Bitflate - Bitcoin with inflation

[dnprock 10]

Hello,

I'm working on a new Bitcoin fork, Bitflate. The main difference: It inflates 7% per year. The project's goal is to create a stable crypto currency, stable coin through inflation.

It has the following differences:

- It creates 19,3 million coins in the first 4 halvings.
- In subsequent halvings, coins inflate 7%.
- Proof of Work timespan is 3.5 days. We want 1-year halving interval.

https://bitflate.org/

Download the latest binaries: https://github.com/bitflate/bitflate/releases/tag/v0.18.1

What is Bitflate?

Bitflate is a Bitcoin-based crypto currency. Bitflate has inflated supply.

Bitflate chain is separate and has no relationship with Bitcoin chain.

Why Bitflate?

Bitcoin has a supply limit of 21 million coins. This limit creates a value puzzle for Bitcoin. When all bitcoins are mined, there’s 0 coin reward. This means the value of a bitcoin can be infinite.

Bitcoin encourages HODL behavior. It’s being seen as a Store of Value (SoV). We believe other cryptocurrencies with a supply limit would behave as a SoV.

The goal is to create a stable crypto currency, stable coin through inflation.

By adding inflation, we can:

- Prevent price from fluctuating wildly.
- Discourage HODL behavior, increase liquidity.

More information: https://bitflate.github.io/post/2019/04/14/bitflate-cryptocurrency-with-constant-inflation.html

Mining pool:

https://www.mining-dutch.nl

We're looking for developers, marketers. Come join the project if you're interested. My email contact at bitflate dot org.

Bitflate is trading on Unnamed Exchange. Use with caution. https://www.unnamed.exchange/Exchange?market=BFL_BTC

Join our Discord community: https://discord.gg/utnEyp8

[Bills 583]

1 minute ago, dnprock said:

Hello,

I'm working on a new Bitcoin fork, Bitflate. The main difference: It inflates 7% per year. The project's goal is to create a stable crypto currency, stable coin through inflation.

It has the following differences:

- It creates 19,3 million coins in the first 4 halvings.
- In subsequent halvings, coins inflate 7%.
- Proof of Work timespan is 3.5 days. We want 1-year halving interval.

https://bitflate.org/

Download the latest binaries: https://github.com/bitflate/bitflate/releases/tag/v0.18.1

What is Bitflate?

Bitflate is a Bitcoin-based crypto currency. Bitflate has inflated supply.

Bitflate chain is separate and has no relationship with Bitcoin chain.

Why Bitflate?

Bitcoin has a supply limit of 21 million coins. This limit creates a value puzzle for Bitcoin. When all bitcoins are mined, there’s 0 coin reward. This means the value of a bitcoin can be infinite.

Bitcoin encourages HODL behavior. It’s being seen as a Store of Value (SoV). We believe other cryptocurrencies with a supply limit would behave as a SoV.

The goal is to create a stable crypto currency, stable coin through inflation.

By adding inflation, we can:

- Prevent price from fluctuating wildly.
- Discourage HODL behavior, increase liquidity.

More information: https://bitflate.github.io/post/2019/04/14/bitflate-cryptocurrency-with-constant-inflation.html

Mining pool:

https://www.mining-dutch.nl

We're looking for developers, marketers. Come join the project if you're interested. My email contact at bitflate dot org.

Bitflate is trading on Unnamed Exchange. Use with caution. https://www.unnamed.exchange/Exchange?market=BFL_BTC

Join our Discord community: https://discord.gg/utnEyp8

What Exchange do you plan on listing that currency? What strategies do they have to resist pound clothing when launched?

[dnprock 10]

Bitflate is already launched on mainnet 🙂. It's trading on Unnamed Exchange. Not much volume though. Current price is 6 sats per BFL coin.

https://www.unnamed.exchange/Exchange?market=BFL_BTC

I'm not sure what pound clothing is. Can you explain?

Edited October 18, 2019 by dnprock

[dnprock 10]

It is fairly counter-intuitive to think about Bitflate. Limited supply and Austrian economics dominate thinking in crypto space. People think if Bitflate increases supply at 7% per year, it's no different from fiat currencies. The difference is Bitflate is digital native and decentralized. We know it will inflate at 7% per year. We are in control. We can make our own choice. We can create interest account to prevent value loss. No central authority controls Bitflate supply.

