Topic: Bitmark - page 86. (Read 622228 times)
i agree with johndec2. the mining aspect of btm has become unbalanced. which is fine because you can pick and choose when to mine. the worst part is the confirmations taking many hours. that is not good for a crypto hoping to be adopted by the masses. right now it has to be the least transferable crypto.
Androidicus. I admire your dedication to the coin through thick and thin but this "feast and famine" cycle is wearing a bit thin. It's looking like the current round may last up to 10 days, followed by 6 hours of insanity, rinse and repeat. Like you, I'm hoping that it will eventually equalise but we shall see.
The general theory around here is mine at all diffs and you will be rewarded. Umm, sorry but that is not true. If I was mining BTM at the current diff I would be getting around 20 BTM per day. What I am doing is mining another coin, selling it and buying BTM. That is getting me up to 40 BTM per day plus helping support the price. Judging by the nethash, I'm not the only one that has figured that out.
In a way, I'm doing myself and other bag holders a favour. By NOT mining the coin I'm making it scarcer and therefore more valuable. What happened to the IPM scheme that was supposed to avoid this situation?
The general theory around here is mine at all diffs and you will be rewarded. Umm, sorry but that is not true. If I was mining BTM at the current diff I would be getting around 20 BTM per day. What I am doing is mining another coin, selling it and buying BTM. That is getting me up to 40 BTM per day plus helping support the price. Judging by the nethash, I'm not the only one that has figured that out.
In a way, I'm doing myself and other bag holders a favour. By NOT mining the coin I'm making it scarcer and therefore more valuable. What happened to the IPM scheme that was supposed to avoid this situation?
I don't want to sound off but wtf is with the difficulty at 1953 when no one is mining the damn thing bunch of bs I tell yah it should drop rewarding the few of us that continue to mine costs money to mine and sure not making much
When it drops many people join to mine it pushing the difficulty back up again. Eventually it will reach a point where hashrate evens out and grows consistently, until then it's better to have less supply when there's less demand, than to have the same supply.
Miners are rewarded with BTM according to their hashrate, the more consistently miners (as a whole) mine the more consistent their rewards. As for the price-tag of those rewards in some other currency, well that changes over time and can't be calculated in advance, it depends if you ever swap it for some other currency, and at which point you do if you choose to.
And I would add @coinsolidation's historical statement "mining is a service, not a money printing machine".
One cannot judge short term profit against long term value. Personally, I have been mining consistently at all difficulties other than hardware downtime. Why? Because I believe in supporting the network and I do not measure the reward in terms of dumping mining production at the exchange. My 'cost of production' is my investment - the project's long term 'value' is the reward.
Read through the thread, at the project's twitter feed, and at what is actually happening on the ground i.e. marking adoption on Poloniex chatroom. With every adoption and growing excitement at what is coming in the future, the 'value' will grow...
I don't want to sound off but wtf is with the difficulty at 1953 when no one is mining the damn thing bunch of bs I tell yah it should drop rewarding the few of us that continue to mine costs money to mine and sure not making much
When it drops many people join to mine it pushing the difficulty back up again. Eventually it will reach a point where hashrate evens out and grows consistently, until then it's better to have less supply when there's less demand, than to have the same supply.
Miners are rewarded with BTM according to their hashrate, the more consistently miners (as a whole) mine the more consistent their rewards. As for the price-tag of those rewards in some other currency, well that changes over time and can't be calculated in advance, it depends if you ever swap it for some other currency, and at which point you do if you choose to.
I don't want to sound off but wtf is with the difficulty at 1953 when no one is mining the damn thing bunch of bs I tell yah it should drop rewarding the few of us that continue to mine costs money to mine and sure not making much
Why can you only mark so much per minute if you dont have 2fa?
Because it is reputation and money. Maybe Poloniex will change the limits, it is their implementation and every marking implementation is free to choose their own constraints, interface, and usage.
Ok. By the way i really like marking on the troll box, i can really see this becoming huge. Thanks keep up the good work!!!!
Why can you only mark so much per minute if you dont have 2fa?
Because it is reputation and money. Maybe Poloniex will change the limits, it is their implementation and every marking implementation is free to choose their own constraints, interface, and usage.
Why can you only mark so much per minute if you dont have 2fa?
This is historical moment and will leave big mark on Bitmark/Marking history
Excellent work Bitmark team one of many projects that you have succeeded in and many more to come.
What does it mean exactly?
Marking, the main part of this project, is now implemented on poloniex. If you don't know what marking is head to the OP, or scroll backwards through our twitter for lighter reading.
I'd like to thank the team at Poloniex for getting to know our project, and taking the decision to implement marking on their website, I hope it proves to be both useful and fun.
Sorry, I've been smoking again, but I really like this coin. Good luck!
Excellent work Bitmark team one of many projects that you have succeeded in and many more to come.
What does it mean exactly?
Marking, the main part of this project, is now implemented on poloniex. If you don't know what marking is head to the OP, or scroll backwards through our twitter for lighter reading.
I'd like to thank the team at Poloniex for getting to know our project, and taking the decision to implement marking on their website, I hope it proves to be both useful and fun.
Excellent work Bitmark team one of many projects that you have succeeded in and many more to come.
What does it mean exactly?
Excellent work Bitmark team one of many projects that you have succeeded in and many more to come.
This is awesome.
The hashrate has now dropped to 5.25 GH/s for the network but the difficulty has not dropped with the hashrate drop. Why is that? Is that by design?
Changes every 720 blocks.
Seems to me that it is very unresponsive. A block has to be added to the block chain in order to verify the transactions within it. 720 blocks, if they were being generated every 2 minutes, would be one day; but because the difficulty remains high even as the network hash rate drops, isn't it possible those 720 blocks could be generated in as long as _several_ days before the difficulty re-adjusts ? What is the philosophy behind such a rather delayed response to the network hash rate ?
Difficulty, revisited
Satoshi told us, and we have quoted before:
now what has happened with other currencies, is that they have changed the special formula from "If the price is below cost, then production slows down."
through short diff changes and things like kgw/dgw they have changed it to "If the price is below cost, then production cost falls"
which has killed them, or made it hard for them to survive
whereas with us we have the special formula from satoshi.
Satoshi told us, and we have quoted before:
In the absence of a market to establish the price, NewLibertyStandard's estimate based on production cost is a good guess and a helpful service (thanks). The price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more. At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.
now what has happened with other currencies, is that they have changed the special formula from "If the price is below cost, then production slows down."
through short diff changes and things like kgw/dgw they have changed it to "If the price is below cost, then production cost falls"
which has killed them, or made it hard for them to survive
whereas with us we have the special formula from satoshi.
Why sudden collapse?
Collapse? I see growth:
The market will always move in waves, can't only go straight up (overbought/oversold). The longterm trend is up.
I see growth as well. I like the bitmark project. Currently, the price is at at 50% fibonacci retracement level from its high. It's likely that the price finds support here at about 1.4 mBTC / BTM
Jump to: