BiblePay | 10% to Orphan-Charity | RANDOMX MINING | Sanctuaries (Masternodes)

[togoshigekata]

I believe we are less than 12 hours away from the payout of our 2nd Budget!

January/February Proposal Summary:
https://www.reddit.com/r/BiblePay/comments/7y4jw2/januaryfebruary_2018_proposal_summary/

Anyone can propose work and be funded coins!

[1715337674]

1715337674

[joelles]

What about the decentralized exchange, Cryptobridge? It's very easy and cheap to go there. Coinbase and yobit are also cheap options. Kucoin would be.great as well.

Someone mentioned Cryptobridge on Discord the other day and said that they would enquire about it for us.
We looked at yobit but it seemed they weren't honouring their agreements when coins were paying the listing fee. I don't know specifics.
I don't know about the other two.

I inquire to cryptobridge price is 2btc a while back.

[SVK Noko]

Hello guys......any price predictions during the next 2 months or long term on biblepay? Any new exchanges coming? I think thats the only thing holding this great looking project at such a low price right now.

Well in theory, in an efficient market, the mining price breakeven is supposed to act as a floor on prices.  So to give you some idea of what that is currently, running a 120V server drawing 2.25-2.5A steady state mining biblepay is conservatively using 300 Watts.  So over 1 day, (300W*24)/1000 is 7.2KWh per day.  My cost for electricity is below most people's although not the cheapest, at .067 per KWh.  So that is approximately .48 per day to run the server.  On good days, I get about 33.3 biblepay per day per machine.  That is .48/33.3 cost per biblepay which works out to .0144 per biblepay.  Right now, per coinmarketcap, the price of bbp is .004075.  So in an efficient market, miners should cut back mining and instead buy biblepay up to .0144, which is about 3.5 times higher than the current price.  Additionally, another pool was just added which probably reduced the original pool hashpower and reduced the frequency of found blocks so the breakevens are probably on their way higher.  So in short, right now mining is an expensive way to finance acquisition of biblepay.  

As for VPS, $5 per month with an expected mining rate of 14 bbp per day implies 5/(14*30) which is a breakeven of .012.  Some people might have different expectations for their mining rate, but that is at least ballpark of what I have observed recently.  It fluctuates daily, but usually the breakevens creep higher.  

The problem is that if there is a botnet mining for free, it is taking hashpower, taking blocks and selling bbp on the market lowering the price compared to their free cost of electicity.  (I don't know for sure this is what is happening, but is bad if it is.)  Taking blocks from the pool lowers payout and raises breakevens, so it is important that if there is a botnet mining for free that we get rid of it.  

That is a super interesting analysis aikida3k! Great insight into the miners perspective,
I guess the other part of that is the 40% Masternodes and 20% Budget (in addition to the 40% Miners),
At least half the budget will always be sold to pay for Charity expenses and probably other proposals will sell their coins to fund other expenses
and there are maybe some Masternodes selling their rewards as well

Ok. Here is a prediction for next two monts: Price will be exactly the same as now.

[bible_pay]

Hello guys......any price predictions during the next 2 months or long term on biblepay? Any new exchanges coming? I think thats the only thing holding this great looking project at such a low price right now.

Well in theory, in an efficient market, the mining price breakeven is supposed to act as a floor on prices.  So to give you some idea of what that is currently, running a 120V server drawing 2.25-2.5A steady state mining biblepay is conservatively using 300 Watts.  So over 1 day, (300W*24)/1000 is 7.2KWh per day.  My cost for electricity is below most people's although not the cheapest, at .067 per KWh.  So that is approximately .48 per day to run the server.  On good days, I get about 33.3 biblepay per day per machine.  That is .48/33.3 cost per biblepay which works out to .0144 per biblepay.  Right now, per coinmarketcap, the price of bbp is .004075.  So in an efficient market, miners should cut back mining and instead buy biblepay up to .0144, which is about 3.5 times higher than the current price.  Additionally, another pool was just added which probably reduced the original pool hashpower and reduced the frequency of found blocks so the breakevens are probably on their way higher.  So in short, right now mining is an expensive way to finance acquisition of biblepay.  

As for VPS, $5 per month with an expected mining rate of 14 bbp per day implies 5/(14*30) which is a breakeven of .012.  Some people might have different expectations for their mining rate, but that is at least ballpark of what I have observed recently.  It fluctuates daily, but usually the breakevens creep higher.  

The problem is that if there is a botnet mining for free, it is taking hashpower, taking blocks and selling bbp on the market lowering the price compared to their free cost of electicity.  (I don't know for sure this is what is happening, but is bad if it is.)  Taking blocks from the pool lowers payout and raises breakevens, so it is important that if there is a botnet mining for free that we get rid of it.  

Excellent analysis!  I think you and I should talk about working together to build a huge feature for biblepay at the end of the year that would benefit everyone.

[capulo]

Hello guys......any price predictions during the next 2 months or long term on biblepay? Any new exchanges coming? I think thats the only thing holding this great looking project at such a low price right now.

i think it will goes up to 0.1$ next year. i can sell you bbp fo 0.05$ now

[bible_pay]

FYI:  I just tested instantsend with CCEX and it worked.  6 of 7 confirms already present for 400K.

