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Offline bitmeat

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BitShares X Trustee
« on: March 28, 2014, 05:12:09 PM »

Can we discuss the latest change suggested by bytemaster?

Is there a whitepaper or more detail on how this would work? Given that this is added in the last minute, I'd like to discuss and make sure there are no attack vectors.

If we are introducing trustees then this is no longer decentralized exchange. I've been mulling over a similar idea where trustees would have to deposit BTC sort of like a license/insurance, that they will not mess with the network, but get commissions off of the transactions, if they get caught not doing the right thing - they get booted and the BTC goes to reimburse affected parties.

In any case - I'd like to see a diagram of how the ecosystem works.

Offline liondani

Re: BitShares X Trustee
« Reply #1 on: March 29, 2014, 04:26:14 AM »

If we are introducing trustees then this is no longer decentralized exchange.

Have the same feeling like you...
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Offline donkeypong

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Re: BitShares X Trustee
« Reply #2 on: March 29, 2014, 04:35:37 AM »
Once the ball gets rolling, after a day or two, the trustee is largely irrelevant. If that's an easier solution that mining, which is an ugly alternative, then I'll take the person. There is still zero trust because the majority can fire the trustee and select another at any point. I love it. 
« Last Edit: March 29, 2014, 04:53:40 AM by donkeypong »

Offline bytemaster

Re: BitShares X Trustee
« Reply #3 on: March 29, 2014, 04:40:28 AM »

If we are introducing trustees then this is no longer decentralized exchange.

Have the same feeling like you...

It depends upon the definition of decentralized.   The power is decentralized.  The ability of the exchange to be 'shutdown' can still be near impossible with a properly designed trustee system.   It is kind of like decentralization through separation of powers rather than decentralization through all nodes doing the same thing.   It still retains the following properties:

Your balance cannot be changed and your funds cannot be stolen by the trustee.
It still has all the other properties of bitcoin, except faster.
The transaction record is immutable even by the trustee  (not even Bitcoin has this).

Compare this to a centralized exchange and it is night and day.

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Offline jae208

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Re: BitShares X Trustee
« Reply #4 on: March 29, 2014, 05:35:22 AM »
Can we discuss the latest change suggested by bytemaster?

Is there a whitepaper or more detail on how this would work? Given that this is added in the last minute, I'd like to discuss and make sure there are no attack vectors.

If we are introducing trustees then this is no longer decentralized exchange. I've been mulling over a similar idea where trustees would have to deposit BTC sort of like a license/insurance, that they will not mess with the network, but get commissions off of the transactions, if they get caught not doing the right thing - they get booted and the BTC goes to reimburse affected parties.

In any case - I'd like to see a diagram of how the ecosystem works.


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Offline Overthetop

Re: BitShares X Trustee
« Reply #5 on: March 29, 2014, 05:39:37 AM »

If we are introducing trustees then this is no longer decentralized exchange.

Have the same feeling like you...

It depends upon the definition of decentralized.   The power is decentralized.  The ability of the exchange to be 'shutdown' can still be near impossible with a properly designed trustee system.   It is kind of like decentralization through separation of powers rather than decentralization through all nodes doing the same thing.   It still retains the following properties:

Your balance cannot be changed and your funds cannot be stolen by the trustee.
It still has all the other properties of bitcoin, except faster.
The transaction record is immutable even by the trustee  (not even Bitcoin has this).

Compare this to a centralized exchange and it is night and day.

 +5%

If trustee can make the best of boths worlds, why not?
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Offline cryptosig

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Re: BitShares X Trustee
« Reply #6 on: March 29, 2014, 07:24:05 AM »
I know I'm cross posting but this is an important topic IMO

I don't think centralization is a good idea.

The cryptocurrency grave yard is littered with centralized schemes. Make no mistake that there is enough pressure already IMO on I3 to be indicted for securities violations, whether that is the case will be up to a court to decide. You have taken steps to stop the regulators from stopping your work, but they can arrest you and accuse you at any time. They know they have a better than 80% chance to get a conviction at trial, just because of the psychology of an authority saying you did something wrong. I can deal with that element of centralization, but just barely.

I think that any trustee that reveals their identity and lives in a country with strong financial regulations, such as the US, will go to jail for operating with out a license, selling securities with out a license, conspiracy to commit security fraud, money transmission without a licence, running a money services business without a license, the litany of charges will go on forever in some cases.

