BiblePay - New Coin Launch - Official Thread

[nananaminer]

http://pasteboard.co/GMOVrAq.jpg

Is something wrong on the pool, or something change after 10k block. Miners raports only 1-2 shares and reset to 0.

I'm experiencing the same thing. Number of shares down by one third and the workers resets the mining after that.

[oliwer21]

bible_pay can you explain what HPS is important for mining?  1st or 2nd?

HPS is the theory on your computer's Hash Per Second.   HPS2 is the effective hash rate you are achieving based on the number of shares you find.

@ maybe bible_pay explain us how they are connected cuz my last score hps=23k and my hps2=3k?

[seeksilence]

Some dramatic change in the pool reward algorithm?

[bible_pay]

Please let question.

The schedule is here: (205 blocks per day, 7 minute block targets):

Code:

        // 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:  2045, Subsidy: 1046,  Emission: 78318973,   Grand Total: 14 260 129 248
	// Year:  2050, Subsidy: 618,   Emission: 46246570,   Grand Total: 14 548 780 867

Is the schedule out of the current blocks?

The block reward breakdown is as follows:

100 Reward (example)
10 : Charity (sponsoring orphans, 100% goes to the orphans)
10 : MasterNode network (goes live at Christmas of 2017 - allows for rewards for running full sanctuary nodes, allows the coin to become a Charitable DAO organization, fully running by the community itself)
(Note this is 0 for the first 40000 blocks)
80 : Block Subsidy to the Node who mined the block using POB

Is MasterNode started from the 40000 blocks? When is it?

The schedule was estimated based on Jan 1 2017 but in reality we started Aug 2017, so reality is lagging behind the schedule.  Also, we emit less due to a high diff and due to our block rate lagging behind.  

The sanctuaries go live at Christmas 2017.  Block 40,000 will be readjusted with the correct block.

[bible_pay]

Is something wrong on the pool, or something change after 10k block. Miners raports only 1-2 shares and reset to 0.

Yeah, you have found a problem, researching now...

[bible_pay]

Is something wrong on the pool, or something change after 10k block. Miners raports only 1-2 shares and reset to 0.

It looks like what happened was at block 10,000, the pool started treating 90% of the shares submitted as stale due to a bug.

The bug has been resolved.

This affected 14 paid blocks.


I credited every pool miner with 20* the estimated shortpay amount.  You can see the credit in the Transaction Log report.

[macko20]

http://pasteboard.co/GMOVrAq.jpg

Is something wrong on the pool, or something change after 10k block. Miners raports only 1-2 shares and reset to 0.

It looks like what happened was at block 10,000, the pool started treating 90% of the shares submitted as stale due to a bug.

The bug has been resolved.

This affected 14 paid blocks.


I credited every pool miner with 20* the estimated shortpay amount.  You can see the credit in the Transaction Log report.

Yes, everything is ok.

Good job Bible_pay

[calxibe]

Anything wrong with the payout from http://pool.biblepay.org/ ?

I did a withdraw 15minutes ago, still haven't arrived at my wallet. This usualy goes asap...

[calxibe]

Anything wrong with the payout from http://pool.biblepay.org/ ?

I did a withdraw 15minutes ago, still haven't arrived at my wallet. This usualy goes asap...

Never mind, got them now. Just a unusual delay...

[bible_pay]

Is something wrong on the pool, or something change after 10k block. Miners raports only 1-2 shares and reset to 0.

It looks like what happened was at block 10,000, the pool started treating 90% of the shares submitted as stale due to a bug.

The bug has been resolved.

This affected 14 paid blocks.


I credited every pool miner with 20* the estimated shortpay amount.  You can see the credit in the Transaction Log report.

Yes, everything is ok.

Good job Bible_pay

Btw all, to see the Mining_Credit click "Reports | Transaction History" and search the page for "BLOCK_10K".

