Topic: [ANN][BURST] Burst | Efficient HDD Mining | New 1.2.3 Fork block 92000 - page 176. (Read 2170889 times)

I like it.
I'll be the first to offer to purchase some of the Asset to show -- I want this fighting to stop and let's get going already!!

It's a fine idea, and a way for people to get into mining without all the hassle of figuring how to get the hardware up and running. Also much easier to get out again when it's an asset, you just sell the asset. Much more efficient than having to sell 50TB used USB3 drives or whatever.

10TB is not enough for us to see a spike, say we have 10PB, then 10TB is only 1/1000  so it's as little as 1/1000 increase in network size. You will not be able to detect it.  But an attacker will have to pony up for 10TB more than he otherwise would, and i am not the only one putting more plots online.

Alright, upon some more thinking and speaking with bit, he has decided a few things...


1. He will offer an asset based on part of his mining power. It will start with a small release, and there will be more in the future if the small release works as planned.

2. If this release is something that is accepted by the community, as a BURST asset, and an attempt to show good faith, and be in agreement with what many of the people that are against his ideas say... this will be something that both shows that bit actually DOES care about the coin, and give something to the community. This will give another asset to invest in on the network that is backed by an obviously large mining setup.

3. If there is no further bashing of him and this asset is taken as what it actually is, and not slandered by the community members that continue to be against him, and the negativity stops, he too will remove his threat of an attack on the network, and will continue to release small packages of his assets until he sells up to 40% of his mining power.


I believe this would work out for everyone involved. I will be the one to start the asset and manage it. Here are the details... we can modify them, but this is the initial idea...


First Release - a small release of 50TB equivalent power (the power will be based on an average of bit's total power divided by the amount sold. Bear in mind he is a solo miner, so he doesn't pay pool fees, etc. The power will be 100% of the mining reward ((for the first 6 months.)) After the first 6 months, the asset will begin charging a 10% maintenance fee. The asset is lifetime* which in this particular situation we're going to define like this... lifetime means, this asset will run for a guaranteed time of a year. As long as there are no physical issues with hardware, the asset will continue as long as it can. The guaranteed run time is a year, but it is highly likely given that BURST doesn't cause damage to hardware, that it will run MUCH longer.

crowetic, trusted long-term team and community member who has done a lot of work regarding BURST, will be the one to setup the assets based on how much hashpower (space) bit would like to sell at that time, and manage the asset's initial sales. Payouts would happen either weekly or monthly, that is currently up for discussion.

calculations are going to be based on bit's total mining capacity which is 1.7PB+ and will be increasing, divided by how much power the asset is worth. No fees will be included for the first 6 months of the asset release. Since assets cannot be setup in a monthly way, the first 6 months will stay the first 6 months, regardless of when you purchase the asset. Meaning, the people who get in quicker upon asset release, will benefit more from the first 6 months without fees.

After the initial 6 month time, 10% of the asset payouts will be withheld as a maintenance fee. This will continue until the guaranteed year is over, at which point the maintenance fee is up for renegotiation. it is likely that the fees will go up after the first year to accommodate for hard drive's given natural decline in function, and allowing the asset to be renewable. it is likely that the 10% will go to 15 or 20 at year 1 mark, and after that every 6 months will go up another 5%.

The overall goal here is to unite the community in the main goal to make BURST more popular and valuable. The release of assets was mentioned as a great idea to do this, and thus bit and I have discussed this asset to begin to prove to the community that he is not against the coin.

I would like to see the initial reactions about this, but I believe it is a great idea, and truly hope it makes the community and bit stop fighting with eachother and causes the 51% threat to be willingly removed.

No idea why my images dont post. Its realy becoming a problem i want to sort out lol

I think i got the Illuminati onboard..
Wont be long now

We got a hero of BURST here!

After you set it up and we see a spike in network capacity I will send you a donation from our segregated BOUNTY funds! You really deserve it, by helping BURST so much!

Anybody else wants to help BURST really kick-off? 

