Topic: ◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈ - page 205. (Read 284560 times)

i plan to have two BN so in the morning i will buy the 35K that i am short.

people are going to regret not buying at these sub 10000K satoshi prices.

Just think, 3 million in BN will reduce supply to 3 million circulation.

price watch, investment lookout and some musings:

A bank node is still pretty cheap to grab, ~ 3.8 BTC.

A wipe out of 2 Bank nodes will likely lead to prices of 0.00004 if we are pessimistic.

At that rate a node will cost you 10 BTC.  

there are 6 million in circulation. Say 2 million goes into BN and you are the proud/anxious owner of one.

under these conditions, there is only 8 of those precious nodes. so initially you divide by 8 the 25% of total emmisions... which leads us to 18000/8.

you get 2250 BCR per day...~ 0.09 BTC for having that node. Say you are adventurous and decide you know someone who will do a bounty for 12000 BCR...you feel you do not need insurance, so you go ahead and commission the job. After satisfactory results are produced, you earn the listing price of 20K BCR. You just made 8K BCR ~ 0.36 BTC ....

So in a week you could earn 0.63 BTC + 0.36 BTC .... ~ 1 BTC. 4 weeks of good work, you are in the black. fro then on it's profit...

and a good bussines person saves...and buys...and controls two BNs and conducts double the business....

Just a pessimistic view.


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The optimist

A bank node is still pretty cheap to grab, ~ 3.8 BTC.

A wipe out of 3 Bank nodes will likely lead to prices of 0.0001 .

At that rate a node will cost you 25 BTC.  

there are 6 million in circulation. Say 2 million goes into BN and you are the proud/anxious owner of one.

under these conditions, there is only 8 of those precious nodes. so initially you divide by 8 the 25% of total emmisions... which leads us to 18000/8.

you get 2250 BCR per day...~ 0.22 BTC for having that node. Say you are adventurous and decide you know someone who will do a bounty for 12000 BCR...you feel you do not need insurance, so you go ahead and commission the job. After satisfactory results are produced, you earn the listing price of 20K BCR. You just made 8K BCR ~ 0.8 BTC ....

So in a week you could earn 1.54 BTC + 0.8 BTC .... ~ 2.34 BTC. 1.5 weeks of good work, you are in the black. from then on it's profit...

and a good bussines person saves...and buys...and controls two BNs and conducts double the business....

Absolutely.

If you follow through, this WILL be huge.  

Considering the current real supply is around 6 million (without the coins held in escrow), the market cap isn't but around 20k.

People will catch on soon enough.

Just took a bite out of the sell book, anyone want to help chew through the 1500 level?

it's actually great that you asked and luckily i was fed up of looking at endless lines of code. thanks for the questions, it's a great opportunity to talk, and let others know whats going on.

Good luck with your project. 

I guess I might buy a few 

And thank you for your promt responses.

yes, the date is unchanged, we are working night and day, any free time we have to meet the deadline.

You will have basic banking, manual until we perfect the optional automated banking.

Actually, the delay until the 31st is so that we can enable basic banking.

what we are working on now is a secure internal messaging system that will allow node communication. While users can use it for everyday secure messaging, there will be forms in the wallet that you can fill out and send a specially formatted message to a Bank node and vice versa.

The one draw back we will fix in the next update is the very manual way it is done. Example :-

Client A -- trust rating 6  credit rating 5.3  requires a 30000 BCR loan to bootstrap a new asset on our blockchain (i'll explain this later)
so he/she sends a formatted message :

" Request : Loan ,Amount : 30000 BCR , Address: XXCLIENTSADDRESSXX to: XXBANKNODEADDRESSXX"

To BN01

In the current system, the owner of BN01 will have to look up their address and view the trust rating.if they wish they can communicate further with Client A and maybe try hammer out a deal. if they agree, then BN01 sends a formatted message

 " Approved : Loan ,Amount : 30000 BCR , Address: XXBANKNODEADDRESSXX to :XXCLIENTSADDRESSXX "

These records will be kept and will be used at conclusion of business or in the unlikely case, dispute resolution.


