Topic: Bullion (CBX) 'the Digital Precious Metal' | 2019 Roadmap published - page 247. (Read 359514 times)

Creeping up on 1,000 votes over at Bter and climbing the voting list quickly! Keep it up!

Happy 4th of July!

Too many beans, perhaps!

Thanks for all the posts, these are great contributions and keeps us moving. A whiff of rocket fuel on the wind, haha what did you eat.

Just reading back some of the thread to gather content for video. I know it's a bit slow process at the moment but we also need to include the latest technical developments that are going to be implemented. It will probably be a good idea to have it finished on the next release in a couple months. Nearly ready to start working with a video animator.



To have more traffic to the site I suggest to add general cryptocurrency pages that are constantly updating/renewing with news from the industry.
We would need a few people who can access and place content almost daily and then we can promote that and more people will come.
I've send lots of tweets for awhile but if the site does not renew the effect diminishes.

That was lovely to read, FR! I think I speak for us all in saying thank you for the continued support. There's still a way to go until we reach the summit, but we're making constant headway. I think supportive messages like these are a real boost to the CBX Team and it's always great to get some nice feedback from our friends in the community

Reddcoin did really seem to be going places a while back, but yes, it certainly seems to have stagnated lately. I'm not sure what's happened to Laudney, he doesn't seem to be around these days. PoSV and their future social plans sounded promising, but who knows how RDD will turn out.

I expect PoSP will be something of an ongoing project for the future, as there's a lot of potential for extending it. The ultimate goal is to allow full collaborative staking, so it would function as a P2P PoS mining pool in effect. I'm still going over a few of the technical challenges for the Whitepaper as we need to be mindful of any potential new attack vectors and ensure we cover them all. We're super excited about it too, and I think it could well be a real game-changer for us all. The supporting technology we have planned for PoSP also fits in very nicely with some of the new 'community' functionality we have planned for the wallet. I think the added bonus stake payouts we have in mind (to ensure the full 2% interest is awarded by the network) will prove to be very popular too!

I also can't help feeling that things are about the hot up considerably in crypto-land. If I tilt back my head and and sniff hard, I'm sure I can smell a whiff of rocket fuel on the wind

cheers,

raizor

Bravo!

This is the single most exciting thing I have read in over a year form any crypto community posting, I think you guys have hit the nail on the head with the following, seriously guys some REALLY good decisions made here - CBX for the win!

A substantial 500% increase in price - Well that's impressive for a start!

TEAM:

Alex “RainbowDash” has joined us as our Online Services Expert and has hit the ground running - Brilliant news, welcome!

Jimmy “JimmyZhu” has joined our team as our Liaison to China - so important to diversify the CBX base

DEVELOPMENT:

PoW will be removed and CBX will operate via PoS exclusively - brilliant!

The inflationary rate will stay at 2% per year, however the current PoS implementation will be replaced by our new PoSP system that is now under development.

This is the absolute star of the show right here, Reddcoin was heading in this direction but seems to have fallen off the face of the earth. Moving to 100% PoSP will do the following:

+ Remove the barrier of expensive hardware/power for those wishing to take part in (and being rewarded for) securing the CBX network
+ Provide power efficient truly distributed secure network transaction verification (zero benefits for staking in a pool - no chance of 51% attacks)
+ Encourage 24/7 staking by providing a higher rate of return for those who contribute to network security continuously

The above 3 in unison will make CBX one of the most attractive coins out there, the limited supply will encourage saving and the price combined with the universal accessibility of staking will build one of the most secure coins in existence - with enough participation more secure that BTC itself.

Amazing work CBX - loading up my cold wallet as I type! 

FR

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Let's RT for votes, thanks in advance: https://twitter.com/CryptoBullionX/status/616338387369357314

Excellent work with the voting push on Bter guys! We still have a long way to go but we have accumulated almost 500 votes in just a few days time. Please keep at it!

https://bter.com/voting

Hey FiniteByDesign! I'll send you a PM.

Glad that you like this concept.

The best way to look at this in terms of adding value I think is to recognize that any participating entity must hold both CBX and precious metal. Both of these things probably being a very good idea in principal and in practice.

Being a cryptographically signed message and therefore verifiable on the blockchain, manual or automated verification that the CBX holding still remains is ofc possible via a block explorer. So, if the amount of CBX for the public address is ever spent below the represented amount then the individual 'backing' can be considered to be divested and is delisted from the spread sheet and/or blockchain / application database.

One of the only potential issues with this is double or multiple representation of an individual bullion holding against multiple CBX addresses. However, holdings could be represented in to two or more categories i.e. certificated (numbered) proof-of-bullion vs non-certificated (proof-of-weight) etc.,

Whilst most economists would probably argue that this issue presents us with a quandry not disimilar to that of Gresham's law - https://wikipedia.org/wiki/Gresham's_law - remember that this is being proposed only on a fully decentralized basis.

As described in social sciences the proposed action of backing our own CBX is with individual 'agency' - https://wikipedia.org/wiki/Structure_and_agency - "Agency is the capacity of individuals to act independently and to make their own free choices."

