Topic: [ANN][BURST] Burst | Efficient HDD Mining | New 1.2.3 Fork block 92000 - page 344. (Read 2171083 times)

ATs are the most important one, but burst also has built in escrow and subscription(automatically re-occuring transactions)

OK... how do you get that price?

ok, let me see. is it trustless? though I'm repeating myself, I'm also interested in improvements to burst.

yes, we'll have to see, what I was just asking was: "Who wants to see?"
and with deflationary coins, I insist that if the price increase isn't keeping up with the reward decrease, the coin has not good prospects, and right now things don't look so good with burst. and thus far only bitcoin has managed to make  comebacks from such situations.

and yes, I do think that tweaking the tx fees and aging fees is essential, and having good features also is. perhaps it would need a few forks until it reaches a stable coin.
and useful features would also be critical, as I proposed anonimity cryptonote style, and trustless exchange with some other blockchains, btc being the most obvious.
integrating with nxt features even better (does burst have non nxt features, other than the POC hashing?)

It is a good price for me....

http://www.tigerdirect.com/applications/SearchTools/item-details.asp?EdpNo=7739051&CatId=4230

good price

While not as good as ring-sig or zk methods, it is possible to mix with ATs, swapping coins with yourself or another user on 1 or across multiple blockchains. The algorithm described here: https://bitcointalksearch.org/topic/m.9839547 can be done with ATs and can likely be expanded to work with more inputs or outputs.

While hashrate-based block rewards would be interesting to see, unless there was a large amount of use of the coin and transaction fees were significant  I'd guess the market would just get flooded from the never-ending supply being mined and dumped without demand from those hoping for a value increase.

Hmm, I'll have to look into what exactly an AT does, but I kinda doubt it can CryptoNote relies on Zero-knowledge proof to make the TX-es themselves. You cannot tell for sure which input generated which output, hence it's blockchain analysis resistance.

No doubt. But I'd rather have a huge million dollar worth farm, than 1M in gold, I think it's way more stable. It's a thing to invest and to secure your capital in. Gold is more of a gamble, and bitcoin is even more so.

No no, wheat becomes useless eventually, the value is in consuming it (spend on tx fees... sell it to people who need to send money and/or anonymize, and they will gladly spend it)
Then you jump to the hard drive, that's similar to the farm, not to the wheat. The farm still has value in 5 years, though if you don't keep upgrading and repairing it, it will eventually have 0 value, but then you already sold a lot of wheat anyhow.

nooo, same coin, the decentralized fileasharing is part of burst then. It's kinda like you mine with the current poc algorithm instead of the pos from storj. This allows everyone to share files, but the filesharing is not in plots, and blocks are the ones generating new blocks. This gives people something to use burst on, and makes plots useful, but not limited by demand. Pllleeeeeezzzeee someone help me explain :/

Ok, then it's going to be a different coin altogether. Would you stop mining burst and switch to that one? I bet you would have to anyway, because of the deflationary model
And I wish what I'm saying was false, it would mean I would make tons of money with burst, but I'm afraid I am correct on this one, let's give it a few months.
Look, monero is kinda limping, even after the recent volume, pts is dead, xpm I think so too, what else? BITCOIN! the way things are going right now, it's safe to say I wouldn't invest in it. When it jumped to 1200, I said this is BAD, very BAD, sure enough, I was right.

I didn't explain it good....

What i mean is that, like storj is built on mastercoin, there should be a storj built on burst, but instead of it using a different currency, it should also use burst. This would allow people to mine for the blockchain whenever there wasn’t demand for storage, and to stop mining blockchain whenever there was demand for storage.

It would also allow people without bandwidth to continue mining.

I disagree, you cannot use the plots for storing data, you either store plots or store storj data, one of the 2. Just mine both coins and divide the space as you see fit, I guess.

I am not a smart dev....just a noobie one....but if AT's can support crosschain, then i'm sure they can mix in the same way that cryptonote does it.
It may not be possible, but i'm sure it could be accomplished.

I don't care about anon-ness. Just make a new account and mine to that...i dunno, i just totally don't care if people link irontiga on btt = account in his sig. It's my only account, and i'm happy with that.

Wheat and gold are different.

