◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈

[BarTeam]

to increase the level of decentralization, i will need @ least 5 supportive users to submit their Bitcoin, Litecoin, BCR and Dash  addresses so i can create multisig addreses that will hold the funds. making it impossible for any one person to control them.

All BCR addresses must represent a BN.

Not sure what supportive means.. but I will be around supporting. Even if that means just being here all days, check news, have the wallet running... and be one more head checking for troubles.

[BarTeam]

Anyone has a good .conf file for multi bank node? Thanks for sharing.

It's one conf per BN currently.

When bitcreditscc gets a spare second I'm sure he'll get the banknode.conf multi-BN thing working. Does any DRK-derived currency have that working? I know Crave doesn't, or not last time I checked. It would be super handy.

Yes, I eventually figured it out after reading the code. But basically all is there... Just needs a couple more functions to bind it all together... maybe by using multi-threaded code it would help build things like multi-bank nodes.

[bitcreditscc]

Anyone has a good .conf file for multi bank node? Thanks for sharing.

It's one conf per BN currently.

When bitcreditscc gets a spare second I'm sure he'll get the banknode.conf multi-BN thing working. Does any DRK-derived currency have that working? I know Crave doesn't, or not last time I checked. It would be super handy.

Yes, I eventually figured it out after reading the code. But basically all is there... Just needs a couple more functions to bind it all together... maybe by using multi-threaded code it would help build things like multi-bank nodes.

If you have the time, i need someone to help with that and optimization of the new block creation process. Multi threading would be perfect there.

Hopefully starting from this point onwards, we will have both 32 and 64 bit windows builds as well as a Mac wallet. (if i can get the builds right)

[bitcreditscc]

Meanwhile Dash bid structure just became a reality , pushing the code to the git now. Next step is LTC bidding then all that is left is calculating either $ or BTC value of all bids in all coins, calculating % of the days coins each bidder gets , guarding against bad decimal values then adding that info to a single ".dat" file and allowing the miner access to the file once a day. Seems simple doesn't it?

[coins101]

Is there any particular reason for the amount of total coin supply?

[bitcreditscc]

Is there any particular reason for the amount of total coin supply?

Not sure i understand, do you mean the choice for a global cap of 210 million or current supply?

If it's the 210 issue then, it was a number i felt would best represent the scope of the project without having ridiculous decimals or zeros in a number in the later stages. While BCR will indeed be used as a currency, since it is the base measure of value in the system, i will tend to encourage people to use derived assets ie (colored coins), while any BN with an additional 1 BCR ie (50K +1) can issue an asset, there will be 3?5 default assets available on the chain, these will represent fiat assets, other assets (shares/metals) etc.

As for the current supply of coins, initially we had a ICO planned, this idea was scrapped in favour of focusing on actually delivering a product. The funds were placed in escrow and generally are ignored since we have no real use for them at the moment. There have been suggestions made about how to handle that nest egg :-

1) selling them to interested parties to acquire funding
2) Late ICO
3) Burn them
4) Filter them into the coin supply via the bidding process over time.
5) Keep ignoring.

So far we've gone with 5, but if you have ideas, i'd be willing to listen.

The funds have been in escrow , untouched for 204 days and can be seen here :- https://chainz.cryptoid.info/bcr/address.dws?4930.htm Escrow.

The funds are held by EmpoEX to avoid issues, drama and fud.

[bitcreditscc]

All bidding structures now functional  , already pushed to the git https://github.com/bitcreditscc/bicreditsnew/commits/bidbased

Now working mostly on math, also going to try fix some issues with the trust engine. Either in this update or the next, we will start to see nodes broadcasting their trust rating as well as balance (basically health) of a BN. In this scenario we may add some code to the engine that color codes BNs slightly, with the most trusted (plus big fat balance) getting a green tint while untrusted ones tend towards the red.

Also in the next few days   (weeks more like), we may start to see the first parts of block signing (prevent BNs producing consecutive blocks) as well as the initial proposals for how we will blacklist BNs for 1) Not producing blocks in a certain period of time (to be calculated based on # of BNs 2) Attempting to falsify payouts 3) Being down-voted for poor service by users.