This will basically only leave trustees in countries where regulations are lax to operate the trustee scheme. This type of system will ensure that wall street and most of main street will not participate. This is bad for my and others' investment in PTS,AGS, and BTS. I will not participate in such a scheme, I believe the only reason that Bitcoin is any different than any prior is because of the blockchain decentralization invention. You are literally taking the greatest invention of the century and throwing it out the window for centralized control. Make no mistake you are taking a step backward.

If you are serious about this thing you have created, you would spend the time to do it right. Satoshi took years crafting his system, you can't take a few extra months?
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Offline jae208

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Re: BitShares X Trustee
« Reply #7 on: March 29, 2014, 07:54:29 AM »
I know I'm cross posting but this is an important topic IMO

I don't think centralization is a good idea.

The cryptocurrency grave yard is littered with centralized schemes. Make no mistake that there is enough pressure already IMO on I3 to be indicted for securities violations, whether that is the case will be up to a court to decide. You have taken steps to stop the regulators from stopping your work, but they can arrest you and accuse you at any time. They know they have a better than 80% chance to get a conviction at trial, just because of the psychology of an authority saying you did something wrong. I can deal with that element of centralization, but just barely.

I think that any trustee that reveals their identity and lives in a country with strong financial regulations, such as the US, will go to jail for operating with out a license, selling securities with out a license, conspiracy to commit security fraud, money transmission without a licence, running a money services business without a license, the litany of charges will go on forever in some cases.

This will basically only leave trustees in countries where regulations are lax to operate the trustee scheme. This type of system will ensure that wall street and most of main street will not participate. This is bad for my and others' investment in PTS,AGS, and BTS. I will not participate in such a scheme, I believe the only reason that Bitcoin is any different than any prior is because of the blockchain decentralization invention. You are literally taking the greatest invention of the century and throwing it out the window for centralized control. Make no mistake you are taking a step backward.

If you are serious about this thing you have created, you would spend the time to do it right. Satoshi took years crafting his system, you can't take a few extra months?

How much for your PTS, AGS and BTS? I think BM mentioned that the trustee can operate through tor. If no one wants to be a trustee I volunteer, even though I live in the United States. We don't really know if Satoshi took years crafting his system. Bitcoin was released in 2009 after the 2008 nonsense that happened. Maybe he only took a year to develop Bitcoin which was only possible because the enabling factors were in place, research by other people looking create such a system who perhaps didn't because they were too timid. Fortune favors the bold.

The greats of history sometimes committed treason of the highest order such as the founders of America for the betterment of mankind. The founders of the United States turned against the most power empire at the time, they didn't ask for permission from the British. Same dynamic is at play right now. We don't need to ask for permission to do what we are doing.

Anyways, the IRS has said that it views Bitcoin as property and will be taxed as such. How many people do you think will actually file their Bitcoin earnings? I sure didn't and I'm sure the majority of people won't either. The lack of regulation or licenses sure didn't stop people form accepting and purchasing Bitcoin. I think the same think will happen here with Bitshares.
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Offline cryptosig

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Re: BitShares X Trustee
« Reply #8 on: March 29, 2014, 08:41:26 AM »
I know I'm cross posting but this is an important topic IMO

I don't think centralization is a good idea.

The cryptocurrency grave yard is littered with centralized schemes. Make no mistake that there is enough pressure already IMO on I3 to be indicted for securities violations, whether that is the case will be up to a court to decide. You have taken steps to stop the regulators from stopping your work, but they can arrest you and accuse you at any time. They know they have a better than 80% chance to get a conviction at trial, just because of the psychology of an authority saying you did something wrong. I can deal with that element of centralization, but just barely.

I think that any trustee that reveals their identity and lives in a country with strong financial regulations, such as the US, will go to jail for operating with out a license, selling securities with out a license, conspiracy to commit security fraud, money transmission without a licence, running a money services business without a license, the litany of charges will go on forever in some cases.

This will basically only leave trustees in countries where regulations are lax to operate the trustee scheme. This type of system will ensure that wall street and most of main street will not participate. This is bad for my and others' investment in PTS,AGS, and BTS. I will not participate in such a scheme, I believe the only reason that Bitcoin is any different than any prior is because of the blockchain decentralization invention. You are literally taking the greatest invention of the century and throwing it out the window for centralized control. Make no mistake you are taking a step backward.

If you are serious about this thing you have created, you would spend the time to do it right. Satoshi took years crafting his system, you can't take a few extra months?

