Topic: BiblePay - New Coin Launch - Official Thread - page 109. (Read 119850 times)

So I was doing some thinking last night, and in order to address market volatility during the monthly dumps maybe this could be an option.  On the website, set it up to take donations like most charity websites.  People who want to invest in the company and also support the orphans could make donations on the website thus you control the price of the coins.  For instance, say someone wants to donate  50$ a month, you could set up a wallet on a USB stick, and mail it to the customer.  Safe and secure.  Obviously you would need to keep backups somehow, and also maintain a DB with each persons address(pretty trivial stuff there) but say that 50$ a month gets the person 10,000 BBP ... and each month, out of the pool fund, you transfer those BBP to people who are donating on a monthly basis.  This way, people are actually getting an investment, and you could also bring in funds from outside sources other than just the mining community, and not completely destroy the market once a month.  This is just a rough draft of the idea, but It may have potential, oh and still waiting for someone to take #1 spot from me on the leaderboard =) bwhahaha

At least on the short term it is all relative.  If all our hashrates dropped in half, it'd be fine.  The only potential hiccup will be some processor classes might execute the BoP hash better than others, and we could end up with a new order of which chips are the best for this.

I'm pretty curious to know the answer as well, but I'm guessing it'll be just trial and error to find out.

Dev any idea what kind of hashrate we gonna get with a 100khs CPU once we passed the block 7k ?

Anyone has a Ryzen 1950x, im curious to see what it would get on such a coin.

The 1800 was about 500khs which is impressive...

First off, the Dev has done a great job.  None of this is a criticism, rather potential explanation.

To echo what has been said.  The price of the coin is hampered by a few things.  

One, first and foremost is this coin has been mining for about a month.  A lot of projects burn brightly and die young.

Two, it's a high volume coin.  In just over a month nearly 100 million BBP have been minted.  By the end of this calendar year, that'll be about 665 millions (161 days from July 23 to Dec 31, 24 hours a day, 60 minutes an hour, 7 minutes per block average, 20,000 BBP per block).  After one complete year of mining it will be 1.5 billion and 4 billion within three complete years. The go to high volume coin I can think of that is similar is Linda.  It's already nearly 6 billion coins, and is at 3 satoshi.  Digibyte is about 2.5 years old, has close to 9 Billion (of 21 Billion) coins minted and languished at the 30 to 40 satoshi level until the spring crypto boom.

Three, there is a lot of uncertainty.  Masternodes (Sanctuaries) are coming at the end of the year, and it's unclear what they'll cost.  The PoB hashing is going through some changes so anything can break during that time.  Right now it's only CPU mining (which is ideal by the standards of the coin) but if someone figures out how to GPU mine then some of the advantages of this coin dissipate.  And I'm sure there are a lot of cynics out there that think the orphan fund and the sponsorship of 74 children is a lie and a very cruel one at that.

Four, despite the buzz on bitcointalk, there's not been much talk elsewhere.  It's only on one exchange (C-Cex) so that creates a limited market, and the monthly orphan fund sale creates huge volatility.  It's not on Coinmarketcap.com.  A lot of crypto fans don't know about it yet.  And I'd wager nearly zero non-crypto religious people have heard about it.

Now, again, this is not criticism.  The lack of details is in my mind, due to this being one Dev and a few other people working on the coin instead of a huge committee.  So there are a lot of things in flux.  You really don't want a lot of users pounding away at things until you get the coin to a more final state.  So the lack of exchanges and buzz probably actually helps things at this point.

Provided the PoB hash holds up against GPU mining, I do see this coin being a ground breaker.  The charitable aspect will be hard to manage but if that is successful it will be a template for other projects.  In the end, I have a lot of faith in this coin and am amazed at the community that is growing up around it.  If it continues on this path it has the potential to a vast amount of good.

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).

Nice artwork!  Maybe you can be our twitter presence, that is if you want.  I was thinking eventually, our twitter admin would need to retweet release notices and any happenings we have, and possibly escalate issues users find that we dont know about back to slack.

And there is already a mailing list, who will help? Because to collect money for the fund, this is one thing, and to collect specific recipients is quite another. And how will the distribution be controlled?

I'm very glad to see some non-greedy people with very high motivation to help orphans and bring good things. There's so much evil in the world, but it's possible to fight it, good luck dev!

