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Author Topic: BiblePay - New Coin Launch - Official Thread  (Read 22171 times)
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bible_pay
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November 11, 2017, 01:53:34 PM
 #1

NEW COIN LAUNCH



NAME: BIBLEPAY






LAUNCH DATE:  JULY 23, 2017 at 17:00:00 CST



ALGORITHM: PROOF OF BIBLEHASH (POBh) ** NEW **

BLOCK TARGET RATE: 7 MINUTES


First coin with the KJV Bible compiled in the source, and utilizing the Bible in the hashing algorithm, while spreading the gospel throughout the IT community.  The blocks also hash to chained bible verses.


TRANSACTION SPEED: SUPPORTS INSTANTSEND

MASTERNODE (SANCTUARY) SUPPORT: SUPPORTED AFTER CHRISTMAS 2017
SUBSIDY BREAKDOWN: 10% TO CHARITY, 10% TO MASTERNODES, 80% TO MINER



FORUM:
https://bitcointalk.org/index.php?topic=2388064


Backup Forum:
http://forum.biblepay.org/

BLOCK EXPLORERS:
https://biblepay-explorer.org/
http://explorer.biblepay.org:3001/
http://biblepay.inspect.network/



WIKI:
http://wiki.biblepay.org/



SOURCE CODE:
https://github.com/biblepay/biblepay

WEB SITE:
http://biblepay.org

MINING GUIDES FOR PROOF OF BIBLE HASH:
http://www.biblepay.org | Click Mining Guides for Windows or Linux

WHITEPAPER:
http://pool.biblepay.org/Docs/BiblePay_White_Paper.pdf

EXCHANGES:

#1: C-CEX:
https://c-cex.com/?p=bbp-btc

#2: COINSMARKETS:
https://coinsmarkets.com/trade-BTC-BBP.htm

TICKER: BBP
Exchange Go Live Date:  August 15th 2017

PREMINE: NONE
ICO: NONE
INCONSISTENT REWARDS: NONE

CIRCULATION CHARACTERISTIC: DEFLATIONARY
CIRCULATION RATE: DECREASE BY 1.5% PER MONTH
DEFLATION RATE: 18% per year


Sanctuary Escrow Requirement: 1,550,001 BBP



** NOTE ON DEFLATION **

 BiblePay seeks to be a deflationary currency relative to the G5 basket, by constantly decreasing its block reward structure by 1.5% per month.  We make the assumption that with our controlled seven minute block mint rate, coins will be bought at a normalized pace in time due to the free market pricing structure.


TOTAL CIRCULATION: 5.2 BILLION BY 2050, DECREASING BY 18% PER YEAR (200 MILLION AS OF NOVEMBER 2017)

EMISSION SCHEDULE PROJECTION: http://wiki.biblepay.org/Emission_Schedule
ECONOMICS: http://wiki.biblepay.org/Economics

DESCRIPTION:

A secure blockchain benefiting those in distress - 10% of the emission goes to sponsoring Orphans, with provable contributions, expenses contributed to compassion.com  - and future charities that are more than 75% efficient.  ** NOTE: THE COIN HAS RPC COMMANDS THAT PROVE 100% OF CONTRIBUTIONS ARE SPENT THE WAY INTENDED **
 


Proof of Work has been replaced with Proof Of Biblehash (POBh) - an algorithm that compensates full nodes participation,
  while preventing GPUs and ASIC by requiring full blockchain transaction referencing in the hashing function,
along with chained bible verses.  This means biblepay subsidizes full nodes that stay online.


Seven minute block targets minimize the blockchain file size, yet BiblePay does support Dash's instantsend for speedy transactions.
MasterNodes (called Sanctuaries) will come online after Christmas, allowing all expenses to be voted on and approved.

Expense receipts, to prove the sponshorship of new orphans, will be accessible from inside the wallet and we will even provide phone numbers for auditors to prove
 100% charity expenditures.  (From the rpc, type 'run contribution' to see the tithes into the foundation for a time period, and to see the outgoing sponsorship click the wallets 'Accountability' button to see
 a list of orphans, expenses, sponsorship dates, amounts, and the charity phone number, and txid).
  
For the first 6 months, 10% of each block will be allocated to the foundation, for sponsoring orphans at 100%.  Once per month, we will cash in anything over $40 available on an exchange, and sponsor orphans on our
volunteer time.

