BiblePay - New Coin Launch - Official Thread

[616westwarmoth]

Ok so what is the trick with this coin.. It's like too cheap for what I see around here, and if something looks too good to be true then almost always it is. So where is the hidden thing that its actually far under a value that would represent the development and things behind this coin.

Not joking im serious, something just doesnt add up. It's like 15sat while I think at least 700-1000 would be more reasonably with this kind of thread, development and things behind the coin.. So things just don't add up for real.

First off, the Dev has done a great job.  None of this is a criticism, rather potential explanation.

To echo what has been said.  The price of the coin is hampered by a few things.  

One, first and foremost is this coin has been mining for about a month.  A lot of projects burn brightly and die young.

Two, it's a high volume coin.  In just over a month nearly 100 million BBP have been minted.  By the end of this calendar year, that'll be about 665 millions (161 days from July 23 to Dec 31, 24 hours a day, 60 minutes an hour, 7 minutes per block average, 20,000 BBP per block).  After one complete year of mining it will be 1.5 billion and 4 billion within three complete years. The go to high volume coin I can think of that is similar is Linda.  It's already nearly 6 billion coins, and is at 3 satoshi.  Digibyte is about 2.5 years old, has close to 9 Billion (of 21 Billion) coins minted and languished at the 30 to 40 satoshi level until the spring crypto boom.

Three, there is a lot of uncertainty.  Masternodes (Sanctuaries) are coming at the end of the year, and it's unclear what they'll cost.  The PoB hashing is going through some changes so anything can break during that time.  Right now it's only CPU mining (which is ideal by the standards of the coin) but if someone figures out how to GPU mine then some of the advantages of this coin dissipate.  And I'm sure there are a lot of cynics out there that think the orphan fund and the sponsorship of 74 children is a lie and a very cruel one at that.

Four, despite the buzz on bitcointalk, there's not been much talk elsewhere.  It's only on one exchange (C-Cex) so that creates a limited market, and the monthly orphan fund sale creates huge volatility.  It's not on Coinmarketcap.com.  A lot of crypto fans don't know about it yet.  And I'd wager nearly zero non-crypto religious people have heard about it.

Now, again, this is not criticism.  The lack of details is in my mind, due to this being one Dev and a few other people working on the coin instead of a huge committee.  So there are a lot of things in flux.  You really don't want a lot of users pounding away at things until you get the coin to a more final state.  So the lack of exchanges and buzz probably actually helps things at this point.

Provided the PoB hash holds up against GPU mining, I do see this coin being a ground breaker.  The charitable aspect will be hard to manage but if that is successful it will be a template for other projects.  In the end, I have a lot of faith in this coin and am amazed at the community that is growing up around it.  If it continues on this path it has the potential to a vast amount of good.

[gigabyted]

Anyone has a Ryzen 1950x, im curious to see what it would get on such a coin.

The 1800 was about 500khs which is impressive...

[gigabyted]

Dev any idea what kind of hashrate we gonna get with a 100khs CPU once we passed the block 7k ?

[616westwarmoth]

Dev any idea what kind of hashrate we gonna get with a 100khs CPU once we passed the block 7k ?

At least on the short term it is all relative.  If all our hashrates dropped in half, it'd be fine.  The only potential hiccup will be some processor classes might execute the BoP hash better than others, and we could end up with a new order of which chips are the best for this.

I'm pretty curious to know the answer as well, but I'm guessing it'll be just trial and error to find out.

[yeahman809]

So I was doing some thinking last night, and in order to address market volatility during the monthly dumps maybe this could be an option.  On the website, set it up to take donations like most charity websites.  People who want to invest in the company and also support the orphans could make donations on the website thus you control the price of the coins.  For instance, say someone wants to donate  50$ a month, you could set up a wallet on a USB stick, and mail it to the customer.  Safe and secure.  Obviously you would need to keep backups somehow, and also maintain a DB with each persons address(pretty trivial stuff there) but say that 50$ a month gets the person 10,000 BBP ... and each month, out of the pool fund, you transfer those BBP to people who are donating on a monthly basis.  This way, people are actually getting an investment, and you could also bring in funds from outside sources other than just the mining community, and not completely destroy the market once a month.  This is just a rough draft of the idea, but It may have potential, oh and still waiting for someone to take #1 spot from me on the leaderboard =) bwhahaha

[616westwarmoth]

So I was doing some thinking last night, and in order to address market volatility during the monthly dumps maybe this could be an option.  On the website, set it up to take donations like most charity websites.  People who want to invest in the company and also support the orphans could make donations on the website thus you control the price of the coins.  For instance, say someone wants to donate  50$ a month, you could set up a wallet on a USB stick, and mail it to the customer.  Safe and secure.  Obviously you would need to keep backups somehow, and also maintain a DB with each persons address(pretty trivial stuff there) but say that 50$ a month gets the person 10,000 BBP ... and each month, out of the pool fund, you transfer those BBP to people who are donating on a monthly basis.  This way, people are actually getting an investment, and you could also bring in funds from outside sources other than just the mining community, and not completely destroy the market once a month.  This is just a rough draft of the idea, but It may have potential, oh and still waiting for someone to take #1 spot from me on the leaderboard =) bwhahaha

I like this idea.  Of course, you wouldn't need to mail a USB, that's what the wallet program is for, and in the end, moving the coins via the protocol would be a good way to show it can handle bursts of traffic.  The issue of price volatility will diminish as the price and volumes go up, but right now you're looking at 5% of the supply hitting the market at once (and that percentile dropping to 2.5% in the November sale, and less than 1% by May 2018 and .5% by March 2019) with the orphan fund sale.

