Topic: BiblePay - New Coin Launch - Official Thread - page 112. (Read 119850 times)

Built-in and mandatory miner tithing?! That's the most absurd thing I've ever heard!!

Or maybe not, devcoin had it the other way around - 90% to charity, 10% to miner!

1.5B by year end?   How do you get to that?

There's 1440 minutes in a day and each block is 7 mins, so about 205 blocks per day lets say 130 days before end of year so we should be around block 30k by the end of the year, 30k block at 20k coins each is around 600M coins

But i mostly agree with your analysis...

Edit: Oh i see where you made your mistake, you mixed year end with a full year of coins, there's about 1.5B to be release the first year, but not by year end

I agree with your assessments and want to say, I am impressed by your assessments and all your posts so far and they seem to be accurate and fair.

But I do want to appeal on the klunky problematic UI on the pool.  A few days ago, that update fixed the 'problems'.

  Could you all please provide any feedback if you think the pool has any front end UI problems now.  The login,logout works fine, and is Designed to expire your session after 15 mins of inactivity.  The rest of it, to me works fine now, and someone mentioned AJAX, but imo, its not even necessary as I think we have some pretty important priorities-like the interface for writing to our orphans, etc.  Pool should be behaving better... as of 3 days ago.

On the masternodes, I was thinking they should probably be around $500 or so.  Thats about 700,000 bbp.  This is just an estimate.  Id really like a good 90 day baseline first.

As far as charging for the pool, I am thinking about charging 1% for Anonymous users and leaving the pool as Free for non-anonymous.  It would help pay for the server and any queries I have to do.  It would also allow the code to be modified so when open sourced people can charge fees.

Ill take a look at those mining guides that someone posted.

EDIT:  Good post on the masternode analysis also, regarding 51% attacks, thanks.

The current reward is 20K, it goes down 10% each year.

Currently the reward is split 90% miner, 10% Orphan Fund (charity).

After Sanctuaries come on line (Masternodes, end of year), the split will become 80/10/10 Miner/MN/Charity.

This coin introduces a pretty novel algo and is one of very view that can be considered charitable, plus the community has so far been pretty helpful and is inclusive, so I think its got that going for it.  On the downside, you have this giant inflation in the first few months (we'll be close to 1.5B coins at year's end), a Dev who is very helpful but still anon right now, a mining pool run by the dev that has a bit of stability issues with it's interface (but the pool itself is pretty solid) and a fair amount of uncertainty about specifics for the future.

And network already has 132MH/s :O.
It means it has a power of about ~880 FX 8350? 132:0.15 =880, lol it's not a little too much for a coin which is around a few satoshis? I dont know what is is reward for a block, but still it's huge hashrate on the network.

Ok I readed that reward is huge. 20000 per block, nice, with today price it's nice and if it will go up it would be huge...

I haven't seen it seen it, but a guy I work with has the FX8370 (if I recall or it might be the FX8350) and he's getting six digit hashing.  Not sure what his settings are at but I thought he said he got 150 to 175KhS.  I'll try and ask him again and find out.

How much can pull FX 8320 4ghz? Or i5 6400? Does anybody have similar processors? I'm just curious about effiectivity of the algo implemented in the PoBH.

The actual expectation is just short of 1.5B coins by end of the year, 2.8B end of 2018, 9B end of 2025 and 14.54 by end of production in 2050 ish.

If you look at Linda, its a new high volume coin that is up to 8B already and a max supply of 50B, it requires 30M to make a Masternode.  And DASH is 1K with a current supply of 7M and max of 19M.  Right now DASH has just shy of 4700 MN, or nearly 2/3rd the supply whereas PIVX has about 1/3rd the supply locked in MN and Linda has about 1/6th the supply locked in MN.

With this coin, my opinion is you need to consider two things when setting the cost of a Sanctuary (Masternode). 

Since there is a charitable component to this coin that will be directed solely by the Sanctuaries you need a cost high enough to get people serious about it but low enough that you can have enough different users to avoid a 51% attack that could in theory direct the Orphan Fund to an improper purpose.  Basically, if Sanctuaries cost 25M BBP, there might only be one.  That person then could say, "The Orphan Fund goes to me".  Likewise if you have a Sanctuary cost of 50K BBP, there would be too many of them to be cost effect to host on servers and you'd end up with glorified PoS mining and little of the benefits of Masternodes.

Unless you end up with pools to buy nodes (which happens now with DASH), the other aspect becomes how much income they produce, which in 2018 BBP MN Sanctuaries will share approximately 130M BBP.

So taking all that into consideration, the Dev should consider total supply in the short term, first year income and 51% attack resistance.  If 1/3 the end of year supply ended up in Sanctuaries, that'd be 500M.  A cost of 1M to 2M would be between 250 and 500 Sanctuaries at 1/3 of the total supply.  They would earn about 20K-40K BBP per month in the first year.  20K/month at 10 Sats is at current rates about $9 a month so even at pretty low prices that would be sufficient to pay for full time hosting.

I've said I hope the cost is 500K-1M, I'd revise that to say a cost of 500K-2M is not unreasonable to me.

The net hash value from the recent wallet versions is closer to the real value. The explorer is running a previous version of the code and reports that value accordingly.

Which network hash is the right one, on the explorer it say 14mhs and in the wallet "networkhashps": 132,676,681.0419182.  132MHS!!!?

If im not mistaken there's 4M new coins every day and by 2018 there will be around 500M more.  So it would make sense to have at least 0.1% of all the coins to run a masternode. 

So maybe something between 500k and 1M coins.

This of course is all speculation

Well i don't expect to be able to run a masternode only from mined coin, i expect to need to invest myself beyond mining...

You might be right, i get no message at all, just a plain old blank page...

My best guess is that your corporate web filter or firewall is blocking access to the pool. When you try to browse to pool.biblepay.org in your web browser, what message do you receive?

You can buy BiblePay (BBP) pretty cheap on C-CEX! -----> https://c-cex.com/?p=bbp-btc

Hopefully not. No way I'll mine that much between now and December. Sitting at around 270k at the moment and its just getting more difficult.

If you take the total supply into account, i wouldn't be surprised to see at least 1M BBP to run a masternode

I'll be looking to get into this coin. While not religious I lik ethe charity aspect. I'm curios how many coins will b needed to run a masternode once that goes active next year?

Anyone know why the wallet from home is running fine on the pool but from work the pool looks down, im not even able to browse to the pool.biblepay.org site.

Thanks