Topic: [ANN][BITS][Bitstar] Now on Cryptopia, Nova and Yobit new wallet fork in testing - page 47. (Read 438042 times)

We had some node issues last week, but have just replaced them all.  Maybe try deleting your peers.dat file and letting it connect to fresh peers

I've been having issues syncing past week or so.

Mostly seeing 0 or 1 or 2 active connections and currently about 4000 blocks behind sync. (and rising each day)
My other coins have 10+ active connections and never had such issues. Any idea why?

I tried various conf files and currently have got following in my bitstar.conf.

rpcuser=username
rpcpassword=password
rpcallowip=127.0.0.1
rpcport=62124
port=41123
gen=0
server=1
addnode=seed.bitstarcoin.com
addnode=seed2.bitstarcoin.com
addnode=seed3.bitstarcoin.com
addnode=seed4.bitstarcoin.com

Good answer, I'll burn some BITS, sounds like a good experiment.

The new coin is a regular public coin network with the usual open-source code, released by its own dev team, not my company. The sources you need should be available when the new coin's wallet is released.

No, this is a separate side-project to the work we have been doing with supernet concerning iDEX and our plans to utilise it for the BITS ATM exchange backend.

In the same way that a POW initial distribution model for the new coin would not be suitable, a giveaway presents numerous other problems. To simply gift the initial coin supply to the BITS community would largely result in people dumping their free coin the moment it arrived on an exchange. As we're making no bones about the speculative nature of this experiment, we'd be lucky to see more than a handful of the distributed coins being staked.

Requiring people to burn some Bitstars as part of the buying process for the new coin is an effective way of creating the kind of conditions that will encourage participation by those who are more likely to support the network through running staking wallets. That there is a cost to the BITS holder to choose to burn some coins in order to receive a share of the new coin's initial distribution is balanced by the resultant reduction in the number of Bitstars potentially adding value to their remaining BITS holdings.

By establishing a vested interest in the new coin it will hopefully translate into a supportive community for it.

Is SuperNET involved in the new project?

also, why burn bits, why not just sharedrop a % on all bits hodlers?

If I participate to the staking process, I need the sources to compile the binary for my linux OS (either Ubuntu/Intel or Debian/arm).
Will the new piece of software be open source?

Thanks for the info!
Best of luck! 

No it will be pure Proof-of-Stake and there are good reasons for it to be distributed this burn/buy way. If the new coin were to be Proof-of-Work there would be both an expectation of return on investment from the miners and they, along with anybody they were selling to from outside of this informed community, would not take kindly to potential short-notice code-changes, forks and possible roll-backs.

As I said, this new coin is an experiment in public/private commercial collaboration, while it is being launched by its own dev team the fact is that my company will be engaging in this arrangement with the understanding that as the app we are developing is progressing, we may state that there is a need for the coin network to be modified in some way to allow for a better fit. It will be up to the dev team to decide whether they wish to respond to commercial requirements in order to cooperate in the hope of a viable long-term use-case being established for their coin.

We will continue to remind people that there are no guarantees or promises being made in regards to this side-project, so their decision to participate in the coin distribution must be taken in the knowledge that there may or may not be a viable product using this new coin at the end of this experiment.

will that coin be POW for some time?

The new coin being prepared will be based on Blackcoin, so will have a 1% Inflationary rate which, depending on the percentage of users actually staking their coins and supporting the network, will likely result in a 5-6% PoS staking rate 'interest'.

Thanks for your answers T3cltd. Btw, any idea of this new coin stake percentages?

Correct, the ATM project for BITS still exists, albeit we have had to pause our development schedule while we wait for iDEX to be completed. So in the meantime we are proceeding with this side-project.

There will be a release of a set amount of coins from the genesis block of the new coin. The process of claiming a share will require Bitstarcoins to be sent to a burn address, the new coin's dev team will be providing details on how to go about this closer to the time.

Yes it will result in a reduced number of Bitstarcoins in circulation and max supply. I have no idea how many this will be.

As mentioned, the ATM project for Bitstar is still scheduled, we just want to use this waiting period to experiment with another project idea.

There are a number of reasons why we can't use Bits for this side-project, we may need to ask the coin devs to perform hard-forks, soft-forks or, dare I say it, blockchain-rollbacks, during the beta testing for this app. We may need to abandon the initial coin tech/spec and request an entirely new chain. All at short notice. We also want a fresh chain so it can be handled quicker for such things as resyncing and reindexing during this period.

