so we are more than half way to our goal.

Please consider supporting this project by donating to BTC Address: 1D1oyugjRQFAyJ9sRYBvWS2aUbJ9KnUsVG

Thank you to all who have supported this project historically and recently. We have a lot of work ahead of us but we welcome the challenge and are enthusiastic about the future.

~ CBX Core Team

[FiniteRed]

Bravo!

This is the single most exciting thing I have read in over a year form any crypto community posting, I think you guys have hit the nail on the head with the following, seriously guys some REALLY good decisions made here - CBX for the win!

A substantial 500% increase in price - Well that's impressive for a start!

TEAM:

Alex “RainbowDash” has joined us as our Online Services Expert and has hit the ground running - Brilliant news, welcome!

Jimmy “JimmyZhu” has joined our team as our Liaison to China - so important to diversify the CBX base

DEVELOPMENT:

PoW will be removed and CBX will operate via PoS exclusively - brilliant!

The inflationary rate will stay at 2% per year, however the current PoS implementation will be replaced by our new PoSP system that is now under development.

This is the absolute star of the show right here, Reddcoin was heading in this direction but seems to have fallen off the face of the earth. Moving to 100% PoSP will do the following:

+ Remove the barrier of expensive hardware/power for those wishing to take part in (and being rewarded for) securing the CBX network
+ Provide power efficient truly distributed secure network transaction verification (zero benefits for staking in a pool - no chance of 51% attacks)
+ Encourage 24/7 staking by providing a higher rate of return for those who contribute to network security continuously

The above 3 in unison will make CBX one of the most attractive coins out there, the limited supply will encourage saving and the price combined with the universal accessibility of staking will build one of the most secure coins in existence - with enough participation more secure that BTC itself.

Amazing work CBX - loading up my cold wallet as I type! 

FR

[raizor]

Bravo!

This is the single most exciting thing I have read in over a year form any crypto community posting, I think you guys have hit the nail on the head with the following, seriously guys some REALLY good decisions made here - CBX for the win!

A substantial 500% increase in price - Well that's impressive for a start!

TEAM:

Alex “RainbowDash” has joined us as our Online Services Expert and has hit the ground running - Brilliant news, welcome!

Jimmy “JimmyZhu” has joined our team as our Liaison to China - so important to diversify the CBX base

DEVELOPMENT:

PoW will be removed and CBX will operate via PoS exclusively - brilliant!

The inflationary rate will stay at 2% per year, however the current PoS implementation will be replaced by our new PoSP system that is now under development.

This is the absolute star of the show right here, Reddcoin was heading in this direction but seems to have fallen off the face of the earth. Moving to 100% PoSP will do the following:

+ Remove the barrier of expensive hardware/power for those wishing to take part in (and being rewarded for) securing the CBX network
+ Provide power efficient truly distributed secure network transaction verification (zero benefits for staking in a pool - no chance of 51% attacks)
+ Encourage 24/7 staking by providing a higher rate of return for those who contribute to network security continuously

The above 3 in unison will make CBX one of the most attractive coins out there, the limited supply will encourage saving and the price combined with the universal accessibility of staking will build one of the most secure coins in existence - with enough participation more secure that BTC itself.

Amazing work CBX - loading up my cold wallet as I type! 

FR

That was lovely to read, FR! I think I speak for us all in saying thank you for the continued support. There's still a way to go until we reach the summit, but we're making constant headway. I think supportive messages like these are a real boost to the CBX Team and it's always great to get some nice feedback from our friends in the community

Reddcoin did really seem to be going places a while back, but yes, it certainly seems to have stagnated lately. I'm not sure what's happened to Laudney, he doesn't seem to be around these days. PoSV and their future social plans sounded promising, but who knows how RDD will turn out.

I expect PoSP will be something of an ongoing project for the future, as there's a lot of potential for extending it. The ultimate goal is to allow full collaborative staking, so it would function as a P2P PoS mining pool in effect. I'm still going over a few of the technical challenges for the Whitepaper as we need to be mindful of any potential new attack vectors and ensure we cover them all. We're super excited about it too, and I think it could well be a real game-changer for us all. The supporting technology we have planned for PoSP also fits in very nicely with some of the new 'community' functionality we have planned for the wallet. I think the added bonus stake payouts we have in mind (to ensure the full 2% interest is awarded by the network) will prove to be very popular too!

I also can't help feeling that things are about the hot up considerably in crypto-land. If I tilt back my head and and sniff hard, I'm sure I can smell a whiff of rocket fuel on the wind

cheers,

raizor

[BTCat]

Thanks for all the posts, these are great contributions and keeps us moving. A whiff of rocket fuel on the wind, haha what did you eat.

Just reading back some of the thread to gather content for video. I know it's a bit slow process at the moment but we also need to include the latest technical developments that are going to be implemented. It will probably be a good idea to have it finished on the next release in a couple months. Nearly ready to start working with a video animator.

