BitUSD on OpenBazaar would show the VALUE of a non-volatile crypto.

[Rune]

While initially being very supportive of the bootstrap-bitusd-through-OB idea, due to recent developments and the merging of all DACs, I think it's better to focus on core development of bitshares, and then wait and see what OB turns out to be. If it turns out to be a massive hit, then we can spend our own resources on integrating bitUSD, and the issue shares to airdrop bitUSD on the OB userbase. If itsn't that quick to gain traction, we could instead choose the most promising devs it has and hire them to create our own bazaar system powered by bitshares.

 It could run with bitcoin, bitUSD and BTS ensuring the bitcoiners will not go crazy and attack us for "stealing" their developers, since the improved bazaar would still have bitcoin integration. The added benefits that a DAC gives the bazaar system will likely make it grow incredibly fast, we could even issue BTS to pay for real world advertising for the initial sellers on the system, to help kickstart adoption. If bitcoiners saw first hand just how much bitshares is able to contribute positively to decentralized systems, and in this case even contribute to bitcoins utility, they will probably have an easier time getting over always attacking altcoins and bitshares.

[Method-X]

OpenBazaar is obviously our good partner but OB is an anonymous trade platform, and I think that the virtual products will be main trade objects. so the market capacity will be small. anyhow, this is a possible approach to for BTS to grow up.

Virtual products will definitely not be the main items traded on OpenBazaar...

[willaim]

OpenBazaar is obviously our good partner but OB is an anonymous trade platform, and I think that the virtual products will be main trade objects. so the market capacity will be small. anyhow, this is a possible approach to for BTS to grow up.

[pollux]

1) Is "bitcoin-compatible" multisig any different than the multisig we already have planned?

I have not seen any plans. It isn't a lot of work, but getting it right is a matter of security and usability.

2) Are there any other roadblocks we should be aware of?

I am not as familiar with the technical implications of TITAN but adding multiple private key factors may lead to different solutions to privacy in the context of a multisig tx. I.e., you might need a pubkey for each participant rather than an account name. Other than that, I anticipate smooth sailing.

[Method-X]

There is no way for this to happen until the toolkit gets bitcoin-compatible multisig support (this would also allow any other devs to add bitUSD in escrow-based transactions).

Hey pollux, thanks a bunch for doing the research necessary to make this happen.

1) Is "bitcoin-compatible" multisig any different than the multisig we already have planned?
2) Are there any other roadblocks we should be aware of?

Thanks again.

[xeroc]

Myself and other forum members would likely contribute to a dev fund if needed.

Neat idea - BTSX account named 'OB Integration Fund'.

count me in!

[pollux]

There is no way for this to happen until the toolkit gets bitcoin-compatible multisig support (this would also allow any other devs to add bitUSD in escrow-based transactions).

[oldman]

Great - so can Toast and MeTHoDx conspire to make this happen?

MeTHoDx has made contact and is talented with PR; Toast is a similarly talented dev.

Myself and other forum members would likely contribute to a dev fund if needed.

Neat idea - BTSX account named 'OB Integration Fund'.

[Method-X]

I agree ob is important and bitusd and keyid are both obvious and relatively easy to integrate. There is a ~1m usd dev fund and dns inflation which could be paid via bitusd. I've tried to contact ob devs but have no response. Facilitaing this seems like an opportunity open to just about anyone who is dedicated enough.

Sent from my SCH-I535 using Tapatalk

Excellent. Could we create an "official" ob dev fund so when one of us gets the attention of their devs, we can entice them with a number?

And in other news, here's a dev response regarding Dogecoin, giving us a better picture.

Hey, thanks for your question. Right now, we only support bitcoin, but there is enough abstraction to allow for other altcoins to be used, including dogecoin. In particular, the current implementation requires the following features from the cryptocurrency used, all of which are supported by doge:

• 2-of-2 and 2-of-3 multisig ✓
• Proof-of-burn abilities ✓
• Ability to sign contracts using the cryptocurrency EC key ✓

While all of these are supported by doge and other altcoins such as litecoin, we are making use of certain APIs that don't play well with doge yet. These include Obelisk, blockchain.info, pybitcointools, etc.

So, to answer your question: Yes, this is possible to do, and we have enough abstraction to enable it. However, there are certain changes that need to be done in terms of libraries used, and this may require some time, so it's not a priority currently.

[Shentist]

here are some information how we could contribute

https://github.com/OpenBazaar/OpenBazaar/blob/master/CONTRIBUTING.md

[toast]

I agree ob is important and bitusd and keyid are both obvious and relatively easy to integrate. There is a ~1m usd dev fund and dns inflation which could be paid via bitusd. I've tried to contact ob devs but have no response. Facilitaing this seems like an opportunity open to just about anyone who is dedicated enough.

