Author Topic: Should my future service run atop bitshares instead of bitcoin?  (Read 4451 times)

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Offline unimercio

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 +5% Marko, Welcome to the community...

You've got a viable project on your hands solving real world problems. I'm confident you'll find support and backing here.

God speed with grati.fi

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Offline toast

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Collateral requirement is 3x!!
So getting people to use bitUSD would be a good thing!

There doesn't seem to be any "light client" at the moment. I did some googling. Is there any in the works? A blockchain.info -type service offering an API to the blockchain would do also. The only features needed are creating the keys, checking the balance and making a transaction.

It's the next highest priority for the dev team
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline xeroc

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Thats in the making already .. theres going to be a javascript light client IIRC

Offline MarkoPaasila

Collateral requirement is 3x!!
So getting people to use bitUSD would be a good thing!

There doesn't seem to be any "light client" at the moment. I did some googling. Is there any in the works? A blockchain.info -type service offering an API to the blockchain would do also. The only features needed are creating the keys, checking the balance and making a transaction.
« Last Edit: November 21, 2014, 03:48:36 pm by MarkoPaasila »

Offline xeroc

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Offline santaclause102

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So if there were 100'000'000'000 bitUSD, it would be irrelevant to the price of bitshares?
In order for those bitusd to exist the price of bts would have to be very high! For every bitusd created there is bts worth 2 bitusd held as collateral so bts would have a much bigger value than today.
Not sure what happens if there are not enough bitusd to buy atm and what incentive bts holder would have to short it into existence for the potential buyer. They might have an incentive which is to short (and thereby create) bitusd since that would decrease the amount of liquid bts and therefore drive up the price of bts which would make them a profit. But I would let someone else look at this and maybe confirm my thought or not...

You could ask this and other questions that are important for your app in the mumble dev hangout today (friday) at 11 am eastern (5 pm central European time). The main dev (bytemaster) is taking questions here and it's great to get an update on what's going on...  login details and dl link https://bitsharestalk.org/index.php?topic=6146.0
« Last Edit: November 21, 2014, 12:52:12 pm by delulo »

Offline MarkoPaasila

So if there were 100'000'000'000 bitUSD, it would be irrelevant to the price of bitshares?

Offline santaclause102

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Does buying bitUSD directly on BTER support the price of bitshares? I don't understand the mechanism yet.
Buying Bitusd on Bter supports the price of BitUSD, expecially on bter but also globally to a lesser degree. The bts client's internal market is much more liquid though than the one on bter.

As for buying bitusd in general: There will be quality on ramps (I guess end of this / beginning next year) where you can buy bitusd with sufficient liquidity.
« Last Edit: November 21, 2014, 11:21:14 am by delulo »

Offline MarkoPaasila

Does buying bitUSD directly on BTER support the price of bitshares? I don't understand the mechanism yet.

Offline xeroc

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Just how to obtain and verify the addresses is a question, and also how to make sure the user wants to include them all.
Devs need to publish a public key for ECC secp256k1 (BTS pubkey, BTS account name, but also a bitcoin pubkey/address) will work.
Anyway, the devs of the project have to publish and sign (GPG) a key/address

Quote
The fiat part will be the most inconvenient part of the whole experience, so I hope to focus on it...
USD fiat is on the way! No need for you to focus on it!

Offline MarkoPaasila

I really like it! Also the name is great :)

It could also be extended to "donate to your favorite charity" (wikipedia, wikileaks, others)

Question: I understood that it would be a standard software application using crypto currencies as "money" to donate to the free software projects and having the "service run atop bitshares" would mean that it has bitUSD or other bitAssets as it's "money". Is that all correct? Or would "service run atop bitshares" mean that it is directly using the blockchain as an essential part of the software?

As for the fiat thing... I know that more sophisticated and easy to use fiat on ramps are in the making.
The name thing was a nice coincidence. I had obtained the domain earlier for another project, but I hadn't used it.

The software would "contain" or invoke a bitshares (or any coin) wallet. It would use bitUSD as a currency, but not be a DAC in any way. If that's what you asked. It only needs to check the current balance and send the transaction.

I would like to integrate donations to charities and other online services like you mentioned. Just how to obtain and verify the addresses is a question, and also how to make sure the user wants to include them all. I want to keep it as simple and convenient as possible, because I beleive that's what will lower the threshold to donating.

The fiat part will be the most inconvenient part of the whole experience, so I hope to focus on it...



Offline santaclause102

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I really like it! Also the name is great :)

It could also be extended to "donate to your favorite charity" (wikipedia, wikileaks, others)

Question: I understood that it would be a standard software application using crypto currencies as "money" to donate to the free software projects and having the "service run atop bitshares" would mean that it has bitUSD or other bitAssets as it's "money". Is that all correct? Or would "service run atop bitshares" mean that it is directly using the blockchain as an essential part of the software?

As for the fiat thing... I know that more sophisticated and easy to use fiat on ramps are in the making.

Offline 天籁

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Let me just add: bitUSD would fit perfectly over here because people recognize the 'value' they donate!

Yes, absolutely! I'm just wondering wether it can/could be purchased directly with fiat on some exchange?
https://bter.com/trade/bitusd_usd

Offline MarkoPaasila

Let me just add: bitUSD would fit perfectly over here because people recognize the 'value' they donate!

Yes, absolutely! I'm just wondering wether it can/could be purchased directly with fiat on some exchange?

Offline xeroc

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We already started a discussion on reddit for those interested:
http://www.reddit.com/r/BitShares/comments/2muwzh/should_i_base_my_amazing_future_service_on/

Let me just add: bitUSD would fit perfectly over here because people recognize the 'value' they donate!