conclusion i can't see it working.
my approach is far fairer and less manipulative
been working on it for over 3 months now.
i was more interested in the credit system but it seem like the credit system is for the nodes.
my credit system would have been for anyone.
the whole purpose of it would be to provide loans to anyone as long you fit the requirement of the lender. the lender then uses the credit system to assess whether or not he should lend.
now to make use of the coin there are many factors to giving a credit score, like how many coins you hold in your wallet daily, how much you spend previous loans etc. you can then increase loan requests by providing details of yourself. this creates a profile and by creating a score on spending encourages the user to use the coin for their personal spending thus fulfilling the purpose of being a alternative currency.
ofcourse scams are gonna happen so to reduce this and effort in stopping them the best thing is to make lenders work hard to build a profile. increasing the fee will not help as scammers will pay $100, $1million if they have too as long as it turns them a profit so fee does not matter.
have 5 tiers where you can only lend max in each level then depending on history they move up a level. each level is hard and therefore they wouldn't want to scam as it wouldn't be worth it. you can require them to hold x amount as escrow too.
you can move up levels by providing details of yourself.
building a successful credit system is what i am trying to create and i saw this coin thinking it could do the same.
Topic: ◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈ - page 198. (Read 284560 times)
do you think price will go up all the time. i think it won't as more nodes will be created and when nodes released big dumps because of the cut supply increase price model you have here. the only reason why someone would make a node is to make money of the increase right. now if they think price wont go up they wont buy as the weekly return would not be worth it at whatever level you buy
BN's will provide services, (loans, escrow etc.) for which they will earn remuneration. Are you getting it yet?
It's not all about the bloody price.
and the little amount of nodes there are will make that market manipulative. just like how under 8 major banks are in the uk managing trillions of funds
This is why I want to know how many people were involved in deciding the 250k bank node requirement? Seems like only few people were involved, with the intention of controlling the few banks that will exist.
let me say a few things. these guys have both been in this thread long before the price started marching, they procrastinated.
What they are posting now is FUD because, they CHOOSE to ignore the glaring differences between the systems they wish to compare with.
What benefit is there in having thousands of neglected bank nodes?
Who are these early adopters? You mean the same guys who have been encouraging, guiding and supporting me through the development process? Do you mean the guys who took a chance and invested their hard earned BTC to buy some coins? Do you mean the two guys, ONLY TWO guys who donated 0.31 BTC to help keep the pools and websites online? Do you mean the others who have constantly talked with me and helped me craft my ideas?
Rather than trying to make a plan to find the BCR to have their own nodes, you choose to come here with garbled reasoning and ideas and try to impose it on us.The decision to make a BN 250K was made here and in ypool chat, you can read the logs. FYI initially a BN was pegged at 1 Million BCR.
@ wasref
You lack the commitment required to purchase and run a bank node, yet you would speak out against those who would? You say you have been working on a similar project, i see no evidence. I work my ass off daily and i do it without a guarantee of success or any compensation yet you bandy about the word scam in my thread. i am not some master coder with the keys to the palace. I am an ordinary guy who is only learning how to put things together the hard way , with little to no financial support.
YOU ARE CONFUSING THE ROLE OF A MASTERNODE WITH THAT OF A BANKNODE, once you get the difference, there is nothing else to say.
Just to be sure ... how a bank could control the price ?
do you think price will go up all the time. i think it won't as more nodes will be created and when nodes released big dumps because of the cut supply increase price model you have here. the only reason why someone would make a node is to make money of the increase right. now if they think price wont go up they wont buy as the weekly return would not be worth it at whatever level you buy
BN's will provide services, (loans, escrow etc.) for which they will earn remuneration. Are you getting it yet?
It's not all about the bloody price.
and the little amount of nodes there are will make that market manipulative. just like how under 8 major banks are in the uk managing trillions of funds
This is why I want to know how many people were involved in deciding the 250k bank node requirement? Seems like only few people were involved, with the intention of controlling the few banks that will exist.
