Topic: [ANN][EST 2014] Rimbit - We removed mining so its just the community and coin - page 11. (Read 26080 times)

Think of the power the miners will require to run the miners when the difficulty gets that high.
I can run my RimbitPi wallet for a few dollars each year. http://rimbit.com/forums/rimbitpi.47/ 

If you have read my earlier posts about Moore's Law and the difficulty in solving the BTC algorithms, I kind of guessed that the difficulty must be increasing at least 10% per month. My reasoning was there has to be some reason why smaller miners are going down and ASIC miners become obsolete in 3 months.

I found a couple of links to Bitcoin data showing the difficulty as it has changed from Day 1 in 2009, I was right and pretty close (at least in the last 2 years)

 So here is the ugly truth and the Achilles heel of mined coins and why they will likely all crater in 10 years if not before.

 In 2009, the difficulty was assigned a 1 and it stayed at that level through the end of January 2010. It started increasing in February 2010 to a 2, and then increased monthly since then. The current difficulty on March 15, 2016 is 158 Billion. This is a compound growth rate of 41% per month.

 This rate of increase of the difficulty in solving the algorithms has slowed in the last 2 years to about 13% per month. But this is still a quadrupling every year in computing power required. But even this is beyond the realm of chip manufacturing improvement.

 As you know, Moore's Law states that computing power of chips doubles every 2 years, so if we look ahead to 2020 in 4 years, the computing power increases by 2 squared or 4x. However, the difficulty will be increasing another 1.127 raised to the 48th power or 320x. This leaves chips only keeping up 1.2% to the rate of growth required.

How about in 2026, 10 years down the road? The difficulty is solving the algorithms and thus mining new BTC and confirming transactions will have increased another 1.127 raised to the 120th power or 1,833,000x while Moore's Law states that computing power will only increase 2 raised to the 5th power or 32x. Thus the computing power will only have 0.002% of what will be required.

 Unless they modify the growth rate of the difficulty, BTC is essentially finished. And other mined altcoins won't be far behind.

 So Rimbit is looking great. I originally thought that eventually there would be a few long term coins like BTC, LiteCoin, Ethereum, Doge and Rimbit, but from this data, Rimbit will be the only one left in 10 years.  

So get you Rimbit now before the rush. There is a current 2nd anniversary sale on at IndiGoGo until March 24th.

https://www.indiegogo.com/projects/a-better-digital-currency-do-you-have-some#/

Another important attribute of Rimbit is that its not easily diluted as is the case with Bitcoin or even Etherium.

As people invest in Bitcoin, there will always be miners getting the Bitcoin for free, albeit at huge expense on a variable process of electricity, ASIC power etc...

Etherium also suffers the same issue as people paid to get into the ICO only to have their profits diluted by GPU mining later on.

So no matter how much is fiat purchased, mining will always play a role in the coins valuation

There is also a BUZZ WORD in the air called Asic Resistant... Basically keeping mining below the needs of ASIC chips...
But what for? Wouldnt the ultimate solution actually be.. miner resistant???

We think so and thats why Rimbit is minerless...

Not really... Its not essentially premined, it is 100% premined
Not sure what posts your refer as being deleted, but I would guess its just another unfounded comment
Again, not sure where you come up with Rimbit taking BTC... if you are referring to the exchanges we are on, it doesnt take a genius to see that no dumping is going on.

We tried to simply clone Bitcoin, as we think its a perfect coin, except we need the mining issue removed.
So we tested the clone and what happened is that at the end of the mining cycle, the coins regenerated an entirely new batch, meaning that at the end of Bitcoins mining, when the last Bitcoin is mined, the code will generate another 21 million coins. This can easily be tested by anyone, by just changing some settings and running the coin to its end... then wait.. then get another 21 million... When we did it, we thought it would only loop the one time, but when it looped for the second time, we shut it down and decided that we couldnt use Bitcoin as the platform

This was reported to Gavin Andresen and I was informed that this is a known issue and Quote" The next generation can figure it out"
EDIT: In the email Gavin sent to me, he quoted a github link, which I should have included, when I posted this reply, but here it is.. https://github.com/bitcoin/bips/blob/master/bip-0042.mediawiki

So we used a mix of various coins to overcome the duplicating issue of Bitcoin, plus the need to be minerless.

So I guess you are partly correct with the Novacoin comment

Sorry.. Second Edit: (I dont want to be accused of Bumping the thread all the time ) ...

