BiblePay - New Coin Launch - Official Thread

[bible_pay]

What are the advantages by running an masternode/sanctuaries ?
What kind of cpu's/pc  it is necessary for running one?

I'm not sure what the devs have in mind, but it should be pretty similar to a Dash masternode which you can read about at https://www.dash.org/masternodes2/. Note that in Biblepay, masternodes will only receive 10% of the block rewards as opposed to Dash's 45% (if I'm reading the example in the original announcement correctly). I'm sure some of the other numbers will be tweaked as well since this is primarily a charity coin, but it should give you a general idea of what's involved.

Correct, if you run a masternode, you can earn mining income for one to offset the cost of the VM, and also a monthly masternode superblock reward for holding the BBP in escrow, and the breakdown should end up being very close to this:

BBP Subsidy of 20000:
10% to masternodes as mastnode monthly compensation
75% to the miner of the block
5% to IT escrow address (this covers IT issues, IT support and PR and IT payroll)
10% to charity escrow address (this will cover charity and charity rewards such as letter writing)

Masternodes will govern how and where the 15% collected escrow is actually spent by conducting monthly votes and we will figure a way to designate Who is responsible for moving the escrow into action every month also, so as to alleviate myself from day to day activities. I would also like to make it so if someone runs off with the monthly escrow funds (IE they dont perform their function), the community can recover by itself and choose a different owner for that activity.  (IE we might make it generate a new address and keypair when the panic button is pushed by the lead devs, etc).

[bible_pay]

I was doing a little research in the BBP Explorer and I'm somewhat worried by the current wealth distribution.

The top two addresses each hold nearly 10% of the supply (12,509,890 and 11,585,552)

http://biblepay.inspect.network/richlist

Based on the transaction amounts in those addresses I would assume both are big miners.

There isn't nearly enough liquidity on C-CEX to sustain large sells if either of those addresses decided to dump...

There also must be some serious equipment working for those addresses to have that many block rewards.

I'm a long-term holder so I'm not going to panic but I thought it should be mentioned here for your input.

One of those I believe is the c-cex receiving address that the charity wallet gets dumped to every so often. You could pretty much just think of it as being c-cex, since it probably represents the majority of the BBP supply currently listed on (or just held at) c-cex. Trades on an exchange don't affect the distribution on the blockchain until funds are actually withdrawn.

The other is probably a mining operation. Not much you can do about that, happens with every coin. Even BTC and ETH have wallets out there with massive balances that could disrupt the market if dumped all at once. In any case, as more miners join the network, the proportion of the hash contributed by any single mining organization will be smaller relative to the network hash rate and the percentage of the total BBP supply held by any single miner or group will shrink (unless they invest a lot of money into additional hardware to keep up, which would also mean they'd be less likely to dump for a low price).

You nailed it, sorry I missed it before I replied!

[bible_pay]

Is there a plan to fix the "0 hours behind" qt bug in some future wallet version? If you don't transact and just mine or have a full node, it's not a problem, but if you want to send/receive coins and encounter that bug, then you will have to wait until the next block for the interface to update, which can be a bad user experience as it seems like nothing happened, you don't know if you sent the coins correctly or not.

For example, when I click to withdraw coins from the pool, in the normal circumstances I get a wallet receive notification literally less than 1 second later and the pending balance updates to that amount. But when the bug is present, nothing happens and I don't see anything until the next block, and even then there is no notification, the wallet just updates the available balance when it syncs the next block (so pending balance is never seen).

I'm not sure what steps are needed to reproduce the bug, but for me it'll happen around half of the time when I open my wallet, after it has been closed for at least one block so that it needs to sync.

I believe this is already fixed in f7000.  The issue was the progressbar appears when the block is over 30 mins old.  In f7000, we reduce late blocks to 30 minutes meaning we should not see the progress bar unless a block is late...  This can be verified in testnet.

[bible_pay]

Im a little dissapointed on how many outgoing letters we have to our orphans.  (We only had one person write one, and it doesnt even have enough upvotes to send it through the API).

I cant stress how important it is for us to send ONE letter to each distinct orphan every 60 days.  We are supposed to be a compassionate organization - not a mining organization. 

