BiblePay - New Coin Launch - Official Thread

[kurret]

Also, what will the total supply be in the end?

[ride22]

I am willing to give up all of my coins if someone comes with an idea which will help the coin (should be around 30k).

My Address is below. I am already doing work to help biblepay BBP,

https://biblepay.wordpress.com is an example of some of my work.



I would prefer to discuss this in private messages,

Send me a private message.

Thank you

I don't mean to sound rude, but if that website took you more than 5 minutes I would be surprised.  If that is an example of your work then there is no way this community should back you.

[616westwarmoth]

Also, what will the total supply be in the end?

http://wiki.biblepay.org/Emission_Schedule

Approximately 5 Billion Coins in about 40 years.

As far as Masternodes (Sanctuaries) go, it's still up in the air, but the number talked about recently was 1.1 Million.  There is also discussion of a concept of a Super-Masternode (Cathedral) which I'm trying to write a short white-paper on.

[coinpimp321]

Also, what will the total supply be in the end?

http://wiki.biblepay.org/Emission_Schedule

Approximately 5 Billion Coins in about 40 years.

As far as Masternodes (Sanctuaries) go, it's still up in the air, but the number talked about recently was 1.1 Million.  There is also discussion of a concept of a Super-Masternode (Cathedral) which I'm trying to write a short white-paper on.

why are there so many coins vs like bitcoin?

[616westwarmoth]

Also, what will the total supply be in the end?

http://wiki.biblepay.org/Emission_Schedule

Approximately 5 Billion Coins in about 40 years.

As far as Masternodes (Sanctuaries) go, it's still up in the air, but the number talked about recently was 1.1 Million.  There is also discussion of a concept of a Super-Masternode (Cathedral) which I'm trying to write a short white-paper on.

why are there so many coins vs like bitcoin?

Not sure why, my theory is it's a lot more satisfying to have a batch of 50,000 coins versus 500 or the like.  Or there would be nearly 1 BBP for every person on earth at completion.  But I've never heard the actual rationale why.   In the end, coin supply is dictated by the coin developer and there is not real "correct" number of coins.  But a larger supply can lead to great usage or it can slow it. 

[kurret]

Also, what will the total supply be in the end?

http://wiki.biblepay.org/Emission_Schedule

Approximately 5 Billion Coins in about 40 years.

As far as Masternodes (Sanctuaries) go, it's still up in the air, but the number talked about recently was 1.1 Million.  There is also discussion of a concept of a Super-Masternode (Cathedral) which I'm trying to write a short white-paper on.

Curious, why so high? For example Dash has a total supply of around 20 million dash, and one masternode is 1000. With the same ratios you should have around 250 000 for one sanctuary.

[togoshigekata]

Also, what will the total supply be in the end?

http://wiki.biblepay.org/Emission_Schedule

Approximately 5 Billion Coins in about 40 years.

As far as Masternodes (Sanctuaries) go, it's still up in the air, but the number talked about recently was 1.1 Million.  There is also discussion of a concept of a Super-Masternode (Cathedral) which I'm trying to write a short white-paper on.

Curious, why so high? For example Dash has a total supply of around 20 million dash, and one masternode is 1000. With the same ratios you should have around 250 000 for one sanctuary.

Ive heard dev say between 500,000 and 1,100,000 BBP for masternode/sanctuary,
Ive also heard that he wants cost to to be about $500 for one by Christmas.

So I think in general, its all still very much up in the air and we still have time to discuss/persuade,
But Id collect as many as you can to be ready!

[m4tsby]

Post MN being brought online, I imagine that will result a better snapshot of coin circulation; perhaps after that a burn can be discussed to reduce quantity should it be a hindrance.

Also, pray for the victims of the church shooting yesterday in my home state, TX; an 18mo. baby was one of the many victims, that just breaks my heart.
http://www.cnn.com/2017/11/06/us/texas-church-shooting/index.html

[616westwarmoth]

Also, what will the total supply be in the end?

http://wiki.biblepay.org/Emission_Schedule

Approximately 5 Billion Coins in about 40 years.

As far as Masternodes (Sanctuaries) go, it's still up in the air, but the number talked about recently was 1.1 Million.  There is also discussion of a concept of a Super-Masternode (Cathedral) which I'm trying to write a short white-paper on.

Curious, why so high? For example Dash has a total supply of around 20 million dash, and one masternode is 1000. With the same ratios you should have around 250 000 for one sanctuary.

I think it's as Togoshigekata said, originally the Dev said about 500K since it would be in the $500-700 range.  Recently he's said 1.1 Million a couple times.  But until things get all the way figured out in the Testnet, it'll be in flux.

