I will say as i said some post ago, the inflation can be controlled if the services to be run by the masternodes includes a burning supply feature, from the fees colected of the service, maybe lets say 50% can go to a burning address, and the other 50% for mn.
If the service requires for example 3 8bit, it will deflating the economy.
But thats if for every block on the blockchain a service is offered. As that wont be happening at early stages, it will be a inflationary system while there will be always the option of reducing the supply in circulation by burning it.
It almost should compensate a bit the inflation at the same time is bringing usability to mn.
Topic: [*] 8BIT [Dark Masternodes][Anon][Roadmap Stage 4] - page 172. (Read 379550 times)
Code:
~$ 8bitd stop
8Bit server stopping
~$ mkdir newdir
~$ cp ~/.8bit/8bit.conf newdir/
~$ wget http://www.8-bit.party/boostrap.dat-20150628_91334.7z
--2015-07-01 13:36:02-- http://www.8-bit.party/boostrap.dat-20150628_91334.7z
Resolving www.8-bit.party (www.8-bit.party)... 2400:cb00:2048:1::6812:2c88, 2400:cb00:2048:1::6812:2d88, 104.18.44.136, ...
Connecting to www.8-bit.party (www.8-bit.party)|2400:cb00:2048:1::6812:2c88|:80... connected.
HTTP request sent, awaiting response... 200 OK
Length: 40105338 (38M) [application/x-7z-compressed]
Saving to: ‘boostrap.dat-20150628_91334.7z’
100%[====================================================================================================>] 40,105,338 3.52MB/s in 9.7s
2015-07-01 13:36:12 (3.96 MB/s) - ‘boostrap.dat-20150628_91334.7z’ saved [40105338/40105338]
~$ p7zip -d boostrap.dat-20150628_91334.7z
7-Zip (A) [64] 9.20 Copyright (c) 1999-2010 Igor Pavlov 2010-11-18
p7zip Version 9.20 (locale=en_GB.UTF-8,Utf16=on,HugeFiles=on,8 CPUs)
Processing archive: boostrap.dat-20150628_91334.7z
Extracting boostrap.dat-20150628_91334
Everything is Ok
Size: 73925208
Compressed: 40105338
~$ mv boostrap.dat-20150628_91334 newdir/bootstrap.dat
~$ lsof|grep newdir/bootstrap.dat|wc -l
0
~$ ./2/8bit/src/8bitd -datadir=newdir
8Bit server starting
~$ lsof|grep newdir/bootstrap.dat|wc -l
12
Maybe your expectations are too high. Bootstrap is about skipping p2p download, blocks are still validated. It takes time especially on low end or busy boxes.
Dictator says you have to publish your proposal. Carry out an order
As you wish master.1. Low inflation is a must. Why is this a must?
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.
1. please explain..
What is high? As I've shown that the current setting are capable of storing value. We have a rare & undervalued coin, as market grows let supply grow accordingly. Cutting supply makes the coin extraordinarily rare, if it is too rare it won't be of any use.
The high inflation rhetoric does not fit with fixed increment as it does with regular compound interest rates.
I saw this quote
Quote
At that moment inflation will be 10% per year.
If it is the right number I can tell that it is a fine level of inflation and it will be less in the future. How is inflation affected by the masternodes BTW? I heard MN are more profitable than staking so actual inflation could be higher... Right, this behaviour has changed in Core 0.7.1. Now file can automatically imported. 8BIT supports it. Rename that file to "boostrap.dat" and put to your data directory (where wallet is).
Sorry, does not work for me. Can anyone conifrm bootstrap is working? 
Dictator says you have to publish your proposal. Carry out an order
As you wish master.1. Low inflation is a must. Why is this a must?
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.
1. please explain..
What is high? As I've shown that the current setting are capable of storing value. We have a rare & undervalued coin, as market grows let supply grow accordingly. Cutting supply makes the coin extraordinarily rare, if it is too rare it won't be of any use.
The high inflation rhetoric does not fit with fixed increment as it does with regular compound interest rates.
Right, this behaviour has changed in Core 0.7.1. Now file can automatically imported. 8BIT supports it. Rename that file to "boostrap.dat" and put to your data directory (where wallet is).
No. How could I know about it?
Well... if you ask for bootstrap file I expect you know what do you ask for. This is just how bootstrap loading works in every bitcoin clone.
No. How could I know about it?
Well... if you ask for bootstrap file I expect you know what do you ask for. This is just how bootstrap loading works in every bitcoin clone.
Dictator says you have to publish your proposal. Carry out an order
As you wish master.1. Low inflation is a must. Why is this a must?
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.
1. please explain..
Have you launched your wallet with correct parameter?
