Topic: ◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈ - page 227. (Read 284545 times)

I noticed difficulty is pretty damn high.  Guessing someone threw a whole lot of hash at it until they spiked the difficulty and then dropped off.  Sure it is fine, just keep powering through the tough block.

Is something wrong with the network?  Haven't seen a new block in over 2 hours... maybe 3 by now.

In order to do it properly with colored coins, it would be best to do PoS , that way the colored bonds would have more staking % than normal tokens.

I'll think on it and give a mock up. I'm done coding for today, too much time on a screen damages the eyes.

Interesting idea.  It would certainly give a significant additional bonus to those who participate in the ICO.  Which is actually pretty perfect for this scenario as mining and trading of coins is already underway.  ICO coins would be more valuable than the coins you can buy on bittrex right now.

How would that work?  Are those who buy into the ICO simply issued an address and all the perpetual benefits are sent to those addresses forever?  It's always a fine balance between rewarding early adopters but not balancing things so far in their favor that people who discover the coin later on down the road don't feel like they are getting a raw deal by buying in.  Would there be anyway of making these founder positions liquid?  It would generate a lot of interest in the coin and quiet the FUD if you could go on bittrex and buy and sell bitcredits AND buy and sell your stake in the founder positions.  I have no clue have feasible that would be technically speaking, it's just the ideal way to do this in my mind if you went that route. 

Colored coins?  Couldn't a small amount of colored bitcredits be issued to the address an ICO participant is given, and then be transferred freely?  Of course I am sure this sort of thing is FAR more complicated than a layman such as myself realizes though, especially for an overworked dev who hasn't made a dime off his efforts.  Maybe it would be doable in a perfect world but it's a bit too pie-in-the-sky right now with your limited resources and free time.

A more elaborate plan was pitched to me a few hours ago and i am still thinking on it. But basically, the ICO funds will be split into

1) development and marketing
2) Price support.

The bank and grant balances are public and have a maximum allowable value. If the balance crosses that line then the excess would be divided among those who participated in the ICO. It's better than PoS in that the growth rate is predictable, we can easily hardcode the payments by time trigger and it does not affect the hard 105 milion limit. everyone who takes part in the ICO is allocated a proportional % to their contribution and they reap perpetual benefits.

This situation deals with four of our problems though i fear loate comers may complain that they won't get a chance to participate.

Any ideas?

GPU mining is pretty high on the list right now. I am working on it and so are at least two other people.

Expenditure will be properly documented, although for now it has just been bounties and the upcoming website.

Oh, and as far as my feelings on PoS, it would certainly look a bit scammy to fully switch to PoS now as the original specifications of the coin called for 105 million credits.  Right now there are only about 600k bitcredits out in the wild + the 6 million Empoex is holding for the on hold ICO.  It would definitely feel like the PoW stage was being cut awfully short to switch to PoS now.  Of course, it is very difficult to create a successful PoW coin that can sustain the constant investment needed to maintain it's price (for that matter it's hard to sustain the price of PoS coins as well, but I digress).

I have been mining and following this coin from the get go, and I know some were opposed to raising the block reward to 200 which resulted in the current 50 reward sticking around, but perhaps an accelerated PoW mining period is in order combined with rewarding those who give out loans and grants with PoS rewards or possibly just extra % points on their PoS compared to your average holder.

To me, the ideal way forward from here would be get a GPU miner and pool up and running, decide what to do with the ICO coins (sell, burn, or keep a portion for a premine to go toward the expenses you listed earlier.  As long as you are transparent about the use of the premine, it shouldn't be a matter of concern).  Once you decide on the PoS scheme you are going to use, hardfork it, up the block rewards to 200,300,400, whatever it needs to be, and keep it as a PoW/PoS coin with steadily declining rewards until say, 3-6 months down the road all the PoW blocks are mined and it switches to pure PoS.

Early adopters get a little extra bonus by mining with low difficulty in the early days, but no one can accuse bitcredits of being a scam as everyone got plenty of time to mine and get their hands on some.

