Bible Pay

Read 161063 times

  • earlzmoade
  • Developer

    • 311


    • 48
    • August 02, 2018, 03:22:01 AM
    more
** Luna crashes from $40B in market cap to almost nothing in May 2022 **

https://foundation.biblepay.org/images/Luna.htm

Yeah i feel with the investors of this crypto. going from high 100 usd+ to 0.0001 usd  would be devastating for sure. Not just that but their alghorithmic stablecoin ust  which should have been pegged to 1 dollar down to 0.05 usd.

I almost invested in the ust when they had this promotional 25% apy  for the stablecoin. Well im glad i didnt.

I guess from this could say "dont put all your eggs in the same basket"
Joshua 1:9
Have i not commanded you?
Be strong and courageous. Do not be afraid;
do not be discouraged, for the Lord your God
will be with you wherever you go.


  • Rob Andrews
  • Administrator

    • 3900


    • 94
    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
    more
Yeah i feel with the investors of this crypto. going from high 100 usd+ to 0.0001 usd  would be devastating for sure. Not just that but their alghorithmic stablecoin ust  which should have been pegged to 1 dollar down to 0.05 usd.

I almost invested in the ust when they had this promotional 25% apy  for the stablecoin. Well im glad i didnt.

I guess from this could say "dont put all your eggs in the same basket"

Yeah and I think that 20% yield they were offering lured a bunch of unsuspecting victims into the pool for a "risk free reward" but that was too good to be true.

Yeah, I just read a little more about the 20% return here:
https://www.coindesk.com/layer2/2022/05/11/the-luna-and-ust-crash-explained-in-5-charts/

It looks like UST had a deal with Anchor, where Anchor was offering 20% APR for deposits held in UST, and this accounted for 75% of the UST circulating supply up to April, meaning most of the use case of that coin was from investors chasing the yield. 
Worse in that article it explains how Do Kwon had started a similar stablecoin that failed called Basis Cash:
https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/
Thats pretty damaging because he deliberately distanced himself from it so he could use it as a guinea pig and work out the bugs for the future luna project.

« Last Edit: May 21, 2022, 09:49:20 AM by Rob Andrews »


  • earlzmoade
  • Developer

    • 311


    • 48
    • August 02, 2018, 03:22:01 AM
    more
Yeah and I think that 20% yield they were offering lured a bunch of unsuspecting victims into the pool for a "risk free reward" but that was too good to be true.

Yeah, I just read a little more about the 20% return here:
https://www.coindesk.com/layer2/2022/05/11/the-luna-and-ust-crash-explained-in-5-charts/

It looks like UST had a deal with Anchor, where Anchor was offering 20% APR for deposits held in UST, and this accounted for 75% of the UST circulating supply up to April, meaning most of the use case of that coin was from investors chasing the yield. 
Worse in that article it explains how Do Kwon had started a similar stablecoin that failed called Basis Cash:
https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/
Thats pretty damaging because he deliberately distanced himself from it so he could use it as a guinea pig and work out the bugs for the future luna project.

Indeed. It was a great time to launch  a stablecoin, bear market and all.. Now you hear questions like "can/will all stablecoins crash like ust" etc etc.... Ofcourse theres diffrence in how these stablecoins are built,  so i think research is important when investing and not just go with the "hype" all the time.

That terra went down to zero i can buy, being volatile and all , but the point of a stablecoin is just to be stable, to be pegged to the dollar , eur or whatever, yeah this was a blow to investors for sure...

Will be intresting to see what the consequences of this will be , more regulation for crypto or just for stablecoins?  Who knows...
Joshua 1:9
Have i not commanded you?
Be strong and courageous. Do not be afraid;
do not be discouraged, for the Lord your God
will be with you wherever you go.


  • Rob Andrews
  • Administrator

    • 3900


    • 94
    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
    more
Indeed. It was a great time to launch  a stablecoin, bear market and all.. Now you hear questions like "can/will all stablecoins crash like ust" etc etc.... Ofcourse theres diffrence in how these stablecoins are built,  so i think research is important when investing and not just go with the "hype" all the time.

