Yea, its only a matter of time before these and dudes with vast resources enter. Its natural.
I watched it happen with Verium.
https://[Suspicious link removed]/images/o1phXg
Looking at that let me tell you my experience. I crunched the numbers and found the sweet spot to be Dell T3500 with Xeon X5650 processors. Ordered a few off eBay for less than $200/each. While I don't have one of those XU4's I doubt they'd have the same punch per dollar as the T3500 (I compared the Monero hashrate of the i7 listed in the article with my X5650 to determine they were in broad stokes pretty equal and the XU4 was pulling about 1/9th the rate of the i7 at a cost of $50) . So I deployed several in my home in addition to my normal PC. When I bought them, they'd pull close to 2000 coins a day on average, now they average about 400 coins a day. Right now that's about 28 cents per day in BBP. They run 170 watts, so I am paying 44 cents a day in power per box. I would suspect most people mining are currently making little or even losing money unless they have very cheap power and that's not including amortizing hardware costs. But most miners are likely mining for the long haul. So they accept it might cost them a small premium to mine, but its easier to mine that buy in small quantities. And there is the hope that the coin will be successful and rise in value. But the nice thing about Biblepay is as long as it is GPU resistant, it's got a bright future if it can make it through these last few road blocks. So as the coin rises in price, more miners will enter, the difficulty will increase and I'll probably drop to 200 coins a day but still be bringing in 30 to 40 cents at that new price. Agree to that point. My single Opteron workstation is doing about 1500 coins every 24 hours, but its pricey to run, and loud. I hope to move it to another room and make it the MN box. wow. thats a lot! |
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Also, what will the total supply be in the end?
http://wiki.biblepay.org/Emission_ScheduleApproximately 5 Billion Coins in about 40 years. As far as Masternodes (Sanctuaries) go, it's still up in the air, but the number talked about recently was 1.1 Million. There is also discussion of a concept of a Super-Masternode (Cathedral) which I'm trying to write a short white-paper on. why are there so many coins vs like bitcoin? Why we aim for a large total coinbase circulation: - This allows us to emit high volume in the beginning and be Very deflationary (we are 19.5% deflationary per year) and still have relatively high rewards after 5 years. It isnt until the tail end (2040 or so) when we start dealing with low numbers. - When we become more popular, the coins are more affordable per unit for the average blue collar person. (The same reason AAPL reverse split), to make the stock more popular. - People tend to lose low value digital wallets. The average is about 20% of digital minted coins are "lost". This is due to lost files, lost hard drives, upgrades, all that. That gives us a propensity to be worth more, if you keep your wallet. - A more rewarding total investment cycle. Im hoping we will have some investors see 3-4 zeroes of appreciation in the price over 10 years. - More flexibility for us. i like that you have a long term view. it keeps my hopes up that this is not yet anothe pump and dump scheme found in so many alts/icos. |
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Yea, its only a matter of time before these and dudes with vast resources enter. Its natural.
I watched it happen with Verium.
https://[Suspicious link removed]/images/o1phXg
wow. now thats a rig! |
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well they cant have unlimited IP addresses right? and they cant change timestamps? so just cap a certain amount of hashes per ip per hour.
i dont think its an unsolved problem when you look at what others have done with abuse in account registration or DOS attacks. where there is a will there is a way
Some of the earlier mega miners were using VPS computing power, which would be trivial to get different IP addresses. There is a limited amount of programming time, solving what might not even be seen as a problem instead of working on features is a balancing act. I don't begrudge the big miners, if you want to spend the fiat buying mining computers versus buying coins it's your call. But to me, ten thousand users each having 50,000 coins is not a preferable situation. im just going by the original stated intention of the coin - the hashing the Bible thereby reducing domination and abuse of GPU miners. Any project that uses the Holy Bible at its core should strive to have integrity and accountability and honesty as its core mission. It is a sacred duty to preserve and distribute the Bible. Just read Old testament account of how strict God was to the treatment of His Word and His sanctuary. Serious serious business. What did Jesus say and do to the money changers at the Temple? He literally wipped their *sses! Its the ONLY account in the Gospel of Jesus losing his mind! Jesus Cleanses the Temple
14 In the temple courts He found men selling cattle, sheep, and doves, and money changers seated at their tables. 15 So He made a whip out of cords and drove all from the temple courts, both sheep and cattle. He poured out the coins of the money changers and overturned their tables. 16 To those selling doves He said, Get these out of here! How dare you turn My Fathers house into a marketplace! https://www.youtube.com/watch?v=boNIL1owRAIi am available to offer my time for development to cleanse the moneychangers from the sanctuaries |
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One thing about a larger stake (which again, monetarily is pretty low by comparison to other MN coins) is you reduce the number of casual miners (see above) that will try and run a MN. As m4tsby notes, you need the MN holders to be invested in the success of the coin and it's mission, not just invested monetarily. The MN governance system needs a majority of the MN to be active and reading and intelligently voting on proposals. Too low a stake in my mind gets too many people involved that have little real interest in the coin.