In light of this, a temporary solution (until we have a permanent sanctuary solution in place) is to encourage letter writing in the pool by charging a pool fee of 2% to any account holder who has not written a letter once per 60 days, unless, we have over N (being the distinct orphan count) of upvoted letters ready to be sent through the API at any given time.

So just to prepare everyone in advance, the rule would be something like this:

We have 74 orphans.  If we have 74 positively upvoted outgoing letters over the last 60 days, there are no pool fees as the feature is not enabled.  Once we are lacking, the feature is in force.  When the feature is in force, any account holder who has not written one letter in the last 60 days is charged a 2% pool fee during block rewards.  Users who have written a letter are skipped by.

This will be in effect by tomorrow.

I have been working with the API on facilitating inbound letters.  We will have even more features once you have the ability to read the inbound letter and reply to it.  These are things I simply cant manage myself - I am receiving mail from over 155 orphans in the mailbox - the entire bottom of my coffee table is full of 50 lbs of orphan welcome packets, pastor letters, crayon drawings, translator letters, orphan moving receipts, name changes, relatives of orphans moving down the street, something is coming every 15 minutes now, so I cant possibly keep up with all this so it must be automated and I need your help.

Once we have a little more time, I will enable the ability to add pictures to your outbound letters.  In the mean time just write text letters as it is better to have something than nothing.

[happy_merchant]

Im a little dissapointed on how many outgoing letters we have to our orphans.  (We only had one person write one, and it doesnt even have enough upvotes to send it through the API).

Oh, I've been a little out of the loop lately, wasn't even aware that was added. I'll have to check it out.

[seasonw]

BiblePay - Mandatory Upgrade
v1.0.2.9

- F7000 PoBh algorithm (Raising the Bar) - Starts @ block 7000
- Fixed Menu | Help | Read the Bible | Genesis, and Read the bible Lag
- Efficient pool communication (Up to 200 mining threads)

** Please upgrade before block 7000 **
** C-Cex is now in maintenance mode **

(posted on the Official forum:  http://forum.biblepay.org)

Noted, will upgrade all my wallets soon.

BTW, I noticed that some workers with low "Hashes Per Second2" but higher "shares", the distribution based on "shares", right? What is the reason that high "Hashes Per Second2" but lower "shares"?

[bible_pay]

Btw, I believe we will be able to make the pool track letter assessed fees into a letter writing bounty account, and reward upvoted letters after they pass the approval threshold. 

[bible_pay]

BiblePay - Mandatory Upgrade
v1.0.2.9

- F7000 PoBh algorithm (Raising the Bar) - Starts @ block 7000
- Fixed Menu | Help | Read the Bible | Genesis, and Read the bible Lag
- Efficient pool communication (Up to 200 mining threads)

** Please upgrade before block 7000 **
** C-Cex is now in maintenance mode **

(posted on the Official forum:  http://forum.biblepay.org)

Noted, will upgrade all my wallets soon.

BTW, I noticed that some workers with low "Hashes Per Second2" but higher "shares", the distribution based on "shares", right? What is the reason that high "Hashes Per Second2" but lower "shares"?

Thats because the pool ratchets up miner difficulty as it solves shares, so the diff of each share is determined by how much horsepower the miner has.  And partially luck also per share solved.

[seasonw]

BiblePay - Mandatory Upgrade
v1.0.2.9

- F7000 PoBh algorithm (Raising the Bar) - Starts @ block 7000
- Fixed Menu | Help | Read the Bible | Genesis, and Read the bible Lag
- Efficient pool communication (Up to 200 mining threads)

** Please upgrade before block 7000 **
** C-Cex is now in maintenance mode **

(posted on the Official forum:  http://forum.biblepay.org)

Noted, will upgrade all my wallets soon.

BTW, I noticed that some workers with low "Hashes Per Second2" but higher "shares", the distribution based on "shares", right? What is the reason that high "Hashes Per Second2" but lower "shares"?

Thats because the pool ratchets up miner difficulty as it solves shares, so the diff of each share is determined by how much horsepower the miner has.  And partially luck also per share solved.

I see, thanks for solving the mystery that I have no clue at all 

[togoshigekata]

Im a little dissapointed on how many outgoing letters we have to our orphans.  (We only had one person write one, and it doesnt even have enough upvotes to send it through the API).

