Topic: ◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈ - page 217. (Read 284545 times)

Expansion on the idea of voting.

While working on the concepts of Banking, i realized that eventually a good business ethic and excessive funding could lead to centralization. So we need something to regulate the influence of Banks on the overall system, just the need for profit can at times not be enough incentive to maintain order and ethical business practice.

So... i came across this idea, let's introduce a credit rating system with a twist...let the people decide which is the better bank. As a customer, if you are satisfied by a Bank's performance, you can give them a thumbs up. This means that there is more at stake than just profit as a Bank, your reputation also goes on the line.

So banks serve the users, and if they fail at their jobs, they will get a low rating, thus less business.

I would like feedback :--

Would you approve of addition of a voting system to Bitcredit?

I would like to start a competition.

5000 BCR for a new background image for the main client.

Hello

Masternodes are set to go live on the 31st of March. It has been a few weeks since the initial announcement so this makes it official. This date was chosen to allow more time for code review and also to thoroughly explain how to set one up, in this way we can have as many nodes as possible already active by the time the chain adapts the new rules. The in-situ implementation allows a more fluid transition by giving ample warning and time for users to update their clients.

The 0.30.15 + MN release candidate is now ready for public use, please



p2pool running steadily, please split your hash with this one too:- http://bcrp2pool.website:8776/static/p2pool-node-status/

Please report any problems you may encounter, so they can be addressed before the final version.

I'll look into it.

TESTNET ONLY!!!

@bitcreditscc,

errors:-

Bank interface colors are off

Bank statistics not updating

Suggestions:-

Can we have an in-wallet messaging/chat so we can talk to you and each other off the forum?

Masternodes now in testing phase, code is available on github for review. Windows version to come once GUI tweaking is completed.

I have also begun work on our Wiki here:- http://bitcredit.wikia.com/wiki/Bitcredit_Wiki

I've temporarily re-instated our website http://bitcredits.website/ But this will go down when i start working on the exchange again.

Great! Thanks, i am saving up as much as i can because I am hoping to add an android wallet to the list of upcoming releases.

I am going to try and set up the wikl today, i have been under so much pressure that a lot is slipping through the cracks. today i woke up an hour late for work because i was up all night trying to come up with a HTML5 wallet. (long range goal).

Setting up a wiki would probably be a good idea.  There is a lot going on with this coin and it can be hard to digest with all the info spread across this thread.

Sent another 0.1 BTC to the dev fund! 

someone has been trying hard to damper the rise, they'll regret their losses. Overall good things indeed.

I'll do a more in depth BBD write up late today , should be informative and interesting.

The most discussion is done on ypool chat, and so far the exit has been only hinted at. It is a big issue but i believe that the effect will not be so bad. My understanding so far is that those who have taken interest in having a bank node are people who can already see the possibilities. Think on the trust protocol, as a Bank's trust rises and it's profitable models increase, it becomes worth more and more. A banker is highly unlikely to ruin such a high trust rating for a quick 6-10 BTC, knowing full well that they can make such an amount by holding on to their node for two months, and can still do more business.

Saw the rise in price and ran here to see what is going on.  Good things happening!  Don't have time to dig too deep into your posts at the moment but I will return.

Can you explain what the function of the BBD will be?

And I like the idea of making the bank a commitment you are locked into for a minimum of 6 months, but have you considered what could happen as that 6 months ends?  Basically I'm referring to banks potentially running something akin to the classic "exit scam" that occurs on darknet markets.  Something to think about.

Since it seems many are struggling to put two and two together , once a week i will post an example of how you can leverage your bank to make profits.

The owner of the pool is unavailable but the p2pools are working.

In this ecosystem, there is no easy money. If you want to earn you have to actually do something, be it investment, offering services or even just mining. But keep in mind that as interest increases so does mining difficulty, and so does price. However , as the trust protocol matures Banks will be more willing to loan out funds. If we allow any small interest to have bank then we risk scammers running fly by night operations resulting in problems for the average user. The investment has to be large enough to discourage such people and also reflect the commitment of the owner to providing the service.

Allow me to correct you a little, then think over what i say.

It actually costs 1.8 BTC right now to purchase enough for a bank node. So let's do some math, since hashrate doubled over the last few hours.

You are now only mining ~ 2500 BCR a week,  at current rates that is 0.017 BTC. And that is mining with some serious hardware to compete in this environment.

Randomuser1 instead spends 3.6 BTC and sets up two nodes with an additional 25K BCR for operations. He is 1/20 existing nodes and earns ~ 2000 BCR per week for his nodes. He will earn 0.04 BTC per week just for having the nodes. This means 9 weeks his nodes are already in the black.

Because he is a bank he can now perform operations such as escrow, Insurance and contracts.

Say in the first week he takes a 80k BCR contract for development of the Android mobile wallet and negotiates investment insurance for 40K BCR @ 5% rate. He then manages to do the job with 70K BCR. He pays his insurance agent their 5% and keeps the rest. So of the 10K profit, he pays 2K insurance, leaving him with 8k BCR, or 0.16 BTC.

His total for that week is 0.2 BTC. Depending on how much liquid BCR he has , he may have taken on smaller jobs like insuring your payment for some odd jobs in the crypto-world. which can potentially increase his total earnings. The only limit to how any contracts he can do is his monetary constraints and demand for his services.

Say the next week a worthwhile individual  decides to start a new asset/coin but they lack the funds to pull it off, they approach hi as a bank to lend them the funds and help set it up, in exchange say for a 3 % premine, or a hard-coded 3% of every block. If it is a good investment that is managed well, the bank can make untold profits by indulging in such activity. This also benefits our ecosystem either through the insurance one may take out on their investment or by the resulting stimulus of the removal/addition of large chunks of coin at times, as well as attracting more users, investors and entrepreneurs.

Note that once a person starts turning a profit, they are likely to buy more BCR and expand their operations. This creates a lot of buy pressure, resulting in even higher prices.

At a later date, our random user may find that maintaining two different nodes is too much work, especially when they start processing loan requests. So he may decide to sell his node at a 20% profit. That is 300k BCR which may be worth 9 BTC or even more depending on market conditions.


The PoS fad has ruined the average user mentality in that they were getting used to easy money and forgot that real money, real profit, real crypto comes from work, development and business mentality. Now that people are wising up you see the majority of those coins are struggling and floundering. This is because there is no real ecosystem, it's just a flood of emissions without economic activity to support it.

It's not a hand outs system essentially a "what you kill is what you eat" system, where you only get something if you actually did something.
Miners earn small tx fees , nodes earn processing fees and banking tx fees. At times of surplus reserves they can be subsidized to encourage lending, in return users could use the funds to earn more.

So if you have a talent , say graphic design, you could potentially start as a normal user, but if you sell your warez for BCR you can potentially make enough to have a node of your own. Likely you can actually make the required 250K long before someone who tries to do it through mining only.

Don't get me wrong, mining is important, it gets the chain moving and also introduces new money , but what actually gets any economy moving is trade. So trade your skills/warez up the ladder.

why ypool dont have a block since 15.02 ?