It should be noted that any other coin running similar code to Bitcoin, may encounter this doubling effect, which when that point is reached, would essentially kill that coins value.
To be perfectly honest, I do not know if this bug is on SCRYPT or other...

The reason for self moderating is not to suppress opinions like yours... Its merely to stop foul language and unwarranted flaming.
We believe that Crypto should be handled and managed professionally and our forum at http://rimbit.com/forums/ also allows for difference of opinions... but with the same caveat that we do not allow flaming or foul language...

If you take any amount of time to vist the forum, you will know exactly who benefits and how Rimbit will be managed in terms of development, marketing and financial...

So you basically premined 100% of the coin.  Sold some off in a crowdfunding and have been selling whatever you can on exchanges ever since.  You keep bumping the thread and deleting posts hoping someone will come along and think this is something to invest in and buy more of your premined coins. 

How does that benefit anyone but you? 

Available Supply:  113,988,941 RBT   

Total Supply:  391,948,674 RBT

Anyone can make a 100% premined coin, promise the moon and the stars, and sell to anyone foolish enough to buy.

https://github.com/Rimbit/Wallets/blob/master/README.md

Rimbit is derived from NovaCoin and has:

8 minute block targets
380 million initial coins to be distributed.
10% interest for roughly one year and then 5% interest.
100% PoS after 1000 blocks.

380 million coins for you to try and slowly sell off and put the btc in your pocket for making a clone of NovaCoin.  Too funny. 

We are approaching our 2 year anniversary which is on 23 March and from now till the 23rd, I will be handing out free Rimbit randomly on the forum for new posts and even older posts that are funny, controversial, helpful or simply good 

Come on people, be a part of a world changing development.

 Rimbit will be the universal currency for the next millenium (and probably longer, but I doubt I will be here to experience it myself)

 As Steve Jobs famously told John Sculley of Pepsi when he was trying to get him to move to the CEO position at Apple..

Do you want to sell sugar water for the rest of your life, or do you want to come with me and change the world?

 So it is with RBT, do you want to continue with a sure to fail mined coin or coins or change the world with a better coin that cannot fail.

 This is the opportunity we are giving to John Q. Public. Join us and be a part of something special that you will be able to tell your grandkids, I helped get Rimbit into the mainstream.

I am only guesstulating, but I think it means that you mine the coin that will get you the best return for that period of time that you mine.

How it automatically converts back to Rimbit has me lost.... Unless they have a stash of it for transfer, as you cant get it any other way

What you mean by "the most profitable coin"?

Its a PoS coin.. I know.

But do you know what a multipool is?

Lets you mine the most profitable coin, and get that exchanged to your coin automaticly.

We don't need a mining pool as it is not a mined coin.

We are on C-Cex already.

Agreed 100%.... In fact I have said we are 100% centralized and moving over to 100% decentralized and Bitcoin is 100% decentralized and is moving over to 100% centralized...


With Rimbit it will be handed over to the people to manage... Which we are just starting to do.... Something I also stated on day one of the launch....
On the forums now, many decisions are made via public consensus/polls and they will increase in numbers as more of the management is done by the people on the forum.
And its people like you from a background of Bitcointalk that has started to fuel discussion on our forums, something that we have been lacking for a long time and grateful that it is happening now

In my opinion this is a corporate managed company,you premine all the coins and sell it to people who wants to profit from the coins  it just like a stock,people are buying stocks from the people or groups who holds all the coins,and get a future profit from holding it .,

You have a good concept but it deviates from the true concept of decentralized,

It is 100% premined, and you just purchase what you want on the IndieGoGO campaign. What could be simpler?

The funds received on the sales at IndieGoGo provide funding for development of new enhanced wallets, servers to run the forum, salaries for developers etc., funding to develop the RimbitPi etc

The stated aim of the developer is to turn future development and running of the Rimbit ecosystem over to the community.

Despite what the original hypothesis of Satoshi Nakamoto's concept of decentralization, it no longer is decentralized as 20 mining companies now control 95% of BTC and they can easily be taken over by the ChiComs as most are in China.

Rimbit is totally decentralized. Your wallet with 10 RBT can provide confirmations just like someone else who may have 50,000RBT

Your exactly right and way back in 2013-2014, we looked at every angle we could to avoid premine and still provide a minerless system.
If RBT was issued free, how would it be issued.. what incentive is there to leave wallets open for minting?
The only solution was to give it initial value and control its distribution via a transparent platform which is our Crowdfunding Campaign...
Which we where asked to Beta Test as "Continued Funding", which came at the right time and let us remain transparent.

