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1184
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Economy / Scam Accusations / Medic Coin Scam? Hidden 30% Premine used for Masternodes?
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on: February 18, 2018, 12:04:22 AM
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MEDIC Coin had a 30%+ Premine, but do not state this fact in their original post, github, or website. Bitcointalk OP: https://bitcointalk.org/index.php?topic=2753447.0Github: https://github.com/MEDICCOIN/MedicCoin/blob/master/README.mdWebsite: https://mediccoin.com/The first 1,500 blocks paid out 100,000 MEDIC each, totaling 150 million MEDIC out of the total supply of 500 million MEDIC 150/500 = 30% premine === Proof: Starting January 3rd: Block 1 through 1,500 - 100,000 MEDIC reward per block Block 1: https://explorer.mediccoin.com/block/974c66768a079b1ddc38613e6733cba24470c7b50c7ccae64240e42178aedf9dBlock 1,500: https://explorer.mediccoin.com/block/94f0a3c3c479ff8cc8f525a50dfa8d5490dc96c7293dc62a105e307c2f7863c2(Just type in block number into explorer to check each block) Block 1,501 - Standard 199 per block reward https://explorer.mediccoin.com/block/47449755c00f525970673e4abcf07be53a82a4917ed60c2cfd393ebb73278dffMedic Coin wasn't announced on Bitcointalk until January 14th, Blocks 1,501 through 22,000+ were also mined between January 3rd and January 14th launch time. === How many of these coins were turned into Masternodes? https://masternodes.online/currencies/MEDIC/There are only 45 masternodes currently They reward 80% block rewards to Masternodes The 4th block mined was used to create a Masternode: https://explorer.mediccoin.com/tx/0624c5eae9e0d5c591b86e03d70cbc73eac0b1f8b9ebf7fc03097d61c30d7b4bhttps://explorer.mediccoin.com/address/MCbkypXP6rpoyiHjkHHCCcU39p8XDuMLpEhttps://explorer.mediccoin.com/tx/da48bc0873d74e5a5f1d2e9798bc15a7c56fb6dccf3cdea6ba33946de095a240https://explorer.mediccoin.com/address/MGqGDS4oLmKhrWXRb3gros2RoxPMrNexqW (Can see the 159 coin (80% of 199) reward payments) How many masternodes were created with their premine coins? Can anyone do more analysis? === "Maybe some els also have concern about 30% premine and 10 days of mining before public launch on discord, they banned me. They only answer they gave me was that they needed premine to test the network... Hmm wonder what testnet is for" -NorwegianNoob (January 14th) https://bitcointalk.org/index.php?topic=2753447.msg28141960#msg28141960"it is already mined 25,000 block" -bgonuller (January 14th) https://bitcointalk.org/index.php?topic=2753447.msg28142579#msg28142579"We have products so we need 30% to pay for it. Our Medic EMR, Medic Phone Telemedicine app, and a team of developers, marketers, and philanthropists need money to work. Other ICO keeps 100% of the money. We gave away 70% so that is fair. This is not just a coin, but a masternode coin with products and people." -bitcoin9999 (January 14th) https://bitcointalk.org/index.php?topic=2753447.msg28143386#msg28143386 |
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1185
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: BiblePay | Masternodes | Sanctuaries | POBH - ASIC Resistant | 10% ORPHANS
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on: February 17, 2018, 09:51:44 PM
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Im a little late, but my understanding is that if we request too many coins from the budget,
the budget will only pay out the proposals with the most yes votes (pays out in descending order of yes votes),
is that correct?
If we request too many, the budget will not be converted and approved as a superblock (the chain will fail with Superblock amount too big). We need to be careful to not insert too many proposals into the next budget next time. We basically voted in an invalid budget. bin/watchman.py Line 94: proposals = Proposal.approved_and_ranked(...) Line 98: sb = dashlib.create_superblock(proposals, event_block_height, budget_max, sb_epoch_time) https://github.com/biblepay/watchman/blob/c6f4cdc831b45019b1f7b3b6ce99100b5fa7086f/bin/watchman.py#L94lib/models.py approved_and_ranked() "return all approved proposals, in order of descending vote count" https://github.com/biblepay/watchman/blob/e944d85fe5edc89d0ad4459c2428127cbc3b4d16/lib/models.py#L338lib/biblepaylib.py create_superblock() Line 105: if (budget_allocated + proposal.payment_amount) > budget_max: "# skip proposals that are too expensive..." https://github.com/biblepay/watchman/blob/c6f4cdc831b45019b1f7b3b6ce99100b5fa7086f/lib/biblepaylib.py#L89So to me it looks like watchman, sorts the proposals before sending them to create in the superblock and in the superblock creation the proposals get added up 1 by 1 unless they go over the budget limit at which point they get skipped What was the error that you saw exactly Rob? Im interested to dig into this  If the above is correct, then it should have theoretically skipped the passing proposals that went over budget with the least amount of votes, specifically the PR Communications Marketing proposal I think, I believe it had the least amount of votes |
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1189
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Economy / Scam Accusations / Re: Is Biblepay a scam? Ponzi scheme using the Bible + orphans as its cover?