[bible_pay]

Regarding Sanctuaries at Christmas:

Ive been thinking of the economics for the sanctuary reward, and Id like to make one final change before Christmas to the parameters so there are no surprises:

Id like to give masternodes 50% of the block reward, 10% to our sactuary DAO budget for charity items, and 5% to our DAO IT budget, leaving 35% for the miner who mined the block.

This decision was based on the spirit that we are not a mining organization we are a DAC - Decentralized Autonomous Charitable Org, seeking a place in the Top 5 on coinmarketcap, once we establish our "VAR" for the blockchain.  Another words, this coin is not promoting a larger mining rat-race, its trying to place the onus on service.  With a lower mining reward and higher sactuary reward, more serious partners will invest in the idea and have a true stake in the outcome of biblepay, and be more committed to running a sanctuary and keeping up with its duties (rather than be in this for profit and to jump ship when the price goes up).

I think that we can then focus on adding more features and services to our masternode codebase, that make a niche for BiblePay.  Something along the lines of a built in bitcoin blockchain (in the masternodes only) that offers a payment gateway, or an exchange gateway for example, or a c# gateway (IE port Stratis into biblepay or biblepay to stratis).  The payment gateway might handle debits/credits for storefronts or credit cards while the instant exchange allows in-wallet bitcoin-biblepay exchanges, or possibly in wallet trading, etc.  We need something that propels biblepay to the top 50 and allows us to rise to the top 5.

[macko20]

BB2BwSbDCqCqNsfc7FgWFJn4sRgnUt4tsM is the Orphan Foundations wallet?

[bible_pay]

BB2BwSbDCqCqNsfc7FgWFJn4sRgnUt4tsM is the Orphan Foundations wallet?

Yes, Happy labeled it labeled here:

http://biblepay.inspect.network/richlist

#39 on the list.

[macko20]

BB2BwSbDCqCqNsfc7FgWFJn4sRgnUt4tsM is the Orphan Foundations wallet?

Yes, Happy labeled it labeled here:

http://biblepay.inspect.network/richlist

#39 on the list.

https://pasteboard.co/GMW0PJQ.png

from 10k bug.

Few coins doesn`t matter, important is that the pool is working propably.

[BTCmax24]

For others, I had an idea about the block history page - would it be possible to display just a small table of blocks where the rows would open a modal window on click (like the others you use on the site) where you can see more details and a full list of miners for that block, like know.

So basically, the small table would only have one row per one block, and it would contain the following columns: height, subsidy, PPH and time. This data is anyway always the same for one block and now it's being repeated a lot in the big table, needlessly. Then when you click on a row of a certain block, you would see the list of miners with all the other data.

This way the page would be much smaller and faster to load, assuming the modal windows are only loaded on request (click on row). Especially because a lot of the times for example I want to take a quick look only at the last mined block details.

[616westwarmoth]

Regarding Sanctuaries at Christmas:

Ive been thinking of the economics for the sanctuary reward, and Id like to make one final change before Christmas to the parameters so there are no surprises:

Id like to give masternodes 50% of the block reward, 10% to our sactuary DAO budget for charity items, and 5% to our DAO IT budget, leaving 35% for the miner who mined the block.

This decision was based on the spirit that we are not a mining organization we are a DAC - Decentralized Autonomous Charitable Org, seeking a place in the Top 5 on coinmarketcap, once we establish our "VAR" for the blockchain.  Another words, this coin is not promoting a larger mining rat-race, its trying to place the onus on service.  With a lower mining reward and higher sactuary reward, more serious partners will invest in the idea and have a true stake in the outcome of biblepay, and be more committed to running a sanctuary and keeping up with its duties (rather than be in this for profit and to jump ship when the price goes up).

I think that we can then focus on adding more features and services to our masternode codebase, that make a niche for BiblePay.  Something along the lines of a built in bitcoin blockchain (in the masternodes only) that offers a payment gateway, or an exchange gateway for example, or a c# gateway (IE port Stratis into biblepay or biblepay to stratis).  The payment gateway might handle debits/credits for storefronts or credit cards while the instant exchange allows in-wallet bitcoin-biblepay exchanges, or possibly in wallet trading, etc.  We need something that propels biblepay to the top 50 and allows us to rise to the top 5.