That terra went down to zero i can buy, being volatile and all , but the point of a stablecoin is just to be stable, to be pegged to the dollar , eur or whatever, yeah this was a blow to investors for sure...

Will be intresting to see what the consequences of this will be , more regulation for crypto or just for stablecoins?  Who knows...

Yeah unfortunately the most interesting outcome out of this will be if any regulation for global crypto markets comes about.
I feel bad for the people that wanted to commit suicide and lost everything, its terrible.
So obviously there will be a move to regulate these as securities, exactly the reason the SEC was formed to begin with.

But my freedom loving side, I actually believe its better to have no regulation and freedom.
Because that loss of freedom leads to the new world order.
Id rather have crypto plus failures and danger as an alternative to the banking system than a forced global federal reserve that prints whenever the government wants them to print.

But this did a great job at exposing the inherent risks in stablecoins.  First of all, UST used its own vulnerable Luna as its backer (with zero intrinsic value), and second they had a rule that allowed the death spiral (sell more Luna at any price to hold the peg).  Third they had an inefficient market maker mechanism (40% wide bid-ask spread) to manage the mechanics of the UST-Luna arb.  So put that all together and it spells grave danger. 

I think an algorithmic stablecoin could actually work if it used an unrelated coin with real reserves (like a certain diversified crypto portfolio) ,  IF it was not programmed to sell at any price - there has to be a gate limiting each transaction.  This Luna, they printed 7000 billions units trying to prop the price up, it absolutely decimated the value of luna.  Thats insane because you obviously cant print real value while destroying your own value.  They should have thought about that and said, Uhh, 100MM $ didnt work, lets stop here, lol.  Let the UST side collapse...

But this will give algorithmic stablecoins a black eye forever, so now they need a gold backed stablecoin with provable reserves or something.  Or maybe in 6 months we will see this all over again cause Defi for some reason keeps growing... despite the danger.



  • Rob Andrews
  • Administrator

    • 3900


    • 94
    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
    more
*** The greatest example of leaning on God for miracles that I've seen ***

Check out this free book called Answers to Prayer by New Orphan House (George Mullers orphanage):

https://www.georgemuller.org/uploads/4/8/6/5/48652749/answers_to_prayer_g_muller.pdf

This man cared for up to 10,000 orphans over 35 years without asking for one penny from people around him.  He did it entirely by prayer.
ALL of his prayers were answered miraculously.  Check out the story about the boiler and how God answered his prayers just in time.

This book really can increase your faith, Praise God.



  • Rob Andrews
  • Administrator

    • 3900


    • 94
    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
    more
*** New Exchange Coming on Monday ***

Great news:  A medium sized coinmarketcap exchange is going to list biblepay this weekend.
I'm going to share the name of this exchange once the release is created on their end; but the deal is now pre-approved, praise God!

Could this be the breakthrough we have been waiting for?

First, we've been praying for this.  We've been praying that God sends exchanges to us, and sends Christian exchange owners to list our project.  Thank you God for how faithful you are to your children!

I love it because the trading volume has been decreasing on other exchanges and anyone that focuses on God's work deserves the best.
We pray for those other exchanges to increase in size also.  I pray for TOKOK to read Proverbs 16:11 and report accurate trading volumes consistently to the users.
And grow organically, and upgrade consistently when mandatory upgrades occur.

I pray for SouthXChange to receive blessings from unexpected places.

And I pray for BBP to enter through doors no man can shut and be blessed by God to expand his Kingdom.  May we create technical tools that glorify God and share the gospel to non believers!

Rob

« Last Edit: June 01, 2022, 09:20:47 AM by Rob Andrews »


  • Rob Andrews
  • Administrator

    • 3900


    • 94
    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
    more
** Coin Gecko updated with BiblePay requirements **

CoinGecko needed a couple APIs to integrate with us in order to show circulating supply.

