Couple of thoughts, these are just my opinions and not the canon belief of the coin, but I think could spawn some good discussion.
On the thought of removing the Team BiblePay requirement to PoDC. I understand we would gain more users, but I fear we would alienate our current mining base. I'm pretty sure without the team requirement it will be harder to show our value to the scientific community. Sure, we can show how many people get BBP and user BOINC, but we could no longer claim those as our unique users. While we've not been able to capitalize on the potential PR value of Team BiblePay yet, I think it is there.
We have enough exchanges: With the addition of Cryptobridge and the upcoming addition of Coinexchange, in addition to SouthXchange, QIEX and C-Cex, we have enough markets to provide stability. Sure, the last two have had some issues, but the first two should provide enough market stability. The only other exchanges we should be courting would be top 40 exchanges and many of those don't accept paid listings so for all practical purposes, I think we are where we need to be with that.
I do believe we need to seriously consider two moderate changes to the coin.
The first is to remove the Dark Gravity Wave component from the PoDC and Sanctuary payments and keep it solely for the PoBH (heat mining) payments. This would still protect against an influx of hash rate, but would allow investors to have a more dependable ROI for Sanctuaries. In the last month I've seen payments range from approximately 3900 to approximately 4600. This is a variation of nearly 20%, and adds too much complexity to the coin, skews the potential maximum emissions and I believe would be of benefit to change. It would also make Sanctuaries and PoDC miners get equal rewards, whereas right now, PoDC gets more in a day than the collective sum of winning Sanctuaries. In short, give the lucky Sanctuary 38.5% of the current block maximum, rather than the DGW Modified value.
The second is put a lower cap on the emission, preventing it from going below 200 BBP per block (before accounting for the budgetary parameters). This would mean no max supply, but would only add approximately 7% to the current theoretical maximum every 50 years. This would send a message that 1) we intended to be around more than 50 years and 2) Will still be supporting our charities and having a workable budget.
While we could discuss either of these points further down the line, I think considering them now, while we're still relatively young, would be best.
Hi West,
I've haven't read bitcointalk much when I was abroad, and I don't know if there has been recent talk of removing the Team BiblePay requirement to PoDC, but I agree with you that having the team-requirement is something we should cherish. It's a strong statement. Whether it's the smartest in terms of adoption is debatable, but I'd rather have a smaller and committed group than a larger less-committed (also if terms of HODL).
I agree that we're fine for now on the exchange-front. Our efforts should now shift mainly to PR.
About the changes for the coin: I have thought about the variable Sanctuary payments in the past, and I agree with you that it would be more fair that Sanctuaries and PoDC miners get equal rewards. I have only limited knowledge about the technicalities behind this, but I think this is a fair point to discuss.
About putting a lower cap on the emission: I guess there are different theories about this. I think it's a good point you mention with BiblePay needing a workable budget in the far future. But I guess that the thing is that we have no idea what the future will bring. Maybe the BiblePay foundation will have products by then that will ensure a steady source of income (for charities). Of course, the decentralized nature may change I guess? But maybe we can have a donation address by then, and the contents of that address can still be divided in a decentralized way.
Rob, when creating the coin, did you envision a certain future with regards to the eventually zero block-reward and decentralized charity donations?
BBP has an emission schedule with an approximate soft cap of 5.2 billion by 2050, but in reality the small amount of coins being produced per block (IE 50 coins per block) is still enough for the system to function in the same way (as an economy of scale) as it does today. We would drop to a level emitting something like 25 coins per block in the year 2100. So we do not actually drop to a hard zero emission but we arent producing enough to materially change the 5.2 billion total either. The theory is, a budget of 120,000 bbp per month will fully fund whatever charity activities we have in the year 2050, and 60,000 bbp per month in 2075 etc.
As far as how our DGW difficulty algorithm creates a dyanamic reward which slightly changes the Sanctuary reward due to the total coinbase reward, I have a personal view that this is good - because if we are every under a hash attack, rewards are lowered at that time. The technical reason both sanc & heat miner reward is decreased is because the miner who found the block actually pays the sanc payment. So since our coin works in percentages, it would not work correctly to emit a block with a 50% penalty that pays the heat miner zero and the sanc 100%, the miner wouldnt mine it, so it is the way it is because of the distribution percentages in the heat mined block. The heat miner pays the sanctuary because the heat miner found and created the block.
However I think this should be discussed along with any changes that DAHF may have on biblepay, since in the near future,we may have a third mining algorithm in the finance sector being born. We are doing as much as possible in analyzing this for the benefit of the orphans in order to create a thread to discuss it. It has to do with having the sanctuaries mine as a new animal using new datasets never before used in crypto. Then sending the outputs of these analyzed portfolios into black boxes in order to form a hedge fund for biblepay, where the orphans receive 10% of the gross profits. We have a lot to discuss, so please be patient while I make a wiki on DAHF paths as this is a very dynamic animal.
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