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Messages - devlux

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16
General Discussion / bitMXN let's play!
« on: September 10, 2015, 11:19:02 pm »
Was experimenting today and found bitMXN.
This is neat because about half the gemspace staff are ex-pats living in Mexico.
The market appears to be completely empty, so I opened a test order at feed price.

Not sure if anyone else has seen this market or not. 
I'll buy at feed + 5% if someone wants to be on the sell side for a bit.
I'm willing to bet that with the ATMs coming online and a lot of them being deployed in Mexico & LATAM that this one could be a sizable market.

17
General Discussion / Re: Bitgold as investment
« on: September 09, 2015, 09:33:08 pm »
I think if  what you say were actually the case we would see more action in those markets.
The fact that no one is buying/selling in the markets and the total market cap of each asset is on a downward trajectory kinda means those theories are wrong.

If people really believe in bitAssets as an asset rather than a gamble, then they should be trying to make markets. 
Right now you can't buy anything without paying MASSIVE premiums that make it very unattractive.

BitSilver is about the only exception to this rule, which is very interesting because silver is WAY under priced in general.  The XAG/USD rate will probably double by this time next year if the fed so much as breaks wind in the general direction of an interest rate raise.

I'd be willing to build an on/off ramp between physical XAG & bitSilver (technical side of things).  If anyone knows any coin shops or legit metals dealers that would like a direct integration let me know.  But they have to be willing to take it at spot +- 3% 1bitSilver for 1ozXAG

18
General Discussion / Re: Pegged currencies discussion
« on: September 09, 2015, 07:11:26 pm »
That might just be due to trades of bitusd on centralized exchanges.

Can we have a chart on bitsharesblocks that shows the difference between bitusd price on the DEX vs the price feed?

Like this?
http://coinmarketcap.com/assets/bitusd/#markets

19
General Discussion / Re: Pegged currencies discussion
« on: September 09, 2015, 07:09:39 pm »
It also has to do with the near impossibility of creating new bitUSD or acquiring it.

Metaexchange can't trade BTS to/from bitUSD right now with the webwallet because the webwallet doesn't support memos correctly, so sending BTS to them to buy some bitUSD and thus arbing the spread down is neigh on impossible.
I asked Metaexchange directly about shrinking the memo size to fit, and they said it would take a major recode on their end and the bug that was opened with the webwallet github was closed as "won't fix cuz 2.0 iz comin!"

You can't mint bitUSD and the web wallet evidently doesn't support shorting it into existence.
The "play at home" version of the application is one of the worst resource hogs I've ever run. 

I physically can't move the mouse on my laptop after launching it and" top" shows it pegging the CPU plus chewing up 125% of RAM.

This is most recent Ubuntu on a laptop with LXDE desktop (couldn't even get it to launch under Unity or KDE).
2GB of RAM and dual core 2GHZ processor.  Should be enough, but isn't.

What this means is that people WANT bitUSD but can't get it because someone decided for whatever reason to limit the memo field in the webwallet while at the same time disabling shorts.

I would gladly hold 90% of my net wealth in bitAssets and I know a lot of others who feel the same way.
But you can't get into a position for a fair price and I'm not upgrading my computer just to run a wallet that by all means should be just a few MB (SPV would be so lovely to have).

Limewallet is looking promising, but I didn't see the ability to short on it either.

20
General Discussion / Re: Bitgold as investment
« on: September 09, 2015, 06:58:39 pm »
I think we need a lot more people participating in all of these markets. 

The market depth isn't there right now which is making the price spread a bit "crazy".
The more people we get participating in these markets, the healthier they will become.

You need to remember that "bit" ANYTHING is actually just a bet.

When you acquire bitGold you are betting that the price of Gold relative to BTS will increase faster than the price of another asset such as silver or USD. 

When you CREATE or SHORT these objects into existence then you are taking the opposite of that bet.  You are betting that BTS will rise relative to Gold.  Put another way, you are betting that the price of Gold in BTS terms wil bel going down faster than the BTS price of another asset such as silver or USD.

No matter which way you look at it, it's not an investment in the classical sense.
There is no underlaying "Gold" for you to receive inkind should the market collapse and if there are no takers, you might well be forced to ride your bitGold all the way down to 0.

May as well call it "betGold"  :)

As a crypto or electronic asset though, market pegged bit assets are by far superior to anything else out there.
There is nothing in the world that has the potential that this class of products has.

Just keep in mind that you aren't really trading and investing in an asset, you are trading in a derivative. 

As a derivative it is not based on gold or any other asset in any meaningful sense of the word. 
It's just a bundle of bitshares guaranteed to always be equivalent to the price of said asset according to the published feed which may or may not be an accurate representation of reality.

