SPORTSBOOK BETTING NOW ON THE RIMBIT.COM FORUM

For those who haven't heard, the Rimbit Forum has just set up Sportsbook betting.

Using Rimbits (RBT), forum members can place bets on a variety of events including the Tour de France, Olympics, 2016 British Open (golf), 2016 Darts World Matchplay tournament, Formula 1 and more.

There is also betting on the U.S. Presidential Election and even the IMDB rating for films on a given date.

Easy to use & fun.  Events are settled quickly and winnings are immediately available for further use.

It's well-worth a visit to see if there's something that might interest you.

Bitcoin difficulty is now almost 2 billion and rising daily.  Because of this, miners are continually being forced to invest in bigger, more powerful chips to have any hope of claiming a block and the reward that goes along with it.

Currently miners are rewarded 25 BTC for each block they successfully add to the blockchain.  In July this reward will be cut in half, so rather than being paid approx. $12,500USD for each block, miners will be paid approx. $6,000.

In addition to this reward, miners also get all of the transaction fees for each transaction that forms part of their block.  The higher the transaction fees offered by the transferee, the bigger the profit for the miner.  So, as we have seen daily, when forming a block, miners look to include transactions for which users have paid a higher transaction fee.

With bitcoin halving fast approaching, miners are already starting to project huge declines in profits.  Some have already declared bankruptcy and others will follow. 
See here:  https://www.cryptocoinsnews.com/bitcoin-miner-kncminer-declares-bankruptcy/

With fewer miners, the funnel through which all BTC transactions must flow, gets smaller and smaller.  There have already been numerous cases of delayed or lost transactions as miners seek to profit by selecting only the highest rates of returns (processing only those transactions that come with a high transaction fee).  It would be reasonable to expect that as miners leave the BTC scene, transaction times will decrease further for all but those who are willing to pay ever increasing transaction fees.

Eventually we will reach a point where the only reward coming to miners will be through transaction fees and though many suggest this won't be for many years, the fact is that the implications of what's to come can already be seen and felt.

We will reach a point where there are very few miners operating and their sole opportunity for profit will come through transaction fees.  As Bitcoin becomes more centralized in the hands of a few miners and almost all transactions flowing through mining farms in China, the prospect of a Bitcoin mining monopoly looms larger and larger.

So what do you think is likely to happen to transaction fees at that point?





 

Yes, I haven't found anyone yet among "the knowledgeable" who are willing to stick their necks out and issue a learned prediction on where things will stand in two months. 

And then after that, I suppose that we'll all be watching to see what happens in Spring 2017 when the core group will be able to finally sell off their huge BTC holdings, if they so choose?

It looks like an interesting 12 months...

With great respect, I have tried searching and cannot find a definitive answer.

Many sites/articles suggest that without a big increase in BTC value, mining profits will diminish so significantly that the network will have fewer miners doing less work, or that transaction fees will increase greatly.

Other articles suggest that miners will simply shift over and start mining other coins that are more profitable, leaving Bitcoin behind.

I have three questions related to the July block reward halving:


1.  Is it reasonable to suggest that miners' profits will be cut by about 50% with the halving?
2.  As rewards for processing blocks continues to decrease, will we reach a point where only one or two of the largest mining companies will be able to profit from mining?
3.  What happens when the block reward reaches zero?  

This is one of the latest articles to be published, noting that average Bitcoin's average transaction fee is now somewhere between 15 cents and 35 cents!

http://cointelegraph.com/news/bitcoins-transaction-fees-skyrocket-as-the-bitcoin-halving-looms


Imagine you are standing in a really, really, really long line at a bank where you just want to send $50 to uncle John in Guatemala.

Hours go by as you slowly inch closer to the teller's wicket, but then some rich guy pulls up in his Mercedes and offers to pay the teller lots of money if the teller agrees to take him next.

