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Messages - bitsapphire

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61
General Discussion / Re: Moonstone should accept BTS
« on: April 10, 2015, 10:00:27 pm »
I understood that Moonstone have to accept only BTC not to harm their profitability. But Here're several thoughts.

1. The main target of Moonstone is BTSers. In recent bear market, their portfolio consists of mainly BTS, not BTC.

2. It is very hard to appeal the advantage of Moonstone to outside of community.

3. BTS whales do not want to move the market downwards. That is, they are hesitate to convert their lots of BTS into BTC, for the fundraising.

4. So many are waiting for BTS price increase. But I'm not sure this happens in a month. This results in one of two scenario: 1) People suddenly sell BTS to donate Moonstone, and price will drop enormously, 2) Moonstone fails to achieve the goal.

If Moonstone accept BTS, I believe many big BTS owners will put out their cold wallet money and donate for Moonstone. The success of Moonstone will spur price increase and Moonstone may have better profitability.

We just put up the poll on the original Moonstone diary thread. Please let us know what you think. We're open to any and all suggestions as long as they don;t break the original promise to the BTC owner!

We completely agree with all your points!

https://bitsharestalk.org/index.php/topic,15138.0.html

62
OK guys, damn I love this community :)

We've put up an announcement and poll in the official development diary. Could everybody please vote and let us know what you think?

We would even be open to extending the donation period, as long as we don;t break the initial contract for the BTC donors.

https://bitsharestalk.org/index.php/topic,15138.0.html

63
It seems that there is such a strong interest to donate BTS rather than BTC our crowdfunder that some people are thinking about buying MOONFUND tokens on the internal exchange straight with BTS. (See this thread https://bitsharestalk.org/index.php/topic,15663.0/topicseen.html)

We're opening therefore a poll to see whether enough people are interested in us putting a sell order of Moonstones at about 0.9-0.92 BTS on the internal exchange. This way almost everybody should be able to participate (though at a slightly lower potential return rate, as we still need to cash out to fiat for operations). We would then also need to update the funds collected on the website manually a few times a day.

Please let us know what you think, and please vote in the poll!

64
If you want Moonstone to be open sourced, contribute to the fundraiser.

If people are willing to buy directly via the internal exchange we could put 0.9 exchange rate MOONFUND tokens internally on sale. That way people with BTS could participate.

We would nonetheless have to exchange to BTC and then fiat though.

65
General Discussion / Re: Moonstone Fundraiser Help Thread
« on: April 10, 2015, 05:33:01 pm »
I want to donate from the moonstone.io  but it tell me I will get 50200 moonfund for one bitcoin.
But If I buy from metaxchange, the moonfund price is 0.00001704, that is about 58000 moonfund per bitcoin.

Some body can tell me why? I dare not donate for now.

The price of BTS moved within that time period faster than our API call to our price feed. Metaexchange is showing the correct amount. The correct amount should be displayed within a few minutes on Moonstone.io. Both are just estimates as the final amount is calculated once the first Bitcoin confirmation happens after 10-15 minutes.

If you want to see your final balance faster, and if you already have a TITAN ID with the current wallet, you can use Metaexchange. After 10-15 minutes you'll get your MOONFUND tokens.

Please let us know whether there are any other issues you encounter!

66
General Discussion / Re: List Exchanges to Approach Below
« on: April 10, 2015, 04:14:47 pm »
I would like to crowdsource a list of exchanges.  I would also like to know:
1) Is it a fiat gateway? and
2) Contact information (with special emphasis on email)

This is going to be useful for you http://enjoybitcoins.com/listing-category/bitcoin-exchanges/

67
General Discussion / Re: Moonstone Fundraiser Help Thread
« on: April 10, 2015, 03:22:13 pm »
What happens when you reach your goal?  Will you still refund the donations made after $150k with 15% yield?  What if you had 500k dumped on your site.  Is there anything preventing you from meeting the target of 15% yield for 500K in donations?

If we get 500k dumped then that will be the least of our worries :). We would be able to integrate Bitcoin much faster, create a decentralized bridging service, and decentralize the server setup into an oracle setup. Not to mention that we could start with the modularization of the system for future plugins too. If anything like that happens we'll figure out an even better way to compensate everybody!

Assuming though we simply pass the 130k goal, based on our calculation and the current BTS exchange rate up to 300k USD worth of MOONFUNDS should be no problem with 5 delegates.

Does that address your concerns?

Yeah thats great.  Btw what's your story?  How did you find out about bitshares?  And why bitshares?  Any other projects you guys worked on before you came here?

Here's  a great video interview Max did https://www.youtube.com/watch?v=-sDU-ooXq-E

This should answer all your questions.

68
General Discussion / Re: Moonstone Fundraiser Help Thread
« on: April 10, 2015, 02:03:41 pm »
"Moonstone is a crypto wallet that allows transfers and trades among BitShares, BitAssets, User-Issued Assets (UIA), and other tokens."

This description is very difficult for non-BitShares people who might find this page. How about,

"Moonstone is a free crypto wallet that allows transfers and trades among Bitcoin, BitAssets (like bitUSD and bitGOLD), User-Issued Assets (UIA), and other tokens."

Thanks CLains! Just updated the sentence accordingly. New website will be up in 2-3 days based on community feedback so far. Any other ideas or comments?

