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

[aikida3k]

Why am I such a big fan of Stake per RAC?  Because of our emission schedule:

http://wiki.biblepay.org/Emission_Schedule

Month-Year   Block Emission   Monthly Emission   Total Emission
12/25/2017   12,313           74,613,750            274,613,750
12/20/2018   10,270           62,237,714            1,087,306,771
12/15/2019   8,567           51,914,467            1,765,200,000
12/9/2020      7,146           43,303,517            2,330,652,413
12/4/2021      5,961           36,120,847            2,802,314,348  <-Half of BBP emitted by mid 2021!!!
...............
12/23/2046   59                    359,591                    5,150,636,889

Basically, half of our total emissions are in the first 4 years.  The next half of emissions takes 25 years!  
That is telling you that it is time to accumulate and be patient.  But to help traders and investors out through this high emission rate, staking per RAC would REALLY help.  As price appreciates and emission tapers we can scale back the amount needed per RAC.  

Vote here:

http://forum.biblepay.org/index.php?topic=127.0

EDIT:  Legacy ie., 50,001 per user to get 100 UTXO would be better than staking per MAG because that would also grow the aggregate stake amount with the user base while making everyone stake the same amount.  If they are fractional MAG they will always be fractional MAG and their stake amount will never go down like the bigger miners.

Do you wonder why there are no traders posting on Reddit, like "when moon?"  It's because traders and investors look at the emissions and feel like they are getting dumped on by miners.  It's why I worry that BTC will shoot up while we are still in our high emission phase.  And if you are looking for something to trade, what do you look for?  You can look for something that is getting positive money flow on a down day.  That is how I found BBP.  Or you can do what lots of other traders do, and look for something that gains in RELATIVE STRENGTH.  Relative Strength is how a particular coin performs relative to its peers.  As for biblepay, since I have been in it, our relative strength has done worse.  We were ranked in the top 500s of market cap, now we are in the 700s.  The fact that we are not outperforming other coins is a message that something needs to be done.  Jumping other coins in rank will draw in traders.  Traders like stuff that goes up especially since it's not easy to short cryptos.  

However, I believe BTC drops by 90% during the next US/global recession.  I think the US going into recession, when it happens, will take Asia along with it and likely Europe too.  Most of the holders of bitcoin are small investors and they will be looking to sell.  If bitcoin drops by 50-70% during a good economic time, how is it not going to drop by 90% during a recession?  It's another reason why I like growing the stake amount.  To get some good price appreciation before the next recession.

Here is why I think RAC based is a poor substitute for Mag based stake.

Consider where we are at right now, under the corrected coin emission schedule, the Superblock for PoDC should be roughly 1.4M BBP/day. Right now, to make 10% of that would require (in round terms) 200K RAC for a 100 Mag (based on a "current" Team RAC of about 2M).   So 50K/ Mag (which along with 10K are leading the Mag voting) would mean 5M BBP to make 140K BBP per day, and 20 BBP/RAC (the clear cut RAC leader) would mean 4M BBP for the same reward.  Now, flash forward to next year this time where we'll have (conservatively) 10M Team RAC.  The daily reward will have dropped to about 1.1M BBP/day (with a properly working 7 minute timing block).  So the same 200K user, will then have a Mag of 20 and need 100K to stake or the same amount (5M BBP) to stake under RAC to get 22K/day.

This means under RAC we're either overly generous to our current users or predatory to new ones in a year.  Especially if the price can grow...

Mag will always remain the same cost overall, which is poor because it locks up fewer coins, but the alternative is to me, unacceptable, which is current users like myself get into the PoDC system for a very small percentage of the overall reward.  The best system would be the most complex, and that would require staking equal to some multiple of the reward, like 100x or 150x. 

616Westwarmoth, I read and consider your arguments carefully.  You are heard by me.  If we flash forward

we'll have (conservatively) 10M Team RAC.  The daily reward will have dropped to about 1.1M BBP/day (with a properly working 7 minute timing block).  So the same 200K user, will then have a Mag of 20 and need 100K to stake or the same amount (5M BBP) to stake under RAC to get 22K/day.

This means under RAC we're either overly generous to our current users or predatory to new ones in a year.  Especially if the price can grow...

As we go on, a few things should go into consideration for the potential stakeholder:  Does it make more sense for me to mine/crunch, does it make more sense for me to obtain a masternode and acquire biblepay that way, or does it make more sense for me to buy and hold biblepay for appreciation?  In my opinion, your argument assumes the potential stakeholder is captive to mining/crunching.  I believe Stake per RAC opens up the most suitable reasoning for pursuing alternative ways to acquire biblepay.  (That is to say, it draws in traders and investors and not just miners.)  I think either method, Stake per RAC or Stake per MAG rewards the earlier entrants.  Stake per MAG lowers the staking requirement for legacy miners and crunchers.  We can always lower the Stake requirement for staking per RAC which I expect us to do with higher prices and lower rewards.  Again, having to lower stake requirements for staking per RAC because of higher prices and lower rewards is a good problem to have.  And I believe staking per RAC is the most direct way for us to get higher prices, not staking per MAG.  