   After the sanctuaries go live, the 10% tithe will be diverted to an ongoing budget with DAO governance, voting, allowing the coin to function
as a dectralized autonomous charity; at that point the lead dev and volunteers will become a normal part of the community allowing the coin to run by itself.


To avoid wasting energy on meaningless SHA hashing, (or mining), biblepay introduces the BibleHash algorithm, that allows biblepay to
run on common commodity PCs, since the algorithm is resistant to porting to video cards and ASICs and is resistant to running in non-full node environments.

In addition to the low energy requirements and high efficiency of POB, the reward per block is set to be relative to the length of time the block took to solve,
(meaning that abusive hash attacks result in subsidy decreases).

The network will be high efficiency with low total energy consumption, and the charities sponsored must also be high efficiency (over 75%).
Next, we are deflationary, meaning that we start by issuing a larger amount of coins per block, and each year we tighten the supply by 10%.

The schedule is here: (205 blocks per day, 7 minute block targets):

EMISSION SCHEDULE PROJECTION: http://wiki.biblepay.org/Emission_Schedule


The block reward breakdown is as follows:
http://wiki.biblepay.org/Economics


After our sanctuaries go live, we allocate 10% of each block subsidy to our governance committe (a DAO), automatically, with 100% of that being
spent on charity, and 5% to IT expenses and PR.

Over time, our sanctuaries will become a charity governance committee, to allow our community to take over the day to day operations of the charity: voting on where the money is spent, how much is spent.
This way, we will not be centralized.


We only partner with charities over 75% efficient, meaning over 75% reach the end-user.



NO PREMINE - the lead dev starts with zero, the orphan foundation fund starts with zero, the distribution is entirely fair.  NO ICO.  The distribution curve is evenly declining with no hidden bumps early.
The self-governance committee and masternode payments are deliberately delayed until Christmas, to allow people to prepare and save up the initial requirement.  Running a sanctuary is open to anyone.
The lead dev will sponsor the first 10 orphans out of his own pocket.

Accountability:

The wallet will have a reconciliation page built in at go live, to show all charitable income and expenses.

The expenses will be auditable - to prove the money actually was spent on orphans.

This will be accomplished through the use of : an RPC audit command that tallies the orphan income from the blockchain,
and secondly, an API connection to a database that stores the Compassion expenses (until sanctuaries go live), with auditable backing contact info for each expense.
We will also provide a web page with pictures of the sponsored orphans clicable from the wallet to show our investors what good we are doing.
And finally- we will maintain a copy of receipts in order to maintain 100% accountability.

Future Feature:
Pay to Preach, in wallet ineractive prayer rooms.


ROADMAP:
JULY-DECEMBER 2017: GO LIVE, SPONSOR ORPHANS MONTHLY
JANUARY 2018:  MASTERNODES (SANCTUARIES) GO LIVE
FEBRUARY 2018: MARKETING, IN WALLET PRAYERS

MAY 2018: MARKET BIBLEPAY AS A 401K ALTERNATIVE

Novel distinct features of BiblePay:

Proof of Bible Hash algorithm (POBh), getblockinfo shows the chained bible verses required to solve the block,
sending money exposes a Tithe checkbox - allowing 10% to be gifted to the orphan foundation,
wallet has an in-wallet prayer system, allowing a user to send out a prayer request to the network or store prayers in the chain for the community to pray for from the overview page,
Transactions support in-chain messages, Instant Send, Voting, Decentralized Automated Charity Governance Committee, Repentance of Sins, Contributing to the orphan foundation checkbox, and reading the sin list and various staple prayers in wallet.


Our designers:



Our partners:




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November 11, 2017, 01:54:23 PM
 #2

Welcome Back Everyone!


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November 11, 2017, 02:02:33 PM
 #3

Quote
Sharpshot said:

I really don't think capping miners would work because that would probably kill the coin off.  This is very early days with this coin, if the price goes up and it's listed on other exchanges, then small miners should be able to make money.  I fail to see how twisting most of the facts helps that happen?


Sharpshot, could you please elaborate?  I dont think we want to cap miners at all, nor in f8000.  A miner can throw as much hashpower they want at us.  The issue f8000 solves is making it not financially rewarding to run more than one instance of biblepay on a server.  

There is a theme that in order to be green we would not promote a mining rat-race.  We would promote distinct nodes per Christian.  Thats more along the lines of what POS does.  But since we have sanctuaries that provide ROI, that solves our problem.  So Im happy to just see it bee asic resistant and provide an avenue for entrepeneurs.