8 major banks in the Uk eh? Well, there will be a possibility for 24 bank nodes to exist at current supply levels.
In one year, there will be a possibility for over 100 bank nodes.
do you think price will go up all the time. i think it won't as more nodes will be created and when nodes released big dumps because of the cut supply increase price model you have here. the only reason why someone would make a node is to make money of the increase right. now if they think price wont go up they wont buy as the weekly return would not be worth it at whatever level you buy
BN's will provide services, (loans, escrow etc.) for which they will earn remuneration. Are you getting it yet?
It's not all about the bloody price.
and the little amount of nodes there are will make that market manipulative. just like how under 8 major banks are in the uk managing trillions of funds
This is why I want to know how many people were involved in deciding the 250k bank node requirement? Seems like only few people were involved, with the intention of controlling the few banks that will exist.
do you think price will go up all the time. i think it won't as more nodes will be created and when nodes released big dumps because of the cut supply increase price model you have here. the only reason why someone would make a node is to make money of the increase right. now if they think price wont go up they wont buy as the weekly return would not be worth it at whatever level you buy
BN's will provide services, (loans, escrow etc.) for which they will earn remuneration. Are you getting it yet?
It's not all about the bloody price.
He doesn't get it...
I don't think he will. Seems to be some kind of language barier.
I wonder if he has considered how profitable a bank node might be? If mine makes a killing, I sure as hell won't be "dumping" it.
Plus, smart investors know how to exit a market properly.
do you think price will go up all the time. i think it won't as more nodes will be created and when nodes released big dumps because of the cut supply increase price model you have here. the only reason why someone would make a node is to make money of the increase right. now if they think price wont go up they wont buy as the weekly return would not be worth it at whatever level you buy
BN's will provide services, (loans, escrow etc.) for which they will earn remuneration. Are you getting it yet?
It's not all about the bloody price.
and the little amount of nodes there are will make that market manipulative. just like how under 8 major banks are in the uk managing trillions of funds
do you think price will go up all the time. i think it won't as more nodes will be created and when nodes released big dumps because of the cut supply increase price model you have here. the only reason why someone would make a node is to make money of the increase right. now if they think price wont go up they wont buy as the weekly return would not be worth it at whatever level you buy
BN's will provide services, (loans, escrow etc.) for which they will earn remuneration. Are you getting it yet?
It's not all about the bloody price.
The rise in price is solely based on the amount required to run a banknode.
anything less than 250k BCR all you can do is speculate on the rise and fall of the currency.
So now everyone is rushing to buy up enough BCR to run a Banknode, but there is only so many to go around.
expect wild fluctuations in price, a price squeeze due to lack of liquidity, and price fixing between the few bank nodes that will exist.
anything less than 250k BCR all you can do is speculate on the rise and fall of the currency.
So now everyone is rushing to buy up enough BCR to run a Banknode, but there is only so many to go around.
expect wild fluctuations in price, a price squeeze due to lack of liquidity, and price fixing between the few bank nodes that will exist.
Have you looked into the credit building process? People buying coins to establish early credit worthiness could drive the price as well.
The price will eventually stabilize.
whats the idea? the idea here is more to cut supply increase price which will not happen indefinitely thus the model won't work. having this very limited amount of nodes manipulates the services the nodes provide.
'The model' is not designed to simply increase the cost of BCR in perpetuity.i trade the stock market. it doesn't take a genius to figure out why it won't go up all the time thus no point in becoming a node.
Again, you are confusing your own short term profit motives with what is intended.From the dev:
The premise is simple.... we now have tons of currencies, but no real financial tools and services. This is a huge gap that needs filling and i have decided to step up to the task and try making it a reality.
My goals in succession were as follows
1) Create a viable currency as a base currency for all transactions.