To supplement happy_merchant's answer, I think that the supply of the coin is arguably pretty high. You can't just treat all altcoins the same regarding their price per one token, because for a lot of the altcoins the miner reward is like 250 every 1 minute, and for BBP it's almost 20.000 every 7 minutes. So if you take the price of the mining reward as a whole and compare it to other coins' mining rewards, I think one BiblePay reward is worth in BTC or USD way above average altcoins, even pretty profitable ones. If one BBP would be worth 1000 satoshi, one block reward would be worth around $850 now, which I can't imagine, at least not in the near future.


Why is then a whopping 120 BTC worth of BBP in the sell orders, compared to barely 1 BTC in the buy orders? A lot of the sell orders are for a lot higher amounts and that's what increases the total BTC amount, but still, there is a lot of BBP for sale (8M+). If someone believes that they can sell their coins at that price, doesn't that mean that they are actually holders, so why would they keep the coins on the exchange in the first place, especially for so long? The only reasonable thing I can think of is that they believe a short spike could happen so they don't want to miss out on selling at that moment, but that's kind of far fetched to keep a lot of coins on the exchange for months instead in your wallet. Also, by holding coins in the sell orders like that, they increase their supply on the exchange, which is bad for the price as the coins are not scarce at all.

With a volume of around 0,5btc you dont get much movement. C-cex isn't very big either. Bittrex could do wonders for the value (and then orphans). But the dev is in it for the long run, so he dont rush anything. A stable long term growth!

The coin is still really new, there hasn't really been any marketing yet, and it's only listed on one exchange. The volume being traded is pretty low as well, seems like most people are accumulating and holding.

Ok so what is the trick with this coin.. It's like too cheap for what I see around here, and if something looks too good to be true then almost always it is. So where is the hidden thing that its actually far under a value that would represent the development and things behind this coin.

Not joking im serious, something just doesnt add up. It's like 15sat while I think at least 700-1000 would be more reasonably with this kind of thread, development and things behind the coin.. So things just don't add up for real.

Hey i see that the code is getting ready for the TXs lookup algo at block 7000!

Nice job

So the machine is a custom gaming desktop I built.  I have a SINGLE Ryzen 1800x 8 core/16 thread OC to 4.0 ghz at 1.35v.  Power draw is around 125 watts from what I've read online, although I cannot personally get an accurate reading.  PSU is 850 watt corsair gold standard, I forget the model, but the only reason for this is the 2x RX 580 GPU I also run for gaming/mining other coins.  Considering the current exchange rate, and the obvious increase that is going to occur over the long run, this is a super investment no matter the power cost.  At my current rate I calculated about 7$ a day with a single CPU.  That's pretty sweet, and for a good cause too!

Yeah, the relationship is foggy because each mining thread does not consume 100% of the core- due to OS multitasking, etc.  So we just recommend to use more proc, just increase the proclimit higher and the OS will make more than one thread run per core.

Thats a killer hashrate.  What specs is the machine- how many cores, procs, desktop, how many power supplies and what watts does it pull?  Thanks!

That's a sweet chipset there.  AMD is really cranking out some impressive chips these days again.

Its the Ryzen 1800x(OC 4.0ghz/ 1.35v), I've mined 11k coins in 36 hours, but that was before I got the increase in hash rate,(and the pool being funky yesterday), so new rate should be higher.  Idk, its tempting, but I like guarantee's and the pool is consistent and pays pretty well.  Plus you all have done so well with developing this pool, I have to stay =).

P.S  I've noticed the pool-site is super responsive today, it's nice!

I just play around with the settings until they get unstable.  Genproclimit can be as low as 1 or high as 25.  I usually have my desktop at 2 or so if I'm trying to do other things concurrently and 12 or so if I'm at work or asleep.  How it relates to CPU threads, I'm unclear, but trial and error are the way to go for now for me.

poolport=80
pool=http://pool.biblepay.org
workerid=Anonymous
gen=1
genproclimit=24

If put 24 at genproclimit i see that my cpu it is used just 50 % but if i put more than 24 the utilization increase and also sometime the hashrate... is there a logical thing? someone coul explain it?

gen is the threads? what value should i put there?