How much for your PTS, AGS and BTS? I think BM mentioned that the trustee can operate through tor. If no one wants to be a trustee I volunteer, even though I live in the United States. We don't really know if Satoshi took years crafting his system. Bitcoin was released in 2009 after the 2008 nonsense that happened. Maybe he only took a year to develop Bitcoin which was only possible because the enabling factors were in place, research by other people looking create such a system who perhaps didn't because they were too timid. Fortune favors the bold.

The greats of history sometimes committed treason of the highest order such as the founders of America for the betterment of mankind. The founders of the United States turned against the most power empire at the time, they didn't ask for permission from the British. Same dynamic is at play right now. We don't need to ask for permission to do what we are doing.

Anyways, the IRS has said that it views Bitcoin as property and will be taxed as such. How many people do you think will actually file their Bitcoin earnings? I sure didn't and I'm sure the majority of people won't either. The lack of regulation or licenses sure didn't stop people form accepting and purchasing Bitcoin. I think the same think will happen here with Bitshares.

I can't sell them to you. You would not pass the KYC/AML due diligence requirement, since you just admitted that you are breaking or are trying to break several laws including tax evasion. If I did find out your name, through the KYC/AML process, I would be forced to report you to the IRS or risk being a conspirator as per FINCEN regulations on money laundering. I don't need to end up like poor old Charlie.
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Offline jae208

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Re: BitShares X Trustee
« Reply #9 on: March 29, 2014, 09:01:09 AM »
I know I'm cross posting but this is an important topic IMO

I don't think centralization is a good idea.

The cryptocurrency grave yard is littered with centralized schemes. Make no mistake that there is enough pressure already IMO on I3 to be indicted for securities violations, whether that is the case will be up to a court to decide. You have taken steps to stop the regulators from stopping your work, but they can arrest you and accuse you at any time. They know they have a better than 80% chance to get a conviction at trial, just because of the psychology of an authority saying you did something wrong. I can deal with that element of centralization, but just barely.

I think that any trustee that reveals their identity and lives in a country with strong financial regulations, such as the US, will go to jail for operating with out a license, selling securities with out a license, conspiracy to commit security fraud, money transmission without a licence, running a money services business without a license, the litany of charges will go on forever in some cases.

This will basically only leave trustees in countries where regulations are lax to operate the trustee scheme. This type of system will ensure that wall street and most of main street will not participate. This is bad for my and others' investment in PTS,AGS, and BTS. I will not participate in such a scheme, I believe the only reason that Bitcoin is any different than any prior is because of the blockchain decentralization invention. You are literally taking the greatest invention of the century and throwing it out the window for centralized control. Make no mistake you are taking a step backward.

If you are serious about this thing you have created, you would spend the time to do it right. Satoshi took years crafting his system, you can't take a few extra months?

How much for your PTS, AGS and BTS? I think BM mentioned that the trustee can operate through tor. If no one wants to be a trustee I volunteer, even though I live in the United States. We don't really know if Satoshi took years crafting his system. Bitcoin was released in 2009 after the 2008 nonsense that happened. Maybe he only took a year to develop Bitcoin which was only possible because the enabling factors were in place, research by other people looking create such a system who perhaps didn't because they were too timid. Fortune favors the bold.

The greats of history sometimes committed treason of the highest order such as the founders of America for the betterment of mankind. The founders of the United States turned against the most power empire at the time, they didn't ask for permission from the British. Same dynamic is at play right now. We don't need to ask for permission to do what we are doing.

Anyways, the IRS has said that it views Bitcoin as property and will be taxed as such. How many people do you think will actually file their Bitcoin earnings? I sure didn't and I'm sure the majority of people won't either. The lack of regulation or licenses sure didn't stop people form accepting and purchasing Bitcoin. I think the same think will happen here with Bitshares.

I can't sell them to you. You would not pass the KYC/AML due diligence requirement, since you just admitted that you are breaking or are trying to break several laws including tax evasion. If I did find out your name, through the KYC/AML process, I would be forced to report you to the IRS or risk being a conspirator as per FINCEN regulations on money laundering. I don't need to end up like poor old Charlie.

