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BitShares X Status Update

Started by bytemaster, January 02, 2014, 07:41:36 PM

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clout

#298
February 15, 2014, 12:28:39 AM
So if I cover my short position, the bitUSD still exists? But now that bitUSD doesn't have the same collateral backing it, or rather all the BitUSD in existence doesnt still have 200% collateral. How is this remedied?

In terms of transaction fees. Can anything else be done instead of destroying coins?

bytemaster

#297
February 14, 2014, 07:51:38 PM
If I were to eliminate "dividends" then it would not change the fees, I would just have to pick someone else to benefit.

In reality, I could use a different analogy, that of a stock buyback.  This has the effect of boosting the value of the shares as there are fewer in circulation.  In effect it is better than a dividend because it 'compounds' and thus accomplishes the same goal as 'reinvesting' in the network.   
For the latest updates checkout my blog: [url="http://bytemaster.bitshares.org"]http://bytemaster.bitshares.org[/url]
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

bytemaster

#296
February 14, 2014, 07:48:54 PM
Quote from: clout on February 14, 2014, 07:31:22 PM
It's not the same as a promissory note from a bank because no one is actually making a deposit to a bank. This not a bank! It is a contract between two parties that one party will take on all the risk/reward while the other party maintains price stability. Maybe I don't understand how this works within the blockchain, but it sounds like you're abstracting things so they appear analogous to a bank.

Also dividends are simply a ploy for getting people to invest in you're stock. You reward long term holders of your stock by reinvesting in youre company with whatever profits you make. Stockholders profit from increases in stock prices more than dividends if you reinvest profits appropriately. Look at Berkshire Hathaway. In the case of this DAC you raise transaction fees for the purpose of providing dividends, when you could reduce the transaction fee, provide further liquidity to the markets and consequently bolster the utility of the network.

Given two otherwise identical exchange networks, which is more viable the one with higher fees or lower fees?

Actually, I don't raise fees with the intent of increasing dividends because the network must have the lowest possible fees to be competitive in the market.  A network must have fees to prevent spam and recognize that for a given level of decentralization there is a limit on the number of transactions per second that can be processed.  Thus fees (and dividends) come from owning this scarce resource.

Your understanding of how BitAssets works is assuming two people with no middle man.   The short and long positions are not contracts between TWO people.   They are "contracts" with the network.    A bank serves as an intermediary and allows people to transact in fungible notes rather than individual IOUs from a bunch of strangers.  Likewise BitShares X makes everyones BitUSD fungible, divisible, etc.    If the "contracts" were between two people they would both have to agree to unwind the contract at the same time.   This is the CORE difference between what we are doing and what every single competitor is offering (Countyparty, etc).   

For the latest updates checkout my blog: [url="http://bytemaster.bitshares.org"]http://bytemaster.bitshares.org[/url]
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

clout

#295
February 14, 2014, 07:31:22 PM
It's not the same as a promissory note from a bank because no one is actually making a deposit to a bank. This not a bank! It is a contract between two parties that one party will take on all the risk/reward while the other party maintains price stability. Maybe I don't understand how this works within the blockchain, but it sounds like you're abstracting things so they appear analogous to a bank.

Also dividends are simply a ploy for getting people to invest in you're stock. You reward long term holders of your stock by reinvesting in youre company with whatever profits you make. Stockholders profit from increases in stock prices more than dividends if you reinvest profits appropriately. Look at Berkshire Hathaway. In the case of this DAC you raise transaction fees for the purpose of providing dividends, when you could reduce the transaction fee, provide further liquidity to the markets and consequently bolster the utility of the network.

Given two otherwise identical exchange networks, which is more viable the one with higher fees or lower fees?

bytemaster

#294
February 14, 2014, 05:06:35 PM
A bit asset is an IOU 1usd worth of bts.   It is no different than the old bank notes that were IOU 1 usd worth of gold. 

The difference is the collateral and redemption method.

Given two otherwise identical dacs, one with dividends and one without which is more valuable to own?   


Sent from my iPhone using Tapatalk
For the latest updates checkout my blog: [url="http://bytemaster.bitshares.org"]http://bytemaster.bitshares.org[/url]
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

clout

#293
February 14, 2014, 04:39:31 PM
I don't understand why you think there needs to be dividends. And I dont understand how short positions are borrowing bitassets when bitassets dont exist. Otherwise everything else sounds pretty good.

toast

#292
February 14, 2014, 07:39:44 AM
Quote from: bytemaster on February 14, 2014, 07:21:52 AM
Today I have updated the BitShares X white paper... it is still a draft with many issues, but probably fewer issues than the original BitShares white paper.

https://docs.google.com/document/d/1RLcjSXWuU9vBJzzqLEXVACSCdn8zXKTTJRN_LfoCjNY/edit?pli=1#

Dude... nice.
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.

toast

#291
February 14, 2014, 07:32:40 AM
Quote from: bytemaster on February 14, 2014, 07:22:41 AM
Quote from: toast on February 14, 2014, 05:50:52 AM
ETA on testnet with p2p and TAPOS?

Monday.    It is currently working in my local tests, but I want to do a few more tests before launching it for more people.

+5%
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.

bytemaster

#290
February 14, 2014, 07:22:41 AM
Quote from: toast on February 14, 2014, 05:50:52 AM
ETA on testnet with p2p and TAPOS?

Monday.    It is currently working in my local tests, but I want to do a few more tests before launching it for more people.
For the latest updates checkout my blog: [url="http://bytemaster.bitshares.org"]http://bytemaster.bitshares.org[/url]
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

bytemaster

#289
February 14, 2014, 07:21:52 AM
Today I have updated the BitShares X white paper... it is still a draft with many issues, but probably fewer issues than the original BitShares white paper.

https://docs.google.com/document/d/1RLcjSXWuU9vBJzzqLEXVACSCdn8zXKTTJRN_LfoCjNY/edit?pli=1#
For the latest updates checkout my blog: [url="http://bytemaster.bitshares.org"]http://bytemaster.bitshares.org[/url]
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

bytemaster

#288
February 14, 2014, 07:21:10 AM
Quote from: Brekyrself on February 14, 2014, 06:07:31 AM
Is anyone internally working on a GUI or are you leaving that up for an external bounty?

We have one guy who has been tasked with working on a Qt GUI and whom we will be hiring in a few weeks.  For now he is working on it in his spare time.

For the latest updates checkout my blog: [url="http://bytemaster.bitshares.org"]http://bytemaster.bitshares.org[/url]
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Brekyrself

#287
February 14, 2014, 06:07:31 AM
Is anyone internally working on a GUI or are you leaving that up for an external bounty?

toast

#286
February 14, 2014, 05:50:52 AM
ETA on testnet with p2p and TAPOS?
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.

xeroc

#285
February 13, 2014, 02:18:17 PM
Can I have some BTS please?
L738iyRDVx6YZx65Kj9tFjkHkBB

coolspeed

#284
February 13, 2014, 01:16:16 PM
Quote from: heyD on February 13, 2014, 02:23:48 AM
i wonder whether it's possible to have some BTS screenshots posted here, since the test launch will come in half a month. may be no GUI right now, command line is also OK.

You can find some screenshots here:

https://bitsharestalk.org/index.php?topic=2515

though it is a little out of date.
Please vote for  delegate.coolspeed    dac.coolspeed
BTS account: coolspeed
Sina Weibo：@coolspeed
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