Here is another way to think about Bitflate economics relative to other cryptocurrencies. Do you rather have a bag of limited supply currencies that has no value or a bag of inflating supply currencies that has some value? Most cryptos picked the first option. Bitcoin is the most successful limited supply coin. Bitflate decides to go with the 2nd option. Bitflate is not competing with Bitcoin. I think that's why Bitflate has a chance of succeeding.

https://www.unnamed.exchange/Exchange?market=BFL_BTC

Join our Discord community: https://discord.gg/utnEyp8

Edited October 18, 2019 by dnprock

[hexwin 4931]

@dnprock
What is total supply of coins and fi you can tell us how much coins is premined?

Anyway, don't we have other coins that have inflation now?

[dnprock 10]

On 10/18/2019 at 4:41 PM, phabulu said:

It's great to see new altcoins around here, I want to suggest, maybe you can do a little bounty or airdrop here, for the cryptotalk community.

@phabulu, I tend to dislike airdrop. I think it attracts wrong users. You can buy BFL coin for cheap on Unnamed Exchange currently. Its price is 6-10 sats per coin. But BFL coin is new and cheap to mine, I'm open to airdrop them. If there's a way to fairly distribute BFL coins, let me know.

@hexwin, Bitflate potential supply is unlimited. But it's limited by inflation rate and mining. Coins are generated through mining. There're currently 2.3 million coins. There is no premine. People in Bitflate community (including me) are owners of Bitflate coins.

You can view the top holder list here: https://explorer.bitflate.org/richlist

Reward will do halving for 4 periods to reach 19.3 million coins. Then inflation of 7% will start. I did some modeling. Supply will reach 100 million coins in about 30 years.

Reward

0 - 50
1 - 25
2 - 12.5
3 - 6.25 (end of halving)
4 - 6.56 (start of inflation 7%)
5 - 7.02
6 - 7.51
7 - 8.04
8 - 8.60
9 - 9.20
10 - 9.85
...
30 - 38.11

New Coins

0 - 10500000
1 - 5250000
2 - 2625000
3 - 1312500
4 - 1378125
5 - 1474594
6 - 1577815
7 - 1688262
8 - 1806441
9 - 1932892
10 - 2068194
...
30 - 8003258

Join Bitflate discord community: https://discord.gg/utnEyp8

Edited October 20, 2019 by dnprock

[hexwin 4931]

8 hours ago, dnprock said:

Bitflate potential supply is unlimited. But it's limited by inflation rate and mining. Coins are generated through mining. There're currently 2.3 million coins. There is no premine. People in Bitflate community (including me) are owners of Bitflate coins.

You can view the top holder list here: https://explorer.bitflate.org/richlist

 

Thank you for answering.
As I said, I think there are many other coins with inflation and they also have infinite supply...
Why would people use Bitflate?
Sorry but I don't see any advantage 😕 maybe I am missing something

[dnprock 10]

Bitflate is experimental. The idea is a bit counter-intuitive. It could be called the ultimate shitcoin. But maybe that's why it would work as a digital native stablecoin. Bitcoin is a successful Store of Value coin. Other coins try to emulate it but they have not found a market. Bitflate takes the opposite approach. A good way to make sense of its prospect:

Do you rather have a bag of limited supply currencies that has no value or a bag of inflating supply currencies that has some value? Bitflate is following the latter approach.

I'll try to reply the comments.

@Panakozaki, there have been a lot of sell orders. I often put in buy orders. But I tread slowly to find a fair market price. I think I buy most of the orders currently on Unnamed Exchange. I do this to support miners who took risk to mine Bitflate. I personally fund Bitflate so not a lot of marketing. But I'll be here for long to support Bitflate. 🙂 Unnamed Exchange is a new exchange, use with caution.

@hexwin, I see Dogecoin and Grin have constant tail emission and infinite supply. But I think they will behave similar to zero supply. Constant tail emission will become smaller over time relative to the amount of coins in circulation. Bitflate is different because it has a fairly high inflation rate. Its purpose is to be a transaction coin, a digital native and decentralized stablecoin.