Eventually, i'd like to do a quick funding round put together 20 BTC and hire someone truly gifted/learned to do a top down optimization of all code. While i can now bash away at the keyboard like any other code monkey, for optimal performance, we'll need a code gorilla.

vs


Note:- I've decided to denominate the bids in their $ value at the moment of inclusion into the payout block this is to ensure i won't have too much work when i add fiat based bidding.

[bitcreditscc]

Bounty :- 50K BCR (A BN) to create new Op based on updated information.

You can use existing info, parse the thread for more and also this snippet:-

BCR is meant to provide a wide range of finance tools and services, some of which already exist in the real world. The advantage of BCR over brick and mortar is that it is wide ranging and can be adapted to any model, from banking to stock trade. It does so over a blockchain and as such transactions are instantaneous and secure, BCR also provides an ecosystem/platform for online business to provide services and/or receive/make payments.

With the addition of asset classes to the system, businesses can begin to offer their shares, and/or make contracts with users. Additionally, users who do not have a business but wish to issue an asset or create contracts can do so through any Banknode of their choice.

Users of the ecosystem by default enjoy pseudo anonymity in that for most services, no registration is required, Just your wallet is enough. BCR has an internal engine that calculates each users trust and credit scores based on time and activity of the wallet. Additional factors are taken into account when calculating the rating creating a sound , balanced environment.

The system currently has a two tier system, the tiers are service and user, these are used to identify the purpose or job of the node. Using the core wallet , you can switch easily between the two modes. End user-SPV wallets are excatly that, user wallets. Services provided by nodes depend on the business model, some perform basic chain chores such as transaction relay while the more invested entities can run a Bank/Investment fund. The services one can provide on the chain will also continue to expand as we regulalry update and add new features.
Once the first full iteration goes live, the first services available will be Escrow, Insurance and Chain Maintenance, with Banking and Debt collection following soon after.

One of the main barriers to entry and exit form the crypto-world is the unnecessarily long procedure to acquire coins.

Take for example a user in South Africa who wishes to buy some BCR, be it for speculative purposes, access/issue assets or trade them. He/She has to approach a bank, convert their ZAR to USD , transfer the USD @ a charge of anywhere between 2-5 %. They then wait anywhere between 5 and 14 days for their balance to reflect on an exchange (longer for some users even), by then the price may have changed drastically, either in their favour or against. Once they have their funds, they purchase bitcoin @ a fee and then transfer it @ a fee to another exchange, (the wait for the transfer could be anywhere between 20 minutes to two days, depending on fee included, transaction backlog and block times)  where they now buy their alt @ a fee and withdraw it @ a fee to their local wallet.

See what's common there? Waiting and fees, endless waiting and fees. 

BCR aims to close this gap by introducing a new distribution method. In it's simplest form, coins will be auctioned off every 24 hours with bids starting at 00:00 GMT going through the day. Users will be able to bid for BCR right off the blockchain using either crypto currencies , BTC, LTC, DASH or fiat (in a variety of up to 8 currencies). This means that if it is a crypto, only one transfer is required , or multiple transactions should you so desire. And with fiat much the same, once your transfer is reflected within the system it will be automatically credited and appear in your wallet. You can now freely use your fiat to function on the blockchain, be it to trade shares, bid for BCR or purchase things/ pay for services.

I'll think of more later, this is really not my forte.

[coins101]

Is there any particular reason for the amount of total coin supply?

Not sure i understand, do you mean the choice for a global cap of 210 million or current supply?

If it's the 210 issue then, it was a number i felt would best represent the scope of the project without having ridiculous decimals or zeros in a number in the later stages. While BCR will indeed be used as a currency, since it is the base measure of value in the system, i will tend to encourage people to use derived assets ie (colored coins), while any BN with an additional 1 BCR ie (50K +1) can issue an asset, there will be 3?5 default assets available on the chain, these will represent fiat assets, other assets (shares/metals) etc.