the mega miners right now are the only ones who can give away 1 million bpay without any real fiat risk. everyone else has to pony up the $800. in that equation its the ones who pay real money that will have more at stake and involved because their investment is real. the millionare hashers can just walk away with several master nodes because it didnt cost them any real effort. so the equation is backwards IMO i understand the economic motivation of the project. devs need to turn the tokens into real world fiat so they can be rewarded (justly so) for their effort. i just wish there was a mechanism that was more equitable. how bout just throttle the number of hashes someone can produce? or having the pool cap out what someone can mine. that would prevent the megahashing with just a few lines of code on the pool side right? The issue with throttling is that you'd just setup multiple miners on the same computer and capping the pool would just force miners to have multiple accounts. No one has came across a way to prevent people from throwing hash power at a coin to generate more of it. well they cant have unlimited IP addresses right? and they cant change timestamps? so just cap a certain amount of hashes per ip per hour. i dont think its an unsolved problem when you look at what others have done with abuse in account registration or DOS attacks. where there is a will there is a way |
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One thing about a larger stake (which again, monetarily is pretty low by comparison to other MN coins) is you reduce the number of casual miners (see above) that will try and run a MN. As m4tsby notes, you need the MN holders to be invested in the success of the coin and it's mission, not just invested monetarily. The MN governance system needs a majority of the MN to be active and reading and intelligently voting on proposals. Too low a stake in my mind gets too many people involved that have little real interest in the coin.
the mega miners right now are the only ones who can give away 1 million bpay without any real fiat risk. everyone else has to pony up the $800. in that equation its the ones who pay real money that will have more at stake and involved because their investment is real. the millionare hashers can just walk away with several master nodes because it didnt cost them any real effort. so the equation is backwards IMO i understand the economic motivation of the project. devs need to turn the tokens into real world fiat so they can be rewarded (justly so) for their effort. i just wish there was a mechanism that was more equitable. how bout just throttle the number of hashes someone can produce? or having the pool cap out what someone can mine. that would prevent the megahashing with just a few lines of code on the pool side right? |
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I share that gut feeling. It will weed out those who accumulated quite a bit but are here for the investment. Not to imply there is anything wrong with doing that, but MNs should lean towards those with earnest to see the concept / project succeed outside of monetary gain.
the issue i have is there are cetain miners on the leader board (maybe 20 ?) that are getting MASSIVE amounts of new coins. if you look at the latest transactions on the explorer you will see payments of 10-30k per hour or less! (go to leader board then sort by hashpower or by user name, you will see rows and rows of machines from single users....looking at you 'tonywon' whoever you are  It is these players that can flood the exchanges with huge quantiles and keep the prices depressed. result is a bible at the biblepay site costs 20k+ coins. thats an impossible amount of coins to get on a regular machine without going at it for months. months of mining for one bible?  i thought the intention of the 'biblehash' was to prevent monopolistic abuses like this from miners. on further thinking this is probably unpreventable by Rob despite good intentions with the idea. you are just going to have an established population of miners from other coins that have massive hash power to throw at any new coin that comes out. still i think there could be some improvements to the algo to prevent 'overhashing' from one person. probably too late now since the cat is out of the bag so to speak. this is the reason gold and silver are 'real money'. you cant swallow up the earth and spit out coins ever half hours. it takes real mining effort , a lot of cost, manpower, and new cores to find to get a supply of gold. then yo have to process and refine it. Gold and silver are blessed by God as real money since they are His creation. Bitcoins and all other cryptocurrencies are very poor imitation to the original intent of God's design for money in human society. By consequence, perhaps design, they have a hyperinflating effect on those who have the cryptocoin vs those who dont Note in genesis: the original design was for man to 'till the land' for his bread. farming and mining with real 'sweat of the brow' effort. there was no design for 'sudo apt-get mine-me-money'. enter. Then to Adam He said, "Because you have listened to the voice of your wife, and have eaten from the tree about which I commanded you, saying, 'You shall not eat from it'; Cursed is the ground because of you; In toil you will eat of it All the days of your life. 18"Both thorns and thistles it shall grow for you; And you will eat the plants of the field; 19 By the sweat of your face You will eat bread, Till you return to the ground, Because from it you were taken; For you are dust, And to dust you shall return |
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Also, what will the total supply be in the end?
