Please stop the name-calling, it looks foolish.
I understand that people is invested in BBP and lower prices are a concern for everyone.
Knowing that this is a cyclical pattern in the crypto/alt-coin world does not help relieve the pain.
However there is only one formula that has worked in the past and will work in the future, which is sticking to the plans, keeping the values strong, and try to offer higher value to the coin project, even in ever changing environments.
Currently the money is out of the markets and it does not distinguish between the gold and the iron, the worthy and the scam. It's happening to practically all coins.
The only way to survive is keeping up the good work, so when the money comes back to town, we are there in the first places in terms of technical development, governance and accountability.
I agree with you about the painful cycles that occur in all equities markets, certainly in crypto. I also agree that sticking to the biz plan and maintaining strong values is vital to BBP's success. Integrity and transparency will set us apart from the scams taking place in other coins and exchanges.
The current crypto market is similar to the US stock market dot-com bubble that inflated in the years leading up to 2000 and then burst shortly after Y2K. The companies that survived and now flourish have continued to provide innovative services that attract customers and investors. They also produce profits for investors thru earnings and stock price appreciation.
One of the biggest challenges for BBP (and all crytpo coins) is to figure how to create earnings. As good as the charitable aspects of BBP, the CPU mining and research/BOINC features may be, they don't actually do that directly.
One of Rob's solutions to the earnings challenge is to create a decentralized hedge fund. This is certainly innovative and has huge potential. There will obviously be hurdles to overcome while creating a non-profit that manages a hedge fund for charitable purposes.
I like the concept and look forward to hearing more detail as this phase progresses, such as info about the types of equities the hedge fund will manage.
In light of being transparent, I've been fortunate enough to reach an SEC attorney (with the help of God- Jaap knows the story), and we have had our initial consultation and we are still communicating daily in analyzing each potential path that might be legally possible to structure a fund. There are so many nuances involved, I think we will need to wait until a solid plan is developed (one that meets all regulatory compliance issues) and then circle back with how exactly DAHF works with biblepay. Its extremely important to us that we stay a Utility. I updated the first page of our OP today stating that we have a Deflationary emission schedule, and that we do not claim that we are an asset that is a Hedge of Deflation against world currencies or an investment. However, I don't mean to throw water on DAHF, I think it can still be a fundamental part of Biblepay in the future, once we have the exact legal foundation settled and the integration example (for mining or usage).
In other avenues, I've been working on storing business objects in IPFS. And conforming to the GDPR. It appears that in addition to Document Storage, BiblePay could be very useful as a front-end-business system. In Testnet, we are going to have a proof-of-concept for our first business object: our Contact Record. Using contact records, a user can send one another biblepay via e-mail address. Another use of this is setting yourself up as a babysitter at a certain longitude and latitude. Another use is setting your organization up as a church, to accept Tithes (since the user record has a receiving address). We were thinking of sending free bibles - drop shipped to the first church who receives $1,000 in biblepay tithes. And Id like to ask MIP to add the tithe button to the mobile wallet (now that Mobile wallet can find a registered church by contact record). This new feature requires that we run IPFS in Sancs, or create a mining algorithm that pays Miners for proof-of-document-storage (one or the other or both). For GDPR compliance, the business objects *can* be deleted from Biblepay, since we dont store them in the chain, we store them in IPFS. So we will be the first to have a Delete button in our wallet to allow you to delete a record. (Our garbage collector will delete everything that is Not leased in the chain). I'm also working on creating an Organization object for biblepay. With this, our users can assign permissions to other users for RWAD (Read-write-add-delete) abilities. We can talk more about that in the testnet thread.
On a side note regarding Stratis: Our team has completed the initial stratis integration. Our first daemon, biblepayd-stratis, compiles, syncs to the top block, the POBH algorithm was ported in and works, and the miner is 95% complete (it runs with some submission issues and errors). This initial version does not have governance or PODC in it however. That is where we decided to stop on stratis while we evaluate the highest priority features to be rolled out next for BiblePay (like IPFS and business-objects and DAHF). Our team has successfully created a GUI version (IE similar to QT) that has the ability to show a field display (IE the user balance), and the wallet *can* send and receive biblepay in c# to the c++ wallet. I didnt want to give anyone an impression that we missed that roadmap deadline. I will however, in light of all the competing projects (IE Church tithing, gospel links, etc), adjust the later phases of the stratis project
to be in the future while we evaluate the most important features that need coded right now.