2) Integrate financial services and tools one at a time to meet industry demands
3) Introduce a consensus system that governs Blockchain Financial Institutions by way of democratic vote
4) Implement an Asset issuing facility on the blockchain that runs concurrently with BCR... meaning that people can issue stocks in their companies/ventures/banks right on the blockchain and transfer them as required.
5) Create a incubator for ideas, internal and external whose profits are brought into the BCR ecosphere thereby proving funding, profit and enterprise for all participants.
there was a white paper, an abject failure because my ideas evolve daily and it just could not get across ideas I want to express.
My goals in succession were as follows
1) Create a viable currency as a base currency for all transactions.
2) Integrate financial services and tools one at a time to meet industry demands
3) Introduce a consensus system that governs Blockchain Financial Institutions by way of democratic vote
4) Implement an Asset issuing facility on the blockchain that runs concurrently with BCR... meaning that people can issue stocks in their companies/ventures/banks right on the blockchain and transfer them as required.
5) Create a incubator for ideas, internal and external whose profits are brought into the BCR ecosphere thereby proving funding, profit and enterprise for all participants.
there was a white paper, an abject failure because my ideas evolve daily and it just could not get across ideas I want to express.
Any rise in price will be an artefact of value and utility provided.
Bleating and moaning about early adopters is asinine. Nothing is preventing you from being one.
they weren't my words they were devs when he said supply is decreased increasing value of nodes giving them huge profits for holding.
The rise in price is solely based on the amount required to run a banknode.
anything less than 250k BCR all you can do is speculate on the rise and fall of the currency.
So now everyone is rushing to buy up enough BCR to run a Banknode, but there is only so many to go around.
expect wild fluctuations in price, a price squeeze due to lack of liquidity, and price fixing between the few bank nodes that will exist.
anything less than 250k BCR all you can do is speculate on the rise and fall of the currency.
So now everyone is rushing to buy up enough BCR to run a Banknode, but there is only so many to go around.
expect wild fluctuations in price, a price squeeze due to lack of liquidity, and price fixing between the few bank nodes that will exist.
Ah....i did say something about procrastinating and FUD right?
Right now i'd like to get the basics shipped to the average user then worry about automation in the next update.
Right now i'd like to get the basics shipped to the average user then worry about automation in the next update.
ok dev seems like my points are coming across as fud but you know ive addressed them before but got buzi.
do you think price will go up all the time. i think it won't as more nodes will be created and when nodes released big dumps because of the cut supply increase price model you have here. the only reason why someone would make a node is to make money of the increase right. now if they think price wont go up they wont buy as the weekly return would not be worth it at whatever level you buy
I'm very certain you are only thinking about your own short term gain after this. Or maybe you are just very confused as to how all this works.
what can Bank nodes do other than get weekly payments
cause liquidity squeezes. there will only be so many bank nodes operating, run by the few early adopters who got in early. These few bank nodes don't want competition, hence the 250k BCR requirement and the 6 month holding period.
As price increases, this will cause banknodes to be cost prohibitive and for existing bank nodes to price fix on their loans.
So much for quality service.
I paid over 5 btc for my bank node. It requires a serious financial commitment.
A dash masternode costs 20btc...
Cost prohibitive to you doesn't mean cost prohibitive to everyone else.
But Dash gives opportunity for a few thousands people to earn money daily. This one will only allow this to a few early adopters.
yes it only benefits early adopters, dash masternodes can be bought any time due to its low requirement doesn't matter the cost of buying its about availability too. 250k per node could lead it to costing 250btc for one node which will never happen because people will just not buy it. thus stopping the rise and releasing dumps once nodes are released and then as the profit is to be made from price increases the buying will stall
Dude you are comparing apples to oranges.
Bank nodes are supposed to be limited in number. Having 2000 banks would completely ruin this idea.
Dash masternodes enhance the anonymity of the network, so the more the merrier.