You don't need to know me. KYC doesn't apply to private parties I am not buying from an exchange if I buy from you am I? You aren't in the business of exchanging fiat for crypto are you? Send me a BTC address and this exchange will be prompt.
Any tax laws are basically unenforceable when it comes to cryptocurrency/crypto-equity. Just like any charges of 'theft' are unenforceable when it comes to downloading movies or songs from something like the piratebay.
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Offline cryptosig

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Re: BitShares X Trustee
« Reply #10 on: March 29, 2014, 09:33:54 AM »
Any transaction of this size requires a AML/KYC and unless you are in a state that does not require a MTL, that would be needed as well.

"An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency. "

"An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN's regulations, unless a limitation to or exemption from the definition applies to the person."

"FinCEN's regulations provide that whether a person is a money transmitter is a matter of facts and circumstances. The regulations identify six circumstances under which a person is not a money transmitter, despite accepting and transmitting currency, funds, or value that substitutes for currency. 31 CFR § 1010.100(ff)(5)(ii)(A)-(F). "

FINCEN on one time transactions:
"At one time. For purposes of § 1010.340 of this part, a person who transports, mails, ships or receives; is about to or attempts to transport, mail or ship; or causes the transportation, mailing, shipment or receipt of monetary instruments, is deemed to do so “at one time” if:
(1) That person either alone, in conjunction with or on behalf of others;
(2) Transports, mails, ships or receives in any manner; is about to transport, mail or ship in any manner; or causes the transportation, mailing, shipment or receipt in any manner of;
(3) Monetary instruments;
(4) Into the United States or out of the United States;
(5) Totaling more than $10,000;
(6)
(i) On one calendar day; or"
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Offline .dac

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Re: BitShares X Trustee
« Reply #11 on: March 29, 2014, 05:19:48 PM »
I'm the newest newbie here and have absolutely no idea what I am talking about; and I have the stats to prove it (went all in at the peak and was too broke to even get a Keyhotee founder ID). 

I am just thankful that the man whom I think I own came up with the brilliant idea to "just toss a trustee in there for now, and we'll have the first working Bitshares model by morning" (just like he promised).  Now we can finally launch BitsharesX tomorrow so that someone can modify the code and produce a perfect 100% decentralized fork of it by next Friday (in open source lingo, fork means: help us by writing the code at zero cost to us) so that Dan can simply fork it back into the Bitshares/Keyhotee/Music/Vegas world that we are all creating.  It would be great to finally have that pesky Bitshares program sitting there nicely in our ENTIRE ECOSYSTEM (which also is unfinished).  Yes, I sincerely hope that the first person who forks this makes it perfect within the week, and releases it so that Dan can finally grasp a finished version of this project and give it to us so that we can honestly say that we (the market that is) are truly happy with this particular iteration which is now deemed the standard “Bitshare.” By the time the government figures out what happened, we will be at BitsharesVersion100%Decentralized or we will be the first ever crypto banned in the USA (at which point we direct our focus toward BitMusic, BitDNS, BitSportsbook and never give up).  And if we get banned, then we can save a few bucks in the budget by firing the marketing department because we will have more publicity than Google Glass.

Dan starts it, and someone else finishes it, that's how open source works.  All bitshare owners would have the same stake but in a trading platform with a new rule set.  Is that not how this works?  Bitcoin can change the rules, and nobody panic sells.  What does anybody care if it's 40 or 80 bits in the chain, the price held up.  But more interestingly, the world is talking about “well who gets to choose what changes happen to the bitcoin?” and “Why don't bitcoin owners have a say in this?” The answer here is “because they don't have bitshares”

We would finally have that neat bit-asset trading vehicle as part of our Bit-world, and we will make bit-CNY, and bit-tit, etc, whatever we want because we are the ecosystem designed not only for this type of trading, but for all that other Bitshares stuff which will Apple-ify the complicated BTC experience on my computer because I am less samrt on computers like 99% of all meager humans in the world.  We don't care who invented it, we don't even have computers, this is open source.  Just gimme something that integrates everything like my Iphone does so I don't have to learn anything please Mr. Jobs.  I'll use your format for everything because it simplifies my complicated life (more than just my financial life).  Think of PTS more like AAPL than BTC.  BitsharesX is just a tentacle. 

Yes, everyone will now have bitshares clones, but only Bitshares owners will have a stake in the one that the market prefers the most and even grandpa can understand Keyhotee because it looks a lot like AOL.  And our Bitshare version will be identical to the baddest hot rod crypto prediction market machine on the street. 