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on: February 17, 2018, 07:03:10 AM
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BiblePay is definitely a legitimate project The project is currently sponsoring 326 Orphans Monthly! Anyone can contact Compassion International to confirm the Orphan sponsorships: https://www.reddit.com/r/BiblePay/comments/7dtwx8/compassion_charity_accountability/https://bitcointalk.org/index.php?topic=2388064.msg39981340#msg3998134010% of mined coins go to Charity, which means 10% of coins have to be sold on the exchange to pay the Charities in dollars for the sponsorships There was no premine, no instamine, the project was posted publicly in the bitcointalk forum at launch: https://bitcointalk.org/index.php?topic=2042657.0The full block history can be viewed on the Explorer: http://explorer.biblepay.orghttps://explorebiblepay.com/Can search every block number Jesus coin is a bad comparison, they are a joke coin, just look at their website: https://jesuscoin.network/In addition to our Charity aspect, we reward users for: - Writing Orphan Letters - Reading, Listening and Watching Gospel Links - and a BiblePay University feature is in development (Currently rewards users for taking quizzes on their knowledge of Christianity) The Masternode system gives us InstantSend, PrivateSend, Governance and Monthly Budget abilities https://dashpay.atlassian.net/wiki/spaces/DOC/pages/8585240/Understanding+the+Governance+and+Budget+SystemStarting out on the exchanges, an investor could get enough coins for a Masternode with 0.1-0.2 Bitcoin and that is back when Bitcoin was worth $4-6k Rapture, a newer Christian coin, auctioned 5 of their masternodes for 2 Bitcoin each Medic coin, a newer coin also, started with masternodes that cost $30-40k each Im not sure how much more legitimate BiblePay could be, Now Rob the creator is anonymous, and that is okay, a lot of people and developers in the cryptocurrency space are anonymous, even Bitcoin developers, even you coinpimp321 are anonymous. BiblePay also has a Cancer Research mining feature, so instead of miners solving random cryptographic puzzles, they will actually contribute to science to help cure cancer! BiblePay is growing and I believe it will become the #1 Charity coin and potentially help sponsor millions of orphans around the world. Let me know if there are any other concerns you have. Have a wonderful day!, Togo |
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1191
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: BiblePay | Masternodes | Sanctuaries | POBH - ASIC Resistant | 10% ORPHANS
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on: February 17, 2018, 05:09:35 AM
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Hello guys......any price predictions during the next 2 months or long term on biblepay? Any new exchanges coming? I think thats the only thing holding this great looking project at such a low price right now.
Well in theory, in an efficient market, the mining price breakeven is supposed to act as a floor on prices. So to give you some idea of what that is currently, running a 120V server drawing 2.25-2.5A steady state mining biblepay is conservatively using 300 Watts. So over 1 day, (300W*24)/1000 is 7.2KWh per day. My cost for electricity is below most people's although not the cheapest, at .067 per KWh. So that is approximately .48 per day to run the server. On good days, I get about 33.3 biblepay per day per machine. That is .48/33.3 cost per biblepay which works out to .0144 per biblepay. Right now, per coinmarketcap, the price of bbp is .004075. So in an efficient market, miners should cut back mining and instead buy biblepay up to .0144, which is about 3.5 times higher than the current price. Additionally, another pool was just added which probably reduced the original pool hashpower and reduced the frequency of found blocks so the breakevens are probably on their way higher. So in short, right now mining is an expensive way to finance acquisition of biblepay. As for VPS, $5 per month with an expected mining rate of 14 bbp per day implies 5/(14*30) which is a breakeven of .012. Some people might have different expectations for their mining rate, but that is at least ballpark of what I have observed recently. It fluctuates daily, but usually the breakevens creep higher. The problem is that if there is a botnet mining for free, it is taking hashpower, taking blocks and selling bbp on the market lowering the price compared to their free cost of electicity. (I don't know for sure this is what is happening, but is bad if it is.) Taking blocks from the pool lowers payout and raises breakevens, so it is important that if there is a botnet mining for free that we get rid of it. That is a super interesting analysis aikida3k! Great insight into the miners perspective, I guess the other part of that is the 40% Masternodes and 20% Budget (in addition to the 40% Miners), At least half the budget will always be sold to pay for Charity expenses and probably other proposals will sell their coins to fund other expenses and there are maybe some Masternodes selling their rewards as well |
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1193
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Alternate cryptocurrencies / Speculation (Altcoins) / Re: Long Term Invests
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on: February 17, 2018, 12:21:29 AM
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BiblePay (BBP)- 10% mined coins always go to Charity (already sponsoring 180+ Orphans monthly) - ASIC-Resistant like Vertcoin/Groestlcoin (CPU Mining Only) - fork of DASH (Masternode Governance, Proposals & Voting), 10% Monthly Budget for IT/PR/P2P Live - Proof of BibleHash (POBh) algorithm, All Nodes are Full Nodes Launched July 23rd 2017, Market Cap $1-2 million https://bitcointalk.org/index.php?topic=2388064.0IN DEVELOPMENT: Partnering with Rosetta@home to cure cancer with mining cycles!
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