Topic: BiblePay - New Coin Launch - Official Thread - page 98. (Read 119850 times)

Oh, I've been a little out of the loop lately, wasn't even aware that was added. I'll have to check it out.

Im a little dissapointed on how many outgoing letters we have to our orphans.  (We only had one person write one, and it doesnt even have enough upvotes to send it through the API).

I cant stress how important it is for us to send ONE letter to each distinct orphan every 60 days.  We are supposed to be a compassionate organization - not a mining organization. 

In light of this, a temporary solution (until we have a permanent sanctuary solution in place) is to encourage letter writing in the pool by charging a pool fee of 2% to any account holder who has not written a letter once per 60 days, unless, we have over N (being the distinct orphan count) of upvoted letters ready to be sent through the API at any given time.

So just to prepare everyone in advance, the rule would be something like this:

We have 74 orphans.  If we have 74 positively upvoted outgoing letters over the last 60 days, there are no pool fees as the feature is not enabled.  Once we are lacking, the feature is in force.  When the feature is in force, any account holder who has not written one letter in the last 60 days is charged a 2% pool fee during block rewards.  Users who have written a letter are skipped by.

This will be in effect by tomorrow.

I have been working with the API on facilitating inbound letters.  We will have even more features once you have the ability to read the inbound letter and reply to it.  These are things I simply cant manage myself - I am receiving mail from over 155 orphans in the mailbox - the entire bottom of my coffee table is full of 50 lbs of orphan welcome packets, pastor letters, crayon drawings, translator letters, orphan moving receipts, name changes, relatives of orphans moving down the street, something is coming every 15 minutes now, so I cant possibly keep up with all this so it must be automated and I need your help.

Once we have a little more time, I will enable the ability to add pictures to your outbound letters.  In the mean time just write text letters as it is better to have something than nothing.

I believe this is already fixed in f7000.  The issue was the progressbar appears when the block is over 30 mins old.  In f7000, we reduce late blocks to 30 minutes meaning we should not see the progress bar unless a block is late...  This can be verified in testnet.

You nailed it, sorry I missed it before I replied!

Correct, if you run a masternode, you can earn mining income for one to offset the cost of the VM, and also a monthly masternode superblock reward for holding the BBP in escrow, and the breakdown should end up being very close to this:

BBP Subsidy of 20000:
10% to masternodes as mastnode monthly compensation
75% to the miner of the block
5% to IT escrow address (this covers IT issues, IT support and PR and IT payroll)
10% to charity escrow address (this will cover charity and charity rewards such as letter writing)

Masternodes will govern how and where the 15% collected escrow is actually spent by conducting monthly votes and we will figure a way to designate Who is responsible for moving the escrow into action every month also, so as to alleviate myself from day to day activities. I would also like to make it so if someone runs off with the monthly escrow funds (IE they dont perform their function), the community can recover by itself and choose a different owner for that activity.  (IE we might make it generate a new address and keypair when the panic button is pushed by the lead devs, etc).

I wouldnt worry too much, as one of those addresses is the public c-cex receiving address (the b6 address) for coins deposited from the orphan foundation.  Whats happening is we are sending 10% of the block chain tithe funds into c-cex, selling the BBP for BTC, and c-cex is then showing an 'increasing' BBP amount on one address, but people buying with BTC against their house account are consuming some of that supply, so it looks bad from the richlist but in reality that address is getting depleted by buyers on c-cex.

The other assumption I would clarify is some of us are accumulating BBP by buying it, not mining it, like me, Im not doing much mining.

BiblePay - Mandatory Upgrade
v1.0.2.9

- F7000 PoBh algorithm (Raising the Bar) - Starts @ block 7000
- Fixed Menu | Help | Read the Bible | Genesis, and Read the bible Lag
- Efficient pool communication (Up to 200 mining threads)

** Please upgrade before block 7000 **
** C-Cex is now in maintenance mode **

(posted on the Official forum:  http://forum.biblepay.org)

I'm not sure what the devs have in mind, but it should be pretty similar to a Dash masternode which you can read about at https://www.dash.org/masternodes2/. Note that in Biblepay, masternodes will only receive 10% of the block rewards as opposed to Dash's 45% (if I'm reading the example in the original announcement correctly). I'm sure some of the other numbers will be tweaked as well since this is primarily a charity coin, but it should give you a general idea of what's involved.

