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First of all, we are talking about the top 21 mining farms that run 95% of the network hashing requirements.
  • Would transactions grind to a halt?
  • Would the price of Bitcoin go up or down?
  • Would hardware companies scramble to release consumer miners, like in 2013?
  • Would difficulty come crashing down
  • Would everyone jump back into mining?
And suppose that the mining farms opened up mining again....
  • Would they purchase consumer miners at reduced prices?
  • Would mining hardware companies go bankrupt as some have done previously?
  • When the difficulty skyrockets, who will benefit?
  • Would the Bitcoin price go up or down?
  • Would the community lose faith in Bitcoin?
It would be naive to consider that mining companies are in it for the community and not hard profit and a scenario like this could play out as there are many countries involved in mining and there is no real defense against this, making Bitcoin consumers be at the mercy of miners for decades to come. The world is not getting any easier to live in and some may feel that control of Bitcoin and profiteering is better than poverty.

There is nothing that the community can do to prevent this from happening either.

Its a scary proposition and will only get more entrenched in centralization and control the more people there are using Bitcoin.
Rimbit was hammered for being Premine and was summarily dismissed as a bad choice for a coin, but its been 2 years and we have updated our wallet numerous times and also the forum and its URL more times than I felt comfortable with, but for good reason.

Not only that, Rimbit is in the process of releasing its own Hardware wallet, built by dedicated members who avoided the trolls and believed in Rimbit.

So 2 years on, we have proved the nay sayers wrong and our forum is devoid of "bad/troll" users, because its better than that and also attracts people interested in their future and not just pennies.

We are one of the very few companies to have done this and thats not just including the Crypto Currency market, but any industry in general.

We did it by being available as close as full-time as possible, around the clock, without giving excuses to the members and instead avoiding the "Grandma died" scenario and just told the truth, like the time the CEO had a heart-attack and went to hospital, only missing a day or 2 as the wife snuck in a laptop, so the CEO could complete tasks that had to be done.

The staff at Rimbit is devoted to the cause of delivering a currency that is devoid of market manipulation from the corporate and mining crowd, yet is fully aware that the stigma of Premine is real and justified, so made the greatest effort to show that a properly managed premine is feasible and if done right, is also superior to any MINED Cryptocurrency. We did it by being available as close as full-time as possible...
Fiat currencies have one major flaw and that is they are used as tools to fight problems.
Instead of fixing underlying issues, money is printed, embargo's are set and countries battle each other for protection of their own currency.

Quote from Reuters:

Stocks jumped worldwide and the yen slumped on Friday after the Bank of Japan stunned markets by adopting negative interest rates, while hopes the Federal Reserve will slow the pace of future U.S. rate hikes also underpinned stock gains.

The BOJ unexpectedly cut a benchmark rate below zero in a bold move to stimulate the Japanese economy as volatile markets and slowing global growth threaten the central bank's efforts to overcome nagging deflation.

Equities surged globally, the yen tumbled and sovereign debt rallied after the BOJ said it would charge 0.1 percent for excess reserves and may cut rates further if necessary, an aggressive policy pioneered by the European Central Bank.

A sharp braking of U.S. economic growth in the fourth quarter raised expectations that the Fed will not be able to hike rates four times this year as it has indicated it expects.

U.S. gross domestic product rose at an annualized 0.7 percent, below an expected 0.8 percent gain, as a strong dollar and tepid global demand hurt exports.

"Four rate hikes this year is not even a possibility," said Jason Pride, director of investment strategy at asset manager Glenmede. The GDP data, never a good data point to make economic decisions, was "a good reason for a relief rally," he said.

The yield on benchmark 10-year Japanese government bonds JP10YTN=JBTC plunged to a record low of 0.09 percent, and the yen JPY= fell 1.87 percent against the U.S. dollar to 121.03 yen, on track for its biggest daily decline in over a year.



Read more here:...
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When I first launched Rimbit, POS was considered evil as it tended to be a premine or part thereof and that's why I have worked very hard to show that a properly managed POS coin is possible, if the one heading the project can do so and remain active and not greedy, which is not an easy task...

I believe I have shown that it is possible and that Rimbit is viable, simply by the time I spend with the community and also the time Rimbit has been in existence...

There are still those that are illiterate, disrespectful and simply foul mouthed that are holding onto Bitcoin, like a child holds onto their safety blanket and as harsh as I make this comment, its very close to the truth when you review comments.

So, its interesting to see that there is an uprising in the idea that a POS coin is the better alternative and as a community, we should jump on that bandwagon and be leading the pack when the reality of POW vs POS becomes overwhelmingly in favor of POS!

Read the argument here https://bitcointalk.org/index.php?topic=1343456

POS means Proof Of Stake (minting)
POW means Proof Of Work
Over the next few weeks/months, I think the community need to start thinking about setting up groups with a leader of that group that will lead Rimbit's progress for that particular role...

