Very cool idea. I like it!
Interesting concept. What benefit does a user gain over mining doge and the selling for bts on cryptsy?
It seems like this alternative is already available.
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Interesting concept. What benefit does a user gain over mining doge and the selling for bts on cryptsy?
It seems like this alternative is already available.
Sent from my iPhone using Tapatalk (http://tapatalk.com/m?id=1)
Because this automates everything. You go to the multipool and it points your miner to whatever is the most profitable coin at that time. Instead of the payout being in that coin and you having to waste time and energy going to Cryptsy to trade it for BTS, that all happens on the backend. Your payout is in BTS and the more extra hash power you have to spare the more BTS you can get.
Sure if I really wanted to I could mine and go to Cryptsy but then why would I buy BTS? I might see something else like Counterparty or Litecoin to buy. But if BTS is the payout I don't think about it, it's just automatic.
The mining pool itself markets BTS and other products. The mining pool itself might be profitable for whoever runs it.
This solves the problem of Bitshares not being mineable
Correct me if I'm wrong about the concept, but aren't we talking about mining PoW chain(s) and getting paid via PoS? :-\This solves the problem of Bitshares not being mineable
:'(
Correct me if I'm wrong about the concept, but aren't we talking about mining PoW chain(s) and getting paid via PoS? :-\This solves the problem of Bitshares not being mineable
:'(
Yes, us miners are a funky bunch. ::) I've been doing it since 2011 through all the advancements (CPU/GPU/FPGA/ASIC) and I can't see myself doing anything else hobby wise that intrigues my need to tinker and tune gear for optimal profit. Being in IT for 25+ I guess I fell into my element.Correct me if I'm wrong about the concept, but aren't we talking about mining PoW chain(s) and getting paid via PoS? :-\This solves the problem of Bitshares not being mineable
:'(
One reason Bitshares isn't popular on Bitcointalk and other places compared to Ethereum and some of the alt coins is that miners seem to have been pissed off about the fact that Bitshares isn't minable. Mining is a subculture and the mining faction apparently is the king maker when it comes to marketing new coins. They seem to make up the bulk of the traders on exchanges.
So you market directly to miners by allowing them to mine for Bitshares. It simultaneously markets Bitshares on a grass roots viral level, it allows people who have all this hashing power something to use it on and then they don't need Crypsy because they can just use Bitshares. Bitshares is a decentralized exchange and people who like to trade will want Bitshares and need a way to get them.
I have a mining rig, I'm sure many people here do. So while we can mine some other coin or Bitcoin and sell it for Bitshares on Cryptsy, when we get to Cryptsy it's like the shopper who walks into a supermarket. You end up seeing all these better deals then you forget you wanted Bitshares and end up trading some other more profitable stuff.
But if your mining pool pays out in Bitshares, you're more likely to just save the Bitshares in BitGold, or trade directly in the Bitshares client. You may even be able to automate the pool so it automatically fuels your Bitshares client. This would keep a continuous steady stream of Bitshares flowing into your Bitshares client and you wouldn't have to do anything.
The mining pool could display ads, a DAC index and other information to keep people in the trading mood and by stealth advertise Bitshares. When new DACs arrive ads on these multipool sites would reach the exact demographic you want.
Correct me if I'm wrong about the concept, but aren't we talking about mining PoW chain(s) and getting paid via PoS? :-\
To answer your question. Sorta, but that is what everyone does anyway. How do you think people ended up buying the top coins on Coinmarketcap? They either mined it, or if it's Proof of Stake they have to buy it, often with profits from mining PoW chains.
This streamlines the process through automation. You just set your mining rig up and the BTS will flow into your wallet. The benefit to this is that the price of BTS wont go down because people will always be buying it. Bitshares is very hard to dump due to it's utility, but if no one tries it out no one discovers that utility.
3. It encourages BTS to be used as the ultimate store of value.
In times of bubbles, BTS will go to the moon. In bear markets, BTS will be the ultimate place to store value (far better than Bitcoin). So in either situation it makes the most sense to mine whatever but store your value in BTS. If we could set it up so a portion of people's paychecks went to BTS automatically it would have a similar effect.
Doesn't mining almost certainly centralize the issuance of tokens? I mean, sure, anyone can "mine", but only a very few people will be able to do so profitably, and those people will not necessarily be dictated by their technical skills...but more by their connections to ASICs manufacturers. And, if in the next 10-20 years the mining of all these tokens becomes centralized how is that system going to be any better for the common man than the current centrally-controlled one? I personally think it would be worse due to the fact that the necessary level of technical skills that would be required to fight against it would largely make this impossible.It has no centralizing impact on bitshares just on the most profitable to mine coin and only at the moment it is profitable to mine it
The only way I can see mining as being worthwhile is if it utilizes something like the BOINC protocol, which makes the mining perform a task that serves to benefit all humanity (protein folding, searching for extraterrestrial life...etc)...but that still wouldn't fix the centralization issues.
The reason for this is that even though you might have 30 different ASICs to choose from in order to mine the algo of your choice, it still is centralized to those 30 algos (unless we are looking at a world where a couple thousand algos and 10's of thousands of ASICs manufacturers exist).
Perhaps I am incorrect, but transactions as proof of stake seems to allow people to purchase tokens (or mine them through PTS--including multipool mining PTS), and as stake holders, automatically have the ability to largely overcome the centralization that would otherwise occur. Why? because I could go work as a waiter somewhere and turn that proof of work (tips) into PTS through an exchange purchase, which gives a larger number of non-techies the ability to meaningfully contribute to the ecosystem.
I understand that mining is a huge deal to people, but if we want this to become a BROADLY accepted tech, it has to be available to everyone interested in it. Why would we ever want to change the Gatekeepers of the banking cartels to instead be mining cartels?
Interested to hear responses.
Doesn't mining almost certainly centralize the issuance of tokens? I mean, sure, anyone can "mine", but only a very few people will be able to do so profitably, and those people will not necessarily be dictated by their technical skills...but more by their connections to ASICs manufacturers. And, if in the next 10-20 years the mining of all these tokens becomes centralized how is that system going to be any better for the common man than the current centrally-controlled one? I personally think it would be worse due to the fact that the necessary level of technical skills that would be required to fight against it would largely make this impossible.It has no centralizing impact on bitshares just on the most profitable to mine coin and only at the moment it is profitable to mine it
The only way I can see mining as being worthwhile is if it utilizes something like the BOINC protocol, which makes the mining perform a task that serves to benefit all humanity (protein folding, searching for extraterrestrial life...etc)...but that still wouldn't fix the centralization issues.
The reason for this is that even though you might have 30 different ASICs to choose from in order to mine the algo of your choice, it still is centralized to those 30 algos (unless we are looking at a world where a couple thousand algos and 10's of thousands of ASICs manufacturers exist).
Perhaps I am incorrect, but transactions as proof of stake seems to allow people to purchase tokens (or mine them through PTS--including multipool mining PTS), and as stake holders, automatically have the ability to largely overcome the centralization that would otherwise occur. Why? because I could go work as a waiter somewhere and turn that proof of work (tips) into PTS through an exchange purchase, which gives a larger number of non-techies the ability to meaningfully contribute to the ecosystem.
