BiblePay - New Coin Launch - Official Thread

[happy_merchant]

Also, I don't think it's bad to have different wallets on multiple pool mining computers. I actually consider that much safer, because I think a greater chance could be someone stealing your funds from a computer you're not physically supervising all the time (cloud vps, friend's computer etc.), especially if the wallet is not encrypted. But for your scenario, first the small chance to revert to solo mining needs to happen, then probably even a smaller chance to solo find a block nowadays, then to not notice that you're not pool mining anymore (not see that you are not in the leaderboard, not check the mininginfo), and to never check the balance of the wallet.

Maybe safer wasn't the right word. I just mean that if you have dozens of workers, it'd be a pain to go through each one in the event that the pool went down and check them for balances. It's the same in terms of private key safety either way, since the wallet on all your mining rigs would be encrypted (you can mine on a locked wallet just fine, only have to unlock to send).

[oli123]

At the beginning i mined several blocks. I had 100,000 coins. I've already sold them at c-cex.com. I was lucky mined solo. What are your experiences with pool.biblepay.org? I have a i7 920 cpu (x5650 I can use) Now it's already hard to get blocks from solo mining and that's why I want to try to use the pool. How much coins do you mine per day and and which CPU you use ?

[616westwarmoth]

Workerids are unique, you can't register my registered workerid to your pool account. But you can mine for someone else's worker, which I think may be a huge problem now when the threads are limited, because someone could just kick out of the pool anyone not anonymous by simply mining with a few more threads on their workerid and cause them to go over the limit which will have them revert to solo mining.

This is why I just changed to anonymous and changed my workerids.

Ahh, didn't realize they were unique, guess I shouldn't get rid of laptop01 and desktop01 for more descriptive names then   Thanks for the education, that should save a lot of grief when I set up another box!

I'll start a CPU database if anyone wants to send me a PM with their stats I'll add them...

https://docs.google.com/spreadsheets/d/19OY0oFdlqrGIxdPIx-qMKnSk-rzGcpAupsxN-is0nlc/edit?usp=sharing

[tiras]

>>Deflationary
>> 10% goes to high efficiency charities


can you explain what this means ?    is it 10 % deducted  yearly from all wallets balances for charity ?

[616westwarmoth]

>>Deflationary
>> 10% goes to high efficiency charities

can you explain what this means ?    is it 10 % deducted  yearly from all wallets balances for charity ?

Right now, every block mined produces 20,000 BBP, 18,000 BBP or 90% goes to the miner (or pool of miners) and 2000 BBP or 10% goes towards the "Orphan fund" which currently is set to support Compassion.com by sponsoring children there via a monthly sale from the "Orphan fund".  Around the first of the year, the block reward drops to 18,000, which will be split 80% miner/pool (14,400 BBP), 10% "Orphan fund" (1800 BBP) and 10% Santuaries, i.e. Masternodes (1800 BBP).  The Santuaries will then administer the "Orphan fund"

[togoshigekata]

CIRCULATION CHARACTERISTIC: DEFLATIONARY
CIRCULATION RATE: DECREASE BY 10% PER YEAR
TOTAL CIRCULATION: 14.5 BILLION BY 2050, DECREASING BY 10% PER YEAR

// 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:  2020, Subsidy: 14580, Emission: 1090948500, Grand Total: 5 146 463 500
   // Year:  2021, Subsidy: 13122, Emission: 981853650,  Grand Total: 6 128 317 150
   // Year:  2025, Subsidy: 8609,  Emission: 644194179,  Grand Total: 9 167 252 382
   // Year:  2030, Subsidy: 5083,  Emission: 380390221,  Grand Total: 11 541 488 001
   // Year:  2035, Subsidy: 3001,  Emission: 224616621,  Grand Total: 12 943 450 406
   // Year:  2040, Subsidy: 1772,  Emission: 132633868,  Grand Total: 13 771 295 175
   // Year:  2045, Subsidy: 1046,  Emission: 78318973,   Grand Total: 14 260 129 248
   // Year:  2050, Subsidy: 618,   Emission: 46246570,   Grand Total: 14 548 780 867

[616westwarmoth]

And high efficiency charities have been defined as those that at least 75% of the funds reach their target purpose, or put another way, no more than 25% overhead for administration.