With the expected "7 Year Cycle" due to come this year, it would be a very good idea to spread yourself out among the various "hard currency" derivatives such as bitGold & bitSilver.  I would also recommend keeping some in bitUSD and some other bitFiats as a way of offloading the risk of market declines.

21
General Discussion / Re: bitUSD ATM/Kiosk
« on: September 09, 2015, 05:49:48 pm »
It might be the kernel & os rather than the Pi.  It could also be voltage leakage on the connectors zapping something.
The Pi standalone without a tablet would be an awesome idea and it's something we're considering for the next iteration.  I think once we get the leakage issue resolved it might work too.

Current goals are to be as "part for part" compatible with the Skyhook as possible.

22
General Discussion / Re: bitUSD ATM/Kiosk
« on: September 08, 2015, 10:25:31 pm »
We're tracking it pretty closely.  The ATM is 3 different pieces of software all talking to eachother.
The front end speaks a specific API to the backend, and the backend communicates with "providers" who all speak "backendese" as well.
The "provider" does the translation work between asset engine and backend.

We have a provider for bitshares almost done and plan to have one for graphene.  We also have providers in the works for a few of the different exchanges.  It will be up to the operator to enable the providers that they want to see on their own machines though.

23
Technical Support / Re: why is it that nothing works for me?
« on: September 08, 2015, 01:16:37 pm »
Bump!  This is still an issue on the web wallet 3 months later.  Come on guys, seriously please fix this it's a real usability concern.  I'd like to bring people over but no one will take me seriously because I can't even transfer funds.

24
General Discussion / Re: bitUSD ATM/Kiosk
« on: September 07, 2015, 04:52:35 pm »
we've been looking for an exchange partner to provide the currency exchange services.

paging @ccedk

I am here, will send them PM
@ccedk It's possible no one is checking info@gemspace.net until middle of this week.  If you want to drop me a PM with a contact email, I'll make sure it gets in front of the right folks.

25
General Discussion / Re: [BitShares-JavaScript] BitShare Paperwallet in HTML
« on: September 07, 2015, 04:41:39 pm »
as always xeroc, thank you very much!

26
Technical Support / Explain it like I'm 5 challenge! (bitUSD creation)
« on: September 07, 2015, 04:20:21 pm »
I recently had a fascinating & frustrating discussion with a potential investor who is a complete crypto-noob.
This person has "kinda heard of bitcoin" but never owned or traded any sort of crypto asset.

I was trying really hard to divert him away from buying bitcoin.
Instead I wanted to interest him in buying and holding BTS.

Here's the problem.  Despite the fact that I'm working to create ATMs that deal in BTS & bitUSD directly, I could not explain in layman's terms how an individual could go about creating bitUSD for themselves.

The onus for creating bitUSD is that right now there is almost a 25% premium.  Now admittedly the market depth is crap, only $144k in total according to coinmarket cap.  So someone could easily dump $10 or $20k and push that premium down to realistic levels.  But how?

I fired up a browser, logged into wallet.bitshares.org, hit the exchange and suddenly found myself a bit lost.
I could not show this person how to create even a single bitUSD despite having BTS in my own account.

Can someone please create a step by step guide?
You can  assume the person has 1 BTC in a wallet somewhere like Mycelium.
You can safely assume that the person doesn't want to install anything else on their computer and is happy just doing everything via the web. 

You can assume that installing anything, especially the bitShares wallet and having to wait for blocksyncing would be a deal killer for them.

You can assume that they have a registered account already and it's sitting on wallet.bitshares.org.
You can assume they'll buy BTS directly on metaexchange or shapeshift.
You can assume that they'll send all the BTS to their wallet and you can assume that they'll be willing to short the whole wad into bitUSD at market.

Make a nice guide with pics / screenshots and there is 1,000 BTS reward for you.

27
General Discussion / Re: [BitShares-JavaScript] BitShare Paperwallet in HTML
« on: September 07, 2015, 02:07:46 pm »
Does anyone have an "unminified" version of js/bitshares.min.js I looked in the repo and nothing jumped out at me.
Also I don't even see the minified version in https://github.com/xeroc/brainwallet/tree/master/js

Thanks!

28
General Discussion / Re: bitUSD ATM/Kiosk
« on: September 07, 2015, 12:53:13 pm »
This project is still alive and kicking, sorry for being so quiet lately but I'm not one to talk unless I have something important to say.
The original design for this called for it to be "part for part" compatible with the Skyhook.

After getting the first units off the line and performing burn in testing it was found that the the Pi is a serious design problem.
 