What are the advantages by running an masternode/sanctuaries ?
What kind of cpu's/pc  it is necessary for running one?

Ha, I wish I'm only sitting at like 1.1 million, and that's just because I got in early. My actual mining power is pretty low. Hopefully it'll be enough to start up a sanctuary, even if I have to buy a little more off the exchanges.

It's a good project though so I'll be happy if it succeeds in any case.

Is there a plan to fix the "0 hours behind" qt bug in some future wallet version? If you don't transact and just mine or have a full node, it's not a problem, but if you want to send/receive coins and encounter that bug, then you will have to wait until the next block for the interface to update, which can be a bad user experience as it seems like nothing happened, you don't know if you sent the coins correctly or not.

For example, when I click to withdraw coins from the pool, in the normal circumstances I get a wallet receive notification literally less than 1 second later and the pending balance updates to that amount. But when the bug is present, nothing happens and I don't see anything until the next block, and even then there is no notification, the wallet just updates the available balance when it syncs the next block (so pending balance is never seen).

I'm not sure what steps are needed to reproduce the bug, but for me it'll happen around half of the time when I open my wallet, after it has been closed for at least one block so that it needs to sync.

And here I thought one of them is yours happy . By the way you and 616westwarmoth have been really helpful in this forum so just wanted to thank you both.

One of those I believe is the c-cex receiving address that the charity wallet gets dumped to every so often. You could pretty much just think of it as being c-cex, since it probably represents the majority of the BBP supply currently listed on (or just held at) c-cex. Trades on an exchange don't affect the distribution on the blockchain until funds are actually withdrawn.

The other is probably a mining operation. Not much you can do about that, happens with every coin. Even BTC and ETH have wallets out there with massive balances that could disrupt the market if dumped all at once. In any case, as more miners join the network, the proportion of the hash contributed by any single mining organization will be smaller relative to the network hash rate and the percentage of the total BBP supply held by any single miner or group will shrink (unless they invest a lot of money into additional hardware to keep up, which would also mean they'd be less likely to dump for a low price).

In the end, a lot of small coins have huge shares held by a few users.  In fact a lot of coins big and small have a few oversized users holding mass amounts.  In many cases it is the developer(s) through dev premining or dev shares of block rewards.  Even in some bigger name coins, a mass sell off by the top user would decimate the market for weeks.

But really, I'd buy 12M BBP at 1 satoshi, probably even 5 satoshi.  I'm not the only one that would, so while it would shake things up on a short term, I don't see it as a risk any bigger than coins that have 75% of their volume held by 100 users or less when BPP is still gaining user base and I'd presume there will be a steady growth in users after the 7000 block, a stable pool and a wallet that doesn't change versions three times a week.  Of course, all of those negatives are the reason why some of us like the coin, it's stuff that is normal in the beginning and the problems that have occurred, get addressed and generally resolved fairly quickly.

I was doing a little research in the BBP Explorer and I'm somewhat worried by the current wealth distribution.

The top two addresses each hold nearly 10% of the supply (12,509,890 and 11,585,552)

http://biblepay.inspect.network/richlist

Based on the transaction amounts in those addresses I would assume both are big miners.

There isn't nearly enough liquidity on C-CEX to sustain large sells if either of those addresses decided to dump...

There also must be some serious equipment working for those addresses to have that many block rewards.

I'm a long-term holder so I'm not going to panic but I thought it should be mentioned here for your input.

So far it is quite stable with pool at Vultr as dev mentioned. I see mined 1 block per hour in average.

BTW, since it is nearly block 7000, should we upgrade wallet version? Which is the mandatory latest version? I remember I still have some wallet mining with version 1.0.2.4. C-Cex still with wallet version 1.0.1.9.

You have to wait awhile and let server update your hash power.

any problems with the http://pool.biblepay.org/ my workers reports 0 hash power

After the migration I noticed that all miners were removed from the pool and then started to slowly come back, but with 0 shares. Now the shares are increasing again, so it seems fine, although some of my miners are still not up.

Edit: My mistake, I accidentially left those miners on pool2, changed them now to pool.

The page doesn't react at all when I leave the password empty.

I think someone else reported the same login issue with the new website.

It works now, thanks.