[luckytimes]

This looks like an interesting coin I checked the block explorer and it says circulating supply is 80 million right now. Any idea how much inflation per month occurs with this coin? Also, masternodes are coming by Christmas? Thanks

[616westwarmoth]

Block time is 7 minutes, block reward is 20K BBP til end of year, then decreasing 10% annually.  So for now 120 M BBP per month give or take until the year ends.  Just over 14.5B BBP at the end of 2050.

[luckytimes]

Block time is 7 minutes, block reward is 20K BBP til end of year, then decreasing 10% annually.  So for now 120 M BBP per month give or take until the year ends.  Just over 14.5B BBP at the end of 2050.

Thanks. Won't that sort of inflation really bring down the value of the coin? Or am I missing something? It is nice to see a project helping others though. I am glad about that

[616westwarmoth]

My thoughts are to some degree you need a coin that is accessible due to human nature.  Human nature says "I feel good about having 1000 BBP instead of .0003 BTC" even though technically they are the same value right now.  Basically our brains don't handle fractions well, so big numbers work better.

But yes, the supply will essentially increase twenty fold by years end, double by 2018, double again by 2021 and double once more by about 2033.  So I wouldn't be entirely suprised if the price sinks in the short term (although I personally feel it has a good chance to end the year at 1 cent/BBP)

And there is no clue what a Masternode (Sanctuary) will cost yet, but I'll be pretty surprised if it is less than 100K or more than 1M, so that would freeze a lot of coins up.

[inblue]

Workerids are unique, you can't register my registered workerid to your pool account. But you can mine for someone else's worker, which I think may be a huge problem now when the threads are limited, because someone could just kick out of the pool anyone not anonymous by simply mining with a few more threads on their workerid and cause them to go over the limit which will have them revert to solo mining.

This is why I just changed to anonymous and changed my workerids.

All right, earlier I tried to see what would happen if I mined on someone else's workerid and the answer is nothing. It wouldn't kick them from the pool and it wouldn't even increase their hash rate, which is all good. You only get the connection refused error in the debug.log. So that also probably confirms my suspicion that it's not possible to mine with multiple computers on the same workerid (except probably dual CPUs on a motherboard on the same network connection), so the top users on the leaderboard are really using only one CPU for those high hash rates.

[togoshigekata]

I created a subreddit for BiblePay:  https://www.reddit.com/r/BiblePay/
(Will gladly pass over ownership to the BiblePay devs  )

What else can we/I do to support and help spread the word about BiblePay?

[inblue]

What else can we/I do to support and help spread the word about BiblePay?

Idea: maybe write something in the C-Cex chatbox? Take a look at others which do the same.

Btw, you didn't just create a subreddit, you populated it very nicely, good job!

[Bannedseller]

I was wondering if anybody know if it is worth mining this coin or just buy some from an exchange since the price is still around 20 Sat

[happy_merchant]

I was wondering if anybody know if it is worth mining this coin or just buy some from an exchange since the price is still around 20 Sat

Mining right now is mostly for supporting the project and speculation about the future. If you just want to maximize your immediate mining profits, I'd recommend running some spreadsheets as I'm sure there are coins that are more profitable than BBP currently.

[togoshigekata]

Mining has gotten a lot harder to get coins, Id say an average PC at 70k hps may get you 40-60k coins a month,

you can get a lot of coins trading, and for cheap right now

[togoshigekata]

Submitting a Coin to Bittrex
https://support.bittrex.com/hc/en-us/articles/202583854-Submitting-a-Coin-to-Bittrex

"Enhanced Verified Account of team member on Bittrex - This team member must be either a core developer or a major shareholder (10% or more) of a company that backs the development of the coin.  That member will need to submit identifying documents to get their account enhanced verified."

Looks like a team member of the BiblePay team needs to submit for coin to trade on Bittrex

[heelzkinu]

Nice read !
Check your github now .

[togoshigekata]

To put BiblePay on Coinmarketcap:

https://coinmarketcap.com/

Bottom left corner of page has a "Request Form" button

I think to complete the form we just need a webpage that shows live/current supply of BiblePay coins