Topic: BiblePay - New Coin Launch - Official Thread - page 111. (Read 119850 times)

If BiblePay takes off and donations per month rise to some serious levels, I think it's not unreasonable to imagine that one of the people in the Compassion team could actually install the BiblePay wallet and just do the exchange to their fiat account once a month, especially because they have a vice president of Information Technology. Also other executives and VPs, such as CFO or VP of finance. The devs could contact them and help them set everything up. I imagine it would then be fairly simple to explain how to withdraw dollars once a month.

So a Compassion BiblePay donation address could be coded into the algorithm for them to automatically receive payments. Then in the beginning I would not allow for masternodes to vote to change that address because of the 51% attack, but it could be allowed later when there are many more masternodes. But in the meantime, even though it's centralized, the most trusted way is definitely the actual dev of the coin sending them money. We are still early anyway.

Same. I have plenty of risky investments, I see BBP as something close to a low risk altcoin. The project has already followed through on its main promise so there's not really any imminent risk of the whole thing collapsing.

The only long term issue that I can see is that the charity part is highly centralized. I know the dev mentioned handing the decision making power regarding the charity over to the masternodes, but at the end of the day there will have to be an individual or group in charge of handling the charity wallet, auctioning it off, converting it to fiat, communicating with the charity organizations, and actually making the donations. That couples BBP really tightly to that individual/group, so if anything happens to them the entire project would come to a halt. Will be interesting to see how much of that process can be decentralized. I'm pretty sure other coins have had similar issues though, so there's probably a lot of case studies on various solutions.

But this is exactly why I am bullish about BiblePay.

$1 dollar is overly optimistic, but if you look at it in terms of market cap then a price between 100-1000 sats by 2020 wouldn't be entirely unrealistic (1000 sats is kind of pushing it, that'd place it in the top 30 coins). That said, it could easily go for much less than that depending on any number of factors, but there's plenty of room for realistic growth.

Honestly, if you're just looking for something that'll shoot to the moon, there's probably better choices. As far as I can tell, the devs aren't making any outrageous claims about the platform or pretending to revolutionize cryptocurrency, so barring any 3rd party manipulation there shouldn't be any huge hype-driven P&Ds. In most of the BBP discussions I've seen, the consensus seems to be that it's something you hold long term. If that ends up being the trend, we should see consistent growth over time.

Sorry to distrupt your enthusiasm - but who would pay 1$ for a coin which has bilions in circulation apart if it's XEM or RIPPLE, but even them arent so expensive.
Current price is quite high, because inflation must took place, 1.5B in first year, it's a big number. If it will cost more than 100 sats, it's only due to shortage of coins on exchange, so it wont be real, there will be bilions of these coins, it will be next Dogecoin of crypto (still dont think it will be so successful), with one of the biggest supply ever.

If you have 200k now, you figure in four more months, even with a ramp in difficulty you should be in the ballpark of 700k.  If you had to buy another 100k or so on the market even at 20 sats you'd be looking at realistically making that back in the first year.  You'd be out less than an additional $100 to fund it, and probably could get a MN hosted for $5/month.  Even at 20k/month income for 3 months, 15k for 3 months and 10k for 6 months, you'd end up with 165K BBP, which isn't an unrealistic expectation.

It seems to me that the coins that have MN success grow, so even if you don't net a actualized profit, you might be sitting on 700k (or 1.2M or whatever) BBP that rise above 24 sats would put you in great shape.  I firmly believe that this coin, if defects don't arise, could easily be a 24-30 sat coin a few months after MN hit, and could even rise higher.  But more than the idea that I'd make out well from that, is the higher the price goes, the more good can be done with the Orphan Fund.  Imagine if the coin hit $1/BBP, not likely in the short or moderate term (but not impossible).  If it was four years from now, the Orphan Fund would be making about 1300 BBP/block by my math.  That (unlikely) scenario would mean the Orphan Fund would be pulling in (and I checked my math) almost $8M a month.  Can you fathom the good that could be accomplished with just 1% of that?

To that end, I would suggest the Dev codify the Orphan Fund "laws" before MN hit and require a 2/3rds majority to change or modify that.  "Laws" like, 75% of the funds will be used to sponsor children at Compassion.com.  The Fund coins will be sold when their value exceeds "X" dollar amount, but no more frequently than hourly and no more infrequently than monthly. Children will be sponsored in minimum of 1 year blocks.  etc.

Its still not ready for prod, still beta.  We have a couple open items in the testnet testing thread for the pool that should make it nicer.

The anonymous row is the fee subtracted from the mining credit when the user has 'cloaked' their profile from the public.

The fee is still 0 for non-anonymous users.

It is good to know pool started to charge fee to cover development and server cost. Does it mean that it is officially released now?


BTW, what does it mean by "Anonymous User Pool Fee"? I thought we have to create pool account in order to mine?

Regarding 700k, we have to ensure it is a high enough amount to cover instantsend transactions.  You are basically becoming the insurance to guarantee the amount gets instantly from point A to B without the recipient waiting for the transaction.  So it cant be too low, the backing funds must cover expensive transactions.

Also, think of this as an entrepreneurial venture where it takes a real investment to get started but promises good earning potential.

Yes, your math is correct, we would move 4100bbp from the subsidies that now go to the miners to the masternodes when they go live with the assumption that we had 100.

Yes, on the escrow amount, if it was 700k, your coins are sent to an escrow address and held.  They can be withdrawn at any time.  Once withdrawn, the masternode monthly payment stops coming to your personal wallet address.

Wow, 700k seems a lot to me, I have less than 200k now  

If there are 100 masternodes, 205 blocks per day, 20k per block, 10% for masternode. Then 205 * 20k * 0.1 / 100 = 4100bbp per day. Correct me if wrong calculation...

