Quote from: bitmarket on January 31, 2015, 10:48:25 pm

We are bitcoins killer app.   If we put our egos aside and make the best bitcoin wallet possible with built in hedging, millions will flow into bitUSD and the users will never have evenheard of bitshares.

The bitcoin headline reads....

"Receive and send bitcoin. Hedge bitcoin price without counter party risk.  Bitcoins killer app is here."

I like this idea as it doesn't require a bounty or current developer time to attempt.

The only minor concern I can think of is that by not actively promoting BitShares then Bitcoin users are ambivalent to the product they are using. This gives Bitcoin time to develop a similar solution maybe via side chains? (I don't know anything about technical stuff.) So during this window of opportunity we have to promote BitShares and BitAssets, we would have promoted & empowered Bitcoin with our USP and then be made obsolete once they can replace us with their Bitcoin collateralised or other solution and users wouldn't know the difference.

The concern is worthy of consideration, but I think the upside massively outweighs the potential risk.  Also I have thought about it a bit more and branding of bitUSD will be important.  Still no bitshares branding though.   Getting bitUSD into many users hands is of utmost important.   If that happens market cap skyrockets, devs flood to bitshares, and network effects kick ass.   There is no other opportunity that even comes close to this that I am aware of.

You are right.  that was a couple of pretty epic responses.   I am a hardcore libertarian and that is pretty much the most eloquent vision I have ever heard.  And thanks to my involvement with bitshares I even think it is attainable.

I don't think it even needs a bounty.  The regular delegate system is working well.

It is relatively low hanging fruit and is already 90% done.

bitshares lite wallet is in final  initial alpha testing.
shape shift API and lens code is open source and ready to use.   And I have a friend with an established bitcoin wallet that is open source. He cannot dedicate developers to doing this but is happy to push it live in his existing wallet with thousands of users.   We are talking a month or two tops of development if someone from this community can do that.

Quote from: bitmarket on January 31, 2015, 06:07:56 pm

May I make a suggestion....

You are looking at the wrong end of the horse.

A bitshares wallet that does X attracts about 500 eyeballs.

A bitcoin wallet that does X attracts 100,000's of eyeballs.

We need to build a bitcoin wallet.  branded as a bitcoin wallet, that allows hedging of bitcoin with no counterparty  risk.   Bitshares is never mentioned.  perhaps bitusdis mentioned, but it is certainly not front and centre.   IF we do that then we begin a stampede into bitUSD on the next bitcoin price drop.   And we dont have to pay a penny in advertising.  Coindesk, word of mouth and reddit will do all the work for us.   You won't be able to get Barry Silbert and every other pundit to shut up about how bitcoins volatility problem has been solved on CNBC.

Not one penny of advertising needed.

And the good news is it is 90% done.
bitshares lite wallet is in final testing.
shape shift API and lens code is open source and ready to use.   And I have a friend with an established bitcoin wallet that is open source. He cannot dedicate developers to doing this but is happy to pus it live in his existing wallet with thousands of users.   We are talking a month or two tops of development if someone from this community can do that.

Anyone?

 

I like this strategy!

is it too much to ask Multibit,Electrum,Mycelioum etc. for example to integrate it?

We just need to do it for one wallet.  If we do that and open source it, I predict blockchain.info will have it on their wallet by the
 end of the year.

I just answered this question on /r/bitcoin and I think its the shortest answer I have ever figured out how to deliver to answer it.  I thought I would share it. Feel free to use as you see fit.

Answer:
The easiest way to understand it is to consider the COMEX can have a wheat futures contract without having any wheat on hand. How do they do it?

Lets say I think the price of what will fall and I want to profit. I can sell wheat today, and then buy it later for cheaper and I can profit by selling high and buying low. But how can I sell that which I don't have? I can place $'s as collateral with the exchange. If I sell a bushel of wheat at $200, the purchaser now has an IOU from me that says I owe him 1 bushel of wheat in the future. If the price goes up and I have to buy a bushell for $250, then that $50 loss I made is taken from my collateral. Notice I both bought and sold wheat and yet there was no wheat... just $'s. In this case, it is said that the settlement instrument was $'s.

So what if rather than have a wheat futures contract settled in $'s. We had a dollar futures contract settled in cryptocurrency?

Instead of selling a bushel of wheat, I sell $1. I place cryptocurrency on an exchange as security for the buyer. Now in the future I owe the buyer $1 no matter the excahnge rate. Either the rate moved up an I made a profit, or the rate moved down and money was taken from my collateral and I made a loss. Either way, the buyer receives $1 in the future no matter the exchange rate.

Therefore the buyers fully securitized IOU for $1 is always worth $1. ie: it has a stable value. And it is always backed by collateral (the cryptocurrency held on the blockchain.) Hence the $1 IOU is fully securitized and has no counter party risk.

This is what bitshares has achieved.

can someone tell the punters like me what this is?

The solution is that mergers and other changes to the company charter must be voted on by shareholders in the client. Then those claims made against us will no longer be true.   It was the absence of that voting mechanism that made it murky.   With that voting mechanism bitshares would have charted new territory and proudly led the crypto world through its first merger just like it led the crypto world through its first block chain employee.

How about a more indepth interview on how Bitshares makes blockchains profitable? You might have covered it before but I could watch a whole episode dedicated to how Bitstamp could be out-competed and its profits shared out to a whole community of shareholders.

Also what about discussing Dan's future plans for scripting inside Bitshares?

great ideas