http://wiki.biblepay.org/Emission_ScheduleApproximately 5 Billion Coins in about 40 years. As far as Masternodes (Sanctuaries) go, it's still up in the air, but the number talked about recently was 1.1 Million. There is also discussion of a concept of a Super-Masternode (Cathedral) which I'm trying to write a short white-paper on. why are there so many coins vs like bitcoin? |
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Btw, the way I was thinking that pay to preach might work is (that is if P2P is approved in the budget), we create a pool receiving address for P2P, we add a proposal for P2P for say 1Q 2018, when approved, the payment is sent to the pool P2P key. Then we give the pool the ability to reward "priests" who are on the schedule with subsidies after a successful sermon. So basically, Priests register on the pool, we set up a biweekly sermon in a chatroom, participants come in, the priest preaches to the biblepay group, then the pool releases the payment after the sermon is over. We keep doing that until the funds are exhausted, and do not vote on a new P2P campaign until exhausted. We can add "Priests" and "Sermons" objects to the pool so we can see, and we can add a metric for the P2P balance.
how about the priests register their address and they are paid by the congregation they gather. ie by donation. this is the only way to weed out scammers who 'preach' and are guaranteed payment. and it keeps them on their toes to establish and audience and not loose it. otherwise you just have a lot of flyby randoms looking for guaranteed payola who may not even preach anything biblical! What if we allow any number of "Priests" sign up and register for duty. This just puts them on the clergy list. They start with 0 feedback level. A separate action could be that they then can create an Event, and need to enter an event date and duration. Maybe some of them feel comfortable using a Youtube live stream and maybe the other would rather use a chatroom. (I kind of like the chatroom in the sense that when we have a Q&A session, all the interactive chat is available for everyone to see and the conversation is about Christianity). I believe another option is sharing a powerpoint presentation in a slack channel, with slides being explained. Maybe we let them set up their own presentation URL with whatever materials they want. Then I think we could allocate something like $10-$200 an hour to the priest for the presentation time, starting at the minimum, (assuming all the preparation of the powerpoint was actually done for free by him/her) but the time is based on the duration of the event plus 2 hours for preparation. Maybe we make it so the higher the persons reputation grows, the higher the rewards for the next presentation in hourly rewards. Of course this would be capped and divided by an algorithm depending on how much is in the kitty. Then after sermons, we can have the users rate via feedback system rate the priest up or sideways so they sort of float to top with a good reputation if they held an edifying sermon. This is a tricky one because I think we cannot allow a downvote action, as it embarrasses the clergy. Maybe in this case we only allow upvotes and abstains, and we take the percent of upvotes to actually rank the priest. sounds kinda of neat. though 'priests' are more a catholic term than biblical christianity. dont want to open that can of worm lol i wonder though if this is more an idea on the application layer than a fundamental biblepay core feature. seems lots of work needs to be done on the core first. but its certainly a great idea for 'economizing' the preaching of the Word |
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Load pool: 9193.25% what does that mean exactly? |
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Btw, the way I was thinking that pay to preach might work is (that is if P2P is approved in the budget), we create a pool receiving address for P2P, we add a proposal for P2P for say 1Q 2018, when approved, the payment is sent to the pool P2P key. Then we give the pool the ability to reward "priests" who are on the schedule with subsidies after a successful sermon. So basically, Priests register on the pool, we set up a biweekly sermon in a chatroom, participants come in, the priest preaches to the biblepay group, then the pool releases the payment after the sermon is over. We keep doing that until the funds are exhausted, and do not vote on a new P2P campaign until exhausted. We can add "Priests" and "Sermons" objects to the pool so we can see, and we can add a metric for the P2P balance.
how about the priests register their address and they are paid by the congregation they gather. ie by donation. this is the only way to weed out scammers who 'preach' and are guaranteed payment. and it keeps them on their toes to establish and audience and not loose it. otherwise you just have a lot of flyby randoms looking for guaranteed payola who may not even preach anything biblical! |
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Does the team have experience in this sphere?
