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Messages - oldman

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406
General Discussion / Re: Is Anyone Still Holding Bitcoin?
« on: September 12, 2014, 04:26:29 pm »
Quote from: MeTHoDx on September 12, 2014, 03:05:56 pm
Quote from: OldMan on September 12, 2014, 03:02:20 pm
Quote from: xeroc on September 12, 2014, 02:41:08 pm
Quote from: CLains on September 12, 2014, 02:37:52 pm
1. I forget/lose my password.
2. I lose my wallet/PC crashes.
3. The download was malicious.
4. The download was intercepted.
5. Keylogger records my password.
So we need a dedicated device to handle your private key which can be backuped with a seed .. pretty much a bitcoinTreZor for BitShares :-)
We are still some months away from that (really nice) solution :-(

But it should be able to develop this more quickly when compared to bitcoin .. bigger parts of the source code are already available

Something similar to bitaddress for creating paper wallets (any bitAsset... imagine having a mix of BTSX/bitUSD/bitGLD in the safe) would be a great short-term solution.

I have many of the same concerns as CLains and in fact have had password trouble already. Very, very stressful.

As BTSX appreciates in value these concerns will become more and more pressing.

Dev team definitely is going to need a few clones.

Best solution: buy a dedicated laptop running Linux and only use it to run the BitShares X app. If this can be done with a live boot even better.

I've dedicated a machine for this purpose. But the one client/one account/one machine is the scary part.

So if you want to spread risk you need two or machines with multiple clients/passwords. Done this as well; clunky but it works.

Really needed is a simple, trusted and reliable way to get bitAssets into cold storage.

Would love to take 80-90% of my holdings offline for next two or three years.

407
General Discussion / Re: BTSX Valuation based upon standard P/E ratio of 20.
« on: September 12, 2014, 04:20:36 pm »
Quote from: MeTHoDx on September 12, 2014, 02:12:35 pm
Quote from: G1ng3rBr34dM4n on September 12, 2014, 01:48:12 pm
Quote from: MeTHoDx on September 12, 2014, 01:42:34 pm
Quote from: Chuckone on September 12, 2014, 01:31:21 pm
Quote from: MeTHoDx on September 12, 2014, 01:25:01 pm
Quote from: xeroc on September 12, 2014, 01:14:27 pm
Quote from: MeTHoDx on September 12, 2014, 01:11:54 pm
... I expect to see at least 0.30 per share a year from now.
0.30 denoted in BTC, USD, EUR, or CNY?

USD

That's approximately 8 times the current value, and give BTSX a valuation of 600M$. That's kind of bullish, but not unseen in the crypto-world. Knowing the quality of the product/features offered and the quality of the devs supporting the whole project, nothing's impossible! It's all about appealing to the masses and deep pocketed investors...

Are you familiar with the bitcoin bubble cycles?

lol - my first reaction was 200-300x seems realistic.  500x+ is bullish

A 200x increase would put the BTSX market cap at $16,000,000,000 USD. I don't see that happening all in one bubble cycle. I'll be happy with a 5x increase over the next year or so.

Not out of the realm of possibility if BTC hits $60-600bn on the next bubble ($10-100k/BTC).

408
General Discussion / Re: BTSX Valuation based upon standard P/E ratio of 20.
« on: September 12, 2014, 04:15:37 pm »
Quote from: Riverhead on September 12, 2014, 03:20:34 pm
So lets say we get a large portion of the BTC crowd in bitBTC. Wouldn't someone cashing out a very large stake upset the peg? If their bitBTC reaches a point they want to sell $5MM worth they'd still have convert it to BTC on the open market. I guess we're assuming that one or more of the following will come about:

1) The centralized exchanges support bitBTC so they can cash out 1/1 bitBTC/BTC
2) They can go from bitBTC->bitUSD->fiat directly
3) bitBTC->fiat Coinbase style.

Going from BTC->USD in large enough quantity would cause a price slump. Going from bitBTC->BTC in large enough quantity may give the market a heads up to start dumping some BTC...

Yes, agree with BM on liquidity providers.

However, my initial reaction is the majority of 'cashing out' will be from bitBTC to bitFiat or bitGLD/SLV.

I think most folks savy enough to make the BTC -> bitBTC transition are likely to keep the value in the crypto-space.

Those looking to convert large quantities of BTC into real fiat in the near term would not likely assume the extra risk of a bitBTC for the small ROI increase from the yield.

So a large movement of value out of the bitAsset economy is going to put pressure on the peg, but I'm not sure it is going to be a frequent thing as the platform matures.

Would be an interesting exercise to stress-test the bitUSD peg periodically as liquidity increases. Should be able to quantify the 'strength' of the peg rather nicely...