There aren't too many MN coins you can get in for under $1000, and right now even 1.1M is about $800, so very affordable by comparison (whereas 1000 DASH would require about a quarter million dollars, and LINDA needs 30,000,000 coins for a MN at a rough value of $5000).  Another point is since there are no third party miners, one of the important functions of a MN (that is transaction verification) is not as vital since the full wallet is being run by a large portion of users.  So the primary value in MN for BBP on the short term is governance.  Taking the decision making out of the Devs hands and into the collective hands of those who have a measurable stake in the coin.  I'm prone to think a bigger value, like 1M is better than a smaller value like 500K for several reasons but primarily a gut feeling.

[m4tsby]

I share that gut feeling. It will weed out those who accumulated quite a bit but are here for the investment. Not to imply there is anything wrong with doing that, but MNs should lean towards those with earnest to see the concept / project succeed outside of monetary gain.

[coinpimp321]

I share that gut feeling. It will weed out those who accumulated quite a bit but are here for the investment. Not to imply there is anything wrong with doing that, but MNs should lean towards those with earnest to see the concept / project succeed outside of monetary gain.

the issue i have is there are cetain miners on the leader board (maybe 20 ?) that are getting MASSIVE amounts of new coins. if you look at the latest transactions on the explorer you will see payments of 10-30k per hour or less!

(go to leader board then sort by hashpower or by user name, you will see rows and rows of machines from single users....looking at you 'tonywon' whoever you are

It is these players that can flood the exchanges with huge quantiles and keep the prices depressed. result is a bible at the biblepay site costs 20k+ coins. thats an impossible amount of coins to get on a regular machine without going at it for months. months of mining for one bible?  

i thought the intention of the 'biblehash' was to prevent monopolistic abuses like this from miners. on further thinking this is probably unpreventable by Rob despite good intentions with the idea. you are just going to have an established population of miners from other coins that have massive hash power to throw at any new coin that comes out.

still i think there could be some improvements to the algo to prevent 'overhashing' from one person. probably too late now since the cat is out of the bag so to speak.

this is the reason gold and silver are 'real money'. you cant swallow up the earth and spit out coins ever half hours. it takes real mining effort , a lot of cost, manpower, and new cores to find to get a supply of gold. then yo have to process and refine it.

Gold and silver are blessed by God as real money since they are His creation. Bitcoins and all other cryptocurrencies are very poor imitation to the original intent of God's design for money in human society. By consequence, perhaps design, they have a hyperinflating effect on those who have the cryptocoin vs those who dont

Note in genesis: the original design was for man to 'till the land' for his bread. farming and mining with real 'sweat of the brow' effort. there was no design for 'sudo apt-get mine-me-money'. enter.

Then to Adam He said, "Because you have listened to the voice of your wife, and have eaten from the tree about which I commanded you, saying, 'You shall not eat from it'; Cursed is the ground because of you; In toil you will eat of it All the days of your life.

18"Both thorns and thistles it shall grow for you; And you will eat the plants of the field; 19By the sweat of your face You will eat bread, Till you return to the ground, Because from it you were taken; For you are dust, And to dust you shall return

[616westwarmoth]

I share that gut feeling. It will weed out those who accumulated quite a bit but are here for the investment. Not to imply there is anything wrong with doing that, but MNs should lean towards those with earnest to see the concept / project succeed outside of monetary gain.

the issue i have is there are cetain miners on the leader board (maybe 20 ?) that are getting MASSIVE amounts of new coins. if you look at the latest transactions on the explorer you will see payments of 10-30k per hour or less!

(go to leader board then sort by hashpower or by user name, you will see rows and rows of machines from single users....looking at you 'tonywon' whoever you are

Its these players that can flood the exchanges with huge quantiles and keep the prices depressed. result is a bible at the biblepay site costs 20k+ coins. thats an impossible amount of coins to get on a regular machine without going at it for months. months of mining for one bible?  

i thought the intention of the 'biblehash' was to prevent monopolistic abuses like this from miners. on further thinking this is probably unpreventable by Rob despite good intentions with the idea. you are just going to have an establish population of miners from other coins that have massive hash power to throw at any new coin that comes out.

still i think there could be some improvements to the algo to prevent 'overhashing' from one person. probably too late now since the cat is out of the bag so to speak.

I agree with a lot of what you've said.  But one, you cannot really prevent larger miners without damaging your ecosystem unless you have a great plan.  Everyone having 300 coins a day mining on a basic Celeron won't provide enough liquidity to the markets.  And to prevent large miners, well, that's an arms race which ultimately means you'll either ruin the system for everyone EXCEPT the large miners who will find a workaround (and that's not to accuse tonywon of doing anything wrong) or you'll have a fair system but spend all your IT time keeping it fair and probably make mining so convoluted that no one but the large miners will figure it out.  Since the coin is CPU only, setting up a mining farm isn't ideal but the barrier to entry is pretty low.  Buy a few Dells with Xeon processors on eBay or Craigslist and fire them up.  But even though it's fairly simple, you're not likely to see a warehouse full of CPUs mining away, so the coin is still pretty resistant to a monopoly.

