I share that gut feeling. It will weed out those who accumulated quite a bit but are here for the investment. Not to imply there is anything wrong with doing that, but MNs should lean towards those with earnest to see the concept / project succeed outside of monetary gain.
the issue i have is there are cetain miners on the leader board (maybe 20 ?) that are getting MASSIVE amounts of new coins. if you look at the latest transactions on the explorer you will see payments of 10-30k per hour or less!
(go to leader board then sort by hashpower or by user name, you will see rows and rows of machines from single users....looking at you 'tonywon' whoever you are
It is these players that can flood the exchanges with huge quantiles and keep the prices depressed. result is a bible at the biblepay site costs 20k+ coins. thats an impossible amount of coins to get on a regular machine without going at it for months. months of mining for one bible?
i thought the intention of the 'biblehash' was to prevent monopolistic abuses like this from miners. on further thinking this is probably unpreventable by Rob despite good intentions with the idea. you are just going to have an established population of miners from other coins that have massive hash power to throw at any new coin that comes out.
still i think there could be some improvements to the algo to prevent 'overhashing' from one person. probably too late now since the cat is out of the bag so to speak.
this is the reason gold and silver are 'real money'. you cant swallow up the earth and spit out coins ever half hours. it takes real mining effort , a lot of cost, manpower, and new cores to find to get a supply of gold. then yo have to process and refine it.
Gold and silver are blessed by God as real money since they are His creation. Bitcoins and all other cryptocurrencies are very poor imitation to the original intent of God's design for money in human society. By consequence, perhaps design, they have a hyperinflating effect on those who have the cryptocoin vs those who dont
Note in genesis: the original design was for man to 'till the land' for his bread. farming and mining with real 'sweat of the brow' effort. there was no design for 'sudo apt-get mine-me-money'. enter.
Then to Adam He said, "Because you have listened to the voice of your wife, and have eaten from the tree about which I commanded you, saying, 'You shall not eat from it'; Cursed is the ground because of you;
In toil you will eat of it All the days of your life.
18"Both thorns and thistles it shall grow for you; And you will eat the plants of the field; 19
By the sweat of your face You will eat bread, Till you return to the ground, Because from it you were taken; For you are dust, And to dust you shall return