I understand that mining is a huge deal to people, but if we want this to become a BROADLY accepted tech, it has to be available to everyone interested in it. Why would we ever want to change the Gatekeepers of the banking cartels to instead be mining cartels?
Interested to hear responses.
thats why people mine altcoins mostly, to get more Bitcoin in the long run (or in my case Bitshares :))
Doesn't mining almost certainly centralize the issuance of tokens? I mean, sure, anyone can "mine", but only a very few people will be able to do so profitably, and those people will not necessarily be dictated by their technical skills...but more by their connections to ASICs manufacturers.Who ever said the mining should only be for ASICs?
The only way I can see mining as being worthwhile is if it utilizes something like the BOINC protocol, which makes the mining perform a task that serves to benefit all humanity (protein folding, searching for extraterrestrial life...etc)...but that still wouldn't fix the centralization issues.Of course it can use BOINC -> XRP -> BTC -> BTS.
The reason for this is that even though you might have 30 different ASICs to choose from in order to mine the algo of your choice, it still is centralized to those 30 algos--unless we are looking at a world where a couple thousand algos and 10's of thousands of ASICs manufacturers exist.That is the world we are looking at. There isn't an ASIC for memorycoin2 yet, or for a lot of these coins. It's unlikely there will ever be an ASIC for the vast majority of them and anyone can make any altcoin with any algorithm in the future which we could all mine and get BTS.
Even with this, though, what is stopping ASIC manufacturers from colluding to centralize manufacturing into the hands of a few?The fact that anyone can make a new algorithm at any time and we can use that new algorithm to mine BTS.
Doesn't mining almost certainly centralize the issuance of tokens? I mean, sure, anyone can "mine", but only a very few people will be able to do so profitably, and those people will not necessarily be dictated by their technical skills...but more by their connections to ASICs manufacturers. And, if in the next 10-20 years the mining of all these tokens becomes centralized how is that system going to be any better for the common man than the current centrally-controlled one? I personally think it would be worse due to the fact that the necessary level of technical skills that would be required to fight against it would largely make this impossible.It has no centralizing impact on bitshares just on the most profitable to mine coin and only at the moment it is profitable to mine it
The only way I can see mining as being worthwhile is if it utilizes something like the BOINC protocol, which makes the mining perform a task that serves to benefit all humanity (protein folding, searching for extraterrestrial life...etc)...but that still wouldn't fix the centralization issues.
The reason for this is that even though you might have 30 different ASICs to choose from in order to mine the algo of your choice, it still is centralized to those 30 algos (unless we are looking at a world where a couple thousand algos and 10's of thousands of ASICs manufacturers exist).
Perhaps I am incorrect, but transactions as proof of stake seems to allow people to purchase tokens (or mine them through PTS--including multipool mining PTS), and as stake holders, automatically have the ability to largely overcome the centralization that would otherwise occur. Why? because I could go work as a waiter somewhere and turn that proof of work (tips) into PTS through an exchange purchase, which gives a larger number of non-techies the ability to meaningfully contribute to the ecosystem.
I understand that mining is a huge deal to people, but if we want this to become a BROADLY accepted tech, it has to be available to everyone interested in it. Why would we ever want to change the Gatekeepers of the banking cartels to instead be mining cartels?
Interested to hear responses.
thats why people mine altcoins mostly, to get more Bitcoin in the long run (or in my case Bitshares :))
And unlike Bitcoin, Bitshares wont be volatile. You can save your profits in such a way that it's safe even if the price of Bitcoin crashes. Bitshares is really the only coin anyone should want to store their value in and they just don't know it yet.
Let's make Bitshares the defacto cryptobank for miners to store their wealth.
What do you mean when you say Bitshares won't be volatile? Do you mean BitUSD won't be volatile? XTS itself will be extremely volatile at first while the markets are figuring out how powerful it is, which could take a couple years.You have to buy BitUSD with Bitshares. Bitshares is far less volatile than Bitcoin if you know how to use it. I wouldn't necessarily choose BitUSD but you could use that. I also don't think it would take a couple of years, that depends on the marketing and education effort.
I think BitUSD has excellent potential to replace BTC and LTC to be the default base currency on the centralized exchanges. I think your mining pool (which is an excellent idea, btw) should pay out exclusively BitUSD. Fundamentally, demand for BitUSD will be the main driver for Bitshares value; if there's demand for BitUSD, then the value of XTS will climb as people buy into it to short BitUSD.If you look at the Bitshares code it supports gold, silver, usd, euro, pound, crude oil, there is no reason for anyone in their right mind to choose fiat over all these options. Most people cash out to pay for their bills but beyond that there is no reason to and if bills could be paid with BitUSD no one would ever cash out. I could see companies like Invictus paying their employees in BitUSD.
Imagine a world where BitUSD has taken over today's BTC market: $7B worth of BitUSD would mean that the market cap of XTS will be over $10B (at a 1.5x margin call threshold), which is $2500 per XTS. That is, simple back-of-the-envelope calculations suggest that wide-scale acceptance of BitUSD would make us all rich (I realize this is obvious, I just really like simple calculations that make the potential profits look really stark). Thus, I suggest that the mining pool try to promote BitUSD acceptance as much as possible. :)
It seems that this is the next trend for purely PoS coins to market themselves to miners.
Miners are primarily interested in ROI. They will mine for whatever is most profitable in fiat terms. If they mine for some random alt-coin, they generally want to exchange them for BTC so that they can cash out.
I think that we are already seeing this with the Blackcoin pool. The BTC price of Blackcoin doubled, but then it dropped back down. It's still up today despite the fall, and I suppose that over time, it might rise gradually, but the net effect is hard to predict, given miners' proclivity for cashing out.
It seems that this is the next trend for purely PoS coins to market themselves to miners.
Miners are primarily interested in ROI. They will mine for whatever is most profitable in fiat terms. If they mine for some random alt-coin, they generally want to exchange them for BTC so that they can cash out.
I think that we are already seeing this with the Blackcoin pool. The BTC price of Blackcoin doubled, but then it dropped back down. It's still up today despite the fall, and I suppose that over time, it might rise gradually, but the net effect is hard to predict, given miners' proclivity for cashing out.
That is because Blackcoin is technologically inferior to Bitcoin. Bitshares is technologically superior on ever level to Bitcoin. For that reason who would want to go back to BTC from Bitshares?
The only reason would be to buy something which can only be purchased with BTC. If people are using it for their savings as a store of value they won't cash out unless its into their local currency. The dollar is the only threat to Bitshares because people will cash out to pay rent and taxes.
Once Bitshares has a large enough market cap big companies will accept BitUSD. So a short term goal we could set would be to grow the Bitshares market cap to at least 1 billion dollars.
How exactly do we do that? The other question is promoting BitUSD. If you have BitUSD but no where to spend it then you have to cash out into Bitcoin just to buy stuff?
It seems that this is the next trend for purely PoS coins to market themselves to miners.