Well, the teller of course is thrilled, happily takes the money and agrees to process the rich guy's transaction next. Then another rich guy pulls up, and another and another. You, having respectfully waited your turn in line keep being pushed further and further back. It could be many more hours, days, weeks or months before you reach the teller. Or, you may never get there at all.

This is EXACTLY what is happening with Bitcoin now, and has been for some time. Anyone willing to pay a higher fee can skip the long transaction wait times and have their transaction processed quickly and efficiently.

Is this really how a community-based coin should operate?

Thank you Rimbit, home to a community-based coin that truly is there for the community.

U.S. presidential candidate Hilary Clinton is reportedly set to release tightly held government files concerning Area 51.

A recent New York Times article (http://www.nytimes.com/2016/05/11/us/politics/hillary-clinton-aliens.html?_r=0) suggests that Clinton has recently been briefed by her staff regarding extra-terrestrial life, has a solid understanding of the file and is willing to release files that previous President's have refused to, providing national security is not jeopardized.  The article also points to an interview with Jimmy Kimmel in which Clinton corrected Kimmel's use of the term U.F.O.:

“You know, there’s a new name,” Mrs. Clinton said in the March appearance. “It’s unexplained aerial phenomenon,” she said. “U.A.P. That’s the latest nomenclature.”

While politicians and special interest groups continue to tussle over the release of information, Rimbit owners continue to wonder about the "Unexplained Fee Phenomenon" that has been circling the Bitcoin world for years.

Bitcoin's now notoriously poor blockchain planning, delayed and lost transactions and unmanageable size has opened the door for individuals, developers and mining companies to manipulate the fees charged to process normal transactions as well as the much larger fees that users can pay to "skip the line" and have their transactions processed ahead of everyone else. A technical article on CoinDesk highlights some of the historical issues Bitcoin's "pay-for-service" developers overlooked http://www.coindesk.com/building-better-bitcoin-fee-market/).

Rimbit owners, however, have never needed to worry about such issues. Rimbit's network algorithm and coding was developed only after disregarding the flaws that Bitcoin developers either never saw, or didn't see a need to fix.

Using a stable, safe and secure network, Rimbit transactions are processed in seconds. No delays, no lost transactions, no fee manipulation.

Isn't this how a community-based coin is supposed to operate?

Congratulations Mrs. Clinton, on being open to increasing government transparency. After all, isn't government supposed to be there for the people, too?

Rimbit has been around for more than two years.  It was built on a solid algorithm developed only after identifying and alerting Bitcoin higher-ups of fundamental flaws in the Bitcoin algorithm. 
The intent of Rimbit's developers from day one was to have a coin and network that really was there for the people.
Bitcoin higher-ups have been aware of some of Bitcoin's fundamental flaws, but have chosen not to address them; instead leaving them for others to worry about in the future.

Rimbit has a loyal following that is increasing daily. 
The number of Bitcoin users is decreasing daily by thousands.

Rimbit has seen stable value across a number of exchanges since its launch and is now starting to increase in value as people realize the coin is a serious alternative to mined coins.
Bitcoin is subject to large unpredictable changes in value, both up and down, in very short periods of time.

Rimbit is a community-based coin.  No single wallet holder is more important or influential than any other wallet holder.
Everyone knows the handful of Bitcoin players who hold millions of Bitcoin and control its direction.

Rimbit does not allow its users to pay large fees to "skip the line" and have their transactions processed more quickly.
Bitcoin is having huge problems processing transactions because with all the greed associated with mining, there are fewer and fewer mining warehouses available; and these warehouses don't have the capacity to process the 200,000 Rimbit transactions being requested every day.  Fortunately for rich Bitcoin holders, they can skip the line and have their transactions processed ahead of everyone else by paying a large transaction fee.

Rimbit is truly decentralized.  It is Rimbit's open wallets that confirm transactions across the network in seconds - not hours, or days or even longer.
Bitcoin's processing problems are being reported more and more frequently as word gets out about lost transactions, transactions taking months and uncertainty amongst vendors about the reliability of the network.