We can really add value in other areas, like cross chain, atomic trading, lightning network, HTLC contracts, c# smart contracts, stratus integration, debit cards, ecommerce, all that.  



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November 11, 2017, 02:06:18 PM
 #4

Code:

Quote from: coinpimp321 on Today at 03:24:18 AM
Can someone explain why Biblepay was created if its just a clone of Dash? I cant see any significant advantages over existing solutions

seems a simple solution would be to create a donation based Dash project

or am i wrong?

Quote
 
Quote from: NWFMM on Today at 03:54:19 AM


   I would like to thank that people who had the sanity to realize the potential of this project. Why not give kids hope. If hope. what else do thay have. And If It Fails I will Take This On As a personal project. (Harry V. Adkins). of just search.

Right.  "And he said unto him, If they hear not Moses and the prophets, neither will they be persuaded, though one rose from the dead." 

Its obvious to the intelligent folk what we are doing here, its primarily to help orphans in the end, but much more than required to make it sustainable.

The ideas about adding VAR to the coin to be a top 50 coin is to help orphans in the end.  Adding enough VAR to the coin to get there requires perspiration.  And obviously, we would not be a clone of any codebase at that point, we would have coins cloning Biblepay.

If you dont know what I mean by adding VAR: It means adding a novel feature or business process that has household utility and merging it into biblepay.  It means that whatever that is ends up sticking and people like it.  That propels us into the top 100.  I dont want to be known as a "masternode clone" or a clone of dash.  I thank Dash for what theyve done and we give Dash credit for the governance system, the budgets and the superblocks.  Now its our turn to add something back in for the community to share.

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November 11, 2017, 02:10:26 PM
 #5

Hi!
What wrong with old topic? https://bitcointalk.org/index.php?topic=2042657.0;all
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November 11, 2017, 02:15:56 PM
 #6


I decided to go ahead and self moderate it.  I couldnt take the repetetive posts containing "This users post is ignored".

Yes, I know a small group will say this is censorship, but over the long term you will see that I dont censor unless its trash and youll see that Im an honest person once you start calling up all the orphan accounts and finding that I spent more money than I turned in on the expense reports.

And finally, cryptocoins target a semi-geek audience, and I can say this with certainty:  Geeks would rather read something accurate and succinct.  And when the benefits outweight the risks I have to go for it to keep us nice and slim.

So that means we will have less pages of information per week here, but it will be higher quality info.


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November 11, 2017, 02:18:54 PM
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I decided to go ahead and self moderate it.  I couldnt take the repetetive posts containing "This users post is ignored".

Yes, I know a small group will say this is censorship, but over the long term you will see that I dont censor unless its trash and youll see that Im an honest person once you start calling up all the orphan accounts and finding that I spent more money than I turned in on the expense reports.

And finally, cryptocoins target a semi-geek audience, and I can say this with certainty:  Geeks would rather read something accurate and succinct.  And when the benefits outweight the risks I have to go for it to keep us nice and slim.

So that means we will have less pages of information per week here, but it will be higher quality info.



Wise choice bible_pay ... thanks! Cool
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November 11, 2017, 03:15:27 PM
 #8

I decided to go ahead and self moderate it.  I couldnt take the repetetive posts containing "This users post is ignored".

Yes, I know a small group will say this is censorship, but over the long term you will see that I dont censor unless its trash and youll see that Im an honest person once you start calling up all the orphan accounts and finding that I spent more money than I turned in on the expense reports.

And finally, cryptocoins target a semi-geek audience, and I can say this with certainty:  Geeks would rather read something accurate and succinct.  And when the benefits outweight the risks I have to go for it to keep us nice and slim.

So that means we will have less pages of information per week here, but it will be higher quality info.

OK
Tnx!

How much coins we will need to setup one MN?
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November 11, 2017, 03:19:29 PM
 #9

I decided to go ahead and self moderate it.  I couldnt take the repetetive posts containing "This users post is ignored".

Yes, I know a small group will say this is censorship, but over the long term you will see that I dont censor unless its trash and youll see that Im an honest person once you start calling up all the orphan accounts and finding that I spent more money than I turned in on the expense reports.

And finally, cryptocoins target a semi-geek audience, and I can say this with certainty:  Geeks would rather read something accurate and succinct.  And when the benefits outweight the risks I have to go for it to keep us nice and slim.