As for the current supply of coins, initially we had a ICO planned, this idea was scrapped in favour of focusing on actually delivering a product. The funds were placed in escrow and generally are ignored since we have no real use for them at the moment. There have been suggestions made about how to handle that nest egg :-

1) selling them to interested parties to acquire funding
2) Late ICO
3) Burn them
4) Filter them into the coin supply via the bidding process over time.
5) Keep ignoring.

So far we've gone with 5, but if you have ideas, i'd be willing to listen.

The funds have been in escrow , untouched for 204 days and can be seen here :- https://chainz.cryptoid.info/bcr/address.dws?4930.htm Escrow.

The funds are held by EmpoEX to avoid issues, drama and fud.

It was the 210 number, but the additional information is helpful. Thanks.

That chainz link doesn't work. Is there an address?

[tommyj1]

Is there any particular reason for the amount of total coin supply?

Not sure i understand, do you mean the choice for a global cap of 210 million or current supply?

If it's the 210 issue then, it was a number i felt would best represent the scope of the project without having ridiculous decimals or zeros in a number in the later stages. While BCR will indeed be used as a currency, since it is the base measure of value in the system, i will tend to encourage people to use derived assets ie (colored coins), while any BN with an additional 1 BCR ie (50K +1) can issue an asset, there will be 3?5 default assets available on the chain, these will represent fiat assets, other assets (shares/metals) etc.

As for the current supply of coins, initially we had a ICO planned, this idea was scrapped in favour of focusing on actually delivering a product. The funds were placed in escrow and generally are ignored since we have no real use for them at the moment. There have been suggestions made about how to handle that nest egg :-

1) selling them to interested parties to acquire funding
2) Late ICO
3) Burn them
4) Filter them into the coin supply via the bidding process over time.
5) Keep ignoring.

So far we've gone with 5, but if you have ideas, i'd be willing to listen.

The funds have been in escrow , untouched for 204 days and can be seen here :- https://chainz.cryptoid.info/bcr/address.dws?4930.htm Escrow.

The funds are held by EmpoEX to avoid issues, drama and fud.

It was the 210 number, but the additional information is helpful. Thanks.

That chainz link doesn't work. Is there an address?

https://chainz.cryptoid.info/bcr/address.dws?4930

[starblocks]

Hey, just letting you know, even though I've been MIA for a while I still believe in this project and where it's going.  Not too worried about price right now.  Inflation is high and bitcoin has been going up, so it's to be expected.  As the features keep coming and things become more stable people will realize the potential of this project.  Keep up the good work devs.  Let me know if there's any non-technical things I can help with.

Sent you a PM for whenever you are back here

[bitcreditscc]

reinforcement of the concepts that thelonecrouton and I have highlighted and discussed in this thread. Not so crazy are we? The distribution method and security of the chain must be de-coupled, as reliance on these opportunistic miners creates massive problems for the ecosystem.

That jump in hash is reflective of the price growth, but also signifies increased sell pressure because the miner is only here for a quick buck, while that in of itself is not a problem, we are still a tiny speck and need room to grow, continued down pressure only harms our efforts.

Now if those were bids, that would be a whole different ball game, the market cap would not suffer nor would buy support. Speaking of market cap, i will be introducing two new terms - "Backed Market Cap" and "Backed Market Price".

These will represent the REAL value of the ecosystem and the price per unit of BCR based on asset backing. While many others believe in the X,Y market cap that is typically used by websites like coinmarketcap and chainz, those figures are highly misleading and do not reflect reality.

I know it's a tough pill to swallow but transparency, accuracy and quality financial presentation are pre-requisites for a project with as wide a scope as ours. We want people to know what they are investing in, let them know as many of the risks we can forsee and always tell them where the "break in case of emergency" glass is. One thing that is truly special about using "backed" values in our engine, and in all presentations, is that it also highlights a global minimum price that you should expect for your BCR and by extension, your derived assets.

