Announcing the Airdrop and Release of Bitcoin Confidential


#1

Bitcoin Confidential is new, untraceable digital cash brought to you by the team at SmartCash.

First announced more than six months ago, Bitcoin Confidential addresses the need for a fully fungible cryptocurrency requiring all transactions to be shielded and private. Unlike Dash or ZCash, Bitcoin Confidential will be fully fungible and provide full transaction anonymity for all transactions, ensuring a truly fungible blockchain where all coins will be worth the same. Bitcoin Confidential is based on the latest Bitcoin codebase for maximum compatibility, uses a Proof of Stake consensus algorithm, and utilises Monero’s RingCT approach for fully anonymised transactions. For a full list of features and answers to frequently asked questions regarding the project, please visit the Bitcoin Confidential website.

Read more at the article link: https://smartcash.cc/announcing-the-airdrop-and-release-of-bitcoin-confidential/


#2

#3

Why is the supply so crazy high on this?


#4

This is about one per person in the world. Doesn’t seem high.

Well, right now about 750 Million coins only are eligible. Total circulating supply of SmartCash is 1,925 Million. So airdrop, so far, is only for about 38.9% of the total circulating supply.

And only 15% of the maximum supply.

So in a way, 1:10 makes sense, especially with a low total supply (estimated 8 Billion), and not all SmartCash addresses eligible.


#5

To gain any kind of value scarcity needs to be a factor, one per person in the world isn’t scarce, and as a privacy coin I don’t really understand the reasoning of such a large supply?

Monero’s supply is around 450 times lower than this and essentially accomplishes the same goals.

I just don’t feel the economy of this has been worked through at all, there is no bonus in me saying “oooh look I got millions of a new coin” if that coin is never really going to appreciate based off poor economics.

I hope I’m wrong Mark :slight_smile:


#6

Value derives from usability, in this situation use case of a guaranteed confidential blockchain. Basically, an exchange of value that nobody can track or trace. Monero has failed at that: “An Empirical Analysis of Traceability in the Monero Blockchain” (2018, Miller et al): https://arxiv.org/abs/1704.04299

The total supply has very little to do with scarcity. Inflation rate and emission rate control that, which in this case will be quite low. Total supply just shifts the decimal point to the left or right. It was decided that to be more useful for day to day transactions, having usual purchases in decimals was not convenient or intuitive.

Furthermore, because all of these coins, both Monero and Bitcoin Confidential, use 8 decimal places there is plenty of space to map out transactions and subdivide. There are plenty of top 100 projects that use higher total circulating. An important point to remember is that this is a fixed, algorithmic supply. It won’t keep jumping up like some ICO’s or Omni Tokens (like Tether).

This was discussed quite a bit already, so I encourage you and anybody else to join the Bitcoin Confidential Discord server: https://discord.gg/bwZqdGn

I am closing this topic so discussion can be in one place for everyone to benefit, which is Discord.


#7