409
General Discussion / Re: Lets see if it bounces.
« on: September 12, 2014, 04:04:55 pm »
Quote from: MeTHoDx on September 12, 2014, 02:20:59 pm
Quote from: OldMan on September 12, 2014, 02:06:44 pm
Releasing the trading platform in the next week or so would help a great deal.

You have any details on this?

Cass and gang are building a proper trading platform with charting, indicators, etc.

There are few posts here and there (https://bitsharestalk.org/index.php?topic=8390.msg110154#msg110154) but no official announcement.

ETA is soonish...

410
General Discussion / Re: BTSX Valuation based upon standard P/E ratio of 20.
« on: September 12, 2014, 03:10:38 pm »
Quote from: nomoreheroes7 on September 12, 2014, 02:31:21 pm
Quote from: MeTHoDx on September 12, 2014, 02:12:35 pm
A 200x increase would put the BTSX market cap at $16,000,000,000 USD. I don't see that happening all in one bubble cycle. I'll be happy with a 5x increase over the next year or so.

BitShares is currently trading at over 5x its value of just one month ago...things move fast when something truly revolutionary is afoot. I personally believe we'll all be caught off guard at how quickly things explode if BitYield works as planned and an impressive trading software suite rolls out. The potential here is absolutely monumentally enormous...can't wait.  8)

The velocity of crypto-capital is unprecedented.

Moving value from fiat -> BTC has been painfully slow, and still is for the majority of folks.

But even with a severe on-ramp handicap the increase in BTC market cap over the last five years has been breathtaking.

Moving value from BTC -> BTSX takes minutes...

I don't think we can underestimate the velocity with which value can move into BTSX.

Hell, it is possible to hit a cap of $1bn in few months if a substantial marketing campaign is rolled out.

At the very least, why not hold bitBTC and earn some yield?

BTC holders don't have desert for the BTSX camp... they can maintain their portfolio allocations and improve ROI.

Once there is depth and solid peg I know I'll be moving some value from BTC to bitBTC.

Just need to get the platform stabilized, a reasonable feature set in place and then get the word out.

The ride could be epic.

411
General Discussion / Re: Is Anyone Still Holding Bitcoin?
« on: September 12, 2014, 03:02:20 pm »
Quote from: xeroc on September 12, 2014, 02:41:08 pm
Quote from: CLains on September 12, 2014, 02:37:52 pm
1. I forget/lose my password.
2. I lose my wallet/PC crashes.
3. The download was malicious.
4. The download was intercepted.
5. Keylogger records my password.
So we need a dedicated device to handle your private key which can be backuped with a seed .. pretty much a bitcoinTreZor for BitShares :-)
We are still some months away from that (really nice) solution :-(

But it should be able to develop this more quickly when compared to bitcoin .. bigger parts of the source code are already available

Something similar to bitaddress for creating paper wallets (any bitAsset... imagine having a mix of BTSX/bitUSD/bitGLD in the safe) would be a great short-term solution.

I have many of the same concerns as CLains and in fact have had password trouble already. Very, very stressful.

As BTSX appreciates in value these concerns will become more and more pressing.

Dev team definitely is going to need a few clones.


412
General Discussion / Re: Is Anyone Still Holding Bitcoin?
« on: September 12, 2014, 02:21:07 pm »
Quote from: marcelus on September 12, 2014, 10:26:24 am
Quote from: merockstar on September 11, 2014, 05:28:35 pm
I'm torn on this subject. I am holding like 1/4 of my crypto in bitcoin and alts. Lately I've been thinking about cashing out to supplement my btsx, or maybe to invest a little extra in music.

I was also thinking about buying some PTS, and waiting until the next big snapshot announcement and selling off before the snapshot while the price is high.

but it's hard to leave all these alts, because I know from experience that a rising bitcoin tides carries all boats. All the main cryptos are going to bubble up the next big bitcoin snowball, and it's anybodies guess which will be the most profitable. Remember 25 dollar LTC?

It's also hard to leave bitcoin. I know it has a future, there's billions invested in it. There's an ETF in the works. The price is inevitably still going to rise.

so divided.

Stay divided (diversified). It's the smart play.

Yes, this. BTSX is still a high-risk investment.

It is true that many wealthy investors became that way by betting big and winning big.

But you will find that the wealthiest investors always, always hedge.

There will be at least one more big BTC pump; Wall Street and private capital won't pass up the opportunity. OpenBazaar may also have a substantial impact on market cap.

So perhaps it is wise to hold a percentage of the crypto portfolio in BTC through BTSX's infancy.

If the stars align, BTC will add a zero or two just in time for BTSX to find its legs.