Groups that need to be put together (and please suggest others) will be responsible for Rimbit and voting should be in place so the community decides who is responsible for a designated role.
  • Marketing
  • Software Development
  • Hardware Development
  • Forum Administration
  • Banking
  • Legals
  • Head of Rimbit (overall overseeing of Rimbit)
As a idea only (subject to further discussion within the forum), I propose something along the lines of breaking funds into 10% slots per role, subject to change as needed and on a monthly cycle.

These funds are to be taken from the overall sales of Rimbit, which I have made as transparent as possible, via Indiegogo, which is the main funding platform, and I will also begin including wholesale trade as soon as it becomes purchased.

It must also be noted that funds that go to these groups, do also include utilities, hardware/software, rental of property (should that need to happen) and also wages...

If you have a conspiracy theory, please make those posts in the "Off Topic Posts" only.
Rimbit has always been different and part of that difference has been that the community are involved with the Crypto Currency directly and that the CEO, since 2014 has always been available at most times of the day, regardless of holidays or even his "heart attack", which saw his wife sneak in a Laptop, so he could continue to carry out day to day duties for Rimbit.

Say what you will about Rimbit being "premined", but the fact is that Rimbit has done it right as it has eliminated as many variables, that keep Rimbit as pure to just a Currency as possible, by eliminating the mining aspect.

It also pushes the community to get involved and is striving to relinquish all single entity management (CEO etc) to go for the goal of being fully managed by the community, as has been stated time and time again on the forums.

It comes as no surprise to Rimbit that Cryptsy is now being delisted and some of its offices in the USA being vacated as part of a "cost saving measure", which is not a good sign at all.

You can find out more about the mess Cryptsy has gotten itself in, via this News Source http://www.coindesk.com/digital-currency-exchange-cryptsys-problems-partners/



Rimbit is not going anywhere and will remain a Crypto Currency, not only for years to come, but also centuries to come, regardless of mining, which every other Crypto is tied too...

The exciting part to Rimbit, is that at some stage, it will also run its own exchange and it will also be managed by the community, which eliminates the likes of "Vernon" and "Mark Karpeles" type characters that just cant manage a business and if they do, its at their member base expense.

You wont get rich overnight with Rimbit, but you will get rich if you buy some Rimbit, work with the community to get it out to everyone and begin trading with it.

BTW... Did we mention you get Interest on your wallets????
The first thing you will need to do is REGISTER on the Exchanges that Rimbit is listed on.
When you register at Exchanges, make sure you also setup 2FA (2 Factor Authorization) which is essentially an APP for Mobile Devices (Google Authenticator) that requires you to enter in a set of random numbers generated by the APP before you can login to the Exchange.

Once you are logged into the Exchange, you need to go to the Accounts (or similar) page to initialize your wallet for at least Rimbit and Bitcoin. The Exchanges supply you with wallets and by having 2FA enabled, nobody but you can access these wallets :)

While you are at the Exchange, send some Rimbit from your personal wallet to the Exchange Rimbit Wallet. It should be under Deposit Funds (or similar)

Next is adding some Bitcoin to your Exchange Bitcoin Wallet.
This is where most people get stuck!

Many Exchanges have facilities to Deposit and Withdraw currencies.
Withdrawing currencies are simple as you just request a withdraw to your PC/Mobile Rimbit wallet address (in the case of Rimbit)

Depositing Bitcoin into and Exchange to Purchase Rimbit is just as easy, if you follow these simple steps.
  1. Register and account with www.localbitcoins.com and make sure you enable 2FA
  2. You will automatically have a Bitcoin Wallet address generated for you, so you can consider that Bitcoin Address as your online wallet for Bitcoin
  3. Click on BUY Bitcoins and you will be presented with a list of people that you can purchase Bitcoin from as well as the purchasing method and the rate at which they sell Bitcoin.
  4. Decide who and how much Bitcoin to buy.
  5. Start a transaction and follow the instructions...
Rimbit is listed in a few Crypto Currency Exchanges and that is where you can buy and sell Rimbit.
Another function of these Exchanges is that when a trade is done, that information is passed onto Coinmarketcap, which then averages the trades per Exchange and comes up with a VALUE for Rimbit.

So if all Exchanges are buying and selling Rimbit at $0.01, than that is the price
If one Exchange has trades in Rimbit that are for example, $0.10 and it comprises 50% of the 24hr volume, then Rimbit is priced at $0.05

You can see it here http://coinmarketcap.com/currencies/rimbit/#markets
We also created a WIDGET that pulls the DATA from coinmarketcap and displays it on the RHS of the forum =========>>>>

So as you can now see, its up to the community to decide how much Rimbit is valued at, by the process of buying and selling Rimbit on Exchanges.

In the meantime, we will continue to manually set the Official Selling Price based on the coinmarketcap price over a month period.
We will eventually set the Rimbit Official Selling Price in real-time, once there is a consistant daily trade volume of XXXX Dollars per day
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