Miners are primarily interested in ROI. They will mine for whatever is most profitable in fiat terms. If they mine for some random alt-coin, they generally want to exchange them for BTC so that they can cash out.
I think that we are already seeing this with the Blackcoin pool. The BTC price of Blackcoin doubled, but then it dropped back down. It's still up today despite the fall, and I suppose that over time, it might rise gradually, but the net effect is hard to predict, given miners' proclivity for cashing out.
That is because Blackcoin is technologically inferior to Bitcoin. Bitshares is technologically superior on ever level to Bitcoin. For that reason who would want to go back to BTC from Bitshares?
The only reason would be to buy something which can only be purchased with BTC. If people are using it for their savings as a store of value they won't cash out unless its into their local currency. The dollar is the only threat to Bitshares because people will cash out to pay rent and taxes.
Once Bitshares has a large enough market cap big companies will accept BitUSD. So a short term goal we could set would be to grow the Bitshares market cap to at least 1 billion dollars.
How exactly do we do that? The other question is promoting BitUSD. If you have BitUSD but no where to spend it then you have to cash out into Bitcoin just to buy stuff?
They will learn from losing money from Bitcoin volatility which is a feature for people who know how to do math and switch their money in and out with good timing. It makes no sense why someone would want to take a loss by holding their savings in something which can crash down for no apparent reason as has happened to Bitcoin in the past.
I agree with pretty much everything you said. Yes, BTS is better than BTC or Darkcoin. I am a "true believer," but I think you will find that most miners are not.
They are A) trying to pay off their investment in hardware, and B) trying to pay for more hardware after paying their electricity bills. They are not "buy and hold" investors, for the most part. (Even the ones that are, might hold 10% of their earnings and sell 90% for fiat.)I'm a miner and I can confirm this is not true. I want as many Bitshares as I can get. I'm not an industrial miner. I suppose industrial miners are always trying to buy new hardware and you're right about them. Additional of course people are going to pay off their hardware investment, but then what? The miners who are doing it right mine any coin which is the most profitable, but they also save some coins which they think will have a long term future.
Now of course I am painting with pretty broad strokes here, and of course there are exceptions, but from my time in the scrypt and SHA256 mining world, the primary concern is ROI, ROI, ROI. Once ROI is achieved, it's BMH, BMH, BMH (Buy More Hardware). Mining is a source of income, they need cash flow.You're not in that world right now though. Mining is seasonal. When Bitcoin is doing well then everyone stocks up buying new hardware, because all the alt coins are becoming so profitable.
A pool that buys an asset on the open market, transfers that asset to miners, and then the asset is dumped on the open market by the miners, has no net effect on the price of the asset, although it does bump up the transaction volume, which can be helpful.
It seems that this is the next trend for purely PoS coins to market themselves to miners.
Miners are primarily interested in ROI. They will mine for whatever is most profitable in fiat terms. If they mine for some random alt-coin, they generally want to exchange them for BTC so that they can cash out.
I think that we are already seeing this with the Blackcoin pool. The BTC price of Blackcoin doubled, but then it dropped back down. It's still up today despite the fall, and I suppose that over time, it might rise gradually, but the net effect is hard to predict, given miners' proclivity for cashing out.
That is because Blackcoin is technologically inferior to Bitcoin. Bitshares is technologically superior on ever level to Bitcoin. For that reason who would want to go back to BTC from Bitshares?
The only reason would be to buy something which can only be purchased with BTC. If people are using it for their savings as a store of value they won't cash out unless its into their local currency. The dollar is the only threat to Bitshares because people will cash out to pay rent and taxes.
Once Bitshares has a large enough market cap big companies will accept BitUSD. So a short term goal we could set would be to grow the Bitshares market cap to at least 1 billion dollars.
How exactly do we do that? The other question is promoting BitUSD. If you have BitUSD but no where to spend it then you have to cash out into Bitcoin just to buy stuff?So, let me get this straight...
You're saying that market forces will induce many BTC holders
to move most of their $7,593,530,305 market cap value
from their BTC "checking account"
into their BitUSD "savings account"
until they are ready to spend it?
;)
BlackCoin up +42.11% last 24h 8)
Very cool idea. I like it!
Convince Bytemaster to put up a bounty and let's do it. I want to mine BTS instead of BTC.
Very cool idea. I like it!
Convince Bytemaster to put up a bounty and let's do it. I want to mine BTS instead of BTC.
The BC price is the ultimate argument I can think of. Try putting up a [bounty proposal] in the general section luckybit. :)
The vote only makes sense if only people who generally mine vote.
Maybe you should. I have no money to fund the bounty and also XTS isn't finished anyway. There is nothing to buy yet.
Maybe you should. I have no money to fund the bounty and also XTS isn't finished anyway. There is nothing to buy yet.
I mean bounty proposal in the sense that it's a proposal for Invictus to spend AGS funds on creating a bounty. ;) All my student loans are in there and in PTS lol. Trying to pull a Garrett Lisi (http://en.wikipedia.org/wiki/Antony_Garrett_Lisi#After_the_Ph.D.)here. (:
Maybe you should. I have no money to fund the bounty and also XTS isn't finished anyway. There is nothing to buy yet.
I mean bounty proposal in the sense that it's a proposal for Invictus to spend AGS funds on creating a bounty. ;) All my student loans are in there and in PTS lol. Trying to pull a Garrett Lisi (http://en.wikipedia.org/wiki/Antony_Garrett_Lisi#After_the_Ph.D.)here. (:
For some reason I get the impression they aren't focused on doing this kind of marketing.
Let me put it this way, this is grime marketing. It's brilliantly undercover, but it's effective.
I try not to propose ideas which don't have a successful track record of some sort. In this we have Blackcoin which is proven to behave in a certain way. This shows that the model is a success.
Anyone who put their money into Blackcoin has probably doubled or tripled their money by now, which is material evidence and can be used as the case study for applying the model to Bitshares.
What is likely to happen is that if Bitshares were distributed this way, the price of Bitshares would continuously go up. It would be a speculative pump of Bitshares no doubt, but that is the best way to market something like Bitshares.
I think that a good way to market a cryptoequity is to store value in it long term. That means put your saves in Bitshares if you really believe in it. So how are most people in the cryptocurrency community earning money? They are mining.
All of that earnings is going into **** coins. Blackcoin is a **** coin. Substitute Blackcoin for Bitshares, snatch the value away and put it into something people actually believe in long term.
If we did not believe in the long term possibilities of Bitshares, we would not have bought Angelshares and Protoshares before that. If we did that then of course we believe, but what about the miners who don't believe but who just want to make the money?
They need to be shown. So how do you show them? You prove that Bitshares can make more money than Blackcoin, Auroracoin , Mazacoin and the others. Bitshares has to be proven to be more than an altcoin and you can't do that if no one has any Bitshares.
The people you want to have the Bitshares are the people best at marketing new coins. Those people like it or not are the miners. This has been proven, just look at Litecoin.
For some reason I get the impression they aren't focused on doing this kind of marketing.
