so where and how is this adding to the value of bcr? i see from the addresses none has been spent? they will be used to buy bcr? right? off the market? isn't that how you are supposedly adding value? please somebody bring me up to date? i work too much right now and don't have time to read the novel that this forum has become...
Freshly minted BCR is available to anyone to bid for. In time there will be fiat bidding too. Substitute whatever word for 'bid' you like. The proceeds of those sales will be moved out of the bidding addresses that appear in-wallet daily into secure multisig storage. There are 5 of us with keys, 3 are needed to access the funds. It is my hope that the BTC/LTC/DASH we generate from BCR sales will be converted into PMs and securely vaulted in multiple locations (with a formal security structure yet to be decided) since it makes no sense to 'back' BCR with 'assets' (BTC/LTC/DASH) that are themselves unbacked, although it might make sense to keep maybe 10% as crypotofiat. Again, details to be confirmed.
BCR thus acquires real and tangible backing, and an ever growing assured minimum value, a step back towards sound money - a concept abandoned by for example your dear and fluffy US back in 1913 with the creation of the Federal Reserve, final nail in the coffin in 1971 when Nixon dropped the gold standard completely, which has resulted in you needing $1000 today to buy what $40 would have bought you a hundred years ago.
Succinct enough?
and please where are those links to how to setup a banknode, or whatever you are calling the cheap ones?
and hey? what happens to the bcr the other coins buy?
and who has control of all of this? what happened to a "trustless system"?
doesntmatter
There's a link to the wiki in-wallet, click the About Bitcredit icon along the bottom. Or go read any CRAVE or DASH guide.
We're not buying BCR with the other coins, see above.
bitcreditscc is in control of all this, with input welcomed from whoever wishes to provide any. 'Trustless' is easy to do when all you've got is a fistful of air. It's impossible when you're trying to establish meaningful real world systems.
The bidding addresses are transit addresses and nothing has been sent out because those who made bids are yet to receive their dues(thanks to you)
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Look at any crypto-asset's market , what percentage of the overall supply can be sold at fair market value? What % can be sold before the price tends to zero? You can only sell < 30K BCR within 10 % variation of current price, any further and you are selling into low prices beyond nominal variance. The overall market buy side will tend to zero if there is a sell off of < 8% of the supply, such a situation is unstable and unsustainable. The move from entrenched structures such as this is in no way easy and many will fail to understand what we are pushing forward, it will take a while. BCR is slowly starting to represent a realistic, complex monetary ecosystem backed by something other than debt or hot air.
We have provable investments of (as of today) 3.5 million in BNs, which do not move, we also have an additional known 4.5 million that is in BNs that are offline (likely waiting for the last update) . Further we have a security fund of 6 million, this brings us to a grand total of 14 million that is out of circulation. Using this you can then calculate that fluid BCR is actually just 30% of the existing supply, already we begin to start having a clearer picture of the state of the ecosystem. Even the income generation streams are being diversified beyond mining, with emphasis on activity that benefits the system.