If nobody comes to the site, it doesn't matter what is shown on it. The site is nice as it is, we need to bring people to it.

To have more traffic to the site I suggest to add general cryptocurrency pages that are constantly updating/renewing with news from the industry.
We would need a few people who can access and place content almost daily and then we can promote that and more people will come.
I've send lots of tweets for awhile but if the site does not renew the effect diminishes.

[raizor]

Thanks for all the posts, these are great contributions and keeps us moving. A whiff of rocket fuel on the wind, haha what did you eat.

Too many beans, perhaps!

[FiniteByDesign]

Creeping up on 1,000 votes over at Bter and climbing the voting list quickly! Keep it up!

Happy 4th of July!

[snatchmonkey]

I don't seem to be getting any BTR points for my trades, not sure why. I'll make some more trades but I have already traded more than the 0.2 BTC that they say should give me enough BTR points to be able to vote.

Anyone know where I might be going wrong?

EDIT: Scratch that, I now have a couple hundred BTR points, maybe they just take a while to get awarded

When you do what triggers BTR points, you get them instantly. Personally, I transfered .3 BTC to Bter, changed it back and forth a few times to CNY and back to BTC. This cost me some dust but I now have the 1000 BTR's required to vote, so now I can vote once per hour.

BTER seems a well done and responsive GUI exchange. Getting our CBX listed under CNY markets will add a lot of visibility to Crypto Bullion, and tie in well with the new 8BTC thread Jimmy is promoting for us.

Hypothetically, and if you lacked moral fibre, you could buy your own coins and take a loss of around $7.50 to get to 28500 BTR = 10 votes per hour. You could even open another account for another 10 votes.

Sometimes I have trouble sleeping at night.

[VonSpass]

Haha This voting system is bizarre anyways... Good job everyone we're at 1051 now in just a few days!

[elambert]

CBX Marketing Update:

We are in discussion with Bitcoin PR Buzz regarding use of their service to extend our reach for sharing Crypto Bullion development news. We have begun writing an article for publishing that covers the now underway development of our unique algorithm, Proof-of-Stake-Participation (PoSP), which will replace our current Hybrid algorithm upon completion. This article will explain why we believe PoSP will be a game-changing development that fully maximizes the potential for security by providing a variable PoS compensation rate to adequately incentivize maximal consistent staking to protect the network; while at the same time allowing Crypto Bullion to stay true to its ultra-low 2% per year inflationary promise established over 2-years ago at inception.

This article will be targeted to the savvy investor who is looking for something revolutionary to come along in the crypto space where they can diversify some of their portfolio for speculation on future market growth. A second PR push will follow once PoSP is ready for release with its detailed accompanying white paper.

This PR service is pricey, but we feel the investment is warranted due to the nature and significance of what we have to share.

Again, as a decentralized and open-source project, the community owns Crypto Bullion. We have a core development team assembled of community members who have stepped up to contribute and support this project and have also begun a foundation fund established to pool together community funding to pay for technical developments and beneficial marketing opportunities that are selected.

Contributions in labor are encouraged as well as donations in BTC; which can be sent to our foundation fund address 1D1oyugjRQFAyJ9sRYBvWS2aUbJ9KnUsVG.

Thanks,
CBX Team

[elambert]

Couple updates this morning:
* State of the Bullion Address and Marketing Update have been translated and posted to 8BTC (Chinese cryptocurrency forum)
* Bter voting is now over 2,600 votes in less than 2 weeks and we are now in 36th place! Keep it up!

[VonSpass]

Also, we are working on the finishing touches of a CBX faucet; when this project is completed there will be 3 CBX faucets.

Part of the awareness program, hopefully these faucets giving CBX for free will create a positive demand for CBX, along with bringing more people on board.

I will post the faucet's URL when it is completed!

[BitcoinNational]

CBX you need to pump the fact that this is one of but a very few 'working' hybrid POW/POS.
Ranking behind NOVA as the #2 scrypt hybrid POW/POS.

interesting

[BTCat]

CBX you need to pump the fact that this is one of but a very few 'working' hybrid POW/POS.
Ranking behind NOVA as the #2 scrypt hybrid POW/POS.

interesting

But it will be POS only soon... Yep CBX has always worked solid and any issues arising usually solved super quickly, since mid 2013.

The day there is a pressrelease you can also submit it here for free at the moment: http://www.coindesk.com/press-releases/

[BTCat]

This would be a nice target.
https://www.altquick.co/?switch

Because:
http://www.newsbtc.com/2015/07/08/shapeshift-io-announces-new-partership-with-altquick/

[raizor]

This would be a nice target.
https://www.altquick.co/?switch

Because:
http://www.newsbtc.com/2015/07/08/shapeshift-io-announces-new-partership-with-altquick/

Ah, that's interesting BTCat! I had no idea there was tie between the two. Shiftshift.io adding CBX would be lovely and that could be a nice route in!