[ANN] Bytecent - Blockchain Powered Social Rewards Network - Bytecent.com

[imihal44]

So you are taking 10+ PCs as a mark for usuall PC user, for wich are this coin intended for? Does we can still say then that everyone can mine this at home (how you say) and "earn"?

I have big headache from your questions,if you dont have anything what could actually help bytecent in sense of improve something or similar please ...odskakutaj u troskocima and go on another coin;)..hvala

[malaimult]

So i still think my concern is in place.

Every few days you have concerns regarding price and the market, and for the most part you are "alone". It seems you forgot Bytecent was under 30000 sat for several weeks, and the price was cheap. Bytecent is double in price from just 2 months ago, so of course people will take profit. Also, you keep assuming everyone mines at the same rate and/or just use one computer for mining. I know for a fact that we have community members mining $70+ a week.

Further, you seem to believe people should not sell and hold onto their coins. If no one sells, then how can investors buy? Smart investors are NOT going to buy a bunch of coins off the sell wall. So, if there are no people willing to sell low, then there will be very little market movement. Each time someone "dumps" the market quickly recovers, and that is a sign of a healthy market. And for the record, selling 2500 - 4000 coins, which is roughly $250-$400 is NOT a dump.


malaimult does NOT hold half the network hash rate. He just started mining a few days ago, and I was able to tell exactly when he started mining. The difficulty only went up a few points around the time when he started mining, however we are still way under 8.00.

Your constant posting about price and mining is not productive, and it does nothing to help advance the coin.

As I said, I dont have the coins to keep the captcha at 24 hours on so many systems. And honestly dont have time to write a custom scrape tool to send to death by captcha to get around it.

In 1.4 that will be virtually impossible .

It's fine, I'm not really looking to do it.

I honestly just wish it was open/documented that there is a limit to the PPS.

It says 1 system. I think it should be known that 1 system / x pps max.

I have a high end system which I'm running it on, im not cheating in any way. I just have a dual xeon with 24 cores. But it's one workstation.

[malaimult]

I was an early Primecoin miner; very familiar with Prime chains and the effect of difficulty and what not.

The mining difficulty disparity between say 7.95 and 8.0 is astronomical; so much so that you can expect on average to earn 1/12th (correct me if I'm wrong here) the moment difficulty passes into the >8.0 region.

I mined Primecoin up until the 9.0s. But at that point finding a 9 chain was days and days and days for a single block.

[Bytecent]

I was an early Primecoin miner; very familiar with Prime chains and the effect of difficulty and what not.

The mining difficulty disparity between say 7.95 and 8.0 is astronomical; so much so that you can expect on average to earn 1/12th (correct me if I'm wrong here) the moment difficulty passes into the >8.0 region.

I mined Primecoin up until the 9.0s. But at that point finding a 9 chain was days and days and days for a single block.

Yes you are correct for the most part. However, once we reach above 8.0 the value of Bytecent should be higher to compensate for the higher difficulty in mining.

[malaimult]

I was an early Primecoin miner; very familiar with Prime chains and the effect of difficulty and what not.

The mining difficulty disparity between say 7.95 and 8.0 is astronomical; so much so that you can expect on average to earn 1/12th (correct me if I'm wrong here) the moment difficulty passes into the >8.0 region.

I mined Primecoin up until the 9.0s. But at that point finding a 9 chain was days and days and days for a single block.

Yes you are correct for the most part. However, once we reach above 8.0 the value of Bytecent should be higher to compensate for the higher difficulty in mining.

I'm mining Bytecent; so don't take me the wrong way. It looks promising. But as a Dev of a cryptocurrency you shouldn't make claims or even assume that a coins POW difficulty going higher would in any way guarantee or even assume to positively influence that crypto-currency's value in the marketplace.

Scarcity does not always mean an increase in value.

I could give you countless- again countless examples of altcoins which become very difficult to mine; and their intrinsic value went no where. Primecoin being a great example.

