BiblePay - New Coin Launch - Official Thread

[bible_pay]

Happy_Merchant, #8 on the rich list is the pool if you want to label it:

8   B9LeH2D3pxTHcssNhgBqseJekonk1q36w8   1136122.01253080   1.56

Thanks.

[bible_pay]

Maybe you could update this part of the OP:

EXCHANGES:

https://c-cex.com
PROPOSED TICKER: BBP
Exchange Go Live Date:  Approx. August 15th 2017

https://c-cex.com/?p=bbp-btc

Updated.

[civilufo]

I can see a lot of giant computers mining with very high hashrate in pool. The hashrate really surprised me. I remember dev mentioned before that the pool still lock to 24 threads per worker. So, those computer are amd ryden?

[bible_pay]

Good Morning all-

I'm heading to the east coast in a few minutes, but I wanted to give a quick update on today's monthly sponsorship benefit auction.

The liquidity held up very well, we sold 7.2 million BBP for $2,812 USD, successfully converting it to USD with an approximate benefit to 74 new orphans.

I just added two new pieces of UI to the pool to show the activity (note: in the long term this will be moved to the orphan subdomain) but for now shows our progress. (See the Orphan reports after logging in).

The first report shows the results of the auction.

The second report shows the actively sponsored orphans - so far we only have two, because of time limitations, but you should see the list grow
 to 74 while Im on vacation.

Have a great day.

[seasonw]

Good Morning all-

I'm heading to the east coast in a few minutes, but I wanted to give a quick update on today's monthly sponsorship benefit auction.

The liquidity held up very well, we sold 7.2 million BBP for $2,812 USD, successfully converting it to USD with an approximate benefit to 74 new orphans.

I just added two new pieces of UI to the pool to show the activity (note: in the long term this will be moved to the orphan subdomain) but for now shows our progress. (See the Orphan reports after logging in).

The first report shows the results of the auction.

The second report shows the actively sponsored orphans - so far we only have two, because of time limitations, but you should see the list grow
 to 74 while Im on vacation.

Have a great day.

Yupe, I saw it in the pool. Good to know the information about this orphan project.

[togoshigekata]

Biblepay - Active Sponsored Orphans List

Orphan ID --- Name ----------------------Monthly Commitment -- URL

07652065 --- Mohamed Seid ------------------- 38.00 --- https://www.compassion.com/cart/needbiopopup.aspx?gid=07652065 ---- BIRTHDAY TODAY!

06991060 --- Aylin Elizabeth Ramos Medina -- 38.00 ---- https://www.compassion.com/cart/needbiopopup.aspx?gid=06991060

====

Great work BiblePay team!, this is a fantastic project!, many more orphans will be sponsored!

====

Main Info Page:
https://bitcointalk.org/index.php?topic=2042657.0

Website:
http://biblepay.org/

CCEX Exchange:
https://c-cex.com/?p=bbp-btc

Pool:
http://pool.biblepay.org/

Pool Testing:
https://bitcointalk.org/index.php?topic=2070177.new#new

Compassion Chairty:
https://www.compassion.com/
https://en.wikipedia.org/wiki/Compassion_International
https://www.charitynavigator.org/index.cfm?bay=search.summary&orgid=3555

This charity has fantastic ratings!

[happy_merchant]

Happy_Merchant, #8 on the rich list is the pool if you want to label it:

8   B9LeH2D3pxTHcssNhgBqseJekonk1q36w8   1136122.01253080   1.56

Thanks.

Done.

Great work on the charity. That's a huge turnout for the first month. Can't wait to see how much we're raising a year from now.

[deepcryptomine]

Hi

Just wanted to say this is a great project helping people and really good work on the coin and the pool. I just started mining yesterday and didn't encounter any issues. Wallet and pool worked perfectly and it is still mining after almost 16 hours straight.

This coin is new but you already made a difference by helping 74 orphans so far. I will help out anyways I can.

Thanks

[jaapgvk]

My thought would be along these same lines.

According to https://support.compassion.com/compassion/topics/can-i-pay-in-advance-for-the-entire-year-of-sponsorship, it is possible to pay any number of months in advance.

I would think it best, due to the uncertain markets that instead of selling every batch of $40 once per month on the markets you instead offer the entire batch once per week internally to the users at market rate or slightly higher.  Then you avoid the TX fees of the exchanges and I for one would be willing to pay slightly more to enrich the program rather than the money lenders in the temple.  You could basically say (on the biblepay site or via some core functionality) "The August 1st week lot is up, it is 55,000 BBL, market rate is 9 satoshi/BBL, this lot goes to the first offer of at least 605,000 satoshi or will be sold at exchange on tomorrow"

Then, if there was enough to sponsor one child for their entire remaining term, that be done.  Otherwise, that money would float to the next week and the additional funds from that sale added...so on, and so forth until the entire term could be paid at once, minimizing the risk of starting a sponsorship that could not be completed.