Let me put it this way, this is grime marketing. It's brilliantly undercover, but it's effective.
...
I have mentioned this approach to mining in our draft website 4.0 under the FAQ... pointed it at this thread.:)
Any entreprenurers out there want to take a stab at making this a business?
If people are willing to mine other alt-coins but get paid in POS blackcoin why not create a third party operator/service through which you can route your youtube, iTunes and amazon revenue payments and get paid in Bitshares.
If it can be made more private than the traditional payment methods there should be a market for it.
Plus the fact that you can convert to BitUSD/BitGold etc. should make it more attractive than any other POS trying to pull this off.
Why don't we implement a community "SHITCOIN DUMPSTER", where you can throw all your useless, going-nowhere crypto and be paid for them in BC, minus a 20% donation to BC Foundation or multipool bonuses? I'd love to clear out my shitcoin closet, get a few more BC, and support the cause. That's killing 3 birds with one stone!
Why don't we implement a community "SHITCOIN DUMPSTER", where you can throw all your useless, going-nowhere crypto and be paid for them in BC, minus a 20% donation to BC Foundation or multipool bonuses? I'd love to clear out my shitcoin closet, get a few more BC, and support the cause. That's killing 3 birds with one stone!
They are onto something with this. It's almost like a recycling mechanism to turn shit into fuel.
Why don't we implement a community "SHITCOIN DUMPSTER", where you can throw all your useless, going-nowhere crypto and be paid for them in BC, minus a 20% donation to BC Foundation or multipool bonuses? I'd love to clear out my shitcoin closet, get a few more BC, and support the cause. That's killing 3 birds with one stone!
They are onto something with this. It's almost like a recycling mechanism to turn shit into fuel.
I've sold all my shitcoins, plus much of my Bitcoin, and put the money in PTS and AGS contributions.
Faircoin is following Blackcoin,
https://bitcointalk.org/index.php?topic=487212.0
The novelty of the suggestion will soon fade as everyone adopts it.
In other words, time is of the essence - as always.
I bet on Blackcoin as soon as I heard it had 100% proof of stake, + this mining scheme you are thinking of implementing. Blackcoin is doing well so far. I suspect all of its success is due to these two factors. Interesting to follow the experiment. 8)
I bet on Blackcoin as soon as I heard it had 100% proof of stake, + this mining scheme you are thinking of implementing. Blackcoin is doing well so far. I suspect all of its success is due to these two factors. Interesting to follow the experiment. 8)
At 30 million now. FML I lost 3/4 from Cryptorush. Still way ahead from that investment though. Every second lost on this goldmine idea is monay out da window.
For those saying we are going up without reason and it is a pump/bubble...think again.
There is looking to be a direct correlation between the multipool growing and BC price increasing.
Over the past 3 weeks it has roughly worked out to about a 7k price increase per 1 GH/s of multipool mining power. Recently this ratio has increased to about an 8k-9k price increase per 1 GH/s increase in the multipool. Also, this is not taking other Blackcoin multipools into effect, just the official one which I've been watching day-in/day-out.
So the more miners, the higher the price. Simple, rational, logical.
I speculate that we are just starting to get LTC miners here and look at the size of LTC mining.
Overall, we will be in a speculative frenzy/bubble when the mining power more-or-less baselines while price rockets.
And that will personally be my first sign to take some profits at least in the short-term.
Proof of work mining turned into madness. People mine to get profit instead of secure coins, and halving the mining reward loses miners – and security. It’s a big problem, proof of stake looks like a good replacement.Soepkip:
I think mostly it’s a way to finally proof that Proof of Stake has a place in this world. Originally Satoshi Nakamoto envisioned his bitcoin project to be mined with your own computer at home. Proof of Stake does that.
It’s security needs to be tested longterm.
You can see the [security risk] effect [of proof of work] with Dogecoin. How many times have you seen a certain mining pool with 51% of the hashing power.
People were doing calculations. That because of “inflation,” Blackcoin would only need 0.02 bitcoins per day to “maintain value.” So people said, “let’s make a multipool to increase distribution and get value into Blackcoin.”
(He is describing the Blackcoin multipool which mines profitable alt-coins and uses the generated funds to pay miners in Blackcoin.)
(Soepkip) Someone eventually stepped up (due to a bounty) and built one. Sadly, that got so popular that the guy burned out basically, and immediately Legion Development Group stepped in.
(Vasilije) Are you guys satisfied with how are things developing?
(Soepkip) They took over, rebuilt the multipool from scratch and after about three weeks of beta it’s now where it is at. The outside world sees our Multipool as the ‘Shitcoin killer,’ while it is actually not.
Our multipool provides liquidity for other coins since we do not dump on them, we trade manually and via algorithm trading.
I bet on Blackcoin as soon as I heard it had 100% proof of stake, + this mining scheme you are thinking of implementing. Blackcoin is doing well so far. I suspect all of its success is due to these two factors. Interesting to follow the experiment. 8)
At 30 million now. FML I lost 3/4 from Cryptorush. Still way ahead from that investment though. Every second lost on this goldmine idea is monay out da window.
Blackcoin is a really good coin so far, though still just a coin. And it is very encouraging that so many people are buying into Proof of Stake. Any chance of collaborating with its developers? Invite them to do a Blackshares product line of Bitshares DACs?
Hi guys :) I was asked to join the forum by Luckybit.
I'll try to read up on Bitshares :)
Luckybit: Maybe we can make a skype appointment?
Make Bitshares mineable and create buying pressure, that is a brilliant idea. The only think missing is someone to make it happen. This will be probably one of the most profitable pool out there once Bitshare X is out. This is a big opportunity right there.Have a look at the Blackcoin community sentiment on the Blackcoin thread.
we need BC/FIAT. so that they can cash out their coins without damaging the BC market.https://bitcointalk.org/index.php?topic=469640.msg6257006#msg6257006
Make Bitshares mineable and create buying pressure, that is a brilliant idea. The only think missing is someone to make it happen. This will be probably one of the most profitable pool out there once Bitshare X is out. This is a big opportunity right there.Have a look at the Blackcoin community sentiment on the Blackcoin thread.we need BC/FIAT. so that they can cash out their coins without damaging the BC market.https://bitcointalk.org/index.php?topic=469640.msg6257006#msg6257006
As you can see the demand for BitUSD exists. They just don't know about BitUSD yet and Bitshares isn't liquid yet. The day it is liquid we should go straight to that thread and tell them.
Make Bitshares mineable and create buying pressure, that is a brilliant idea. The only think missing is someone to make it happen. This will be probably one of the most profitable pool out there once Bitshare X is out. This is a big opportunity right there.Have a look at the Blackcoin community sentiment on the Blackcoin thread.we need BC/FIAT. so that they can cash out their coins without damaging the BC market.https://bitcointalk.org/index.php?topic=469640.msg6257006#msg6257006
As you can see the demand for BitUSD exists. They just don't know about BitUSD yet and Bitshares isn't liquid yet. The day it is liquid we should go straight to that thread and tell them.