Are there better versions of Bitcoin than Bitcoin? Of course, there's a bitcoin for everything that ails ya nowadays.  Hate the transaction time, try fast coin, hate the pollution, get Bitshares because there is no mining, you get the drift.  But wait, Bitshares has not been invented....until now! Yay, congratulate the man who just found a shortcut to getting us to the free market earlier than we would have got there had Dan decided to go on a bender last week and let a hangover cloud his vision, or maybe he gets his visions in a hangover ala Dr.NakaMats.

Either way, he got us a working model sooner with this short cut.  Let the free open source market dial in the rest of it for us.  Why put your best asset (Dan) on a project that can be handled adequately by the open source community (re-coding).  Crowd sourcing is great at this type of grunt work.  All we need to do is copy the latest and greatest format and never stop trading out Bit-assets. 

Dan said, that once you hold bitshares, then you will hold the same number of bitshares in the new trading environment (Bitshares X2, 3 etc.), so nothing changes but the rules, we will always retain the “first to market with a prediction based bit-asset speculating program” award, and of course the Bitshares brand.  So like bytemaster says, it's all just marketing.  We were here first, and we have the right to use the Bitshares brand because Cryptsy will have all your Bitshares there already like a Copyright, we would all just change our rule set to reflect the newest iteration.  Apple-shares sounds a little copycat, so I challenge anyone else to come up with a better brand name than Bitshares?  It harnesses the industry standard prefix made famous by that cute little coin people are spending billion$ on, plus it also explains the difference between the world's most beloved crypto and ours which is that Bitshares is a share (or "property" if the IRS asks) in a dynamic voting system where fun things happen and not some static asset whose chief advantage is it's depth of integration with Overstock.com.   

Welcome PTS/AGS investors and Bit-asset traders to the world of Bitcoin 2.0; please free to have your mind blown (simply for as long as the electricity stays on).  The investors own the game (Bitshares) that the traders want to play, and they will sell them their shares.  There may not be as many traders as investors now, but if the action is good, meaning that if the Bit-asset prices actually track real world dollars, then I think we will have a hotter news story than "how much downtime will occur if our  trustee gets bribed by a major government, because 10 minutes is way too long, I would prefer it to be 5, yes, I realize that my money cannot be taken from me like MtGox, but that does not change the fact that you are listening to me complain, and most people dont want to hear me complain, but you on the other hand....." 

Next.

Now the game is about to begin, it's just that the rules will probably be changing constantly as better versions are put into practice (like voting on weather Bitcoin should be 40 or 80 bits doesn't hurt us).  Just remember that we have the ability to change the rules to reflect whatever the most popular rules are at the moment.  That is a great ability that lets our inventors not just dwell on a single difficult problem, but gives them the luxury of stepping back to Steve Jobs-ify their overall operating environment, I believe that Dan's time is better spent dreaming of the next big thing.  What do you think Vitalik is doing? Coding?  Rather dreaming of code and living a life that inspires himself to create the next breakthrough for humanity.  I listened to him say how awesome the party was when their team got together.  I don't think he meant that they spent that night "coding."  Unless by "coding" you mean...Maybe he's dreaming of the Nobel Peace Prize.  Who knows.  He's delegating like Dan should be doing.  Lets let the open source masses code for us. 

Until Dan gets some serious coding help (like the kind provided by the open source community), Dan is stuck doing it himself, when I suspect that he would rather spend his time conceiving it.  Dan is designing a highly complex machine with integrated systems.  This little “trustee” widget will take the place of something much larger and more complex than Dan at first imagined, and he will add a “decentralization widget” into a later iteration of Bitsahres X (if someone does not invent it for us the day after launch which would seriously ROCK).  In the meantime, Dan would like to do exactly what he promised us which is launch the first working Bitshares model so that the traders can see if they like it or want it changed.  Then hopefully the investors can make their profit and leave this forum and let anyone in the whole wide world refine the code in peace until it is finished, at which point we will have BitsharesVersionWhicheverIsBest. 

New investors coming here don't want to see us holding back new ideas because we don't want them to get stolen.  The concept of open source is the definition of teamwork because everyone's best ideas always get integrated.  The cream always rises to the top, and if fate would have Dan inspire Vitalik to write him a piece of code on a napkin that would give us 100% decentralization, then so be it.  It's all over but the coding.

We can add the dogystyle, and all the safest safeness anyone could handle at a later date and still claim the Bitshares brand name.

You can't just keep this little simplified version of Bitshares all bottled up waiting for someone else to launch it underneath you and get the glory of being the first crypto banned in the USA.  One minute we are complaining about, "boo hoo, we got no publicity" and now we are afraid of a global headline?  What kind of community are we?  Who is going to bring their open source DAC to a community who is afraid of releasing their open source code to the open source community?