So when Rimbit was launched, it stated and does so to this day, that at some stage, all of the operations will be managed by community leaders.
Already we have started breaking up some of the management, mainly in the software/hardware development operations.
We hope to continue breaking up more of Rimbit over time, until the point its 100% community owned..

We also sponsor members developments, one of which is the RaspberryPi which the beta testers are waiting on testing.
The software will be freely available for users who have RaspberryPi's and we also have pre-built Pi's fully configured and ready to run once they are plugged in, with cases custom 3D printed.
The files for printing the 3D cases are also freely available at https://www.tinkercad.com/things/c1aeovbC1ev-rimbit-pi-case-complete

You can see the Pi being tested at https://www.youtube.com/watch?v=lLw0lLQDOhI

As for Satoshi Nakamotos concept of decentralization, thats already been defeated the day people had to move away from GPU mining to ASIC mining, which was then controlled by the ASIC manufacturers, who actually mined using customers machines in some instances... then ASIC miners essentially moved to China were it is now well over 51% controlled by them.

Now that is failing and miraculously, a China Exchange volunteered the expenditure of establishing nodes to prop up the Bitcoin Network... and did so for humanity...
Lets see how their humanity works when they have manipulated Bitcoin as they need and when they have had their fill, watch how quickly those nodes are pulled from the network!

I would like to ask this for the benefit of the readers so Rimbit is 100% premine "Premine 100% - (The only way to distribute a minerless crypto... funds used to maintain operations and continue development while avoiding corporate influences)"

so it deviate from the Satoshi Nakamoto's concept of decentralization since only some groups control the whole Rimbit coin..

Many people here shows dissatisfaction when devs announced 1 to 10% premine of ther newly launched coin,what more if 100% is premine

I know you diehard miners are convinced that RBT is bad idea because it isn't mined.

However, if I am right about Moore's Law and that the mined coins are doomed to failure as the ASIC chips cannot increase computing power quickly enough to continue to solve the algorithms, then what should you do?

How many of you have a little gold or silver, just in case the fiat currencies collapse?

RBT is the same for cryptos. It cannot collapse as BTC and every other mined coin is destined to do. So be prudent and buy some RBT or trade some BTC for RBT on the exchanges.

Don't be kicking yourself in the butt as RBT becomes equal to BTC as RBT is rising and BTC falling. Right now you can get about 40,000RBT for 1 BTC

Buy RBT on IndieGoGo   https://www.indiegogo.com/projects/a-digital-currency-that-is-built-for-everyone#/story

You can also get RBT on C-Cex, usecryptos and Yobit exchanges

Registered here
http://www.rimbit.com/threads/join-the-forum-and-get-100-rimbit-to-get-you-started-then-more.1867

And got the 'starter pack' as I call it. After reading the articles on your forum, I'm convinced that this coin has a good future. Can't wait for the next announcement

Hi Dekker3D..welcome to RBT, the gold standard of cryptos as no one can control it..not miners, not evil organizations (Bilderberg) nor governments. It is a true community coin

RBT has been simmering along for a couple of years, slowly gaining adherents and having a story to tell about a better coin as mining has been eliminated. This is a new concept just like BTC was when it came out. It took 3-4 years before enough people had heard about it and understood the 2 concepts of mining and crypto coins. Then the price took off to the stratosphere.

 Once the concepts of mining and coins had become known and accepted, followers like LTC, ETH, only took a year or more to gain widespread acceptance and the developers stuck with the coins. There are many other coins launched that were 'pump and dump' coins that fleece the public. When the developer gets his money and abandons them, they are doomed to be 'failed coins'.

 RBT is different in that it is not mined. So we have a longer period of consolidation due to having to educate the public of the advantages and long term viability of this concept of no mining vs mined coins. Mined coins will eventually bump up against Moore's Law and will not be able to continue. BTC is approaching this point now after 7 years with smaller miners ceasing operations as they are losing money. Once the last miner turns out the lights, BTC is worthless, and the other coins will just be a few years behind until they hit the wall as well.

 We are 2 years old now, and I think the concept of everyone's wallet minting new RBT and confirming transactions is starting to gain traction. Our developer and leader CyberHippie has stuck with his coin through thick and thin (heart attack included). We are still simmering along (light a great sauce) but eventually the heat will be turned up and RBT will boil over like ETH above.