And a Dash masternode requires 20 btc to purchase at these prices!!!
whats the idea? the idea here is more to cut supply increase price which will not happen indefinitely thus the model won't work. having this very limited amount of nodes manipulates the services the nodes provide.
i was more interested in the credit system for the coin , why is there no talk on that
The way I see it this is the most capitalistic coin out there right now. "Cheap price"-adopters (ie those of us who bought at 200 sats just 2-3 weeks ago) deserve to get the largest return possible because we had to watch DRK/Dash fly to the moon recently as BCR consolidated sideways.
Anyhow you bring up a good point about the potential manipulation from having a few banknode owners, however it's just speculation right now that it would occur, and furthermore Dev can change parameters if there indeed is manipulation.
Overall chill out and just let the Dev, the BCR price and banknodes do their thing before we start reexamining shit.
JL
I hope the banks have already bought their reserve funds... getting more expensive by the minute.
Ah....i did say something about procrastinating and FUD right?
Right now i'd like to get the basics shipped to the average user then worry about automation in the next update.
Right now i'd like to get the basics shipped to the average user then worry about automation in the next update.
ok dev seems like my points are coming across as fud but you know ive addressed them before but got buzi.
do you think price will go up all the time. i think it won't as more nodes will be created and when nodes released big dumps because of the cut supply increase price model you have here. the only reason why someone would make a node is to make money of the increase right. now if they think price wont go up they wont buy as the weekly return would not be worth it at whatever level you buy
whats the idea? the idea here is more to cut supply increase price which will not happen indefinitely thus the model won't work. having this very limited amount of nodes manipulates the services the nodes provide.
'The model' is not designed to simply increase the cost of BCR in perpetuity.i trade the stock market. it doesn't take a genius to figure out why it won't go up all the time thus no point in becoming a node.
Again, you are confusing your own short term profit motives with what is intended.From the dev:
The premise is simple.... we now have tons of currencies, but no real financial tools and services. This is a huge gap that needs filling and i have decided to step up to the task and try making it a reality.
My goals in succession were as follows
1) Create a viable currency as a base currency for all transactions.
2) Integrate financial services and tools one at a time to meet industry demands
3) Introduce a consensus system that governs Blockchain Financial Institutions by way of democratic vote
4) Implement an Asset issuing facility on the blockchain that runs concurrently with BCR... meaning that people can issue stocks in their companies/ventures/banks right on the blockchain and transfer them as required.
5) Create a incubator for ideas, internal and external whose profits are brought into the BCR ecosphere thereby proving funding, profit and enterprise for all participants.
there was a white paper, an abject failure because my ideas evolve daily and it just could not get across ideas I want to express.
My goals in succession were as follows
1) Create a viable currency as a base currency for all transactions.
2) Integrate financial services and tools one at a time to meet industry demands
3) Introduce a consensus system that governs Blockchain Financial Institutions by way of democratic vote
4) Implement an Asset issuing facility on the blockchain that runs concurrently with BCR... meaning that people can issue stocks in their companies/ventures/banks right on the blockchain and transfer them as required.
5) Create a incubator for ideas, internal and external whose profits are brought into the BCR ecosphere thereby proving funding, profit and enterprise for all participants.
there was a white paper, an abject failure because my ideas evolve daily and it just could not get across ideas I want to express.
Any rise in price will be an artefact of value and utility provided.
Bleating and moaning about early adopters is asinine. Nothing is preventing you from being one.
I used to work for the IMF. I am a Nobel Prize Laureate in Economics. I also golf with Bernanke on Sundays.
You should take everyone's word as truth. Its crypto, everyone is honest.
You should take everyone's word as truth. Its crypto, everyone is honest.
Worked for a bank (could have been a teller). Taught econ (maybe high school?).
He didn't brag or talk about it. Someone asked him about his background.
If he had built it up a lot, that would be a red flag unless he provided proof.
This guy works his ass off. He gets economics. He wants this project to succeed.
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