Such good work here Luckybit. I don't care how this ends...imo you are greatly adding to the value of the community. I am very interested in your proposal, though I am unsure about the centralizing forces around multipools... very interested in hearing from you with regard to this.
Make Bitshares mineable and create buying pressure, that is a brilliant idea. The only think missing is someone to make it happen. This will be probably one of the most profitable pool out there once Bitshare X is out. This is a big opportunity right there.Have a look at the Blackcoin community sentiment on the Blackcoin thread.we need BC/FIAT. so that they can cash out their coins without damaging the BC market.https://bitcointalk.org/index.php?topic=469640.msg6257006#msg6257006
As you can see the demand for BitUSD exists. They just don't know about BitUSD yet and Bitshares isn't liquid yet. The day it is liquid we should go straight to that thread and tell them.
Such good work here Luckybit. I don't care how this ends...imo you are greatly adding to the value of the community. I am very interested in your proposal, though I am unsure about the centralizing forces around multipools... very interested in hearing from you with regard to this.
Please elaborate on what centralizing force comes from a multipool? Do you have a more decentralized way of setting up a pool?
Hi guys :) I was asked to join the forum by Luckybit.
I'll try to read up on Bitshares :)
Luckybit: Maybe we can make a skype appointment?
I am not 100% read up on this so please bare with me, this is actually a way I'm trying to learn more. I heard that "the multipool dumped a shitton of BC" which is why it dropped in price substantially. I have no way of validating this, but it was something that caught my attention. You are far more versed in this than I was, so I was mostly fact-checking. :)That is a possibility and that is why you don't want only 1 multipool server, also if it's a hybrid multipool like I described with Blackcoin and Bitshares 50/50 payout, the fees could be collected and then dumped but that would go against the self interest of the pool operator.
http://blackcoinpool.com/news/an-update-from-the-dev-team/
We have spoken with many crypto industry people, and everyone is very excited about the pool and the BlackCoin experiment. We are talking with industry leaders and are considering partnerships that would benefit our community and give us an additional competitive edge against other multipools.
We have also learned our lessons from the mayhem of this weekend, and have realized that we need a solution to mitigate or at least make it less lucrative for whales to dump.
Over the next few iterations we will be introducing the Alpha stages of our BlackCoin whale dumping mitigation strategy.
Soon it will be possible to donate a portion of your shares towards the Black Shield Defense fund. This is an address that we will publicly available and can be monitored through the blockchain. It's purpose is to erect buy walls on a predetermined exchange, the buy walls will be publicly listed, and can be seen by everyone.
Read the latest blog posting from the Blackcoin developers.
Legion Development Group
ExcerptQuotehttp://blackcoinpool.com/news/an-update-from-the-dev-team/
We have spoken with many crypto industry people, and everyone is very excited about the pool and the BlackCoin experiment. We are talking with industry leaders and are considering partnerships that would benefit our community and give us an additional competitive edge against other multipools.
We have also learned our lessons from the mayhem of this weekend, and have realized that we need a solution to mitigate or at least make it less lucrative for whales to dump.
Over the next few iterations we will be introducing the Alpha stages of our BlackCoin whale dumping mitigation strategy.
Soon it will be possible to donate a portion of your shares towards the Black Shield Defense fund. This is an address that we will publicly available and can be monitored through the blockchain. It's purpose is to erect buy walls on a predetermined exchange, the buy walls will be publicly listed, and can be seen by everyone.
These guys are brilliant. I don't think the success is an accident. The Bitshares community should learn from this and I can't wait to see a Bitsharespool.org site.
Read the latest blog posting from the Blackcoin developers.
Legion Development Group
ExcerptQuotehttp://blackcoinpool.com/news/an-update-from-the-dev-team/
We have spoken with many crypto industry people, and everyone is very excited about the pool and the BlackCoin experiment. We are talking with industry leaders and are considering partnerships that would benefit our community and give us an additional competitive edge against other multipools.
We have also learned our lessons from the mayhem of this weekend, and have realized that we need a solution to mitigate or at least make it less lucrative for whales to dump.
Over the next few iterations we will be introducing the Alpha stages of our BlackCoin whale dumping mitigation strategy.
Soon it will be possible to donate a portion of your shares towards the Black Shield Defense fund. This is an address that we will publicly available and can be monitored through the blockchain. It's purpose is to erect buy walls on a predetermined exchange, the buy walls will be publicly listed, and can be seen by everyone.
These guys are brilliant. I don't think the success is an accident. The Bitshares community should learn from this and I can't wait to see a Bitsharespool.org site.
Brilliant in that wolong sort of way ?
Why would you donate your money so that the "whales" can dump and get maximum value via the "buy wall" ? Very centralized.
You despise the BTC community so much, but I have yet to see what is special about blackcoin. Critical pump levels ?
The mining of POS coins is now done by other pools. Blackcoinpool has done the best job of that, but how can you separate the effects of everything else from the pool ? Maybe success of the pool was driven by the success of the pumps ? What else has blackcoin done besides pump their coin? What innovation do they have ?
Maybe success of the pool was driven by the success of the pumps ? What else has blackcoin done besides pump their coin? What innovation do they have ?
Professional Analysis - Unexpected Good News
As I have stated before there are many things going on behind the scenes, and this morning I would like to share some promising news with the community. Just before the sell off I hired a professional analyst a friend recommended to take a look at BlackCoin and give me his professional assessment of the financial product. As an investor and businessman I need to be armed with facts and reasonable predictions moving forward into the weeks and months ahead. I am decent with numbers and reading charts, but I believe one should always enlist the help of professionals who are the best at what they do. As an analyst his job is to take emotion out of the equation and stick to the numbers and facts. This morning I received a report with unexpected news that made me immediately purchase more BlackCoins.
First an explanation on what happened within the past week.
1. Some assumed the sudden growth and the sudden sell off of BlackCoin was an orchestrated pump and dump, that was not the case. BlackCoin price explosion was the direct result of people taking notice with all the news coming out over a 5 day period. BlackCoin moving up in the charts quickly garnered the attention of investors looking to ride the wave of the next "hot" coin.
2. When we started trading above 80,000 sat there were many holders who had coins from 5000 sat and under, and for them suddenly having tens of thousands of dollars was to much to hold, so they started selling off. Do not forget there were people with over 100,000 coins and many of these people are students and/or come from poor countries. Also, many of these people are facing hard times and instantly having that much money was too much to hold onto.
3. The sell off caused a chain reaction and people in this forum and other forums thought it was an orchestrated pump and dump and started selling off quickly. The "panic" resulted in a massive sell off because of misinformation.
4. When the sell off subsided we established a floor around 14000 sat because that is where most of the new investors began investing in BlackCoin.
5. If the sell off did not happen we would be trading well above $0.60 cents or more.
What to expect next?
1. The wall set around 40000 sat is not one person, it is multiple people looking to exit. It is the level where investors who got in around 14000k want to exit, and investors who jumped on board around 40000k want to recover their losses. We will see resistance around 40000 sat for awhile until the damn breaks again.