We have recently released this and CG is working on it.  Now CG should show all of our information to our valuable users and investors starting next week:

https://www.coingecko.com/en/coins/biblepay



  • earlzmoade
  • Developer

    • 311


    • 48
    • August 02, 2018, 03:22:01 AM
    more
That is some sweet updates Rob.

Another exchange will be awsome, its needed for sure.
Will be intresting to test out. Lets hope we get some nice trading volumes.

Coingecko , im using it aswell, easy to make your portfolio.

Joshua 1:9
Have i not commanded you?
Be strong and courageous. Do not be afraid;
do not be discouraged, for the Lord your God
will be with you wherever you go.


  • Rob Andrews
  • Administrator

    • 3900


    • 94
    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
    more
*** BiblePay is now live on the txbit.io Cryptocurrency Exchange ***




https://txbit.io/Trade/BBP/USDT


May God send a lot of volume our way to eliminate the sell wall from every exchange.



« Last Edit: June 10, 2022, 08:07:10 PM by Rob Andrews »


  • Rob Andrews
  • Administrator

    • 3900


    • 94
    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
    more
*** Foundation.biblepay.org has moved ***


Our foundation web site and randomx pool has moved; the site is now running on our sanctuaries.
We have 40 miners mining:
https://foundation.biblepay.org/bbp/poolabout

If anyone has any questions, please feel free to ask.

Note that our site is now web3 based meaning that you may login with metamask in order to set your nickname or portfolio builder settings.




  • Rob Andrews
  • Administrator

    • 3900


    • 94
    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
    more
** Portfolio Builder has upgraded - Action Required **


Unchained.biblepay.org has been migrated to our sanctuaries.  The login technology has been upgraded to use web3 (metamask) in contrast to login credentials.

Because of this, your portfolio builder settings need to be re-entered (otherwise your position(s) will not be showing on the Portfolio Builder Leaderboard in MAINNET).

Please verify that you are on this report if you have a PB position:
https://unchained.biblepay.org/bbp/portfoliobuilderleaderboard


Thanks!




  • HazeBBP
  • Jr. Member

    • 14


    • 3
    • September 07, 2021, 05:11:06 AM
    more
I see confusion in BBP Social medias, or FUD, from users who dual mine (no staking), with regards to the email "Foundation.biblepay.org is moving - Action required".  Glad I'm not the only one  ;D


  • Rob Andrews
  • Administrator

    • 3900


    • 94
    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
    more
I see confusion in BBP Social medias, or FUD, from users who dual mine (no staking), with regards to the email "Foundation.biblepay.org is moving - Action required".  Glad I'm not the only one  ;D

That email was strictly to instruct people to withdraw their funds from the old foundation.biblepay.org pool, because our new pool is no longer custodial.

« Last Edit: June 16, 2022, 03:45:49 PM by Rob Andrews »


  • Rob Andrews
  • Administrator

    • 3900


    • 94
    • June 05, 2017, 08:09:04 PM
    • Patmos, Island Of
    more
** BiblePay Core Wallet - Mandatory Upgrade by height 346,500 **

BiblePay 0.17.2.5

https://github.com/biblepay/biblepay/releases/tag/0.17.2.5

- Transition to POVS (proof of video streaming)

Press Release:
https://social.biblepay.org/foundation/Images/Press/PressRelease01725.htm

Sanctuary Streaming Example:
https://wiki.biblepay.org/Sanctuary_Streaming

Q:  Can we upgrade early?
A:  Yes


« Last Edit: June 16, 2022, 03:52:32 PM by Rob Andrews »


  • HazeBBP
  • Jr. Member

    • 14


    • 3
    • September 07, 2021, 05:11:06 AM
    more
That email was strictly to instruct people to withdraw their funds from the old foundation.biblepay.org pool, because our new pool is no longer custodial.

Thank you for taking the time and patience with me, Rob. I'm either getting older or recent markets have me confused these days. Please disregard or remove that post.