Overstock.com Assembles Coders to Create a Bitcoin-Like Stock Market

[xeroc]

So the medici project will either use xrp, or it will not. Hope this helps.

Luckily, there is no such thing as "negative information" (at least in non-quantum information theory)

[JoeyD]

the spikes in "counterparty" are like the twitter mistake on the exchanges. just some people buying without understanding anything.

reminds me of darkcoin going crazy because people think it's related to darkwallet :)

Eventhough I had a hard time pulling myself away from the thrilling spectacle of a progress bar showing the transfer of a multi terabyte copy over my lan, I somehow managed to find some time to look into this counterparty medici thing.

I've come the conclusion that nobody seems to know what is going on exactly, or are not telling what they know. Counterparty itself seems to think the exchange will be a counterparty-app, but several other sources and crypto-press have stated the exact opposite by specifically mentioning a new solution being built. So the medici project will either use xrp, or it will not. Hope this helps.

[xeroc]

the spikes in "counterparty" are like the twitter mistake on the exchanges. just some people buying without understanding anything.

reminds me of darkcoin going crazy because people think it's related to darkwallet :)

[Thom]

I am aware that if you interact with fiat you have to do KYC and AML. You don't have to do that for Bitshares X itself but for the on-ramps and off-ramps.

I know about the referral plan. I recommend the Bitshares team get in touch with Coinkite.

What is KYC & AML ?

Yeah, from the context of the comments I thought as much.

This is where the rubber meets the road. If you want to grow and appeal to the masses it seems you have to give up privacy. Well, that's the proposition, but do we? I certainly can see cases for a "yes" answer, but I don't like the proposition - at all.

This is a basic philosophical conundrum. It was the wedge that got us the "Patriot" Act. It may be mankind's Achilles heel.

People flock to incentives. What is an incentive for one man is not for another. Unfortunately the incentives for people who don't value privacy as much far outnumber those that do.

It's really hard to understand I3's overall principles regarding privacy if KYC & AML policies are baked into the code along with TITAN and all transactions using different encryption keys.

The only reason I could explain those two concepts being used in the same tool is that accommodating KYC & AML to appease government regulators is a different class of privacy than peer to peer privacy or privacy for non government entities.

But one defeats the purpose of the other IMO. The power to track finances is the power to control them as well. It is the disincentive government uses for undesirable transactions and the incentive for where they want your money to go (like the rigged stock market).

I can't answer the question of whether BitShares should accommodate KYC & AML. If I had to vote for delegates on that issue I would be aligned with those that don't, but I am not in a position to know if enough money will flow without that support to tank the whole bitshares experiment.

Right now there's been minimal government intervention regarding bitcoin. But now that the blockchain technology genie is out of the bag governments will be more on guard and will look down the road further to gauge the effects of crypto efforts. I just hope they're slow enough to react to allow us to gain market share momentum to stave off gov. aggression.

[Shentist]

so Overstock will build his own exchange? who cares?

they can fight the legal stuff in the US for us and we will piggypeg.

bytemaster wrote already what steps are needed to make a cryptosecurity already possible. nothing changed.

the spikes in "counterparty" are like the twitter mistake on the exchanges. just some people buying without understanding anything.

it is not always black and white and in some fields we will use Overstock and in some fields we will fight them.

[vegolino]

AML Anti Money Laundering

[roadscape]

I am aware that if you interact with fiat you have to do KYC and AML. You don't have to do that for Bitshares X itself but for the on-ramps and off-ramps.

I know about the referral plan. I recommend the Bitshares team get in touch with Coinkite.

What is KYC & AML ?

KYL is know your customer. Meaning they will need to verify identity and collect personal details. Not sure what AML is, guessing it's a similar privacy stealing idea.

e: So that they can report suspicious activity, and for tax purposes

[Thom]

I am aware that if you interact with fiat you have to do KYC and AML. You don't have to do that for Bitshares X itself but for the on-ramps and off-ramps.

I know about the referral plan. I recommend the Bitshares team get in touch with Coinkite.

What is KYC & AML ?

[luckybit]

I am aware that if you interact with fiat you have to do KYC and AML. You don't have to do that for Bitshares X itself but for the on-ramps and off-ramps.

I know about the referral plan. I recommend the Bitshares team get in touch with Coinkite.

[Gentso1]

This really annoys me. Seems to me we are better across the board, and we have bitAssets.

I hope the crew will give one last shot at trying to form some sort of a partnership. We have a mutual enemy.

Bitshares isn't "better" by default. This is what I predicted would happen and Overstock is not an enemy or competition. Bitshares has to find it's niche and the niche is that you can trade value over Bitshares without regulation while Overstock will have to be in a niche of their own and that niche is they must be regulated. Overstock is a centralized company which will have to use KYC, AML and follow all sorts of legal regulations.

Overstock will lower development costs for the Bitshares X team because all of their solutions can be used by Bitshares X. Bitshares X is not trying to trade legal securities so when Overstock develops their solution Bitshares X can simply connect to it like it's a Gateway.

You do realize that kyc/aml will also be used in bitsharesX, at least it for the fiat on ramp. It was mentioned  a few times in the referral program talks as a way to verify individuals.

My hope is that what follows for BitSharesX is a renewed focus on utility of BitUSD and partnerships (OB?), fiat on/off-ramps/cross chain trading/debit cards/bill payment etc...and marketing all of this.

+5%

Well said GaltReport

 

[mf-tzo]

But that is one big if, trying to understand the crypto market is like trying to understand female logic.

LOL!! +5%

[hpenvy]

My hope is that what follows for BitSharesX is a renewed focus on utility of BitUSD and partnerships (OB?), fiat on/off-ramps/cross chain trading/debit cards/bill payment etc...and marketing all of this.

+5%

[GaltReport]

My hope is that what follows for BitSharesX is a renewed focus on utility of BitUSD and partnerships (OB?), fiat on/off-ramps/cross chain trading/debit cards/bill payment etc...and marketing all of this. 

[JoeyD]

So Overstock use Counterparty devs. and XCP goes 150% on the news... That doesn't look very bad for XCP holders.

I don't understand why this reaction to these news and XCP was increased like that. I would have sold immediately all my BTSX if BM was going to work for Overstock and the community would need to look new devs... Cryptos really are a very strange thing to watch...

But...bottom line is that XCP did increase by 150% on the news. Do we have anything similar to wait as well for BTSX to boost the price? The last couple of days it appears that BTSX market cap follows Bitcoin's market cap on the downside. I was hopping that BTSX holders will not care much about what is happening to bitcoin..

If the crypto-speculators were a rational entity, then that means getting rid of the counterparty devs was the best thing that could happen to the project and that one of the devs was doing a half decent job.

But that is one big if, trying to understand the crypto market is like trying to understand female logic. Apparently it makes perfect sense to them.

[mf-tzo]

So Overstock use Counterparty devs. and XCP goes 150% on the news... That doesn't look very bad for XCP holders.

I don't understand why this reaction to these news and XCP was increased like that. I would have sold immediately all my BTSX if BM was going to work for Overstock and the community would need to look new devs... Cryptos really are a very strange thing to watch...

But...bottom line is that XCP did increase by 150% on the news. Do we have anything similar to wait as well for BTSX to boost the price? The last couple of days it appears that BTSX market cap follows Bitcoin's market cap on the downside. I was hopping that BTSX holders will not care much about what is happening to bitcoin..