Imagine where Bitcoin would be now if it had an ever growing assured minimum price? Imagine the price of each BTC now if all the money used in the very expensive arms race that has been raging for years had simply been poured into the market instead of fattening power company and Asic producers' pockets? I bet there would be a minimum supported price of ~ 5000.
 

[bitcreditscc]

Beginning to optimize what i can of the bidding process, have already reduced from >1000 lines to ~ 850. Hopefully i can keep make it faster and more efficient until the  "poll and parse" wait is negligible.

If anyone can help, i want to try multi-threading using either the standard pthread or else boost.

[thelonecrouton]

Imagine where Bitcoin would be now if it had an ever growing assured minimum price? Imagine the price of each BTC now if all the money used in the very expensive arms race that has been raging for years had simply been poured into the market instead of fattening power company and Asic producers' pockets? I bet there would be a minimum supported price of ~ 5000.

Sounds about right. Bitcoin would have attracted far more confident investment and would now be a useful tool of commerce, not still languishing as an irrelevant toy for small time gamblers to play with.

Beginning to optimize what i can of the bidding process, have already reduced from >1000 lines to ~ 850. Hopefully i can keep make it faster and more efficient until the  "poll and parse" wait is negligible.

If anyone can help, i want to try multi-threading using either the standard pthread or else boost.

If there's eg. one daily superblock of fresh BCR mintage and asset addition, could the asset data (or some of it) be built into that block so that other clients could share it, and not have to recalc all of it themselves, just calc the additional daily running totals of bids? Of course, the client should be able to independently verify the superblock data if wanted, but it could default to the block record.

This assumes that any asset expenditure also comes out of / is accounted for in the daily superblock.

[bitcreditscc]

Imagine where Bitcoin would be now if it had an ever growing assured minimum price? Imagine the price of each BTC now if all the money used in the very expensive arms race that has been raging for years had simply been poured into the market instead of fattening power company and Asic producers' pockets? I bet there would be a minimum supported price of ~ 5000.

Sounds about right. Bitcoin would have attracted far more confident investment and would now be a useful tool of commerce, not still languishing as an irrelevant toy for small time gamblers to play with.

Beginning to optimize what i can of the bidding process, have already reduced from >1000 lines to ~ 850. Hopefully i can keep make it faster and more efficient until the  "poll and parse" wait is negligible.

If anyone can help, i want to try multi-threading using either the standard pthread or else boost.

If there's eg. one daily superblock of fresh BCR mintage and asset addition, could the asset data (or some of it) be built into that block so that other clients could share it, and not have to recalc all of it themselves, just calc the additional daily running totals of bids? Of course, the client should be able to independently verify the superblock data if wanted, but it could default to the block record.

This assumes that any asset expenditure also comes out of / is accounted for in the daily superblock.

Ah, thanks, i guess i never really laid out the system , let me do it now.

Basically, in order to maintain consensus i have decided to use block count rather than time, by using the networks' average blocktime we have an easily verifiable point. A few blocks before (maybe 5 ) the daily payout block, the mining enabled clients poll api's for the balance, bids and amount, sort through the data and create a file with the relevant details ready for adding to a block. When the payout block is due, clients build the block based on the data supplied. In order to keep things stable, miners will only poll the api's once a day all at the same time, this will result in uniform results across the board (as far as i have tested).

Eventually, (once i figure a safe way of excluding blocks not produced by a BN) only BNs will be mining enabled, or if you wish to proxy mine, you will need a active Bank nodes' key. However to avoid a few Bns totally dominating the scene (much like any serious miner can do now) I will place extra restrictions on blocks, ie blocks signed consecutively by the same key will be rejected. This means each key can only sign a single block every 20 or so blocks (this is enforced by default simply because even if you have a script making new addresses to mine with, it will still take you 20 Blocks to get the confirms necessary for a BN to become active) pretty nifty eh?

I think relaying the data from a few points creates possible room for manipulation and exploits. While it would be less resource hungry, a client can get fed false data , thereby encouraging forks in the network. The way things are, each node should be able to independently verify a block's accuracy. While we maybe be adding elements of distributed networks to the decentralized model i think we should keep clients able to function autonomously and able to verify everything for themselves.