@LokiApeka, our website is minimalistic. Bitflate is not VC or investor backed. I volunteer my time to develop and support it. If anyone wants to help with better website, please reach out to contact at bitflate.org.

@imanuel, you can download the Bitflate client from github. It comes with wallet. I am thinking about making a mobile wallet next. https://github.com/bitflate/bitflate/releases/tag/v0.18.1

@HammadAli, inflating supply will encourage people to circulate their coins. Bitflate wants to be a coin for transaction, not a Store of Value. It discourages HODL behavior. But Bitflate reward system will give early adopters more coins before inflation starts.

Join Bitflate Discord community: https://discord.gg/utnEyp8

Edited October 20, 2019 by dnprock

[cryptosix 1643]

It's good to hear more things about your coin and the 7% per annum might helps for your development. What are you planning for next things, just saying is not everything we can do. Bitcoin brought so many new coins in the world, but they come and go like a road traffic.

When you open an Airdrop, please announce here, so we can join it, but I don't have hopes on new coins that will sell for cheap.

[williamz902 696]

On 10/18/2019 at 7:30 AM, dnprock said:

I'm working on a new Bitcoin fork, Bitflate. The main difference: It inflates 7% per year. The project's goal is to create a stable crypto currency, stable coin through inflation.

This sounds interesting. Do you have any plans to release it to the exchanges? Will this be a hard fork, for example, will people who are already holding bitcoin get the equivalent in Bitflate? Besides mining, where else can someone get this?

[dnprock 10]

@williamz902, Bitflate is running live on mainnet. Hashrate and difficulty are still low. You can mine it. Or you can buy it on Unnamed Exchange (use with caution).

https://www.unnamed.exchange/Exchange?market=BFL_BTC

Bitflate is a new chain with its own genesis block. I decided to start a new chain instead of forking from Bitcoin chain. Forking Bitcoin chain carries the burden of syncing a large blockchain. Bitflate is designed to be a transaction coin, not a Store of Value. I don't see benefit of attracting existing Bitcoin holders. They won't be interested in Bitflate anyway.

@benithomasha, I own and operate bitflate.org site.

[Lubruselu 2803]

That's is really good project idea I think it will change future of cryptocurrencies 

[vycl87 306]

I hate from that fork shit.  Really what is your thinking? Didn't you find a good name for your project? Let I'll advise, let go this one. Find a good project and get involved with them. This time, it should be proper one.

[dnprock 10]

Hi everyone,

Today's news headline has a news related to this topic:

Trump’s Former Fed Pick Stephen Moore Announces Cryptocurrency to Compete With Central Banks
https://fortune.com/2019/10/21/stephen-moore-trump-fed-nomination-cryptocurrency-stablecoin-frax/

It looks like this new Frax stablecoin will re-attempt to implement fractional reserve stablecoin. Previous attempt, Basis, didn't make very far due to regulatory pressure. Libra also faced similar problems.

These problems show the need for a decentralized, digital native stablecoin like Bitflate.

Join Bitflate Discord community: https://discord.gg/utnEyp8

[hexwin 4931]

Libra will still push its agenda, and even if I dont support it at all, they will bribe everyone to release it.
I dont think Bitflate can compete with that

[BitTyro 148]

Bitcoin is also inflationary in nature (but its inflation rate decreases over time) until all coins will be mined. But its price has wildly fluctuates. 

For bitflate, it will have a fix 7% inflation rate 4 years from now onwards. 

Woudnt be a cryptocurrency that is inflationary by design mimics fiat's inflation which causes decrease to its purchasing power?

 

[Lubruselu 2803]

11 hours ago, benithomasha said:

There are some aspect of the future of the cryptocurrency that a fixed meaning the future of cryptocurrency is vbery clear only few thing could alter or delay it.

Although cryptocurrency have future I'm also have my own future in cryptocurrncy, I wish one day I'll become topic inthe world.

[dnprock 10]

@hexwin, Bitflate and Libra are different. They try to achieve a similar goal of stablecoin. But Bitflate price would be somewhat stable. Libra is more stable. But Libra is more centralized than Bitflate. I think each coin may have a place in the market.

On this topic, I just published an article to compare Bitflate and Libra.

