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Messages - jmmc

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BiblePay discussion / Re: Economical model thoughts and current state
« on: February 15, 2019, 09:50:55 am »
I hope Rob has some miracle ace from God hidden in his sleeve otherwise BiblePay will crash this year like 98% of other absolutely useless crypto projects.

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BiblePay discussion / Re: Economical model thoughts and current state
« on: February 13, 2019, 04:11:24 pm »
> Nothing related to charity and donations create demands.

I joined BiblePay because of the charity and donation model. Then I saw the PoDC and thought using CPU for science tasks instead of wasteful hashing was a good selling point. If you're charity minded and/or environmentally minded, BiblePay has attractive features. I bought and staked for PoDC. I'm sure there's a lot of people in the same situation.

Same here. PoDC is in some way  better than wasteful mining although but it doesn't bring solid secuirty model for BBP emission. But that's for another discussion and now it's not important due to low price so no one even bothers to hack BOINC to steel some  more BBP.

I am totally pro crypto ideas believer however let's be frank. Biblepay has nothing to offer so far. Donations are done in USD, it's just one more additional (and wasteful) layer in all donation process.  I'm here because I like to have Christianity Crypto Focused project. But there is no value added (utility) so and that's what everyone here should focus. In terms of sponsoring children gofund or kickstarter campaign would do the same and even better - more seriously and predictably.  BBP needs value-added feature(s) to survive and to be able to sponsor orphans in the future.

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BiblePay discussion / Re: Economical model thoughts and current state
« on: February 12, 2019, 08:11:40 am »
I can see your points. I quite agree with both reply posts.

Major point here I want to emphasize is that the current economical model doesn't work. We can skip the rest for now as minor issues. But this one is the major one:

Lot of supply and no demand

Outflow is here (outflow is always easy - sell, donate, etc.) but without demand based on  serious utility / advantage any crypto project cycle is needed, otherwise it's a well without spring that gets dry in short time. Crypto bull market can bring some water into to well but that should not be the major resource.

Nothing related to mining / staking creates demand.  Nothing related to charity and donations create demands. All of that creates supply and value outflow only. This is actually problem of 99.9% of crypto projects (even those big ones). Shop acceptance actually doesn't help here much because again it doesn't create new demand. Demand can be only created by so me advantageous utility or by saving factor (like discount when you pay with crypto etc.).

BBP community should pray that this projects comes with some real world use case ideas that makes BBP worth investing and accumulating. Right now I can see none. Otherwise it is just about donating few extra bitcoins to orphans via over-complex masternode-based crypto network. It doesn't make sense and there is no value over using good old credit card.

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BiblePay discussion / Re: Economical model thoughts and current state
« on: February 09, 2019, 07:59:21 am »
It was pretty obvious during BBP spike yesterday. BBP up, BBP down to 4 sat.
Oopps...It was pretty obvious during BTC spike yesterday. BTC up, BBP down to 4 sat.

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BiblePay discussion / Economical model thoughts and current state
« on: February 09, 2019, 04:39:24 am »
I'm BBP supporter since almost the start of the project but I would not "invest" in BBP without being Christian and considering charity factor.
At the beginning I just took it like "fancy"  way howto support orphans, preach gospel via cryptocurrency project.  So here we are. 
I was buying most around ATH not much thinking about the project from investment PoV.
However I hoped that much more Christians world would grasp this idea.
I invested into this project something about 3 BTC when BTC was much more valuable  and tried to help the project from time to time.

Now BBP is dry. Hovering around price 4-6 sat. Funds of the initial investors (like me) are spent. It was pretty obvious during BBP spike yesterday. BBP up, BBP down to 4 sat.
I understand faith and things like that but how about finally admit that BBP was not based on sustainable principles but rather on denying them. I will list few issues:

1. Proof of (whatever) - why there is  so much effort around this, I can see no value added by constant changing consensus/reward algorithm but quite the opposite (confusion, new bugs, etc.). To me simple PoS would be the best. Mining times are over, maybe Bitcoin can keep it but I'm skeptical. BOINC is centralized and all other approaches seems awkward to me.
2. 10% - understanding support mission to orphans, but frankly this is not tithe because tithe is from profit. If you want to have model based on 10% from profit then build oracle, recalculate BBP to USD and if there is evaluation, then automatically cash 10% of that profit. Now it's more like pillaging the initial funds before we reach zero level. As this is not sustainable orphans will probably (unless God makes some miracle) not be helped in the future and investors will avoid this project.
3. Inflation/Deflation - BBP emission is higher than pace of adoption which necessarily leads to price crash. Again it would be nice to have self-adjusting emission model so that emission would adjust according to market price trend - probably connected to USD or at least BTC.
4. Misusing funds - in the past I've seen cases where thousands of dollars were approved for various non BBP or orphans-related activities (surprisingly to some slovak and other people)  without giving BBP or Jesus / Christianity any publicity.
5. Income side - BBP has no demand increasing utility

Simply summarized: I would rather like to see BBP as simplified PoS project supporting orphans from USD market value increase (we pay orphans with USD, don't we?)  and with strong demand increasing utility. Without that, I'm unable to see any long-term vision for BBP. Wake up! Now BBP is heading to it's crash. I believe Rob is a good guy but BBP really need some serious changes. God bless!




