Bitcoin Forum
December 12, 2017, 12:33:50 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 [21] 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 »
  Print  
Author Topic: BiblePay - New Coin Launch - Official Thread  (Read 20915 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic.
Alex873434
Jr. Member
*
Offline Offline

Activity: 39


View Profile
November 30, 2017, 03:12:39 AM
 #401

I really don't understand what's the deal with the amount of coins? Just move the decimal?
Coins will be worth less but you will have more of them? So instead of having to think in terms of having floating numbers you can maybe have nice integers (having 0.000001 bbp vs having 10 bbp?)

10 000 JPY is worth 90 USD? People just have more JPY? that's it.

Coins will be worth less but you will have more of them to make up for it. I really don't understand what's the big deal about it.
1513082030
Hero Member
*
Offline Offline

Posts: 1513082030

View Profile Personal Message (Offline)

Ignore
1513082030
Reply with quote  #2

1513082030
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513082030
Hero Member
*
Offline Offline

Posts: 1513082030

View Profile Personal Message (Offline)

Ignore
1513082030
Reply with quote  #2

1513082030
Report to moderator
1513082030
Hero Member
*
Offline Offline

Posts: 1513082030

View Profile Personal Message (Offline)

Ignore
1513082030
Reply with quote  #2

1513082030
Report to moderator
bible_pay
Full Member
***
Offline Offline

Activity: 154


View Profile WWW
November 30, 2017, 03:39:59 AM
 #402

Good to see the price break higher.  Would be nice to have an uptrend instead of sideways.
Wow, just saw that. Who is pumping and dumping?

Edit: Let me reassess. It could be a pump, or it could be people rushing to buy to have enough for a Sanctuary come Christmas.

It was me guys. I had to make my final point and demonstrate how easy it is to pump up the price when you can mine so much coin. LOL

(i wish!)

In all seriousness this goes to my point on how 'powerhashers' can manipulate prices.
The sell right now is at 15 sat and the buy is at 10. So if you have 100 bbp you cant sell at 15 cause there are so many coins in the line in front. So you have to sell at 10.

This demonstrates a weakness in the large volume of coins. Unfair distribution and price manipulation
Why we aim for a large total coinbase circulation:

- This allows us to emit high volume in the beginning and be Very deflationary (we are 19.5% deflationary per year) and still have relatively high rewards after 5 years.  It isnt until the tail end (2040 or so) when we start dealing with low numbers.
- When we become more popular, the coins are more affordable per unit for the average blue collar person.  (The same reason AAPL reverse split), to make the stock more popular.  
- People tend to lose low value digital wallets.  The average is about 20% of digital minted coins are "lost".  This is due to lost files, lost hard drives, upgrades, all that.  That gives us a propensity to be worth more, if you keep your wallet.
- A more rewarding total investment cycle.  Im hoping we will have some investors see 3-4 zeroes of appreciation in the price over 10 years.
- More flexibility for us.  (IE tipping programs, P2P features, etc).

▄     B I B L E P A Y    ▄     The Cryptocurrency for Christians   ▄      B I B L E P A Y      ▄
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
gigabyted
Hero Member
*****
Offline Offline

Activity: 574



View Profile
November 30, 2017, 04:02:10 AM
 #403

Good to see the price break higher.  Would be nice to have an uptrend instead of sideways.
Wow, just saw that. Who is pumping and dumping?

Edit: Let me reassess. It could be a pump, or it could be people rushing to buy to have enough for a Sanctuary come Christmas.

It was me guys. I had to make my final point and demonstrate how easy it is to pump up the price when you can mine so much coin. LOL

(i wish!)

In all seriousness this goes to my point on how 'powerhashers' can manipulate prices.
The sell right now is at 15 sat and the buy is at 10. So if you have 100 bbp you cant sell at 15 cause there are so many coins in the line in front. So you have to sell at 10.