Once BTSX is more stable/resilient/liquid profits from BTC can be secured in BTSX or other bitAssets.

Should BTSX fail for some unforeseen reason at least the investor has some crypto-holdings to fall back on.

My $.02 bitUSD.





413
General Discussion / Re: BTSX Valuation based upon standard P/E ratio of 20.
« on: September 12, 2014, 02:10:30 pm »
>$1USD/BTSX in < 1 year.

Based on absolutely nothing.

414
General Discussion / Re: Lets see if it bounces.
« on: September 12, 2014, 02:06:44 pm »
Releasing the trading platform in the next week or so would help a great deal.

415
General Discussion / Re: Some advice from a convert.
« on: September 12, 2014, 02:03:24 pm »
Quote from: merockstar on September 12, 2014, 05:22:05 am
Quote from: MeTHoDx on September 12, 2014, 01:41:38 am
You can't fork the FED, but you can fork BitShares X.

t-shirt material.

Ha - "Corruption? There's a fork for that."

416
General Discussion / Re: Fee Flow / Yield Info Graphic
« on: September 11, 2014, 09:45:42 pm »
Quote from: Pheonike on September 11, 2014, 09:08:26 pm

I think having the arrows point up and down is misleading. It makes is like something is being lost. The arrows should just be left/right which denotes more of an in/out vs up/down process.

Yes, this.

417
General Discussion / Re: BitUSD Market Maker Live
« on: September 11, 2014, 09:05:42 pm »
Quote from: bytemaster on September 11, 2014, 08:53:32 pm
Quote from: OldMan on September 11, 2014, 08:50:01 pm
Would be great if these types of tools could be implemented in the GUI as wizards/robots.

I am not nearly sophisticated enough to compile/run/interface with a script.

However, I can:

- Open the "AutoTrade" tab

- Agree with a disclaimer

- Select the 'bitUSD Market Maker' bot

- Enter the amount of BTSX/bitUSD I want to trade

- Hit the 'Go' button

My suggestion would be for the devs to add a basic algo toolkit to the GUI that automates basic market operations and can be used on any asset class.

Such a feature set would bring a flood of liquidity *and* further the Bitshares competitive advantage over other platforms.

Already on the drawing board... this script is just a proof-of-concept while we work to make it easier for small players.

Damn, you folks never cease to impress!  +5%

Now, who said unsophisticated players are small players? ;D

418
General Discussion / Re: BitUSD Market Maker Live
« on: September 11, 2014, 08:50:01 pm »
Would be great if these types of tools could be implemented in the GUI as wizards/robots.

I am not nearly sophisticated enough to compile/run/interface with a script.

However, I can:

- Open the "AutoTrade" tab

- Agree with a disclaimer

- Select the 'bitUSD Market Maker' bot

- Enter the amount of BTSX/bitUSD I want to trade

- Hit the 'Go' button

My suggestion would be for the devs to add a basic algo toolkit to the GUI that automates basic market operations and can be used on any asset class.

Such a feature set would bring a flood of liquidity *and* further the Bitshares competitive advantage over other platforms.

419
General Discussion / Re: BitShares X needs an awesome hook...
« on: September 11, 2014, 07:57:54 pm »
One critical aspect of the Bitshares platform that is not being explored is the removal of many historical barriers-to-entry that have prevented billions of folks from accessing banking and investing services.

With Bitshares, all someone needs is a prepaid smartphone. No government ID or address required.

The implications of this are profound. The ability to secure and invest wealth is largely what separates first and third world nations.

Bitcoin is currently touted as the solution for the unbanked but the Bitshares platform is vastly superior in almost every aspect.

The global nature of the platform and the low barrier to entry should feature prominently in the marketing.

Bitshares is banking for anyone, anywhere, at any time.

Perhaps not relevant for attracting the first few billion of crypto-capital from the Bitcoin folks, but definitely where the platform should be headed long term.



420
General Discussion / Re: BitUSD Yield (aka Interest) Scheduled for Launch Wednesday
« on: September 11, 2014, 07:19:15 pm »
Quote from: bitsharesrussia on September 11, 2014, 08:45:06 am
Quote from: xeroc on September 11, 2014, 08:41:45 am
awesome!


WTI next? Or GLD?

I would vote for GLD/SLV.

There is literally trillions of wealth stored in these metals.

Most of the wealth, however, amount to claims on assets held by third parties that may or may not exist (see COMEX inventory etc). ie. The counterparty risk is enormous.

This means there is a vast quantity of wealth that wants exposure to the price of PMs but don't want to physically hold the metals.

bitGLD is way to gain exposure to price movement without the counterparty risk. And get a decent yield to boot.

Get GLD/SLV bootstrapped and then put out a few well-placed press releases. Bam.




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