I agree. No one can tell what the value of this coin will be at any point in time, so it is unpredictable if the orphan-fund can have a steady (or growing) income from the monthly dump. An auction would also have the added benefit that it won't drive the marketprice down. Because with the current low volume on c-cex, the dump drove the price down (it went down to 7 satoshi), and thus the total payout is lower than it could be. Or maybe it's better to sell the coins in increments.

I also like the idea of paying the entire term in one go, thus eliminating the risk of dropped orphans, but I don't know if that's possible in practice.

Anyway, I really like being part of this community. Good vibes

[silvestar]

Wow I like seeing such projects. I've been reading the forum and I also liked the idea of buffering. I don't get it when people get obsessed with religious connotations. Here's something good I mean, shut up and support it! 

[Slkp]

is pool already work with main chain?

[happy_merchant]

is pool already work with main chain?

You can currently pool mine on main, but it's still officially considered in testing as far as I'm aware so don't be too shocked if you run into an issue now and then.

[Charloz24]

Thanks for the update about the monthly coin auction. That is a really good start for the first month if it could improve the life of 70+ orphans. I really hope the project will gain traction months after months and help more and more orphans.

[happy_merchant]

Just doing some really rough estimates here, the pool is averaging around 30% of the blocks over the past couple hundred blocks. I'm not really sure what number to go by to get the most accurate pool hashrate, but it's somewhere between 25 MH/s and 34 MH/s, I'll just say 30 MH/s to keep the numbers simple. That would put the actual network hashrate around 100 MH/s, give or take ~15 MH/s.

So, it's definitely much higher than reported by older versions of Biblepay (13 MH/s), and probably a bit lower than what's being reported by 1.0.2.2 (214 MH/s).

[zerote000]

Just doing some really rough estimates here, the pool is averaging around 30% of the blocks over the past couple hundred blocks. I'm not really sure what number to go by to get the most accurate pool hashrate, but it's somewhere between 25 MH/s and 34 MH/s, I'll just say 30 MH/s to keep the numbers simple. That would put the actual network hashrate around 100 MH/s, give or take ~15 MH/s.

So, it's definitely much higher than reported by older versions of Biblepay (13 MH/s), and probably a bit lower than what's being reported by 1.0.2.2 (214 MH/s).

The reported hashrate in BiblePay 1.0.2.2 swings up and down. Two and a half hours ago, it reported 138 MH/s, 6 hours ago 119 MH/s, 7 hours ago 232 MH/s.

[royalempire]

Is this coin related to any religion, if yes - can you explain why? please.. is this a fund raising coin for the church? can u give some beneficiary of this coin?

[togoshigekata]

10% of coins mined every month are collected, sold and used for sponsoring orphans

Compassion International:  https://www.compassion.com/

orphan - "a child whose parents are dead or have permanently abandoned the child"

[Ginzink]

Is this coin related to any religion, if yes - can you explain why? please.. is this a fund raising coin for the church? can u give some beneficiary of this coin?

The coin hashing is based on the bible. But the fundraising goes to children not some church. If it went to a church i would not like the project enough to support it.

[inblue]

orphan - "a child whose parents are dead or have permanently abandoned the child"

That's what I also thought orphans are, but when you examine the active sponsored orphans list, for all of them it says "Mother is living with child", and for some even both parents are living with them. I thought the orphans lived in an orphanage. Surely I must be missing something.

Edit: I looked at the Compassion website and it mostly refers to them as children in need or similar, so maybe a different nomenclature should be used in Biblepay, because the current one could be misleading.

[seasonw]

My thought would be along these same lines.

According to https://support.compassion.com/compassion/topics/can-i-pay-in-advance-for-the-entire-year-of-sponsorship, it is possible to pay any number of months in advance.

I would think it best, due to the uncertain markets that instead of selling every batch of $40 once per month on the markets you instead offer the entire batch once per week internally to the users at market rate or slightly higher.  Then you avoid the TX fees of the exchanges and I for one would be willing to pay slightly more to enrich the program rather than the money lenders in the temple.  You could basically say (on the biblepay site or via some core functionality) "The August 1st week lot is up, it is 55,000 BBL, market rate is 9 satoshi/BBL, this lot goes to the first offer of at least 605,000 satoshi or will be sold at exchange on tomorrow"

Then, if there was enough to sponsor one child for their entire remaining term, that be done.  Otherwise, that money would float to the next week and the additional funds from that sale added...so on, and so forth until the entire term could be paid at once, minimizing the risk of starting a sponsorship that could not be completed.

I agree. No one can tell what the value of this coin will be at any point in time, so it is unpredictable if the orphan-fund can have a steady (or growing) income from the monthly dump. An auction would also have the added benefit that it won't drive the marketprice down. Because with the current low volume on c-cex, the dump drove the price down (it went down to 7 satoshi), and thus the total payout is lower than it could be. Or maybe it's better to sell the coins in increments.

I also like the idea of paying the entire term in one go, thus eliminating the risk of dropped orphans, but I don't know if that's possible in practice.

Anyway, I really like being part of this community. Good vibes

I thought dev was going to auction coins for orphan, because I saw the word "auction" there. Or maybe the auction system not ready yet?

Yes, I agreed that sold the huge coins to market will dump the price.