Topic: [ANN][XBR] bitcoinR (bitcoinr.org) | Quantitatively-Flexible Reserve Currency - page 8. (Read 3102 times)

No pain, no gain.
My friend once the coin is on exchange the price will jump up and we then say, its too late now. 
I have seen so many projects that were not taken seriously in there initial days (when value is low) and they made good price later on exchange. The biggest example of such coin is Bitcoin. 

But they don't have any value right now as I checked their site and its not on any exchange. Why would I mine a coin that is yet to have any value?

With Bitcoin mining becoming highly centralized to miners who have expensive hardware, we certainly need new projects where people who don't have these expensive miners can still mine the coins. The thing I liked about coins like bitcoinR is that they allow you to quickly get started with mining and that too with your ordinary electronic gadgets. There is technically zero risks involved in mining such coins.

No problem, as you can see I made a mistake linking to the wrong github repository earlier in the thread. 

You might also check your links, as when I click on them, my browser indicates that it the site is blocked?

Lastly, if you could please limit your posts a bit so as not to overwhelm the thread. 

Thanks again for your enthusiastic participation, good luck mining XBR!

NS

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Thank you RUOFERTT-

We are hoping that our proactive compliance with the U.S. Government will show our commitment to integrity and transparency.

It certainly has not been simple trying to navigate the regulatory environment in the United States, but I do think the regulators have an open mind about crypto and are doing their level best to ensure people are not being scammed.

We appreciate and commend their work.

NS

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Hi PARIVEENN,

This is a bit of a loaded question, so I'll preface my answer with the disclaimer that my response is not legal advice.

With that said, if a country has banned crypto then I imagine the citizens of that country cannot purchase or mine XBR since XBR is a cryptocurrency and they are ostensibly citizens of a country in which cryptocurrency is banned.  Either way, if they somehow purchase XBR from an AML/KYC exchange, they will necessarily need to divulge their identity and contact information.  So, at best, it seems very risky for a person in a country that has banned crypto to attempt to acquire XBR or any other crypto like XRP, ETH or BTC.

NS

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is there any country restriction.those country who have banned crypto could they(country's people)
 invest in it?

I am mortified I have changed the initials of the coin .. but the coin and your coin will fix the error immediately

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all miners please change the abbreviation in the configuration from XRB to XBR for trouble-free mining

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now it's correct and all miners need to update their configuration

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Hey Moreen_ico,

Thanks for the encouragement.  I think we have the right team, we have Harvard trained economists and law scholars and MIT educated distributed computing experts.

They 100% believe in the project and are being paid in part with XBR.  We've been working together for two years before we made this ANN thread.  We are here to stay. 

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I appreciate your enthusiasm, but it doesn't appear as though your pool is targeted for XBR.  Your links indicate a currency called XRB.

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This is interesting, thank you for your enthusiasm.  Looks like a fairly well put together site.

NS

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Thank you.  Everyone that is on the bitcoinR team currently are on the bitcoinR.org website and are listed in the whitepaper. 

We had three former advisors who are no longer with the project, we are still on good terms with all three.  One was the former CTO of a large credit card company in the US, another was the Chief Information Officer of a high-frequency hedge fund who was a founding quant on the Goldman prop-trading desk and the last was a finance specialist from a publicly traded telecommunications company.  Since they are no longer with the project in any official capacity, they are no longer listed on the website or in the whitepaper.  In any event, our entity is not structured as a partnership.

NS

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Hey CjMapope,

Thanks for your note.  I appreciate you raising this concern; however, I don't understand entirely.

Our difficulty retargeting algorithm is set to 15 minutes; so even if the hashpower increases or decreases drastically, the difficulty will retarget within 15 minutes (every three blocks) and the miners who continue mining XBR will retain the ability to mine a block in approximately the same standard five-minute period.

This is all explained on page 10 of the Official Whitepaper.

NS

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 My god man, years later your still on these shitcoins with the    " When Pool? When Pamp?"    


Talk about dedication



SHA-256? you wont get any long term miners, noobs will rent huge hash, raise your diff and leave you stranded unable to bust a block

RIP

Read the whitepaper and deatailed everything.Belivable. how many people do you have in your team? all are the parteners?

I am happy to contribute to this coin, I believe it can have a good future

The crypto concept has been a decentralized one from the start, i must confess your innovative centralized part of the project might be a hard nut to crack but with the tight team and hard work this may just be the idea we all have been looking for in the crypto space.