This demonstrates a weakness in the large volume of coins. Unfair distribution and price manipulation

Well this has nothing to do with the amount of coins, it only has to do with the volume of traders on the coin, if there was 100 btc each side, you wouldn't have been able to do this at all.  Look there some coins that are stuck at 1 sats and 2 sats with tens of BTC on each side.  The supply is not related at all.

bible_pay
Full Member
***
Offline Offline

Activity: 154


View Profile WWW
November 30, 2017, 04:06:59 AM
 #404

All Money
https://i.imgur.com/6IphL1q.png

Moon Math
http://www.bitcoinmoonmath.com/

===

1 Bitcoin is out of most peoples reach now, theres been talk on reddit past few months of using smaller unit:
mBTC    (0.001 BTC)  [millibits]
bits       (0.000001 BTC)
satoshis (0.00000001 BTC)

I remember reading that Bitcoin is infinitley divisible
https://bitcoin.stackexchange.com/questions/19661/how-is-bitcoin-infinitely-divisible
"additional decimal places can be added with consensus of the network"



These are cool charts, thanks!

According to this, the avg daily rate of return of bitcoin has been 2.23%, while the APY at the bank is .85%.

I like the smaller units, and its definitely possible, but they would need to lower transaction fees by 1/100th also.  I think thats why its $17 to withdraw from CCEX.


▄     B I B L E P A Y    ▄     The Cryptocurrency for Christians   ▄      B I B L E P A Y      ▄
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
slovakia
Full Member
***
Offline Offline

Activity: 154


View Profile
November 30, 2017, 06:21:55 AM
 #405

im compiled hundreds machines=cheap VPS for 13 ppl and mininig is nice for all= all told me that is very stable with prices=mining=ROI and we support children ....
and yes exists strong miners in leaderboard on every coins= but will be happy for them,every strong miner is important for every coin in coinmarketcap ....




helping orphans by helping biblepay coin CPU mine
sharpshot
Member
**
Offline Offline

Activity: 98


View Profile
November 30, 2017, 08:49:04 AM
 #406

Good to see the price break higher.  Would be nice to have an uptrend instead of sideways.
Wow, just saw that. Who is pumping and dumping?

Edit: Let me reassess. It could be a pump, or it could be people rushing to buy to have enough for a Sanctuary come Christmas.

It was me guys. I had to make my final point and demonstrate how easy it is to pump up the price when you can mine so much coin. LOL

(i wish!)

In all seriousness this goes to my point on how 'powerhashers' can manipulate prices.
The sell right now is at 15 sat and the buy is at 10. So if you have 100 bbp you cant sell at 15 cause there are so many coins in the line in front. So you have to sell at 10.

This demonstrates a weakness in the large volume of coins. Unfair distribution and price manipulation
In that position, you could sell at 14 sat.  It's actually much easier to sell small quantities, because your order will be filled in its entirety and people probably wont try and sell lower than you because its a small quantity.  Perhaps you haven't worked out how to set your own sell price?
adrianbits
Newbie
*
Offline Offline

Activity: 28


View Profile
November 30, 2017, 04:42:24 PM
 #407

In that position, you could sell at 14 sat.  It's actually much easier to sell small quantities, because your order will be filled in its entirety and people probably wont try and sell lower than you because its a small quantity.  Perhaps you haven't worked out how to set your own sell price?

True yes I have not tried to sell. I have way to little and my hashpower is tiny so I would have to wait many months before it is worthwhile. Also I read the fees to withdraw my btc would make the wait longer. So looks like 6 months from now I may try. On the other hand I hpoe the price goes higher by then. Hodl hodl hodl
adrianbits
Newbie
*
Offline Offline

Activity: 28


View Profile
November 30, 2017, 04:55:13 PM
 #408


Why we aim for a large total coinbase circulation:

- This allows us to emit high volume in the beginning and be Very deflationary (we are 19.5% deflationary per year) and still have relatively high rewards after 5 years.  It isnt until the tail end (2040 or so) when we start dealing with low numbers.
- When we become more popular, the coins are more affordable per unit for the average blue collar person.  (The same reason AAPL reverse split), to make the stock more popular.  
- People tend to lose low value digital wallets.  The average is about 20% of digital minted coins are "lost".  This is due to lost files, lost hard drives, upgrades, all that.  That gives us a propensity to be worth more, if you keep your wallet.
- A more rewarding total investment cycle.  Im hoping we will have some investors see 3-4 zeroes of appreciation in the price over 10 years.
- More flexibility for us.  (IE tipping programs, P2P features, etc).

