I just wanted to mention that I have been a little busy lately (other than being interrupted to upload the pool, which is a huge necessity), with a brand new cryptocurrency feature for biblepay. I think it might be "the" feature for us that gives us the edge to the top 50.
I'm thinking about adding colored coins into biblepay with an integrated 401k or retirement account fund inside the wallet. And in-wallet trading.
One benefit of having this particular feature is we would attract outside investors that would need to buy BBP in order to have the ability to buy rBBP and they also potentially download the wallet and be users and might have a tendency to be long term holders.
So, I understand that this second colored coin could be used as private payment between users, without the fear of a possible dumping in value due to exchange speculation. In other words, it´s a more stable asset for long term savings. To me looks like a very good idea.
Yes you got the general idea, but it would not be entirely without speculation effects in BBP and market price changes. The financial ecosystem of biblepay changes slightly:
- A block reward of 10,000 biblepay would include something like 2,000 retirement coins (that 2000 rBBP component of the reward would decrease by 1% per day - forever)
- The retirement coins can only be spent by sending a certain colored tx to another user OR by trading them in the BiblePay trading system in the wallet (for BBP! not rBBP)
- The price of BiblePay *would* be affected in as much as : Outside users may buy BBP on an exchange for BTC in order to run the wallet in order to buy rBBP inside the wallet
- If a person nears retirement wants to dump 10 million rBBP, they will crash the in-wallet market, and therefore lower the price of BBP temporarily as the outside market absorbs the shock (normal arbitrage)
Security considerations:
- The colored coins cannot be sent outside the wallet and cashed in on an exchange, even if the keys are compromised - because the coins will be colored, and they have a value of 1/10000 of a BBP and less per satoshi inside the wallet internally
- Rules will be added to only allow colored->colored transactions
- Colored coins are not selected for payment from AvailableCoins or in Coin Control
- Tx with colored coins are only allowed to be 2 vouts (no complex tx allowed) and all outputs must be colored
Market makers will be available to cross a transaction (this would be one chosen sanctuary at the time the trade is placed). So basically, User A wants to Buy 1000 rBBP for normal BBP, user B wants to SELL 1000 rBBP for BBP, Market Maker C jumps in and receives the escrow from both parties while putting up the equivalent amount of escrow, then crosses the trade and then completes the transaction. Resulting in one person buying retirement coins for normal BBP and one with less retirement coins and more BBP.
The goal is that some participants view this deflationary retirement asset as something they want to hold for a longer period therefore they tie up BBP in rBBP for a longer period of time.