Building Stablecoin: Bitflate vs. Libra
https://bitflate.org/post/2019/10/22/building-stablecoin-bitflate-vs-libra.html

@BitTyro, after inflation starts, a Bitflate token will lose value over time. That is part of the design. It encourages people to circulate the token, not hold. We can develop interest saving to reduce value loss. This method is well understood in finance. Banks offer interest saving accounts on fiat currencies.

Edited October 22, 2019 by dnprock

[BitTyro 148]

48 minutes ago, dnprock said:

@BitTyro, after inflation starts, a Bitflate token will lose value over time. That is part of the design. It encourages people to circulate the token, not hold. We can develop interest saving to reduce value loss. This method is well understood in finance. Banks offer interest saving accounts on fiat currencies.

Banks offers 1.9% to 2% interest on savings accounts, and the average inflation rate of fiat in the last 10 years is around 1.8%. But still, fiat losses some of its purchasing value.

Don't you think that a 7% inflation rate for a cryptocurrency is too much? You said that you can develop interest saving to reduce its loss of value, but that would mean an interest of around 5-6%? But still, overtime it losses value.

 

 

 

[hexwin 4931]

3 hours ago, dnprock said:

@hexwin, Bitflate and Libra are different. They try to achieve a similar goal of stablecoin. But Bitflate price would be somewhat stable. Libra is more stable. But Libra is more centralized than Bitflate. I think each coin may have a place in the market.

On this topic, I just published an article to compare Bitflate and Libra.

Building Stablecoin: Bitflate vs. Libra
https://bitflate.org/post/2019/10/22/building-stablecoin-bitflate-vs-libra.html

Thank you for answering.
I will take my time to read article you wrote.
As for Libra, I think there are other more stable dex coins as your competition, not just Libra 

[cnguchi 70]

Is there a limit to maximum supply or will it keep increasing by 7% per year? I am afraid the number of coins will increase too much and people will not buy it anymore

[dnprock 10]

@BitTyro, here's my thinking about the inflation rate. I intentionally picked a high rate of 7%. With this rate, coin supply doubles every 10 years. This is from Rule 72 in investment. This high rate will make Bitflate behave opposite of Bitcoin. Bitflate's goal is to NOT be a Store of Value, but a coin for transactions. High inflation rate will cause people to not HODL Bitflate coins and put them in circulation.

Bitflate chain is still early. Mining started on July 2019. As of October 2019, we're about to reach 50k block and 2.5 million coins. It'll take about 30 years to reach 100 million coins. If Bitflate gains adoption, I think 7% inflation will not be enough to curtail price rise. But it's fairly high so the idea is price won't rise very much.

At some equilibrium point, with efficient mining and banking account, I think we can get 4-5% interest rate. I give 1% to mining cost of new coins and 1% for banking service. In this case, Bitflate money loses 2-3% purchasing power. But this is the tradeoff for price stability. For financial planning, we can keep most of our long-term saving in Bitcoin, and use Bitflate for transactions. The choice is ours.

[BitTyro 148]

@dnprock I understand that by giving this coin an inflation of 7% per annum will discourage HODL (like you said) which will result in the decrease of its purchasing power year after year. 

You stated that you envision this coin to be a coin of transaction, but I do not see any concrete plans on your website on how you will do that. Perhaps adding Road Map for this coin will help entice would-be supporter for this coin.

[Bitxalt 452]

On 10/18/2019 at 12:45 PM, dnprock said:

Bitflate is already launched on mainnet 🙂. It's trading on Unnamed Exchange. Not much volume though. Current price is 6 sats per BFL coin.

https://www.unnamed.exchange/Exchange?market=BFL_BTC

I'm not sure what pound clothing is. Can you explain?

Sorry guys,  actually Im not sure this project will survive in future,  are you really believe this another fork named bitflate can at least survive in futur?, do you have good reason about this project? 

[Lubruselu 2803]

17 hours ago, benithomasha said:

Ah! such ambitious mind of yours, but wherever you do do archive popularity you will never beat Satoshi Nakamoto, this guy is the only famous man in the world whom no one has ever seen. (A Ghos

This guy is really invincible, may be you can be already saw him somewhere but couldn't know that is him also he can be your neighbor.