Topic: Bitmark - page 142. (Read 622213 times)

Wow! This thread is growing fast and very well. Thumbs up for the nice community and, of course, coinsolidation .

Just a thought: What about "sub-threads" in other languages? Do we need it? Do we want it?

Hi was wondering is there's only one pool mining this?

also can i solo mine it if so what's the config for it?

one last thing why did you choose scrypt when everyone moving away from it because of the scrypt asics flooding the market right now?

Scrypt, so GPU or ASIC.

Moving away from GPU's though since ASICs are becoming common place.

Full details of Bitmark, it's progress and the release can be found on the first post in this thread.

We seek input from potential adopters, user facing services, mining pool operators, and exchanges to ensure that Bitmark addresses all technical considerations they may have.

Current Status
We are beginning a 3 Day test of the mining pool part of the IPM Pool Proposal, in parallel we get to test run the IPM process and create the automated IPM Pool.


This is a full test run of the IPM Proposal which manually follows all details, the test is run on the already created IPM pool server, the real automated IPM Pool with user interface will be launched in 4-5 days.

Two parties have expressed interest totalling more than 50% of the first days maximum hashrate so far.

Ouh silly me, I have read it before and forgot that it will be only for mining investors

CPU or GPU?

The 'Investor Private Mining (IPM) Pool' works the opposite way, investors put BTC in to get BTM out, as documented here on the IPM Pool proposal
All hashing power is rented.

The test run will beginning soon I believe, two parties have already stated privately that they will join, I have asked them to say this publicly too in the interests of transparency.

I dont have a great graphic card for mining but would like to join the Pool test group.

Thank you, and I agree with all that you say Some points which are not clarified in my previous post are as follows

1. Hashrate has dropped as hired mining rigs from those who wanted to invest at launch have tailed off.

2. We do not want to be the next LTC. We have already created, compiled, tested, and successfully released a new scrypt codebase which effectively replaces litecoin's both for our own project and for new scrypt clones (pfennig). Additionally we have configured the block chain to be more suitable to the crypto currency era we are in now. To me the 'next ltc' milestone was passed when we launched, the technical foundation is there. From now we focus on demand and easing adoption, that is our only focus.

I am glad you feel supply has been balanced fairly, that bodes well for us and gives some merit to the rationale of pre-launch decisions documented on the wiki.

As for demand, and focussing on adoption, I hope we can turn the thread back in that direction, as I said in my previous post there are plenty of interesting things to be discussing.

Hopefully no flame suit is required here

I do not wish to flame LTC as I admire many in their community, but technically Bitmark is what you would get if Litecoin was created today rather than years ago. I am sure any non-bias programmer would confirm this as a fact. That is technically only, Bitmark's focus after launch, and budding community (hopefully), are quite different.

Status: We are looking for people to join the IPM Pool Test over the next 3 days.

An open letter:

Dear Dev and Community.

I must admit I'm very impressed with what you are trying to create here. So impressed that I have been throwing ~ 55mh/s at the coin for over 3 days.  I missed the launch but got in at the end of the 16 diff round and have stuck around.  However as a somewhat experienced miner there may be a few reality checks that need to be discussed.

1. The hashrate is tanking. Why? Because nobody knows about the coin. Why? Because you all are too busy being idealistic rather than pragmatic.  Yes, I'm a miner and probably talking through my wallet. But I've got to pay the bills like everyone else.  The coin needs to have a value sooner rather than later to attract interest.  Which leads me to point 2.

2. Exchanges.  Several pages of waffle have been devoted to exchanges. Should we, shouldn't we, which one.  All wasted electrons. You don't get to pick an exchange, they pick you.  If you are not careful some 3rd rate exchange will pop up and list BTM.  That is a kiss of death.  I would suggest approaching Bittrex ASAP. They are probably the pick of the 2nd level exchanges and also the most likely to list a promising coin.  Don't over reach. Avoid Craptsy if at all possible. I hate them with a passion. Sorry - personal opinion.  But before any exchange will show any interest you need to think about point #3.

3. Supply and demand.  I have no problems with the supply. It's issue rate is just about perfect.  Demand however is a problem.  Why would anyone want to own BTM?  It has no real world usage. The fact is that the only crypto with real world usage is BTC.  I can buy everything from a house to a hooker with BTC.  There are various coins that have tried to enable real world usage of their coin.  NLG springs to mind.  I can buy a Subway sandwich with NLG. Shame I live 10,000 miles away from The Netherlands and their 2 Subway shops....  The coin either needs to become a trusted source of value like LTC (which has no real world usage) or a coin that can be used in real life.  I'm guessing that being the next LTC is a worthy goal but is it achievable?

I'm putting my flame proof suit on now.. Although I'm hoping that people read through the above post twice before lashing out.  I'm not a troll, just the opposite, I'm one of the top miners of this coin and I want it to succeed. I'm ben96c on the pool if you don't believe me.

I don' think it's time for this coin to hit the exchanges when we have only one pool for mining. exchanges are gonna find out for this coin if it turns out that we are a strong community. early miners tend to dump everything, better for us who can't mine it they fill our orders but if people start watching pumps and dumps in exchanges they will lose liability for this coin. my opinion is that we should consider for an exchange after 2-3 months. 2-3 months without exchange are going to show who is here to stay. and we need people that are here to stay and don't just dump the shit out of this coin and turn their backs to us.

No, it is exactly the same as the IPM proposal except that it is run manually. 95% to investors and 5% to the Bitmark Foundation. The figures expressed above are all after the 5% has been applied.

This will help me automate the process to create the IPM Pool management program, create the reports, show the Bitmark community the IPM pool in action, and ensure you as an investor get Bitmark's at the fairest price, while stabilizing and increasing the value of your own investment.

Investment in pool will differ from donation as you described above? I mean difference in a coins that we can get for it.

Thank you also

The post has been expanded a little. The simplified part is as follows:


If anybody is interested in joining a three day manual test of the IPM Pool proposal as outlined above, please express interest and investment amount in this thread.

Thank you for your answer. I will consider it.

It can be estimated each day based on the difficulty:

difficulty = 25.3615
required network hashrate = 907.7235 MH/s
maximum IPM pool hashrate = 317.7 MH/s

The exact figures can be calculated at the end of each 'days' mining, every 720 blocks. I will manually do the IPM Pool calculations and process.

Today's Estimate is 4788 BTM per $200, or $0.0418 per BTM, or 147.3 BTM per 0.01 BTC
Tomorrow's Estimate based on the IPM pool working at full capacity today: 4788 BTM per $270, or $0.0564 per BTM, or 109.1 BTM per 0.01 BTC

I am prepared to run the IPM Pool manually for 3 days, which places a theoretical hard cap on the total amount for a test run at $740 or 1.2 BTC maximum which should create about 14,360 BTM for investors and 750 BTM for the Bitmark Foundation.

There may be some variance in the exact figures, but at the end of each mining day the exact amounts will be reported.

Bitmarks created take a mining day to mature, so if you were to do this with me it would be roughly 24 hours from investment until the first days report, then another day for the Bitmarks to be mature and delivered to your account.

If anybody is interested in joining a three day test of the IPM pool as outlined above, please express interest and investment amount in this thread.

If I send you some BTC how it will be counted how many Bitmarks I will get for them?