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General Discussion / Re: STEEM hack discussion
« on: July 16, 2016, 10:22:54 pm »
You can find it on Github. The actual compromised users seem to be 150 not 260.
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So... will this product be set up? I think the idea is brilliant and it includes an interest component paid by the shorter... which I think is missing right now...
Hopefully, if we find a whale who wants to try this.
OK, I am pretty much done with the OP pending any other thoughts jumping into my head (or feedback from replies).Coinhoder,
I will give my input.
Bitshares model is pretty stable.......n is innovative by itself......what bitshares have we can call it 3.0, 4.0....whatever......
Too much people looking for problems because a lot ofcoins had huge pumps n Bitshares "only" made 50% in the last few days.....
I follow a lot of data about bitshares n other projects n can safely say bitshares can explode at any time, it will, it has everything needed to make crypto scene shake hard. be patient about ROI.
This reasoning was not developed based on the past 3 days of market indications, but instead from a year and a half of market indications, and two years worth of many discussions/debates with Bitshares' antagonists on Bitcointalk.
No offense, but the lazy mantra of "Bitshares will explode at any time" and "Liquidity will increase with adoption" has been used for two years with no to little effect. It is time to take matters into our own hands, and realize there are issues with Bitshares that we need to fix.
I would argue Bitshares as we know it today is only 8 months old.. when 2.0 came out it was a giant rest button really. Since then refooting to gain liquidity into the network has taken place. Due to some of the changes some has been lost.
I like some of your suggestions. I understand the idea of appealing to crypto folk and it makes sense in certain ways.
You are proposing we hit the rest button again.. but with no real serious innovation to justify it. At present Steem is going through an experiment that may lead to solving the liquidity problems we see in bitshares today. We are not very far from seeing what the results of that experiment yield, and I would rather see that before making any kind of clear cut plans.
I agree that liquidity is needed, and various projects are actively creating ways to produce that. BlockPOS through merchant adoption for example. Peerplays through online tournament wagering. Openledger with ICOO and all the other projects that make up the pyramid of the decentralized conglomerate.. and so on. There are other projects in the making as well that are not publicly discussed that plan to introduce solutions to liquidity as well, like Freedom Ledger. There is the bitCASH wallet, there is Echo... list goes on.
I don't think bastardizing dpos really provides any value aside from making those that invested thousands in mining equipment happy they got another coin to attempt to get their investments back. Believe me, I know the feeling.
While going the ICO route sounds like the latest gravy train to get on, I think it would be particularly challenging for Bitshares. Frankly, anybody can do this.. doesn't need the community to do it.. and the market will decide afterwards.. as bytemaster himself said a few months ago.
I think as long as everyone executes and completes the projects they are working on to take to market, you are going to see our liquidity issues reach a tipping point and no longer be an issue. Look at our transaction volume... its slowly but surely increasing. That is the right direction we want to see.. its just a matter of like @bitsharesbrazil already said.. we just got to be a little patient and just keep doing MORE of what we are doing to reach that tipping point.
Also.. from a value proposition perspective as a reboot ICO offering... the optics of doing an ICO for Bitshares right now would go TERRIBLY bad... as a matter of fact.. I am certain it would be the death blow for Bitshares market cap. It has to do with how messaging is currently handled that would inevitable lead the ICO into a very bad place. Again I say though, anybody could do it if the choose too.
I like to hear more ideas on creating liquidity though.. its a good discussion to have.
P.S. I thought you need only ideas. I am not a professional designer and I don't expect any compensation for my work. I would only like to see your project succeed.
-We need people to short it into existence, but the only reason to do that is to think that BTS will rise by greater than 5% per year vs the basket of currencies
-Since there is no reason to think bts will rise more than 10% each year since BTS isn't profitable and even BM has said increased network activity won't drive BTS market cap higher, no one will short it.
How much collateral?
Is there anything beyond just the single contract.. or does each transaction build proof of trust?
I think many Community Members here are top nodge and could do this very quickly (KenCode, Xeroc??)... David Zimbeck who invented it even did not know how to code before doing BlackHalo... If I only knew how to code C++...
I always found Halo missing in BitShares... having this integrated would be an absolute killer...
Anyone can learn how to code C++ (javascript, go, etc you name it) in a couple of weeks, except complete retards. The problem is that in order to create a quality financial platform, coding is not a main skill required. There is quite a bit of science involved. Financial science existed long before computer age.
Nice thought experiment, but I think the original model, were shorters paid interest to longs in bitUSD or bitEUR was much better. This should be reintroduced in my opinion... as an alternative at least to the current interest-free bitUSD... perhaps the bondmarket as well.Certainly it would not be called an experiment by the time it was presented to the General Public.
I understand the logic behind this... but people would not like to see such experiments and they might not understand it, as the whole project is already called an experiment...
At that point, it would all be boiled down to a menu of smart coins with various defined behaviors.
The average consumer would be presented with a simple list of coins they could buy:
bitUSD tracks the value of the US dollar.
bitGold tracks the spot price of gold.
bitSumo appreciates against a basket of currencies by 5%.
You buy these coins like you buy any CD and hold them as investments.
They each can be explained in about as much text as a product on Amazon.
They could certainly be explained as a 5% CD. The only difference is the black swan protection against any single currency suddenly collapsing - a real probable scenario in the next few years.
I'm not sure there is any difference between what we are saying other than how it is explained. My proposal is simply implemented by publishing the price feed formula as a function of other price feeds.
How is what you are saying different and why would it be better?