Rimbit users who make their wallets available to confirm transactions earn 5% interest on their wallet holdings over the course of a year.
Bitcoin holders don't.

Developers of coins made for pump & dump scams disappear after 6 - 12 months. 
Coins with a history of pump & dumps are easy to see - just look at how the coin has traded over time on an exchange.

When developers of more successful coins start leaving the corporation and identify real, known, serious but unaddressed flaws with that coin, it's time to worry.
When a select few Bitcoin holders, who have been controlling the coin's direction for years, are required by contract to hold their coins until early 2017, but can then cash out and walkaway billionaires, it's time to worry.

Rimbit holders don't worry.

http://www.ibtimes.com/bitcoins-big-problem-transaction-delays-renew-blockchain-debate-2330143

  As premined coins hit the marketplace, it's the market that determines the price, not the original miner.  So yes, the original miner could try to sell coins for more than the market price, but depending on his asking price, he might not be very successful.

I agree with you that the mining of PoW coins becomes more centralized with time ... but this also means that by default, the processing of transactions also becomes more centralized.  That's the problem you've been seeing with Bitcoin for the past months - transactions are now taking hours to process, unless you're willing to pay a higher fee.

I don't think anyone is saying BTC is all bad, but there are a few significant well-known issues that need to be addressed or the coin will eventually fail.

  For a moment there, I thought there was an intelligent comment coming.  Then I started reading.

The PoW process is what will sink Bitcoin. 

Mining is consuming enormous amounts of power, it is controlled by just a few companies who can afford to spend tens of millions in mining equipment, and is the reason why BTC transactions are taking hours to process.

You think that outsiders can get BTC from somewhere other than a CURRENT HOLDER?  Name one.
YOU can't mine Bitcoin.  If you could, you wouldn't have enough electricity left over to post your messages!

Oh, unless I suppose you're bigger than Denmark ... http://www.extremetech.com/extreme/225660-bitcoin-could-soon-use-more-power-than-denmark-but-help-is-on-the-way

BTC is a pretty good coin which is why it has seen success.  But, there are flaws in it's design that some of the biggest BTC holders have known about for years.  It can be fixed, but they don't want to because it would require a massive amount of work and the public acknowledgement of the problem would drive BTC prices into the ground.

Either you don't know, or don't want to know, that some of the biggest holders of BTC (the ones who are controlling it's future) have huge stockpiles of BTC that they can cash out in 2017.  How many problems do you really think they want to acknowledge before they have their billions in cash?

 

So here's a question, and I'll use the example in an earlier post of having $400 to invest.

Looking solely at return on investment, in order to double my money would it make more sense to:


a)  invest $400 in Bitcoin and wait for Bitcoin to increase in value by another $400,

or

b) invest $400 in Rimbit and wait for Rimbit to increase in value by ONE cent?


In both (a) and (b), the end result would be a gain of $400, but I'm wondering which would be the better bet.

Ouch - that doesn't sound like fun!  And of course the longer this goes on, the more challenging it's going to become.

There is a new contest underway on the Rimbit Forum at:  http://www.rimbit.com/threads/create-the-caption-contest.2363/

It's really straightforward, with the winner getting up to 400 RBT.

As long as you are registered on the Rimbit Forum you can enter (and registration is free).

If you're not registered, now would be a good time as these contests will likely continue.

There probably isn't an easier way to win free RBT.

I think the point here is that Bitcoin has become so massive that unless you were in at the beginning and formed a close alliance with one of the main groups (such as Blockchain), chances are you will have no say in what happens with the coin.

What I do like with some of the smaller coins, is that everyone seems to have a say - from the veterans to the newbies.  Opinions count and opportunities exist to shape the future of the coins. No one person is more important than any other.  It's great - though perhaps a little more transparent than I would have expected.

So I suppose if I had $400 US to invest, I'd like to have a say in how my investment can best work for me - rather than having someone tell me how it's going to be.