Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.


Messages - R

Pages: 1 ... 60 61 62 63 64 65 66 [67] 68 69
991
Thanks @cyrano.witness, I appreciate the write up - I was going to do a write up on this topic but have been swamped with Gridcoin things recently.

I'm very interested in seeing the current 'black swan' state resolved for the Gridcoin MPA, however this will likely continue occuring due to the volatility of Gridcoin's marketcap.

On a positive note - this is a great learning opportunity for all BTS users; it's not often that black swan events occur, better for it to happen on a new MPA than one of the large ones (fiat/btc).

I'm not going to give up on BTS, i've been holding BTS since BTSX so i'm very much so interested in seeing it succeed.

I've promoted your post, let's hope some Bitshares users join in the conversation! :)

992
General Discussion / Re: Gridcoin
« on: September 18, 2016, 02:40:39 am »
Looks like another scientific cryptocurrency rally is occuring again!




993
Price feeds can no longer be published after a black swan.

Currently, there is no way to revive an MPA after a black swan event. Therefore, like someone mentioned on mumble today, this requires a hardfork.

Basically, what needs to be done is to pay out all holders from the settlement_fund. There is currently no mechanism to enforce this. Holders must settle individually. I believe forcing settlement of all holders wasn't implemented because it's computationally expensive (has to walk the list of all account balances).

Once all holdings have been settled and the settlement_fund has been emptied, the settlement_price has to be removed. I think it would be safe to do this at that point. This is something that has to be implemented, however.
That's unfortunate & quite a short lived experiment in BitShares by the Gridcoin community then. We're still on track for otherwise integrating gridcoin into Bitshares. I hope black swan handling/recovery functionality is added into BitShares in the future.

994
I like the idea of accountability too. It is very sad to see so few witnesses assisting the Gridcoin MPA, it should be easy to do and we will have more and more communities coming onboard so we need an active set of witnesses.

I am watching the Witness report on Steem and I really like the effort. Unfortunately, It requires a lot of time and effort to kick that off. If the report can be posted on Steem, the analyst would get at least a compensation for his work.

Are we missing the right tools for voting or just the reporting?

@crypto123 which two witness are supporting you right now? Lets give them a push in votes!
The witnesses that have begun providing price feeds for the Gridcoin MPA are 'delegate.ihashfury' and 'wackou', thanks :)

Here's the witness thread: https://bitsharestalk.org/index.php/topic,22733.0.html

I'll look into another couple steem posts regarding the Gridcoin MPA, our onboarding process/experience thus far and about black swan events for low trading volume cryptocurrencies (looks like the GRIDCOIN MPA is dead for now..).

995
Please correct me if I am wrong but you can only change these features once right? So if we surrender these features today we cannot turn them back again, right? So if we change them we can not adjust to any future market conditions where we might use these features.

That would be almost like the block size debate in Bitcoin. I would prefer a more flexible system.
Indeed, surrendering these permissions would be a one-way street, so any action would need discussed by all committee members (and the rest of the BTS community).

996
Currently, the 'smartcoin' market pegged assets (MPA) (such as bitUSD, bitEURO, bitCNY, etc) which are managed by the BTS committee have several MPA permissions which are slightly concerning. None of these permissions are currently active, but they have not been surrendered (so a future committee could potentially implement them).

These permissions are:
  • white_list: Accounts must be white-listed in order to hold this asset
  • override_authority: Issuer may transfer asset back to himself
  • transfer_restricted: Require the issuer to be one party to every transfer
  • disable_confidential: Allow the asset to be used with confidential transactions

The 'GRIDCOIN' MPA was the first MPA to surrender the above permissions! (https://cryptofresh.com/a/GRIDCOIN)

I don't see any reason why the committee should maintain these inactive permissions, do you?

Related Steem thread: https://steemit.com/bitshares/@cm-steem/should-the-bitshares-committee-surrender-overreaching-mpa-permissions

Cheers,
CM.

997
I think you have missed the point that CryptoPrometheus was trying to make.

Voting decay means the overall level of votes will go down, due to voter apathy. That means a large BTS holder can vote in not only one witness for himself, but as many as he likes, taking over control of the blockchain.

Note that with 27 active witnesses, buying out 51% of them witnesses will cost at least 14 times as much as buying out one, whereas you currently need less than twice as many BTS to vote 14 in than you need to vote one in.
I get that voter apathy may be a concern in the future, but at the moment the low level of voting participation in the first place is more of a concern than voter apathy IMO.

