Topic: Historic Cryptogenic Bullion thread - CLOSED - page 26. (Read 286624 times)

lost heaps btc on this coin, the price never rise up!!!

Those Spock ears are sweet but 50K USD damn....

I found another site/place that accepts CGB.

http://www.vintageoriginalposters.com/Infopage.php

Here's a bit of text which gives a few pointers:

Proof of Stake is an alternative method to Proof of Work (standard mining) and it does a similar job in verifying transactions by adding a new block to the chain (which I will call 'minting' in order to differentiate from PoW mining). The new blocks perform the task of adding transactions to the permanent ledger, and as a reward, the wallet which minted the block gets a reward proportional to the coins held ( in a specific chunk) within that wallet.

 Every open wallet can participate in the search for new blocks, the only qualification being the ownership of coins with a minimum 'age' ie having been unmoved at the same address for a minimum period of time, 30 days in the case of CGB. The minting is similar to mining, in that it is probabilistic, dependent on a combination of size of chunk, age of coins and CPU power. All wallets on the network are competing to find PoS blocks, and those chunks with greatest 'weight' (age*size) have advantage, although everything gets there eventually.

To 'mint' or mine stake (Proof Of Stake), your wallet has to be open, unlocked, and contain at least some coins of the minium required 'age'. That means they would have to have been in the wallet , untouched for 30 days + in the case of CGB. The rate of new PoS coins minted is usually expressed as an annual percentage rate, of the qualifying coins.

Proof of Stake is considered more secure from a '51%' attack than proof of work, as control of the majority of the coins (ownership) would be required in addition to 51% of the network hashpower in order to change blocks.

Observed Mechanics:
 
After some time with the wallet open, an incoming transaction appears , corresponding to the amount of coins staked on each qualifying 'chunk' in the wallet. So if the stake % was , say 365%pa, that would be 1 coin per day (of coin age) per 100 coin chunk (365 coins per annum).



When your wallet has minted some stake, the whole balance used for minting (which qualified by virtue of being at least 30 days old) is transferred to 'stake' section.....When 50 confirmations are reached, everything transfers back to 'Balance'. The ageing process then begins again, but you now have two chunks for every one that minted (halved, but with stake added). When they reach 30 days old again, the wallet attempts to mint more stake. The chunks of coin are split smaller and smaller at each staking, and that is why 'coin control' is an essential tool in the wallet , otherwise the minting process can eventually grind to a halt with the blockchain being full of 'dust'.

Current List of CryptoTown Malls (CryptoMalls)

Please see the Reddit post.

Consider holding a bit of Cryptogenic Bullion (CGB). To find out why, read a bit and ask some questions; experience the consultancy culture. - papersheepdog on Twitter

Bought some more cheap CGB's  

Sorry I can't be around for the celebration. I'm enjoying a vacation in France. Fishing on the huge basin of Arcachon, burned by the sun, barbecues with big steaks and wine. YAY.  

Don't worry about the price, buy more...

Thanks for your insight and explanation PSD, putting all in perspective I really believe there is a bright future ahead for CGB in combination with CryptoTown.. CGB has an unique specification and it deserves to be noticed on a big scale, this will happen sooner or later!

Excellent questions menno1986, and I understand the sentiment. I can only offer a few things:

1. The price is reflecting a downtrend that's been in play for a long time (see the latest chart posted to Reddit).  It seems that many altcoins are on this trajectory where it doesn't matter what's happening, the "market" is steadily declining. Regardless of actual fundamentals per coin.

2. An interesting twist on this would be that the price is being manipulated overall (along with other coins perhaps?) Check this link Entrenched Interests, Lost Direction, and Stagnation in the Crypto-Currency Markets We already know this thing happens in virtually every "real world" market (precious metals, foreign exchange, bonds, equities, libor, etc), why not also in unregulated internet markets?

In order to get a real handle on the most recent drive to create real value, re-read the last few Weekly updates! CryptoTown is a big part of this. It's a campaign of education and consultancy. Consider the following transitions and balances:

Cryptocurrencies overall: Obscurity – Capitalization - Mining and Speculation – Adoption
Monetary system:  Centralized (debt based fiat) -> Decentralized (hard asset backing - a new balance is found between extremes)

By helping to define and advance these ideas, we see more clearly what fundamental action will make sense. CryptoTown is the result of this analysis.


 ps. I wouldn't say CGB is low volume by design (though I have heard it mentioned). Volume is a function of the utility and demand, a byproduct. I prefer to look to the gold market to draw parallels; the gold market is highly liquid because it's widely trusted and used. CGB more simply, can better withstand low volume as it's price isn't constantly used to purchase products or otherwise spend. Investors also realize that there are only ever going to be just over 1 Million CGB. Price going up or down doesn't change that.

Hi Guys, lots of going lately, however the price is dropping and dropping, this could have something to do with the low volume (by design)... or am I wrong?
I'm wondering if someone could summerize the current phase cgb is in, and what the concrete steps will be for the next period.. (e.g. cgb lifecycle, availability artiface/new developers?, new client eta?, new functionality? etc..)

I better note this while it's fresh in my mind. I am just updating the website right now. I noticed we also don't have a section on minting, specifically how to do it, the fundamentals behind it, etc. I would like to have a box just for minting interest and a few docs within it. Check the Resources page, it would sit in the middle of the top section. Anyone is welcome to come up with some pieces, and we can work together to get it polished and posted.

