BitShares X Status Update

[天籁]

Like stock trading system, one day before the opening time to engage in an auction.

Today I made some major progress in the code:

1) I now track price history and enable users to query via API the information necessary to build a candle stick chart.
2) I integrated the import_bitcoin_wallet api to load wallets from Bitcoin Qt
3) I integrated the scanning of the blockchain for outputs claimable with a PTS or BTC address.

Tomorrow I will be testing these features and will prepare to launch the next round of tests complete with instructions on importing your bitcoin-qt and protoshares-qt wallet and a genesis block recently generated.    I do want to investigate the attack presented by alt prior to launching this test (as tests are time consuming to launch).

[bytemaster]

Today I made some major progress in the code:

1) I now track price history and enable users to query via API the information necessary to build a candle stick chart.
2) I integrated the import_bitcoin_wallet api to load wallets from Bitcoin Qt
3) I integrated the scanning of the blockchain for outputs claimable with a PTS or BTC address.

Tomorrow I will be testing these features and will prepare to launch the next round of tests complete with instructions on importing your bitcoin-qt and protoshares-qt wallet and a genesis block recently generated.    I do want to investigate the attack presented by alt prior to launching this test (as tests are time consuming to launch). 

[toast]

Wait until BitUSD is listed on coinmarketcap...

[Markus]

When do i need to make sure i have all my PTS in my wallet in order to receive BTS when it comes out? Is March 1st a good deadline?

That would be exactly 1 day too late.   :)

That would be a catastrophe. You should send out a notice via mail titled "urgent" or something like that, and likewise update the invictus.io site with an "alert" on the frontpage. There are a million people clicking protoshares on coinmarketcap.com now watching the frontpage of invictus.io wondering why the price is rising. This is perhaps your main source of publicity right now.

coinmarketcap.com is rank 2000 in the USA. That's better than coindesk.com

That's how I found out about this whole thing too. When Protoshares appeared on coinmarketcap the first time I thought: "What's that? Something new and right into the top 10? I'd better check it out."

[sschechter]

That would be a catastrophe. You should send out a notice via mail titled "urgent" or something like that, and likewise update the invictus.io site with an "alert" on the frontpage. There are a million people clicking protoshares on coinmarketcap.com now watching the frontpage of invictus.io wondering why the price is rising. This is perhaps your main source of publicity right now.

coinmarketcap.com is rank 2000 in the USA. That's better than coindesk.com

+5% +5% +5% +5% +5%

[CLains]

When do i need to make sure i have all my PTS in my wallet in order to receive BTS when it comes out? Is March 1st a good deadline?

That would be exactly 1 day too late.   :)

That would be a catastrophe. You should send out a notice via mail titled "urgent" or something like that, and likewise update the invictus.io site with an "alert" on the frontpage. There are a million people clicking protoshares on coinmarketcap.com now watching the frontpage of invictus.io wondering why the price is rising. This is perhaps your main source of publicity right now.

coinmarketcap.com is rank 2000 in the USA. That's better than coindesk.com

[Ykw]

Today we had an excellent training session on how to increase our productivity.   It will be paying dividends in the weeks ahead. 

I also solved a major issue in the design of BitShares X as it relates to how we handle the case where the collateral is insufficient to back the short position and thus the result is unbacked BitUSD in circulation.    Considering the value of BitShares X is directly related to the degree to which the holders of BitShares X are willing to guarantee the purchasing power of BitUSD it seems that a decentralized Bank should take the same approach as their centralized counterparts...   Sell new shares in the bank to raise capital to cover the losses.   In effect all BTS holders would provide 'insurance' against the 50% discontinuity event that would blow out a short position.  The reason why BTS longs would insure the BTS shorts is because they entire value proposition of BitShares X is derived from the promise of BitUSD remaining pegged.   If the BTS holders can increase the value of BTS by providing this insurance against a very rare event, it should in turn increase confidence and thus increase the value of BTS.

This change would shift the losses that BitUSD holders would currently pay to the BTS holders and thus collectively BTS holders are backing all BitUSD and BitUSD holders have something with much lower risks.