No. How could I know about it?? Code:
-loadblock=boostrap.dat-20150628_91334
Have you launched your wallet with correct parameter?
boostrap has to be placed in same dir where wallet executable is. Or wallet directory. I don't remember. Otherwise you have specify full path to boostrap file.
Code:
-loadblock=boostrap.dat-20150628_91334
boostrap has to be placed in same dir where wallet executable is. Or wallet directory. I don't remember. Otherwise you have specify full path to boostrap file.
Coin aging increase chance to mine a block for older stake. Let's say I turn off my wallet for couple days. When I will turn it back on I will be having more blocks mined.
There is an attack vector due to coin aging and it deincentivize people to have 24/7 nodes.
There is an attack vector due to coin aging and it deincentivize people to have 24/7 nodes.
Code:
int64_t GetProofOfStakeReward(int64_t nCoinAge, int64_t nFees, unsigned int nHeight)
{
int64_t nSubsidy;
if (nHeight > 11499){
nSubsidy = static_cast(1.2 * COIN);
}else if (nHeight > 1888){
nSubsidy = nCoinAge * COIN_YEAR_REWARD * 33 / (365 * 33 + 8);
Since block 11500 coin age is no longer taken into account when calculating PoS reward.
EDIT: I misunderstood you. You said you are not sure how is it organized. So clearly answer is: our PoS is not affected with coin aging stuff.
Have anyone tried to use boostrap? Didn't work for me.
What does it mean it did not work for you? Details please. I hope you have uncompressed (7z) it first.
Dictator says you have to publish your proposal. Carry out an order
As you wish master.1. Low inflation is a must. Why is this a must?
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.
1. please explain..
Coin aging increase chance to mine a block for older stake. Let's say I turn off my wallet for couple days. When I will turn it back on I will be having more blocks mined.
There is an attack vector due to coin aging and it deincentivize people to have 24/7 nodes.
There is an attack vector due to coin aging and it deincentivize people to have 24/7 nodes.
Code:
int64_t GetProofOfStakeReward(int64_t nCoinAge, int64_t nFees, unsigned int nHeight)
{
int64_t nSubsidy;
if (nHeight > 11499){
nSubsidy = static_cast(1.2 * COIN);
}else if (nHeight > 1888){
nSubsidy = nCoinAge * COIN_YEAR_REWARD * 33 / (365 * 33 + 8);
Since block 11500 coin age is no longer taken into account when calculating PoS reward.
EDIT: I misunderstood you. You said you are not sure how is it organized. So clearly answer is: our PoS is not affected with coin aging stuff.
Have anyone tried to use boostrap? Didn't work for me.
What does it mean it did not work for you? Details please. I hope you have uncompressed (7z) it first.
Have anyone tried to use boostrap? Didn't work for me.
Dictator says you have to publish your proposal. Carry out an order
As you wish master.1. Low inflation is a must.
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.
1. There's no clear agreement here. I am crypto enthusiast and programmer, not economist. I have to rely on community voice. Community voice is not consistent here. That's why we will vote.
2. Result of voting here is easy to predict. Cost will probably 888 maybe even higher.
3. I know what is it forked from, PoS code origins from PPC like always. What do you mean by aging? Time required to start staking?
4. I have already published boostrap on new website, see https://bitcointalksearch.org/topic/m.11736308
There is an attack vector due to coin aging and it deincentivize people to have 24/7 nodes.
Dictator says you have to publish your proposal. Carry out an order
As you wish master.1. Low inflation is a must.
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.
1. There's no clear agreement here. I am crypto enthusiast and programmer, not economist. I have to rely on community voice. Community voice is not consistent here. That's why we will vote.
2. Result of voting here is easy to predict. Cost will probably 888 maybe even higher.
3. I know what is it forked from, PoS code origins from PPC like always. What do you mean by aging? Time required to start staking?
4. I have already published boostrap on new website, see https://bitcointalksearch.org/topic/m.11736308
Dictator says you have to publish your proposal. Carry out an order
Like i consented before, increase cost to 888 (by popular demand, for marketing reasons, and practicality).
Let the pay-out system be as it is, its high profitability is one of the key aspects of 8Bit. Its the reason why many dared to venture into this coin. The system is stable enough, the future is modest enough, let it be.
Have others for consult but decide for yourself who speaks truth, then carry on.
If you need time, take it. If i'm wrong price should naturally destabilize significantly, if i'm right it should remain stable. Set a period aside to see what the market does, then decide.
Dictator says you have to publish your proposal. Carry out an order
As you wish master.1. Low inflation is a must.
2. Higher masternodes requirement is a must. It's annoying to create 10 masternode wallets to have a full advantage of it.
3. I do not like coin aging idea. Not sure how 8bit is organized, probably a fork of PPC. Someone expirienced enough could tear off coin aging from the code.
4. Bootrstrap file would help to have wallet ready faster.
Dictator says you have to publish your proposal. Carry out an order
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