Topic: BiblePay - New Coin Launch - Official Thread - page 103. (Read 119850 times)

F7000 (block 7000) the underlying algo base will transition from its provisional state (now) where it is a combination of X11 and the dev's own "Proof of BibleHash" (in simple terms,  crypto based on hashing the King James Version of the Bible).  It will transition to a final state where the only algo is the Proof of Biblehash.  Basically the final (big) tweak to the underpinning of the coin.  The other big sign on the road map is Masternodes (or "Sanctuaries") which will be implemented at the end of the year.

Could you please explain one thing to me? When I bought this coin, the circulating supply according to coinmarketcap was 99 million, now it's 116 million. Will the daily increases in circulating supply slow down over time? As it was the case with bitcoin?

Could you please explain one thing to me? When I bought this coin, the circulating supply according to coinmarketcap was 99 million, now it's 116 million. Will the daily increases in circulating supply slow down over time? As it was the case with bitcoin?

I'm not offering investment advice.  But you have to consider several factors.  With a new coin there will always be a sudden influx as it goes from 0 to 'X'.  Some coins do this by pre-mining the coin to "pay" for rewards (such as translating white papers or making a coin faucet), services (getting listed on exchanges) or dev share (giving coins to the person or persons that made it).  It's not uncommon for 5% of the coins to be pre-minded, and much higher numbers are seen regularly.  With this coin there was no pre-mine, so it started from zero and the inflation you see was a natural outcome.  But as the dev said, the coin is not overall inflationary as it pertains to the crypto world (yes, in common economic terms it would be).  This coin reduces it's block reward year over year (similar to what Bitcoin or any other number of deflationary coins do).  It has a set target for maximum supply (14.5 Billion).  While this is a large number, consider the maximum supply of Bitcoin is 21 Million.  In it's four years it went from 0 to just under 10.5 Million coins (half it's supply).  At it's infancy you could buy thousands of Bitcoin for $1.  If Biblepay proved to be as utilized as Bitcoin (unlikely but for the sake of argument) then you'd say it could have a value of up to 1/1000th of a Bitcoin based on supply.  Again, this level of valuation is almost certainly not going to occur.

Basically, at this point in a coins life you can invest in it (via cash or mining) to be a part of supporting a new coin or you can invest in it for the hope it rises in price.  While I personally think it will rise at some point, I'm also cautious that it could drop in the short term.  If you're looking to make a quick buck, I think there are other options out there that would prove more likely to quickly enrich you.

What exactly is happening at f7000?

HI.. I dont understand the economy of BiblePay.. how can it create wealth if it is not scarce ? 14 billion coins and each one even has that amount of divisibility as in bitcoin ? There´s is just not enough money to cover that.. instead of deflationary it just very inflationary.. If I pay one dolar today for a single one when there are only a 100 thousand coins.. by the end of the year there will be 1 billion coins, what will my 1-dollar-worth-of-BBP represent by then ? and the next year when there will be 2 billion coins ? and the next ? .. i just keep losing value instead of gaining... .. how can that create wealth ?

Hi are you working on any real world partnerships and if so what are they? thanks

When pool2 will start working as i see accounts are copied from 1st pool. And laderboard shows 1 st pool?
Rules the same like pool one? Especialy when you gain coins?

HI.. I dont understand the economy of BiblePay.. how can it create wealth if it is not scarce ? 14 billion coins and each one even has that amount of divisibility as in bitcoin ? There´s is just not enough money to cover that.. instead of deflationary it just very inflationary.. If I pay one dolar today for a single one when there are only a 100 thousand coins.. by the end of the year there will be 1 billion coins, what will my 1-dollar-worth-of-BBP represent by then ? and the next year when there will be 2 billion coins ? and the next ? .. i just keep losing value instead of gaining... .. how can that create wealth ?

The good news is, pool2.biblepay.org will not have the same limitations.  Its already got a 100 max threadlimit, and I believe now that we have cloudflare, we can remove the auto-ip ban.  However, you have to mine with 1.0.2.7+, with the more efficient packet.   Let me know if you want to give it a shot, point the miners to 'pool2.biblepay.org' and I can work with you on getting it consistent.  Please post results in the new forum though.

Thanks,
Rob

I can smoke those hashrates.

