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

[noxpost]

58 Million Biblepay coins tied up in mining, just by the top 3 Biblepay whales!

BBP
Onii-Chan
Mike

I never expected Onii to drop to #2 to be overtaken by a bigger whale...

Its even more fascinating that User #1 is at 90% UTXO because his RAC is rising faster than his 26.4 Million stake requirement.

Wow! That's crazy to see. If I look at the superblock view, there's something like 160M in PODC staking total. and then there are around 189 masternodes configured, so let's call that another 292M in masternode staking.

That makes 160+292 = 452M total reserved for staking, out of a total supply of 600M. >75% of our total supply is reserved.

Does that seem high to anyone? I don't know that it is a PROBLEM or anything, but it seems like a big percentage to me.

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[leetlezee]

58 Million Biblepay coins tied up in mining, just by the top 3 Biblepay whales!

BBP
Onii-Chan
Mike

I never expected Onii to drop to #2 to be overtaken by a bigger whale...

Its even more fascinating that User #1 is at 90% UTXO because his RAC is rising faster than his 26.4 Million stake requirement.

Wow! That's crazy to see. If I look at the superblock view, there's something like 160M in PODC staking total. and then there are around 189 masternodes configured, so let's call that another 292M in masternode staking.

That makes 160+292 = 452M total reserved for staking, out of a total supply of 600M. >75% of our total supply is reserved.

Does that seem high to anyone? I don't know that it is a PROBLEM or anything, but it seems like a big percentage to me.

I do agree that something needs to change here, I'm trying to get my Biblepay mining working correctly and just with my main desktop and a small older HP workstation server, my RAC is so high (11K), I would need over 300K coins to get the full rewards, which right now, costs about $1000usd. I understand trying to eliminate the botnet, etc., but this seems a little over the top. You basically have to have a mini-masternode just to be able to mine the coin.

[zthomasz]

** Great News from Cameroon One **

The Cameroon bios are now flowing in!  Therefore our pool.biblepay.org 'Orphans | Sponsored Orphan List' is growing to include our full sponsorship portfolio from all partners:  Compassion.com, BLOOM, and Cameroon One!  Now we have 329 sponsored orphans with Bios! 

Incredible news! I'll update the website BiblePay.org to show the huge increase in the number of sponsored orphans!

Will also add the website link for Cameroon One ... please confirm that this is the correct URL:
https://www.cameroonone.org/

[thesnat21]

58 Million Biblepay coins tied up in mining, just by the top 3 Biblepay whales!

BBP
Onii-Chan
Mike

I never expected Onii to drop to #2 to be overtaken by a bigger whale...

Its even more fascinating that User #1 is at 90% UTXO because his RAC is rising faster than his 26.4 Million stake requirement.

Wow! That's crazy to see. If I look at the superblock view, there's something like 160M in PODC staking total. and then there are around 189 masternodes configured, so let's call that another 292M in masternode staking.

That makes 160+292 = 452M total reserved for staking, out of a total supply of 600M. >75% of our total supply is reserved.

Does that seem high to anyone? I don't know that it is a PROBLEM or anything, but it seems like a big percentage to me.

I do agree that something needs to change here, I'm trying to get my Biblepay mining working correctly and just with my main desktop and a small older HP workstation server, my RAC is so high (11K), I would need over 300K coins to get the full rewards, which right now, costs about $1000usd. I understand trying to eliminate the botnet, etc., but this seems a little over the top. You basically have to have a mini-masternode just to be able to mine the coin.

This was my concern with the 20BBP/Rac. 

The system is weighted heavily for those big fish... 

the barrier to entry is still very high, and the rewards at the bottom are hard to come by.

The current situation is, you can make money if you buy your way in, but even that has diminishing returns..

[CryptoCoin101]

58 Million Biblepay coins tied up in mining, just by the top 3 Biblepay whales!

BBP
Onii-Chan
Mike

I never expected Onii to drop to #2 to be overtaken by a bigger whale...

Its even more fascinating that User #1 is at 90% UTXO because his RAC is rising faster than his 26.4 Million stake requirement.

Wow! That's crazy to see. If I look at the superblock view, there's something like 160M in PODC staking total. and then there are around 189 masternodes configured, so let's call that another 292M in masternode staking.

That makes 160+292 = 452M total reserved for staking, out of a total supply of 600M. >75% of our total supply is reserved.

Does that seem high to anyone? I don't know that it is a PROBLEM or anything, but it seems like a big percentage to me.