At the moment, when you're voted in & your node is running you're very unlikely to be at risk of losing your elected witness position (a potential centralization risk). I don't think that users will become apathetic to voting if their vote degrades over say a 6 month period.

We should be continuously driving users to vote (and re-evaluate their votes after a certain period of time) within the Bitshares network. We should be brainstorming new ideas regarding how we can drive up voter participation in the future, such as holding informal fun polls (favourite colour, community mvp polls, etc).

The Gridcoin network is also experiencing a lack of voting participation - only 1/7th of total vote weight votes which brings the validity of poll results mandate into question.

998
The buyback&burn raises the value of user's held Obits, so in a way it's like sharedropping onto Obits users without having users sell the asset on the network. I'm in favour of option 1 - buyback & burn.

999
I was thinking about how Project Rain could work for Steem.

1. You could create a thread, request users upvote it and distribute the steem dollars raised to BOINC users.
2. A witness (with their increasing SP) or curation group could allocate up-votes to BOINC users. (Though, you cannot vote lower than 1%, so there would need to be a cut off).

I'd love to hear how you think Project Rain could be used in BTS/Steem/(other graphene projects).

Cheers,
CM.

1000
I believe we experienced a 'black swan' event on 8th September 2016 (lol).

Here's a breakdown of the massive spike in trading volume we experienced: https://steemit.com/gridcoin/@cm-steem/08-september-2016-gridcoin-foldingcoin-and-curecoin-spiked-signifcantly-in-value

TL;DR: Gridcoin spiked to ~ $5 million market cap from ~$2mil w/ approx $800k trading volume, after about 36hrs we dropped down to $2.7 million and now after a week we're sitting around $3-3.5 million market cap with between $20-100k daily trading volume.

The Gridcoin MPA no longer has actively updated price feeds for 7 days now, perhaps this is due to the 7 day forced settlement delay that I implemented.

I'd really appreciate some input regarding how MPAs recover after a blackswan event and input on Gridcoin's MPA settings/variables.

Cheers,
CM.

1001
Hey,

In episode #173 of BeyondBitcoin (https://steemit.com/beyondbitcoin/@officialfuzzy/guest-signups-beyond-bitcoin-hangout-173-9-16-16-rsvp-to-friday-s-hangout-refer-projects-for-rewards) I raised the following questions:

  • Should we increase the quantity of BTS witnesses?
  • Should we introduce witness vote degradation?

In BTSX we had 101+ witnesses, now we have 27 witnesses in BTS. Currently, witnesses earn approx $200/month. If in the future BTS increases significantly in value these positions will be earning more. The reason why I ask if we should increase the witness count is primarily because of the current witnesses slow reaction to implement price feeds.

Why I ask if we should introduce witness vote degradation:
  • Campaigning for these witnesses positions has become almost non existent at this point (no witnesses in beyondbitcoin hangouts asking for votes for example)
  • The witness sub-forum (https://bitsharestalk.org/index.php/board,61.0.html) has become a ghost town (witness channel on steemit isn't populated with BTS witness posts).
  • Witnesses once voted in, unless their node degrades, are unlikely to be replaced by another prospective BTS witness. If we had voting degradation where after 'x' months your placed vote on a witness begins degrading over a period of 'y' months, we would see witnesses who actively campaign potentially becoming witnesses, replacing inactive BTS witnesses.
  • Getting current witnesses to implement price feeds for new MPAs is quite difficult, I have been actively campaigning for witnesses to publish price feeds for the 'GRIDCOIN' MPA (https://bitsharestalk.org/index.php/topic,22733.0.html). After 2.5 months and 3 BeyondBitcoin hangout appearances only 2 witnesses have published price feeds for the GRIDCOIN MPA. New witnesses may be more likely to interact with the BTS community.
  • By introducing voting degradation, we may increase regular participation in the voting system rather than a 'vote once and forget' mindset right now.

During episode #173, crypto.prometheus raised the issue of due to the current low network voting participation, perhaps an individual armed with $500k they could vote their own witnesses into power - whilst true, on the other hand if an attacker had significant funds they could likely convince an active witness to sell their account (since they only get $200/month, if someone comes along with $10k+ they may be very tempted to take the offer).

Thoughts? No official proposal has been created in the client, just an informal discussion at this point.

Matching Steem post: https://goo.gl/s7xMiT

Best regards,
CM.

