I've been trying out PayServices over the past few days, and I like it, although some of the features haven't been implemented yet. I'm really looking forward to trying out the various features as they roll out.
The question I have about BFB is this: If the coin is 100% premined, where are you getting the coins to have one coin per block indefinitely?
@wiser,
POW Blocks with one coin per block generated by the ButterflyBits Network every minute would be left in place with no halving in order to provide incentive for as many miners as possible to set up nodes and mine ButterflyBits. This would help further secure the Network and guarantee fast transactions. Since PayServices is rich in features, including ones that are not fully implemented yet along with features that are yet to come in the future, the amount of uses for these coins could be massive. This would make mining for a share of the 1440 coins a day that the Network produces worth mining in order to gain as many as possible. Currently with its distribution as rewards in increments of 10 to 125 ButterflyBits that come with the Butterfly Effect CitizenCards when purchased at $10 USD to $125 USD. Those ButterflyBits come directly out of the pre-mine which is viewable through any Block Explorer with a rich list or in the Butterfly Central Reserve. Compared to most the Bitcoin 2.0 projects along with ripple, leaving in the ability to mine ButterflyBits for the single coin blocks keeps ButterflyBits DeCentralized which is an important part of why CryptoCurrencies such as Bitcoin and Litecoin have been extremely successful. This and other components and features that make up PayServices are all a big learning lesson which we will be learning together as this grows into something that all of us will have built together and that works. ButterflyBits is just one of many components that are a part of PayServices.
Thanks for answering the question, although it would seem that as long as there are BFB's tied up for miners, then the premine wasn't entirely 100%, maybe 95%, but you would have had to have left some for the miners to unlock. Or, do those BFB's come from somewhere else? I'm just trying to understand.
As far as accessing BFB's now, I know of two ways: mining it and buying a Butterfly card through PayServices.com. Are there any other ways to acquire or purchase BFB's? Do any exchanges currently carry it? I understand PayServices will have its own exchange and marketplace in about a month. Will BFB then be for sale? I would love to get my hands on some.