It is my belief that if we went with stake per MAG, the future fractional users would actually not stake the entire amount to get a 100 utxo.  For a fractional MAG they would stake none or a smaller amount and wait to save up the amount for a 100 utxo.  

Rob is a visionary and we are ahead of the curve in considering incorporating staking with crunching/mining.  Other POW coins are starting to attract large GPU mining farms.  All pure POW coins are a "race to the bottom"  with mining participants scaling up until they reach their breakevens:

https://www.reddit.com/r/groestlcoin/comments/838c8y/so_someones_siphoning_3550_of_all_grs_blocks/?st=jersv3bj&sh=2eaad96d

So someone's siphoning 35-50% of all GRS blocks... self.groestlcoin

Submitted 5 days ago * by crypto_franiac

While doing some research on what pool might be the best to mine GRS, I came accross these extraction stats:

https://chainz.cryptoid.info/grs/#!extraction
According to it, Suprnova and MPH each find less than 5% of the blocks on a 1000-blocks average. And the other pools are waaaay behind.

So who is this mysterious Fdi7YYeN7nmnjJPqQDGy8vudgQ26FVjNrk address suckering 1/3 and sometimes even 1/2 of all the GRS blocks?

A pool not listed here? A solo-miner with a big, a very big mining farm? NiceHash hashing power?

Edit1: Right now there's a top 3 extraction addresses that don't seem to be pool ones, accounting for 51.9% of the last 1000 blocks, and 71% for the last 100. Logically it means that these guyz (?) have roughly 70 GH/s hash power together.

Jackie is aware. It is in fact a private pool (GPU farm). They asked Jackie personally whether it was OK to use his pool to mine GRS (not that he needs permission!). Since all other hash rate is so low he is getting alot of the blocks.

Now that person only earning 2.75 GRS per block is strange, maybe /u/jackielove4u can explain?


[–]jackielove4uDevelopment Team 3 points 4 days ago

The pool listed on chainz are the ones that were tagged by me from 2014 till 2016. I stopped tagging them since 2017. The pool is not listed there, it is a huge mining farm. (thousands of gpu's).

The thing that cures the race to the bottom in instances like this is requiring every hardware addition to the farm or network to also require an addition to staking an amount of cryptocurrency.  Stake per RAC does this. Cryptocurrency becomes worth something.  It is what you need to hold or obtain in order to obtain more for rewards for your hashing/crunching.    The way to manage stake per RAC is to decrease the stake requirement as rewards decrease, and as price increase by a substantial amount.  I think it is reasonable to assume around a 15-20 sat increase for every 200M and keeping at or over 50-60% of available supply locked up.  Hopefully we quickly get to 90% of total supply locked up.  The best example we can see of a 55% lockup working is with masternodes.  We have 169 masternodes which locks up 261,950,169 bbp out of a supply of 467,454,405 bbp which is roughly 55% of supply locked up.  Our price has been higher with more masternodes.  I think if we get to 90% locked up the price is higher by a good bit and we can therefore support more orphans.  We'll move up in marketcap ranking and get the attention of traders and investors.  I think it is a big win for everyone.  
  

[1714136863]

1714136863

[1714136863]

1714136863

[1714136863]

1714136863

[Freebish86]

Ok I have downloaded the newest BBP wallet yesterday and it still has green bar at bottom of wallet saying syncing with network for past 24 hours, should have loaded by now. I have also tried closing and restarting the wallet but still same issue as above. Anyone know how to fix the issue?

[thesnat21]

Ok I have downloaded the newest BBP wallet yesterday and it still has green bar at bottom of wallet saying syncing with network for past 24 hours, should have loaded by now. I have also tried closing and restarting the wallet but still same issue as above. Anyone know how to fix the issue?

edit the config change the master nodes

addnode=node.biblepay.org
addnode=biblepay.inspect.network

if that still doesnt work delete the chain data

[tmike]

Ok I have downloaded the newest BBP wallet yesterday and it still has green bar at bottom of wallet saying syncing with network for past 24 hours, should have loaded by now. I have also tried closing and restarting the wallet but still same issue as above. Anyone know how to fix the issue?

edit the config change the master nodes

addnode=node.biblepay.org
addnode=biblepay.inspect.network

if that still doesnt work delete the chain data

Did you try gen=0 yet to see if it will actually stop mining?

[tmike]

Ok I have downloaded the newest BBP wallet yesterday and it still has green bar at bottom of wallet saying syncing with network for past 24 hours, should have loaded by now. I have also tried closing and restarting the wallet but still same issue as above. Anyone know how to fix the issue?

Is the computer clock time correct? It has to be pretty exact for it to sync. If that doesn't work repair or delete the chain and try again.