The value of the currency rests on you Dev. Not the difficulty of the mining process. If a Dev doesnt deliver... I'm not speaking of promises or future plans; but deliver the goods (which I hope you do); higher difficulty will stall; price will fall and people lose interest. They are all tied to one another; with the Dev, and his delivery of his vision being paramount.

It simply isn't a justified statement to say that a coin instantly becoming 12 times more difficult to mine - would do anything but decrease the mining ROI. Because the coin will not jump 1200% in turn with that 7.99 to 8.00 change.

[Bytecent]

So you are taking 10+ PCs as a mark for usuall PC user, for wich are this coin intended for? Does we can still say then that everyone can mine this at home (how you say) and "earn"?

Nowhere did I state someone needed 10+ PCs to mine $75 a week. Furthermore, I never stated there will not be miners who setup multiple computers to mine more coins. What I did state was anyone with a decent home computer will be able to mine coins daily, and that is still true. We are almost 8 months into mining and you are still able to mine on your desktop PC. Now point me to another CPU coin that is nearly 8 months old that you can mine easy as Bytecent.

Correct me if I am wrong. You do not want people selling their Bytecent for cheap, and you do not want miners to setup multiple machines to mine. You do realize that is impossible?

I put a lot of thought into the Bytecent network and reward structure. We have a linear and fairly predictable reward structure, and over time Bytecent will become deflationary. A slow steady supply of coins are being solo mined by people around the world, and many of those coins will never see the exchange or used for commerce. Also, as more coins are mined, our market cap will gradually increase.

Furthermore, for over a month Bytecent has been trading consistently around 9-10 cents, with the occasional spike and dip. We have launched numerous services over the past 8 months, and in less than a day BYCRewards.com has become a hit. So I am not exactly sure what your complaint is.

[malaimult]

So you are taking 10+ PCs as a mark for usuall PC user, for wich are this coin intended for? Does we can still say then that everyone can mine this at home (how you say) and "earn"?

Nowhere did I state someone needed 10+ PCs to mine $75 a week. Furthermore, I never stated there will not be miners who setup multiple computers to mine more coins. What I did state was anyone with a decent home computer will be able to mine coins daily, and that is still true. We are almost 8 months into mining and you are still able to mine on your desktop PC. Now point me to another CPU coin that is nearly 8 months old that you can mine easy as Bytecent.

Correct me if I am wrong. You do not want people selling their Bytecent for cheap, and you do not want miners to setup multiple machines to mine. You do realize that is impossible?

I put a lot of thought into the Bytecent network and reward structure. We have a linear and fairly predictable reward structure, and over time Bytecent will become deflationary. A slow steady supply of coins are being solo mined by people around the world, and many of those coins will never see the exchange or used for commerce. Also, as more coins are mined, our market cap will gradually increase.

Furthermore, for over a month Bytecent has been trading consistently around 9-10 cents, with the occasional spike and dip. We have launched numerous services over the past 8 months, and in less than a day BYCRewards.com has become a hit. So I am not exactly sure what your complaint is.

Sorry to again school you in economics. But you stated I quote: "As more coins are mined, our market cap with gradually increase".

Again; simply not true. I guess it could be true. But the value per coin would have to exceed the inflation rate of the coin supply in order for the market cap to increase.

They don't go hand in hand automatically.  More coins contradict your previous statement of "Harder to mine, less coins, higher value". 

I'd focus on your roll out. That is ALL that matters. How people mine, or try to trick your system; or get around barriers, is simply not critical at this time. Focus on your roll out.

[Bytecent]

It simply isn't a justified statement to say that a coin instantly becoming 12 times more difficult to mine - would do anything but decrease the mining ROI. Because the coin will not jump 1200% in turn with that 7.99 to 8.00 change.

