Topic: Bitmark - page 143. (Read 622228 times)

aye, indeed they will, all depends on the holder of the coins selling, and the ethics towards bitmark's development process.

maybe my suggestion is out of context; in that it could be encouraged as part of an ethos, wasn't my intention to be dictatorial ...

sort of like: encourage a sales as required approach to trading and spending through direct exchange; rather than a capital gain for short term outcome.

It will take aeons to mine with a CPU.

If you would like to invest according to the IPM model you can do so right now, although it will be a manual process on my part and incur some trust on your part.

I have the stratum server set up for the IPM Pool and it needs tested.

You can donate to our BTC address 18rai2ichzUfXG6PVmUQLNPqBjtctnVRAD and provide me with a Bitmark address, I will then manually do the IPM process while creating the rest of the IPM Pool.

This will ensure that you get some BTM at a fair price, and help the project by allowing me to test the process properly and what has been built so far.

Alternatively you can ask if anyone will sell any, or hire a miner yourself.

Thank you for your interest in the project.

Is CPU mining from wallet profitable at this moment?
Maybe that was wrong question.
Another: Can I mine something with CPU or will it take eons ATM?

I understand that there will be possibility to invest in a mining pool from this document https://github.com/project-bitmark/bitmark/wiki/IPM-Pool#how-does-the-investment-system-work

Is there any possibility to invest/buy some Bitmarks right now?

You can find all informations that you need here https://github.com/project-bitmark/bitmark/wiki or here https://bitcointalksearch.org/topic/bitmark-660544

@coinsolidation, are there any roadmap/whitepaper of this coin?

Even if we wanted to dictate what people did with their Bitmarks, it would never happen. People are going to do what they want.

Bitmark will earn it's value fairly and responsibly. The community is healthy at this time, if we focus on earning value many of the social issues like unfair dumping and price fixing will be reduced or alleviated.

[/quote]

Like this ethos, thanks for the clarity of this vision.

We can have no such thing, that is unfair manipulation. We must be fair to community members who are not with us yet, that is in our best interests.

Bitmark will earn it's value fairly and responsibly. The community is healthy at this time, if we focus on earning value many of the social issues like unfair dumping and price fixing will be reduced or alleviated.


A localbitmarks service which provided user to user exchanging with escrow would be good to have early on.

This would be a conflict of interests for both the Bitmark Foundation or myself to create or support, and further too centralized.

Anybody is welcome to create this service or any service which utilizes bitmark and offers utility to users. The Bitmark community and myself would surely discuss, test, and use any services created.

There are early adoption incentives for anybody creating fee based services which use Bitmark. A 0.5% fee on a 100 BTM transaction today is a far larger amount of BTM than a fee on 100 Marks in the future.
 
Any such services would add to Bitmarks usefulness to end users and aid adoption, that is our goal.

if exchanges are listing Bitmark then a clear community sales ethos needs to be added to the agenda, which is important to prevent dumps of many thousands of coins at once and the devaluing of the currency ...

thinking i am on the other side of the world from many others in this thread as finding it hard to keep up. lots to catch up on this morning. thanks for the posts during the night

How about running an exchange through the website, simply wallet addresses listed for those that want to trade Bitmark for BTC? Similar to localbitcoins but just direct wallet to wallet instead of bank account to wallet.

Listing sales levels that are based upon difficulty. the higher the difficulty to mine, the lesser BTM released for BTC.

Maybe a starting rate of say: 500BTM : 1BTC, with the amount of BTM decreasing over time until it is 1:1 or higher.

Keeping it running through direct exchange wallet to wallet without speculation, just buy orders for the days rate, a rate that is created buy the community through linking it to the current difficulty as set by the network hashing speed.

Thank you, I have corrected the document, added some navigation, and a new section.

Mark,
On Github IPM doc:


Is 20, 20 and 5 correct or s/b 20, 15 and 5?

Of course - that was nagging me as I posted... Doh 

There is a simple answer. Production cost.

How is the IPM Pool maximum hashrate calculated?
How much does 35% of the network hashrate cost the IPM Pool to produce? see the table for a list of example prices in $ based on the current average hired mining rig cost per MH/s.

The effective BTM price for investors using the IPM pool is therefore +5% on "Production Cost of 1 BTM" correlating to the difficulty at the time their investment is active.

I should create an example section for potential investors.

Also, to bring this back to exchanges...how will the IPM determine what 95% of your bitcoin donation is in Bitmark? Without an exchange to set the price there is no simple answer.

Unless the answer is to take 95% of your donation, rent a specific amount of hash power based on the amount donated, and pay out whatever the rental mines during the lease. In this scenario the 95% guarantee is on how much the IPM invests on your behalf, not a guarantee on how much you get back.

BTC in, BTM out, but with the benefits listed.

We cannot have an open stratum port as this could push the pool over 35% of the network hashrate.

A second foundation mining pool could be created for miners, with the same cap of 35%, but somebody else would need to manage it. Otherwise I personally would be responsible for too much hash power.

In the interests of security and decentralization we should have more pools, managed by different entities, with a lower hash rate on each.

This is discussed more here


The IPM Pool has a cap on the hashrate, it's real hashrate can be from 0-35% depending on investments sent.

The IPM Pools hashrate is calculated as 35% of the target-network-hashrate according to difficulty every time it changes.
Is somebody throws a few th/s, then the difficulty goes up on the network, the IPM pool has a target of 35% of the target-network-hashrate and the investments to reach 35% are higher.
Because the IPM Pool's hashrate is variable and percentage based it can mitigate against attacks when the difficulty goes up.
If the th/s then leaves the network the IPM Pool cushions the drop in difficulty.
This only works if the IPM Pool has enough queued investments purchase the hashrate required to reach 35%.
Socially, investors help miners to stabilize the network in times of need, this strengthens their investment and reflects well to users who experience a more consistent average block time even when bad actors join or leave the network.

BTM payouts are calculated every time the difficulty changes (720 blocks, or 1 day) and the next lot of investments start.
Bitmark requires a block reward maturity of 721, so payouts would be in full the following day.

For the IPM Pool payouts are simple to calculate, the total number of BTM minted - 5%, divided proportionately between the investments that were active during that round of 720 blocks.

I think its a good idea, but my question is how will the IPM guarantee a hash rate close to 35%?

What if a few months into the launch of the IPM somebody recognizes the value of bitmark and throws a few th/s at the network?

Also how will payouts be handled? if I send the IPM 1 BTC for example, I can expect 95% of the investment back in the form of BTM correct? Is that paid out immediately or over time like the actual mining process? I can see benefits for both methods. Instant payouts will significantly strengthen the IPM's hash rate because people will get an instant return on their BTM, like an exchange. This will cause more people to donate to the IPM rather than mine themselves. Payouts over time are safer because they prevent a "bank run" type situation where there is not enough BTM in the fund to instantly pay out for all the donations. In this case the pool mines and pays out to the investors as coins are minted.

But this will take BTC > Mining? Simple enough / in scope of aims to have open stratum port for public mining?

Man this is too difficult on phone..!

Btw, I should make aware the community this fact, I get emails all the time requesting me to accept this coin or that coin.  My standard reply is this.   I share this to show you that I have consistency with my point of view.
 

Our proposal for an Investor Public Mining (IPM) Pool.

Currently in development, the model can be applied to any currency.

I would be very happy to hear any feedback you have about this.