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Offline fuzzy

Mining BitGold and BitSilver?
« on: March 22, 2015, 09:59:55 AM »

Just as we enable others to mine bitUSD, I think we have a substantial opportunity we are missing:  Mining bitGold and bitSilver.

From there, if we connect Gentso's project (a site for purchasing physical PMs with bitAssets) with the mining of bitGold and bitSilver, we win.  Why?

Because now all those Gold and Silver bugs that have technical proficiency, but hate the idea of cryptocurrency reasoning it "won't exist when the grid goes down" will now have a way to use those skills to (mostly) passively mine Gold and Silver.  Then it can be sent directly to their home.  Thoughts? 
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Offline Shentist

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Re: Mining BitGold and BitSilver?
« Reply #3 on: March 22, 2015, 10:25:10 AM »
as far as i know, they are already discussion this

https://bitsharestalk.org/index.php?topic=14119.msg195144#msg195144

Offline xeroc

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Re: Mining BitGold and BitSilver?
« Reply #4 on: March 22, 2015, 10:36:02 AM »
wouldn't it be quite easy to add such a feature in minebitshares.com? @   nethyb
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Offline cass

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Re: Mining BitGold and BitSilver?
« Reply #5 on: March 22, 2015, 11:26:29 AM »
 +5%
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Offline youlonghun

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Re: Mining BitGold and BitSilver?
« Reply #6 on: March 22, 2015, 11:35:41 AM »
 +5%

Offline sudo

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Re: Mining BitGold and BitSilver?
« Reply #7 on: March 22, 2015, 11:57:34 AM »
+5% great

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Offline nethyb

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Re: Mining BitGold and BitSilver?
« Reply #8 on: March 22, 2015, 01:38:45 PM »
wouldn't it be quite easy to add such a feature in minebitshares.com? @   nethyb

Yes, the pool is setup in such a way that it's trivial to change the pool payout bitAsset. However currently you can only pay out in one asset i.e. either bitUSD or bitSilver, bitCNY etc.

The current challenge with paying out in bitSilver or bitGold is a lack of market liquidity resulting in huge spreads i.e. I need to exchange the BTC earned from the alt-coins to bitSilver. And there is no easy way to do that currently with resonable spreads.

And that's primarily why I agreed with bytemaster to focus our efforts initally on BitUSD, as it has most liquidity and we can help to provide additional liquidity for that market.

I've had discussions with both cryptosmith.info and metaexchange on how the pool could integrate/collaborate and intend to do so at some point,
we'd offer the miners the choice of which asset they would like their payments to be paid -  whatever metaexchange supports.

I agree with everyone that crypto mining real PM's would bring a lot of publicity to Bitshares  ;D 

But first we need to get minebitshares known to the mining world... You can help right now by following me on twitter @minebitshares and do the occasion re-tweet etc

And don't forget to vote for the new minbitshares-reloaded delegate http://bitsharesblocks.com/delegate/info?name=minebitshares-reloaded to help support the pool development
« Last Edit: March 22, 2015, 02:17:59 PM by nethyb »

Offline luckybit

Re: Mining BitGold and BitSilver?
« Reply #9 on: March 22, 2015, 04:12:32 PM »
Just as we enable others to mine bitUSD, I think we have a substantial opportunity we are missing:  Mining bitGold and bitSilver.

From there, if we connect Gentso's project (a site for purchasing physical PMs with bitAssets) with the mining of bitGold and bitSilver, we win.  Why?

Because now all those Gold and Silver bugs that have technical proficiency, but hate the idea of cryptocurrency reasoning it "won't exist when the grid goes down" will now have a way to use those skills to (mostly) passively mine Gold and Silver.  Then it can be sent directly to their home.  Thoughts?
+5%
That was the original idea I proposed many months ago when I was promoting the ability to virtually mine Bitshares.

I endorse the idea now and if it's possible to connect it to physical gold and silver then why not?

There has to be a standard way for all these disconnected projects to communicate with each other on top of the Bitshares protocol somehow though. If that can happen then everything we want is possible and just a matter of starting the businesses + writing the code.
« Last Edit: March 22, 2015, 04:14:24 PM by luckybit »
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Offline mike623317

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Re: Mining BitGold and BitSilver?
« Reply #10 on: March 22, 2015, 04:39:18 PM »
Just as we enable others to mine bitUSD, I think we have a substantial opportunity we are missing:  Mining bitGold and bitSilver.

From there, if we connect Gentso's project (a site for purchasing physical PMs with bitAssets) with the mining of bitGold and bitSilver, we win.  Why?

Because now all those Gold and Silver bugs that have technical proficiency, but hate the idea of cryptocurrency reasoning it "won't exist when the grid goes down" will now have a way to use those skills to (mostly) passively mine Gold and Silver.  Then it can be sent directly to their home.  Thoughts?

You have hit the nail on the head fuzzy  +5% +5% +5% +5% +5% +5% +5%

Offline luckybit

Re: Mining BitGold and BitSilver?
« Reply #11 on: March 22, 2015, 06:53:11 PM »
@Fuzzy

Here is an interesting idea we could try, how about if we let people mine for anything? products, services, gifttokens, album tokens (peer tracks) etc?

Example suppose a new Taylor Swift album is about to be released on Peertracks and through a collaboration we can mine for Taylor Swift? This would enable fans to mine for albums. To the fans it would feel as if the music is "free".

