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Offline cube

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Our most immediate needs: a good wallet
« on: October 10, 2014, 09:45:42 AM »

At the request of shuiwuhun from the Chinese community, I am posting a translated version of his post from https://bitsharestalk.org/index.php?topic=9879.msg128423;topicseen#msg128423 here.



(1) Digital currency is still in the early phase development.  The current state of digital currency is not much different from the 1995's stage of the Internet.  The foundation of the eco-system is still very weak.

(2) BTSX has a lot of potential. Comparatively, Bitshare's ecosystem has a big gap from Bitcoin's. 

(3) A lot of people said btsx is different from Bitcoin.  One is a share while the other is a currency.  This is nonsense.  If btsx cannot be an alternative to Bitcoin (note NOT replacing), it has no value in its existence. Mastercoin can act an alternative.

(4) A currency must have a value.  It needs to have a good circulation.  To a large degree, a currency's value depends on how many people are using it. If we want it to be widely used, It has to be convenient and easy to use.

(5) BTSX wallet is not 'mature'.  New users not easy to use it.  Worst still, it is not well supported in Win7 64bit. 

(6) BitAsset needs not be rushed out nor eagerly pushed out at the moment.  It is like doing Blog, taobao during the 1995s. It is not that it is not right to do it. Rather the timing is not ripe.  People are not ready for it.

(7) I think the biggest advantage of btsx is DPOS - it gives stability and fast 10s transaction. Compare to Bitcoin's 10min and unstability, btsx is outstanding.  However this advantage can be gone if btsx is developing slowly.

I heard Bitcoin's next version will reduce this gap. With bitcoin getting more stable and secured, I believe more companies will provide "0 confirmation" services.  When that happens, btsx's advantage would be gone.

I am urging I3 to concentrate all effort and energy on developing the wallet while hold back on bitasset and marketing efforts. Once the wallet is completely working, the rest can come in. For marketing, I3 may not even do it, the big holders/investors of bstx would do it. Again, it is of no use promoting a non-working product.

The prime most important task should be - safe and easy to use wallet  (working with WinXP and Win7), web-wallet, andriod and ios wallets.  In addition, currently new users who bought from exchange needs to send to a registered account which requires 0.5btsx. How are the new users going to do it? Beg for it?

Could I3 please fix the API's bug so that new users can send to their public addresses from the exchanges?

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Offline cusknee

Re: Our most immediate needs: a good wallet
« Reply #1 on: October 10, 2014, 11:40:55 AM »
Eccellente points.

Offline questionsquestions

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Re: Our most immediate needs: a good wallet
« Reply #2 on: October 10, 2014, 12:45:23 PM »
Bitcoin requires a hard-fork to address at least some of its inherent technical limitations. This is a huge risk and one which could easily undermine the perceived value of the entire "currency".

Also, you say merchants will start accepting 0 confirmation - this is unlikely - at least in the near/medium term. In reality, Bitcoin has very little utility in the world that is not better satisfied by Visa/Mastercard, however its largest undoing - and something Bitcoin alone cannot address - is the volatility. And this is where BitSharesX BitUSD is a winner.

Getting greater recognition for this is unique feature not only requires a nicer desktop client, but also a web-wallet like blockchain.info for greater mass market penetration. But most of all, merchant adoption is required, and that means convincing BitPay or Coinbase to back BitSharesX for seamless merchant integration.

Offline mf-tzo

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Re: Our most immediate needs: a good wallet
« Reply #3 on: October 10, 2014, 01:06:16 PM »
Quote
while hold back on bitasset and marketing efforts. Once the wallet is completely working, the rest can come in. For marketing, I3 may not even do it, the big holders/investors of bstx would do it. Again, it is of no use promoting a non-working product.

I think bitasset peg for bitusd, bitbtc is very important.

I think marketing is also very important as well now even the product is not finished yet. You approach big investors, explaining them the status and what you expect to happen in the future and you give them a chance to participate in advance when prices are low. If you approach investors when the product is fully finished and matured and prices not so cheap, not many will want to participate imho...

So everything is important!!

Offline Rune

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Re: Our most immediate needs: a good wallet
« Reply #4 on: October 10, 2014, 01:35:08 PM »
I agree except with the bitAsset part. BitAssets as a whole are not that important, but bitUSD volume is VITAL. It is the most important thing, the goal should be to have a Coinapult Locks-like experience built into the wallet. Currently that's not the case because of abysmal volume. Buying bitUSD is cumbersome, but the real problem is once you hold them you have to wait something like a year for the old shorts to cover, until then you cannot be certain to get back your money and they'll be stuck in a useless currency.

30 day rule must be implemented now! The community must unite and set up some real bitUSD volume/bots. Having it on an exchange so it is possible to trade bitUSD directly to bitcoin would also be a huge advantage, especially if it could end up becoming the hedge of choice like nuBits has managed to become on bter and ccedk.

Offline questionsquestions

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Re: Our most immediate needs: a good wallet
« Reply #5 on: October 10, 2014, 01:44:32 PM »
I agree except with the bitAsset part. BitAssets as a whole are not that important, but bitUSD volume is VITAL.

You're right, but its the age old chicken and egg. Volume spurs adoption, but adoption spurs volume.

It is the most important thing, the goal should be to have a Coinapult Locks-like experience built into the wallet.