I never setup a masternode before, but I'd like to setup one for biblepay. 700k still my coin, right? Just need to secure in the masternode wallet?

Exactly, you just described me. I think that by helping the less fortunate, most people actually become happier and more content with their own life, and rightfully so.

If I were to bet, I'd say over half the miners that are here for philosophical appeal wouldn't categorize themselves as deeply religious.  But the notion of helping the less fortunate is very appealing to many.

It's incredible how many pages this has, for something introduced a month ago. It shows that polarizing concepts get a lot of attention. Kind of like Trump.

You must have been working on this list for a while, there is no way a human could have done this in 15 mins, lol.

Anyway, looks like I have some work to do (on this).  Will take care of the hot items.

Thanks, this is a great start.

I added these to the website under Guides.

praise the lord !
Is this coin on any exchanges yet? if no we should try getting added to novaexchange they take almost every coin that gets 250 votes

Yeah I just blindly parroted the biblepay.org website which says

BiblePay deflationary Emission Schedule: (205 blocks per day, 7 minute block targets):
    // Yearly decline of production by ~10% per year, projected ~14.54 Billion coins max by year 2050+.
   // Year:  2017, Subsidy: 20000, Emission: 1496500000, Grand Total: 1 496 500 000
   // Year:  2018, Subsidy: 18000, Emission: 1346850000, Grand Total: 2 843 350 000
   // Year:  2019, Subsidy: 16200, Emission: 1212165000, Grand Total: 4 055 515 000
   // Year:  2020, Subsidy: 14580, Emission: 1090948500, Grand Total: 5 146 463 500
   // Year:  2021, Subsidy: 13122, Emission: 981853650,  Grand Total: 6 128 317 150
   // Year:  2025, Subsidy: 8609,  Emission: 644194179,  Grand Total: 9 167 252 382
   // Year:  2030, Subsidy: 5083,  Emission: 380390221,  Grand Total: 11 541 488 001
   // Year:  2035, Subsidy: 3001,  Emission: 224616621,  Grand Total: 12 943 450 406
   // Year:  2040, Subsidy: 1772,  Emission: 132633868,  Grand Total: 13 771 295 175
   // Year:  2045, Subsidy: 1046,  Emission: 78318973,   Grand Total: 14 260 129 248
   // Year:  2050, Subsidy: 618,   Emission: 46246570,   Grand Total: 14 548 780 867

I should have gotten the pen and paper out but didn't   You are correct in your math (600M +/- end of year) and the above should really probably say 1.5B after one year, unless the 10% drop is actually tied to the calendar year.  Otherwise we can say 1.5B July 2018, 2.8B July 2019, 9B July 2026, etc. etc.

I apologize for sounding critical of the pool UI.  I haven't had any problems with it for a bit, but was unclear if it was fixed or I was just getting lucky.  So in the end I was just trying to laundry list the pro's and con's thus far.  You're doing great with the info, I understand how things go with development (at least theoretically as I have MS in CS but no real world experience in this realm).  That said, I love this coin, I have gotten at least two others that are off board to join the mining and are excited too as well as a coworker who is a computer neophyte that is about to take the plunge.  If you have any need of help, I would dearly love to give more to this project (just PM me).  In fact if you look at my comment history, I might be thought to be a BBP shill as a majority of my posts are here, but I assure you, I'm a real person that doesn't know the Dev.

The biggest priorities in the short run are determining a cost of Sanctuaries (MN) and how the voting structure and an independent audit of the Orphan Fund to put the skeptical minds to rest.  Getting a pretty solid idea of what the MN costs should encourage stockpiling and support the price (that partially reflects the health of the coin) which is likely to dip a bit as supply increases.

I'd think you should tie the MN to more an expected rate of MN at a cost and rate of return for that cost as a percentile rather than worry about a true hard dollar amount but hey, it's your coin. 

I really like the idea of 1% fee for anon pool mining, that's a great compromise, but would suggest 0.5% for non-anon too to have at least a bit of revenue to offset the expense if "everyone jumped".

DevCoin is not the best example for this, given their success... hopefully this project is much more successful.

Also the distribution is completely different. 80% to miners, and in DevCoin it was just 10% to miners.

Nothing on this list is a priority except probably the first point:

• If you don't type your password when you edit the account, the password for your account will change to blank, so if you try to login again with your (old) password, it will be denied and then it turns out you can login just with the username, leaving the password field blank!
• Block explorer navigation link exists only when you are logged out
• From the Withdraw page, the Home navigation link leads to the Account page
• All navigation links are visible only from the home page, on all other pages there is only the Home link, which can be annoying to go through two links every time you want to take a look at something else
• Switch to Test Net link shows Switch to Main Net only after you click it, later it shows Switch to Test Net again and you can't go back to Main Net unless you refresh the page
• Existence of a horizontal scrollbar on all pages (empty gray content on the right)
• Block distribution history table changes row background color after your highlighted yellow row, instead of not changing it until the next block height
• Kind of a similar thing on the Leaderboard - it was probably intended for the same user to retain the same row color if their workers are next to each other, but that seems useless because:
  
  • Users can have vastly different hash rates so their workers will not be next to each other
  • It kind of exposes anonymous users when their workers are next to each other because you can conclude that's the same anonymous user, not multiple users
  • It breaks table consistency and readability
• Confusing order of navigation links - especially Log off which should be at the end, not somewhere in the middle; or Leaderboard which is probably a very used link, but it's placement is like it's less important than the Switch to Test Net link.
• General look of the website which people may not find aesthetically pleasing

That's all I could find for now, I hope it was helpful.