So that means we will have less pages of information per week here, but it will be higher quality info.

OK
Tnx!

How much coins we will need to setup one MN?

The estimated cost is currently 1.5MM BBP, and will be finalized on Thanksgiving.

The estimated ROI for a masternode is approximately 12-24 months, based on this simulation:
http://pool.biblepay.org/docs/roi.htm




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AGw8H3S73qpR6fecRUr5dYUpwvcvMeQfbL


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November 11, 2017, 03:24:14 PM
 #10


I decided to go ahead and self moderate it.  I couldnt take the repetetive posts containing "This users post is ignored".

Yes, I know a small group will say this is censorship, but over the long term you will see that I dont censor unless its trash and youll see that Im an honest person once you start calling up all the orphan accounts and finding that I spent more money than I turned in on the expense reports.

And finally, cryptocoins target a semi-geek audience, and I can say this with certainty:  Geeks would rather read something accurate and succinct.  And when the benefits outweight the risks I have to go for it to keep us nice and slim.

So that means we will have less pages of information per week here, but it will be higher quality info.



Good move, Rob! We have no choice but there are too many people like to create FUD, I have seen a lot of coins sabotaged by such false FUD. I have really no idea what is their motive for  Undecided



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November 11, 2017, 03:25:08 PM
 #11

it this a New Coin Launch,how to mine this type coins ,any guide ,thanks .

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November 11, 2017, 03:30:54 PM
 #12

Quote
Sharpshot said:

I really don't think capping miners would work because that would probably kill the coin off.  This is very early days with this coin, if the price goes up and it's listed on other exchanges, then small miners should be able to make money.  I fail to see how twisting most of the facts helps that happen?


Sharpshot, could you please elaborate?  I dont think we want to cap miners at all, nor in f8000.  A miner can throw as much hashpower they want at us.  The issue f8000 solves is making it not financially rewarding to run more than one instance of biblepay on a server.  

There is a theme that in order to be green we would not promote a mining rat-race.  We would promote distinct nodes per Christian.  Thats more along the lines of what POS does.  But since we have sanctuaries that provide ROI, that solves our problem.  So Im happy to just see it bee asic resistant and provide an avenue for entrepeneurs.

We can really add value in other areas, like cross chain, atomic trading, lightning network, HTLC contracts, c# smart contracts, stratus integration, debit cards, ecommerce, all that.  



I agree with you, I was replying to the post above mine that was from the person you were ignoring.  They were insisting that "heavy miners" should be capped.
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November 11, 2017, 03:31:38 PM
 #13


TOTAL CIRCULATION: 5.2 BILLION BY 2050, DECREASING BY 18% PER YEAR (200 MILLION AS OF NOVEMBER 2017)  - WUT??

Deflatation, yet inflation in end Smiley
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November 11, 2017, 03:38:23 PM
 #14


TOTAL CIRCULATION: 5.2 BILLION BY 2050, DECREASING BY 18% PER YEAR (200 MILLION AS OF NOVEMBER 2017)  - WUT??

Deflatation, yet inflation in end Smiley

Not inflation in the end, constant deflation.  We start with 20,000 bbp per block and decrease by 1.5% per month, thats deflation.

We also have retirement accounts going live at Christmas, with 365% annual deflation.


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bible_pay
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November 11, 2017, 03:40:46 PM
 #15

it this a New Coin Launch,how to mine this type coins ,any guide ,thanks .

Please click on "Mining Guides" from www.biblepay.org.

Adding to the OP now.

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bible_pay
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November 11, 2017, 03:56:25 PM
 #16

Please Vote:


http://forum.biblepay.org/index.php?topic=33.0

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whirling_blue
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November 11, 2017, 05:04:06 PM
 #17

I'm so glad you decided to self-moderate the thread. Honestly, I don't know what some people's motivation is spreading false FUD about a coin that isn't even ready for prime-time yet.

Anyway, I don't post much, but I've been mining since close to the beginning, and I'm really excited about the potential of this project and the charity aspect. I hope we're all able to accomplish great things together.
togoshigekata
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November 11, 2017, 06:00:58 PM
 #18


bible_pay
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November 11, 2017, 06:06:27 PM
 #19



Very nice banner!


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zthomasz
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November 11, 2017, 06:14:16 PM
 #20

How long will the previous BiblePay Official thread be available?

It's a great resource, would be nice to have ongoing access to it.
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