Reread what I wrote. Nowhere in my comment did I make any of the claims you just stated. However, in the case of Bytecent you are wrong. If the difficulty goes up based on normal mining, and no one "gaming the system, the value WILL go up, that is how Bytecent was designed. As more miners get on the network, many of them will buy more coins to mine longer. Most people do not want to enter captcha every 60 minutes. If only 100 new miners decided to mine Bytecent, and each wanted to mine for only 12 hours without captcha, that is 49500 BYC needed to satisfy 100 miners. There are only 25538 BYC currently for sale on Bittrex (sell wall). So I can honestly make the claim if the difficulty goes above 8, the price of Bytecent will also go up as long as everyone is "mining by the rules".

[malaimult]

And really; either eliminate the PPS limit on a single wallet; or at least increase it to the top CPU benchmark system.

A lot of people have high end systems. Why cant we mine without having to use software of have knowledge of how to pair CPU cores and set CPU affinities.

Its not in the documentation. It should be.

Kill it or state it. That's all I ask.

[Bytecent]

Sorry to again school you in economics. But you stated I quote: "As more coins are mined, our market cap with gradually increase".

Sorry to school you, but you are 100% incorrect. Anyone that has been in Bytecent longer than a week knows what I stated about Bytecent and the market cap is correct. IF the value of Bytecent remains in the current range of 9-10 cents without dropping, which it has for the past several weeks, the market cap will gradually increase and has been gradually increasing. You keep mistakenly comparing Bytecent to other coins, and we are not other coins. I would suggest doing more research before commenting on the economics and mechanics of Bytecent.

We will not be removing the PPS limit or increasing it at this time.

[malaimult]

It simply isn't a justified statement to say that a coin instantly becoming 12 times more difficult to mine - would do anything but decrease the mining ROI. Because the coin will not jump 1200% in turn with that 7.99 to 8.00 change.

Reread what I wrote. Nowhere in my comment did I make any of the claims you just stated. However, in the case of Bytecent you are wrong. If the difficulty goes up based on normal mining, and no one "gaming the system, the value WILL go up, that is how Bytecent was designed. As more miners get on the network, many of them will buy more coins to mine longer. Most people do not want to enter captcha every 60 minutes. If only 100 new miners decided to mine Bytecent, and each wanted to mine for only 12 hours without captcha, that is 49500 BYC needed to satisfy 100 miners. There are only 25538 BYC currently for sale on Bittrex (sell wall). So I can honestly make the claim if the difficulty goes above 8, the price of Bytecent will also go up as long as everyone is "mining by the rules".

Lets agree to disagree. Your claims; which sound "factual" - as in "this is what WILL happen" - I take them as assumptions. Nothing more.

1.) People WILL game the system.

2.) How can you know that as more miners "mine" they will also "buy coins"?

3.) Captcha is not difficult to get around. I'm sorry but it's not. There are a dozen or more very easy to use services that scrape the captcha, send it to a real human, who then sends back the command.  Any types of hoops you make people jump through doesnt take into consideration someone will code a bot that is compatible with one of the many human input services that (screen captures); RDP captures; etc - sends the data to a real human in India; who then sends back screen commands; whether it be standard captcha or sort the pieces of the puzzle or which one is not a fruit. Even game based "shoot the birds" captchas can be solved with these services, and the rates to solve are so minimal: to the tune of ranging from 100-1000 solves per $5.00 or $10.00. It's ridiculuously cheap.

Even on the high high end; the captchas could be solved every hour, via a bot; averaging 700 captchas per month: $20.00 for a human solving service.

So yea, I'm just stating facts that people will game the system. I don't want to solve captchas ever hour. If I can code a macro to interact to the point where the "necessary info" is then sent immediately to the service; and they then send back the command to solve... I'd do it. I'm not going to, but people will. And likely deploy that said system to a botnet of computers to run when idle.

Again, my thoughts are focus on what your coin will do. No how it will prevent people from mining. Products, features, not roadblocks and captchas.

People hate captchas.

[malaimult]

Sorry to again school you in economics. But you stated I quote: "As more coins are mined, our market cap with gradually increase".

