Bible Pay

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21
Production Proposals / Re: Should Sanctuaries fund our Orphans?
« Last post by Rob Andrews on July 10, 2020, 09:23:17 AM »
I donīt see this as a bad idea on the long run.

But in the short run if a MN owner has 5 sancs, it is unlikely that can affort $200/month in sponsorships.

So some or all of those sancs will be probably liquidated (or dismantled if the MNO wants to hodl).

I would suggest this change to be made in a more gradual way, if it was possible for example to maintain a sanc with a $5/month donation, then after some months we analyze the effects, and then maybe decide to rise to $10/month per sanc and so on.

I thought about adding an adjustment changing the collateral reqs from 4.5 MM to 10MM - so one could lock more (and that would lessen the impact), but I did an analysis on that scenario and I think it hurts us over the 10 year term.  With 4.5MM, we stand to attract up to 833 sanctuaries (with a 75% lock ratio) over the long term (and therefore 833 monthly orphans).  I would imho, rather see 833 orphans than 417 etc (and, of course 817 unique investors etc rather than less), so impo, I think we just leave the 4.55 MM lock ratio, and let our sanc count drop, this in essence means making it harder to earn interest on latent BBP.  That means DWS will just be more popular in this phase.

I like the idea of lessening the impact with a more gradual start however, as we dont want to do anything psychotic.

One thing we could do to usher this plan in is the following:

On September 15th (this is our next release), we ask Cameroon to allow two sanctuaries per orphan sponsored through March 31, 2021.
Then starting April 1st 2021, we move to one orphan per sanctuary.

They can do this by taking one child bio, and allowing it to sponsor two public keys.


22
BiblePay discussion / Re: RandomX Giveaway for New RandomX Miners
« Last post by Rob Andrews on July 10, 2020, 09:14:30 AM »
BAS6N77fNRhyyeFgiTkawRhUpF4gfHwwr2

Thankyou in advance for the reward of newbie
Sure, your welcome.  Please see the OP post to claim.
23
Production Proposals / Re: Should Sanctuaries fund our Orphans?
« Last post by MIP on July 10, 2020, 03:38:53 AM »
I donīt see this as a bad idea on the long run.

But in the short run if a MN owner has 5 sancs, it is unlikely that can affort $200/month in sponsorships.

So some or all of those sancs will be probably liquidated (or dismantled if the MNO wants to hodl).

I would suggest this change to be made in a more gradual way, if it was possible for example to maintain a sanc with a $5/month donation, then after some months we analyze the effects, and then maybe decide to rise to $10/month per sanc and so on.
 
24
BiblePay discussion / Re: RandomX Giveaway for New RandomX Miners
« Last post by Joenard on July 09, 2020, 10:47:10 PM »
BAS6N77fNRhyyeFgiTkawRhUpF4gfHwwr2

Thankyou in advance for the reward of newbie
25
BiblePay discussion / Re: RandomX Giveaway for New RandomX Miners
« Last post by Rob Andrews on July 09, 2020, 07:26:43 PM »
"BRTrwS5ia9ETvcEzjNwB7cAxqsShzhJPEJ-0-94-245-92-58"
Hi Matt, welcome aboard!

Hey are you mining in foundation.biblepay.org in randomx?

26
BiblePay discussion / Re: RandomX Giveaway for New RandomX Miners
« Last post by matt1168 on July 09, 2020, 09:19:39 AM »
"BRTrwS5ia9ETvcEzjNwB7cAxqsShzhJPEJ-0-94-245-92-58"
27
Production Proposals / Re: Should Sanctuaries fund our Orphans?
« Last post by Rob Andrews on July 08, 2020, 11:22:22 AM »
Here is a chart of the sanctuary reward per sanctuary (in BBP) per number of sanctuaries on the network:


https://san.biblepay.org/Images/sanctuaries.png
(I also attached the chart in case it is blurry).

As you can see from the 400,000 level (59 sanctuaries) that is where a person would currently earn $75 USD per month (at current rates of .000188).
With 99 sancs, we have 200K (or $37.50), which is not too bad considering what good they would be doing other than being online.
With 20 sancs, we have about 1MM bbp ($188 revenue per month).