Isn't the current implementation of BitUSD holding pretty well against the USD? That's all Coinapult Locks does in the Bitcoin world, basically guarantee you'll get the USD amount back out that you put in, regardless of the Bitcoin price.

30 day rule must be implemented now! The community must unite and set up some real bitUSD volume/bots. Having it on an exchange so it is possible to trade bitUSD directly to bitcoin would also be a huge advantage, especially if it could end up becoming the hedge of choice like nuBits has managed to become on bter and ccedk.

I wasn't aware that funds got locked up for that long in shorts. I think the developers are working on bots and this (hopefully). Out of interest, isn't nuBits just another alt-coin that suffers the same volatility issues as Bitcoin? In otherwords there is no way to know in reality where the price will actually end up making its useful as a hedge more a gamble than anything else?

Offline hadrian

Re: Our most immediate needs: a good wallet
« Reply #6 on: October 10, 2014, 03:22:15 PM »


30 day rule must be implemented now! The community must unite and set up some real bitUSD volume/bots. Having it on an exchange so it is possible to trade bitUSD directly to bitcoin would also be a huge advantage, especially if it could end up becoming the hedge of choice like nuBits has managed to become on bter and ccedk.

I wasn't aware that funds got locked up for that long in shorts. I think the developers are working on bots and this (hopefully). Out of interest, isn't nuBits just another alt-coin that suffers the same volatility issues as Bitcoin? In otherwords there is no way to know in reality where the price will actually end up making its useful as a hedge more a gamble than anything else?

30 days would be the maximum time (not minimum)
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Offline Rune

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Re: Our most immediate needs: a good wallet
« Reply #7 on: October 10, 2014, 03:45:19 PM »


30 day rule must be implemented now! The community must unite and set up some real bitUSD volume/bots. Having it on an exchange so it is possible to trade bitUSD directly to bitcoin would also be a huge advantage, especially if it could end up becoming the hedge of choice like nuBits has managed to become on bter and ccedk.

I wasn't aware that funds got locked up for that long in shorts. I think the developers are working on bots and this (hopefully). Out of interest, isn't nuBits just another alt-coin that suffers the same volatility issues as Bitcoin? In otherwords there is no way to know in reality where the price will actually end up making its useful as a hedge more a gamble than anything else?

30 days would be the maximum time (not minimum)

That will be the case eventually, but right now they are grandfathered in with a max period of a year. This really needs to be changed IMO, we need better bitUSD volume now so people can begin using it reliably.

Offline ripplexiaoshan

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Re: Our most immediate needs: a good wallet
« Reply #8 on: October 12, 2014, 01:07:11 AM »
Agree, a user friendly wallet is quite important for new users. Dev team should keep improving it, or develop other wallet, like web wallet, app..
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Offline theoretical

Re: Our most immediate needs: a good wallet
« Reply #9 on: October 13, 2014, 06:09:14 AM »

BTSX wallet is not 'mature'.  New users not easy to use it.

"Not easy to use for new users" does not tell the developers what they need to do.  Tell us a story about one thing a new user might do, and how the wallet can be changed to make that thing easier.

it is not well supported in Win7 64bit.

What exactly happens or does not happen in Win7 64bit that is different?  Can you reproduce it?

Could I3 please fix the API's bug so that new users can send to their public addresses from the exchanges?

AFAIK the BTSX client has always easily allowed an exchange to implement withdrawal to an address (instead of a TITAN account).  However, bter has chosen only to implement withdrawal to TITAN account.  I agree that not being able to withdraw from an exchange without a TITAN account is a serious barrier to new users.  But I think the only way to solve this is to convince bter (or another major exchange) to implement withdrawal to an address.
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Offline lakerta06

Re: Our most immediate needs: a good wallet
« Reply #10 on: October 13, 2014, 06:14:37 AM »
Agree, a user friendly wallet is quite important for new users. Dev team should keep improving it, or develop other wallet, like web wallet, app..
+5% Definitely.

I have introduced one of my collegues to BTSX, and sent him a few to play with. He said "Looks promising, but I would only buy when the client bugs are fixed."

He just could not trust the client as is.
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Offline serejandmyself

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Re: Our most immediate needs: a good wallet
« Reply #11 on: October 13, 2014, 06:23:18 AM »
good points, you should rename the topic so its more noticable
btsx - bitsharesrussia

Offline xeroc

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Re: Our most immediate needs: a good wallet
« Reply #12 on: October 13, 2014, 06:52:22 AM »
BTW, I read on the IRC channel that people have issues creating a new empty default wallet with the GUI if they lost the password for the initial wallet (that particular guy had 0 funds in it)

The current implementation of the GUI always uses the "default" wallet and gives no option to change this!
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Offline CoinHoarder

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Re: Our most immediate needs: a good wallet
« Reply #13 on: October 13, 2014, 09:07:08 AM »
BTW, I read on the IRC channel that people have issues creating a new empty default wallet with the GUI if they lost the password for the initial wallet (that particular guy had 0 funds in it)

The current implementation of the GUI always uses the "default" wallet and gives no option to change this!

It is important to use wallet_dump_private_key and store the private key in a safe place (offline preferably) in case you forget/lose your wallet password.
« Last Edit: October 13, 2014, 09:09:27 AM by CoinHoarder »

Offline cass

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Re: Our most immediate needs: a good wallet
« Reply #14 on: October 13, 2014, 09:27:42 AM »
we're working on a new wallet GUI .. also Bitsapphire is working on an alternative wallet... stay tuned ....
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