Here is an Intel 6950X not overclocked and only running at around 85%:

{
  "blocks": 5692,
  "currentblocksize": 1227,
  "currentblocktx": 1,
  "difficulty": 0.0247005107825164,
  "errors": "",
  "genproclimit": 32,
  "networkhashps": 154824.4910688971,
  "hashps": 529753.9278144059,
  "minerstarttime": "09-01-2017 11:55:29",
  "pooledtx": 1,
  "testnet": false,
  "chain": "main",
  "biblepay-generate": true,
  "poolinfo1": "",
  "poolinfo2": "",
  "poolinfo3": "",
  "miningpulse": 367450,
  "poolmining": false
}

This is what my ryzen 1800 X's pull not overclocked running at 98%:


{
  "blocks": 5692,
  "currentblocksize": 1227,
  "currentblocktx": 1,
  "difficulty": 0.0247005107825164,
  "errors": "",
  "genproclimit": 30,
  "networkhashps": 154824.4910688971,
  "hashps": 498310.9054922305,
  "minerstarttime": "09-01-2017 14:54:42",
  "pooledtx": 1,
  "testnet": false,
  "chain": "main",
  "biblepay-generate": true,
  "poolinfo1": "",
  "poolinfo2": "",
  "poolinfo3": "",
  "miningpulse": 183522,
  "poolmining": false
}

This is a lowly i7 3770 running at 98% not overclocked:

{
  "blocks": 5692,
  "currentblocksize": 1227,
  "currentblocktx": 1,
  "difficulty": 0.0247005107825164,
  "errors": "",
  "genproclimit": 14,
  "networkhashps": 154824.4910688971,
  "hashps": 187279.196895541,
  "minerstarttime": "09-01-2017 11:48:02",
  "pooledtx": 1,
  "testnet": false,
  "chain": "main",
  "biblepay-generate": true,
  "poolinfo1": "",
  "poolinfo2": "",
  "poolinfo3": "",
  "miningpulse": 133281,
  "poolmining": false
}


Now I also have i7 6700's. Fact is I have 26 each i7 3770's, 2 each Ryzen 1800x's, 2 each i7 6700's and 1 each 6950X.

I've been mining this coin since the very beginning and will likely be forced to permanently stop mining it today or tomorrow and it's a bit heartbreaking.

Here is what is going on with my 30+ PC mine.

Early on with the coin my most expensive machine the 6950X can't mine anything. The next most expensive Ryzen 1800 mines okay but not much better than the i7's . The i7's both 6700 and 3770 mine the most blocks.

As you can see the more expensive my equipment and the more money I invest mining the coin the worse I fail.

Now as of the last few days and today nothing here can mine even 1 block. The party is over lol and it's sad to pull off the coin but for whatever reason I am unable to mine I can't possibly point 40K worth of machines spending $400 a month on electricity and watch day after day nothing being mined.

I've also got servers here I could point at the coin but after seeing the more powerful boxes performing less I saw no reason to do that.

Haven't had time to go through the code but I have a strong impression the coin fights higher hash rates and past that maybe it is such that as of the last few days the difficulty level has exceeded the territory of solo mining.

Edit Below:

A few other observations for your Wiki

I have multiple IP's here due to more than one incoming internet ISP. I've noticed at times one IP completely stops mining while the other continues normally? Maybe due to being banned I have no clue.

Another observation is I frequently would mine a block to only have it literally vanish before being confirmed and yet no orphan block shows up in the wallet as with other wallets. Maybe the coin is designed such that when an orphan block occurs and you lose a mined block it is not recorded in the transactions?

Finally, upon noticing that higher hash rates tended to not fare well I tried an experiment. What I did was take the more powerful boxes and create numerous user profiles in Windows. I then installed BBP once per profile and then adjusted the genproclimit such that instead of having one instance of BBP running on the box at max CPU I ended up with many instances of BBP running on that one box albeit each of them limited down. Initially this worked great and produced blocks however within days the party was over lol and the boxes with multiple profiles stopped finding blocks nearly completely.

Thanks a lot for the specs.  That came out of left field.  As of a couple weeks ago, I was assuming the newer intels were 2* faster than the amds (because I have 6 two year old 6 core amds sitting around from a prior project) and they all hash at 87k, while my friends intels hash around 125k (while being 2 years newer), and then we had the xeon server guy hash at 350k on an old quad core xeon (unknown proc count though), causing me to order a couple xeon servers which are not racked yet.  So, basically, the brand new AMD ryzens, pulling about 200 watts, can hash at 450k, making them the fastest the leaderboard has seen.  

  Looks like we will need a wiki page to start logging all this by specific processor type.  I would really like to see a wattage column also (the intel i5 laptop can hash at 100k using a 20w total consumption from a solar panel etc).  

Yeah, we should set up wiki.biblepay.org.




On the bright side, with the algorithm tweak coming at block 7000 (with the f7000 feature) we will have to re-establish everything we know as the hashps will be lower for everyone, and the txid lookup may influence the result slightly differently over machines (due to disk lookups in the mix), although in general I believe everyone will drop an equal percentage overall (due to disk caching).

I just download it for windows 64 and it is still the 1.0.2.6

How to safely upgrade wallet? Is it just a case of installing new download?

I just download it for windows 64 and it is still the 1.0.2.6