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« on: August 30, 2018, 02:47:38 AM »
I support everything that could bring new people aboard and so I have no problem to vote for this proposal. However I have hardship how this proposal could have any significant impact. From my point of view it will have just a minor tweak, which is ok except BBP is on the brink of edge not being able to support current orphans anymore. Brief look on the order books on exchanges shows that there were less than 1BTC total on the buyers side (on all exchanges) total when I looked last time. Price around 10 sat is also not a good signal. BBP market is dry, selling 2 sanctuaries will send market below 10 sat and selling 10 sanctuaries will send market to zero.
Low demand is main problem for BBP. We need to come with something that will make BBP desirable. To answer the main question - why to hold BBP? BiblePay started when market was booming, it was relatively easy to keep the price. Now, during this bear phase, market is also flooded with new small MN projects every day (some of them are also charity focused). Maybe you say this charity is the key feature but frankly people can support orphans effectively without BBP as well and in more sound way (in terms of taxes, etc). I know that BiblePay is also working in this direction and that's good.
I really wish to see BiblePay supporting 1M orphans one day. But from investment and economical PoV BBP doesn't make any sense. Inflation (even though it's declining in time) is drastic and 10% sell-off of newly created BBP will always undermine the price, ie. also demand. And not the forget other expenses that are doing the same. I believe we need to start with more sound economical model here. Sound economy brings sound investors. In Bible, tithes are 10% of real profit, not value of 10% of newly created coins even during a loss period. I believe BBP should give 10% of profits to orphans - I mean real profits and at the same time to generate reserves for time of bear market (Joseph's approach). We need to calculate our BBP profits based on BBP/USD performance, not based no how much new BBP are generated.
Difficult thing is that BBP already supports 300 orphans although size and performance of the projects is way to small for this size of support. Now a miracle (strong philanthropist investor or strong crypto bull market) is needed to keep them supported.
I believe there are two ways. Either some miracle happens and I'm all for that or/and we must rethink our economy model to make it more sustainable (ie. spend newly generated BBP only when price grows enough and create reserves for worse times) and to bring some killer feature kicking up demand in general that would bring the project into TOP100 crypto projects. Although adjusting economy model is relatively easy tasks, to bring some excellent feature is not. On the other hand, sound economical model is valuable feature as well imho.
That's my two cents. I believe God is backing up this project and Lord Jesus will not let it fall but I also believe that economical side of the project needs to be properly adjusted and sound from broader perspective. And sorry I went little bit further from the main topic here.