As for wheat becoming useless after 100 years, you're right, it's old after a few years, but i think that a 5 watt HDD with burst can last a bit longer than that, even if it isn't worth investing in in a few years. I can see a 4tb drive bought now still mining in 5 years time, quite easy actually.

Now, a little off topic from the above, but i beleive that Burst and storj need to "merge". What i mean by that is Burst needs to implement a storj like system. This would mean that the blockchain is secured by the current poc mining, but there should also be an added option for users to dynamically allocate their hdd space to burst's storage system as well. This would allow that plots be converted to be used as storage instead of hashrate. Lemme explain better.

CryptoNote is a fucking scam. It faked two years of mining data to hide a pre-mine. Coin was created by lab dweebs with no social skills. These fucktards should be shot with a ball of their own shit, set on fire, and then pissed on. Dump that shit coin. If you want true anonymity it is Monero.

Yeah I said it!

https://bitcointalksearch.org/topic/blowing-the-lid-off-the-cryptonotebytecoin-scam-with-the-exception-of-monero-740112

There are only 3 coins worth mining/investing in. Bitcoin, Monero, and BURST.

GOOD! though I don't agree with you, but let's debate it a bit.
And let me make the point that I am essentially supporting BURST, but pointing out why it seems to be failing right now. That's why I'm thinking about new ideas to implement in coins.


Gold has value because there's a demand for it. The limited supply obviously comes into play, but without the demand it would be worthless. I think there are many things that are hard to get, and yet they have no value.

With the gold example, take into account that you need to spend some money on security, it's not like you can have a ton of gold in your living room, tell everybody about it, and have expectations not to get killed. With BTC, that security comes from the miners, it's really bizarre to me how it can be provided for just the 25 btc reward.

Are you certain of this? My view is that it has value because people use it to transfer money, somewhat anonymously. ...(to buy drugs , which is a billion dollar business)

Well, mining blocks takes TeraBytes of good hard drives, you simply cant make them any more compact (not overnight anyway), and you need a bit of good luck with the deadlines too.
Using it up, I already made that point. Burn coins when tx is made. Burn even more coins when old inputs are used in transactions. Like wheat, I don't think 100 year old wheat is any good. lol.

BTC may just not always be there, if nobody's mining 51% attack will happen, and kaboom. That's why we have to give incentive to miners. I am truly amazed that mining pools didn't start raising the tx fees for which they process. Somehow mining might still be profitable. I really don't get it, I wouldn't invest in ASIC or cex.io shares etc.

Kinda pump-and-dumpish. Though not the worst out there Yea with btc that's why it's good, because it decreases a lot more slowly. But the theory was that it would drive prices up and increase tx fees. At least the part with tx fees we didnt really see.  But ultimately this deflationary model was good for advertising, get all the trader-invester-gamblers in there, get the ball rolling. But then that was with bitcoin, maybe we can do better nowadays.

the best take on an anti-gpu solution I've seen so far. most gpu-resistant coins go to hell when cpu miner is released. even at like 4x advantage.  it's like the gpu guys already are in the hole after the asics came, and then the scrypt asics came, and now they must be stealing electricity, and they already have the hardware, otherwise they'd be losing money on it really.


Forgive my ignorance, what is AT, AE, and how exactly would you implement trustless mixing, have you thought about it? As I suggested earlier, BURST with trustless mixing would be something of my liking, I'd code that, but how exactly do we do it?


Well, what I dislike about burst is the lack of anonymity
I might be wrong about the deflationary model, but I guess we should go back to this discussion a few month later. That's my prediction, that's why I'm thinking of ways to mitigate the problem, otherwise I'd just mine it and wouldn't worry about a thing.

[Constructive criticism]

I fully disagree with constant hashrate block reward. Gold has value because it is hard to mine, and is limited. It also has physical value. USD, well, it has no value other than perceived value. It can only come from one source.

BTC is worth a lot because of the fact that it is limited.

Wow man, it's not like with wheat at all. Wheat will always take up a few square cm's of soil to grow. You simply can't just make the wheat more compact. It requires effort and good weather to grow. Also, it is used up. Whenever we grow wheat, we eat it.

BTC, well, every btc out there is still there. It will never disappear. Constant hashes block reward is useless IMO.

Burst has only mined 1/4 of all coins, but I do agree that perhaps 5% a month is not a perfect amount(I think the main thing is 10k was a little high to start).

