Bit Talk Edition 72

Subject: Bit Talk Edition 72

Bit-Talk Newsletter Edition 72
We're All About Bitcoin

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It's Been A While Since 71

I have been patiently waiting for news that I considered to be headline enough to spark another Newsletter. I have been waiting since the last issue, issue 71, 4th January and, much to my astonishment there is still no real news and, especially, no news about what I am really waiting to hear about. COINPAY. What is happening with COINPAY?

Thus, like all of you and in the absence of any real information (and I am trying hard to get some) I can only do what is inevitable in periods of no news and that is to fill the void with opinion (or speculation if you like). Unlike those that always think that quiet means problems with Bitclub - I do not follow that thinking.

I do believe though (purely opinion) that there must have been issues discovered with COINPAY that were not expected, technical issues would be my guess. And my theory is that this has delayed the launch. Let's face it the COINPAY project must be a serious challenge when you think what they are trying to do with it but, all the same, updates couldn't hurt could they...

In terms of other news, I was asked the other day why I don't seem to do much now on things Crypto but outside of the BCN sphere. I would ask you, if you were thinking that too, look at the Bit-Talk Blog. There are Crypto related news items appearing there frequently so, if you haven't seen the blog yet, you should go and have a look.

BIT-TALK BLOG

There was a news bulletin from BCN on 9th January telling us that we could buy external (thumb drive) wallets from them but, in all honesty, these aren't news. You've been able to buy them from other people for some time. OK in the interest of fairness, you can use them to store Clubcoin (which is unusual and maybe unique).

But as most people with reasonable numbers of ClubCoin are staking them anyway (or probably should be) then having somewhere off computer to store Clubcoin so that they do not stake for us seems self-defeating to me - just my opinion.

I do like the idea however of offline storage for Bitcoin so in that respect the wallets are a good idea even if they have been readily available direct from companies like Ledger for some time.

There was finally another news bulletin late yesterday (24th January) from BCN that focused primarily on security again. I think it is great that there is so much effort given over to security and I do realise that a set up like BCN is a highly attractive target for hackers and it is good that we appear to have tech guys that are up to the task of protecting us.

The one significant piece of news (for me) is the changing of the mining script. You will see that re-purchases will be happening with one quarter of the current regularity to reduce the burden on automatic invoicing in the system. This should make the site less prone to periods of slow function and overloads leading to a crash.

In a nutshell, when a re-purchase happens it triggers an invoice in the system that, with them making this change, will happen 4 times less. That, across the entire membership should massively reduce the pressure on the invoicing system.

The detail of the full news bulletin from yesterday follows in the next section. The final piece of news was about a Dubai leadership meeting in April. I, and others were in Kuala Lumpur last July when they announced this for November 2016, then put it back to January 2017. So, sorry BCN, but for me, that isn't news either. I can see what's really happening here.

Clearly, they want the leadership meeting to also be the "official" launch of COINPAY. So, I guess, that gives us a late March, April launch now for COINPAY. Again, let me stress, pure speculation on my part until I can finally get to talk to someone in the know. And that has been proving very hard to do of late...

It's possible, given their growth over the last six months that, as a Pro-Builder in rank, I may not even qualify to get to that meeting? That would be sad but, hey, that's life and I guess shows you just how dramatic growth in Bitclub has been...

BITCLUB NEWS
Commissions, Dubai Leadership Trip & More...
Date: January 24th

Included in this update...
Infinity Bonuses Paid
BitClub Upgrades to Platform & Security
Zcash & Ethereum Corrections
Dubai Leaders Event - April 1-6th

Infinity Bonuses Paid - New Update...

All Infinity bonuses and other commissions have been paid as of today!

Over the past few weeks you may have noticed some issues with the infinity bonuses. On some days they would pay and others they would not pay. The problem was the script to handle these payments was being overloaded due to the amount of calculations performed on each invoice and partial invoice.

We are working on a few solutions to spread the script out and reduce the load but the bottom line is we have way too many invoices being created on a daily basis and the problem will only get worse if we don't do something about it now.

So we are going to be making a change to the repurchase script...

Staring February 1st all new partial share re-purchases will move from the minimum of 0.5% up to 2.0% for each pool. So instead of $2.50 USD being the minimum repurchase amount for Pool 1 it will now be $10 USD. For Pool 2 it will be $20 USD and Pool 3 will be $40 USD. Doing this will lighten the load on our system by not creating as many partial shares on a daily basis.

We are still working on this script so that it doesn't slow the entire site down when running and in the future if you ever see infinity bonuses not paid, don't worry because we are well aware of the issue and they will always catch back up.

Thanks for your patience as we make improvements to this process

BitClub Upgrading Platform & Security

We continue to fight off hackers and daily attacks to our system, this last week we had a wave of DDOS traffic have been banning thousands of IP's to slow down the bots. This also slows the website down for users and in some cases if you are acting like a bot then your IP may be banned during the time of the attacks.

If this is the case and your IP does get banned, it's only banned for 24 hours so no need to open a support ticket because the support staff cannot "un-ban" it for you. In some cases if you continue to get your IP banned it may be permanently banned and then we can help if your ban lasts longer than 24 hours.

During the past 60 days we have performed countless upgrades to our system by implementing new security protocols on both the hardware and software level. We continue to audit our system weekly and before making any changes we test everything. This slows down the development of new features but unfortunately we have no choice but to operate in this manner.

The next big security feature is our new mobile app that we've been working on for a long time now. In a perfect world (with no hackers) this would already be released 6 months ago, but with the constant changes we've had to remake this app many times. When the app is launched it will be more than just a mobile extension of our membership, it will help you secure your account.

Each member will have the opportunity to set up a secondary PIN using the mobile app and you will be able to fully manage your account from the app using your phone's built in security.

Right now we are pushing hard to have this app available by middle of February and will let you know more details when they become available.

Zcash & Ethereum Corrections

Mining Zcash and Ethereum together has been a very big project for us, and paying it accurately has been difficult for the following reasons.

1. Shares are constantly being switched between ZEC and ETH, which means we have to switch the machines between our pools
2. Power and maintenance costs during deployment was not known (we now have a much better handle on monthly costs)
3. The Zcash algorithm is constantly improving and each improvement requires each machine to be rebooted and pointed

Due to these issues we have been doing our best to estimate the total mining profits on a daily basis but it's a moving target that has been hard to predict. To be safe we have been keeping the pool earnings low and instead of trying to chase them up and down we will just be doing monthly adjustments and you will see credits when we run these.

The first adjustment will happen end of January in both Zcash and Ethereum based on the actual mining profits received. We hope to nail this down over the next few months but regardless we will continue to do adjustments when needed to ensure we are paying out 100% of what we mine!

Dubai Leadership Event - April 1-6th

We are excited to announce a Top Leaders Vacation Package to Dubai!

This trip will only be available for 100 Members and each member can bring 1 guest. We will have details for you shortly but the trip will be opened up to Monster Builders first, then Master Builders and then Pro Builders if still available.

We are telling you this now so that you can mark your calendar and be ready! This is FINAL and we are just working out all the added perks and benefits we will be including before making it available.

More details coming soon!

Sincerely,
-BCN Support

CHECK OUT THE BLOG !

I recommend you keep an eye on the Bit-Talk blog as it covers a lot of ground with what is happening around the world to impact upon Bitcoin.

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