[bible_pay]

yeah but, everybody who was reading c-cex thred knows, that there is strong xvg holders group against c-cex. and they plan to do steps agains c-cex. so if i were aware of going maintenance early, i could  withdraw everything... when we turned to maintenance mode i still had 2 options, sell all bbp for low price and withdraw something else or wait... i was waiting because i just have enough for masternode... so now i must hope that ccex will goes up just to withdraw coins or so... but as we are still in maintenance i realy dont know ...
nevermind, going to mine harder than before

I just read the rest of that train wreck thread on XVG-

https://bitcointalk.org/index.php?topic=418700.3720

Or at least pages 160-187 (where I left off last) and I must say its painful to read it.

Im sorry we have BBP caught up in the middle of this.  Lets pray our users can get it all out and they come back out of maintenance.

I hate to say it, but Im also having thoughts that we really need to jump on a couple new high quality exchanges as we need more reliability and integrity.

[bible_pay]

yeah but, everybody who was reading c-cex thred knows, that there is strong xvg holders group against c-cex. and they plan to do steps agains c-cex. so if i were aware of going maintenance early, i could  withdraw everything... when we turned to maintenance mode i still had 2 options, sell all bbp for low price and withdraw something else or wait... i was waiting because i just have enough for masternode... so now i must hope that ccex will goes up just to withdraw coins or so... but as we are still in maintenance i realy dont know ...
nevermind, going to mine harder than before

If it makes you feel any better I have 1 Sancs worth sitting in there with yours.

[bible_pay]

Did that bout 8 hrs ago ...

I have 2 recv addresses, and all the coins were in the "other' address from the pool.

Hi Thesnat, I believe you had the problem earlier where exec podcupdate said 50000 less than stake target yet your utxoamount=3000 in the config.

I think the problem is your biblepaycore wallet is not reading the config file from :
%appdata%\biblepaycore
(I assume this is windows).
Best advice I have is to open explorer, go to that dir, delete debug.log, restart the wallet, and verify If its actually writing to *that* debug log.
If its not you probably have a permission issue.
If you will download the 1.1.1.1 again, save it to the drive, right click on it, Unblock it, Run it as administrator, re-install it, then re-run the wallet and ensure the debug.log is written to the proper place. (Windows is probably writing it virtually to a hidden dir).

Then add 'genproclimit=5' to your config file, run the wallet, type getmininginfo, and see if it says genproclimit=5?  If it does then set the utxoamount=3000 and try again.

In a nutshell: Your wallet is not reading the biblepay.conf file
 (I believe).

[thesnat21]

I think the problem is your biblepaycore wallet is not reading the config file from :
%appdata%\biblepaycore
(I assume this is windows).
Best advice I have is to open explorer, go to that dir, delete debug.log, restart the wallet, and verify If its actually writing to *that* debug log.
If its not you probably have a permission issue.
If you will download the 1.1.1.1 again, save it to the drive, right click on it, Unblock it, Run it as administrator, re-install it, then re-run the wallet and ensure the debug.log is written to the proper place. (Windows is probably writing it virtually to a hidden dir).

Then add 'genproclimit=5' to your config file, run the wallet, type getmininginfo, and see if it says genproclimit=5?  If it does then set the utxoamount=3000 and try again.

In a nutshell: Your wallet is not reading the biblepay.conf file
 (I believe).

I have it installed to a separate folder (data and config)  ..  I deleted the old config let the wallet re-create and tested with your suggestions.  They worked

Copied / Pasted my config in to the new file and it worked... very strange

Thanks! will monitor now to see if I get some kind of payout from the podc.

[tmike]

Hi everyone!

Please vote for my proposal to start a charity fund so that we can give even more to the people that need it. Thanks!

http://forum.biblepay.org/index.php?topic=117.msg2109#msg2109

- Mike

[aikida3k]

Here is why I think RAC based is a poor substitute for Mag based stake.

Consider where we are at right now, under the corrected coin emission schedule, the Superblock for PoDC should be roughly 1.4M BBP/day. Right now, to make 10% of that would require (in round terms) 200K RAC for a 100 Mag (based on a "current" Team RAC of about 2M).   So 50K/ Mag (which along with 10K are leading the Mag voting) would mean 5M BBP to make 140K BBP per day, and 20 BBP/RAC (the clear cut RAC leader) would mean 4M BBP for the same reward.  Now, flash forward to next year this time where we'll have (conservatively) 10M Team RAC.  The daily reward will have dropped to about 1.1M BBP/day (with a properly working 7 minute timing block).  So the same 200K user, will then have a Mag of 20 and need 100K to stake or the same amount (5M BBP) to stake under RAC to get 22K/day.

This means under RAC we're either overly generous to our current users or predatory to new ones in a year.  Especially if the price can grow...

Mag will always remain the same cost overall, which is poor because it locks up fewer coins, but the alternative is to me, unacceptable, which is current users like myself get into the PoDC system for a very small percentage of the overall reward.  The best system would be the most complex, and that would require staking equal to some multiple of the reward, like 100x or 150x. 