I cant stress how important it is for us to send ONE letter to each distinct orphan every 60 days.  We are supposed to be a compassionate organization - not a mining organization.  

In light of this, a temporary solution (until we have a permanent sanctuary solution in place) is to encourage letter writing in the pool by charging a pool fee of 2% to any account holder who has not written a letter once per 60 days, unless, we have over N (being the distinct orphan count) of upvoted letters ready to be sent through the API at any given time.

So just to prepare everyone in advance, the rule would be something like this:

We have 74 orphans.  If we have 74 positively upvoted outgoing letters over the last 60 days, there are no pool fees as the feature is not enabled.  Once we are lacking, the feature is in force.  When the feature is in force, any account holder who has not written one letter in the last 60 days is charged a 2% pool fee during block rewards.  Users who have written a letter are skipped by.

This will be in effect by tomorrow.

I have been working with the API on facilitating inbound letters.  We will have even more features once you have the ability to read the inbound letter and reply to it.  These are things I simply cant manage myself - I am receiving mail from over 155 orphans in the mailbox - the entire bottom of my coffee table is full of 50 lbs of orphan welcome packets, pastor letters, crayon drawings, translator letters, orphan moving receipts, name changes, relatives of orphans moving down the street, something is coming every 15 minutes now, so I cant possibly keep up with all this so it must be automated and I need your help.

Once we have a little more time, I will enable the ability to add pictures to your outbound letters.  In the mean time just write text letters as it is better to have something than nothing.

@bible_pay The column to write letters is missing from http://pool.biblepay.org/ >>> Orphans tab >>> Sponsored Orphan List?

EDIT: OH, you have to right click the row and select Write
Hmm how can we make that more intuitive / user friendly?

[bible_pay]

Im a little dissapointed on how many outgoing letters we have to our orphans.  (We only had one person write one, and it doesnt even have enough upvotes to send it through the API).

I cant stress how important it is for us to send ONE letter to each distinct orphan every 60 days.  We are supposed to be a compassionate organization - not a mining organization.  

In light of this, a temporary solution (until we have a permanent sanctuary solution in place) is to encourage letter writing in the pool by charging a pool fee of 2% to any account holder who has not written a letter once per 60 days, unless, we have over N (being the distinct orphan count) of upvoted letters ready to be sent through the API at any given time.

So just to prepare everyone in advance, the rule would be something like this:

We have 74 orphans.  If we have 74 positively upvoted outgoing letters over the last 60 days, there are no pool fees as the feature is not enabled.  Once we are lacking, the feature is in force.  When the feature is in force, any account holder who has not written one letter in the last 60 days is charged a 2% pool fee during block rewards.  Users who have written a letter are skipped by.

This will be in effect by tomorrow.

I have been working with the API on facilitating inbound letters.  We will have even more features once you have the ability to read the inbound letter and reply to it.  These are things I simply cant manage myself - I am receiving mail from over 155 orphans in the mailbox - the entire bottom of my coffee table is full of 50 lbs of orphan welcome packets, pastor letters, crayon drawings, translator letters, orphan moving receipts, name changes, relatives of orphans moving down the street, something is coming every 15 minutes now, so I cant possibly keep up with all this so it must be automated and I need your help.

Once we have a little more time, I will enable the ability to add pictures to your outbound letters.  In the mean time just write text letters as it is better to have something than nothing.

@bible_pay The column to write letters is missing from http://pool.biblepay.org/ >>> Orphans tab >>> Sponsored Orphan List?

EDIT: OH, you have to right click the row and select Write
Hmm how can we make that more intuitive / user friendly?

Ill put a label on the page saying some functions require a right click. 

That brings up a good point; we should look for a volunteer to write a pool help guide, then I can put the PDF in the Help menu option.

Pool is changing right now though.

[616westwarmoth]

And here I thought one of them is yours happy . By the way you and 616westwarmoth have been really helpful in this forum so just wanted to thank you both.

Ha, I wish I'm only sitting at like 1.1 million, and that's just because I got in early. My actual mining power is pretty low. Hopefully it'll be enough to start up a sanctuary, even if I have to buy a little more off the exchanges.