Trying to garner donations from those incapable of setting up the wallet on their pc is going to be tough I think.  If you don't understand what you're donating to, you probably won't (or if you do donate, you'll wipe the "free USB" stick and those coins would be effectively "burnt").

That said, I think selling more frequently would reduce the impact, and offering the coins internally to the established users would not only reduce the market volatility could also garner more income.  You'd have to set a price that wouldn't cause a windfall for the purchasers (so don't sell for 10 sats when I can turn right around and sell them on C-Cex for 15 sats) but also not put such a premium that you'd be hard pressed to quickly sell the lot (so no 30 sats when I can buy them for 15 sats on C-Cex).

And yeahman, I keep dreaming of ways to overtake you lol

[Victory33]

Price doesn't matter for me much right now. I hold BiblePay coins for 3-4 more months at least.

[Damage_Dealer]

Hello dev, any plans to add BBP to new exchanges? C-cex has low volumes for most coins. Cryptopia would be a great choice!

[bible_pay]

Regarding volatility (ie market risk) with dumping the orphan wallet once per month, you guys/girls have convinced me that we should reduce the uncertainty by dumping constantly.  I originally wanted to consolidate that function down to one day per month, so that we could have one person dump, transfer, and sponsor orphans in one day.  But, I fear that we are causing market uncertainty by making people wait until the 3rd friday to buy our tokens.

In light of that, I will ensure we do a constant random dump of the orphan wallet every couple of days, and we will keep the sponsorship of new orphans task for the 3rd friday of each month.

[gigabyted]

Dev any idea what kind of hashrate we gonna get with a 100khs CPU once we passed the block 7k ?

At least on the short term it is all relative.  If all our hashrates dropped in half, it'd be fine.  The only potential hiccup will be some processor classes might execute the BoP hash better than others, and we could end up with a new order of which chips are the best for this.

I'm pretty curious to know the answer as well, but I'm guessing it'll be just trial and error to find out.

Ok i was checking out because im thinking of buying a ryzen CPU, they look awesome!

[gigabyted]

Ive also checked the code a bit and it seems that the new algo will do some hits on the database, so it make take some good hard drives as well...

[smbbm]

Interesting project, nice idea behind and KJV hashing is really catchy. Little bit worried about some parameters but it might be adjusted in time. Huge mining inflation might be an big issue and also charity dump should be split as much as possible to minimize market shocks. There should be focus to preserve coin value as high as possible and effort to establish partners network who are ready to provide charitable work without dumping crypto coins for fiat (at least not all of them) but this will be a long way. Anyway, God bless your work on this project!

[yeahman809]

Price doesn't matter for me much right now. I hold BiblePay coins for 3-4 more months at least.

But see, its not about you, its about the orphans, and if the price gets driven down to a point where they aren't worthwhile for anyone to buy/sell/mine then everyone loses.

[civilufo]

Regarding volatility (ie market risk) with dumping the orphan wallet once per month, you guys/girls have convinced me that we should reduce the uncertainty by dumping constantly.  I originally wanted to consolidate that function down to one day per month, so that we could have one person dump, transfer, and sponsor orphans in one day.  But, I fear that we are causing market uncertainty by making people wait until the 3rd friday to buy our tokens.

In light of that, I will ensure we do a constant random dump of the orphan wallet every couple of days, and we will keep the sponsorship of new orphans task for the 3rd friday of each month.

Well, this is a good idea for selling orphan wallet. I can see the trading volume at the exchanger is low now comparing to last 2 weeks. Most probably traders are waiting for 3rd Friday as you mentioned.

[gigabyted]

Yeah im gonna hold my coins for a while too... I want to see what will comes out from this

[gigabyted]

Hey dev, or you planning to give your identity once the masternodes are launch?   

This is pretty much the only way if you want it to live on the long run.

Just wondering!

[616westwarmoth]

Regarding volatility (ie market risk) with dumping the orphan wallet once per month, you guys/girls have convinced me that we should reduce the uncertainty by dumping constantly.  I originally wanted to consolidate that function down to one day per month, so that we could have one person dump, transfer, and sponsor orphans in one day.  But, I fear that we are causing market uncertainty by making people wait until the 3rd friday to buy our tokens.

In light of that, I will ensure we do a constant random dump of the orphan wallet every couple of days, and we will keep the sponsorship of new orphans task for the 3rd friday of each month.

I think this is one of the main things that will help the coin find it's legs.  It would be frustrating for a novice who didn't read this forum to buy on the third Wednesday of the month only to see the price dramatically drop two days later.  By spreading out the fund sale several times during the week, it removes the incentive for day traders to manipulate the coin and puts everyone on a more equal footing.  While it increases the work, I think you're wise to do that, and at some point you might need to open up that task to another person for a short time to reduce your workload.  Keeping the sponsorship to the 3rd Friday makes sense however.

Thank you for this significant change!

[sandbags]

Delighted to see BBP listed on coinmarketcap this morning, this will certainly help to attract new interest over time.

I see masternodes/sanctuarys in development toward the end of this year. How many coins are required to run a node?

[Iuliu]

Is it safer to keep the coin on the exchange platform or in pool?

[bible_pay]

Delighted to see BBP listed on coinmarketcap this morning, this will certainly help to attract new interest over time.

I see masternodes/sanctuarys in development toward the end of this year. How many coins are required to run a node?

This is just an estimate, but the way the price is stabilizing (hovering around 20 satoshis), I think the sactuaries would be approximately 700,000 bbp of escrow each.