616Westwarmoth, I read and consider your arguments carefully.  You are heard by me.  If we flash forward

we'll have (conservatively) 10M Team RAC.  The daily reward will have dropped to about 1.1M BBP/day (with a properly working 7 minute timing block).  So the same 200K user, will then have a Mag of 20 and need 100K to stake or the same amount (5M BBP) to stake under RAC to get 22K/day.

This means under RAC we're either overly generous to our current users or predatory to new ones in a year.  Especially if the price can grow...

As we go on, a few things should go into consideration for the potential stakeholder:  Does it make more sense for me to mine/crunch, does it make more sense for me to obtain a masternode and acquire biblepay that way, or does it make more sense for me to buy and hold biblepay for appreciation?  In my opinion, your argument assumes the potential stakeholder is captive to mining/crunching.  I believe Stake per RAC opens up the most suitable reasoning for pursuing alternative ways to acquire biblepay.  (That is to say, it draws in traders and investors and not just miners.)  I think either method, Stake per RAC or Stake per MAG rewards the earlier entrants.  Stake per MAG lowers the staking requirement for legacy miners and crunchers.  We can always lower the Stake requirement for staking per RAC which I expect us to do with higher prices and lower rewards.  Again, having to lower stake requirements for staking per RAC because of higher prices and lower rewards is a good problem to have.  And I believe staking per RAC is the most direct way for us to get higher prices, not staking per MAG.  

It is my belief that if we went with stake per MAG, the future fractional users would actually not stake the entire amount to get a 100 utxo.  For a fractional MAG they would stake none or a smaller amount and wait to save up the amount for a 100 utxo.  

Rob is a visionary and we are ahead of the curve in considering incorporating staking with crunching/mining.  Other POW coins are starting to attract large GPU mining farms.  All pure POW coins are a "race to the bottom"  with mining participants scaling up until they reach their breakevens:

https://www.reddit.com/r/groestlcoin/comments/838c8y/so_someones_siphoning_3550_of_all_grs_blocks/?st=jersv3bj&sh=2eaad96d

So someone's siphoning 35-50% of all GRS blocks... self.groestlcoin

Submitted 5 days ago * by crypto_franiac

While doing some research on what pool might be the best to mine GRS, I came accross these extraction stats:

https://chainz.cryptoid.info/grs/#!extraction
According to it, Suprnova and MPH each find less than 5% of the blocks on a 1000-blocks average. And the other pools are waaaay behind.

So who is this mysterious Fdi7YYeN7nmnjJPqQDGy8vudgQ26FVjNrk address suckering 1/3 and sometimes even 1/2 of all the GRS blocks?

A pool not listed here? A solo-miner with a big, a very big mining farm? NiceHash hashing power?

Edit1: Right now there's a top 3 extraction addresses that don't seem to be pool ones, accounting for 51.9% of the last 1000 blocks, and 71% for the last 100. Logically it means that these guyz (?) have roughly 70 GH/s hash power together.

Jackie is aware. It is in fact a private pool (GPU farm). They asked Jackie personally whether it was OK to use his pool to mine GRS (not that he needs permission!). Since all other hash rate is so low he is getting alot of the blocks.

Now that person only earning 2.75 GRS per block is strange, maybe /u/jackielove4u can explain?


[–]jackielove4uDevelopment Team 3 points 4 days ago

The pool listed on chainz are the ones that were tagged by me from 2014 till 2016. I stopped tagging them since 2017. The pool is not listed there, it is a huge mining farm. (thousands of gpu's).

The thing that cures the race to the bottom in instances like this is requiring every hardware addition to the farm or network to also require an addition to staking an amount of cryptocurrency.  Stake per RAC does this. Cryptocurrency becomes worth something.  It is what you need to hold or obtain in order to obtain more for rewards for your hashing/crunching.    The way to manage stake per RAC is to decrease the stake requirement as rewards decrease, and as price increase by a substantial amount.  I think it is reasonable to assume around a 15-20 sat increase for every 200M and keeping at or over 50-60% of available supply locked up.  Hopefully we quickly get to 90% of total supply locked up.  The best example we can see of a 55% lockup working is with masternodes.  We have 169 masternodes which locks up 261,950,169 bbp out of a supply of 467,454,405 bbp which is roughly 55% of supply locked up.  Our price has been higher with more masternodes.  I think if we get to 90% locked up the price is higher by a good bit and we can therefore support more orphans.  We'll move up in marketcap ranking and get the attention of traders and investors.  I think it is a big win for everyone.  
  

Everyone says the reason they like cryptos is because of their ultimate limited supply.  So we have the current investment thesis: "cryptos are good because they will be limited in supply, but fiat is bad because it is potentially unlimited in supply."

