Post
Topic
Board Announcements (Altcoins)
Re: BiblePay 🕇 Sanctuary Governance 🕇 CPU only 🕇 Help cure disease 🕇 10% Charity
by
616westwarmoth
on 30/08/2018, 04:34:26 UTC
The expansion from 100 to 300 orphans so quickly was good to see at the time, but reinvigorates my feeling we should pay the entire child's premium in advance.  This would protect the coin from market variations as the Orphan Fund could be (on the vote of either the Foundation when it arrives, or the Sanctuaries) held on to and waited for a better price, or slowly sold over the period of 30 days to minimize price disruptions.

The idea is this, the maximum age a child is in the sponsorship program is 22 years old (it can be as low as 18 and varies by country).  So instead of expanding in the future, let's pay the remaining term off for each of our orphans.   Then in future months, when times are good, adopt new orphans and pay their entire term in one fell swoop.  Ideally we should select orphans that have recently lost their sponsor's because the disruption to them is tremendous and most will be older and harder to find new sponsors.  Additionally, we can likely afford more sponsorships if we sponsor eight 16 year olds rather than one 5 year old.

As to the current problem, we have few options.  Throwing a hail mary and opening the floodgates to try and get more users by removing the team requirement or adjusting the staking formula will likely not convert enough users to justify the upheaval for the current user base.  There is work in progress for DAHF, which I'm unclear how it will precisely increase the utility of BBP, I'm willing to watch and see.  There are still enough months prepaid at this point to limp forward for a short time when hopefully the markets will regain strength.  But we might have to face the hard facts, support may have been expanded too quickly without enough of a safety net.  Unfortunately, hundreds of kids could be affected.

I look at successful coins and a majority of their users are NOT miners.  So chasing more miners to me is not the path to success (although as the coin becomes more successful, more miners will also come), the path to success is finding a use-case for it (utility) then allowing BBP to fill the use-case space.  What that is, I'm unsure.

While I really like Aikda3k's thinking of the BBPD, a problem I see is there would have to be an organization guaranteeing the value, and that would make it a borderline security (or pseudo currency like Tether).