Seems cool~ but I want to ask, is your exchange a centralized exchange like bter or it's the web version of BTS internal market? If it's latter, you will get my vote. +5%
3) Website keeps yield earned
4) All transactions are free.
3) Website keeps yield earned
4) All transactions are free.
Wouldn't this strip too many of the benefits of BitShares if you both take away the yield on BitUSD and require the user to trust their money with a third-party? Not much better than PayPal at that point.
I don't think the website should keep the yield (at least not all of it). We want people to save with BitUSD because that most effectively adds value to BTS. That means we want to incentivize holding the BitUSD more than spending it. I think the small $0.02 fee per transaction is acceptable if it means the users get outstanding yield on their funds. The fee could only apply to account to external account transfers since those are the ones in which they are forced to pay a fee to the DAC.
If BitShares can consistently get above 5% p.a. yield on BitUSD, then perhaps the service can take a cut to pay for operating expenses and pass on a 3% p.a. interest to the users. If they can get enough money from the yield to also pay for the further development of the technology that we have planned, then that would be great. Otherwise, I think it is worth it to pay for the improvements to the open source code through the delegates if it means these hosted services can afford to pass on an attractive 3% p.a. interest to the user.
You are right it is no better than paypal:
1) No fees
2) Instant
3) No chargebacks
4) Can withdraw to BTS to gain higher yield
5) Gold, Silver, Gas, Diesel accounts...
You are right it is no better than paypal:
1) No fees
2) Instant
3) No chargebacks
4) Can withdraw to BTS to gain higher yield
5) Gold, Silver, Gas, Diesel accounts...
Someone please correct me if I am wrong, but I believe Paypal to Paypal transfers (assuming you have a balance in your Paypal account already and do not need to move the money in from a bank account or credit card) should also be free and instant.
Technically, nothing stops a hosted service from implementing chargebacks. None of the internal transfers are on-chain so they can roll back as they wish if their customers find that acceptable.
I will give you the point that you can save in Gold, Silver, Gas, etc. That is a unique feature. And the ease at which one can withdraw funds into the blockchain and manage them with a full client is a huge plus as well (although it does require the person to set up and use a full client which could be a bit of an obstacle for someone who was attracted to a hosted service in the first place). Also, to be fair to myself, I did say "not much better than PayPal" not "no better than PayPal".
I still think it is important to not neglect the yield when enticing the masses into our system. Also, I really want to see a blockchain.info style wallet with multisig as soon as possible because I really hate to see people move into hosted wallets where they don't actually have control over their own money. I also worry about what hosted services holding BTS on customer's behalf can do with the voting power in their control.
You are right it is no better than paypal:
1) No fees
2) Instant
3) No chargebacks
4) Can withdraw to BTS to gain higher yield
5) Gold, Silver, Gas, Diesel accounts...
Someone please correct me if I am wrong, but I believe Paypal to Paypal transfers (assuming you have a balance in your Paypal account already and do not need to move the money in from a bank account or credit card) should also be free and instant.
Technically, nothing stops a hosted service from implementing chargebacks. None of the internal transfers are on-chain so they can roll back as they wish if their customers find that acceptable.
I will give you the point that you can save in Gold, Silver, Gas, etc. That is a unique feature. And the ease at which one can withdraw funds into the blockchain and manage them with a full client is a huge plus as well (although it does require the person to set up and use a full client which could be a bit of an obstacle for someone who was attracted to a hosted service in the first place). Also, to be fair to myself, I did say "not much better than PayPal" not "no better than PayPal".
I still think it is important to not neglect the yield when enticing the masses into our system. Also, I really want to see a blockchain.info style wallet with multisig as soon as possible because I really hate to see people move into hosted wallets where they don't actually have control over their own money. I also worry about what hosted services holding BTS on customer's behalf can do with the voting power in their control.YouWe should understand and accept (IMHO), that despite our big dreams, the world that we live in (like 99% of it) will come aboard through some centralized entity / central point [of failure].
You are right it is no better than paypal:
1) No fees
2) Instant
3) No chargebacks
4) Can withdraw to BTS to gain higher yield
5) Gold, Silver, Gas, Diesel accounts...
Someone please correct me if I am wrong, but I believe Paypal to Paypal transfers (assuming you have a balance in your Paypal account already and do not need to move the money in from a bank account or credit card) should also be free and instant.
Technically, nothing stops a hosted service from implementing chargebacks. None of the internal transfers are on-chain so they can roll back as they wish if their customers find that acceptable.
I will give you the point that you can save in Gold, Silver, Gas, etc. That is a unique feature. And the ease at which one can withdraw funds into the blockchain and manage them with a full client is a huge plus as well (although it does require the person to set up and use a full client which could be a bit of an obstacle for someone who was attracted to a hosted service in the first place). Also, to be fair to myself, I did say "not much better than PayPal" not "no better than PayPal".
I still think it is important to not neglect the yield when enticing the masses into our system. Also, I really want to see a blockchain.info style wallet with multisig as soon as possible because I really hate to see people move into hosted wallets where they don't actually have control over their own money. I also worry about what hosted services holding BTS on customer's behalf can do with the voting power in their control.YouWe should understand and accept (IMHO), that despite our big dreams, the world that we live in (like 99% of it) will come aboard through some centralized entity / central point [of failure].Yes! And then discover the way out the back door to freedom, perhaps just in time. :)(http://thumbs.dreamstime.com/t/time-tunnel-2871185.jpg)
Can BTS that is locked up in a margin order be included in the snapshot? My gut tells me, probably not. Unless you were to take the initial BTS put up as collateral from each side of the trade?
If not, will BTS locked up in orders as collateral be excluded from the total supply the 35% allocation is honoring?
yes, as you described, market orders will not be included, the exactly definition would be the balance records in balance db (the balance you see in your wallet).
Now THAT SUCKS!
Big Time!
I have 70% of my BTSX, in collateral!
So I am no good for share drop because I am too bullish on the whole system ???????????????????????????????????????????????????????????????????
F**k!
I am willing to Fund the total needed amount . would like to collaborate if you want . i am not a coder but i have a vision wie could maybe combine. Lets talk via Skype or mumble . after saturday i am availableLet me now where to send some funds.
I fully support this effort and encourage you to work with James as you are already familiar with his work.
I would like you to consider a slight detour in your development schedule before going fully "web based" and this is to create a version of the site that manages the funds on behalf of the users like a bank and make it open source for everyone who can get a money transmitters license.
3) Website keeps yield earned
I am willing to Fund the total needed amount . would like to collaborate if you want . i am not a coder but i have a vision wie could maybe combine. Lets talk via Skype or mumble . after saturday i am available
Let me now where to send some funds.
I'd like to contribute .. but under one condition: current development status is pushed to a public github (or elsewhere) repo prior to fund raising and development will be done on that public repo.
xeroc, my only concern with going open source right now is that if I don't get elected, I have potentially given away everything I've developed so far to a better funded competitor.I see .. it's a difficult compromise ..
I see .. it's a difficult compromise ..
but you can benefit for you campaign because you can show people CODE and not just fancy images ... I wouldn't call scam here .. but if you take a look at BTCtalk you will see plenty of them just posting fancy images and no code
IMHO it will GREATLY support your campaign if you published your code right away ..
Anyway, you have my support in any case
what is your delegate ID? I would like to vote.