69
General Discussion / Re: Will Moonstone be Trezor compatible?
« on: April 10, 2015, 01:48:08 pm »
Actually I think there was a Litecoin implementation too.
Which is almost identical to bitcoin ..
the trezor can basically use any satoshi blockchain wich marginal modifications

Quote
As long as the crypto works the same everything is possible (though not with TITAN). There are very few actual problems we've encountered.

So far we've just played around with it. once 1.0 is out our plan is to start working on it more seriously.
Maybe I can help with that.. I already have good knowledge about the blockchain transaction format (https://github.com/xeroc/python-bitsharestools/blob/master/bitsharestools/transactions.py)

What made me halt on developing trezor for bts is (besides of lack of time) .. the implementation of the wire format on the USB interface.
I think the best approach would be to define new protobuf messages for bitshares transactions .. but I haven't read into the trezor implementation (trezor-emu -- python) .. to much to can come up with a 'good' AND flexible solution to enable bts signing on trezor ..
But I totally agree that trezor will certainly not work nicely with TITAN .. but it would work with BIP38 and 'deterministically' derived keys in the tree .. (TITAN is not directly 'deterministic' if you don't know the 'shared secret' from the stealth address) ..

The only problem we encountered which might be serious is that Trezor accounts for the Bitcoin hash formats being of variable size depending on how you built the transaction, while BTS does not do that. In a sense the exception handling happening for BTC might be an issue for BTS integration. We discovered this issue after looking into different cross-chain exchange options for Moonstone.

70
"4. More videos, especially interviews. Does anybody know any vloggers or podcasters? That is super effective!"



P2P tour has had some connection with Arthur from Bitcoins and Gravy podcast.

Does anyone here still have a relationship with Adam B Levine also?

@bitscape @roadscape @kencode

Arthur, yes. We wanted to talk with him about Moonstone and another project too actually. We should set something up within the next 2 weeks.
If you could publish some code or a working alpha version .. that would GREATLY impact your fundraising BTW ..

We're thinking about setting up a dummy wallet with just the Angular app without the transaction builder or access to the blockchain, just so the community can get the feel for it. Do you think that would help?

We could set that u by Thursday/Friday with dummy data.

71
"4. More videos, especially interviews. Does anybody know any vloggers or podcasters? That is super effective!"



P2P tour has had some connection with Arthur from Bitcoins and Gravy podcast.

Does anyone here still have a relationship with Adam B Levine also?

@bitscape @roadscape @kencode

Arthur, yes. We wanted to talk with him about Moonstone and another project too actually. We should set something up within the next 2 weeks.

72
General Discussion / Re: Moonstone Fundraiser Help Thread
« on: April 10, 2015, 11:06:07 am »
Can you spell out more clearly why moontokens are valuable?

Each MOONFUND token will be bought back from the market with BTS in the future via delegate pay. For every donation you will receive 15% more MOONFUND tokens than you would BTS on a current exchange. This means that as long as the Moonstone wallet becomes sufficiently popular over the next 5-30 months you can make a return on your donation.

I'm concerned about the numbers. Let's say you put a 30 month cutoff on the delegate pay. This means each 100% delegate can only generate 3,905,560 BTS during this 30 month period. You already have 1,350,349 MOONFUND liability with only 5% funded. If we assume the price of BTS remains the same over the next 30 days, then raising $130,000 requires generating a total of (1.15 * 130,000 / 0.005399) = 27,690,313 MOONFUND tokens (assuming the crowdfunding is successful). In order to generate enough BTS to buyback the MOONFUND at a 1-to-1 rate, you would need 27,690,313/3,905,560 = 7.09 100% paid delegates (so round that up to 8 delegates). The problem will be even worse if the price of BTS continues to drop over the next 30 days.

The problem is you are offering 15% return on BTS. If BTS price is expected to shoot up in the next year or so like we all expect it will, you will be overpaying a lot! It was a much more realistic deal when the return was on the dollar amount donated.

Edit: I don't think you should change the deal now that the fundraiser has started. But you should just be clear about exactly how many delegates you plan to include in the opt-out selection for the Moonstone wallet and what your maximum cut off time is before you take the delegates down (or at least stop using their pay to buy back MOONFUND tokens). That way people can properly assess the risk of not getting paid back (or what percentage they will be paid back).

Furthermore, you should not do a continuous buyback since you cannot know if you will be able to fulfill the entire buyback at a 1-to-1 rate prior to the cut off time. In this case, the people who are fastest to sell their MOONFUND tokens will profit at the expense of the slower movers. To be fair, you should instead regularly distribute dividends to MOONFUND holders.

If the price of BTS continues to fall relative to BTC over the next month then yes the 30 month limit is too short.

Our number one approach is to not cap the buyback period at all.

We are currently redesigning the fundraiser page to reflect visually better what got done so far.

73
General Discussion / Re: Will Moonstone be Trezor compatible?
« on: April 10, 2015, 10:55:37 am »
as far as I know it would be theyr first non bitcoin crypto adopted.

just bitcoin, colored coins and bitshares.

and they advertise widely

Actually I think there was a Litecoin implementation too.

As long as the crypto works the same everything is possible (though not with TITAN). There are very few actual problems we've encountered.

So far we've just played around with it. once 1.0 is out our plan is to start working on it more seriously.

74
General Discussion / Re: Moonstone Fundraiser Help Thread
« on: April 09, 2015, 10:23:40 pm »
Good points guys. We've been thinking about potentially problematic scenarios. We'll write up a breakdown of potential scenatios and proposed solutions asap!

75
Yep, the Metaexchange guys are awesome. Great to work with you!

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