1002
General Discussion / Re: Gridcoin
« on: September 13, 2016, 09:38:35 pm »
It'll be interesting to find out how 'Project Rain' impacts both participation in BOINC volunteer computing and the price of Gridcoin: https://bitsharestalk.org/index.php/topic,23302.0.html

Like if I was to rain an asset across 10 different cryptocurrency platforms, that'd surely draw some attention eh?

1003
General Discussion / Re: Gridcoin
« on: September 13, 2016, 09:28:26 pm »
A massive spike in trading activity occurred on 8th September 2016:

Coinmarketcap overview sorted by 24hr % change


Further Gridcoin analysis


  • $625k 24hr trading volume! Usually GRC has a trading volume of a few thousand per day, this is a significant increase in daily trading!
  • Poloniex appears to be the primary exchange where trading is occuring, however users are buying cheap coins off the less used exchanges (Bittrex/C-Cex).
  • Only a couple days ago GRC had a market cap of approx $2 million, now it's sitting around $5 million. Cryptocurrencies are crazy volatile!
   


There have only been two spikes like this in the history of Gridcoin (as you can see above), these are:

  • Oct-Nov 2015: When we first advertised Gridcoin on Boincstats - we were recruiting 30-50+ users per day to team Gridcoin through a single month long advertising campaign.
  • Approx 21st Mar 2016: When a Gridcoin reached the front page of reddit due to a /r/futurology post - it was quickly hidden from public view though by disgruntled /r/futurology mods.

So, these are exciting times! Let's hope this brings new users to both Gridcoin & BOINC!

Happy crunching,
CM!

1004
General Discussion / Gridcoin
« on: September 13, 2016, 09:25:21 pm »


Gridcoin was the first block chain protocol that delivered a working algorithm that equally rewards and cryptographically proves solving BOINC (Berkeley Open Infrastructure for Network Computing) hosted work, which can be virtually any kind of distributed computing process (ASIC/GPU/CPU/Sensor/Etc).

BOINC is an open-source volunteer oriented computing grid that combines the processing power of all individual users for the purposes of scientific research. It's free, and harnesses the unused clock cycles from processors and graphics cards to attempt to cure cancer/aids/ebola/malaria, map the milkyway, crack enigma codes, etc.. (Whitelist: https://www.gridcoin.us/Guides/whitelist.htm )

Gridcoin rewards BOINC computation using the Distributed Proof of Research (DPOR) reward mechanism, which is a combination of Proof of BOINC (POB) and Proof of Stake (POSv2).

Proof of Work (POW) consensus mechanisms are not utilised by the Gridcoin network, making the Gridcoin's consensus mechanism network far more energy efficient than existing POW cryptocurrencies.

Anyone can create a BOINC project & campaign to get whitelisted in the Gridcoin system. If you've got an idea for a distributed computing project, we can reward your users on your behalf. Gridcoin users have the capability to 'project-rain' onto projects as a form of tipping; project admins can easily distribute gridcoin rewards as a reward (or to facilitate a commercial BOINC project).

We've created an Marked Pegged Asset (MPA) on the Bitshares platform:
http://cryptofresh.com/a/GRIDCOIN

We're soon to have an OPEN.GRC (Openledger) to act as our bridge/gateway onto the Bitshares DEX!

Gridcoin links:
Forum: https://www.cryptocointalk.com/forum/464-gridcoin-grc/
IRC: freenode #gridcoin #gridcoin-otc #gridcoin-sweden #gridcoin-german #gridcoin-irpg #gridcoin-games
Site: https://www.gridcoin.us
Community Hangouts: https://soundcloud.com/gridcoin-community-hangouts
Slack: https://www.teamgridcoin.slack.com
Github: https://github.com/gridcoin/Gridcoin-Research
Reddit: https://www.reddit.com/r/gridcoin
Twitter: https://twitter.com/GridcoinNetwork
Wiki: http://wiki.gridcoin.us/Main_Page
Boincstats: http://boincstats.com/en/stats/-1/team/detail/118094994/overview
Gridresearchcorp: http://www.gridresearchcorp.com/gridcoin/
gridcoin.asia explorer: https://www.explorer.gridcoin.asia
Gridcoin pool: http://pool.gridcoin.co
grcnode: https://www.grcnode.co.uk

Thoughts on the price?

1005
Technical Support / Re: Smartcoins yield: Yay / Nay ?
« on: September 12, 2016, 02:36:48 pm »
The 5% interest on anything was a major selling point for BTSX (Hell, it has an emoji here! +5%). I would love to be able to set interest on UIA/MPA.

Pages: 1 ... 60 61 62 63 64 65 66 [67] 68 69