Topic: [ANN] BITTUBE | NOW LIVE | NO PREMINE | NO ICO | FIRST AIRTIME MEDIA PLAYER - page 74. (Read 79859 times)

Buying IPBC OTC Plz DM/PM Me.

As noted, that means mining would end in 4 months assuming the initial target of 1B total coins remained intact. So after 4 months we'd be left with video producers and viewers being rewarded with just the tail emission. I think that would kill the project quickly. They are, after all, the people who will decide the fate of the project in terms of widespread adoption of the IPBC platform, not miners or investors.

Alternatively you'd have to vastly increase the total number of coins, dilute everyone, and end up risking Litoshi markets.

None of this even begins to address how you would accomplish paying the miners between the fix and start of your proposed hardfork when working with an anonymous blockchain.

Speedie, jimlite, IPBC devs - the actual answer is this:

1. Hard-fork back to the original 10,000 block reward
2. Move decimal place over to avoid sub-one-satoshi coins (look into how IOTA did this)
3. All miners who mined 400 coins per block after the "fix" should be given (through a hard-fork) an additional 9,600 coins per block to the output address in their coinbase transaction
4. Continue mining 10,000 coin blocks as if nothing happened

This is the only way to fix this problem and return everything to normal.

Every other solution proposed has terrible trade-offs and edge cases except for this one.

jimlite - you sound so desperate to be "hired" that its almost like you're begging for a handout   

Anyone selling OTC? 

DM me

I thought long and hard about whether I wanted to reply to this as "some" people are hellbent on either accusing the Devs of doing this deliberately despite all evidence to the contrary, or implying it by very cleverly using double quotes and referring to it as a "bug" instead of the simple human error that it was, and then throwing out personal attacks if anyone dares to point out their factual errors. Not really productive, and it's casting a shadow on an otherwise terrific project. But I believe this project has fantastic potential compared to the copy/paste crap and vaporware ICOs that dominate the scene these days, so here goes...

Full disclosure: I mined for a short time on the 1st day, but not for long as I had problems with the vardiff going sky high on the various pools. I have been mining on and off since things settled down somewhat, despite the 10K blocks, and have approximately 23K IPBC - an amount that increases by ~480 per day at the current difficulty. So before "some" people (I can use double quotes too) accuse me of talking my book, there it is. I also have no connection whatsoever to the project other than recognizing its potential.

Whether you see this as a problem or not seems to be a matter of timeframe. I really don't see it as one, not because I benefited hugely (I didn't - see above), but because I tend to approach crypto projects with a timeframe that's measured in months if not years. When viewed through that lens, 16M is really neither here nor there. The current rate of emission is approximately 335,000 IPBC per day. 20.5M have been mined in total, and of those, 16M came from the 10K reward blocks. Therefore by the time another ((32M - 20.5M) / 335K) = 34.33 days have elapsed, the 16M from the 10K blocks will be in the minority. Let's go crazy and call it 1 1/2 months. And I'm not even allowing for the fact that the Devs claim to have 4M of the 16M, I'm assuming the whole 16M are out there in early miners' hands.

Personally I look at a project like this as needing at least 6 months to a year to even come close to catching fire. In 6 months from now there will have been another 60M coins mined - now the 16M will be in a roughly 4:1 minority. A year from now they will be positively dwarfed. And by the time 1B coins have been mined, they'll be little more than a blip.

Now, if a miner's timeframe is measured in days or weeks, then sure it matters a lot more. If that's the case though, I'd venture to suggest that gambling on brand new projects that aren't on an exchange probably isn't the wisest choice. I'd love to say that I sympathize with those looking to make a quick killing, but I don't. They're the ones who will dump at any price if Rome isn't built in a day, and good riddance to them. Those with more vision and patience will pick up the pieces if the project is worthwhile.

So on to the various proposed solutions:

1) Restart mining from scratch: Not just no, hell no. It would be the fastest way that I can conceive of to destroy the project once and for all. Who would ever trust mining it again if they knew that days and weeks worth of work could be wiped out if another problem is discovered? Absolute non-starter.

2) Increase the emission to some unknown higher number for some undetermined length of time: Not clear what this is supposed to achieve. The 16M will already be a minority just over a month from now. And you know that once THAT period of high emission came to a close, there would be more complaints about how unfair it was that the people who mined for the first X weeks got a higher block reward, and round and round we go.

3) Leave the emission at 10K permanently: Until when? Until 1B coins was reached? That would take 100K total blocks, so mining would be over approximately 4 months from now. Or really go for the gusto and end up with trillions of coins on an LTC exchange? Neither are good solutions.

