BiblePay - New Coin Launch - Official Thread

[616westwarmoth]

What exactly is happening at f7000?

F7000 (block 7000) the underlying algo base will transition from its provisional state (now) where it is a combination of X11 and the dev's own "Proof of BibleHash" (in simple terms,  crypto based on hashing the King James Version of the Bible).  It will transition to a final state where the only algo is the Proof of Biblehash.  Basically the final (big) tweak to the underpinning of the coin.  The other big sign on the road map is Masternodes (or "Sanctuaries") which will be implemented at the end of the year.

[Damage_Dealer]

HI.. I dont understand the economy of BiblePay.. how can it create wealth if it is not scarce ? 14 billion coins and each one even has that amount of divisibility as in bitcoin ? There´s is just not enough money to cover that.. instead of deflationary it just very inflationary.. If I pay one dolar today for a single one when there are only a 100 thousand coins.. by the end of the year there will be 1 billion coins, what will my 1-dollar-worth-of-BBP represent by then ? and the next year when there will be 2 billion coins ? and the next ? .. i just keep losing value instead of gaining... .. how can that create wealth ?

I'm not offering investment advice.  But you have to consider several factors.  With a new coin there will always be a sudden influx as it goes from 0 to 'X'.  Some coins do this by pre-mining the coin to "pay" for rewards (such as translating white papers or making a coin faucet), services (getting listed on exchanges) or dev share (giving coins to the person or persons that made it).  It's not uncommon for 5% of the coins to be pre-minded, and much higher numbers are seen regularly.  With this coin there was no pre-mine, so it started from zero and the inflation you see was a natural outcome.  But as the dev said, the coin is not overall inflationary as it pertains to the crypto world (yes, in common economic terms it would be).  This coin reduces it's block reward year over year (similar to what Bitcoin or any other number of deflationary coins do).  It has a set target for maximum supply (14.5 Billion).  While this is a large number, consider the maximum supply of Bitcoin is 21 Million.  In it's four years it went from 0 to just under 10.5 Million coins (half it's supply).  At it's infancy you could buy thousands of Bitcoin for $1.  If Biblepay proved to be as utilized as Bitcoin (unlikely but for the sake of argument) then you'd say it could have a value of up to 1/1000th of a Bitcoin based on supply.  Again, this level of valuation is almost certainly not going to occur.

Basically, at this point in a coins life you can invest in it (via cash or mining) to be a part of supporting a new coin or you can invest in it for the hope it rises in price.  While I personally think it will rise at some point, I'm also cautious that it could drop in the short term.  If you're looking to make a quick buck, I think there are other options out there that would prove more likely to quickly enrich you.

Could you please explain one thing to me? When I bought this coin, the circulating supply according to coinmarketcap was 99 million, now it's 116 million. Will the daily increases in circulating supply slow down over time? As it was the case with bitcoin?

[gigabyted]

HI.. I dont understand the economy of BiblePay.. how can it create wealth if it is not scarce ? 14 billion coins and each one even has that amount of divisibility as in bitcoin ? There´s is just not enough money to cover that.. instead of deflationary it just very inflationary.. If I pay one dolar today for a single one when there are only a 100 thousand coins.. by the end of the year there will be 1 billion coins, what will my 1-dollar-worth-of-BBP represent by then ? and the next year when there will be 2 billion coins ? and the next ? .. i just keep losing value instead of gaining... .. how can that create wealth ?

I'm not offering investment advice.  But you have to consider several factors.  With a new coin there will always be a sudden influx as it goes from 0 to 'X'.  Some coins do this by pre-mining the coin to "pay" for rewards (such as translating white papers or making a coin faucet), services (getting listed on exchanges) or dev share (giving coins to the person or persons that made it).  It's not uncommon for 5% of the coins to be pre-minded, and much higher numbers are seen regularly.  With this coin there was no pre-mine, so it started from zero and the inflation you see was a natural outcome.  But as the dev said, the coin is not overall inflationary as it pertains to the crypto world (yes, in common economic terms it would be).  This coin reduces it's block reward year over year (similar to what Bitcoin or any other number of deflationary coins do).  It has a set target for maximum supply (14.5 Billion).  While this is a large number, consider the maximum supply of Bitcoin is 21 Million.  In it's four years it went from 0 to just under 10.5 Million coins (half it's supply).  At it's infancy you could buy thousands of Bitcoin for $1.  If Biblepay proved to be as utilized as Bitcoin (unlikely but for the sake of argument) then you'd say it could have a value of up to 1/1000th of a Bitcoin based on supply.  Again, this level of valuation is almost certainly not going to occur.

Basically, at this point in a coins life you can invest in it (via cash or mining) to be a part of supporting a new coin or you can invest in it for the hope it rises in price.  While I personally think it will rise at some point, I'm also cautious that it could drop in the short term.  If you're looking to make a quick buck, I think there are other options out there that would prove more likely to quickly enrich you.

Could you please explain one thing to me? When I bought this coin, the circulating supply according to coinmarketcap was 99 million, now it's 116 million. Will the daily increases in circulating supply slow down over time? As it was the case with bitcoin?