Sorry to school you, but you are 100% incorrect. Anyone that has been in Bytecent longer than a week knows what I stated about Bytecent and the market cap is correct. IF the value of Bytecent remains in the current range of 9-10 cents without dropping, which it has for the past several weeks, the market cap will gradually increase and has been gradually increasing. You keep mistakenly comparing Bytecent to other coins, and we are not other coins. I would suggest doing more research before commenting on the economics and mechanics of Bytecent.

We will not be removing the PPS limit or increasing it at this time.

The most adopted digital currency, accepted 1000 fold over any other coin; known as Bitcoin has done nothing but decrease in value as both:

The coin supply has increased.

The difficulty has increased.

Price has dropped.

That's all I got.

[malaimult]

Sorry to again school you in economics. But you stated I quote: "As more coins are mined, our market cap with gradually increase".

Sorry to school you, but you are 100% incorrect. Anyone that has been in Bytecent longer than a week knows what I stated about Bytecent and the market cap is correct. IF the value of Bytecent remains in the current range of 9-10 cents without dropping, which it has for the past several weeks, the market cap will gradually increase and has been gradually increasing. You keep mistakenly comparing Bytecent to other coins, and we are not other coins. I would suggest doing more research before commenting on the economics and mechanics of Bytecent.

We will not be removing the PPS limit or increasing it at this time.

Ok then at least state the PPS limit in your documentation. I'd like to know what it is too. What is the exact "limit".

Not that I'm gaming the system; but I didnt find it in the documentation so I don't consider, or didnt at the time; a rule.

Launch virtual box. Place wallet in central shared folder on single system. Clone 6 copies of Win 7 64. Share same wallet chain data, but run separate instances. Problem solved.

FYI, You can add to your db: with HT I'm now clocking 25,600pps on a dual E5-2697 V3 with 128 GB Ram

[Bytecent]

Again, my thoughts are focus on what your coin will do. No how it will prevent people from mining. Products, features, not roadblocks and captchas.

People hate captchas.

You do realize as soon as someone figures out how to bypass the captcha, all we have to do is release an update? Your argument is flawed. And yes basic captchas are easy to bypass, but Bytecent 1.4 doesn't use basic captcha. Furthermore, if the current captcha system was so easy to bypass, it would have been done already with this current version. Let me be clear, I am not claiming the captcha ccan't be bypassed, but regular updates will effectively thwart any attempts.

[malaimult]

Again, my thoughts are focus on what your coin will do. No how it will prevent people from mining. Products, features, not roadblocks and captchas.

People hate captchas.

You do realize as soon as someone figures out how to bypass the captcha, all we have to do is release an update? Your argument is flawed. And yes basic captchas are easy to bypass, but Bytecent 1.4 doesn't use basic captcha. Furthermore, if the current captcha system was so easy to bypass, it would have been done already with this current version. Let me be clear, I am not claiming the captcha ccan't be bypassed, but regular updates will effectively thwart any attempts.

Ok well ALL I am saying is people WILL figure out how to bypass or scrapebox the captchas... meaning you will be playing a constant game of cat and mouse; trying to stay ahead of them. And for every "release" there will be a new bot.

I simply was saying there are better ways to use your creativity and energy. That is all.

[Bytecent]

Launch virtual box. Place wallet in central shared folder on single system. Clone 6 copies of Win 7 64. Share same wallet chain data, but run separate instances. Problem solved.

FYI, You can add to your db: with HT I'm now clocking 25,600pps on a dual E5-2697 V3 with 128 GB Ram

Yes that can be done now and I am sure a few people are doing it, but it can't be done in 1.4. And you seem to forget you still have to buy coins for the one wallet.

[malaimult]

Launch virtual box. Place wallet in central shared folder on single system. Clone 6 copies of Win 7 64. Share same wallet chain data, but run separate instances. Problem solved.

FYI, You can add to your db: with HT I'm now clocking 25,600pps on a dual E5-2697 V3 with 128 GB Ram

Yes that can be done now and I am sure a few people are doing it, but it can't be done in 1.4. And you seem to forget you still have to buy coins for the one wallet.

