Over the years it has become apparent that the effort of labor and the risking of funds is an important aspect of Cryptocurrency, so much so that people would rather spends 100’s if not 1000’s on hardware to have the chance to make that investment back and possibly some more on top, regardless of how long it takes, rather than just simply purchase the currency.
Bitcoin requires that you have special hardware, that is essentially useless except for mining Cryptocurrency and that same hardware has a shelf life of no more than a few months as it is basically rendered inadequate at its task, the minute new, better and more expensive hardware is introduced into the system.
But, the mining of Bitcoin never promotes the coin itself and it finds it needs those people who have made the investment in the hardware to also tell others how great Bitcoin is, so that the price of Bitcoin then rises to offset the decreased mining return, these miners face.
So what if we turned things around?
– Well thats exactly what this New Project is aimed at!
– We call this Project “Social Mining”
What is Social Mining?
Social Mining is mining in the aims of getting Cryptocurrency in return for effort (not hardware effort)
A user sets up Social Networks, much like a Bitcoin miner sets up mining pool accounts
Instead of Hardware, all that is required is some effort
And just like Bitcoin, a successful miner will receive Cryptocurrency for their mining efforts.
Benefits of Social Mining?
Unlike Bitcoin mining that mines Cryptocurrency and thats about it, Social mining does the exact opposite as it directly promotes the Cryptocurrency out to people that may never have heard of the currency, while also rewarding the Social Miner with Cryptocurrency.
The end result is that this particular Cryptocurrency gets more global exposure and then just like Bitcoin, it becomes a more valuable asset that people want to get into as the price rises.
More important is that Rimbit can maintain its philosophy of keeping the currency out of any specific outside group or tied in with hardware requirements, thereby maintaining its value as a peoples currency that also requires no technical skill – Anyone Can Do It!
Cant every Cryptocurrency including Bitcoin adopt this distribution method?
The simple answer is no, as it will really only work with a Cryptocurrency like Rimbit that is fully mined and only needs direct distribution by Rimbit itself and people.
Bitcoin and other Cryptocurrencies simply cannot do it as it requires somebody that has invested much time and money on hardware to “give up” their coin for no returns just for the community… and that will not happen anytime soon.
So WHY can Rimbit do it?
Unlike what you may have heard, Rimbit has always maintained that it is doing this for the community and in the early days of Rimbit, we only worked out a single way it can be distributed, and that was by selling Rimbit to the public direct.
However, there was still a cry for some method of mining as buying Rimbit just seemed to easy and as usual, conspiracies started floating around and the community goals of what Rimbit is about were tarnished.
With Social Mining, we introduce a second layer of distribution, which works just like Bitcoin, but unlike Bitcoin being directly held back by the “difficulty”, … Rimbit via Social Mining has its difficulty set by its price, so the higher the price, the less you get for the same amount of mining.
Initially, it will be very easy to mine Rimbit, but as the exchange price goes up, so to does the amount of Rimbit you get per mining go down, which is easily remedied with more effort and in turn Social Mining farms may spring up… just like Bitcoin
Where does this Rimbit come from?
The Rimbit that is allocated to Social Mining is the entire main wallet, which is also used to directly sell Rimbit via “donation” websites, so that with both forms of distribution running at the same time, the quicker the main wallet reaches ZERO, is the same time that Social Mining and Donation distribution stops completely.
Donations in return for Rimbit, will always be an option, as not everyone wants to Social Mine, but new restrictions on the amount and the price it is sold at will be done in such a way, to favor Social Mining.
How will it work?
First, it will be available only to members who directly support us via donation sites as they will do the bulk of testing.
Each donation member will be given “x” invites only per month while in Beta (subject to conditions), then 2 invites per month once the system goes live.
Invites can be issued to anyone via gifting or selling them.
Donation members can sign up at GoGetFunding
Updates (will be done very soon), to each of the Donation websites will explain the inclusion into the Social Mining testing group
For more information:
Recipients of an invite will then get 2 invites of their own per month, based on a set minimum mining level that is to be determined, that they can gift or sell at any price they wish.
A website will be created where people can setup a Mining Account, via an invite they have.
Users can then “add” a social network account they have. (We replace Bitcoin hardware with Social accounts)
Once a Social Account has been added, the user can start mining
- The Bigger the Social Account the more Rimbit is earned
- The more active the Social Account the more Rimbit is earned
- The more relevant the Social post, the more Rimbit is earned
- The more likes, thumbs up or down, retweets etc a post receives, the more Rimbit is earned
- The more Social Accounts a user adds, the more Rimbit is earned
- Every user will get a unique “link” that will record essential data to process the earned Rimbit which can be monitored via a users “Control Panel”
- These unique links will continue to earn Rimbit for as long as they remain active, so a post that you made a year ago that still gets acknowledged, will still earn you Rimbit
Just like any Social Networks, there are rules of conduct that need to be applied and if they are broken, then the Rimbit Social Mining accounts are terminated, so as to avoid spam and associated issues. Entry back into the Rimbit Social Mining will be very hard to get back into after being banned.
- Registration will be free, but you can only register by an invitation
- Using the system will be free
- Everything will be free and Rimbit will be issued automatically by the system with no hidden fees attached
- User gets 2 free invites per month, when they achieve a minimum required level of social interaction within the system
- Exchanging Rimbit to USD, GBP, Euro or any other currency will be done via current and new exchanges that begin accepting Rimbit
- Apps will be made so a miner can go MOBILE with their device and earn Rimbit while they carry on their daily lives.
There are still logistics that need to be worked out and some number crunching to work out an algorithm that can be used either per Social Account type or as a whole. Social Accounts will comprise of Twitter, Facebook, Youtube and so on.
We have plenty of Rimbit that still needs to be distributed, so that in not an issue.
Then we have to build the website and the system, which will then remain exclusive to donation members and those they send invites too, until the system goes fully live, which we will then hand out 1000 Invites via websites, competitions etc.
The end result is that people can get Rimbit without any financial outlay and if they choose, or they can continue to purchase Rimbit at a slightly elevated price, above those traded on Exchanges.