I do agree that something needs to change here, I'm trying to get my Biblepay mining working correctly and just with my main desktop and a small older HP workstation server, my RAC is so high (11K), I would need over 300K coins to get the full rewards, which right now, costs about $1000usd. I understand trying to eliminate the botnet, etc., but this seems a little over the top. You basically have to have a mini-masternode just to be able to mine the coin.

I agree also partially.

Btw nice term mini-masternode

[slovakia]

Hi Rob, can you move this info to left? its direct in graph . thanks

[jaapgvk]

58 Million Biblepay coins tied up in mining, just by the top 3 Biblepay whales!

BBP
Onii-Chan
Mike

I never expected Onii to drop to #2 to be overtaken by a bigger whale...

Its even more fascinating that User #1 is at 90% UTXO because his RAC is rising faster than his 26.4 Million stake requirement.

Wow! That's crazy to see. If I look at the superblock view, there's something like 160M in PODC staking total. and then there are around 189 masternodes configured, so let's call that another 292M in masternode staking.

That makes 160+292 = 452M total reserved for staking, out of a total supply of 600M. >75% of our total supply is reserved.

Does that seem high to anyone? I don't know that it is a PROBLEM or anything, but it seems like a big percentage to me.

I do agree that something needs to change here, I'm trying to get my Biblepay mining working correctly and just with my main desktop and a small older HP workstation server, my RAC is so high (11K), I would need over 300K coins to get the full rewards, which right now, costs about $1000usd. I understand trying to eliminate the botnet, etc., but this seems a little over the top. You basically have to have a mini-masternode just to be able to mine the coin.

I agree also partially.

Btw nice term mini-masternode

I also agree that it's probably too high for some with the current BBP prices. As far as I'm concerned staking is for battling botnets, but it should not be so high that it discourages some/most new users to mine. Staking BBP/MAG could maybe be better in this regard.

But I guess that nothing is stopping us from changing the staking requirements with every mandatory update, right?

user adoption is essential for a coin to survive, and many people are here to mine.

Or course, there is always unbanked mining if you don't want to or can't stake. And there are ways to earn BBP in other ways, like writing letters to orphans, and creating proposals if you think you can contribute to BiblePay.

I mean, if BBP goes 10x, we will definitely need to change the staking requirements, or else no-one is going to start mining with such high entry costs, and that will shift power to the people already mining now.

Also, for a good 'spread of the wealth', it's probably best to have high early user adoption.

[MIP]

android wallet seem to be perfect, but: Requires Android 6.0 and up, so not for me now , need new phone

The reason is mainly security. Only Android 6.0 or higher has the required built in hardware encryption access to protect the wallet keys against any attack or virus.

[noxpost]

I mean, if BBP goes 10x, we will definitely need to change the staking requirements, or else no-one is going to start mining with such high entry costs, and that will shift power to the people already mining now.

Also, for a good 'spread of the wealth', it's probably best to have high early user adoption.

These two points are basically what I was thinking about. It's a growth path that causes me some concern, and of course, we want to have as much legit adoption as possible. It's a fine line to walk, trying to balance the security of the network with making adoption easy and with the economic growth that some are looking for vs a perceived (likely accurately) rising cost of entry.

It's true though that there is no reason this couldn't be changed every mandatory release, other than perhaps confusion. What do we think?

[togoshigekata]

I noticed some funky values for BiblePay on CoinMarketCap:
https://coinmarketcap.com/currencies/biblepay/

It looks like Lich BiblePay Central Explorer might be reindexing?
https://explorer.biblepay-central.org/

===

On the topic of staking coins for mining, here is some background info of how this came about:


Proof of Loyalty:
https://www.reddit.com/r/BiblePay/comments/7s3g3y/proof_of_loyalty_staking/

Staking Amount Required Per Magnitude for Proof-Of-Distributed-Computing Mining
https://forum.biblepay.org/index.php?topic=127.0

Poll for Type of Staking: MAG or RAC
https://forum.biblepay.org/index.php?topic=131.0


I dont think there is any correct/right answer to this,
and if anyone wants to create a proposal to change it, I say go for it and see how the masternodes (sanctuaries) vote, put the masternodes to work!
(Anyone can create a proposal through the pool website, fee is 2500 BBP to create)

[noxpost]

It looks like Lich BiblePay Central Explorer might be reindexing?
https://explorer.biblepay-central.org/

For my block explorer ( http://explorebiblepay.com/ ) I saw that the indexing process occasionally wasn't exiting cleanly, leaving the index.pid file alone and then halting updates to the explorer later. I ended up writing a small bash script that reads the index.pid and looks for the process - if it isn't there, it removes the file. Scheduled to run every few minutes, this ensures that as long as the wallet is running, the explorer is never more than a few minutes behind.