As part of the test, i will release a dumb rc that will have the mining stuff enabled but ineffectual, then we can all compare results, that way we can compare what happens across operating systems and pcs' with different "endianess".

As for assets , the way it works is that there are two different addresses for each asset, the first is a normal address that receives the daily bids, after a payout block, a script will send all those funds into a multi-sig address whose keys are provided by the community. Target address type is a 3/5 multi-sig, meaning that we need 3 people to agree on any action related to those funds before anything can be done.
We already have 4 sets of keys, i am waiting for the fifth to provide keys then we can start testing it out.

[thelonecrouton]

New improved ad for my hot-selling MyCrypto app 

[BarTeam]

Beginning to optimize what i can of the bidding process, have already reduced from >1000 lines to ~ 850. Hopefully i can keep make it faster and more efficient until the  "poll and parse" wait is negligible.

If anyone can help, i want to try multi-threading using either the standard pthread or else boost.

Well, I would be very happy If I could help (it would mean I had more free time). But every time I put my mind strait..."It's today!" loads of real life work get's in the way.

In any case, I will check things out once and then... Code is like a newspaper... it's interesting to read and try to make sense of things. Sometimes we find pieces of art.. sometimes... just boring stupid stuff.

Anyway, I like the motivation. I will be around to do what I can.

=P

[kahir]

im willing to buy big amound at 220 sat please pm me

[thelonecrouton]

Some musings on the assets that BCR is about to start being backed with...

While allowing users to acquire BCR easily, by simply downloading a wallet and bidding with other cryptocurrencies or fiat, I am not sure that we should be maintaining much in the way of those currencies as "assets," particularly not the cryptocurrencies, which are backed with nothing but hot air from the ASIC/GPU farms and speculative hope. "Backing" BCR with something that is itself intrinsically worthless in tangible terms defeats the whole point.

I think we should keep maybe 10% (tops) of the assets in BTC/LTC/DASH, another 25% max in fiat, and the rest in PMs. Other asset classes are all deep in bubble territory currently, although there are exceptions, but without a full time coven of finance witches on your side you're overwhelmingly likely to get burned playing the current rigged markets.

There are a lot of stackers out there and there's a lot of mutual distrust between them and the very notion of cryptocurrencies, but I think we can take this existing Venn diagram of two distant and distinct circles and bring them together, with the overlap being BCR as an easily transferable token of real physical metal, stored in multiple locations with fully insured and well armed outfits that have been doing such things for a long time.

Until now there hasn't been any vehicle to bring stackers and crypto enthusiasts together.

Consider https://www.bitgold.com - they had 100,000 new accounts opened in the last few months. There is clearly a very big maket for this, but bitgold appears to be a centralised setup, with user access through a web site, BCR can be a far more robust system by its very nature. The rest of their model is pretty sweet though, we could aim for something similar, open accounts with a few of the big gold/silver storage outfits in various jurisdictions, and build our tangible reserves that way.

A few emails or youtube comments in the right place and I'm pretty sure we'd get some positive attention from the stacker community, who unlike the average cryptognat, actually have some money to spend and have an attention span longer than the latest BCT pump'n'dump shitcoin.

Remember too that real world assets and real world contacts and relationships are going to open a lot of doors for existing and future Banknode operators to do profitable business. The current global financial system is fundamentally flawed and some sort of correction is inevitable. The smart money is positioning itself to take advantage of that, I think we should be thinking the same way.

-"What does 'blockchain' mean?"
-"It means they can't fuck you over."  

A lot of people are going to get burned as the current shambles implodes... go ask a Greek right now how they feel about things. Go ask a Greek if they'd like to trade one insane vapourware system (fiat) for another (Bitcoin/PoW)...

We should consider all these people as future partners.

[bitcreditscc]

I'm working to provide the first fiat/asset gateway, i agree we need to diversify. So , hopefully others will copy my example and we can have a decentralized asset storage.