Right now a person moderately confident with computers could set up the wallet with a bit of phone help.  So you could guide your college buddy through the setup, or your brother or mom.  And they could run the miner at genproc 2 or something and probably never notice any slowdown on their old Celeron.  Sure, they'll not be getting more than 20 or 30 coins a day, but they'll expend no effort.  So over time they'll amass a pretty good sum and they can sell it, or donate it to support the orphans, or buy that bible or pay a preacher for essentially no cost other than waiting.

One thing about a larger stake (which again, monetarily is pretty low by comparison to other MN coins) is you reduce the number of casual miners (see above) that will try and run a MN.  As m4tsby notes, you need the MN holders to be invested in the success of the coin and it's mission, not just invested monetarily. The MN governance system needs a majority of the MN to be active and reading and intelligently voting on proposals.  Too low a stake in my mind gets too many people involved that have little real interest in the coin.

[sharpshot]

When people start buying 1.1 million coins, they will need those miners.  It's great that we can all get some coins with our lower level CPU's but I think it would take us years to mine enough for all the sanctuaries.

[coinpimp321]

One thing about a larger stake (which again, monetarily is pretty low by comparison to other MN coins) is you reduce the number of casual miners (see above) that will try and run a MN.  As m4tsby notes, you need the MN holders to be invested in the success of the coin and it's mission, not just invested monetarily. The MN governance system needs a majority of the MN to be active and reading and intelligently voting on proposals.  Too low a stake in my mind gets too many people involved that have little real interest in the coin.

the mega miners right now are the only ones who can give away 1 million bpay without any real fiat risk. everyone else has to pony up the $800. in that equation its the ones who pay real money that will have more at stake and involved because their investment is  real. the millionare hashers can just walk away with several master nodes because it didnt cost them any real effort. so the equation is backwards IMO

i understand the economic motivation of the project. devs need to turn the tokens into real world fiat so they can be rewarded (justly so) for their effort. i just wish there was a mechanism that was more equitable.

how bout just throttle the number of hashes someone can produce? or having the pool cap out what someone can mine. that would prevent the megahashing with just a few lines of code on the pool side right?

[PewPewGoesTheDuck]

One thing about a larger stake (which again, monetarily is pretty low by comparison to other MN coins) is you reduce the number of casual miners (see above) that will try and run a MN.  As m4tsby notes, you need the MN holders to be invested in the success of the coin and it's mission, not just invested monetarily. The MN governance system needs a majority of the MN to be active and reading and intelligently voting on proposals.  Too low a stake in my mind gets too many people involved that have little real interest in the coin.

the mega miners right now are the only ones who can give away 1 million bpay without any real fiat risk. everyone else has to pony up the $800. in that equation its the ones who pay real money that will have more at stake and involved because their investment is  real. the millionare hashers can just walk away with several master nodes because it didnt cost them any real effort. so the equation is backwards IMO

i understand the economic motivation of the project. devs need to turn the tokens into real world fiat so they can be rewarded (justly so) for their effort. i just wish there was a mechanism that was more equitable.

how bout just throttle the number of hashes someone can produce? or having the pool cap out what someone can mine. that would prevent the megahashing with just a few lines of code on the pool side right?

The issue with throttling is that you'd just setup multiple miners on the same computer and capping the pool would just force miners to have multiple accounts. No one has came across a way to prevent people from throwing hash power at a coin to generate more of it.

[616westwarmoth]

One thing about a larger stake (which again, monetarily is pretty low by comparison to other MN coins) is you reduce the number of casual miners (see above) that will try and run a MN.  As m4tsby notes, you need the MN holders to be invested in the success of the coin and it's mission, not just invested monetarily. The MN governance system needs a majority of the MN to be active and reading and intelligently voting on proposals.  Too low a stake in my mind gets too many people involved that have little real interest in the coin.

the mega miners right now are the only ones who can give away 1 million bpay without any real fiat risk. everyone else has to pony up the $800. in that equation its the ones who pay real money that will have more at stake and involved because their investment is  real. the millionare hashers can just walk away with several master nodes because it didnt cost them any real effort. so the equation is backwards IMO

i understand the economic motivation of the project. devs need to turn the tokens into real world fiat so they can be rewarded (justly so) for their effort. i just wish there was a mechanism that was more equitable.

how bout just throttle the number of hashes someone can produce? or having the pool cap out what someone can mine. that would prevent the megahashing with just a few lines of code on the pool side right?

