Bible Pay

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  • Rob Andrews
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Buy Latent Coins on SX
« on: October 15, 2020, 10:41:43 AM »
Use the 7 mil in this proposal to sell it to raise BTC to buy up the sell wall on SX.

100% of this proposal is geared toward raising funds to buy up latent coins.

Accounting will be provided.


EDIT:

To be more specific, I plan on selling the 7MM on SX, then using those funds to buy BBP, then repeating this process again (until all the funds are gone).
And recording the Sell wall before and after, and the BTC/BBP amounts for each round. 



« Last Edit: October 16, 2020, 08:15:36 AM by Rob Andrews »


  • sunk818
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Re: Buy Latent Coins on SX
« Reply #1 on: October 15, 2020, 07:41:57 PM »
I'm confused. Will you provide the BTC in exchange for the 7M BBP as a private exchange?
BH6oxjLkyz3z8FYpvU3ZR7PTZ31Xt9DkXZ


  • Rob Andrews
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Re: Buy Latent Coins on SX
« Reply #2 on: October 16, 2020, 08:14:27 AM »
I'm confused. Will you provide the BTC in exchange for the 7M BBP as a private exchange?

I thought of burning the BBP after I buy up the sell wall, but then I changed to just continuting the process of selling and buying until it is all gone.

I realize this is an expiriment - and its not known how well this can work.  I think what I can do is record the sell wall before, the accounting, and then after the money is all gone, and we can decide if doing this is worth it in the future.

Ill modify the OP post to be more clear now.



  • Rob Andrews
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Re: Buy Latent Coins on SX
« Reply #3 on: October 20, 2020, 09:56:07 AM »
Results:

This proposal won, so I executed the buy latent coins operation on October 20th @ 09:30 AM.

Round 1:
Sell 7 mil bbp (from .06 to .05 to .04 for .03 BTC)

Buy 5 mil bbp from .05 to .07 for .03 BTC

Round 2:

Sell 3 Mil + 2 mil @ .05 and .04  for .015 btc
Buy 3 Mil @ .07 for .015 (plus my loss)

Round 3:

Sell about 2 mil bbp @ .04
Buy 2 mil bbp @ .07

Round 4:
Sell 2 mil @ .04
Buy BBP until my balance on SX reached what I had when I started and that I confirmed I lost the extra BTC
Sell 2 mil @ .04
Repeat above loop until the BBP coins are gone.

Total Volume : 25.0 million

Sell wall at 9:30 (at .09 sat) : 77.0 Mil
Sell wall at 10:00 - end (at .09 sat):  74.7 Mil


The total results seemed to move bbp up 1 subsatoshi, and reduce the sell wall by 2 mil, however we have to wait a couple days and look at the long term effects to see if these coins get added to the sell wall.


So far, my opinion is this operation does not seem to help us much and most likely results in the coins being resold higher.
I doubt it is worth doing again in the future.


If we observe the price rising and staying higher (for example if we had a lot of value buyers actually waiting) then I think it would be worthwhile.

In our case I think we have bots and algos buying to re-sell higher unfortunately.







  • MIP
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Re: Buy Latent Coins on SX
« Reply #4 on: October 20, 2020, 10:51:25 AM »
I have the impression that this is some bot algo, because of the "waves" it generates on the bid-ask level.
So for example if it detects some buy presure that raises the price, it adds up to selling possitions higher in the order book.
If it notices sell pressure, it adds up to buying possitions lower in the order book.

Itīs premise is "never lose" this is, it never sells higher that the average buying price (and vice versa) and the only risk it takes is that it buys and the price goes down even further, or that it sells and the price goes up even further (so it "misses out" higher gains, so not a real loss here).




  • Rob Andrews
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Re: Buy Latent Coins on SX
« Reply #5 on: October 20, 2020, 11:04:01 AM »
I have the impression that this is some bot algo, because of the "waves" it generates on the bid-ask level.
So for example if it detects some buy presure that raises the price, it adds up to selling possitions higher in the order book.
If it notices sell pressure, it adds up to buying possitions lower in the order book.

Itīs premise is "never lose" this is, it never sells higher that the average buying price (and vice versa) and the only risk it takes is that it buys and the price goes down even further, or that it sells and the price goes up even further (so it "misses out" higher gains, so not a real loss here).

I think its more like :  Place for sale any BBP owned at 1 sat higher than it bought it for, and re-reserve a buy for a certain % of capital at 1 sat below the market.
Therefore imho, it digs us in a deeper hole every time we let the bot have the coins (in contrast to a long term holder that gets the coins).



  • MIP
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Re: Buy Latent Coins on SX
« Reply #6 on: October 20, 2020, 11:49:51 AM »
I think its more like :  Place for sale any BBP owned at 1 sat higher than it bought it for, and re-reserve a buy for a certain % of capital at 1 sat below the market.
Therefore imho, it digs us in a deeper hole every time we let the bot have the coins (in contrast to a long term holder that gets the coins).

One way or the other the conclusion is the same. Unless there is some important volume that pushes the bot out of its trading range.