BTC's biggest flaw is that it is ASIC prone.  There is nothing worng with asics, but the thing is, every new asic makes an old asic useless. This is wasteful. Burst however, nothing like that(you have already expressed that the algo is good, so won't dwell here).

As for it "Just being an alt"....couldn't agree less. Burst has alot of features which could see it as the standard way of trading all over the world. Mixing I think would be easy with an AT, and it would be trustless. No need for another coin.

The AE helps Burst to have a consistent value, as it provides a sort of reserve for the coin. A company listed can't be removed, and so provides always buy pressure. I believe we should market our AE way better.

I will probably built a payment processor for Burst soon....if no one else beats me to it, and Crowetic and I are brainstorming ideas on an online store to accept Burst, but in a way which would not require that we back every purchase(to prevent dumping). If we achieve this there will be a good reason to hold and spend Burst. There are a lot of products which could easily be offered, including web design, graphic design etc. (shouldn't be too hard finding people to work for the store).

ATM i suppose I just am worried that there are so few AE options, which causes a problem with trust. I suggest everyone with a good idea list an asset for it. NXT hasn't got an issue with this, they've got quite a few lovely assets(even coffee shops )

[/criticism]

Now people, let's push burst forward!!! Rather than worry about price, rather push new features, make use of our ae and smart contracts, and give donations to the devs and PR efforts.

P.S. A USD exchange would be damn kewl, perhaps a little early, but burst has everything it needs to take over btc, with some of the new features which are coming ready to take over USD as well.

P.S.S The HardStaker thing is pretty kewl, as long as there is an easy backup ofption(didn't read a lot sorry), but if i can easily hand a freind a little card(encrypted) which he can then look after for me in case my place burns down, i'd be damn happy

No worries about your English, but I actually thought you were saying just that ;P

There's nothing wrong with pumping. What I mean, is that the price is low right now, yet I see no big buy orders. If we all want it to rise, we should have faith in it, put many orders there, either we get real cheap coins, or the price will rise, we like both scenarios, right? I mine like what 25 blocks a day? the remaining 215 is mined by you guys. Let's all chip in, put some orders and I'll join with 10%.
Most altcoins are pretty useless, their only usefulness is trading, burst is no different. so we don't need to be ashamed. that itself gives value to the coin. 980 page forum, also does, being listed on poloniex as well.  However, 3 BTC volume and 8 BTC in the order book DOESN'T. And then there are the traders who (THANKFULLY!) bought many coins well above 150. They will have to join in as well, and they can't really dump it to us, since they will be losing on it.
Having an USD exchange [yea right ...at least for now] would further add to it's value. Then the ability to transfer money with it would give it value, like with BTC and LTC

With BURST the only interesting thing is the mining algorithm. I am thinking of making a CryptoNote fork with this algorithm. Let me know who's in this with me?
CryptoNote is way better, it is a distributed trustless coin mixer.  Right now there's Monero but it's pretty hard for the average user to actually use it as a mixer , but with a few tweaks I can make something usable out of it.  So having the ability to mix, is also a thing that gives value.

And my final point is that all coins suffer from the deflationary model. Wait WHAT?? But we all thought this was good?!!
I've been into mining for over an year now, believe me I've seen this happen over and over. The thing with the decreasing block reward is that there will be many coins emitted at very low hashpower, that eventually get dumped to a very low price where new coins will just be unprofitable to mine. What I mean is, that if somebody bought (or mined) cheap coins, they have control over the coin cheaply, they have a shitload of coins, ready to dump at any moment when they feel like the coin is going south. The only reason they're not dumping is because they can't possibly dump them all at once. That's why all coins eventually go down.

Instead what I propose is that the block reward should be proportional to the hashpower that was put in it. Say right now we have 12PB, we can measure it like we do with electricity, say PBh, PetaByte-Hour. And just as an example we could give 1 coin for each TBh that went into mining that particular block.  (it's simple math, no rocket science there)

This makes perfect sense. Say if we would all be into farming wheat instead, for some amount of seeds we plant we know we expect to harvest 1 ton of flour. This will always stay more or less the same, no matter how many people will farm in the future, or have farmed in the past. Why not have the same principle for coins?