But this is actually the opposite of that, given the reduction in coin supply for Bits. This isn't moving value to a new coin, far from it, it is an entirely separate project which needs to utilise a new wallet/chain and it may or may not result in a viable business model. We make no promises about this new app becoming a commercial product, nor any about the new coin being created which, don't forget, will be an open-source decentralised coin network, it is not being created or maintained by my company. If this project succeeds and does become a commercial product utilising this new coin, it could end up bringing value to it and thereby reward those who chose to support it. Those are the factors that people will need to consider when deciding how much of their Bits holdings to commit to burning and how much to retain to possibly capitalize on the reduction in coins.

We are wanting to experiment with a number of factors concerning how feasible it is for a commercial project to work with a public decentralised coin network, such as being able to sufficiently influence the devs and its community to accept and work with short-notice forks and/or modifications to support commercial entities which potentially bring value to their coin through utilising it in non-cryptocurrency industries. We also want to see what proportion of the new coin's holders will stake and support the network.

And why you cant use bits as this technology? It feels like you moving value from bits to this new coin. And is this related to that non crypto industrial collaboration?

how about the ATM project?? i like bitstar.only if the wallet is not strong enough.

Thanks for the update. So this sounds like a separate app completely unrelated to BITS?
When you say it requires burning the amount of BITS, what does that mean exactly?
So this will in turn reduce the max supply of BITS? To how much are we expecting?

As a long time BITS miner, holder & trader, whatever makes BITS worth something is always welcome. 

Thank you, that worked... hopefully we dont get forked like that again... ;(

new bootstrap file https://www.mediafire.com/?0dtqhid6th3olxc

We wiped everything and are bootstrapping off our latest bootstrap:

bitstar_faststart_051015.zip

Every 5-10 mins... the wallet stops syncing:

SetBestChain: new best=aec6d798c1bad30425f529bc69b42c577e0b67cbb25e4091c44a403b0a38310e  height=1464491  trust=24871420735034  date=11/10/15 20:29:48
Stake checkpoint: b33a3d01
ProcessBlock: ACCEPTED
Flushed 4365 addresses to peers.dat  31ms
received block 8d900cd064edc33f0641
ERROR: CheckProofOfStake() : INFO: read txPrev failed
WARNING: ProcessBlock(): check proof-of-stake failed for block 8d900cd064edc33f06417ca58ce2601e92bc5bc0281486e8273e608380b8eddb
received block d7e9ddc8041fdc4fc53e
ERROR: CheckProofOfStake() : INFO: read txPrev failed
WARNING: ProcessBlock(): check proof-of-stake failed for block d7e9ddc8041fdc4fc53e3f627caad7d21bd8397dd93f84d75eeebdd567846885
Flushed 4365 addresses to peers.dat  27ms
received block fbc1be142238f12c2354
ERROR: CheckProofOfStake() : INFO: read txPrev failed
WARNING: ProcessBlock(): check proof-of-stake failed for block fbc1be142238f12c23548bf19c9bc832819f36c099e1a9073529179749e71f68
received block 83803c68f5ca0e716c3a
ERROR: CheckProofOfStake() : INFO: read txPrev failed
WARNING: ProcessBlock(): check proof-of-stake failed for block 83803c68f5ca0e716c3ae08d086192c2f12a8bfd7077ea838aa8217de2f5ade7
received block 8d900cd064edc33f0641
ERROR: CheckProofOfStake() : INFO: read txPrev failed
WARNING: ProcessBlock(): check proof-of-stake failed for block 8d900cd064edc33f06417ca58ce2601e92bc5bc0281486e8273e608380b8eddb
Flushed 4365 addresses to peers.dat  59ms
received block d7e9ddc8041fdc4fc53e
ERROR: CheckProofOfStake() : INFO: read txPrev failed
WARNING: ProcessBlock(): check proof-of-stake failed for block d7e9ddc8041fdc4fc53e3f627caad7d21bd8397dd93f84d75eeebdd567846885

A restart sometimes fixes it... but it eventually stops syncing all together.

Thanks,
richie

Odd not sure why your wallet is having problems, I just tested resyncs.  Will create another fast start pack and upload it in a few hours.

All we still cant' sync.. If we dont hear from a dev in the next few days, we will be removing the market and wallet next weekend.

richie@bittrex