Thank you for the answers. It is very interesting.

I was over at the dash forums. The thread is from 2014 so over 6000 pages! But what a story it tells from start to over $700 now (?).
I was thinking since biblepay is based on Dash, what kind of features will it need to make it a strong coin? I mean how can it become at least a $1 coin? Is that a possibility do you think? So far I can see the selling point is that it sponsors children. But what would make it even better that many people will want to use it? Over dash, or lite coin or others?

In other words can can biblepay outdash Dash Wink
616westwarmoth
Full Member
***
Offline Offline

Activity: 140


View Profile
November 30, 2017, 04:57:32 PM
 #409

The only difference between a high volume and low volume coin is ultimately divisibility.

BTC is dividable down to the Satoshi (1/100,000,000).  But if instead of 16 Million BTC, there were 160 Trillion BTC, each BTC of those would be equal to the current value of a Satoshi.  High volume coins make pricing easier to comprehend because our brains don't process fractions as well as large numbers.  For instance, at a glance, which is a Satoshi  .000000001 or .000000001 ?  Trick question, both of those are the same wrong answer.  The answer is .00000001.  But if I had asked, which is 100M  100,000,000 or 10,000,000, you'd be able to pick that out in a heartbeat.  In part, it is because our math system uses commas for large numbers but no dividers for fractions.

So in the end, it is a matter of personal preference, would you rather have 1M coins worth $0.001 each for $1000 or 1000 coins worth $1 each for $1000?  In the end, you'd have the same amount, and regardless of if you mined or bought, you'd have done the same work.

The main real disadvantage of a high volume coin ultimately is due to the fact the crypto market is dominated by BTC-2nd coin pairs, and a coin with too high a volume and too low a value cannot be handled by most exchanges since they don't allow for prices per coin below 1 Satoshi.

▄    BIBLEPAY    ▄    The Cryptocurrency for Christians    ▄     BIBLEPAY   
   Reddit      ANN Page      Biblepay Forum  
▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂
616westwarmoth
Full Member
***
Offline Offline

Activity: 140


View Profile
November 30, 2017, 05:07:36 PM
 #410

I was over at the dash forums. The thread is from 2014 so over 6000 pages! But what a story it tells from start to over $700 now (?).
I was thinking since biblepay is based on Dash, what kind of features will it need to make it a strong coin? I mean how can it become at least a $1 coin? Is that a possibility do you think? So far I can see the selling point is that it sponsors children. But what would make it even better that many people will want to use it? Over dash, or lite coin or others?

In other words can can biblepay outdash Dash Wink

While I'm a huge fan of BBP, I don't see any new coin outdoing the main established coins of BTC, ETH and DASH.   BBP has a lot of potential, and I am hopeful for great things, but consider if BBP became a top 100 (by market cap coin) by the end of next year.  BBP should have in rough numbers, 1 Billion coins at the end of 2018.  Right now the Number 100 Coin (on CoinMarketCap) is Aragon worth in rough numbers $50 Million.  To hit that would put the value of a single BBP at 5 cents.  To be a top 20 coin, would be a single BBP worth close to one dollar.  To exceed dash it would be over five dollars.

Again, I would love to see that happen for a myriad of reasons, but it's not a likely scenario.  But with the IT budget coming, and a PR budget, I would think it reasonable to think the coin will continue to grow and improve which should increase the valuation.  Which is a good thing for those of us who are early adopters, but it's also a HUGE deal for the charitable aspect of the coin.  This coin is making an incredible difference in the lives of nearly 200 children right now.  If the coin price were to increase ten-fold, the benefit to the Orphan Fund would be amazing.

▄    BIBLEPAY    ▄    The Cryptocurrency for Christians    ▄     BIBLEPAY   
   Reddit      ANN Page      Biblepay Forum  
▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂▂
adrianbits
Newbie
*
Offline Offline

Activity: 28


View Profile
November 30, 2017, 05:15:57 PM
 #411

I was over at the dash forums. The thread is from 2014 so over 6000 pages! But what a story it tells from start to over $700 now (?).
I was thinking since biblepay is based on Dash, what kind of features will it need to make it a strong coin? I mean how can it become at least a $1 coin? Is that a possibility do you think? So far I can see the selling point is that it sponsors children. But what would make it even better that many people will want to use it? Over dash, or lite coin or others?