I would love to have that same training session you had.. heard the guy is really good.

[bytemaster]

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.

Are you implementing the share printing now? How soon can you launch another testnet?

I am not implementing the share printing right now.   I need to implement scanning blockchain for BTC and PTS outputs and then can launch with a genesis block from a real PTS snapshot.

[toast]

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.

Are you implementing the share printing now? How soon can you launch another testnet?

[Stan]

When do i need to make sure i have all my PTS in my wallet in order to receive BTS when it comes out? Is March 1st a good deadline?

That would be exactly 1 day too late.   :)

[Markus]

Today we had an excellent training session on how to increase our productivity.   It will be paying dividends in the weeks ahead. 

I also solved a major issue in the design of BitShares X as it relates to how we handle the case where the collateral is insufficient to back the short position and thus the result is unbacked BitUSD in circulation.    Considering the value of BitShares X is directly related to the degree to which the holders of BitShares X are willing to guarantee the purchasing power of BitUSD it seems that a decentralized Bank should take the same approach as their centralized counterparts...   Sell new shares in the bank to raise capital to cover the losses.   In effect all BTS holders would provide 'insurance' against the 50% discontinuity event that would blow out a short position.  The reason why BTS longs would insure the BTS shorts is because they entire value proposition of BitShares X is derived from the promise of BitUSD remaining pegged.   If the BTS holders can increase the value of BTS by providing this insurance against a very rare event, it should in turn increase confidence and thus increase the value of BTS.

This change would shift the losses that BitUSD holders would currently pay to the BTS holders and thus collectively BTS holders are backing all BitUSD and BitUSD holders have something with much lower risks.

Do you mean buying back the surplus BitUSD with newly minted BTS? You'd get my vote on that - even though it might theoretically tear down the 4M BTS limit. Maybe increase transaction fees in the unlikely event that there are more than 4M BTS around?

edit: discussion continues here: https://bitsharestalk.org/index.php?topic=3015.msg37866#msg37866

[bytemaster]

Today we had an excellent training session on how to increase our productivity.   It will be paying dividends in the weeks ahead. 

I also solved a major issue in the design of BitShares X as it relates to how we handle the case where the collateral is insufficient to back the short position and thus the result is unbacked BitUSD in circulation.    Considering the value of BitShares X is directly related to the degree to which the holders of BitShares X are willing to guarantee the purchasing power of BitUSD it seems that a decentralized Bank should take the same approach as their centralized counterparts...   Sell new shares in the bank to raise capital to cover the losses.   In effect all BTS holders would provide 'insurance' against the 50% discontinuity event that would blow out a short position.  The reason why BTS longs would insure the BTS shorts is because they entire value proposition of BitShares X is derived from the promise of BitUSD remaining pegged.   If the BTS holders can increase the value of BTS by providing this insurance against a very rare event, it should in turn increase confidence and thus increase the value of BTS.

This change would shift the losses that BitUSD holders would currently pay to the BTS holders and thus collectively BTS holders are backing all BitUSD and BitUSD holders have something with much lower risks. 

[mint chocolate chip]

When do i need to make sure i have all my PTS in my wallet in order to receive BTS when it comes out? Is March 1st a good deadline?

I think the snapshot is February 28, therefore you should have all your PTS in your wallet before that day.

[jae208]

Today was spent handling other tasks and tomorrow we are having a company wide meeting focused on learning and putting into practice the concepts of David Allen, http://www.swissviet.com/Getting_Things_Done.pdf  which comes highly recommended by Brian Page.  Having seen how Brian gets things done I am very excited to learn his techniques.

Our workload is so high and the number of things going on in parallel is beyond anything I have dealt with in my life to date, so I am looking forward to streamlining my productivity and focus along with the rest of our management team.

Take cognitive enhancing focus drugs like Adderall. :) It works wonders for people with ADHD and it works on normal people too.

[fishseeds]

When do i need to make sure i have all my PTS in my wallet in order to receive BTS when it comes out? Is March 1st a good deadline?