Ok, so now you ask, why would somebody invest, if infinite coins are emitted. Simple, a ton of flour is still a ton of flour, and anyone can find out exactly what it costs to produce one, and as with any commodity, the price will fluctuate, hence the possibility to profit does exist. However we will be less likely to have any brutal pump and dumps. Also instead of paying tx fees, we can burn the coins when transactions are made, to compensate the infinite emission of coins. And being a cryptonote mixer, transactions is what we like to have, it draws value from that. We can also implement a thing where you can't keep an input for more than a month without transferring it, this also serves our mixing purposes well. We do need many transactions to mix our coins with, if we like to have a good anonymity.

Any constructive comments are welcome

There are many interesting aspects of BURST, I think that instead of making a new coin, we should continue to add features to this coin. We already have ATs, and the ability to do ACCTs with any other coin with ATs, so IMO what we need is other coins to add ATs, then we don't need to worry about a coin mixer, because we can just use the monero blockchain if we care about mixing.

We can already do so much more than other coins, Marketplace, asset exchange, automated transactions, hard drive mining. BURST is already the most technically advanced coin. Why not just keep imrpoving it?

my two BURST.

No worries about your English, but I actually thought you were saying just that ;P

There's nothing wrong with pumping. What I mean, is that the price is low right now, yet I see no big buy orders. If we all want it to rise, we should have faith in it, put many orders there, either we get real cheap coins, or the price will rise, we like both scenarios, right? I mine like what 25 blocks a day? the remaining 215 is mined by you guys. Let's all chip in, put some orders and I'll join with 10%.
Most altcoins are pretty useless, their only usefulness is trading, burst is no different. so we don't need to be ashamed. that itself gives value to the coin. 980 page forum, also does, being listed on poloniex as well.  However, 3 BTC volume and 8 BTC in the order book DOESN'T. And then there are the traders who (THANKFULLY!) bought many coins well above 150. They will have to join in as well, and they can't really dump it to us, since they will be losing on it.
Having an USD exchange [yea right ...at least for now] would further add to it's value. Then the ability to transfer money with it would give it value, like with BTC and LTC

With BURST the only interesting thing is the mining algorithm. I am thinking of making a CryptoNote fork with this algorithm. Let me know who's in this with me?
CryptoNote is way better, it is a distributed trustless coin mixer.  Right now there's Monero but it's pretty hard for the average user to actually use it as a mixer , but with a few tweaks I can make something usable out of it.  So having the ability to mix, is also a thing that gives value.

And my final point is that all coins suffer from the deflationary model. Wait WHAT?? But we all thought this was good?!!
I've been into mining for over an year now, believe me I've seen this happen over and over. The thing with the decreasing block reward is that there will be many coins emitted at very low hashpower, that eventually get dumped to a very low price where new coins will just be unprofitable to mine. What I mean is, that if somebody bought (or mined) cheap coins, they have control over the coin cheaply, they have a shitload of coins, ready to dump at any moment when they feel like the coin is going south. The only reason they're not dumping is because they can't possibly dump them all at once. That's why all coins eventually go down.

Instead what I propose is that the block reward should be proportional to the hashpower that was put in it. Say right now we have 12PB, we can measure it like we do with electricity, say PBh, PetaByte-Hour. And just as an example we could give 1 coin for each TBh that went into mining that particular block.  (it's simple math, no rocket science there)

This makes perfect sense. Say if we would all be into farming wheat instead, for some amount of seeds we plant we know we expect to harvest 1 ton of flour. This will always stay more or less the same, no matter how many people will farm in the future, or have farmed in the past. Why not have the same principle for coins?

Ok, so now you ask, why would somebody invest, if infinite coins are emitted. Simple, a ton of flour is still a ton of flour, and anyone can find out exactly what it costs to produce one, and as with any commodity, the price will fluctuate, hence the possibility to profit does exist. However we will be less likely to have any brutal pump and dumps. Also instead of paying tx fees, we can burn the coins when transactions are made, to compensate the infinite emission of coins. And being a cryptonote mixer, transactions is what we like to have, it draws value from that. We can also implement a thing where you can't keep an input for more than a month without transferring it, this also serves our mixing purposes well. We do need many transactions to mix our coins with, if we like to have a good anonymity.

Any constructive comments are welcome