In other words can can biblepay outdash Dash Wink

While I'm a huge fan of BBP, I don't see any new coin outdoing the main established coins of BTC, ETH and DASH.   BBP has a lot of potential, and I am hopeful for great things, but consider if BBP became a top 100 (by market cap coin) by the end of next year.  BBP should have in rough numbers, 1 Billion coins at the end of 2018.  Right now the Number 100 Coin (on CoinMarketCap) is Aragon worth in rough numbers $50 Million.  To hit that would put the value of a single BBP at 5 cents.  To be a top 20 coin, would be a single BBP worth close to one dollar.  To exceed dash it would be over five dollars.

Again, I would love to see that happen for a myriad of reasons, but it's not a likely scenario.  But with the IT budget coming, and a PR budget, I would think it reasonable to think the coin will continue to grow and improve which should increase the valuation.  Which is a good thing for those of us who are early adopters, but it's also a HUGE deal for the charitable aspect of the coin.  This coin is making an incredible difference in the lives of nearly 200 children right now.  If the coin price were to increase ten-fold, the benefit to the Orphan Fund would be amazing.

Okay lets aim for a penny then LOL.
That would be 10x its sat value right now. At btc of 10k.

So how to make it 10 times better would be a better question
togoshigekata
Full Member
***
Offline Offline

Activity: 126


View Profile WWW
November 30, 2017, 05:18:18 PM
 #412

About the increase in volume for the coin. The guys from Binance opened the "Community Coin of the Month - Round 4".
We could request the coin to be listed. Even if we don't get the coin on the exchange, BBP coul get noticed.

Binance - Community Coin of the Month - Round 4:
https://support.binance.com/hc/en-us/articles/115003042571-Community-Coin-of-the-Month-Round-4

Binance is ranked #5 in coin volume! https://coinmarketcap.com/exchanges/volume/24-hour/

Sadly it looks like the voting is done on Twitter with retweets, our main Twitter account only has 69 followers so far:
https://twitter.com/BiblePay

Good idea guys- I filled out Binances 8 Page application for Community Voting and submitted it.

Binance put up 12 coins for voting, we didnt make the cut  Sad
https://twitter.com/binance_2017/with_replies

nsummy
Full Member
***
Offline Offline

Activity: 140


View Profile
November 30, 2017, 05:37:17 PM
 #413

Good to see the price break higher.  Would be nice to have an uptrend instead of sideways.
Wow, just saw that. Who is pumping and dumping?

Edit: Let me reassess. It could be a pump, or it could be people rushing to buy to have enough for a Sanctuary come Christmas.

It was me guys. I had to make my final point and demonstrate how easy it is to pump up the price when you can mine so much coin. LOL

(i wish!)

In all seriousness this goes to my point on how 'powerhashers' can manipulate prices.
The sell right now is at 15 sat and the buy is at 10. So if you have 100 bbp you cant sell at 15 cause there are so many coins in the line in front. So you have to sell at 10.

This demonstrates a weakness in the large volume of coins. Unfair distribution and price manipulation

Thats wrong, you can still sell at 15.  This concept applies to much more than altcoins, you see it in penny stocks too.  This happens when the trading volume is low.  When its high, there are thousands of trades and the buy and sell are seperated by a penny or some other low amount.  When its low volume the buy and sell are further apart.  If you really want the coin, you will pay for the higher ask price.  If you don't you will stick with the low bid.  On the other hand, if you really want to sell, you will sell for the low bid price, otherwise, you stay at the higher ask.  Eventually the buyers and sellers will inch their offers forward.  Like if I really want to buy and the high bid is 10 sat, maybe ill put in an order for 11 sat.  A seller might really want to sell, so they will put in a sell order at 14 sat instead of 15.  When volume gets high enough, the numbers meet.
adrianbits
Newbie
*
Offline Offline

Activity: 28


View Profile
November 30, 2017, 08:30:58 PM
 #414

Good to see the price break higher.  Would be nice to have an uptrend instead of sideways.
Wow, just saw that. Who is pumping and dumping?