Yeah check the first post of this thread.  It decrease by 10% every year.   Bitcoin drop 50% every 4 years so they are pretty much alike on that.

[616westwarmoth]

Could you please explain one thing to me? When I bought this coin, the circulating supply according to coinmarketcap was 99 million, now it's 116 million. Will the daily increases in circulating supply slow down over time? As it was the case with bitcoin?

In short, yes, the increase slows down eventually.  

With Bitcoin its 50% reduction every four years.  With BBP it's 10% reduction in block reward every 12 months.  The coin started in late July.  For now it's expected to create a block every 7 minutes with a block reward of 20,000 BBP.  In nice round numbers, until July 2018 this coin supply will increase by 4.1 million a day, although some days will be less and other more due to the uncertain nature of if a block will be hit on the 7 minute mark (but over time, 205.x blocks a day is the target average).  Come July 2018, the block reward will be down to 18K, July 2019 will be to 16.2K and so on.

As I write this we're on block 5822, so there are 116.4 Million (+/-) BBP in circulation, which is pretty much were the math says it should be.  In another 41 days there will be 232M BBP (total) and right around 660M at calendar years end.

[bubbles_depot]

What exactly is happening at f7000?

F7000 (block 7000) the underlying algo base will transition from its provisional state (now) where it is a combination of X11 and the dev's own "Proof of BibleHash" (in simple terms,  crypto based on hashing the King James Version of the Bible).  It will transition to a final state where the only algo is the Proof of Biblehash.  Basically the final (big) tweak to the underpinning of the coin.  The other big sign on the road map is Masternodes (or "Sanctuaries") which will be implemented at the end of the year.

OK that makes perfect sence. ty.

[xxkaiwaxx]

Nice Forum Update Rob and Team! =)

[civilufo]

Could you please explain one thing to me? When I bought this coin, the circulating supply according to coinmarketcap was 99 million, now it's 116 million. Will the daily increases in circulating supply slow down over time? As it was the case with bitcoin?

In short, yes, the increase slows down eventually.  

With Bitcoin its 50% reduction every four years.  With BBP it's 10% reduction in block reward every 12 months.  The coin started in late July.  For now it's expected to create a block every 7 minutes with a block reward of 20,000 BBP.  In nice round numbers, until July 2018 this coin supply will increase by 4.1 million a day, although some days will be less and other more due to the uncertain nature of if a block will be hit on the 7 minute mark (but over time, 205.x blocks a day is the target average).  Come July 2018, the block reward will be down to 18K, July 2019 will be to 16.2K and so on.

As I write this we're on block 5822, so there are 116.4 Million (+/-) BBP in circulation, which is pretty much were the math says it should be.  In another 41 days there will be 232M BBP (total) and right around 660M at calendar years end.

But we are getting hard to find a block per day now, I see that we can't even get 205 blocks per day recently, so I was wondering will we still have 1.4billion in the 1st year.

[zefirka]

holy mining 

[616westwarmoth]

But we are getting hard to find a block per day now, I see that we can't even get 205 blocks per day recently, so I was wondering will we still have 1.4billion in the 1st year.

The difficulty should scale back and correct the rate.  If you look at the overall rate of expected blocks, we're pretty much right on target (well, we were when I ran the numbers this morning).  Every so often you get a drought, it's statistics (outliers and averages), then the system drops the difficulty to correct the drought and bring it back in line with the target.  It's not an exact science but overall, the overall number of blocks won't likely get out of sync by more than 100 or so in most systems, and I'm pretty sure this one will behave the same way.

[inblue]

But we are getting hard to find a block per day now, I see that we can't even get 205 blocks per day recently, so I was wondering will we still have 1.4billion in the 1st year.

If you look at the overall rate of expected blocks, we're pretty much right on target (well, we were when I ran the numbers this morning).

How are we right on target? Last GMT day (September 2, 00:00-23:59) there were only 141 blocks instead of the expected 205. You can check in the block explorer that the first block for the day was 5729 and the last one was 5870.

And every day is similar, you can continue going to the past like this to check, or you can simply divide the total number of blocks found (currently 5922) by the total number of days (currently 41 and a half) and you'll get the average of: 5922 / 41.5 = 142.7 blocks per day. Not only is it way off from the 7 minute block time (205 blocks per day, so almost a third of the blocks are missing), it's also suspiciously close to the 10 minute block time which is 144 blocks per day.

Numbers don't lie, but some are dismissing the possibility that something is wrong and that this must be "temporary luck", that in the long term it will be 205 blocks/day or 1 block/7 minutes. But there's never been a day with more than 205 blocks for it to be a normal averaging variance, it's always less than even 165 or so. We'll see how things will change with f7000.

Addendum: to acknowledge how impacting this is to the coin and the total supply calculations, if it had 205 blocks per day, we would have a total of 657M coins by 01.01.2018, but the reality is that we will have 458M coins instead, so almost 200M less. At least at this rate, but I expect changes after block 7000.

Btw, I'm a hodler, so I'm totally fine with this situation. I'm just putting the numbers down.

[haladez]

How long does it take for the coins to mature?

I'm still unable to withdraw the coins I've mined yesterday.