Yes, the entire basis of the quantitative adjustment for the currency is that there needs to be a money supply that can be tightened or eased at set intervals.  Where would these funds come from if we did not pre-mine?  This is explained in detail in Appendix B of the Official Whitepaper. 

These are the properties of the 50% pre-mine:

~33.33% (7,000,000 units) of the total money supply was pre-mined and is reserved for periodic OMO.   
~6.67% (1,400,000 XBR) of the total money supply was pre-mined and is allocated to team compensation.
  10% (2,100,000) of the total money supply was pre-mined and is allocated to ongoing operations (bounties, development, infrastructure, etc.). 




Obviously, it is tempting for a developer to print his or her own money; but the main benefits are lost if a development team overpowers market demand with its own self interested supply.  Strong control of ownership in our semi-centralized model is important since its almost certain that effective circulation will be reduced via quantitative tightening effort at some future point.  Lastly, it's important to compensate oneself and one's team with an amount more substantial than just walking around money should the project prove sustainable.

Lastly, Bitcoin Core was 0% "pre-mined" and Ripple Labs was 100% "pre-mined".  Both of those projects have found their niche and are objectively successful within the context of the modern cryptocurrency movement.  bitcoinR has merely split the difference and allocated the vast majority of the pre-mine to a long-run attempt to stabilize the price of XBR (+/- 15% from target) while allocating the minority of the pre-mine to sustaining operations via continued technical/procedural improvement and the motivation of the team.

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Thanks lorikate!  Keep an eye on the hashpower, it is not a perfect gauge of popularity, but it is at least a little nod to participation.  Here's the bitcoinR Block Explorer, the reason why the hashpower is important is because it represents a category of broader cost elements required for participation.

It stands to reason that one would not expend time, effort and cost-based electricity and machine depreciation to mine a currency that they did not assume would have a future monetary value.

So, by more than would be likely by just chance we think "this project will get the success." 

NS

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Hey prettiestgirl,

Thanks for the kind words.  It should be noted that currency price "manipulation" and "stabilization" are very different objectives indeed, backed by wholly different intent.  A big advantage that we have is that we have been very transparent from the start and we have been careful not to commit any arbitrary actions.

We are telegraphing our actions far in advance via the outline of our Open Market Operations (OMO) in the whitepaper with the stated intent to adjust the currency for stability within a (+/- 15%) range of target to achieve the dual purpose of store-of-value stability and a triangular arbitrage price-range to encourage trading volume for liquidity purposes.   

For these reasons, I respectfully submit that our planned activities fall far outside the boundaries of "manipulation" and well within the boundaries of "stabilization".

So, thanks again for the nice post and sorry for the lecture.   

NS

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Hey Kalin79-

Thanks for your continued interest.  We considered the possibility of a CPU-only algorithm like CryptoNight, but felt that widespread adoption of bitcoinR mining would be best accomplished by staying with SHA-256 for three reasons:

1.  Few individuals who mine with CPUs know much about hashing algorithms and are unlikely to prefer one over another.  They simply download and install a miner and await a block discovery.  The somewhat hesitant adoption of this in early April reinforced the case that most people weren't able to understand it.  We knew then we'd made the right decision using SHA-256 to eventually approach veteran miners.

2.  For those individuals who are veteran miners, we posited that they likely have access to equipment that they previously used to mine BTC and were unable to sell / liquidate via eBay or Amazon.  Due to the individually held backlog of SHA-256 mining equipment we envisioned a veteran mining cohort that could get going faster in the mining of XBR by redeploying this unused / obsolete BTC mining inventory.

3.  A substantial aggregate network hashpower, evenly spread over a great number of individuals or entities has a better chance of decreasing the probability of a 51% attack.

Once serious miners can get their heads around the hashpower and difficulty going up and up, they can assess what individual hashpower requirements will be necessary to mine a block individually or as part of a pool.  Smart miners will make an attempt to jump the queue at a discount by going to a place like eBay, Craigslist, Ganji, Xianyu and pick up a used Antminer S9 for less than $200 USD which should, at present, be adequate to mine XBR.  Some vendors on Alibaba will give miners a discount (<$100 each) if they buy massive quantities of 10 or more.

CPU mining of XBR is now largely a lost cause I'm afraid.  I updated and uploaded v.29 of the Official Whitepaper today to reflect this.

NS


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Why you don't make this cryptocurrency on CPU mining algo at first place?