Furthermore, within a free market it is equally important not to set the ratio of CBX to x precious metal, but to leave this action up to the individual to determine for themselves.

CBX is an intangible asset - https://wikipedia.org/wiki/Intangible_asset

Bullion (precious metal) is a tangible asset - https://wikipedia.org/wiki/Tangible_property

We are presenting a way to combine Representitive Money - https://wikipedia.org/wiki/Representative_money and Commodity Money - https://wikipedia.org/wiki/Commodity_money together.

Thus, creating a fully decentralized Store of Value Network on top of the existing Crypto Bullion blockchain.

The data derived from this action would essentially allow anyone to do Value Network Analysis and Value Conversion of Tangible and Intangible Assets - http://www.vernaallee.com/images/VAA-VNAandValueConversionJIT.pdf - 'on the blockchain'.

...

The referenced passage from The Frogs is as follows (usually dated at 405 BC).

"   The course our city runs is the same towards men and money.

    She has true and worthy sons.

    She has fine new gold and ancient silver,

    Coins untouched with alloys, gold or silver,

    Each well minted, tested each and ringing clear.

    Yet we never use them!

    Others pass from hand to hand,

    Sorry brass just struck last week and branded with a wretched brand.

    So with men we know for upright, blameless lives and noble names.

    These we spurn for men of brass... "  

Added link to OP for 8BTC forum.

Hi BitcoinFX! I still have some of your USBs...

I like your idea but curious how this really would work to add value to my CBX and my precious metals? The public announcement to tie 2 of these together would not be enforceable and could be easily broken correct?

So, lets imagine that I back 10 CBX with 1 Oz of fine silver and you back 1 CBX with 5 Oz of fine silver.

11 CBX is now backed by 6 Oz of fine silver having a value of x in whatever currency.

Now factor in many other individuals doing the very same thing and backing CBX using varying quantities of gold, silver, platinum, palladium, nickle and copper - coins and bars etc., all being publically verifiable.

x number of CBX is now backed by x worth of fully decentralized physical bullion.


The provision of goods and services (as well as exchange platforms) helped to build and establish the bitcoin economy.

Being rarer than bitcoin and presenting itself as a 'store-of-value, CBX as asset based commodity money should seek to establish seperate and additonal price discovery through other means.

 

No 3rd party exchange is taking place and their is no counterparty risk.

I'm simply suggesting that people could back their personal physical bullion holdings with thier own CBX and present this action publically, on the blockchain.

It's a bit like issuing a gold certificate to yourself: https://wikipedia.org/wiki/Gold_certificate

This process turns an unallocated (fungible) asset into an allocated (non-fungible) asset, which is also publically verifiable.

Most crypto bullion enthusiasts are likely to own some physical gold or sliver that they could easily use to personally and publically 'back' their own CBX holdings, both in part or in full.

What does it mean 'to back CBX' in this case. Shouldn't someone be able to exchange their CBX for the assets backing it?

And if someone exchanges his CBX for gold doesn't he just purchase gold with CBX as currency?

Or is it more meant hypothetical.

 

I would like to put forward the following proposal for fellow holders of Crypto Bullion (CBX) to act upon.

Let us each start to back our own CBX holdings with real physical bullion, as 'Proof-of-CBX'.

Anyone holding CBX and some quantity of physical bullion or precious metals is able to participate.

An individual could back any denomination of CBX with any quantity of physical bullion that they own. The most important principal being that the individual owns both assets.

You would simply upload a photo of the physical bullion together with your CBX wallet address (including a signed verifiable message) and your forum username, as one image.

For example;

"I (insert your forum name) hereby back (x amount of CBX) with (x amount of physical bullion).

I understand that if I should divest either my CBX and/or physical bullion holding then this statement is considered null and void.

Furthermore, I endeavor to provide seperate notification if this personal holding is divested."


Of course, the quantity or type of physical bullion and/or amount of CBX being backed is actually not important.

In other words it does not matter if an individual chooses to back 10 Oz of copper with 1000 CBX whilst another individual might back 1 gram of gold with 0.0001 CBX


The action of backing CBX with any physical quantity of bullion (on an individual basis) should help with increased price discovery and awareness.

Comparing such data with live metals prices would provide an amalgamted bullion value for CBX, in addition to its crypto currency value.


In practice 1 Oz fine silver or gold coins are within easy reach of most investors and are probably a good starting point in terms of value against the current price of CBX.

http://altcoinsfoundation.com/ site is good!

When you do what triggers BTR points, you get them instantly. Personally, I transfered .3 BTC to Bter, changed it back and forth a few times to CNY and back to BTC. This cost me some dust but I now have the 1000 BTR's required to vote, so now I can vote once per hour.

BTER seems a well done and responsive GUI exchange. Getting our CBX listed under CNY markets will add a lot of visibility to Crypto Bullion, and tie in well with the new 8BTC thread Jimmy is promoting for us.

Happy Birthday CBX !!!

Came in just to say Happy Birthday! And what a wonderful journey it has been for the community!

Congratulations CBX!