Hi,
Due the code change a few things are happening.
1.) The stability is higher as the code has been updated
2.) The diff variable has changed to ensure a big miner with a lot ho hash rate can not stop the chain for a long period of time
3.) Network speed for verification is now 4 times faster than before, this is needed in the long run to ensure a fast transfer is given.
4.) The halving has been brought forward so the coin is halving twice a year now. This will have a positive affect on the coin starting from the first halving cycle in Jan/Feb 2016
5.) Miners have a better chance (smaller miners) against the big rigs as the diff will not go in to the 1000's so easy.
6.) More miners are needed to ensure the free official pool block find rate is increasing.
7.) Price is low at the moment which of course no one likes to see but in the long run it will have a positive impact as the chance to get WBB cheaper is now. Exact how low and when the profit switch will stop we don't know.
8.) It is better now to get these bigger scrypt miners out of the way than in 3 year and have them mining over 3 years. This may look worse but due the quick change it is only for a short period.
9.) There will be more coins in the short run when the first halving happens but total amount of coins will not change.
10.) WBB will be soon on the 1EX Exchange and this will help WBB.
11.) BTC is seeing a pump at the moment so everyone is trying to get some BTC. This is affecting all ALT coins a little. WBB is however fairly stable during this time.
12.) We tried our best to keep pump & dump groups off it. So far so good. Once the first lot is with coin holders it will be harder for them to pump after coin halving. but lets see and hopefully WBB stay pump clear for a long time. A slow and steady grow is what we are looking for in the long run.
Update:
The last couple of changes to the trade screen will be added today/tomorrow ( small fixes on help icons and ticker). After this we complete the share screen for shareholders and once done we work on the ALT's to get them on the exchange.
So far we are on target with the Exchange and work is going on daily to make 1Ex one of the best exchanges available. Trade will start to happen slowly over time and people will come to trade on 1Ex once the first alts hit the exchange.
Trading will not be just for ALT's but also for BTC due direct link with the bank CC and the ability to be faster on the trade. This will all benefit the whole WBB / 1Ex business in time.
Thanks
WBB Dev
thanks Peter for the update.
As always, we are very timely updated on the progress - well done!
As for the response to my concerns, I am still not fully satisfied with your response. As far as I understand the update of the code for stability (diff variable) had nothing to do with block time length and could have been done independently (points 1 and 2) - please correct me if I am wrong here. I also don't see the BTC price rise as the only thing to blame for WBB price devaluation (point 11), especially that the price of WBB is in a stable decreasing trend since the changes were introduced, i.e., almost two months now (Sept. 14th, was the date when changes were made, if I remember correctly). recent surge in BTC only added fuel to that.
As for chance to getting more cheaper coins (points 7 and 8 ), well yes, but only under assumption that people do not have full bags already (still have spare
BTC to buy, and as I said we need roughly 20
BTC a month to keep the 10k price) and will buy instantly instead of waiting for cheaper prices (pretty sure that is what may happen). And here we come to the clue of the story for now, marketing of the product that you have delivered. Can you comment a little bit on the marketing plans for the nearest time, say, before halving?
Hi,
On point 1 and 2: yes the block time has nothing to do with the new way how diff is calculated. However coins need a faster block time and for this reason was also 1 min select. This will benefit the coin in the long run. BTC price to WBB has not much of an impact but of course people will get BTC and not selling WBB to get a fraction of BTC. Mainly what is also needed is more miners so the profit switch is stopping. This will take time and by jan he will mine less as there are only 2.5 coins per block then. As we moved the time from 4 min to 1 min we have also reduced the time the by factor 4 to block halving. In July (isch) there will be only 1.25 WBB per block and in Jan 2017 only 0.625 WBB per block. Yes more coins are coming in but instead dragging the time out we brought it forward by doing so. This decision we took to benefit the coin and overall business.
On point 7 & 8: People will get cheaper coins and there is no way to say how much people will hold or buy plus how many new people will come in. What is needed to hold a month is unknown, reason as it depends where price will settle and when the profit switch stops and how many people will mine on the free pool. All this is an unknown factor. Natural trading will do the coin good and in the long run provides a stable ground. People are more likely to invest in a stable environment. However what the right price is for bottom decides the community. We suggest hold be patient and don't push up to high, wait and collect. If we think of lets say 20BTC a month till Jan 2016 it is not really a lot. Spread over many people it is a small amount.
Marketing we will start as soon as we ready wit the ALT's on the exchange. This will be done not just over twitter or FB but we are working also to be in Crypto magazines and will run tailored advertisements and possible video adds for it. Most will kick off in jan 2016 pushing ahead for the first 6 month till 1Ex and WBB is well known.
Now is not the time to run bigger adds as we are still developing and in a Softlaunch phase. Once the product is fully ready we will start.
Overall the price for WBB is very low and properly will really start making grounds in 2016.
Trading for BTC is fully open now on the exchange as the new trade screen is in. Now it is with the community to use it for trading. The BTC price on the exchange is set by the community / traders / public as we don't run cross trade books or any bots to show false volume like so many do. This is a decision we took right from day one, a clean exchange with no scam on it which is fair to everyone. The exchange should be a one stop shop for BTC / ALT's & FIAT
Thanks
WBB Dev