Topic: [ANN] Bytecent - Blockchain Powered Social Rewards Network - Bytecent.com - page 83. (Read 160297 times)

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

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

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

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

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

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

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

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

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

Scarcity does not always mean an increase in value.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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


In 1.4 that will be virtually impossible .

As I said, I dont have the coins to keep the captcha at 24 hours on so many systems. And honestly dont have time to write a custom scrape tool to send to death by captcha to get around it. Just dont have the time.... so no not anytime time soon. I'm booked solid till late July.

No. This was a "what if" scenario.

I am running 1 machine right now. About 18500pps.

My other systems are mining XMR.

Lol so you are holding half network hashrate. I can just hope you are not dumper.

Yea, the problem is the captchas. I've got roughly 20 4770k systems and 40 2600k systems.

So thats 60 systems @ guessing 2000pps each. But I'd need a lot of coins to avoid the captcha issue or setup a scraper/deathbycaptcha system.

I think i like this coin.
Giving it a whirl!

PPS are also throttled. I have a 24 core machine. It gives me an error saying "PPS higher than network average mining halted".

Basically you are limited to 6 threads or so at 3ghz.

The network doesnt allow more than about 3000pps.  It shuts you down.

I simply just launched the wallet onto a bunch of VMs and transfered 11k coins to each wallet. So I'm pulling about 19,000 PPS on that 1 machine. But you have to use VMs to do so.

I'll launch the same on my other 2 systems soon.

That You "think" what "I" think/see, wich can be ofc wrong.
I am fine with natural rise. I did not even said "moooon" or "pumppppp" etc.. to get that your answer.

What is Decent PC? Decent PC makes 2000pps and at current diff (and rising) is no more then 10-15coins/day. Wich is 1-1.5$/day At week is ~10$. So not near close to your numbers.
Not to mantion that few times since last wallet update someone dumped coins at much lower price then current.
So i still think my concern is in place.

You are not taking everything into account. For many people in the world, electricity is very cheap, and mining Bytecent is very easy for people with decent computers. So if they can mine $70 worth of Bytecent a week, and it only cost them $5-$7 in electricity, why not sell? $70 is a lot of money to people in developing countries and young adults in most parts of the world. Furthermore, why would investors spend more for BYC when they can setup buy walls and wait?

This is how it is suppose to be. The value of a coin should not skyrocket over night. It should be a gradual increase over weeks and months. As more people mine, and it becomes harder to earn coins, the value will naturally increase.

In addition, as demand for Bytecent increases and supply cannot keep up, this will also cause the value to increase. The problem is, you and others have seen other coins value artificially inflated and think that is the norm, and it is not.

Still can't belive that there is many that sell at so low price at this diff.

Thank You 

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