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Offline davidpbrown


See 6 minutes in, within talk of developing Overstock's Stock Exchange Overstock Communications Director re Medici: Most users will "have to exchange dollars into some kind of USD coin"

Any chance that could become BitShares bitUSD?.. Might need to be proactive engaging them before they make their own, which I guess by default would be some token on CounterParty. Perhaps they won't have a good peg sorted out which might give BitShares an edge?


Also interesting @10:40 Overstock Communications Director re ambitions.
« Last Edit: January 21, 2015, 01:35:43 PM by davidpbrown »
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Offline merlin0113

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Re: Overstock Communications Director re Medici "some kind of USD coin"
« Reply #1 on: January 21, 2015, 01:59:17 PM »
+1

Offline Rune

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Re: Overstock Communications Director re Medici "some kind of USD coin"
« Reply #2 on: January 21, 2015, 02:11:04 PM »
Medici won't even be run on Counterparty. TBH I don't really see the advantage of putting fully regulated real world stocks on a blockchain anyway, all i can possibly imagine it'll do is to make stock trading less private. So now everyone, not just the NSA, will be able to figure out what you invest in.

Offline yankey

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Re: Overstock Communications Director re Medici "some kind of USD coin"
« Reply #3 on: January 21, 2015, 02:22:49 PM »
well spotted.

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Re: Overstock Communications Director re Medici "some kind of USD coin"
« Reply #4 on: January 21, 2015, 02:54:33 PM »
Medici won't even be run on Counterparty. TBH I don't really see the advantage of putting fully regulated real world stocks on a blockchain anyway, all i can possibly imagine it'll do is to make stock trading less private. So now everyone, not just the NSA, will be able to figure out what you invest in.
A huge advantage you are missing is that you do not need to maintain "the books" and records .. that's done by the blockchain .. though this approach comes with it's own issues (security, ...)
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Offline davidpbrown

« Last Edit: January 21, 2015, 03:18:49 PM by davidpbrown »
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Offline toast

Why would it be our bitusd? Probably it will be normal gateway IOUs.

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Offline davidpbrown

Why would it be our bitusd? Probably it will be normal gateway IOUs.

I don't know.. the question is, why not? How do we make it, that it is.

Counterparty devs likely have enough on their plate, if you can solve a problem for them, then they (Overstock at least) seem open to broadly supporting blockchain technology, rather than trying to make a monopoly.

I guess the broader question is, what needs to be done to make BitShares bitUSD simple to integrate into any application looking to do the same move from fiat into crypto-currency.. and how do we get there? The merchant cart plugin options look one good step in the right direction but is more needed for something as big as Medici?
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Offline davidpbrown

Re: Overstock Communications Director re Medici "some kind of USD coin"
« Reply #8 on: January 21, 2015, 03:55:41 PM »
Also, note in that video talk of Overstock looking to give Bitcoins to its many millions of customers directly, with a clear suggestion of how to use it. Perhaps they could gift bitUSD instead of BTC?
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Offline Rune

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Re: Overstock Communications Director re Medici "some kind of USD coin"
« Reply #9 on: January 21, 2015, 04:09:11 PM »
Medici won't even be run on Counterparty. TBH I don't really see the advantage of putting fully regulated real world stocks on a blockchain anyway, all i can possibly imagine it'll do is to make stock trading less private. So now everyone, not just the NSA, will be able to figure out what you invest in.
A huge advantage you are missing is that you do not need to maintain "the books" and records .. that's done by the blockchain .. though this approach comes with it's own issues (security, ...)

But putting something like this on the blockchain when it still requires full centralized control makes no sense to me. All it does is make every transaction cost more money, without adding any security because ultimately the entire ledger has to be centrally controlled anyway. They probably still have to keep external books and records as well, and have to do constant data analysis.

Offline davidpbrown

Re: Overstock Communications Director re Medici "some kind of USD coin"
« Reply #10 on: January 21, 2015, 04:16:36 PM »
I don't see why you're struggling with the idea. If any blockchain technology is possible, then any company could choose to issue shares to a blockchain, with all the upside that brings, regardless of the hoops that are put in place by legislators relative to blockchain technology. That's what we're waiting for, is one Government to suggest such a capability is permissible, and then their country can play host to an exchange. It might be different but there's value there.


I'll just drop this link here while I think of it: Counterparty foundation: Consulting Services - does BitShares need to do the same perhaps?

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Offline Rune

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Re: Overstock Communications Director re Medici "some kind of USD coin"
« Reply #11 on: January 21, 2015, 04:25:00 PM »
Quote
with all the upside that brings

But what are upsides are there for issuing traditional stock on a blockchain? This is what I'm trying to understand.

What would make a client choose to buy stock on the blockchain instead of through a regular stockbroker if they have to do exactly the same registration procedures and fund it the same way?

All I can see that will happen is that trading will happen much more slowly, all trading data will be public for anyone to perform data analysis on, and transactions will be more costly due to the high redundancy of the blockchain validation process.

Offline davidpbrown

Re: Overstock Communications Director re Medici "some kind of USD coin"
« Reply #12 on: January 21, 2015, 04:49:18 PM »
But what are upsides are there for issuing traditional stock on a blockchain? This is what I'm trying to understand.

I don't know the advantage to companies, as I don't know enough about regular stock markets, but I imagine it will be a lot cheaper - for customers. That is, more money then is available for the investment.


The UK.gov's call for information, was on the back of two priorities: Achieving strong and sustainable economic growth and Making it easier for people to access and use financial services. The UK's budget appears to need for people to get into debt, so the Government is looking for alsorts of ways for people to spend what credit they have.

Blockchain shares could make shareholding practical to a wider audience.. just have to make it simple and accessible.

Perhaps there is more to it but I take it to be the same as providing any other financial service within the blockchains, it does away with the third party authority. Perhaps some regulation of stock will always exist but perhaps there are efficiency saving at least to be made.
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Offline toast

Re: Overstock Communications Director re Medici "some kind of USD coin"
« Reply #13 on: January 21, 2015, 04:59:39 PM »
You guys are getting ahead of yourselves.

Patrick clearly wants to have a big stake in whichever chain has all these companies issuing stocks. That won't be compatible with our bitUSD because its a different chain. Patrick already turned down our chain as the one on which to issue his stocks.

Focus on DACx, overstock is almost definitely not happening.
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Offline sschechter

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Re: Overstock Communications Director re Medici "some kind of USD coin"
« Reply #14 on: January 21, 2015, 05:57:15 PM »
With a decentralized stock exchange, you get immediate ownership of your property, your private keys.  You think you own the stocks you "own"?  Its almost certainly in your brokers name, while the broker issues you an IOU. You have to make a specific request to get stock issued in your own name.
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