Bible Pay

Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.

Topics - aikida3k

Pages: [1]
I voted I'm not sure because I'm not sure if Staking to RAC passes.  If staking to RAC passes, I will tell people about it at church. 

I have what I think is a good idea to spread awareness of biblepay in people who are not necessarily in cryptos.  I would like to combine the ideas of a paper wallet generator with the idea of a faucet.  What I would like, is to modify the paper wallet generator to be able to instantiate a number of biblepay private keys, say 1,000 private keys at a time and deposit 5 bbp in each private key.  It would be output in a file that would have each private key on a separate sheet of paper, so a file that is 1,000 pages in length.  Then I could go to a print shop and print out the addresses and hand them out to people after church. 

I would go to churches in the Dallas, Tyler and Longview areas and hand out free biblepay to get people interested in it if Stake based on RAC gets voted in.  I would have the confidence in telling people that they should be interested in it. 

I think printing out 1,000 or more addresses with 5 bbp deposited at a time wouldn't tempt distributors to be fraudulent in that it would be a really inefficient use of time to enter in 1,000 addresses to gain the amount of biblepay that one pre-PODC block had.  And if people don't use their private keys then those biblepay are as good as burned, which helps the coin anyway.

We would also need to include instructions on how to import private keys into wallets, and instructions how to find us online- say homepage, reddit and ANN.

Archived Proposals / Poll for Type of Staking: MAG or RAC
« on: March 11, 2018, 09:22:35 pm »
This is in regards to the recent discussion on the Biblepay ANN thread.

Let's look at this a different way.  Let's say I go to Prestonwood Baptist church, and I say to people, "Hey why don't ya'll buy some biblepay that I'm mining.  It will help support orphans."  They might ask,"Are you buying it?" I'd have to say, "No, I'm just mining the pea-wodding out of it.  It has a limited supply, but so do the other 1550 and increasing other coins available."  They would feel like suckers being taken advantage of.

But! If we have stake based on RAC, and I say to people, "Hey why don't ya'll buy some biblepay that I'm mining.  It will help support orphans."  And they ask,"Are you buying it?"  I have to say, "Yes! For every computer I add that does crunching, I have to either hold or buy biblepay."  (With magnitude based staking, the amount I have to stake should decrease as the network grows: MAGSHARE=MAG/USERBASE as user base expands, my share of the MAG becomes smaller.)  Then they might say, "Oh, it sounds like a good idea if you are buying and holding right alongside me, even though I'm not that interested in crunching."  And I could say, "Yep, go for it!"

Honestly I think either will work, RAC or magnitude. I just like magnitude because it scales with the network size. But either or will do for me.

The simplest way I look at is, Do you want a static aggregate stake amount or a growing stake amount?  Unless I missed something Total MAG always is 1000.  So 1000*50000=50 million.  Always, even when supply is 3 Billion.  For RAC our current RAC is 1.3M So if we do 20 BBP per RAC that is 26 million lockup.  If we have a 10 million RAC with x larger supply that is a 200 million lockup.  Woo-hoo! We just engineered ourselves higher prices at a fraction of the cost of a masternode, important especially when masternodes become unaffordable.  It is important to consistently seek some way to keep mopping up supply.  This coin has a lot of supply on the front end.  It will take time for the supply to consolidate.  If bitcoin goes way up, we will still have a high effusion rate, people won't be able to afford to buy as much biblepay.  If we keep growing the stake amount with the RAC of the network, we do something to give buyers confidence that the coin won't collapse.  Buyers are the ones who truly support the orphans, not miners and crunchers.

Even when the exchanges are out of maintenance, take some time to read the tape when the prices suddenly go up.  Prices go up by surprise because liquidity dried up and people are willing to pay higher and higher prices.  They take out those standing limit offers.  Then the miners start to come in when they realize prices just got higher.  At first, they put out limits on the offer.  When those stop getting hit, they start to get desperate and start hitting the bid, soaking up liquidity the other way.  Then prices come back down.  It would help to have a consistent way to soak up supply and we would engineer higher prices much in the way companies buy back their own stock.  Miners are part of the company.  Miners accumulating bbp as the network grows helps prices to appreciate.

For reference the current masternode lockup has 262 million bpp.  And since the start of masternodes we are consistently 20 or more satoshi higher.  So more lockup should mean higher prices, and more orphans supported.  A win for everybody.

Pages: [1]