That being said, when I look at Lich's explorer, a reindex may or may not be the explanation. I agree that the lower block number displayed indicates a partial index, but with a total supply of 0 and a price of 0, it could be something else is down. The hash rate is there, so the wallet is probably running, but depending on how he configured the total supply column, a reindex MIGHT be the explanation for the 0 there. As for the price of 0, I don't know if he ever had the C-CEX API configured to return a price...

[capulo]

58 Million Biblepay coins tied up in mining, just by the top 3 Biblepay whales!

BBP
Onii-Chan
Mike

I never expected Onii to drop to #2 to be overtaken by a bigger whale...

Its even more fascinating that User #1 is at 90% UTXO because his RAC is rising faster than his 26.4 Million stake requirement.

Wow! That's crazy to see. If I look at the superblock view, there's something like 160M in PODC staking total. and then there are around 189 masternodes configured, so let's call that another 292M in masternode staking.

That makes 160+292 = 452M total reserved for staking, out of a total supply of 600M. >75% of our total supply is reserved.

Does that seem high to anyone? I don't know that it is a PROBLEM or anything, but it seems like a big percentage to me.

75% is ok because if somebody has 1.5m for masternode, then he will build it. does not make sense to keep 1.5m in wallet

[fjavi]

That being said, when I look at Lich's explorer, a reindex may or may not be the explanation. I agree that the lower block number displayed indicates a partial index, but with a total supply of 0 and a price of 0, it could be something else is down. The hash rate is there, so the wallet is probably running, but depending on how he configured the total supply column, a reindex MIGHT be the explanation for the 0 there. As for the price of 0, I don't know if he ever had the C-CEX API configured to return a price...

It's reindexing, but it shows partial data because Iquidus proactively adds unknown TXs when a block number or hash is queried.

75% is ok because if somebody has 1.5m for masternode, then he will build it. does not make sense to keep 1.5m in wallet

It still makes sense, because 1,5M BBP is enought to stake for 70K RAC, and that's about 11K BBP a day as of today, which is more than what a Sanc is giving now (unless mining costs "eats" the difference, of course)

This stalking debate is going to be always the same: if 3 guys have let's say, 50% of power, they are going to get 50% of rewards whatever system we employ. And I think that having millions of BBP "locked" down is economically harmful for them, but only if they have to pay their bills. Of course if we are talking about rogues and botnets, this stalking parameter is not going to stop them, because they have no penalty for having all that dough locked down.

[capulo]

when you are mining, you staking again. i mean this that does not make sense to not staking coins and leave it in wallet. so this is why so much coins are staked

[aikida3k]

58 Million Biblepay coins tied up in mining, just by the top 3 Biblepay whales!

BBP
Onii-Chan
Mike

I never expected Onii to drop to #2 to be overtaken by a bigger whale...

Its even more fascinating that User #1 is at 90% UTXO because his RAC is rising faster than his 26.4 Million stake requirement.

Wow! That's crazy to see. If I look at the superblock view, there's something like 160M in PODC staking total. and then there are around 189 masternodes configured, so let's call that another 292M in masternode staking.

That makes 160+292 = 452M total reserved for staking, out of a total supply of 600M. >75% of our total supply is reserved.

Does that seem high to anyone? I don't know that it is a PROBLEM or anything, but it seems like a big percentage to me.

I do agree that something needs to change here, I'm trying to get my Biblepay mining working correctly and just with my main desktop and a small older HP workstation server, my RAC is so high (11K), I would need over 300K coins to get the full rewards, which right now, costs about $1000usd. I understand trying to eliminate the botnet, etc., but this seems a little over the top. You basically have to have a mini-masternode just to be able to mine the coin.

I agree also partially.

Btw nice term mini-masternode

I also agree that it's probably too high for some with the current BBP prices. As far as I'm concerned staking is for battling botnets, but it should not be so high that it discourages some/most new users to mine. Staking BBP/MAG could maybe be better in this regard.

But I guess that nothing is stopping us from changing the staking requirements with every mandatory update, right?

user adoption is essential for a coin to survive, and many people are here to mine.

Or course, there is always unbanked mining if you don't want to or can't stake. And there are ways to earn BBP in other ways, like writing letters to orphans, and creating proposals if you think you can contribute to BiblePay.