My counter to this argument would be:  (hang in there with me through is, it isn't FUD)

1.  Cryptos are not limited in supply because there is a constant increase in the supply of the launch of new coins.  As long as there is an increasing population of crypto investors and money flow growing faster than the amount of new coins, then this is ok.  This does actually help one coin though, and that is bitcoin.  Because all coins trade with bitcoin pairs, the introduction of more and more coins actually helps bitcoin because people have to buy bitcoin in order to buy the new coins.  The velocity of bitcoin transfer may be high- a buy, transfer and then sale, but on the scale of millions, this is helpful to support the price of bitcoin.  

2.  Individual stocks can actually DECREASE in supply from the buyback of stock.  Companies use their corporate treasury to buy back shares, decreasing the number of shares outstanding.  This is one reason why shares of common stock have traditionally had a role as a monetary fiat based inflation hedge.  (Not so much a hedge against wage based inflation, because that is usually accompanied by higher interest rates.  Higher interest rates are unfriendly to stock appreciation.)  Crypto has a much greater potential for greater appreciation then average stock, however.  Stocks become overpriced relative to their earnings multiple.

3.  Cryptos  are not in limited supply until the mining has finished.  Until the time mining is finished, the supply of cryptos is increasing on a daily basis, even if at a slowly decreasing rate (a deflationary rate of increase.)  

4.  All POW coins are a race to the bottom, as can be witnessed through our problems with the botnet, and can be seen as an example through Groestlecoin experiencing a large GPU mining farm.  In POW coins, miners and investors are at odds.  Miners seek to mine coin and sell it on the market above their breakevens, while hoping investors will continue to tolerate the increasing supply.  When is the last time a pure POW miner did anything to actually support the price of the coin? Never.   Miners don't support the coin,  they are just looking for opportunities to offload it to people who do support the coin, the buyers.  

How to solve these issues?  Incorporate staking based on the amount of hardware added to the network.  As you add hardware you must also add crypto at stake.  Now the interests of the miner and the buyer are aligned and both wish to see the coin appreciate.  Investors/buyers are encouraged by the growth of the network because that means that the stake of coins in lockup is growing.  This should hopefully help with all the 50%-80% or more declines in price and we can then experience an asset that more consistently appreciates instead of "pumps" and crashes.  I think everyone would like consistent gains over pump and dumps.  If nothing else the price plateaus should be consistently higher and not crash so bad.  With greater lockups and better appreciation hopefully without the crashes, cryptos still will never have earning risks.  Then investment in cryptos will be a much more appealing alternative to stocks.  Eventually cryptos can even siphon off money from the equity markets.  

[aikida3k]

My greatest dream for this coin is that it actually BECOMES the charity. It doesn't just give to a charity.  It IS the charity.  It becomes an earthy extension of the GREAT I AM.  It funds itself to do work in the world.  It actually goes through and around the world proclaiming the gospel of Jesus Christ, telling the story of the woman who poured her perfume over Jesus:

Matthew 26:13
Mark 14:9

          Truly I tell you, wherever the gospel is preached throughout the world,
          what she has done will also be told, in memory of her.

No one that I know of is doing this.
But you also have to realize, that if Biblepay is to BECOME the charity, it has to grow much larger in marketcap: to 100 Million or even 1 Billion or more.  In the process, if this is to happen, it will make many of you very wealthy.  But to get to that level, you have to be a good steward for the investors and take care of their funds so they are willing to keep buying and holding biblepay.

Do you have that vision?

[616westwarmoth]

Here is why I think RAC based is a poor substitute for Mag based stake.

Consider where we are at right now, under the corrected coin emission schedule, the Superblock for PoDC should be roughly 1.4M BBP/day. Right now, to make 10% of that would require (in round terms) 200K RAC for a 100 Mag (based on a "current" Team RAC of about 2M).   So 50K/ Mag (which along with 10K are leading the Mag voting) would mean 5M BBP to make 140K BBP per day, and 20 BBP/RAC (the clear cut RAC leader) would mean 4M BBP for the same reward.  Now, flash forward to next year this time where we'll have (conservatively) 10M Team RAC.  The daily reward will have dropped to about 1.1M BBP/day (with a properly working 7 minute timing block).  So the same 200K user, will then have a Mag of 20 and need 100K to stake or the same amount (5M BBP) to stake under RAC to get 22K/day.

This means under RAC we're either overly generous to our current users or predatory to new ones in a year.  Especially if the price can grow...

Mag will always remain the same cost overall, which is poor because it locks up fewer coins, but the alternative is to me, unacceptable, which is current users like myself get into the PoDC system for a very small percentage of the overall reward.  The best system would be the most complex, and that would require staking equal to some multiple of the reward, like 100x or 150x. 

616Westwarmoth, I read and consider your arguments carefully.  You are heard by me.  If we flash forward

we'll have (conservatively) 10M Team RAC.  The daily reward will have dropped to about 1.1M BBP/day (with a properly working 7 minute timing block).  So the same 200K user, will then have a Mag of 20 and need 100K to stake or the same amount (5M BBP) to stake under RAC to get 22K/day.

