Re: BiblePay✟CPU✟Governance✟Help Orphans✟PODC Cancer Mining✟Deflationary✟Masternodes
Like I said, I have a huge heart for PODC and love the mission, but I still have a strong feeling that we've gone away from our core mission - and will end up primarily supporting new users and science with valuable time that could potentially be used for witnessing/gospel mission/spreading Jesus. And of course, organic growth.
Anyway, moving on to your concern about 5 year olds, I strongly disagree that POG2 is as hard as PODC. Its an utter fallacy. I wrote out just some of the acronyms off the top of my head a few pages back (for PODC) and its simply the truth that a new user would not only need to delve into crypto, mining, but also into all these other things that they might not really care about.
But let me get to my point, the main advantage to POG is that every single element related to block solving/mining/rewards is within the wallet in a hard and signed way - meaning that new users get a copy of the wallet, they receive 500 bbp from the faucet (or whatever), they tithe, the rewards are given within the integrated pool, and there are no third party pieces of infrastructure (no passwords, no accounts, no contracts, no magnitude, no third party helper sites, no need for support) etc, and this means a tight money supply - all emitted coins are signed and therefore there can not be any leakage or mistakes made (with pools or anything). This would satisfy Satoshi and some of the bigger investors that might be making a pause to trust that we dont leak any coins anywhere.
Finally, as far as explaining it, its really a piece of cake. If you experimented with our wallet for one night with POG you would be mining.
Its as simple as:
1. Download wallet.
2. Collect faucet reward.
3. Enter two settings in config file (genproclimit=1 and tithe=10) <- NOTE: We will definitely automate these things once we know how testing is working in testnet
4. Start the miner
For the advanced user, they will just type getminininginfo and learn about a few new fields (how tithe_difficulty effects their ability to tithe).
These are basic concepts, and people need to wake up - A 5 year old really could mine biblepay and get the money for the first purchase from Mom
.
Anyway, moving on to your concern about 5 year olds, I strongly disagree that POG2 is as hard as PODC. Its an utter fallacy. I wrote out just some of the acronyms off the top of my head a few pages back (for PODC) and its simply the truth that a new user would not only need to delve into crypto, mining, but also into all these other things that they might not really care about.
But let me get to my point, the main advantage to POG is that every single element related to block solving/mining/rewards is within the wallet in a hard and signed way - meaning that new users get a copy of the wallet, they receive 500 bbp from the faucet (or whatever), they tithe, the rewards are given within the integrated pool, and there are no third party pieces of infrastructure (no passwords, no accounts, no contracts, no magnitude, no third party helper sites, no need for support) etc, and this means a tight money supply - all emitted coins are signed and therefore there can not be any leakage or mistakes made (with pools or anything). This would satisfy Satoshi and some of the bigger investors that might be making a pause to trust that we dont leak any coins anywhere.
Finally, as far as explaining it, its really a piece of cake. If you experimented with our wallet for one night with POG you would be mining.
Its as simple as:
1. Download wallet.
2. Collect faucet reward.
3. Enter two settings in config file (genproclimit=1 and tithe=10) <- NOTE: We will definitely automate these things once we know how testing is working in testnet
4. Start the miner
For the advanced user, they will just type getminininginfo and learn about a few new fields (how tithe_difficulty effects their ability to tithe).
These are basic concepts, and people need to wake up - A 5 year old really could mine biblepay and get the money for the first purchase from Mom
.Except, if Difficulty is at about 32K, then the 500 they get from a faucet will
1) Not be 30 days old for 30 days
2) Never exceed the 12,500 BBP balance they need tithe
In short, the higher the difficulty (which by logic will trend towards the 32K level which is the break even level), the less likely a new user can easily participate. This would likely cause confusion on why the PoG was not working for them, and for a neophyte computer user, would likely be enough to frustrate them out of the coin. Meanwhile, a certain faction of our users would likely create 1000 new wallets with 18K BBP in them to get extra rewards (waiting out the time limit as experienced users and selecting enough to perpetually fund the system while it was profitable to do).
I was thinking exactly the same thing.
There will be some big players around that will do everything to keep most of the profits to them.
Although I can't guarantee it will always be like this, in the case of the whales tithing high and driving diff up and spending all their coin-age, they are now out for a day or so (as they spent their coin age). The diff will come down as the older (n-205 blocks back) higher tithes drop out of the pool window, and as the diff lowers it will give the small sowers a chance to get back in. And it may be diff might not be so low to let in a 5 bbp tithe, that is a bigger issue we can talk about, but it should cycle low enough for a medium tithe to enter.