2. We will not see another sell off that massive until we are close to $1.00 and that is when more people will be faced with lots of money and will have no choice to give in to temptation and sell.
3. Around $1.00 is where we will lose the remainder of the "weak" hands, and the "strong" hands will begin to take over and hold strong
So why did I buy more BlackCoins?
1. The sell off did not drive us below our starting point of 7100, and to be trading more than double than the starting point after a massive sell off is almost unheard of in stocks or any other financial product. And to recover in less than 48 hours is nothing less than unprecedented.
2. If the fundamentals remain the same without change, and we continue to grow at our current rate, we will be trading higher than $100 within 12 months. Past results do not predict future results. However, in BlackCoin's case proof of stake gives a constant we can use to make reasonable predictions. Unlike with Bitcoin we do not have to estimate how many coins will be mined and dumped onto the market.
a) We are adding approximately 700 - 1000 new people each week which will eventually spread the current supply thin.
b) With each sell off there will be more new holders added each holding less coins than the previous holders.
c) Supply will become significantly less as we get closer to $1.00 but demand will increase as well which will cause the price to explode.
3. BlackCoin will grow quicker in price than Bitcoin because there are no new coins being mined to dilute the value. The coins being generated from staking is not enough to dilute the value of the coin
I just explained everything in layman's terms so everyone can understand. This is not an attempt to pump the value, I wanted everyone to be armed with the info I have. I am more bullish on BlackCoin than I was before and I will continue holding until we are #1.
All coins including Bitcoin go through those phases. The coins with good marketing (better pumpers than others) keep coming back after being dumped. Bitcoin has been dumped, Litecoin has been dumped, Dogecoin has been dumped, and they'll be dumped again in the future.
I believe a lot of the pumping is done by pump and dumpers.
I am not sure about the cause/effect going on here that you are so certain.Marketing is the cause of a pump. You cannot pump anything without an aggressive marketing campaign. The reason Litecoin, Dogecoin, Blackcoin are all successful is because the community made it a success.
I think that innovative, useful, and fun applications is what will drive users of Bitshares ecosystem more so than market cap.Then why are Litecoin, Dogecoin, Blackcoin and other "pumped" coins with almost no innovation the top coins on Coinmarketcap? If it were all about innovation, why is Litecoin with a marketcap of $ 324,227,313? Why is it's volume $ 8,647,928 for the day? Why does Blackcoin have $ 2,056,617 in volume for the day second only to Litecoin?
You still haven't answered what is innovative about Blackcoin itself outside multipool ?It's not about having the most innovative coin yet Blackcoin does have some innovations. It's much faster than Bitcoin or Litecoin where its transaction times are measured in seconds rather than minutes. It's 100% Proof of Stake. It provides 1% interest per year. It's capped at around 75 million which is a nice number to choose because it's not too many and not too few.
Usually for these pumps to work, the market has to be a bit ripe for manipulation. Not sure if that'd ever work for Bitshares.Pumps don't require manipulation. Blackcoin isn't being pumped by manipulation of the markets. Are you saying Bitcoin reached $1000 because it's a ponzi scheme being pumped by early adopter "price manipulators"? I don't understand your point as to why Bitcoin is immune to these accusations but every other coin is ripe for manipulation.
That might be why you see so many "marketing geniuses". Blackcoin's 1 week only mining aspect is probably the most genius. It is sorta like a premine, but will never be called one.People will say the same about Bitshares so why complain about that? Bitshares was mined early on by people who used botnets and we will have to worry about them dumping as well.
Having a multipool that pays in Bitshares would be a good thing. I support the idea in getting one. Have a bounty put up once BTS are on an exchange.
Just not sure how it all ties into Blackcoin so strongly, except that had the idea first ?
The point is that Proof of Stake coins can only be marketed through virtual mining. That is the only way proven to work and Blackcoin is the first coin to successfully market a Proof of Stake coin and take on the Proof of Work titans. Blackcoin is in a position to threaten Litecoin now and it's Proof of Stake.
Blackcoin and Litecoin are fighting for the same demographics. They want the biggest investors, the most brilliant marketers, and the hashrate from the miners.
The reason Blackcoin is in a position to replace Litecoin is because Litecoin is about to transition into Scrypt ASICs. When this happens the advantage goes to Blackcoin who will now become the favorite among miners as Litecoin starts to develop it's mining cartel.
So I would not be surprised if we see Blackcoin going for $2-3 this year whether it goes through pump and dump cycles to reach it or not. I would like Bitshares to be up there along with Blackcoin in the #2 or #3 spot, but this is never going to be possible if we aren't measuring success based on market cap, daily volume, and other methods.
If you're measuring success on the technical merit of the Bitshares DPOS then I can say that Bitshares is technologically the most sophisticated and probably the best out there. But I measure success not just on technical merit but also on market cap, daily volume, and other factors.
If I judge by the success of Protoshares then I can say that while Protoshares held it's own with little to no grassroots marketing it never threatened Litecoin, it got dogged by Dogecoin, etc. Additionally most of us are already invested so unless we are planning on buying a whole of Bitshares all summer we are going to have to create buy support else you can expect a summer of low prices as people dump their Bitshares which they got for pennies each.
The reason Blackcoin is in a position to replace Litecoin is because Litecoin is about to transition into Scrypt ASICs. When this happens the advantage goes to Blackcoin who will now become the favorite among miners as Litecoin starts to develop it's mining cartel.
No it's not. How do you market Proof of Stake effectively without virtual mining? No one has ever done it until Blackcoin. Blackcoin is the first successful attempt that I know of and it's using virtual mining.
Proof of Stake coins can only be marketed through virtual mining? How so ?
Every coin is fighting for that same demographic.
Blackcoin is not the first POS stake coin to be successfully marketed. You missed NXT and Peercoin.NXT wasn't successfully marketed. A very small community of several really large holders who have a very high market cap doesn't mean it's successfully marketed. It's not doing better than Blackcoin right now and it didn't rise as quickly as Blackcoin either. Also it's rise isn't independent from Bitcoin the way Blackcoin is.
This argument could be said for a lot of coins. I am pretty sure you are wrong about blackcoin (which you can't mine), becoming the favorite among miners. The size of the blackcoin pool is still small relatively speaking.That means a lot of room for growth and for the price to go up. It's going to become a favorite among miners once miners figure out that Litecoin isn't profitable to mine and when miners have a difficult time keeping up with the difficulty. That is guaranteed to happen pretty soon as it happend with Bitcoin mining and when it does then something will challenge Litecoin and in my opinion Blackcoin is the biggest challenge because you can mine it with any algorithm (it's virtual mining).
Other similar pools with similar purposes don't even touch blackcoinpool's size. You should also point out the altcoin paying multipools that are so small to not even have a measurable effect on the coin's marketcap. Look at hashrate.org. Why doesn't it work ?I don't know what you're trying to say here. Show your numbers and facts.