This means under RAC we're either overly generous to our current users or predatory to new ones in a year.  Especially if the price can grow...

As we go on, a few things should go into consideration for the potential stakeholder:  Does it make more sense for me to mine/crunch, does it make more sense for me to obtain a masternode and acquire biblepay that way, or does it make more sense for me to buy and hold biblepay for appreciation?  In my opinion, your argument assumes the potential stakeholder is captive to mining/crunching.  I believe Stake per RAC opens up the most suitable reasoning for pursuing alternative ways to acquire biblepay.  (That is to say, it draws in traders and investors and not just miners.)  I think either method, Stake per RAC or Stake per MAG rewards the earlier entrants.  Stake per MAG lowers the staking requirement for legacy miners and crunchers.  We can always lower the Stake requirement for staking per RAC which I expect us to do with higher prices and lower rewards.  Again, having to lower stake requirements for staking per RAC because of higher prices and lower rewards is a good problem to have.  And I believe staking per RAC is the most direct way for us to get higher prices, not staking per MAG.  

It is my belief that if we went with stake per MAG, the future fractional users would actually not stake the entire amount to get a 100 utxo.  For a fractional MAG they would stake none or a smaller amount and wait to save up the amount for a 100 utxo.  

Rob is a visionary and we are ahead of the curve in considering incorporating staking with crunching/mining.  Other POW coins are starting to attract large GPU mining farms.  All pure POW coins are a "race to the bottom"  with mining participants scaling up until they reach their breakevens:

https://www.reddit.com/r/groestlcoin/comments/838c8y/so_someones_siphoning_3550_of_all_grs_blocks/?st=jersv3bj&sh=2eaad96d

So someone's siphoning 35-50% of all GRS blocks... self.groestlcoin

Submitted 5 days ago * by crypto_franiac

While doing some research on what pool might be the best to mine GRS, I came accross these extraction stats:

https://chainz.cryptoid.info/grs/#!extraction
According to it, Suprnova and MPH each find less than 5% of the blocks on a 1000-blocks average. And the other pools are waaaay behind.

So who is this mysterious Fdi7YYeN7nmnjJPqQDGy8vudgQ26FVjNrk address suckering 1/3 and sometimes even 1/2 of all the GRS blocks?

A pool not listed here? A solo-miner with a big, a very big mining farm? NiceHash hashing power?

Edit1: Right now there's a top 3 extraction addresses that don't seem to be pool ones, accounting for 51.9% of the last 1000 blocks, and 71% for the last 100. Logically it means that these guyz (?) have roughly 70 GH/s hash power together.

Jackie is aware. It is in fact a private pool (GPU farm). They asked Jackie personally whether it was OK to use his pool to mine GRS (not that he needs permission!). Since all other hash rate is so low he is getting alot of the blocks.

Now that person only earning 2.75 GRS per block is strange, maybe /u/jackielove4u can explain?


[–]jackielove4uDevelopment Team 3 points 4 days ago

The pool listed on chainz are the ones that were tagged by me from 2014 till 2016. I stopped tagging them since 2017. The pool is not listed there, it is a huge mining farm. (thousands of gpu's).

The thing that cures the race to the bottom in instances like this is requiring every hardware addition to the farm or network to also require an addition to staking an amount of cryptocurrency.  Stake per RAC does this. Cryptocurrency becomes worth something.  It is what you need to hold or obtain in order to obtain more for rewards for your hashing/crunching.    The way to manage stake per RAC is to decrease the stake requirement as rewards decrease, and as price increase by a substantial amount.  I think it is reasonable to assume around a 15-20 sat increase for every 200M and keeping at or over 50-60% of available supply locked up.  Hopefully we quickly get to 90% of total supply locked up.  The best example we can see of a 55% lockup working is with masternodes.  We have 169 masternodes which locks up 261,950,169 bbp out of a supply of 467,454,405 bbp which is roughly 55% of supply locked up.  Our price has been higher with more masternodes.  I think if we get to 90% locked up the price is higher by a good bit and we can therefore support more orphans.  We'll move up in marketcap ranking and get the attention of traders and investors.  I think it is a big win for everyone.  
  

Everyone says the reason they like cryptos is because of their ultimate limited supply.  So we have the current investment thesis: "cryptos are good because they will be limited in supply, but fiat is bad because it is potentially unlimited in supply."

My counter to this argument would be:  (hang in there with me through is, it isn't FUD)

1.  Cryptos are not limited in supply because there is a constant increase in the supply of the launch of new coins.  As long as there is an increasing population of crypto investors and money flow growing faster than the amount of new coins, then this is ok.  This does actually help one coin though, and that is bitcoin.  Because all coins trade with bitcoin pairs, the introduction of more and more coins actually helps bitcoin because people have to buy bitcoin in order to buy the new coins.  The velocity of bitcoin transfer may be high- a buy, transfer and then sale, but on the scale of millions, this is helpful to support the price of bitcoin.  