Sent from my SCH-I535 using Tapatalk

[Troglodactyl]

Open bazaar is great but a small userbase that even if we grab 100% it would be insignificant in the next few years.

Bytemaster doesn't like this strategy because the userbase isn't big enough. He's mistaken for two reasons:

a) OpenBazaar hasn't launched yet but when they do, their userbase will grow rapidly (given the momentum behind the project).
b) Once successful on OpenBazaar, BitUSD will virally "jump" to other markets and services (important eyes are watching OpenBazaar).

The whole point of this strategy isn't to stay contained within the OpenBazaar ecosystem, just like PayPal isn't contained within eBays ecosystem. The point is to establish ourselves as THE stable crypto, get targeted attention and snowball from there.

That post did come off somewhat arrogant, but I'm thinking/hoping that's just a combination of rushed response from Vegas and prioritizing gateways over this, rather than being against this entirely.

Prioritizing gateways will help this also, so that seems reasonable, but much of the infrastructure for this (like easy multisig support) will also help other potential partners.  It sounds like OB is quite open and easy to work with, so I think integrating with them could provide a good model for other potential partners looking to support BitShares tech.  Where it falls on the priority list is still in question, but it would certainly be nice to be integrated with their launch or shortly thereafter.

Do they have an ETA for going live?

[Method-X]

Open bazaar is great but a small userbase that even if we grab 100% it would be insignificant in the next few years.

Bytemaster doesn't like this strategy because the userbase isn't big enough. He's mistaken for two reasons:

a) OpenBazaar hasn't launched yet but when they do, their userbase will grow rapidly (given the momentum behind the project).
b) Once successful on OpenBazaar, BitUSD will virally "jump" to other markets and services (important eyes are watching OpenBazaar).

The whole point of this strategy isn't to stay contained within the OpenBazaar ecosystem, just like PayPal isn't contained within eBays ecosystem. The point is to establish ourselves as THE stable crypto, get targeted attention and snowball from there.

[Final_Acclaim]

No not imo. I like the general strategy here & I see the value of pegged assets for that market but there's also significant negative mainstream PR & other blowback risk - Think public perception of Bitcoin & Silk Road + other outcomes. However BitAssets are out in the wild so nothing to stop other people using and integrating them.

I see your point but lets not forget the entire Bitcoin community is behind OpenBazaar. For the time being, it doesn't have a negative stigma; quite the opposite actually. All I3 has to do is make it easy for BitUSD to be integrated into an OB merchant node. That means improving multisig and eliminating any other obstacles that may get in the way. Once that's out of the way...

a) We crowdfund the necessary development.

OR

b) An I3 dev anonymously commits the code on GitHub.

We can actually avoid all negative backlash if we frame this as "BitUSD allows OpenBazaar to attract non-drug users because they're the only people willing to put up with Bitcoins volatility". And it's true. OpenBazaar needs our product (or our competitors) if they want mainstream adoption and we need a solid showcase if WE want mainstream adoption. The good vastly outweighs the bad.

There it is.

The Headline We'd Get: Open Bazaar and BitUSD help drug dealers hedge against crypto volitility

If we're not demonized, the media must be ignoring us. Drug stories grab headlines, the best we can do is paint the right picture in marketing.

[sschechter]

No not imo. I like the general strategy here & I see the value of pegged assets for that market but there's also significant negative mainstream PR & other blowback risk - Think public perception of Bitcoin & Silk Road + other outcomes. However BitAssets are out in the wild so nothing to stop other people using and integrating them.

I see your point but lets not forget the entire Bitcoin community is behind OpenBazaar. For the time being, it doesn't have a negative stigma; quite the opposite actually. All I3 has to do is make it easy for BitUSD to be integrated into an OB merchant node. That means improving multisig and eliminating any other obstacles that may get in the way. Once that's out of the way...

a) We crowdfund the necessary development.

OR

b) An I3 dev anonymously commits the code on GitHub.

We can actually avoid all negative backlash if we frame this as "BitUSD allows OpenBazaar to attract non-drug users because they're the only people willing to put up with Bitcoins volatility". And it's true. OpenBazaar needs our product (or our competitors) if they want mainstream adoption and we need a solid showcase if WE want mainstream adoption. The good vastly outweighs the bad.

There it is.

The Headline We'd Get: Open Bazaar and BitUSD help drug dealers hedge against crypto volitility