It's a good project though so I'll be happy if it succeeds in any case.

Thanks for the kind words deepcryptomine, you know every now and then something hits that perfect venn intersection and makes you happy you're a part of it.  Biblepay hit on all marks for me, and I'm of the opinion that community is what makes a coin succeed.  Most coins we want to succeed to enrich ourselves (and I'm not going to deny that in my case here either), but there are a ton of coins with potential out there, but few with the selflessness that the Dev has shown, nor the spirit for charity that is so lacking in our crypto world.

And yeah, I'm not surprised that the top stakeholder is C-Cex right now, that makes a ton of sense.  But I did want to point out to that the first orphan fund auction was 7.2 Million coins, at a time where that was about 15% of the total supply.  The price dropped to about 10 sats, and then by the next day was back to it's normal trading range (or at least normal in my view).  So even a huge sell-off probably wouldn't hurt things long term (you'd get a lot of people like me that are big fans but haven't been able to amass 1.1 Million coins yet, buying up at low prices and pushing things back to a more normal range).  The two things to worry about that could hurt the long term prospects of the coin are Block 7000 and the Dev/community.  Granted Sanctuaries will have an impact one way or another, and if GPU mining becomes feasible that would impact too.  But the deal breakers or deal makers, are Block 7000 and the Dev/Community.

[616westwarmoth]

I have been working with the API on facilitating inbound letters.  We will have even more features once you have the ability to read the inbound letter and reply to it.  These are things I simply cant manage myself - I am receiving mail from over 155 orphans in the mailbox - the entire bottom of my coffee table is full of 50 lbs of orphan welcome packets, pastor letters, crayon drawings, translator letters, orphan moving receipts, name changes, relatives of orphans moving down the street, something is coming every 15 minutes now, so I cant possibly keep up with all this so it must be automated and I need your help.

Once we have a little more time, I will enable the ability to add pictures to your outbound letters.  In the mean time just write text letters as it is better to have something than nothing.

I would think this activity, sorting, scanning and filing would be the type of work that would be ideally suited to hand off to another member of the group.  When Sanctuaries come to fruition, I would think that would be a job to be assigned to one or two people (or perhaps, one person per 10 orphans).

[inblue]

Could we have a feature so that in the orphan list we can see which child has already been written to? Because it's a cumbersome task to compare all the names from the letters page to the list page, especially when there will be dozens of names, so I think it can either deter people from writing letters or they will at some point unavoidably write to someone who has already been written to, which is not an efficient way to fulfill the quota. I mean, anyone could still write another letter if they wish (and it's great for one child to receive more letters), but the ones with 0 letters should obviously be prioritized and somehow marked in the list.

By the way, it has been talked earlier about separating orphan functionalities and moving them away from the pool website. It seems like it's almost time to do that, but since the current user accounts are tied to the pool users, which is not the complete set of BiblePay users, I wonder how will you incorporate user accounts for writing letters and voting, while ensuring that the letters stay free from spam and vote manipulation.

[...] and we will figure a way to designate Who is responsible for moving the escrow into action every month also, so as to alleviate myself from day to day activities. I would also like to make it so if someone runs off with the monthly escrow funds (IE they dont perform their function), the community can recover by itself and choose a different owner for that activity.  (IE we might make it generate a new address and keypair when the panic button is pushed by the lead devs, etc).

Just an idea, maybe this can be solved (or at least the risk minimized) with some kind of a multisig setup?

[xxkaiwaxx]

Im not mining this coin. Im just buying.

But, where do u write to the children?

And do they write back?

Thx ^^

[bible_pay]

Could we have a feature so that in the orphan list we can see which child has already been written to? Because it's a cumbersome task to compare all the names from the letters page to the list page, especially when there will be dozens of names, so I think it can either deter people from writing letters or they will at some point unavoidably write to someone who has already been written to, which is not an efficient way to fulfill the quota. I mean, anyone could still write another letter if they wish (and it's great for one child to receive more letters), but the ones with 0 letters should obviously be prioritized and somehow marked in the list.