2.  Individual stocks can actually DECREASE in supply from the buyback of stock.  Companies use their corporate treasury to buy back shares, decreasing the number of shares outstanding.  This is one reason why shares of common stock have traditionally had a role as a monetary fiat based inflation hedge.  (Not so much a hedge against wage based inflation, because that is usually accompanied by higher interest rates.  Higher interest rates are unfriendly to stock appreciation.)  Crypto has a much greater potential for greater appreciation then average stock, however.  Stocks become overpriced relative to their earnings multiple.

3.  Cryptos  are not in limited supply until the mining has finished.  Until the time mining is finished, the supply of cryptos is increasing on a daily basis, even if at a slowly decreasing rate (a deflationary rate of increase.)  

4.  All POW coins are a race to the bottom, as can be witnessed through our problems with the botnet, and can be seen as an example through Groestlecoin experiencing a large GPU mining farm.  In POW coins, miners and investors are at odds.  Miners seek to mine coin and sell it on the market above their breakevens, while hoping investors will continue to tolerate the increasing supply.  When is the last time a pure POW miner did anything to actually support the price of the coin? Never.   Miners don't support the coin,  they are just looking for opportunities to offload it to people who do support the coin, the buyers.  

How to solve these issues?  Incorporate staking based on the amount of hardware added to the network.  As you add hardware you must also add crypto at stake.  Now the interests of the miner and the buyer are aligned and both wish to see the coin appreciate.  Investors/buyers are encouraged by the growth of the network because that means that the stake of coins in lockup is growing.  This should hopefully help with all the 50%-80% or more declines in price and we can then experience an asset that more consistently appreciates instead of "pumps" and crashes.  I think everyone would like consistent gains over pump and dumps.  If nothing else the price plateaus should be consistently higher and not crash so bad.  With greater lockups and better appreciation hopefully without the crashes, cryptos still will never have earning risks.  Then investment in cryptos will be a much more appealing alternative to stocks.  Eventually cryptos can even siphon off money from the equity markets.  

One error in my typing / calc and I didn't want to edit it, was the 2nd example down to 20 Mag would still need 1M BBP to stake.

The reason I am hesitant to say "we'll change it down the road" is why?  Why not get it right or as close to right now?  That's why I think RAC is a slippery slope and Mag is not.  The only way to make RAC stake holding work to me is to adjust it down the line as the value of RAC drops and the hopefully the value of BBP increases.  Whereas with Mag, if you do it right now it becomes self correcting.  10% is basically 10% all the live long day, so in the above example, the 200K RAC at 2M could increase their RAC to 1M at 10M and remain at 10%, have the same staking requirements and receive the same percentile reward (although a smaller reward numerically in terms of BBP).  And it doesn't matter which way the price goes, 100 MAG would cost the same in raw numbers of BBP and have a generally similar return in price values (minus of course the depreciating emissions) regardless of if BBP drops back to 7/100th of a cent or jumps to 7 cents.  Whereas staking by RAC only succeeds in locking up more coins (a good thing at this point in the life of the coin, less valuable as time goes on) which is already being handily performed by the Sanctuaries and will continue to do so until probably we reach (my math) 400 or so (the Dev seems to think 200 is more realistic).   The boon of stake is the reduction in turnover of users.  Right now, a Gridcoin user is going to RAC for BBP if it is more cost effective the Gridcoin, and then immediately revert back based solely on the market and not his or her belief in the power of BBP.  Whereas adding a staking component, keeps the RAC more stable and less likely to shift, giving investors more dependable predictions in returns and likely keeping more BBP in the hands of those who believe in the coin (as I'm of the opinion a person collecting BBP because they think this is a unique coin that does good, will retain it longer than someone collecting BBP because it returns more $$ today than Gridcoin).

And none of that is a knock on Gridcoin users, some of which may come to us because of the reduction in their coin's influence at Rosetta@Home and find out they appreciate our mission and become ardent supporters.  Nor is it truly a knock on profit motivated miners.

For now, we're starting to really make waves in the ranking of teams at R@h, we just exceeded the overall work of Team Atheist (http://stats.free-dc.org/stats.php?page=team&proj=rah&team=2426), we're number 125 all time over all, and will likely be in the top 100 by the weekend and likely the top 50 of ALL TIME by Easter.  We are at almost 6M daily credits, which over time would mean a RAC of 6M.  We had the most daily credits of any team on R@H and did nearly 15% of all the work on R@H!   This is an incredible marketing tool to be utilized. 

[616westwarmoth]

My greatest dream for this coin is that it actually BECOMES the charity. It doesn't just give to a charity.  It IS the charity.  It becomes an earthy extension of the GREAT I AM.  It funds itself to do work in the world.  It actually goes through and around the world proclaiming the gospel of Jesus Christ, telling the story of the woman who poured her perfume over Jesus:

Matthew 26:13
Mark 14:9

          Truly I tell you, wherever the gospel is preached throughout the world,
          what she has done will also be told, in memory of her.