At least pretend that we like getting forked around here because that is exactly the personality trait that would bring the inventors here (if we behaved like we meant it).  You guys demand Dan perform miracles on the spot faster and complain that it took him too long, and in the next breath you complain why no inventors want to come into your open source community and give you PTS/AGS.  Personally, I love getting forked, flatter and copy me all you want, I'll still continue to be myself.  Why should I care?

Hey Dan, can we put up a PTS bounty for someone to edit out the complaints on these boards, they are scaring away the inventors.  I come to this forum to listen to the inventors, not the investors.  You would think that the investors would realize that spamming the "please come to inventor-world and be a part of our modern idealistic community who is perfectly acceptable of failure as a means toward furthering your invention" forum in which they hold ownership in actually is bad for the share price.  They must have money to burn.  I try to calculate just how much money I would need to possess in order to feel comfortable shooting my investment in the foot like that just to let off a little selfish steam.  I've been silent for 5 months because I've been letting the grown ups talk, but the changes that have occurred here over that time are shocking.  5 months ago you guys were all "yeah ! open source will rule the world! come and innovate with us, share and share alike. etc" and now it's all "what about MY money, my time, i'm sad and disappointed, that was unexpected," and all of you complaining about your precious investment time and money only makes my meager investment in this operation worth less.  See how it feels reading a post about me complaining.  How much time did that just cost everyone?

Have you guys ever heard of the death spiral: when a company can't raise money and they get shorted, then they complain that their share price and thus market cap is too low and now don't have the collateral for a loan, and then they get denied liquidity, and then the stock price declines again, and the cycle repeats until Lehman collapses.  You guys are doing the same thing crying about "why oh why bytemaster has the share price forsaken me!" Investors reading this board get bored then scared, and say "OMG, where did all the inventors go" and "sell sell sell" as Cramer would say.  Please stop with the entitled poor me attitudes.  You will not be attracting any foreign entrepreneurs this way.  Or just maybe think of us small fish next time you want to ask Dan "are we there yet?", or "why am I sad?" or anything about your personal finances, because the inventors who would come to this place to offer you free PTS/AGS care not for that.

So let me get this straight, our trailblazing invention company community can't decide weather or not we should launch our "first fully functioning Bitcoin 2.0 USD/GLD/BTC trading game that's fun for the whole family, with faster transaction times than previously advertised" which Dan just finished, or wait for someone else to do it while Dan goes back into the woodshed to conquer BitsharesX2 (all without data from an officially launched trustee method BitsharesX DAC).

"Hey Dan, wait, where are you going, just kidding, we love your new invention, we really do."  Dang it, Dan just forwarded the code to Meh over at ANC who is launching this tomorrow, and he says that he can't wait for the NEXT Bloomberg article.

much wow

if I had a dime for every time someone told the team to "get back to coding work!"     

PgHMuHZ8GExSuNLTrggMtim7k9fUYDoMAf

Offline liondani

Re: BitShares X Trustee
« Reply #12 on: March 29, 2014, 07:05:04 PM »
keep writing, we have time for reading posts like this  +5%
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Offline vlight

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Re: BitShares X Trustee
« Reply #13 on: March 29, 2014, 09:13:48 PM »
At first i was against the 'trustee' idea. However, if you think about it, it is really not more centralizing it is actually less.

The real life analogy to this is government. It is a necessary evil(or good  ;)). If you will not elect the gov, someone else will take its place anyway. In crypto world mining pools took the role of gov and became the rulers.

By delegating the Trustee, the network will have its gov already in place with a clearly defined role and restrictions that WILL be enforced by the network itself. I think it is better than mining pools having their own way.

However, whether network with Trustee will work or fail, that remains to be seen. I'm sure there will be some unexpected exploits.

clout

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Re: BitShares X Trustee
« Reply #14 on: March 29, 2014, 11:10:10 PM »
Because you need one node to produce the block. With bitcoin the block producer is almost always going to be one of the mining pools with the greatest hash rate. I dont think it has to be one person necessarily, but I don't think you gain any security or utility with greater decentralization. It is just harder to coordinate which causes slower processing speeds. This structure appears centralized since there is one node that is delegated this task, but it really is decentralized by the fact that if you do not do your job as central processor someone else will immediately be given the job. This is decentralization through competition.

 

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