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Pre-Proposal Discussion / Re: Mass Adoption for BiblePay II
« on: December 15, 2018, 03:41:18 am »
Can we keep both PoBH and POG ? To me, more mining options is better.

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Archived Proposals / Re: Proposal - listing BBP on GIN MN platform
« on: November 07, 2018, 10:50:34 am »
One more update about BBP sanctuaries hosted on GIN platform. To those who considered GIN hosting price way too high there is new cheap cloud node possibility to host BBP sanctuary for $4.5 per MN/month (select Cloud node for this price).  It's no-brainer now for this price IMHO. Check - https://p.gincoin.io/ .

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Archived Proposals / Re: Proposal - listing BBP on GIN MN platform
« on: September 20, 2018, 12:23:41 pm »
I have good news - BiblePay was just listed on Gin platform so we can save some listing budget here.
Feel free to host BiblePay Sanctuaries on GIN if you like - https://p.gincoin.io/#!/

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Archived Proposals / Re: Proposal - listing BBP on GIN MN platform
« on: August 30, 2018, 03:57:03 am »
Sure I agree what you write, it is as valid view as any other.

I can give you one one example where MCT+ might be handy right now. In current market situation we could use MCT+ to perform secure private Sanctuary sales to some investors without collapsing the market on usual exchanges (where market is already in a pretty bad shape). That's just one case where MCT+ might be very helpful imho. In the past I was doing some p2p trades and it was always pretty poor ad risky experience.  I would be super happy to have MCT+ available at that time.

Second common use case is diversification between various MN holders. MN generates some coin and you often want some other MN to diversify portfolio. Of course you can buy it on usual exchange, but why to trade it through BTC when you don't want BTC but some target coin for another masternode. In this case p2p alt platform is perfect place.

Related to GIN, the day one BBP is supported there I will migrate my sanctuaries there and even acquire some more. Before that I'm not planning to get more sanctuaries and in terms of other MN projects as long as these projects are not support on GIN platform they are like non-existing form me as an investor (entirely due to  practical reasons even though I'm a technical guy and have no problem with VPS administration and things like that in general).

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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.

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Archived Proposals / Re: Proposal - listing BBP on GIN MN platform
« on: August 29, 2018, 03:07:26 am »
I'm not disagreeing, I'm just saying there was no budget for it this month.
Hopefully the market can recover soon and things like this can be moved forward
Although I agree with that, investment into project and ecosystem so project can grow is necessary, though. Without that, resources for charity might dry to zero in no time as well.

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Archived Proposals / Re: Proposal - listing BBP on GIN MN platform
« on: August 28, 2018, 08:19:14 am »
I understand that BBP price and budget is tight but BBP needs to be expanding and be visible to various platforms to keep pace. To be on GIN is imho more significant than be listed on CoinExchange.IO which is just another (not very significant) exchange. BBP doesn't need to be on more small exchanges but there should be complete ecosystem around BBP in terms of various services and uses cases. It means:

1) small exchanges(5) : SouthXchange, C-CEX, CryptoBridge, CoinExchange, QIEX
- DONE (not one of them is in TOP100 exchanges), no need to invest in this area even single BBP in the future imho
2) MN hosting platforms(0): this is where GIN goes (and you can already vote for it)
3) Alt P2P / escrow platforms(0): this is where MCT+ goes (you can also already vote for it)
4) payment processor(0): like bitpay, coinbase, etc. (beyond BBP size budget right now)
5) big exchanges(0): like bitfinex, binance (TOP10 exchanges - that's beyond BBP size and budget right now)

You see, BBP has 5 small exchanges but nothing else from this list. That's why I believe we need to leave any effort to list another small exchanges but to focus on other types of platforms where BBP is yet missing. Big exchanges and payment processors are currently beyond BBP budget. What we can do now is to make BBP present on MN hosting platform (like GIN) and P2P escrow trading alt platform (like MCT+) for decent money. That would mean to have 3 of 5 ecosystem groups covered plus bringing additional exposure and PR to BBP.

Whoever wants to build special BBP hosting platform, feel free to do it but it imho doesn't substitute being listed on GIN. It would be similar effort like to build your own exchange and thinking that is the same like to be listed on Binance. It's not.

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Archived Proposals / Re: Proposal - listing BBP on GIN MN platform
« on: August 28, 2018, 07:39:09 am »
VPS for 1$ sounds almost unbelievable. If the spec if enough for MN then it's really something to think about.

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Archived Proposals / Re: Proposal - listing BBP on GIN MN platform
« on: August 27, 2018, 04:56:45 am »
GIN have of experienced developers just for this service maintenance, support and future development and platform is  already working very well. It supports about 70 MN projects already and growing. Also bringing shared masternodes feature soon. It would be very difficult to compete, definitely for 14 USD/month. Maybe for half price if you can bring low-cost usable platform. Moreover there are some other services similar to GIN (not as good) so it's quite competitive environment already meaning that it's harder to succeed. In summary this is imho not a good way to go for BBP. Listing on GIN platform makes much more sense to me and will help BBP in multiple directions. 

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Archived Proposals / Re: Proposal - listing BBP on GIN MN platform
« on: August 26, 2018, 02:45:53 pm »
Thanks to Rob, I was able to create the proposal again, successfully this time. All sanctuary owners are free to vote.

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