No one that I know of is doing this.
But you also have to realize, that if Biblepay is to BECOME the charity, it has to grow much larger in marketcap: to 100 Million or even 1 Billion or more.  In the process, if this is to happen, it will make many of you very wealthy.  But to get to that level, you have to be a good steward for the investors and take care of their funds so they are willing to keep buying and holding biblepay.

Do you have that vision?

I have had thoughts along these same lines.  Imagine a world where this is a 10 cent coin (this is not investment advice).  If that happened next summer, say Easter Sunday, the Orphan Fund would be bringing in about over half a million dollars each month.  The amount of good that could come from this coin is unfathomable. 

[svirusxxx2]

The main thing I see is if you look at your superblock row in the pool you have 0 utxoweight.
This causes me to see when you sent your stake in.

exec search utxoweight 16da1eaf50e5db0a0c7ed7a1aaf8586b


  "16DA1EAF50E5DB0A0C7ED7A1AAF8586B (03-14-2018 11:50:29)": "50003"


The stake wasnt sent in til today @ 11:50 AM utc time which is very recent.
That explains why the contract crossed.

You will have to pray the sancs recognize your stake before tonights contract.

You will probably be OK, just check back for utxo weight in the pool in 4 hours.

UTXO on pool is still 0.

Code:

exec search utxoweight 16da1eaf50e5db0a0c7ed7a1aaf8586b

{
  "DataList": "UTXOWEIGHT",
  "16DA1EAF50E5DB0A0C7ED7A1AAF8586B (03-15-2018 05:50:32)": "50003"
}

It's normal that I have many PODCUpdate transactions ?
Yesterday I have 4 transactions.
Today I have 2 transactions.
Always is same amount (50001).

EDIT:
I have two same wallets running unlocked.
One have set gen=1 and genproclimit=1.
I now (UTC 10:00) disabled mining on this wallet.
Second wallet is running on my laptop,  but is not all time with internet connection.
Maybe here is some problem ?

[Sakic]

c-cex is back

[bible_pay]

c-cex is back

You just beat me to it.

I have opened a ticket on CCEX to bring us out of maintenance.

Please all lets be cognizent of how much we keep on the exchange wallets.  Consider transferring all excess balances to your home wallet frequently.

Always Back Up your wallet.dat file to a safe place, such as to a USB drive or burn it to a CD and keep offsite.

[bible_pay]

So after yesterdays exchange drama I was considering adding a trading page for BBP->DOGE and DOGE->BBP in the pool.  I was going to use DOGE as a proxy currency to shuttle deposits and withdraws, primarily because their low transaction fees and their price is almost exactly the same as ours (IE 6 leading zeroes) meaning the buy-sell ratio would have been fractions of .85 per, 1.05 per, 1.10 per order etc.

I was going to have a "gravytrain" once a night, where everyone receives an automatic withdrawal so funds cant be kept in the pool overnight; I was thinking one multi-leg transaction to all DOGE accounts for all DOGE balances and one for BBP per night - emptying the wallet each day.

The idea being that since DOGE is already on every exchange it might add some liquidity to bbp.

But since we are back up I think time is better spent working on the next feature and bringing in more devs and looking for additional exchanges.   

[bible_pay]

The main thing I see is if you look at your superblock row in the pool you have 0 utxoweight.
This causes me to see when you sent your stake in.

exec search utxoweight 16da1eaf50e5db0a0c7ed7a1aaf8586b

UTXO on pool is still 0.

Code:

exec search utxoweight 16da1eaf50e5db0a0c7ed7a1aaf8586b

{
  "DataList": "UTXOWEIGHT",
  "16DA1EAF50E5DB0A0C7ED7A1AAF8586B (03-15-2018 05:50:32)": "50003"
}

It's normal that I have many PODCUpdate transactions ?
Yesterday I have 4 transactions.
Today I have 2 transactions.
Always is same amount (50001).

EDIT:
I have two same wallets running unlocked.
One have set gen=1 and genproclimit=1.
I now (UTC 10:00) disabled mining on this wallet.
Second wallet is running on my laptop,  but is not all time with internet connection.
Maybe here is some problem ?

Looks like everything is fine on your 16da* cpid, your magnitude is now showing in the pool to be 1.855.

As far as PODC update frequency, please see this wiki page:

https://wiki.biblepay.org/Distributed_Computing#PODC_Updates

[stevenzak]

No Block Source Available?BBP Wallet self.BiblePay

Submitted 2 days ago by stevenzak

Biblepay Core version 1.1.1.0 (64-bit)

No Block Source Available? BBP Wallet Balance out of sync Recent Transaction out of sync Bible Pay Sanctuaries out of sync

28 Hours Behind.

Any Help would be appreciated.

https://www.reddit.com/r/BiblePay/comments/83rl0p/no_block_source_availablebbp_wallet/

No Block Source Available switched with "Synchronizing with Network...".

Nothing Yet, anyway to reset connection?