We donīt have much room to the downside (which could cause it most damage in losses), and if it is to the upside, the bot would cash out it last sell positions with a gain, and it would be out of the market until it detects a new lateral range happening.

Of course having buying pressure is always better than selling pressure on the price of the coin, but as I said, the bot plays to "never lose".


  • lazysamurai
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Re: Buy Latent Coins on SX
« Reply #7 on: October 20, 2020, 02:00:10 PM »
...

If we observe the price rising and staying higher (for example if we had a lot of value buyers actually waiting) then I think it would be worthwhile.
...


What if you don't try to hold the price up by buying high and selling low (making a loss that you are transferring it to the bot). Instead place massive buys orders at 0.1, 0.2, 0.3, 0.4 ( with the most amount of buy at 0.1, less at 0.2 and so on until 0.4 ), let the coin crash and you buy cheap. And if the price rises you sell small amounts, if not you hold the coins.

And instead of the thing of penalizing mingers when the price goes down, you roll back the old way of mining (miners will still gain xmr) but you lower the block reward (lower from the time they are not penalized but not as low as when they are penalized).


  • lazysamurai
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Re: Buy Latent Coins on SX
« Reply #8 on: October 20, 2020, 02:02:06 PM »
What I wanted to say, you try to do the same as the bot does, buy low, sell high except you don't sell all you bought but you put some aside.


  • lazysamurai
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Re: Buy Latent Coins on SX
« Reply #9 on: October 20, 2020, 02:10:53 PM »
One more thing (not sure this is the right place but is somehow related with keeping the price up) at some point in time you will have to change the name to something more general. Please don't change it to some abreviations (like DAI) but choose a name that means something. Anything. Simple to be.

Richard Heard released a token called HEX, they made huge sell/buy volume in South Korea because gamers bought the coin (it resonates with the games, because of hex coding). So the name means a lot when marketing a coin. And HEX is just a token, it has no features BBP has.

Intense coin (itns) that wants to be a coin for VPN sharing was renamed lethean (lthn), many ppl did not like (liked intense more) but with time people get used to it. Intense was a nice name. Lethean, well is not a bad name comparing it to an abbreviation like DAI.

The other thing that could help (maybe) the coin (in case it has a more neutral name and lot more people would be interested in it) would be atomic swaps. Monero fully succeeded to crowdfund a project to implement atomic swaps. Such feature would be nice for a coin like biblepay when the coin became more broad.


  • Rob Andrews
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Re: Buy Latent Coins on SX
« Reply #10 on: October 23, 2020, 10:52:09 AM »
One more thing (not sure this is the right place but is somehow related with keeping the price up) at some point in time you will have to change the name to something more general. Please don't change it to some abreviations (like DAI) but choose a name that means something. Anything. Simple to be.

Richard Heard released a token called HEX, they made huge sell/buy volume in South Korea because gamers bought the coin (it resonates with the games, because of hex coding). So the name means a lot when marketing a coin. And HEX is just a token, it has no features BBP has.

Intense coin (itns) that wants to be a coin for VPN sharing was renamed lethean (lthn), many ppl did not like (liked intense more) but with time people get used to it. Intense was a nice name. Lethean, well is not a bad name comparing it to an abbreviation like DAI.

The other thing that could help (maybe) the coin (in case it has a more neutral name and lot more people would be interested in it) would be atomic swaps. Monero fully succeeded to crowdfund a project to implement atomic swaps. Such feature would be nice for a coin like biblepay when the coin became more broad.


Yes, I like all 3 of your points.  Very well thought out also.

We need to present a real use case that causes constant volume with Biblepay.

And since backing out of the idea of "DAC" Ive come to like BIBLEPAY personally until we have a real reason to rename it.  Weve succeeded in at least allowing people to know we truly do love orphans, and we are a good place to stash crypto if one wants to help orphans.    (I also have an affinity to share what I know about the End Times and I think its my duty to add that in as a factor).

I also agree that we need to give up on the games of buying high and selling low.  And realize we just need more demand for the currency.


  • lazysamurai
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Re: Buy Latent Coins on SX
« Reply #11 on: October 28, 2020, 05:27:39 PM »
I am curious (regarding/related to buying latent coins) what moves does someone on southexchange regarding gridcoin. I see lots of positions with 2000 coins:

https://i.imgur.com/8LzCM8F.png

and

https://i.imgur.com/17kTRG9.png

Is there a bot that pushes the price up in some way? I am curious what is doing...


  • Rob Andrews
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Re: Buy Latent Coins on SX
« Reply #12 on: October 29, 2020, 10:12:06 AM »
I am curious (regarding/related to buying latent coins) what moves does someone on southexchange regarding gridcoin. I see lots of positions with 2000 coins:

https://i.imgur.com/8LzCM8F.png

and

https://i.imgur.com/17kTRG9.png

Is there a bot that pushes the price up in some way? I am curious what is doing...

Your guess is as good as mine...  I haven't been trading GRC myself. 

I also don't have any bots myself, I got out of that business in 2016 personally when God told me sell my business and follow him.