[inblue]

How long does it take for the coins to mature?

I'm still unable to withdraw the coins I've mined yesterday.

Good Day !

I registered yesterday at the pool, create worker, etc... and i think everythings work well.
I check the withdraw menu, and i see i have xxxx immature balance. When change to available ? Few hour or 1-2 day?

Thank You !

The pool releases each mining credit 24 hours after mined.

[oliwer21]

How long does it take for the coins to mature?

I'm still unable to withdraw the coins I've mined yesterday.

Good Day !

I registered yesterday at the pool, create worker, etc... and i think everythings work well.
I check the withdraw menu, and i see i have xxxx immature balance. When change to available ? Few hour or 1-2 day?

Thank You !

The pool releases each mining credit 24 hours after mined.

How many and how long can you keep coins on pool?
Does anyoine know when coin can come to poloinex?

[bible_pay]

But we are getting hard to find a block per day now, I see that we can't even get 205 blocks per day recently, so I was wondering will we still have 1.4billion in the 1st year.

If you look at the overall rate of expected blocks, we're pretty much right on target (well, we were when I ran the numbers this morning).

How are we right on target? Last GMT day (September 2, 00:00-23:59) there were only 141 blocks instead of the expected 205. You can check in the block explorer that the first block for the day was 5729 and the last one was 5870.

And every day is similar, you can continue going to the past like this to check, or you can simply divide the total number of blocks found (currently 5922) by the total number of days (currently 41 and a half) and you'll get the average of: 5922 / 41.5 = 142.7 blocks per day. Not only is it way off from the 7 minute block time (205 blocks per day, so almost a third of the blocks are missing), it's also suspiciously close to the 10 minute block time which is 144 blocks per day.

Numbers don't lie, but some are dismissing the possibility that something is wrong and that this must be "temporary luck", that in the long term it will be 205 blocks/day or 1 block/7 minutes. But there's never been a day with more than 205 blocks for it to be a normal averaging variance, it's always less than even 165 or so. We'll see how things will change with f7000.

Addendum: to acknowledge how impacting this is to the coin and the total supply calculations, if it had 205 blocks per day, we would have a total of 657M coins by 01.01.2018, but the reality is that we will have 458M coins instead, so almost 200M less. At least at this rate, but I expect changes after block 7000.

Btw, I'm a hodler, so I'm totally fine with this situation. I'm just putting the numbers down.

The reason this has not got a lot of attention, is happy_merchants reports were pretty revealing.  The current prod chain contains quite a few blocks that exceeded the 'late block threshhold' (thats 60 minutes in prod).  This appears to have driven the 7 minute average to 10 minutes. 

His testnet report, (the second one), shows that with the f7000 late block threshhold of 30 minutes, the average drops way down to just over 7 minutes, meaning that the coin specification arguments (which are unchanged) really were affected by the outlying late blocks.  So Im confident this will veer down after f7000 is released.

[bible_pay]

How long does it take for the coins to mature?

I'm still unable to withdraw the coins I've mined yesterday.

Good Day !

I registered yesterday at the pool, create worker, etc... and i think everythings work well.
I check the withdraw menu, and i see i have xxxx immature balance. When change to available ? Few hour or 1-2 day?

Thank You !

The pool releases each mining credit 24 hours after mined.

How many and how long can you keep coins on pool?
Does anyoine know when coin can come to poloinex?

You can leave BBP in the pool as long as you want but you risk a pool break-in, so I recommend withdrawing 75% per month just to not leave thousands of dollars at risk in there.

As far as more exchanges, I would like to see us be widely held and deploying our masternodes before pushing this to the public.  Lets let the early adopters get rewarded.

[citizenoftheworld]

Hello
how to import a wallet with private keys

[bible_pay]

Hello
how to import a wallet with private keys

All the bitcoin rpc commands work, like importprivkey, dumpprivkey, all that, also you can try help from the rpc too.

[citizenoftheworld]

Thank You

[inblue]

The reason this has not got a lot of attention, is happy_merchants reports were pretty revealing.  The current prod chain contains quite a few blocks that exceeded the 'late block threshhold' (thats 60 minutes in prod).  This appears to have driven the 7 minute average to 10 minutes. 

His testnet report, (the second one), shows that with the f7000 late block threshhold of 30 minutes, the average drops way down to just over 7 minutes, meaning that the coin specification arguments (which are unchanged) really were affected by the outlying late blocks.  So Im confident this will veer down after f7000 is released.

Thank you for replying, that's very good news. I think the price will not go down due to more coins per day, because there will also be a better underlying technology and a more stable coin and the community.

[Victory33]

What exactly is happening at f7000?

F7000 (block 7000) the underlying algo base will transition from its provisional state (now) where it is a combination of X11 and the dev's own "Proof of BibleHash" (in simple terms,  crypto based on hashing the King James Version of the Bible).  It will transition to a final state where the only algo is the Proof of Biblehash.  Basically the final (big) tweak to the underpinning of the coin.  The other big sign on the road map is Masternodes (or "Sanctuaries") which will be implemented at the end of the year.

Thanks for explanation! I wonder what the new hashrates will be