No one here is against marketing/pumping. I just don't understand why you think Blackcoin is a hive if marketing geniuses. I don't understand what we can we get from "strategic partnerships" with them? A pool that pays out 50/50 bc/bts ? Well go talk to the guy who runs blackcoinpool and ask him what he'd charge for such a thing ?I've contacted people from the Blackcoin community about it and there are several options on how to do a strategic alliance. For example the Blackcoin community could approach the developers of the Lotto DAC, the Nameshares DAC, the Insurance DAC, Bitshares Me, and arrange for a strategic airdrop to their blockchain. This is actually an idea which would cost us absolutely nothing and benefit our community greatly.
If you could price BTS really low, then sell it off to the right people, then maybe we could emulate Blackcoin because the right people would have incentives. That isn't going to happen, so I just don't get why blackcoin. Yes, they've grown. Yes, we need to grow.We need to get them to help us grow by offering them an incentive to want us to grow along side them. Think of it like you're running a business and you need a grass roots marketing campaign so you form an alliance with one of the most talented grassroots marketing communities in the Proof of Stake community. I would say that Blackcoin is the best at marketing Proof of Stake, far better than Peercoin and NXT because they haven't had to spend much money and it's cost effective.
Instead of writing pages of this stuff where you give us questionable cause/effect, I would suggest heading to twitter and other forum's and pumping BTS. IMO thats the only "genius" going on beyond that 1 week mining which created a shallow distribution.
I've suggested before that I3 makes a fund for people to go out there and support BTS. People need incentives to do this. Those incentives work better with shallow distributions if you want it to happen organically. Otherwise people need other incentives....I never asked for I3 to make a fund. I asked for developers to do strategic airdrops using the shares they'll already control. The purpose of strategic alliances is fork resistance, not just pumping.
I also don't understand "strategic partnerships" with blackcoin. I do understand taking their best ideas and mulling them over to see if they fit. A BTS paying pool is not a bad idea in any way, but thats not a strategic partnership.
In another thread, 4 people back to back questioned what was special about blackcoin. No one questions whether emulating their multipool is a bad thing. If you'd just stick with that, everyone would agree with you. Instead you talk of "marketing geniuses" and "strategic partnerships" and I suspect a lot of us just sit back scratching our heads.
Blackcoinpool only existed for around a month. Look at the volume and don't worry about the pool.
I can go show you other POS mining pools that aren't near as busy as blackcoinpool. A wager would incentivize me to further the issue with you.
The end of the #BlackFriday Promotions and what is next…
by BlackCoin Team | Apr 18, 2014 | Mining | 4 comments
In the past two weeks we have had an amazing time with the #BlackFriday promotions. We gave away a big bag of Blackcoins to miners over a timespan of two weeks, had the community themselves give away a bunch of extra hardware prizes and on top of that we broke record and record on hashrate, reaching over 11 Gh/s on Scrypt alone and 88+ TH/s on SHA-256.
In the coming weeks the BCP dev team, Legion Development Group, and the BlackCoin team will work hard on providing even more great things for the BlackCoin community, such as Operation BlackShield, Project Accept BlackCoin. In the meantime, many more projects are being developed by us and by the community at large.
However, we like the idea of the BlackFriday promotions and came up with the next promotion that will start on the first Friday of May. Curious what it is?
A new BlackFriday Promotion…
Starting the first Friday of May we will start a lottery system on BlackCoinPool. This is going to work on Address and IP basis and we’ll give away tickets to the lottery in the following way:
For Scrypt:
1 MH/s – 5 MH/s = 1 Ticket
5 MH/s – 10 MH/s = 2 Tickets
10 MH/s and above = 3 Tickets
For SHA-256:
100 GH/s – 500 GH/s = 1 Ticket
500 GH/s – 2 TH/s = 2 Tickets
2 TH/s and above = 3 Tickets
The ticket count will be updated on a weekly basis for every day we hit at least 15GH/s during that week. For each day under 15GH/s we will not give tickets to the miners. This promotion will run from the 2nd of May untill the 3th of July with the lottery draw being held on Friday the 4th of July. What you can win? Hold on to your Mining Rigs…
Are you ready for the most amazing give away in Mining History? Are you ready to become the coolest miner in your local town? Are you ready for EPIC?
BlackCoinPool.com will give away ONE 300MH/s KNC Miner Titan*, worth $9,995.- to the lucky winner of the draw held on the 4th of July. This epic mining rig by the reputable mining gear company KNC Miner from Sweden is currently the wet dream of any mining enthousiast in the world. Who wouldn’t want to have this puppy in their home?
This 28nm-chip based uber rig will perform at atleast 300 MH/s on Scrypt based alt coins. Using about 1 KWh we expect this rig to be one of the most profitable rigs out there, and jugding KNC Miner’s earlier performances, they’ll make sure you’ll get the best mining rig there is. We’ll preorder the machine and when you win, you will receive this monster at the doorstep as soon as KNC can deliver. Just add a PSU and you are off to mining heaven.
To make sure all is fair we’ll use the before mentioned lottery ticket to draw the prize, which will be done live using a randomizer in combination with a livestream on Twitch.tv. You’ll be able to see the number of tickets and their respective hashes on your mining page so you can check directly if you are the lucky winner.
BTC isn't Proof of Stake. If you cannot see why people want to put their money in Proof of Stake when the price of BTC is dropping like it is then there is nothing I can say to you. Learn the value of Proof of Stake and that is why people prefer their payout in a Proof of Stake coin. Blackcoin was just the first true Proof of Stake coin to do it. It would be even better if it were BTS because BTS has greater interest with a smaller cap.
In the end, the guys with a lot of capital in mining etc are not going to mess with that stuff. They'll just find the best BTC payout and buy BC when the market drops like any sharp player will.
blackcoipool has 7 mhash. Wafflepool has over 30. Why do you come to such conclusions that blackcoinpool type places are the future of mining ?
What exactly are you trying to purchase by paying the Bitcoin community? Technical expertise? Development support? Bitshares is already technically superior to Bitcoin. And if it's about marketing then Litecoin, Blackcoin, Dogecoin are all better at marketing than Bitcoin.
I find it a bit strange you lecturing me about learning about business. I was suggesting same thing as you are, but with BTC. You didn't want BTC, because you kept going on and on about how they have thieves in their mist, and centralization of power. Reasons not really related to our business.
This is all correct. I want to make a pitch. Think of it as a job offer to the Blackcoin community which they can accept or reject. If they accept the shares in the air drop then it's up to them to do the necessary marketing to make the associated DACs popular.
I will sum up your most interesting idea and I think what you've been getting at.
Blackcoin is full of pumpers. To pump you need cheap and signficant shares and at a low price. Snapshot airdropping to blackcoin would accomplish this bring these people in the fold for future DACs.
What is an unmanipulatable market? You're being biased here. All markets are manipulated.
Is it good to airdrop to "marketing geniuses" aka guys who sit around and manipulate altcoin markets all day?
Then you want fiat currency because those currencies are stable. They don't grow, so they can't crash.
I can't say, but there is something there to consider. I am not sure I want DAC shares inflated because I think it also leads to artificial crashes hurting people not in the game. Pumpers play a zero sum game where the less sophisticated lose out repeatedly.
Blackcoin keeps going up. It'll be interesting to see if it sticks and for how long.