Edit: Let me reassess. It could be a pump, or it could be people rushing to buy to have enough for a Sanctuary come Christmas.

It was me guys. I had to make my final point and demonstrate how easy it is to pump up the price when you can mine so much coin. LOL

(i wish!)

In all seriousness this goes to my point on how 'powerhashers' can manipulate prices.
The sell right now is at 15 sat and the buy is at 10. So if you have 100 bbp you cant sell at 15 cause there are so many coins in the line in front. So you have to sell at 10.

This demonstrates a weakness in the large volume of coins. Unfair distribution and price manipulation

Thats wrong, you can still sell at 15.  This concept applies to much more than altcoins, you see it in penny stocks too.  This happens when the trading volume is low.  When its high, there are thousands of trades and the buy and sell are seperated by a penny or some other low amount.  When its low volume the buy and sell are further apart.  If you really want the coin, you will pay for the higher ask price.  If you don't you will stick with the low bid.  On the other hand, if you really want to sell, you will sell for the low bid price, otherwise, you stay at the higher ask.  Eventually the buyers and sellers will inch their offers forward.  Like if I really want to buy and the high bid is 10 sat, maybe ill put in an order for 11 sat.  A seller might really want to sell, so they will put in a sell order at 14 sat instead of 15.  When volume gets high enough, the numbers meet.

I am probably wrong i do not know. I am new to this so please be patient and help me understand.

Right now the exchange shows that to sell at 13 sat, there are 568696 coins available

0.00000013   568696.06475821

the next tier 14,15,16 is the same.Flooded with coins.

So say i have 100 bbp i want to sell. As i understand it, again I may be wrong, but I cant sell at those prices because there are already a huge amount of coins in front of me that will sell first. correct?

So i have to always settle for the buy side of 12 sat.

With my capabilities, I could never hope to get 500k coins to sell. That would take at least a year.  In that year what will happen? The same miners would be continually pumping out coins to sell and create these walls that small, normal miners could never overcome. I would always have to settle for the highest buy bid which is the lowest price.

Am i wrong in my thinking? Please explain how i could sell 100 bbp at 13 sat if its saturated with coins?

I think in the longer terms this will keep the prices of the coins always in the sub 100 sat level. Miners with greater hashing power will always turn around and sell very large volumes for profit. More new miners will enter to do the same. At some point the difficulty will increase and this dynamic may slow down. But in all that time the normal miner cant hope to make a profit.

Again I may be totally wrong but that just seems to be how this is going at the moment.

Thanks in advance for any correction of my thinking.

zthomasz
Jr. Member
*
Offline Offline

Activity: 32


View Profile
November 30, 2017, 08:55:35 PM
 #415

In the Orphans List > View Biography > Child Biography it shows the Correspondence Language Is this the language we should use to write the letters, or does Compassion translate them into the child's language?
ride22
Jr. Member
*
Offline Offline

Activity: 56


View Profile
November 30, 2017, 09:29:33 PM
 #416

In the Orphans List > View Biography > Child Biography it shows the Correspondence Language Is this the language we should use to write the letters, or does Compassion translate them into the child's language?

Compassion will translate.
ride22
Jr. Member
*
Offline Offline

Activity: 56


View Profile
November 30, 2017, 09:31:35 PM
 #417

Good to see the price break higher.  Would be nice to have an uptrend instead of sideways.
Wow, just saw that. Who is pumping and dumping?

Edit: Let me reassess. It could be a pump, or it could be people rushing to buy to have enough for a Sanctuary come Christmas.

It was me guys. I had to make my final point and demonstrate how easy it is to pump up the price when you can mine so much coin. LOL

(i wish!)

In all seriousness this goes to my point on how 'powerhashers' can manipulate prices.
The sell right now is at 15 sat and the buy is at 10. So if you have 100 bbp you cant sell at 15 cause there are so many coins in the line in front. So you have to sell at 10.