Please be more specific, the spheres are infinite. CTYPTO BUBBLES ARE EVEN BIGGER THAN INFINITE SPHERES! |
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thanks. ive joined the slack and discussion is very light there. i have also applied to the bpay forum and awaiting approval. so im eager to help with dev also - how did you put the links in your profile footer. id like to do something like that. can you post the stuff here so i can have a template to work from? |
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The other is, the Christmas release is the next big milepost and it's asking a lot of the Dev to develop and try to get listed, knowing there will be a new wallet version that has to be pushed out.
id like to be involved in wallet work. where is this being organized ? |
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Before I do any of that, I want to be paid more BBP.
Do you want 2526.18 BBP?There is a bounty on the pool page to write letters to the orphans. i imagine that would take a days work only? |
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we definitely need a better exchange cause the 200k satoshi withdrawal amount is way to high. this exchange seems to be 50k which is more reasonable. their litecoin withdrawal is even better at 0.1.
for biblepay to have any kind of success it needs an easy usd -> bbp entry for people. there is just too much friction for the non technical person. this is probably true of crytpo in general and sites like coinbase are addressing them. but going from btc to bbp and bbp to btc/usd is crucial for adoption.
what is biblepay's ability to support atomic swaps?
There is nothing wrong with CCEX. We just need more exchanges for more market depth. I dont know of any such withdrawal fee. Its .1 BBP for 100 BBP, thats virtually nothing. "for biblepay to have any kind of success it needs an easy usd -> bbp entry for people. there is just too much friction for the non technical person. this is probably true of crytpo in general and sites like coinbase are addressing them. but going from btc to bbp and bbp to btc/usd is crucial for adoption. " -> This is just a generalization. We can go one of a million different directions and have success. In reality we have a very low bar technically and we are easier to use than most cryptos. Its easier to mine Biblepay than to learn how an asic works. Atomic swaps? Like shapeshift? We can integrate with anyone like shapeshift, since we have not polluted the RPC with any breaking changes. what i meant was converting bbp to btc. on CCEX the withdrawl fee is 200k satoshi. atomic swaps are cross chain exchanges without exchanges. https://www.cryptocompare.com/coins/guides/what-are-atomic-swaps/im wondering the derived code base supports that (or can support it in the future) |
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Hi Biblepay, Thank you for your enquiry. Firstly we would like to thank you for considering listing your coin on CoinExchange.io.Here are the requirements for new coin listings: For Bitcoin derived coins: Github source code URL Block explorer URL (required) Name of coin Ticker code of coin Website of coin if possible Square logo of at least 100 x 100 px (preferably transparent so it works with our dark theme also) For Ethereum ERC20 tokens: Contract address Token name Token ticker code Decimal positions Square logo of at least 100 x 100 px (preferably transparent so it works with our dark theme also) Link to contract on etherscan.io There is a 2 BTC fee for new coin additions to the BTC base market. There is an additional 0.5 BTC for each optional additional base market listing, for example COIN/ETH market. If there are future coin swaps which we will need to undertake there will be a 1 BTC fee per swap. Failure to inform us of a swap will result in instant de-listing. Due to a current overwhelmingly high demand for listing new coins and a large backlog the process may take up to 30 days from receipt of listing payment. Also please provide us with as much information as possible about your coin e.g., website, bitcointalk announcement, whitepaper, social media (twitter, facebook etc) etc. We reserve the right to select which coins we list what we chose to list on CoinExchange.io. Please be aware of our current removal policy - https://coinexchangeio.freshdesk.com/support/solutions/articles/9000132415-coin-removal-policy (we reserve the right to alter this at anytime). [small] If you are interested and would like to proceed please let us know and we will send you a payment address. Alternately let us know if you have any questions prior to making a