My next post, I am going to try to imagine scenario A & B.
Scenario A is what we currently have:  251 sancs serving the network and doing not much more than 10 could do (IE we dont have a lot of IX transactions etc), doing no philanthropy, and not making any philanthropic decisions (for example we have zero replies to my idea about the water well, so this is a good example this month of zero votes and zero replies).

On the other hand lets imagine scenario B:
50 sanctuaries with revenue of $75 per month (or, even $50 if the price is impacted first), sponsoring one child each.  I could be wrong about this, but I would imagine each of those sanctuaries would be more apt to be active in the community - since they obviously care about a child enough to sponsor a child. 

I understand there are price downturns related to scenario B, and I also understand that we even started off on a new endeavor of paying for orphan sponsorships via XMR (and I like that) and it appears to be solid for growth in the future.

However I can't help but ask God, which scenario would he prefer?  Wouldn't scenario B be the one of choice where we raise up non-traditional investors instead of traditional HODL investors?

If you asked my opinion, Im leaning toward B as of today, because I like the look of the future environment for biblepay.

Now lets analyze the actual ill effects of the liquidation.  We never really talked about the positive effects of our price going down.  I do realize a sell wall is horrific, first of all, but I argue part of that is the effect of whatever mischevious person on SX is frontrunning the buy side just to sell the coins higher (they never have an intention to hold them anyway).  Lets move past the sell wall, because bots and mischevious users will always be attracted to projects that do good things.

The fact of the matter is, we will always need a few new investors to step in and buy up the extra 10 BTC of coins anyway - they are sitting there and someday, when we have a new investor that owns 0 biblepay step in, they will buy a few btc worth (thats part of expansion).

Lets talk about expansion effects from our price dropping. 

If our price drops by 50% due to a sanctuary liquidation, or a sanctuary who must pay the monthly orphanage bill (say, 5 of them at the same time), I believe what will theoretically happen is we will expand, because some investors who are not interested in us will actually buy at our low price - therefore these dips may also cause us to grow.

We need to take all this into account and come to an intelligent agreement that this is the right thing to do.

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** Strengthening the backbone of the biblepay network **


Although BiblePay's block data, boinc data, and key-value pair data is decentralized (and resilient currently), be aware we do have some extra data that is stored in less resilient storage.  The rapture videos, Christian content on foundation.biblepay.org, theological articles, childrens letters, advertisement videos, company logos, partner data, children bios, and web site assets are all stored in space with single point of failure.

We are already working on providing a service for BiblePay (where biblepay can charge a commercial fee) to store videos or pdfs for the public to access in a more resilient way (for example, when regional outages occur, we want this data to serve).

I'm working on moving all of our mission critical data to more resilient storage.  So far, the videos on foundation.biblepay.org have been moved (meaning, they are now resilient:
http://foundation.biblepay.org/MediaList

I also wanted to mention, we have a new feature that allows you to request a video to be added to the list (and adds a discussion page to it):
https://foundation.biblepay.org/RequestVideo.aspx
(This feature actually causes the public domain video to be converted to resilient storage automatically, the same as our community videos).  If you aren't sure what I mean by this, let's say you come across a Christian video that is valuable and you share it.  After we convert it and host it, it should theoretically be available even if youtube, foundation.biblepay, and half of the internet are down (we will have a PDF explaining how this works).

Next, I'm going to attempt to move everything that is on san.biblepay.org to this type of storage.  Please let me know if anyone experiences any broken links.



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Archived Proposals / Re: freefaucet.io top-up Feb-Mar 2020 250k
« Last post by sunk818 on July 07, 2020, 12:07:16 PM »
Added 80k more to SX faucet. They were giving out in increments of 10 BBP, so I asked them to reduce it to 3 BBP so it doesn't burn out so fast.
30
Production Proposals / Re: Should Sanctuaries fund our Orphans?
« Last post by sunk818 on July 06, 2020, 10:17:59 PM »
How did you arrive at 50 sanctuaries being the support level? You mentioned price, but I tend to think prices fluctuates quite a bit. Would 50 sanctuaries cover all the children currently supported by BiblePay? Based on past history, what percentage do you think would support charity via BBP vs a non-BBP method? The thought of limiting how much a charity could withdraw in a 30 day window might encourage consistent selling. I remember you prepaid for several months and it was all sold in the same day causing a flash crash down to 0.2 SAT.
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