Edit: Added to the Community - Development section of the CGB website.


I would like to quickly add that the reason this is important is that it's one of the innovations that differentiate us from Bitcoin or Dogecoin for example. It also lends very well to the store of wealth use case which we promote.

Development Workshop - CryptoTown On The Ground | 100 CGB reward giveaway!

Please also see the Reddit post for further discussion.

This project is an open collaboration between all who wish to participate. In this spirit, we will maintain official development workshops to help capture lessons learned from experiences "on the ground."

This is a persistent post, it will be linked on the SideBar of the /r/CryptoTown subReddit.

Anyone who wants to contribute an idea simply comments on the Reddit post.

The main product of this discussion is The Official CryptoTown Guide.

The project itself may also be discussed or developed here (Reddit post).

Bonus: I will be giving away a total of 100 CGB by the end of the month in tips at the development workshop to participants with the most insightful and constructive contributions to the project.

Countdown to CGB's BDAY Contest # 4 continues! Also, the CGB tipbot has been activated over at r/CrytpoTown!  

[ANN] CryptoTown On The Ground - Open community project

Please refer to original Announcement Thread, this is a copy

Development of the CryptoTown On The Ground project is well under way. Many lessons have already been learned as we stretch out into new facets of cryptocurrency adoption. This project has been progressing over at the /r/GotCrypto subReddit, until recently, when the new /r/CryptoTown subReddit, and twitter pages were announced. I have posted some screencaps down below to get a quick idea. I hope this topic can serve as a bridge from CryptoTown to the greater cryptosphere. Questions are very much appreciated.

The CryptoTown On The Ground project aims to develop a comprehensive guide and the resources necessary for starting and participating in what we call a CryptoMall. A CryptoMall is a directory and network of businesses, investors, and consultants maintained by a "management" group of volunteers who act as advocates and consultants on the frontier of cryptocurrency adoption.


The Official CryptoTown Guide (or PDF Version 0.1G)

CryptoTown Website (not yet avail)

CryptoTown on Bitcointalk

CryptoTown on Twitter

Development Workshop

CryptoTown on Twitter!

Please also see the Reddit post for further discussion.



https://twitter.com/CryptoTown/status/480223219199524864 - Pls Follow/Retweet

Workin' on the Directory. This is from yesterday's Workshop:

"Wow, Paper!! There are plenty of business (principally the small ones run by coiners) that are amenable to accepting more coins.
Thus, Mark's looney idea of 'proto merchant facility' becomes a very real possibility. If every CGB-er in the world start tracking down the closest Bitcoin-accepting businesses, and offers to buy for fiat all CGB that they take if they accept CGB, and also offer to work to draw CGB-ers to that business, the world is our oyster.
The consultancy can be realised through the networking.
Finally (I'm gonna re-post this at home base), here's a theoretical prediction:
the growth of the dark coins will not come until the GFC starts gettin' really ugly. Meanwhile, the development will be 'above ground' -- which doesn't mean that peer-to-peer sales can't become a primary dynamic.
I suspect that coins like Dark Coin will have a hard time advancing from their present stage: how do you build a merchant network from a base of super-in-the-Net people?? And if you don't, how does the coin develop?
Canny coiners can 'piggyback' thus: you can use any coin clandestinely -- that's one network. You can use any coin as a base for development -- that's the coinsultancy, another network. You can develop that coin itself -- that's a third string to your bow.


Mark Blair, Australia

Hey FiniteRed, thanks for the excellent post! I just wanted to clarify that I am not opposed in any way to the community coming up with such a multipool. Reason being that it makes little sense to try to stop something that you can't. As for putting Core Team resources toward this, we would love to (though so many other projects would take priority if we had the current ability) , and if there was a developer who could get it done, we would be happy to have them on board to give it a go. My official position is that I don't believe it truly adds to the value of CGB as the demand could be argued to be artificial. If its a matter of miner convenience, then yes I could see it as being fairly popular. I think that you are absolutely right. If we were to do such a thing, we would need to be very clear on the fundamentals of what it actually achieves (miner convenience).

Edit: Added to the Community - Development section of the CGB website.

Cool!! Can you please link us back to the original BDAY countdown thread?
I love seeing the country people are from, its such a cool idea

EDIT: I forgot its linked through the CryptogenicBullion subreddit!
https://bitcointalksearch.org/topic/happy-birthday-cgb-633928

papersheepdog, Canada

"1001 coins or filling the same spot" - Totally true! CGB fills it's own spot though, store of value. This kind of specialization will grant us a spot at the top almost by default. There are competitors now in this area, yes, but most coins seem to be following the exact same playbook and they can all go off and compete with each other. It shouldn't bother us. We will show the cryptosphere just what they are missing, demand will be created with what we are doing. We have only become much stronger, and better organized as this dilution (and correction) has hit hard. Our efforts are shaping up!

That's a good summary of the current situation, and probably for the foreseeable future.

However there are a few (very few) coins which have persistent increasing value (so far). 64k Question: Is capital going to be concentrated further into those (with the odd rare newcomer joining the leaders).

If that is the case the only way to survive is going to be to join that elite group asap, because as time goes on it becomes more difficult for existing coins to be noticed (need a new or novel feature).