B3 Fundamental Node Asset.


  • admin

    @rds The reward system was broken - some fundamental Nodes were getting paid over and over again, others weren't getting paid at all. Also the chain kept forking (sound familiar? 😉 ). There were three new wallet releases during the initial FN period, along with downloadable chain snapshots to get people onto the correct chain. And now someone has found an exploit of the reward system, as a result the chain has been flipped from rewarding FN's in a carousel approach to randomly selected - so instead of being able to determine when your FN should get paid, it's now a crapshoot.



  • @haitch , recoverable or dead?


  • admin

    @rds Community still very active, coin is still active on CE - so I think recoverable, but will be a long haul. A lot of madness going on during the 10,000% PoS phase, but that ends in ~12-15 hours, so some sanity should resume after that - or the coin will just burn out. It's wait and see at the moment.



  • soo we can get payed in B3 coins direct ?


  • admin

    @gibsalot yes. My intention is to leave asset funds staking, but anyone that would like their funds can DM me and I will pay out in B3.



  • b3coin.net seems to be down....



  • I just got the wallet app from it 🙂



  • that was my plan but it is not loading the site....



  • oh nvm....shut off my VPN and it loaded, weird



  • @haitch can you provide a quick update on this when you have time. So confused as to what is going on with this coin and with crypotopia delisting it.



  • @Jaxblack its trading on coinsmarkets ( has a volume of $300k ) https://coinmarketcap.com/currencies/b3coin/#markets


  • admin

    @jaxblack Sure.

    Short version - the coin is a mess at the moment, but backed by a very enthusiastic community, and should recover given time. The numbers are not final, but it appears the asset increased it's B3 from 5,539,049 to 14,242,932 (estimated). A 257% ROI as measured in B3, but the chaos caused the B3 price to tank, so we're underwater at the moment.

    Longer version: One of the wallets - referred to as the #1 Wallet was able to accumulate sufficient B3 to be on the verge of being able to launch a 51% attack, it's unclear if this was legitimate earnings or an exploit. The owner of the wallet was not willing to work with the coin devs to break up his ownership. As a result the devs launched a new version of the wallet that basically locked out the #1 wallet. The owner of the #1 wallet apparently had sway at Cryptopia, and got them to dump the coin.

    When the Fundamental Nodes (FN) were released, the idea was for it to be a carousel mechanism - the oldest unrewarded FN would get the payment, then go to the back of the line to get another. However there were bugs in the mechanism that caused some wallets to be rewarded multiple times, and other FN's never got paid. After three new wallet releases this was resolved, and FN's got paid as they were supposed to. At this point the asset FN received a 53M B3 payout.

    The earnings on the FN were used to purchase a second FN, and the balance was sent to stake with myFroggers pool. However, I made a screwup during the transfer. The FN holds a single "special" coin that indicates it's a FN node - this coin must never be spent, or the FN becomes inoperable. I forgot to use coin control, and inadvertently spent part of the special coin. The FN is still active and reported as an active FN, so should be earning, but it can never be shutdown as it can't be restarted.

    After the devs got the network stabilized and processing properly, which was about 2/3rds of the way through the 10K% phase, someone discovered an exploit that gave them the majority of coin rewards. As a result, the devs kicked the payout mechanism from carousel to random. We got lucky and got two payouts - one in the 10K% phase and one in the 100% phase that followed.

    Currently the coin is still in random payout mode, but with a reduced reward of 100%/PA instead of 10,000%/PA.

    Overall:

    B3 Invested: 5,539,049
    Earnings from FN1: 5,248,976
    Earnings from FN2: 3,813,001
    Staking earnings from myFrogger (estimated): 5,180,955

    Total value (estimated): 14,242,932 B3

    Measured in B3 we got a 257% ROI - however all the chaos tanked the coin price, so we're underwater at the moment. It's my intention to continue to stake the B3 coins until cashing out becomes viable, but anyone that wants their B3 coin can PM me and I'll transfer the coins over to them.

    Any other questions, fire away.

    H.

    edit The second BN just staked another reward - another 165,000 B3



  • @haitch why such a hefty gamble? I didn't know the price dropped because of that news, I thought it dropped because of deflation.



  • Great thanks @haitch , so i guess we just cross our fingers for the price of b3 to go up


  • admin

    @hidevin What do you mean about gamble?

    Deflation brought the coin down to 8-10 SAT range, it had been well over 40,000, but when the FN chaos started people started dumping big time.


  • admin

    @jaxblack It's been going up slowly - 100% today, but it's going to take a while to get into breakeven or profit territory.



  • @haitch sorry, it's just that all these new altcoins, I tend not to deal with, because they are so volatile0_1512331174052_03d58537db52e11a0d38ff4a28054b37.png pretty scary graph, if I do say so myself.
    Hope, this goes good for you though.



  • @haitch, what price did we buy at?



  • Looks like the coin is recovering.



  • @ariess It still looks pretty dead... where are you spotting signs of recovery?