4) The buyout solution: I see a number of inherent problems with this:

- It is based on the idea that rather than have the errant 16M (or 12M - either way) coins in 300 - 400 miners' hands, it's somehow better to have them concentrated in even fewer hands. Why? I don't mean any disrespect to your reputation by this, you may indeed have a long and impeccable track record and you've certainly been here on BCT about as long as I have, but I don't know you any more than I know the 300 - 400 miners who hold them now. I prefer to trust neither, but rather to put my trust in efficient markets. I'd certainly rather trust 1.6% of the project in the hands of 300 - 400 miners than a 10% premine in the hands of a few anonymous Devs like most projects around here.

- It assumes that all of the early miners simply want to dump the moment the coin hits an exchange. Patently not true, I was one of them and have zero intention of dumping. I highly doubt that I was the only one who saw a diamond in the cesspool that is the ANN forum and thought "Holy ****. Something worth getting involved with!".

- It further assumes that if they do all dump, the only beneficiaries will be "some whale" who will scoop them up to be dumped at a later date. Why do you assume that? Are smaller miners / investors / strong hands somehow incapable of doing basic math and submitting buy orders if the price is far below the true value?

- The final, and fatal IMHO, assumption: that all 300 - 400 miners would comply and sell for $0.01 each. I wouldn't for one. I suspect that a great many others wouldn't either, because they're here for the right reasons i.e. they believe in the long term prospects for the project and view their first day bonus as just that. If even 20% by volume of coins take the $0.01 offer, and they'd have to be phenomenally bad at math to do so, then what has been gained? Virtually nothing.

Finally here's another proposal that doesn't seem to have been mentioned at all. It's a radical one, but here goes:

5) Let the markets sort it out: Fair value at the moment would be roughly 4.17 cents. Not sure how you arrived at a cost to mine of 10 cents as 1KH/s on CN will currently bring in roughly $2 per day, or 48 IPBC. Divide one by the other and you get 4.17 cents. Regardless, anyone dumping at 1 cent would literally be giving away free money by selling at a > 75% discount to cost of production. Moreso at 50 satoshi, or 3 satoshi, or whatever other dire prognostication. So let them. Plenty of farsighted people who would welcome the chance to relieve them of those heavy bags knowing both a) the actual cost to mine and b) the long term potential of a project with an actual functioning product at launch.

The project hit over 3MH/s in the first few hours, and currently sits at 7.17MH/s despite the 10K blocks. That says something as it's a bigger network than some CN projects that have been around for far longer. KRB and XLC to name a couple, plus ITNS depending on whether or not NH is currently invading. I doubt that they're all mining away blissfully unaware of the 10K issue. More likely they view it as a bump in the road in the long term, and many of them are probably waiting (as I am) to scoop up cheap IPBC if the early miners do dump. After all, who wouldn't want to buy an asset at less than 1/4 the cost to mine it?

One final thought: the offer to buy at 1 cent values the whole project at $200K. Sorry, but that's laughably low. Put a $10M market cap on it 6 months from now, which is extremely conservative for a project with a working product from day 1 in a huge potential market, and you'll be looking at around 12.5 cents. That makes mining at the current opportunity cost of 4.3 cents a steal, 10K blocks or not.

This is a good project, but cannot claim as " no pre-mine" by its earliest mistake.  Otherwise, it looked like a cheating to the late investor or miner to pay much higher price for those cheap coins. Market may rectify the price to the lowest.

Except for the miners, who will be the biggest losers, this possible dumping will hurt whoever buys IPBC once it goes to the market or whoever is buying on OTC, prices are already high apparently... Some experienced users are apparently offering solutions to avoid bigger problems .

Actually, this explorer was built on old version (before the 'bug' fix) and it's showing 0.0204% when it's actually 2.04% now, probably tail emissions were changes with the 'bug' fix.

I will correct it this soon hopefully, sorry for misleading.

I don't, sorry. You could try [email protected] and see if they can help.

Thanks for the help, but that's what I did. Do you know if there any one specific from the devs who could help with that or how do I reach them?

This issue still exists...... any progress

my question remained unanswered 

Try the File -> Reset Wallet again now that you've resynched. If that still doesn't work, you should contact the devs for assistance.

Just tried that, didn't worked out, stuck at 8996.01669517 IPBC

Coin looks intresting,how many devs are involved? At once pools, a site and ready, working idea. Will there be a signature or social media bounty soon? I like this project and would love to help in promoting this coin.

Bummer. Is the wallet fully synchronized? Does the block height agree with the pools and Block Explorer?

If all else fails, try deleting the blockchain DB and resynchronizing from scratch. That's fixed similar problems for me before with other CN coins.

Thanks, but I have tried that already, did not solve the problem.

Try File -> Reset Wallet. It will force the wallet to rescan the blockchain DB for transactions, and may correct the problem.

Hey guys, I have upgraded from GUI wallet 1.0.1 to 1.0.2, before upgrade I had 11186.5465 IPBC and after only 8996.01669517. Where did the rest of the coins went?