Why not create another "BURST" type coin?

  • I have been mining BURST off and mostly on since the beginning, over 2 years ago. I have mined GPU coins for even longer. However, with GPU-mined coins it makes sense to switch to a different coin every couple months or so to stay profitable. But in the ~2.5 years of mining with HDD, burst is the only one that has been profitable (and sometimes, barely). I followed Storjcoin for awhile hoping to make a buck, knowing that what they were trying to do wasn't really feasible. Same with MAIDcoin.

    BURST is the only coin that we mine with HDD for, let's be honest, no real good purpose (please don't take offense..I believe in burst and the community and the future, but it's not like anyone is actually using these giant plots on my giant HDDs).

    Why not create another "copy" coin or two? Maybe the competition would raise awareness, drive price up? Split the mining difficulty level. I mean, 2.5 years of mining and no competitor at ALL in the basic HDD mining space? I can't believe it. Our tools and interfaces are WAY better for plotting/mining then they were back in 2014 already, so the next coin could borrow from this.

    So what do you think? Issues or concerns with this? If I had the developer skills, I would be strongly encouraged to move forward with this myself.

  • Banned

    I approve !

  • Why create Competition for ourselves?
    It might drive the price up, But it could drive it down

  • Banned

    Because you discourage competition by being your own competition

  • IMO - and what I'm hoping to make happen, I'd like to Merge-mine BURST and QORA. I'm going to present this idea to both communities, as I've already presented it to the QORA devs and they have approved.

  • admin

    @DrTrouble So split potential miners to mine on Burst or the copycats? copycats that offer nothing new? Sorry, but bad idea.We need to get more people in Burst, not distracted by clones.

  • Banned

    actully its better to expend the community for more oportunities if we see it this way cloning is not good in any way using the same idea in different way with more advancement will be better if you are more creative competition is necessary for growth thumbs up if you are trying for something more better but copying is worst of all nvr think of it~

  • @crowetic I am not sure how this would work, but I do hold both BURST and QORA and would be interested to see...

  • @haitch Most people who mine, myself included, do it for $$. I hate how that sounds but I am being honest here.
    BURST has somewhat struggled to increase market share against all the other GPU and ASIC coins. Most people would rather invest in a brand new GPU because "hey, if this coin doesn't work I will switch to this other one or this other one to make my money back". But with investing in HDD, I knew that when I dropped thousands on drives that BURST was my only option. A lot of people would look at the comparison and say that there is no way they are going to buy a bunch of drives on the premise that one coin is going to make them money. They don't look at the assets, casinos, surf toolbar, or any of those other features..they want ROI.

    With more competitors, BURST still has multiple advantages..it has an awesome community, well-evolved tools, it was the first HDD coin, etc etc.

    But more exposure to HDD mining in general might benefit all of us.

  • @DrTrouble I understand you are talking from a miner's point of view..I think only if a coin was created like Burst, a percentage of it mined should go to the BURST holders and that would certainly drive the price up..Bit like NXT did with giving away ardor and in the summer it will give away ignis to nxt holders.. 🙂 Many of us like me are little investors, I am so think haha I can't mine but two things I love about BURST, is the community and asset side, apart from it being a green coin.. :).. I prefer to get the word of BURST out, when BURST has x 10 the marketcap has now then it will be strong enough to withstand other competition.. like bitcoin is compared to 700 odd other altcoins on the market, but now BURST is still a baby and it needs to grow into a healthy adult before we can give it a baby to manage :).. I would want the new coin to give some big advantage to current BURST holders.. so it would boost BURST price and holders at the same time..otherwise for now, BURST awareness is what we need most.. :)..Just giving my humlbe opinion, much peace and love from the Burst bag lady .. 🙂

  • @DrTrouble said in Why not create another "BURST" type coin?:

    @crowetic I am not sure how this would work, but I do hold both BURST and QORA and would be interested to see...

    The way it would work, is that you could use your same plot files you made for BURST, to mine both BURST and QORA, giving you extra returns.

    The idea is what I'm planning for the moment, but I also have some other ideas that I'm going to present to both the BURST and QORA teams here shortly, which could be some larger scale modifications.

    But I think that the idea would be... QORA gets a large network from the beginning, and BURST miners get extra benefits by mining both coins with the same plots.

    Yes, it would mean that you'd be doing twice the reads on your drives, so optimizing your plots may become more important, and it would also mean that reading the plots would happen more frequently, so you may see more power usage, so I'm in the process of figuring out whether it would be something people would be interested in or not.

    I also think it would require increasing the cap of QORA, and I'm not 100% sure how everyone would feel about that, personally I think it would be great, as long as it was done correctly, but I know certain people may take issue with the cap increasing.

    So there's a bit to figure out, and I'm going to be doing more talking about this in the next team meeting, to see what everyone thinks.

  • @crowetic
    If somehow you could integrate QORA into the burstcoin client, perhaps there is a tab up the top next to the online and local wallet setting, called QORA wallet so people can toggle between their Burst and QORA wallets while mining both coins at the same time.
    Another thing i thought of was a mini exchange that works the same way as Shareswap and the Asset exchange combined \ people trading QORA and Burst , setting their own prices, just so we wouldnt have to go through polo or any other major exchange every time we want to swap coins.
    I think it would be wise to get more people joining Burst and QORA before you merge the two, but it is completely up to you and the team.

  • @Luke1219 Great idea! @crowetic make an announcement thread if you get this concept working 🙂

  • I was asking me the same question. You can find "anything" coin but just one coin that it's mined using HD. Why?

  • In a foolhardily attempt at showing my ignorance, I will opine.

    1. Burst has a great enthusiastic community behind it. We have casinos, assets, lottery (i think). It can be mined by a fraction of the cost other currencies are mined at, and it is ridiculously priced at only 1-2 cents each. I see a HUGE profit potential. I am super excited for this coin.

    2. I worry a bit about the fact that the Proof of Capacity has not been battlefield-tested the way Bitcoin has (which can be said about most of the other currencies as well). When Burst reaches above the $1 dollar mark (and it WILL), then the concept and the coin will be pushed, poked, and prodded and it may reveal weaknesses as of yet unknown. IMHO, until that time, creating new coins based on the Proof of Capacity concept is premature.

    3. I would like to read or hear a hard plan for what will happen when all the Burst is mined. So far, everywhere I look, the word "maybe" is used when we talk about the possibility of rewarding miners for processing transactions once there are no more Burstcoins to mine.

    Personally, I think this is the coin to watch to make huge profits. I am 110% sold on it. To the moon!!!

  • Will there be no reward when all burst are mined?

  • There are, and will be, transaction fees awarded to the miners.

  • @aitor I think there will be huge number of transactions fees. By that time when there are will be no more Burst to mine, reward from fees could be even greater. But we are talking for a decade ahead. Until then some meteorit may hit us. I think is not very clever to speak for years ahead. For near future Yes, but for years and decades i think is crazy.

  • By the time BURST is mined out, it will be getting so many tx, it will have already had to hard fork to up the tx limits, and I would suggest going to 1000 or more per block, so that would mean that 1000 coins per block would still be given to the miners. If the coin is 50 cents by then, that would be 500 dollars per block, and that would be on average every 4 minutes, which IMO is more than enough incentive to mine, considering mining BURST costs basically nothing.