This demonstrates a weakness in the large volume of coins. Unfair distribution and price manipulation

Thats wrong, you can still sell at 15.  This concept applies to much more than altcoins, you see it in penny stocks too.  This happens when the trading volume is low.  When its high, there are thousands of trades and the buy and sell are seperated by a penny or some other low amount.  When its low volume the buy and sell are further apart.  If you really want the coin, you will pay for the higher ask price.  If you don't you will stick with the low bid.  On the other hand, if you really want to sell, you will sell for the low bid price, otherwise, you stay at the higher ask.  Eventually the buyers and sellers will inch their offers forward.  Like if I really want to buy and the high bid is 10 sat, maybe ill put in an order for 11 sat.  A seller might really want to sell, so they will put in a sell order at 14 sat instead of 15.  When volume gets high enough, the numbers meet.

I am probably wrong i do not know. I am new to this so please be patient and help me understand.

Right now the exchange shows that to sell at 13 sat, there are 568696 coins available

0.00000013   568696.06475821

the next tier 14,15,16 is the same.Flooded with coins.

So say i have 100 bbp i want to sell. As i understand it, again I may be wrong, but I cant sell at those prices because there are already a huge amount of coins in front of me that will sell first. correct?

So i have to always settle for the buy side of 12 sat.

With my capabilities, I could never hope to get 500k coins to sell. That would take at least a year.  In that year what will happen? The same miners would be continually pumping out coins to sell and create these walls that small, normal miners could never overcome. I would always have to settle for the highest buy bid which is the lowest price.

Am i wrong in my thinking? Please explain how i could sell 100 bbp at 13 sat if its saturated with coins?

I think in the longer terms this will keep the prices of the coins always in the sub 100 sat level. Miners with greater hashing power will always turn around and sell very large volumes for profit. More new miners will enter to do the same. At some point the difficulty will increase and this dynamic may slow down. But in all that time the normal miner cant hope to make a profit.

Again I may be totally wrong but that just seems to be how this is going at the moment.

Thanks in advance for any correction of my thinking.



I am still curious how the top people are pulling that high of numbers on just a processor.  It honestly just blows me away the differences in numbers that I am seeing.   
znffal
Member
**
Online Online

Activity: 98


View Profile
November 30, 2017, 09:47:13 PM
 #418

Quote

I am still curious how the top people are pulling that high of numbers on just a processor.  It honestly just blows me away the differences in numbers that I am seeing.    

Well they are not just using one computer, probably.
znffal
Member
**
Online Online

Activity: 98


View Profile
November 30, 2017, 09:56:26 PM
 #419

Quote

I am probably wrong i do not know. I am new to this so please be patient and help me understand.

Right now the exchange shows that to sell at 13 sat, there are 568696 coins available

0.00000013   568696.06475821

the next tier 14,15,16 is the same.Flooded with coins.

So say i have 100 bbp i want to sell. As i understand it, again I may be wrong, but I cant sell at those prices because there are already a huge amount of coins in front of me that will sell first. correct?

So i have to always settle for the buy side of 12 sat.

With my capabilities, I could never hope to get 500k coins to sell. That would take at least a year.  In that year what will happen? The same miners would be continually pumping out coins to sell and create these walls that small, normal miners could never overcome. I would always have to settle for the highest buy bid which is the lowest price.

Am i wrong in my thinking? Please explain how i could sell 100 bbp at 13 sat if its saturated with coins?

I think in the longer terms this will keep the prices of the coins always in the sub 100 sat level. Miners with greater hashing power will always turn around and sell very large volumes for profit. More new miners will enter to do the same. At some point the difficulty will increase and this dynamic may slow down. But in all that time the normal miner cant hope to make a profit.

Again I may be totally wrong but that just seems to be how this is going at the moment.

Thanks in advance for any correction of my thinking.



Short answer: If you are in a hurry to sell, just put a sell order 1 sat lower than the current lowest sell order.
If you are not in a hurry, put it anywhere you want. Add it to the current lowest sell order. It will take longer, but at least you are next in line and ahead of others.
"Please explain how i could sell 100 bbp at 13 sat if its saturated with coins?" You practise patience. Get in line behind the current guy but before the next guy!