Ok. I'm very curious to see how that will be implemented. Each VM having a unique machine ID; a unique MAC address; a unique proxy server with different outside IP; a unique wallet; a unique... you get my point. The VM can be sandboxed so easilly how on earth would your software know there are other VMs even running when one connects to a proxy in NYC and the other to a proxy in CA.

[malaimult]

Launch virtual box. Place wallet in central shared folder on single system. Clone 6 copies of Win 7 64. Share same wallet chain data, but run separate instances. Problem solved.

FYI, You can add to your db: with HT I'm now clocking 25,600pps on a dual E5-2697 V3 with 128 GB Ram

Yes that can be done now and I am sure a few people are doing it, but it can't be done in 1.4. And you seem to forget you still have to buy coins for the one wallet.

Ok I bought more. Just now. A chunk. I'm hopefull.

[Bytecent]

Ok well ALL I am saying is people WILL figure out how to bypass or scrapebox the captchas... meaning you will be playing a constant game of cat and mouse; trying to stay ahead of them. And for every "release" there will be a new bot.

I simply was saying there are better ways to use your creativity and energy. That is all.

Here we both agree, and isn't security always a cat and mouse game? I knew when I launched Bytecent there will always be someone trying to game the system, and with each version it has become increasing harder.

We can walk and chew gum at the same time We can focus on security and work on projects. We are 8 months and have done more than 90+ percent of the other coins.

InstantBYC (Buy Bytecent using your credit card): http://www.instantbyc.com

Bytecent card (Store and transport your Bytecent safely): http://www.bytecentcard.com

BYC Rewards ( Use your Bytecent to purchased gift cards and get reward points in the process): http://bycrewards.com

Show me one other coin that has launched within 8 months that has a comparable infrastructure to Bytecent. And we have two more services launching in another few weeks

[malaimult]

Ok well ALL I am saying is people WILL figure out how to bypass or scrapebox the captchas... meaning you will be playing a constant game of cat and mouse; trying to stay ahead of them. And for every "release" there will be a new bot.

I simply was saying there are better ways to use your creativity and energy. That is all.

Here we both agree, and isn't security always a cat and mouse game? I knew when I launched Bytecent there will always be someone trying to game the system, and with each version it has become increasing harder.

We can walk and chew gum at the same time We can focus on security and work on projects. We are 8 months and have done more than 90+ percent of the other coins.

InstantBYC (Buy Bytecent using your credit card): http://www.instantbyc.com

Bytecent card (Store and transport your Bytecent safely): http://www.bytecentcard.com

BYC Rewards ( Use your Bytecent to purchased gift cards and get reward points in the process): http://bycrewards.com

Show me one other coin that has launched within 8 months that has a comparable infrastructure to Bytecent. And we have two more services launching in another few weeks

It's not about another coin. This is about your coin. YOUR coin.

Look I make a LOT of money doing marketing and PR for a living. So much so I don't have to work anymore and I can simply sit on forums and argue with people like I'm doing here.

Here's some free advice. Take it. Leave it. I hope Bytecoin does well. I own maybe $3000. Nothing to go crazy over. Hopefully you make it a coin to remember.

My advice; or rather; thoughts.

People hate, I mean really hate, captchas. They do. Take a poll. They are annoying. Time wasters. When solved incorrectly it's frustrating.

This paradigm here does one thing only:  It works AGAINST your USERS EXPERIENCE in an effort to create the FALSE SENSE OF SECURITY that no one will cheat. Well we have both already agreed. People are going to cheat. So all I am seeing here is we are left with a compromised user experience.

I could think of a dozen other ways to prevent; and more effectively so; people from botnetting your coins POW stage.

Focus on user experience. Focus on the tactile nature of your currency. How will it "feel" to the user. How will it make them feel?

The true power, where mass adoption takes hold, traction builds, and a tipping point is reached, will not be driven by people who mine per se. But people who adopt.

Just food for thought.