I mean, if BBP goes 10x, we will definitely need to change the staking requirements, or else no-one is going to start mining with such high entry costs, and that will shift power to the people already mining now.

Also, for a good 'spread of the wealth', it's probably best to have high early user adoption.

Jaapgvk, I'm not meaning to come off as harsh, you're a super nice and super generous guy.
Right now it's a pretty good joke 'if Biblepay goes 10x'.  Have you seen the 2.6 million (now 2.4 million) BBP on the ask at c-cex that has been sitting at 37 sat for at least 48 hours now?  This coin needs staking to survive meeting its obligations to the orphans.  There needs to be some way to increase demand before you talk about lowering staking requirements.  How about getting over 1 BTC total on the bid?  Other exchanges are looking at that in regards as to whether they will add BBP.  To put it bluntly, this coin needs to be shilled, but no one want to do the shilling.

I don't see why not, as it's doing great things in the world and there is all kind of evidence for that.

[aikida3k]

I mean, if BBP goes 10x, we will definitely need to change the staking requirements, or else no-one is going to start mining with such high entry costs, and that will shift power to the people already mining now.

Also, for a good 'spread of the wealth', it's probably best to have high early user adoption.

These two points are basically what I was thinking about. It's a growth path that causes me some concern, and of course, we want to have as much legit adoption as possible. It's a fine line to walk, trying to balance the security of the network with making adoption easy and with the economic growth that some are looking for vs a perceived (likely accurately) rising cost of entry.

It's true though that there is no reason this couldn't be changed every mandatory release, other than perhaps confusion. What do we think?

If you start lowering the staking requirements, I'm pulling my stake and leaving.

[aikida3k]

BBP is a professional miner.  He might keep some, right now he has to stake for rewards, but he sure is going to sell some and introduce supply.  

I asked a few weeks back if some one wanted to help me put together a Biblepay faucet with a paper wallet generator and we could go to churches and hand out 5 free bbp per person as paper wallets to try to get people who normally might not be interested in crypto but are interested in the idea of supporting orphans and the needy to participate.  I didn't get any responses, though.

[Cjm_258]

My wallet will not sync. i upgraded to the new client, and it shows synchronizing with network and 8 active connections, but it is 31 hrs behind and not moving. I have restarted it several times. Do i need to do a repair or what?

Just delete blocks, chainstate, peers.dat, banlist.dat, mn*.dat, gov*.dat and restart.

Ensure system time is correct.

Ever since i did this, the client synced, but i have not received any payouts since 4/24. Before that I was receiving them daily. rosetta and the biblepay client have both been running.

What do i need to check?

Thanks

[thesnat21]

BBP is a professional miner.  He might keep some, right now he has to stake for rewards, but he sure is going to sell some and introduce supply.  

I asked a few weeks back if some one wanted to help me put together a Biblepay faucet with a paper wallet generator and we could go to churches and hand out 5 free bbp per person as paper wallets to try to get people who normally might not be interested in crypto but are interested in the idea of supporting orphans and the needy to participate.  I didn't get any responses, though.

Depending on what he makes, and sells either of these large miners could easily devalue the currency...

Considering  they are making 600$ + per day. (approx 1/3 our daily volume according to CMC.. lol)

[aikida3k]

I have submitted an application for Biblepay to be listed on https://www.tradeogre.com tradeogre.com exchange.

Here are the top 5 coins in volume on tradeogre.com and as examples of what healthy markets and what healthy demand looks like:

|	Currency Name	|	$ on Bid in BTC	|	$ on Bid USD	|	CrCu on Ask	|	$ on Ask USD	|	Bid:Ask Ratio
|	Haven	|	15	|	$138,000	|	81,786	|	$245,358	|	1.78
|	IPBC	|	6.6	|	$60,720	|	285,052	|	$94067	|	1.55
|	Masari	|	6.18	|	$56,856	|	43,049	|	$53,811	|	.95
|	Dero	|	2.75	|	$23,300	|	10,513	|	$31,539	|	1.25
|	Stellite	|	6.41	|	$58,972	|	202,134,200	|	$242,561	|	4.11
|		|		|		|	BTC on Ask	|		|
|	Biblepay	|	1.05	|	$9,660	|	103.26	|	$949,992	|	98.34

You can see the top 5 are all fairly balanced on the bid and ask, however Biblepay has nearly 100x the value on the Ask as the Bid; which is pretty unbalanced.  We need to work on demand for Biblepay.