Topic: [ANN][EST 2014] Rimbit - We removed mining so its just the community and coin - page 12. (Read 26101 times)

Joined the forum as I just recently found out about this. A long read but definitely a refreshing one as there are no altcoins out there doing the same thing (AFAIK).

Small updates to the ANN main page  

Strange how people are holding onto Rimbit though... We waited a long time to get on exchanges...

We are looking forward to getting listed with some of the bigger exchanges over time, we will see Rimbit being traded on more exchanges...

We are putting together our own Exchange, but that so we can directly help users with support, both on the site and our forum...
Just makes sense to have it run internally, so we can manage the financials to make sure the exchange is run efficiently and without the MtGox/Cryptsy issues and pool funds directly back into development

The exchanges Rimbit is listed on are found at https://coinmarketcap.com/currencies/rimbit/#markets

Thanks for the reply and added commentary.  I understood POS was in place, I miss read on the need to have some amount in the wallet to stake.  I thought even with a zero balance at some point you might get a minisclue amount just for having the wallet opened and up to date.

Anyway, it is sunny out, have a great day.

POS is just the system we use, because it makes sense to us... So was removing the need to have coins mined....

We concentrated on building a good community first (took 2 years to get where we are, with a few mistakes along the way)....
And we let the currency, just be a currency.. It goes from one place to the other....
But the biggest and most controversial aspect is the mining was removed and another distribution system had to be put in place... and we spent a long long time trying to figure out a solution...
Just that aspect alone has made it very hard to not only get developers, but also get the crypto community involved and that is why if you visit the forum, most members are first time users of Crypto..

And because they are, they are the ones getting Rimbit at the best price, because as more news leaks out about "mining, killing bitcoin" then as Rimbit starts to get noticed, so to will the price increase....and they will be just like the early Bitcoin adopters and reap the rewards....

There are a lot of coins with POS algorithm Rimbit is not the only one but what make sit different is their community I have gone to their community and they have a strong community and they have a lot of plans for the development of this coin..

Rimbit knew this would happen in 2013, so against the Status Quo, we took all the abuse, ridicule and flaming on Bitcointalk and Cryptocoinsnews (New Media) and built Rimbit for just this day.

In an Article posted by Cointelegraph:

Should you dump Bitcoin and go out with a new cryptocurrency? Amanda Johnson of The Daily Decrypt thinks we should get over BitcoinCT r:  8 and push altcoin adoption instead.

Bitcoin’s block size limit issues have caused significant transaction delays and fueled fears of it eventually becoming unworkable. This threatens its prospects for future adoption by the general public, and block mining by nodes that would allow double the block size has stalled. Meanwhile, various other cryptocurrencies have remained largely unaffected by Bitcoin’s woes, and some, such as Ethereum, have even flourished.

CoinTelegraph spoke with Amanda Johnson, host of the cryptocurrency and decentralization show The Daily Decrypt, about the path forward for Bitcoin, and possibly abandoning it in favor of its competitors.
Open-source spirit

CoinTelegraph: Do you think the block size limit will be the end of Bitcoin? Do you think it will be the end of Bitcoin's hegemonic dominance?

Amanda Johnson: Potentially -- primarily because it indicates a disinterest among the network's decision-makers to compete for customers. Several other cryptos have made remarkably useful technical advancements, and almost any of them could have been copied and incorporated straight into Bitcoin. That is the very spirit of open-source - you share your advancements with everyone, and then you get to copy everyone else's advancements yourself.

But there is still a lot of "Bitcoin maximalism" going around, which means many users of its network believe it is specially ordained by an invisible power -- is somehow destined -- to become a global main chain forever, amen. But markets always root out this kind of magical thinking. It's just a matter of time.
Not all altcoins created equal

CT: Are altcoins a viable solution in the short term?

AJ: Not all 'altcoins' are created equal. Each one is different and has different potential. If any of them starts gaining traction, which several already are, they won't be "short-term" solutions. They'll be the *new* solutions. And if their decision-makers then act like maximalists themselves, they'll be replaced by other upstarts, and so on and so forth. This is the story of technology.

Whomever serves consumers best, fastest, and cheapest will become market leader. This with the caveat that security is of the utmost importance, because all the fast-and-cheap transactions in the world mean little if a network's blockchain is defrauded with an attack.

