\[ANN\] FLUX Experiment using BATCOIN (no storage, just a way to see it in action)
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[url=https://bitcointalk.org/index.php?topic=400753.msg4445110#msg4445110]https://bitcointalk.org/index.php?topic=400753.msg4445110#msg4445110[/url]
[url=http://www.reddit.com/r/batsignal/]http://www.reddit.com/r/batsignal/[/url][quote]
Gentlemen:I present THE BATSIGNAL REDDIT
[url=http://www.reddit.com/r/batsignal/]http://www.reddit.com/r/batsignal/[/url]Bot authors contact me about how to make your topic bots.
This is an experiment that will inform my FLUX project for a cross chain distributed exchange system built on top of Kevlar’s Link.
A poster posts a story (audio, video, text, comic, fiction, non-fiction).
The poster requests a sum in another currency. This is their earnings for finding and posting the story.
The poster reserves a secret amount of batcoins. These will be delivered to the buyer of the story.
Each bot has a category it takes care of. This allows more than one bot to exist for the reddit, and it also gives mod rights to the bot owner to update the wiki on that topic.Commenters tip the bot that is assigned to the story. The tips are earnings for the bot owner. Each tip is multiplied by 1000. The bot calculates the real time transfer exchange rate (see the link). A proportionate amount is transfered from the buyer to the poster and vice versa. The bigger the tips the faster the exchange. It is conceivable that either the buyer’s account or the poster’s account may be emptied before the other. If people like stories then the poster is likely to have more in reserve after the buyer runs out. If the buyer wishes to get more from the poster they have to put more up.
Results:
Good stories increase the effective exchange value of Batcoins versus other currencies.
Lame stories decrease the effective exchange value of Batcoins versus other currencies.Monkey wrenches:
Each tip exchanges more from the buyer and less from the poster. Small tips equal more for the buyer. Large tips equal more for the poster.
People may tip slowly even for a hot story. This allows everyone to influence the price. But in the end, if people want good stories they should tip faster.The bot will report if there is reserve left. The reserve or deposit may be increased for 72 hours. Neither may be withdrawn until after 72 hours. Might extend this to rolling 72 hour periods.
Caveats:
I may not have the dynamics exactly right, so if you write a bot, I may need to contact you if the calculations or rules change.
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What is this Batcoin?
And, what crazy experiment are you conducting now zerodrama?
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[quote name=“Calem” post=“51368” timestamp=“1389434716”]
What is this Batcoin?
[/quote]A 2% premine coin with insane block rewards.
If you think 2% “isn’t that much” think again.
That’s 2% of 91,000,000,000 = 1,820,000,000 coins. 90 seconds block time, 60,000 BAT’s per block, ignoring special blocks, 3x and 2x rewards for the first 400 and 1300 blocks, that’s 57,600,000 BATs a day, 1,728,000,000 a month. That’s an entire months worth of ALL the mining. At the end of the first month, they will still possess over 50% of the entire currency supply.
That’s why premines ruin coins. No one entity should ever own more than 50% of a currency.
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Oh but they say it’s “2% per mine” surely thats completely different…
[quote]
[size=4pt]Scrypt-based
Difficulty retarget time is 1 hour
90 seconds block time
60,000 BAT’s per block
6 confirmations for transaction
70 confirmations for mined blocks
Total of 91,000,000,000 BAT’s ( which is the estimated Bruce Wayne’s fortune as of 2013,God, thats one rich ass BAT)
6 Guano blocks a day will deliver X4 more coins, and a super Guano block X10 coins every 4 days.
Special reward on block 1337 as a tribute to my l33t hacker nemesis - The Calculator
Guano is Bat Shit[/size]
[b]2% permine[/b][/quote]/sarc off
::)
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Rep ++
I haven’t any Batcoins, could we use some coins that could be given out, i.e testnet?
That’s just selfish, cause I want in, I extremely impressed so far.
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[quote name=“Kevlar” post=“51370” timestamp=“1389436514”]
That’s why premines ruin coins. No one entity should ever own more than 50% of a currency.
[/quote]Or 2 people 35%, or 3 people 25 %, etc
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[quote name=“wrapper0feather” post=“51379” timestamp=“1389439900”]
Or 2 people 35%, or 3 people 25 %, etc
[/quote]Now we’re getting off into Quarkcoin territory. =/
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[quote name=“Kevlar” post=“51370” timestamp=“1389436514”]
[quote author=Calem link=topic=6793.msg51368#msg51368 date=1389434716]
What is this Batcoin?
[/quote]
That’s why premines ruin coins. No one entity should ever own more than 50% of a currency.
[/quote]Premines are bad if people hold onto them. What I’m hearing from the forum is people are getting sudden 6 figure surprises in their accounts.
Don’t forget: The bigger the reward, the less the coin is likely to be worth. So it evens out.I agree, tho. If they simply held onto the premine it would be a control issue. Same goes with intentional and unintentional instamine.
But the diff dropped now to a fraction of its max. So I am post-premine mass-instamining, or something.
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Looks like shREDDIT removed the post. :(
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[quote name=“corather” post=“51447” timestamp=“1389456046”]
Looks like shREDDIT removed the post. :(
[/quote]Batsignal is a subreddit. Not a post.
It’s still there.
It’s still up on bitcointalk as well.
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You’ve not tied it (good/bad) to the upvote system, right? Apparently reddit gets overly jumpy when a bot is tied to it in some way, even if it’s not contributing upvotes and downvotes.
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[quote name=“HopeStillFlies” post=“51460” timestamp=“1389459805”]
You’ve not tied it (good/bad) to the upvote system, right? Apparently reddit gets overly jumpy when a bot is tied to it in some way, even if it’s not contributing upvotes and downvotes.
[/quote]Nope. Bypassing the vote system and using the commenter tips instead.
FIRST EXAMPLE BOT INTERACTION: [url=http://www.reddit.com/r/batsignal/comments/1uz1ln/there_will_be_bot/]http://www.reddit.com/r/batsignal/comments/1uz1ln/there_will_be_bot/[/url]
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What ever became of this?