In testnet, we are increasing the signature time, so the next release should allow even higher instantsend values with no sig failures.
For now, just try to send about 250K at a time to prevent this issue.

[bible_pay]

Great news!  This month we were able to Pre-pay 1/3rd (Sixty Three) of our 190 orphans premiums into the future One Month ahead!  Now 1/3rd of our children are safe for 30 extra days from anything taking their help away from them!

See :

http://Accountability.biblepay.org | Orphans | Expenses

[slovakia]

bible_pay do you think that is correct when you deleted all info here? all info is on REDDIT and every user from world read it  

can i to ask important things?

when wll be ofc time for start PODC?  what min version of wallet will be need for it?

thanks....


anybody from you asked if KUCOIN will be list BBP?

Rob: you filled its form for listing? 

[bible_pay]

bible_pay do you think that is correct when you deleted all info here? all info is on REDDIT and every user from world read it  

can i to ask important things?

when wll be ofc time for start PODC?  what min version of wallet will be need for it?

thanks....


anybody from you asked if KUCOIN will be list BBP?

Reddit:  Yes.

PODC:  It will be addressed in the PODC thread.

KUCOIN:  Check with Luke on this.

[joelles]

Lichtsucher, I'd like to set up another pool using your software eventually.
Thanks

[capulo]

what is wrong with network now? both pools seems to be up, getmininginfo from miners saying that they are mining, but all machines have 0% cpu usage...

[bible_pay]

Oh no, it looks like our getsuperblockbudget for 30750 is 5702381, and we spent 5780000 in the superblock.

I dont know how we did that, but lets look at that later and try to get through this mess.


Checking for a straightforward solution now....



EDIT:  All, please stay tuned and watch this thread, we might have to create an emergency superblock and hold an emergency vote...

[jaapgvk]

Oh no, it looks like our getsuperblockbudget for 30750 is 5702381, and we spent 5780000 in the superblock.

I dont know how we did that, but lets look at that later and try to get through this mess.


Checking for a straightforward solution now....



EDIT:  All, please stay tuned and watch this thread, we might have to create an emergency superblock and hold an emergency vote...

Standing by...

[slovakia]

yes---- i see problem now too

[bible_pay]

Oh no, it looks like our getsuperblockbudget for 30750 is 5702381, and we spent 5780000 in the superblock.

I dont know how we did that, but lets look at that later and try to get through this mess.


Checking for a straightforward solution now....



EDIT:  All, please stay tuned and watch this thread, we might have to create an emergency superblock and hold an emergency vote...

All,  I have created a new superblock - please vote for this new one first before we try to delete the old one - so we don't miss it:
gobject vote-many d30ade50b678d6a1092964c15443c3d8e6b48621a7a325b3155d1d225783fdf3 funding yes


I removed the proposal for Second Biblepay Faucet from this superblock.

Next: Also please vote against the old superblock:

gobject vote-many 4e69d1fe449e64e7e1e0b1585971bf5d1b75f442653c40567d6ca8dc7a008d09 funding no

[bible_pay]

Praise God, it worked!

All credit to Yahweh and Jesus.


EDIT:  Win for the Orphans.  Compassion Funds Received.

[bible_pay]

So it looks like the root of the problem is the pool is somehow not taking into account deflation (for proposal budgets).  Will be fixing that next.

[jaapgvk]

Oh no, it looks like our getsuperblockbudget for 30750 is 5702381, and we spent 5780000 in the superblock.

I dont know how we did that, but lets look at that later and try to get through this mess.


Checking for a straightforward solution now....



EDIT:  All, please stay tuned and watch this thread, we might have to create an emergency superblock and hold an emergency vote...

All,  I have created a new superblock - please vote for this new one first before we try to delete the old one - so we don't miss it:
gobject vote-many d30ade50b678d6a1092964c15443c3d8e6b48621a7a325b3155d1d225783fdf3 funding yes


I removed the proposal for Second Biblepay Faucet from this superblock.

Next: Also please vote against the old superblock:

gobject vote-many 4e69d1fe449e64e7e1e0b1585971bf5d1b75f442653c40567d6ca8dc7a008d09 funding no

Alright. Is it maybe a good suggestion that the person who proposed for the Second Faucet (SEO_Account) gets compensated in the mean time (the same way we went about getting on southXchange)?

I'm gonna wait for his response of course, maybe SEO has no problems waiting for the next superblock.

The general donation adres for the faucet is B9ki5RieMSspR9RncPnPQx3QF56kVm6ioc btw
You can dubbelcheck it on:
http://biblepayfaucet.com/

[jaapgvk]

So it looks like the root of the problem is the pool is somehow not taking into account deflation (for proposal budgets).  Will be fixing that next.

Thanks for the explanation I was wondering where the error could be in a seemingly simple calculation.

[togoshigekata]

Im a little late, but my understanding is that if we request too many coins from the budget,
the budget will only pay out the proposals with the most yes votes (pays out in descending order of yes votes),
is that correct?