In the upgrade that will come later Banks will have lists of trusted users and custom settings. for example, in my BN i would set automatic trust for addresses belonging to those who have been supporting the project from the start. With a limit of say 500 BCR. This means when they send a request, it will be opened and processed by the client without need of any input from me.

So yeah, just give us a bit more time and you'll see a lot in the coming few days.

So are banking functions going to be available on the 31st of march?

Is that still the correct release date for bank nodes?

There are actually two addresses , namely BANK and RESERVE. Bank is immediate access and reserve requires consensus by way of vote.

Some initiatives need coin to move them along. These issues are handled from the Bank address with the reserve just in case. For example, right now I have urgent need  of  1) c++, python and java Development talent 2) Web Devs 3) Translators and marketers 4) Infrastructure maintenance and 5) Mining Pools. None of which are free. I have managed to get help for the internal messaging system, as a result that developer will need incentive. The mobile android wallet will require a whopping 4-5 BTC.

So if i find someone to carry out a job i can pay them from there until the update kicks in. When the new update goes live, all these will be paid off by the blockchain automatically. Those accounts will then switch to their original purpose, which is encouraging users and services to do banking and promote the ecosystem.

Say you have a trust rating of 5 and a credit rating of 4 and no outstanding loans, but for some reason all the banks will not give you the loan you require. You can then request from an address i will publish later on and you will get the loan based on the merits of your trust and credit ratings.

Think of it as a lender of last resort, that exists to balance out anomalies and help out the system at times. Some of all this is still rudimentary , but will iprove as time goes by.

BCR mined so far

{
"version" : 301400,
"protocolversion" : 70006,
"walletversion" : 60000,
"balance" :
"blocks" : 72407,
"timeoffset" : 0,
"moneysupply" : 13214684.99811711,
"connections" : 5,
"proxy" : "",
"difficulty" : 0.00016750,
"testnet" : false,
"keypoololdest" : 1427364463,
"keypoolsize" : 2,
"paytxfee" : 0.00000000,
"relayfee" : 0.00001000,
"errors" : ""
}

Can you do either logo with some colors like in the wallet?

Thank you for your response. 

So, on the 31st, masternodes will be released on the main net?  And at this point in time, they will not be capable of banking functions, only fee collection?

There is somewhere in the 12 millions total existant, you can check in your wallet for exact figure.

Yes there was a premine,but it was moved to escrow for safe keeping while i focus on development. I just don't have the time for anything else  so it'll remain there until i have time. The 6 million is held in escrow by EmpoEx, on this address ESCROW

The initial purpose was to do a delayed ICO at block 8000 and use the funds to hire more developers and speed things up, we ended up dropping that, instead focusing on development. It has been slower but has allowed refinement of the idea and better cohesion.

I prefer the technical work than handling all that, so until the community decides otherwise, those funds will remain in escrow.

Possible uses could be co-owned Bank nodes , Lending stimulant or even burn part of it. All that will have to wait until we have a successful launch of the basic banking.

as i understand it's for the Bank Node, but i think dev or someone else have to answer to that question

What are the funds in the reserve address for? 

1 minute blocks, block reward 50BCR=1440 blocks/day X block 50BCR=72000BCR/day 38.9999BCR go to miners the remaning 11.1BCR go to bank and reserve address

about 12 millin coins in circulation i think

its all in this chart http://bitexp.net/charts.php?coin=Bitcredits

Several pages back, you said there are around 6 million coins in circulation.

How many coins currently exist?

Is there a premine?  If so, for what purpose?

interesting, but the edges don't look very sharp

Also need a technical writer to lay out all the relevant information, there have been complaints that some stuff is missing.

By golly, I think he's got it.