My HW supplier just confirmed the 16TB has been sent. I will probably get them monday. probably online tuesday and be plotted more and more the following days. As I need some of the TB for other purposes i expect only to add 10TB to the network, but still it means bitladen needs to add 10TB too.  And i bought these, it's not cloud, i can have them running forever at very low cost


... and should it come to a who has the longest penis contest, clound miners will bleed much more cash than those who have bought the hardware outright. My only expense is electricity.

I don't agree. if the other coin is successfull, it will get more users than burst, but the two coins will probably attract different people for different reasons.

You cannot kill burst, it can downscale itself if great competition comes along, but it will probably not die off easily. A lot of people are active and have burst coins. we are still counting the hashes in petabytes.

Bitladen controls this address,and it is probably collecting block rewards from computers mining sort of like a private pool :

BURST-KQ2P-FWCW-AAYU-D9G24

click it up here:

http://burstcoin.biz/address/12754694899610736661



You can see recent transactions in the link above , incoming is none, but loads of blocks rewarded, and outgoing is all the time to BURST-LLAC-5GCS-EUF5-DLTU3

I am not certain what that address is, but i will assume it is bitladens deposit account at poloniex, cause every time money is sent there, it is sent on to the poloniex hot wallet, look here:

http://burstcoin.biz/address/12748338264256629002

All you see is money coing in from the /bin/laden account and then being sent over to poloniex hot wallet

BURST-R8SQ-TUEM-DTHQ-7ATA3 is the poloniex hot wallet, you can verify by depositing yourself and tracing the money.


Above is proof enough for me that bitladen is mining with a decent amount of hashing power, and is dumping the money onto his poloniex account on an ongoing basis.

Of course he might just store the burst on the exchange and not sell any on the BURST/BTC market, but i doubt it. Nobody is foolish enough to have a large amount of cash on an exchange, these exchanges tend to break down from time to time.


I agree with you that i cannot trace bitladen block rewards further than to an account at poloniex that he controls.

Btw. it is not a problem for me that bitladen mines and dumps - if that is what works best for him, then i will not object in any way, in fact a welcome him as a user of burst, we need all kinds of users to have a thriving market - burst should be designed well enough that this is not a longterm problem. As rewards get lower over time, the upside explosion in price will just be that much larger, when bitladen do not mine enough coins to hold down the price. Best way to make money on bitladen behavior is to try to time the bottom in BURST price and then buy a lot of them at the suppressed price. If i should automate things i would probably try to make the price fall a bit slower, but then accumulate a lot of burst on the way down.


His 51% attack threat i am dealing with, by adding more plots myself. And i will continue until i don't percieve a threat anymore. To be on the safe side i will continue adding some terabytes the next few months so that an attack will become ever more expensive for the attacker. When he turns off his losing operation, diff will go up and i will get rewarded more coins until other miners find a balance somewhere, however, i am happy to put in some money just to decentralize the mining a bit more. In a few years time, when BURST is 1000 i will look back at some really cheaply mined coins and a great profit. The 8TB disks can be sold, or used as door stops or whatnot.

Thanks for the Win10 info bored so I'll try it today


All this angry chat reminds me of a new fork..............Burst-XT anyone


LOL

The community has to stay together. If everybody starts to buy BURST now, or start buying more HDD, then we can get enough miners/ mining power to make the 51% attack impossible.

I think that the market has already priced in this threat, and hit the bottom already. So I dont think it will go lower than this.

On Poloniex is already starting to recover to 35 satoshi, so it was just a fear-sell of the traders, and now they are buying it up again.


I think BURST is starting to recover, without the need to do anything, we just need to show the traders/investors that we are a strong community, and they will push the price back to normal levels.

It is natural selection, make better/stronger coin and it will eat burst.
Don't force burst to surrender to be eaten alive by threats of 51% attack.

BitLaden already sold all of his burst. Why the hell is he now so loud.
He can mine, and can provide 51% attack and can write or threat or beg every single fu*king day on this topic, instead of being active on something usefull.

Wanna do something, go ahead. Execute 51% attack, kill burst and prove you are the man.
Be the boss. Stop crying around do that, do this, increase reward, give me more burst, I wanna be no1 or this coin is dead.
Make it dead. Kill it. Go ahead. Stop being a crying pu**y over the burst.

Nooo, he is a good guy, he wants to help us. Yeah, right.... please stop helping.


