Topic: ◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈ - page 195. (Read 284545 times)

31.03

when do BN go live?

Ok, I have to this anyway though I must warn you… this white paper loses relevance everyday that I learn something new. It will need constant updating.  So on with the show…
BTC was a great idea, and revolutionized money, but did not address financial service provision. BCR focuses on making it possible to provide and use such services using crypto-currency. In any monetary system, especially in today’s complex world, the existence of service providers is essential, be it something as mundane as savings accounts, to more intricate things like Life insurance and Investment Banking. In this regard I wish to throw more weight behind integrating many existing systems and inventing new ones to begin making it possible to conduct these processes on the blockchain. 

The Trust Engine

If you wanted a loan to start a business today, you'd go to your local bank, where you hold an account. They would sit down and look at various aspects of your life for example, Age, Work situation, number of dependents, spending habits and marital status. Lots of other things are considered, but basically they scrutinize you and decide whether you can be trusted and useful.
I figured out a basic metric on which to do this within a crypto-sphere. Your wallet and activity on the blockchain can be boiled down to hard facts that closely represent the financial aspects brick and mortar banks consider when they look at your status. We can extract information such as your spending habits/saving habits, your monthly income and your productivity, how frequently you use crypto currency. Using these factors we can determine how well you conduct yourself financially and how likely you are to profitably utilize funds. Once you are in the system and have performed transactions with banks, we can further analyze how you dispersed the funds, how quickly you turned a profit and how quickly you paid back any loan.
The applications of such information are staggering, but the realization that this still maintains a level of anonymity is what made it worth pursuing. This means that the global scale, the no borders nature of crypto-currency can now be used within a financial system that includes service provision. Literally, every first in this system, is a full and truly global first. Any user in the world can use your service…from the depths of third world dictatorships to the halls of first world democracies…every single person is a potential customer, all they need is a wallet.

Medium

My decision to start with a new currency came as a direct result of it being very difficult to convince anyone that my ideas were worth exploring and also a need for direct control over code and the blockchain during the initial stages.
Momentum PoW has been proven to be cpu and gpu friendly, which places it in reach of all miners, from hobbyists to professional mining enterprises. The system itself has a very aggressive difficulty adjustment protocol that ensures the network functions at high and low hashrates with an almost uniform distribution. (lol, you should have seen the arguments and trial and error)

Communication

The system itself has SP2PM (secure peer to peer messaging) this is used between any peer to communicate in a secure manner. Communication between banknodes/financial institutions has a special format that allows easy processing and possible automation. 

There's only been about 50K+ in sells in the last 24 hours, that's not a lot.

Anyway i'm holding strong the dev is doing great things here. You got to think of the bigger picture, not the current price.

Your loss bro.

One thing is certain, to judge the health of a security by the current consensus is a fools metric. One must judge the security by other means. This is an innovative idea and system. There is always an excuse to not buy. Now, it's because of a meager 'sell wall'. Later, when price rips, it will be the standard 'its on a pump, etc',. Whatever.

i really can't understanding about this system.....! Good luck....

Its possible, if someone wanted to cause panic selling, they could try depressing the price and shake out the speculative buyers and weak hands.  Then have a free run to buy up a lot more.

You can start with 10 BTC worth, force the price down and buy low. The 4 BTC you lost while forcing the price down would be recovered if you buy a ton more than you had , and wait for the price to rise. You could possibly double your money.

Lol, let them sell. In a few days they'll want them back.

BankNodes are basically financial institutions built in to the network. Their function is to facilitate and provide typical finance services.

Banknodes can be owned by an individual, a group or a company, there is no limit to the type of entity that can own one.

Banknodes are "for-profit " entities that if used well , can stimulate growth of the ecosystem while providing huge rewards for the owners.

I encourage all business minded people to aspire to own one.

I think it's price suppression...

Ahh the calm before the storm

wayyyy too many ppl are selling


ill pass

I want to know about  this Banknods system.......

only a few more errors to go. i need another pair of eyes.

Any news ? git clone ? 

made a lot of progress in the last few hours. logging off for a while.

I should point out... even at the high cost of 20 BTC...DRK MN are actually increasing in number.

hmm, tired of code. I'll give it crack in a bit. I am moving the coins currently in the bank and reserve to a single address, this is because the wallet they share has become very bloated by the small transactions. The wallet almost always crashes now after a few transactions.

I'll update when that's done.

That's fine.  Better to do it the right way.  Don't stay up all night!

I think i'm a bit selfish, i don't see myself parting with my coins anytime in the near future. More likely to buy more, my second BN needs capital.