decision. Sincerely, CoinExchange.io Support Team Ticket: https://coinexchangeio.freshdesk.com/helpdesk/tickets/1606116061:338026 [/small] =-=-=-=-=-=-=-=-=-=-=-= So CoinExchange.IO looks pretty bright, but its hard to convince any exchange to list us for free even though we sponsor orphans, seemingly because of the huge Asian crypto demand and backlog of new listings. (New coins are paying $25000 to get listed.) Anyway CoinExchange said they would list us for 2btc which is not TOO bad, but the only way we can afford it is if we pay for it out of the sanctuary PR budget. If the PR/p2p budget does not get approved, we could pay for it out of the IT budget, but this is a good example of what the PR budget could actually be used for. I am Completely against paying for anything out of the Orphan budget- I would not want us to lose 1 orphan unless we start falling behind naturally for 90 days due to market decline- (IE Id like us to keep that 10% tithe always untouched, even if the community takes over the coin in the future). The other problem is they want the 2btc up front. So we have to risk the funding ahead of time. I will email them and ask if we can spread it out over 12 payments. we definitely need a better exchange cause the 200k satoshi withdrawal amount is way to high. this exchange seems to be 50k which is more reasonable. their litecoin withdrawal is even better at 0.1. for biblepay to have any kind of success it needs an easy usd -> bbp entry for people. there is just too much friction for the non technical person. this is probably true of crytpo in general and sites like coinbase are addressing them. but going from btc to bbp and bbp to btc/usd is crucial for adoption. what is biblepay's ability to support atomic swaps? |
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i registered for the forum so i could vote. waiting approval. thanks |
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Has anyone been able to deposit USD funds into their C-CEX account recently? Would appreciate knowing what method you used. At https://c-cex.com ... "C-CEX codes let You transfer funds between C-CEX accounts instantly and without any commissions. C-CEX codes are great way to deposit Your USD to our exchange! Www.xmlgold.eu, money-change.biz and v-obmen.com are selling our C-CEX USD codes at reasonable prices with lot's of payment options. After C-CEX USD code purchased You can use it to fill Your account with USD instantly! The first two of the three links below don't work. After translating the third one at v-obmen.com into English I still can't figure out how to actually do it. Thanks! . . . I have bought bitcoins through localbitcoins in the past. But there may be ways of buying certain coins that are already trading at c-cex.com Anyone have the inside story about which coins are easy to buy with fiat? (coins traded at c-cex.com and said coins having enough liquidity that we could sell quickly to get btc, and then use btc to buy more biblepay coins. 1- buy coins that are traded at c-cex.com and pay with fiat or credit card or paypal 2- sell the coins at c-cex.com and get some btc 3- use that btc to buy more biblepay BBP coins at c-cex.com Biblepay BBP is traded with other coins and with USD at c-cex.com BIBLEPAY BBP TRADES WITH:
https://c-cex.com/?p=bbp-btc
https://c-cex.com/?lpm=usd&p=bbp-usd
https://c-cex.com/?lpm=ltc&p=bbp-ltc
https://c-cex.com/?lpm=doge&p=bbp-dogeHey developer, will you put those links into the op of this thread to let people know that biblepay is traded with BITCOIN, USD, LITECOIN, AND DOGECOIN? The trading is fairly light on those other coins and with USD so far, and the most volume is on the page that trades BBP for BTC https://c-cex.com/?p=bbp-btcDeveloper, we need to let people know how or where to buy BBP,
there needs to be a forum at forum.bibplepay.org for Trading or Exchange information to inform the public.
Or put links across the top of the forum, to important biblepay pages on the internet or to exchanges etc....this is very interesting. thanks you for this tip. i had no idea biblepay traded with litecoin and dogecoin. i was able to sell 1 biblepay coin for 0.25 dogecoin! YES THE CHILDREN CAN EAT DOGE FOOD TONIGHT! |
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hehe glad you enjoyed it. i guess i did the math right. crazy how this works i can see why the original intention of the project was to protect it from GPU miners as they can dominate the exchanges with huge quantities. the CPU only mining at least democratizes it here is a biblepay address BA8w2auD81XY8DdYX7n7RLsFAHSwBdkLrF |
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