By the way, it has been talked earlier about separating orphan functionalities and moving them away from the pool website. It seems like it's almost time to do that, but since the current user accounts are tied to the pool users, which is not the complete set of BiblePay users, I wonder how will you incorporate user accounts for writing letters and voting, while ensuring that the letters stay free from spam and vote manipulation.

[...] and we will figure a way to designate Who is responsible for moving the escrow into action every month also, so as to alleviate myself from day to day activities. I would also like to make it so if someone runs off with the monthly escrow funds (IE they dont perform their function), the community can recover by itself and choose a different owner for that activity.  (IE we might make it generate a new address and keypair when the panic button is pushed by the lead devs, etc).

Just an idea, maybe this can be solved (or at least the risk minimized) with some kind of a multisig setup?

Yes, first, on seeing which child is not written to yet, definitely, I am working on that.  Part of the next feature is giving the ability to click on a Bio and show it in a window without navigating away.  Im working on both of those things.

As far as moving the functions out of the pool, I have plans to move the orphan functionality eventually to a different subdomain, but, currently the support functions of the pool tie the behavior together, and, I really want to see what needs to be added to the pool for the masternodes before we go and start disconnecting everything (things like support for masternode polls and voting).  This is a case where its more straightforward for us to harvest the IT requirements of the masternodes first, and then start splitting things out.  So lets wait a couple weeks for the sanctuary features to start being merged into testnet and Ill do a re-discovery of IT requirements and look at that.  In the mean time, view it as pool.biblepay.org is the "super pool" at the foundation, and Wests pool is the standard pool.  I will work with him on having the ability to disable the orphan features on his end (we have a data driven menu).

I like the idea of the multisig.  

Right now, Im working on the Inbound Orphan API.

[bible_pay]

Im not mining this coin. Im just buying.

But, where do u write to the children?

And do they write back?

Thx ^^

If you create a pool.biblepay.org account, you can click on Orphan outbound letters, and write to the children.

Yes, they are writing back, so I am currently under the gun adding support for the inbound Orphan API.  It should be up at least in the most basic sense by tomorrow.

[m4tsby]

rebuilding on new box - same error I used to get during .nix instructions posted on /r/biblepay.

make: *** No targets specified and no makefile found.  Stop.

anyone know what causes this? It happened on my other machine but not my laptop.. step by step, different outcomes. thanks!

yes, will prioritize letter writing.
 (build-essential and all dependencies were installed correctly)

am i toggling in and out of sudo?

[Victory33]

Im a little dissapointed on how many outgoing letters we have to our orphans.  (We only had one person write one, and it doesnt even have enough upvotes to send it through the API).

I cant stress how important it is for us to send ONE letter to each distinct orphan every 60 days.  We are supposed to be a compassionate organization - not a mining organization. 

In light of this, a temporary solution (until we have a permanent sanctuary solution in place) is to encourage letter writing in the pool by charging a pool fee of 2% to any account holder who has not written a letter once per 60 days, unless, we have over N (being the distinct orphan count) of upvoted letters ready to be sent through the API at any given time.

So just to prepare everyone in advance, the rule would be something like this:

We have 74 orphans.  If we have 74 positively upvoted outgoing letters over the last 60 days, there are no pool fees as the feature is not enabled.  Once we are lacking, the feature is in force.  When the feature is in force, any account holder who has not written one letter in the last 60 days is charged a 2% pool fee during block rewards.  Users who have written a letter are skipped by.

This will be in effect by tomorrow.

I have been working with the API on facilitating inbound letters.  We will have even more features once you have the ability to read the inbound letter and reply to it.  These are things I simply cant manage myself - I am receiving mail from over 155 orphans in the mailbox - the entire bottom of my coffee table is full of 50 lbs of orphan welcome packets, pastor letters, crayon drawings, translator letters, orphan moving receipts, name changes, relatives of orphans moving down the street, something is coming every 15 minutes now, so I cant possibly keep up with all this so it must be automated and I need your help.

Once we have a little more time, I will enable the ability to add pictures to your outbound letters.  In the mean time just write text letters as it is better to have something than nothing.

This is great approach, I totally support it. I will try to write a letter and do more research on this coin!

[KGBx]

Thanks for updated wallet. Finally we can mine smoothly again!

I will try to write a letter to orphan soon!