Hey Ozing,

Thank you for the kind words; yes, we did try to honor the original design of BTC with XBR by keeping consensus decentralized while centralizing the economic parameters.  Regarding the idea that a "secret government" controls BTC, I think that it is unlikely that any sovereign nation exercises direct control over Bitcoin Core; however, I do think it is possible that there could be some indirect control by certain countries where lines blur between the private and public sector.

Regardless, the backend economics of Bitcoin that may be manipulated by a loose federation of non-transparent entities is the challenge that we were looking to solve.  There is no question that Bitcoin Core will always be the original and the champion of all crypto; however, that does not negate the need for a transparent, quantitatively flexible version of Bitcoin which is bitcoinR.

There is room in the ecosystem for both BTC and XBR.

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Hey cooltoadfrommmoon,

Appreciate your input; but we must politely disagree regarding the bad timing.  The COVID-19 pandemic was the perfect time to release the CPU miner to the general public because they were stuck at home for quarantine.  While some were lucky enough to retain their jobs, other folks lost their jobs entirely and had no way to compensate themselves- yet, they still had time on their hands and a computer that they could use to mine XBR. 

Interestingly enough, when we announced the project via Twitter, LinkedIn and Facebook, we were met with varying interest by audiences that didn't understand what crypto or mining was.  Most people ignored the announcement, but many did not and those individuals successfully mined a few thousand blocks using their laptops, Macbooks and regular desktops that they would normally just use to browse Facebook or update their resumes in MS Office.

You can get a rough idea of how popular the CPU mining videos were by checking out the initial two CPU mining videos on the bitcoinR YouTube Channel.  The Mac mining video had a little over 7k views and the Windows video had a little over 5k views.

Until yesterday morning the difficulty was <500 and as of right now it is 724,592,054; and while one cannot just success by hashpower and difficulty alone, I do believe it is directionally indicative of a project that may succeed in the long run.

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Hey NITER2018,

Thanks for the note.  I'm struggling a bit to understand your question, XBR is not intended to replace, supplant or challenge BTC.  Our hope is that it may prove to be a fairly price stabilized (+/- 15%) alternative as a store of value and medium of exchange when the market is getting hysterical and BTC is commanding crazy high prices or has become artificially depressed.

To address some of your points directly.

1.  We forked Bitcoin prior to Satoshi's genesis block, thereby creating an entirely new blockchain with zero history shared with Bitcoin Core.  In this way; we are not technically identical to Bitcoin Core, but share 99% of Bitcoin Core's DNA.

2.  I'm usually careful about calling our changes "improvements" because to do so would likely be interpreted as little more than self-aggrandizing propaganda.  That said, it is important to "talk one's own book" because it is important to recruit new supporters for the project to effectively exceed XBR's Dunbar number, a threshold that I believe we have crossed at this juncture. 

3.  Do I think "the base is not updated"?  No.  The Bitcoin Core source code is lovingly maintained, far more than is the bitcoinR source code at this time.  Code maintenance beyond initial commits is generally a community function.  As the XBR community grows, perhaps the maintenance of our code base will approach the quantity and quality of the code commits by the BTC community; but I do not rank the probability of a 1:1 XBR to BTC code-commit frequency to be very high in the short run or the long run. 

Said another way, we have a long way to go before the size and active participation of the bitcoinR community reaches parity with that of Bitcoin Core; a goal that is not impossible, nor is it terribly probable.

Long story short, bitcoinR is not a new idea, rather it is a combination of Bitcoin Core, the old Chaumian central mint ideas from the 1980s and 1990s and the old / established processes described in the 2nd Edition of The Federal Reserve System: Its Purposes and Functions authored collectively by The Board of Governors of the Federal Reserve System in November of 1947.

NS

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So far a Nice project,  It’s really good to see that this project is focusing on some risk factors along with manipulation of the currency price, let’s see how they could cover these factors.

Hi dev, this project sounds very interesting and quite new to cryptoworld. hope this project will get the success.I have an eye on it.

It's self contradictory that you are saying that you are following the original satoshi’s design but in an improved way? Why haven't you followed the original one? Do you think the base one is not updated?

You have chosen a bad time for bringing a new project in the cryptocurrency world, it’s really tough to get a positive response from across the pandemic world, whatever the case is, your project looks potential for the future perspectives.

It is a good thing if we have something very similar to BTC, and the unique part of this project is the centralized aspect. I personally believe there is a secret government that is controlling BTC so, bringing it to the open with a project like this is a welcome development.