It means MineBitshares should collaborate with Peertracks to investigate if this would be possible. I think fandoms would definitely donate CPU resources or GPU resources to get music with the side effect of promoting Bitshares, virtual mining as a concept, and grow the ecosystem.

If the system can be expanded fully in that direction then for example as a test case someone could literally mine for pizza by connecting their CPU to some network. After a period of days, weeks or months, the pizza would automagically be ordered and delivered to them without them having to even order it. It would mean you can get as much pizza as you want just by mining your spare computers but the beneficial side effect is it benefits the market and ecosystem by encouraging merchants to adopt the technology and come up with a BitAsset to represent their product or service.

The culture around mining should be to plug it in and forget it. The miner itself would automate the process of contributing to the economy or it could just encourage saving in BitAssets.
« Last Edit: March 22, 2015, 06:58:10 PM by luckybit »
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Offline mf-tzo

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Re: Mining BitGold and BitSilver?
« Reply #12 on: March 22, 2015, 07:32:53 PM »
@Fuzzy

Here is an interesting idea we could try, how about if we let people mine for anything? products, services, gifttokens, album tokens (peer tracks) etc?

Example suppose a new Taylor Swift album is about to be released on Peertracks and through a collaboration we can mine for Taylor Swift? This would enable fans to mine for albums. To the fans it would feel as if the music is "free".

It means MineBitshares should collaborate with Peertracks to investigate if this would be possible. I think fandoms would definitely donate CPU resources or GPU resources to get music with the side effect of promoting Bitshares, virtual mining as a concept, and grow the ecosystem.

If the system can be expanded fully in that direction then for example as a test case someone could literally mine for pizza by connecting their CPU to some network. After a period of days, weeks or months, the pizza would automagically be ordered and delivered to them without them having to even order it. It would mean you can get as much pizza as you want just by mining your spare computers but the beneficial side effect is it benefits the market and ecosystem by encouraging merchants to adopt the technology and come up with a BitAsset to represent their product or service.

The culture around mining should be to plug it in and forget it. The miner itself would automate the process of contributing to the economy or it could just encourage saving in BitAssets.

wow...that is indeed a very interesting idea...I just had a vision from the future with your example of mining for a pizza...

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Re: Mining BitGold and BitSilver?
« Reply #13 on: March 22, 2015, 09:35:44 PM »
This may or may not be relevant (but, the part about actually obtaining the gold should be to anyone considering this threads option, no?)...
https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-195-glass-books-and-a-good-nights-sleep

for those unwilling to listen to the entire interview (shame on you!), skip to 28m:30s in.
« Last Edit: March 22, 2015, 09:38:30 PM by Tuck Fheman »

Offline fuzzy

Re: Mining BitGold and BitSilver?
« Reply #14 on: March 23, 2015, 09:42:38 AM »
@Fuzzy

Here is an interesting idea we could try, how about if we let people mine for anything? products, services, gifttokens, album tokens (peer tracks) etc?

Example suppose a new Taylor Swift album is about to be released on Peertracks and through a collaboration we can mine for Taylor Swift? This would enable fans to mine for albums. To the fans it would feel as if the music is "free".

It means MineBitshares should collaborate with Peertracks to investigate if this would be possible. I think fandoms would definitely donate CPU resources or GPU resources to get music with the side effect of promoting Bitshares, virtual mining as a concept, and grow the ecosystem.

If the system can be expanded fully in that direction then for example as a test case someone could literally mine for pizza by connecting their CPU to some network. After a period of days, weeks or months, the pizza would automagically be ordered and delivered to them without them having to even order it. It would mean you can get as much pizza as you want just by mining your spare computers but the beneficial side effect is it benefits the market and ecosystem by encouraging merchants to adopt the technology and come up with a BitAsset to represent their product or service.

The culture around mining should be to plug it in and forget it. The miner itself would automate the process of contributing to the economy or it could just encourage saving in BitAssets.

wow...that is indeed a very interesting idea...I just had a vision from the future with your example of mining for a pizza...

I think in general that is where we are going (especially with things like encryption services, music and even game tokens) but I do not think it will be with everything. 

For instance, I want pizza to come to my house when I am hungry for pizza--not every day or at random intervals when I just so happen to mine enough to pay for one.  The one time this might be different would be the case where I want to have a pizza come to my house every Friday night for the family (or party...etc). 

The reason I think that partnerships between the aforementioned should be one of the top priorities is that it will do what Bitcoin has yet to achieve---bring the masses of Liberty lovers into BitShares. 

PM lovers tend to also be lovers of Liberty and Privacy...but the problem occurs because there is a disconnect between Cryptocurrency and the reason for many staunch PM investors' reasons for investing.  They have an amplified perception the likelihood of all-out collapse.  But they also have valid concerns that their might be regional issues in the event of catastrophic events.  Thus it is important for all miners and crypto-users to also hold physical assets.   

My initial thoughts are that if NethyB got a delegate (or four) to help subsidize an increase in payouts using some of his/her (sorry for not knowing Nethy) new funds and keep an ample % for himself as payment we would see a substantial increase in volume.  Of course there are certainly other things that could be mined...but damn if we could get the PM-Loving media on this it would be huge. 
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