The other issue is that even if the mega miners didn't cheat and make multiple user id's (and again, the mega miners are not doing anything wrong right now) it would only solve the issue at the main pool.  I've solo mined this coin, and there would be little way to combat a mega miner that was solo mining without amount of work (and even then, it could probably be gamed).  In fact, if I were hashing at the rate of tonywon, I'd be solo mining since you could ride out the peaks and valleys without any risk of pool outage, pool fees or the small amount of pool overhead that there has got to be (even though I'm sure that is incredibly small).

You have to consider the mega miners are risking fiat, they're running a pretty measurable electric load, they may have bought hardware, or at least are using thousands of dollars of equipment to mine.  And the mega miners by and large were here early on, doing what amounted to testing during the coins early days, figuring out how this worked, so there was some real effort expended to get to where they were.  At the end of the day, from a pure accounting standpoint, everyone is risking the same sum regardless of how they attained it.  Sure, it is easier to "play with the house's money" but from an accounting standpoint, it's all the same if they could cash out or risk it.

[coinpimp321]

One thing about a larger stake (which again, monetarily is pretty low by comparison to other MN coins) is you reduce the number of casual miners (see above) that will try and run a MN.  As m4tsby notes, you need the MN holders to be invested in the success of the coin and it's mission, not just invested monetarily. The MN governance system needs a majority of the MN to be active and reading and intelligently voting on proposals.  Too low a stake in my mind gets too many people involved that have little real interest in the coin.

the mega miners right now are the only ones who can give away 1 million bpay without any real fiat risk. everyone else has to pony up the $800. in that equation its the ones who pay real money that will have more at stake and involved because their investment is  real. the millionare hashers can just walk away with several master nodes because it didnt cost them any real effort. so the equation is backwards IMO

i understand the economic motivation of the project. devs need to turn the tokens into real world fiat so they can be rewarded (justly so) for their effort. i just wish there was a mechanism that was more equitable.

how bout just throttle the number of hashes someone can produce? or having the pool cap out what someone can mine. that would prevent the megahashing with just a few lines of code on the pool side right?

The issue with throttling is that you'd just setup multiple miners on the same computer and capping the pool would just force miners to have multiple accounts. No one has came across a way to prevent people from throwing hash power at a coin to generate more of it.

well they cant have unlimited IP addresses right? and they cant change timestamps? so just cap a certain amount of hashes per ip per hour.

i dont think its an unsolved problem when you look at what others have done with abuse in account registration or DOS attacks. where there is a will there is a way

[616westwarmoth]

well they cant have unlimited IP addresses right? and they cant change timestamps? so just cap a certain amount of hashes per ip per hour.

i dont think its an unsolved problem when you look at what others have done with abuse in account registration or DOS attacks. where there is a will there is a way

Some of the earlier mega miners were using VPS computing power, which would be trivial to get different IP addresses. 

There is a limited amount of programming time, solving what might not even be seen as a problem instead of working on features is a balancing act.

I don't begrudge the big miners, if you want to spend the fiat buying mining computers versus buying coins it's your call.  But to me, ten thousand users each having 50,000 coins is not a preferable situation.

[coinpimp321]

well they cant have unlimited IP addresses right? and they cant change timestamps? so just cap a certain amount of hashes per ip per hour.

i dont think its an unsolved problem when you look at what others have done with abuse in account registration or DOS attacks. where there is a will there is a way

Some of the earlier mega miners were using VPS computing power, which would be trivial to get different IP addresses.  

There is a limited amount of programming time, solving what might not even be seen as a problem instead of working on features is a balancing act.

I don't begrudge the big miners, if you want to spend the fiat buying mining computers versus buying coins it's your call.  But to me, ten thousand users each having 50,000 coins is not a preferable situation.

im just going by the original stated intention of the coin - the hashing the Bible thereby reducing domination and abuse of GPU miners. Any project that uses the Holy Bible at its core should strive to have integrity and accountability and honesty as its core mission.  It is a sacred duty to preserve and distribute the Bible. Just read Old testament account of how strict God was to the treatment of His Word and His sanctuary. Serious serious business.

What did Jesus say and do to the money changers at the Temple? He literally wipped their *sses! Its the ONLY account in the Gospel of Jesus losing his mind!

Jesus Cleanses the Temple

…14 In the temple courts He found men selling cattle, sheep, and doves, and money changers seated at their tables.

15 So He made a whip out of cords and drove all from the temple courts, both sheep and cattle. He poured out the coins of the money changers and overturned their tables.

16 To those selling doves He said, “Get these out of here! How dare you turn My Father’s house into a marketplace!”



https://www.youtube.com/watch?v=boNIL1owRAI


i am available to offer my time for development to cleanse the moneychangers from the sanctuaries

[m4tsby]

Yea, its only a matter of time before these and dudes with vast resources enter. Its natural.
I watched it happen with Verium.

https://goo.gl/images/o1phXg