I would think splitting between miners and masternodes would be equitable.  42.5% miner, 42.5% masternode, 10% Charity DAO, 5% IT DAO.  Regardless of what you decide, making the decision this far in advance should be fair to everyone.  It gives miners the chance to realize rewards will be reduced far more than they originally thought, give potential masternoder's time to start preparing for the larger duties and share.

One other thought that I did have regards the Orphan Fund.  With the Orphan Fund being such a big amount of coins sold at once, it creates tremendous waves in the market.  I believe until the Charity DAO is able to fully vote on things, you cap the number of sponsored orphans and then only sell enough to cover their sponsorship and not expand until after the first of the year.

[inblue]

One other thought that I did have regards the Orphan Fund.  With the Orphan Fund being such a big amount of coins sold at once, it creates tremendous waves in the market.  I believe until the Charity DAO is able to fully vote on things, you cap the number of sponsored orphans and then only sell enough to cover their sponsorship and not expand until after the first of the year.

Would that still be an issue if the coins were sold every week or even every day?

[bible_pay]

Regarding Sanctuaries at Christmas:

Ive been thinking of the economics for the sanctuary reward, and Id like to make one final change before Christmas to the parameters so there are no surprises:

Id like to give masternodes 50% of the block reward, 10% to our sactuary DAO budget for charity items, and 5% to our DAO IT budget, leaving 35% for the miner who mined the block.

This decision was based on the spirit that we are not a mining organization we are a DAC - Decentralized Autonomous Charitable Org, seeking a place in the Top 5 on coinmarketcap, once we establish our "VAR" for the blockchain.  Another words, this coin is not promoting a larger mining rat-race, its trying to place the onus on service.  With a lower mining reward and higher sactuary reward, more serious partners will invest in the idea and have a true stake in the outcome of biblepay, and be more committed to running a sanctuary and keeping up with its duties (rather than be in this for profit and to jump ship when the price goes up).

I think that we can then focus on adding more features and services to our masternode codebase, that make a niche for BiblePay.  Something along the lines of a built in bitcoin blockchain (in the masternodes only) that offers a payment gateway, or an exchange gateway for example, or a c# gateway (IE port Stratis into biblepay or biblepay to stratis).  The payment gateway might handle debits/credits for storefronts or credit cards while the instant exchange allows in-wallet bitcoin-biblepay exchanges, or possibly in wallet trading, etc.  We need something that propels biblepay to the top 50 and allows us to rise to the top 5.

I would think splitting between miners and masternodes would be equitable.  42.5% miner, 42.5% masternode, 10% Charity DAO, 5% IT DAO.  Regardless of what you decide, making the decision this far in advance should be fair to everyone.  It gives miners the chance to realize rewards will be reduced far more than they originally thought, give potential masternoder's time to start preparing for the larger duties and share.

One other thought that I did have regards the Orphan Fund.  With the Orphan Fund being such a big amount of coins sold at once, it creates tremendous waves in the market.  I believe until the Charity DAO is able to fully vote on things, you cap the number of sponsored orphans and then only sell enough to cover their sponsorship and not expand until after the first of the year.

No need to make any changes for such a short time period - we are going live towards the end of year.

What we need is more buyers.

Btw, we do sell the orphan wallet every week now.

Lets focus on the big issues now, ideas that carve out a niche for us. 

Im going to start inviting members into the slack team tonight.   So far, I know we need:

- General Cryptocoin c++ Developers
- Developer that has zeal for finding security bugs in BBP and BTC. 
- Developer that wants to take Dash and BTC recent commits, and merge them into BBP.  This is a highly technical position requiring BTC or crypto experience.
- Web developer to make Biblepay web presence better (The web site, Not the pool, I can handle the pool myself for now)
- PR Manager, launching PR campaigs, faucet, etc
- Twitter, Facebook / Social Media Manager
- Operations & Charity management
- Tech Support (Helps resolve users issues with mining, wallet setup, etc)
- Technical Writer for documents

[bible_pay]

Regarding Sanctuaries at Christmas:

Ive been thinking of the economics for the sanctuary reward, and Id like to make one final change before Christmas to the parameters so there are no surprises:

Id like to give masternodes 50% of the block reward, 10% to our sactuary DAO budget for charity items, and 5% to our DAO IT budget, leaving 35% for the miner who mined the block.