It can randomly "panic" requiring a reboot.  I strongly suspect that this is a result of voltage leaking, i.e.  RS232 is a 12V protocol and USB is 5v.  Whatever the cause, the fact is that the Pi was throwing a kernel panic at random intervals when connected to the bill acceptor.  I only found this out when connecting the Pi to a monitor and tailing syslog.

Unfortunately there was no way to indicate this "distress" condition to the user, so the end result was an ATM that randomly decided that it wouldn't take cash.

I went back to the drawing board and scrutinized each part of the design.

In a Skyhook, the Pi is sort of used for everything and the tablet is nothing more than a webbrowser pointed at a webserver running on the Pi.   One of the major differences between the Simplicity & the Skyhook is that with Simplicity we moved all of the business logic into the android tablet. 

At this point, the Pi is being used solely for interfacing with the bill acceptor. 
The only reason for keeping the Pi is that Pyramid does not have an android compatible API. 
So I've been writing one, it's not a direct port of their API, but it gives the essentials needed for the android and the acceptor to talk directly with eachother.

The other challenge here was that the Pi also functions to connect the bill acceptor into the system in general. 

Physically and electrically, the tablet connects to the Pi and this was how the tablet is being charged. 
Removing the Pi and replacing it with a straight through UART (part that translates the RS232 serial port of the bill acceptor to a USB one) means blocking the only port on the tablet that can be used to charge it.  Since the UART cannot tolerate the amperage required to charge the tablet, a standard USB hub or even a Y cable will not work here.

Our solution was to design a custom cable and find a cable manufacturer, one who could embed the UART into the cable , while also providing an electrically isolated charging channel so we effectively have a single "smart Y cable". 

The cable can detect when the tablet is trying to establish communication with the bill acceptor at which point it shuts off the power flow to the tablet.  When the tablet and bill acceptor cease communicating, the cable will resume charging the tablet.

I have some initial engineering samples arriving this week and if everything goes well, they should be in production by the first week of October.  Doing this will allow us to rid ourselves of the Pi and the extra complexity it introduces. 

Using the custom cable is $10 per unit more than utilizing the Pi was, so this doesn't save us any money.  However we think we can still keep the same MSRP, but at the wholesale level it will be a little higher priced.  We're still cheaper than a Skyhook though!

I also took the simplicity.gemspace.net domain offline for the time being.  Once the retooling is complete, I'll be releasing the full sources to the front end directly on github in hopes of spurring the maker/hacker community to action to make awesome front-ends for these things.  Web design was never my strongest suit :)

In addition to all of that, we've been looking for an exchange partner to provide the currency exchange services.  I think we will be having an announcement on that very soon, but I'll invite the exchange partner over to make the actual announce.

On another note, we're reconsidering the Master Reseller arrangement.  I can't speak too much about it right now, but the goal has always been to get these into as many hands as possible as quickly as possible.  A huge part of that has been to make sure that warranty service issues were handled in a professional manner.  I confess though, we have really overbuilt these devices.  Every single component is high enough quality that the expected MTBF is over 2x the warranty period. 

Unlike previous efforts in this space, we're working directly component manufacturers and assembly houses. 
Nothing is being built in house with 3D printers and hand soldering :)

What this means is that the need for a nationwide network at roll out, probably isn't as pressing as we had anticipated.

Therefore, we may move to a direct sales model,  we're setting a pre-order price well below MSRP in order to get the production volume up. 
We will be accepting payment in bitUSD for all direct sales, so if you're interested in getting your very own Simplicity Model A+ please contact info@gemspace.net you'll be notified when we're "sales ready".   


That's it for now, thanks for your patience everyone!

29
General Discussion / Re: bitUSD ATM/Kiosk
« on: July 24, 2015, 06:55:09 pm »
A few more comments:

1. The paging goes one page too far, to a completely empty page with no cards.
2. If you click the wrong payment method, you have to go all the way back out and start over to switch it.

Thank you, that's exactly the type of feedback I'm looking for right now.
I'll be uploading a new version with lots of fixes tonight.  Still don't have bitUSD functional, it works on development but not live.  I'm just scratching my head on it at this point.

30
General Discussion / Re: bitUSD ATM/Kiosk
« on: July 22, 2015, 07:53:26 pm »
Probably a bit late in the game for this, but I just realized that the bitUSD logo we're using doesn't match anything I've seen anywhere.  I originally had another guy working with me on the art side and he was the one who obtained assets such as the logos etc.  He was tasked with making sure it was either public domain or creative commons commercial use allowed etc.

I really have no idea where this logo came from.  Does anyone recognize it?  I just don't want to violate any licensing terms.
Also is there an official bitUSD logo we can use?

Thanks!

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