Source: http://cointelegraph.com/news/amanda-johnson-of-the-daily-decrypt-break-up-with-bitcoin

The open wallets do all the confirmation and verification, much like Bitcoin was able to do so, in its early days.

You earn interest on the amount of Rimbit you are staking... So if you have a balance of 0, then you are staking 0 Rimbit and getting 0 Interest...

I dont understand, with no mining how do you securize the network? I do like the idea of no mining tough, yet id rather do a proof of burning stake system.

Hi, I wandered here by accident but found this coin simple and to the point.  I was not understanding -  if you  start with a zero balance in a wallet will earn interest at some point just for being an open wallet? 

Every Friday night, we have our Teen Rimbit members (We setup a Teen section on our forum), who are on Twitch and also send out Rimbit to followers.

Its a fun evening and worth watching, so I welcome everyone and if you are a gamer as well, we also have a Rimbit Team on Steam

We are starting this in anticipation of duelling head on with other "Coin Teams" for some fun and of course, serious competition.

You can visit the Twitch Streams



https://www.twitch.tv/bubbistream

and



https://www.twitch.tv/lefalaf

Hope to see you there next Friday (Denmark Time)

You can view more about the games etc here http://rimbit.com/forums/rimbit-4-teens.65/

I think it HAS lived its Golden age.... Its now heading in the same direction as the Incas... The gold has vanished and so has the culture and the only ones still digging are the likes of Indiana Jones, for the scraps that are left

It is just the way it's gonna be. Right now, BTC is living its golden age. Soon there will be a need for new coins without mining and Rimbit is the better solution that I can see right now... And for a long time to come!

Thats exactly what we saw, way back in 2013 and then announced it, only to be flamed for saying something so ridiculously wrong...

But we knew we where right and in 2014 we put together Rimbit and again, fell under attack from forums and even Newsmedia that made many false assumptions topped with ridicule!

So its 2016 and looks like we where right all along!

Ok all you BTC and altcoin mining enthusiasts. Here why mining is doomed to fail. It is simple physics or math.

The difficulty of mining new BTC increases every month or so, give or take. That is why a person who could get bitcoins with his PC in 2009 cannot get any without an ASIC miner.
But even these now become obsolete in about 3 months and become an expensive door stop. So the mining which is necessary to confirm the transactions is being done by fewer and fewer people now with 95% being huge farms with millions of $ of ASIC miners working.

The smaller guys are falling by the wayside as the cost of new miners cannot be recouped by the time they no longer work. Thus the 19% decrease in nodes in 2015 above.

Why can't the ASIC miners keep up? That is the big flaw in BTC and other mined coins as it will happen to them all eventually.

Moore's Law stated that the computing power of processors doubles every 18 months, but it has been modified to every 2 years since 2000.

If we assume that the difficulty in the calculations of the algorithm for mining BTC increase 10% per month (and it may be more as the ASIC machines last only 3 months before obsolescence.)

So here we are on Jan 1, 2016 and we have our $5000 ASIC miner. It is useless by March 31, 2016. How powerful an ASIC miner do we need by Jan 1, 2018 (2 years later)?
The difficulty will have increased from 1 at Jan 1, 2016 to 1.1 raised to the 24th power which is 10 times as powerful as before to mine any coins. However by Moore's Law, the computing power can only double in this time.

At some point there will be no possible way to make any ASIC chips and miners that can mine any coins or the cost will be so prohibitive that no one will buy them. Are we nearing that point now, 7 years after the launch of BTC as the nodes are fading away? In the 7 years, the difficulty has increased from 1 at baseline to 1.1 raised to the 84th power = 3000x

Think about that and see the genius behind RBT. No mining, every wallet is a node confirming transactions, and every wallet open to confirm transactions mines free RBT.

Which is most likely to happen RBT increase to $10 or BTC collapse to $10? They are both going to happen and are equally likely.

Get your RBT before the world catches on and BTC craters

BTCC's chief operating officer Samson Mow said that the company deployed the nodes in order to do its part in helping maintain the bitcoin network. The network has seen a 19 percent decrease in viable nodes over the past year to 5,280 at the time of publishing.

He did nothing of the sort... His company would begin to fail if he didnt do it... Its called self preservation
When his company starts losing profit, watch how quick those nodes get pulled....

For all you coin mining diehards...a geography lesson

DENIAL is a river in Egypt