I think he  was trying to say 60 x i5, that would make more sense.

You sure you got those numbers correct?

When I run a getmininginfo like so


"blocks" : 12193,
"currentblocksize" : 1000,
"currentblocktx" : 0,
"difficulty" : 0.00000139,
"errors" : "",
"genproclimit" : 10,
"networkhashps" : 49,
"pooledtx" : 0,
"testnet" : false,
"chain" : "main",
"generate" : true,
"hashespermin" : 26
}

I get 26 hashes per MINUTE, so about .43 hashes per second.  I'm running 10 threads on a stock clocked 5820k.  If those numbers are totally off base let me know because I'm very interested in knowing if my new processor is bunk!

.43/49 = 0.877% of the network which seems about right with the number of blocks I've been hitting lately.

I'm guessing you didn't notice that your hashrate is listed per minute, while the network hashrate is listed per second.

I honestly don't think so, because over the whole day the hash rate topped off at 61 H/s , which is roughly 6x i5 3450 cpus on the whole network.

Either way, the difficulty is pushing me to look into the issue harder

currently struggling with

https://github.com/bitcreditscc/bicreditsnew/blob/smsg/src/rpcmining.cpp#L412

So is there a working gpu miner ?
The diff is vary high to mine with wallet.

Quick temporary job 15% of all payouts.

I need a bounty manager to actively pursue all bounties current and upcoming. Pm if you are interested.

I am trying to fix the rpcmining, it's just hard without a testnet to find blocks, also care to elaborate why a dummy coinbase is used to generate blocks? https://github.com/bitcreditscc/bicreditsnew/blob/master/src/rpcmining.cpp#L351

I'll see what I can do this weekend, i am trying to also recruit other coders to help with the work.

As it stands there are three priorities and i can't chase them all. I'll try working on the miner kinks today.

PoS style interest even a small amount incentives keeping wallets online and keeps the network healthy that way.  But if you are going to put that kind of system in place make it something reasonable 1%-3% per year not some BS 300% per month or doubling every 4 days ;-).

That being said if there exists someone who is using a GPU miner successfully(understanding it could just be a guy with a CPU farm) (maybe they set up a private pool or whatnot), this is now probably the most pressing issue for this coin in the near term.  You don't want everyone to shutdown, also 6 months from now you don't want people to look back and say there is some whale who got a lot of the early blocks who is waiting to dump for a price rise.  A lot of new efforts pump up and crash.  Look at spread, it has rises and rises and just keeps going up for ~6-8 months because it was a fair start the whole way along and is bringing some novel technology to the environment.  I want to see this effort have that level of success over a log time period. People will give some grace period for a new development effort but after some time we will shut off our CPUs...diffs at 400+ again that guy is back online.  The concept of fairness will start to erode this effort.  People know GPU memory coin type miners exist so naturally without a fir playing field people go elsewhere as they feel they are not being given a fair shake.

Side note, it seems your in-wallet implementation of the miner is just as efficient as any of the yam or coyote miners ever were so good on you for that. (at least for i7s and an amd 8300 which are what I have).

Well, it's a bank eventually so i have to think of ways to pay interest.

So maybe PoS would be limited to interest due to those who give grants and loan out their funds. Or i could think of a different incentive and implementation pair.

PoS looks like a scam at this stage

Likely this person is just dipping their toes.

For now

update 0.30.10 will be released during the weekend

it has up to date checkpoints (never have enough of those)
It will introduce bank and reserve subsidies
It will have GUI fixes for some of the area
The stats engine will report all accurate figures.


How do you guys feel about PoS ?

Analyzing the effects, I'm very happy and surprised how well that worked out.

It appears the difficulty algorithm worked like a charm. Whoever it was barely made much because the difficulty quickly countered their hash power and reduced when they cooled down.

It actually breaks the build  ther have been so many changes to the codebase that i am still playing catch up. There is a 0.5 BTC bounty to fix getwork if you are interested.