What happens to Manipulated Commodity Prices when BitShares and other crypto-markets open up? Will Silver and Gold, in particular, go up in price as the Crypto-Equity markets slowly gain traction and grow to encompass Wall Street in their Shadow?
The short answer is: The only way to find out is to run the experiment.
However, it is entirely possible that, if some sellers of physical gold accepted 1 oz. BitGold in payment for XAU 1.00, the BitGold might continue to trade at a premium, because of it is easy to hide, transfer, and store, unlike physical bars of gold.
So the idea that investors somehow could be hurt by a pump and dump doesn't make much sense. The only group of people who I could see who might get hurt are day traders who don't even think to find out what Bitshares is at all and who don't even download the client. These sorts of speculators can blame themselves for not learning what Bitshares is because if they understand what it is they could start speculating and day trading from within the client which is what we should want.
This is a point which I expected to be obvious but I'll make it obvious. The Blackcoin community would benefit a lot from having BitAssets like BitUSD, BitBTC, and Bitshares in general.
I don't even know where to start, so I'm not going to try hard.I am saying Bitshares is designed to be that way. I read the early whitepapers and it was designed that there would be winners and losers. I'm not sure how you can avoid that short of printing up a lot of money and then feeding it into market so it looks like everyone is winning.
This is not productive for anyone.
Go look up zero sum game if you have no idea why someone could be hurt by a pump and dump. (Although I am not sure markets are zero sum, I am under this impression at least)
You are going too much out of your way to be insulting and misrepresenting what I am saying. Telling me I am confused, "finally numbers", etc. Lol. I don't think I did that to you, or at least i attempted to avoid as much.It's not my goal to insult anyone. I just don't see how you expect Bitshares to work. Do you believe that everyone will use it and no one will speculate on the wrong commodity and lose their money? How would BitUSD be created without winners and losers in a zero sum game as you describe?
Your problem is I believe that you actually use different definitions of things depending on what you are trying to accomplish. instead - stick with trying to be better at conveying any ideas of merit you have.
For example, if I understand correctly, by your definitions you airdrop to people of note, but you form strategic alliances when you snapshot other's blockchains. Just seems confusing and backwards to politely put it.
Do you mean that you virtually mine altcoins and sell them automatically for BTS? So you effectively mine i.e. BitPPC and sell it automatically for BTS?
Appologies in advance for the very newbie and silly question but I am trying to survive falling from the sky without wearing a parassute and so far I have missunderstood many things that led me to bad economic decisions...
and another point I want to make is why to form a partership with BC? Who cares if this coin can generate 1% on your saving account? PPC does the same thing.PPC is not true Proof of Stake. It's still being mined thus diluted, just like Bitcoin, Litecoin, Dogecoin, etc.
I bought some PPCs waiting to appreciate in value but never unlocked my wallet to get 1%. If I want 1% I stay with current fiat and stocks. And who cares if it they have good marketing? XPM had also some publicity for solving prime numbers was only short pumped but has still not appreciated in $ terms.
BTC falls and all of these coins get hammered. BTC rise and some good coins existing out there rise more %...Except for true Proof of Stake coins like Blackcoin and possibly Bitshares.
The most important thing is to create a multipool for BTS (although as per my previous post I am not sure I understand what mine BTS means) in order to attract the miners from BTC and LTC to BTS and pump BTS price.This is something we agree on. I think the multipool should be a hybrid BTS/BC pool because then you'd immediately attract them all with the least effort.
BTS supposed to be something completely new and different. Why form any partnership with any altcoin out there?Because you can! Why compete when you don't have to? You actually want to compete with everything for marketcap when you could cooperate? Which coins do you think are going to win in the end?
Just convience people of it's value, get the miners on board (who as far as I understand they are the ones pumping the prices irrispective of what each coin does) pump BTS the price to $1,000 and then the whole world will know about it...
I am amazed it's still at a stand still. There is 3x the buy volume visible in the orders
HOLD!
It's like a mexican freakin stand off. :D
Stability is a beautiful thing with Blackcoin. It means the sellers who bought cheaper are running out of coins to sell. Everyone else is holding and waiting for the price to rise. With no mined coins being dumped on the market eventually the buy pressure will overwhelm the sell pressure and we get our next upswing.
Can't wait until we break 40k. I expect a rush of people will flood the market as it means 60k+ is back on the menu.
We were bang on.
Great feeling to wake up and find Blackcoin has smashed through another wall. :D
newcomers don't know like we do, there's no newly mined coins being dumped on the market. Once the profit takers are finished taking their profits from coins they bought cheaper there are no more coins to sell (= next upswing). We must repeat this like our mantra. This will continue until the market cap is beyond Litecoin.
There will be epic pumps, dumps and corrections along the way but the above logic is undeniable. Typically after each pump, a dump follows but importantly the overall trend is always upwards. To infinity and beyond.
Always bet on black.
I think in 1 year we will be that big that we have to mine LTC coz we crushed all other coins with our multipool ^^ . BC price in 1 month ~over 1$, bc price end of the year ~stable 4$ but over 10$ when pumped. Thats my quess
It means you would mine the real PPC, it would be sold on an exchange for BTS which would then be paid by the pool to the miners. Just like how Blackcoinpool does it.
QuoteIt means you would mine the real PPC, it would be sold on an exchange for BTS which would then be paid by the pool to the miners. Just like how Blackcoinpool does it.
I don't see anything wrong with this and why would anyone object to something like this. I believe it is essential to do it!
I don't believe though that any partnership with BC or any other altcoin has anything to offer.
I have zero knowledge about mining so I cannot really comment.It's not about size it's about expertise and shared values. The Blackcoin community shares values with the Bitshares community because Blackcoin is a pure Proof of Stake coin. Their marketing is targeting the same demographics that Bitshares must target to be successful.
But if you define partnership with BC to let the miners mining altcoins and let them choose payout between BC or BTS I don't see why not partner with BTC or LTC or PPC which have bigger communities? What is it so special about BC? If BTS is more profitable the miners will leave BC and BTC and everything else to mine altcoins in BTS mining pool.
Sure they have marketed their coin efficiently. XPM also had a lot of publicity when it came out. So what? BTC falls everything else falls. BTC rise everything else rise...XPM was Proof of Work which means every day the shares are being diluted. BTC fell and Blackcoin rose during that time. BTC falls because people are constantly generating new BTC so of course it has to fall. The only reason BTC is profitable at all is because demand is surpassing the supply at the moment but since the supply is constantly increasing if you're saying BTC is a good store of wealth then you're supporting the same sort of inflation that takes place in fiat currencies. I would not put my savings in a Proof of Work coin, and neither would most others which is why Proof of Work coins don't attract long term savers.
I think we want to completely differentiate BTS from BTC and all other altcoins outhere..Blackcoin is profitable right now. Bitshares is something we expect and hope will be profitable.
I might be the person with the least experience in here so everything I say might be wrong but I have not yet understood what is it so special about BC other than good marketing. I feel that once BC is $1-$2, the coin will get so dumped and will die..