This decision was based on the spirit that we are not a mining organization we are a DAC - Decentralized Autonomous Charitable Org, seeking a place in the Top 5 on coinmarketcap, once we establish our "VAR" for the blockchain.  Another words, this coin is not promoting a larger mining rat-race, its trying to place the onus on service.  With a lower mining reward and higher sactuary reward, more serious partners will invest in the idea and have a true stake in the outcome of biblepay, and be more committed to running a sanctuary and keeping up with its duties (rather than be in this for profit and to jump ship when the price goes up).

I think that we can then focus on adding more features and services to our masternode codebase, that make a niche for BiblePay.  Something along the lines of a built in bitcoin blockchain (in the masternodes only) that offers a payment gateway, or an exchange gateway for example, or a c# gateway (IE port Stratis into biblepay or biblepay to stratis).  The payment gateway might handle debits/credits for storefronts or credit cards while the instant exchange allows in-wallet bitcoin-biblepay exchanges, or possibly in wallet trading, etc.  We need something that propels biblepay to the top 50 and allows us to rise to the top 5.

I would think splitting between miners and masternodes would be equitable.  42.5% miner, 42.5% masternode, 10% Charity DAO, 5% IT DAO.  Regardless of what you decide, making the decision this far in advance should be fair to everyone.  It gives miners the chance to realize rewards will be reduced far more than they originally thought, give potential masternoder's time to start preparing for the larger duties and share.

One other thought that I did have regards the Orphan Fund.  With the Orphan Fund being such a big amount of coins sold at once, it creates tremendous waves in the market.  I believe until the Charity DAO is able to fully vote on things, you cap the number of sponsored orphans and then only sell enough to cover their sponsorship and not expand until after the first of the year.

Oh but one more very important thing, while we are finalizing the settings, I think we should update our deflationary setting to give it just a little more impact on the market when sactuaries go live.

Lets change the deflation level to 1.5% deflation compounded monthly, instead of 10% compounded annually as it is now.  That should give the investor a little more incentive to hold dollars in BBP vs native currency, and still show our commitment to be in this for the long term. 

And then we have to make sure after that mandatory, we are committed to service and carving out our niche.  I just thought of a Huge idea today, but it will take a while to create a technical document to share it in order to explain it.

[bible_pay]

Regarding the Masternode Sanctuary Payout.

I second the opinion that masternode rewards should be a higher portion of the network reward and heres my reasoning:

Miners come and go, they mine the most profitable coin to mine as profit motive and then dump.

With masternodes, the coin becomes both a product and a service as holding the coin not only generates more into circulation while creating scarcity in supply.

An increase to 30-40% reward from the masternode would provide an incredible increase in the longevity of the network's health as you will see that as miners begin to flee after halvenings, masternode holdings will increase and reinforcing the network.

The other thing is with too many miners we don't want to put the network in a position where a great exodus of miners renders the charitable DAO inefficient. You may come to the conclusion that a pure proof of stake system may the best in the long run for this network.

Increasing masternode rewards to be equal or slightly less than miner payouts would be great, because now these miners will want to hold their coins long term instead of selling to market to repay their mining costs.

++ I like your thinking.
On the POS, I dont think we want to go that route as then it would diminish our PoBh algorithm, but, I think that giving half of the block to the sanctuary is actually another 'form' of POS - as those invested in a sanctuary are similar in form to a POS holder.  Besides with half going to the miner, we can still attract the excitement of mining also.  And make the PoBh better until its stronger.  The masternode could potentially in the future help enforce the POBH possibly by handing out some type of mining voucher to CPUs.