I am in top 10 of burst richlist, and will not give you my burst.
Also, I will not allow you to execute 51% attack.
I really suspect you have more $$$ than me to buy hdds.

Just want to say in cool way F*CK YOU, you are NOT the boss, in kind of polite way.

Go on, finish it.

I perfectly agree with you there. I do hold some NXT personally, and I obvserved that, at the moment, BURST is more advantageous than NXT.

I use both so I like both, but just in terms of price, it is easier to setup a business in BURST than NXT. Even if we are talking about the asset exchange (or the marketplace). An asset creation costs 1000 BURST which is roughly 7 $ cents.

How is this not a major money magnet? Set up your business for only 7 cents? It is the ultimate form or innovation and cost-efficiency.

Be that a gambling site, a marketplace, a service asset, or various other forms of crypto-businesses.

This is why I particularly favor BURST above NXT. (Indeed it has more features, like the escrow, subscirption & AT, but I like this side of it more)

These are the main reasons why i want the coin :

• no premine, everyone was on equal footing from the beginning, no pot of PM gold that devs and community is constantly figthing over
• finite amount of coins - makes it a good store of value , you don't even need to have an online wallet to store your wealth
• decentralized asset exchange - this can evolve into totally taking over a lot of brokerage and lawyer stuff :
  a) storing ownership in the burst chain is a lot safer than in a safe in a lawyer or accountants office
  b) getting your company traded on an exchange is way cheaper with burst than the old fashioned systems
  c) and ownership is pseudonomus and worldwide and outside threats from governements
• marketplace - we can make selling stuff really easy, based on burst. potential for webshops etc.
• non-power-intensive mining  -  for now, this has meant that we have quite a decentralized mining situation, many many miners. You can mine with spare space and get free money that way
• quick response time - blocks every 4 minutes make things go relatively quickly compared to BTC
• potential for file storage later on, potential for lots of crazy shit, and due to java, development can be a lot faster than c/c++

edit : i am a markup language mongol

These are my personal thoughts, and other people can have other thoughts about this

my main concern, which is major, is that we don't have a solid software development process documented,  it was not that important when burstcoin did the coordination in a dictatorial way, but it will be needed if we decentralize development and reduce risk by having a core group of developers / testers /guardians, and then a lot more developers that fix individual issues, and add individual features as per pull requests and core group acceptance.

On top of the sw dev process, i also miss a battery of unit tests, and documentation and guidelines for testing, we'll need that, but the core team will probably put that as a priority once they are established, so it will get done.

i do not agree with the nobody, but i agree a lot with the last sentence,  targeted marketing...  We are both businessmen, and we both know that we can't land a customer unless he knows about our product. Hardly anyone knows about burst, even though the marketing team has been doing a very, very, very good job. We have gotten the miner's attention alright with petabytes of hashes, but we have had a bit more trouble reaching the end users of the coin, as well as the investors. They don't scan the scene as thoroughly as miners do.

That is no problem. Usually there are several ways to do things, and thus you cannot get all investors on board. If you have a story that will work with another group or investors, then it would be very good for burst to have more than one company based on trying to make money off burst tech. and creating burst tech. The companies will each attract investors. some investors will invest in all companies, some will invest in only some of them.   Suppose your company aims to beat ebay with a decent crypto similar thing, and crowetic's company want to establish the crypto equivalent to a brokerage service.. i'd like both ideas and perhaps buy shares in both companies. I can put more money in the two than in a single one of them, as being in two companies reduces risk.  I also know that both companies are doing a lot to be as beautiful as possible, as they know the investors have an alternative if they get sloppy.

Did u just compare the difficulty two hours apart to prove a point?

You have got to be trolling.. Have you never heard of difficulty retargetting?


stop acting like you know everything when so much that comes out of your mouth is just bullshit.

Please note your time of writing and what you quote.

Yes we need to push back the network size to the 4 months ago levels of 16 TB

http://burstcoin.biz/charts/estimated-network-size

I see that both network size drop , and the BURST price drop has stopped. This might be good news for BURST.

Also the INCOME asset has really taken off lately, the spread shrunk to 1 BURST, and the daily volume just exploded.


I feel that the tides turn for BURST and everything will be resolved soon!