Some large miners will sell all coins they mine, others will hold to run one or more sanctuaries. Right now it may not be worth you selling, but it may be better to hold onto the coins until more features are added and the demand for BBP grows.

The short of it is if you are here to make a quick buck, you are probably better mining Monero or something else.

Also, regarding transaction fees from exchanges. People can convert BBP -> BTC, then BTC -> LTC and the fees should be cheaper (I haven't checked that...)
bible_pay
Full Member
***
Offline Offline

Activity: 154


View Profile WWW
November 30, 2017, 09:57:34 PM
 #420

Good to see the price break higher.  Would be nice to have an uptrend instead of sideways.
Wow, just saw that. Who is pumping and dumping?

Edit: Let me reassess. It could be a pump, or it could be people rushing to buy to have enough for a Sanctuary come Christmas.

It was me guys. I had to make my final point and demonstrate how easy it is to pump up the price when you can mine so much coin. LOL

(i wish!)

In all seriousness this goes to my point on how 'powerhashers' can manipulate prices.
The sell right now is at 15 sat and the buy is at 10. So if you have 100 bbp you cant sell at 15 cause there are so many coins in the line in front. So you have to sell at 10.

This demonstrates a weakness in the large volume of coins. Unfair distribution and price manipulation

Thats wrong, you can still sell at 15.  This concept applies to much more than altcoins, you see it in penny stocks too.  This happens when the trading volume is low.  When its high, there are thousands of trades and the buy and sell are seperated by a penny or some other low amount.  When its low volume the buy and sell are further apart.  If you really want the coin, you will pay for the higher ask price.  If you don't you will stick with the low bid.  On the other hand, if you really want to sell, you will sell for the low bid price, otherwise, you stay at the higher ask.  Eventually the buyers and sellers will inch their offers forward.  Like if I really want to buy and the high bid is 10 sat, maybe ill put in an order for 11 sat.  A seller might really want to sell, so they will put in a sell order at 14 sat instead of 15.  When volume gets high enough, the numbers meet.

I am probably wrong i do not know. I am new to this so please be patient and help me understand.

Right now the exchange shows that to sell at 13 sat, there are 568696 coins available

0.00000013   568696.06475821

the next tier 14,15,16 is the same.Flooded with coins.

So say i have 100 bbp i want to sell. As i understand it, again I may be wrong, but I cant sell at those prices because there are already a huge amount of coins in front of me that will sell first. correct?

So i have to always settle for the buy side of 12 sat.

With my capabilities, I could never hope to get 500k coins to sell. That would take at least a year.  In that year what will happen? The same miners would be continually pumping out coins to sell and create these walls that small, normal miners could never overcome. I would always have to settle for the highest buy bid which is the lowest price.

Am i wrong in my thinking? Please explain how i could sell 100 bbp at 13 sat if its saturated with coins?

I think in the longer terms this will keep the prices of the coins always in the sub 100 sat level. Miners with greater hashing power will always turn around and sell very large volumes for profit. More new miners will enter to do the same. At some point the difficulty will increase and this dynamic may slow down. But in all that time the normal miner cant hope to make a profit.

Again I may be totally wrong but that just seems to be how this is going at the moment.

Thanks in advance for any correction of my thinking.




There are a lot of nuances to what you said above, so the answer is multifaceted and long winded.

Let me try to cover the tips and you can ponder and google between the lines.

The (crypto exchange) market at the money fills Market orders.  So if you sacrifice time (IE convenience) for price, you settle for the "market" price (thats .0011 per coin) in USD.
If you have 500,000 to sell and you dont sacrifice time, you can set Limit orders up.  There is a chance over time those will be Hit.

We also have to consider the forward value of BBP.  Some like myself, believe we will appreciate over the next year based on G5 inflation and our deflation, technology, sanctuaries, and being a good investment for the future.  So some are actually mining based on our forward value.  The reward of 10,000 BBP means a newer PC earns about 500 coins a day (IE $18 a month) which is about break-even for electric rates and depreciation (of the computer).


▄     B I B L E P A Y    ▄     The Cryptocurrency for Christians   ▄      B I B L E P A Y      ▄
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 [21] 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!