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Messages - Empirical1

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61
General Discussion / Re: BitShares & Stellar Partnership Thread : BeyondBitcoinX Dev Hangout
« on: August 26, 2014, 07:37:59 pm »
Quote from: sumantso on August 26, 2014, 01:50:26 pm
I would like to put it here that I don't like Stellar. They started with giving 6000, and dropped it sharply. The aim seemed to be to garner hype, but then try to keep the maximum to themself.

That said, if it benefits us then good luck.

 +5% I haven't looked into Stellar in the last week or so but I didn't like them when I did.

They severely crushed their share-drop from 6000 to 125 for most users in the week I studied them. Yet according to coinmarketcap they released 500 million odd Stellar that week, which is circa 4 million users, even take into account multi-accounting/a higher average number than 125, that would either make them as well distributed as Bitcoin in a week or they didn't really release 500 million Stellar. Their avg. daily volume was also consistently dropping over that period which wouldn't have been the case if they'd really just share-dropped a 100% extra Stellar onto the market in a 1/2 week period. 

They also had a convoluted grouping and invite system plus a caveat that said they may choose to sharedrop based on specific demographics/geographic locations as required. The entire process made it very hard to track where this supposedly share-dropped Stellar was going.

It seemed they were going to claim to be share-dropping stellar without actually doing so, thereby giving them the illusion of a rising CAP, despite declining/low volumes - the same kind of give-away of false circulation as Ripple. 

As I say I haven't looked into it in the last two weeks and they seemed to have paused at the 1 Billion released mark on CMC, so that looks better...

Edit: But whatever partnerships assist BitShares I'm all for. Just not personally a fan or investor in Stellar given what I looked into at the time.

Edit 2: I forgot - They also claim Stripe had given them $3 Million for 2% of Stellar which would mean they were either paying a valuation of $150 million for a brand new company. (Which is ludicrous) or their Stellar was released immediately and they were really paying $3 million for a very high percentage of initial circulating supply and hoping to profit that way. Either way incredibly sketchy to me the way it was presented. (Oh and they have like 10 000% inflation still to come...)

62
General Discussion / Re: How college age (and younger) will make BitShares the next big success story.
« on: August 26, 2014, 07:00:48 pm »
Quote from: donkeypong on August 26, 2014, 06:26:18 pm
Quote from: bitsapphire on August 26, 2014, 05:52:34 pm
Quote from: donkeypong on August 26, 2014, 04:47:59 am
I'm another old guy. But what about a phone app? I teach college and my students try to do everything (from research to term papers) on their phones.

One of our ideas is a mobile wallet which works like Venmo, meaning it has all potential to become viral and it would solve the identity registration issue as you get funds upfront from a friend.

People would be able to send bitUSD via a mobile app to any phone number. That phone number would receive an SMS with a link telling them that they received X amount of bitUSD from their friend and that they need to download the wallet app to access them. Part of the sent funds would be used to register the user's identity on the blockchain.

This would be just as viral as viber, whatsup, venmo, etc as it uses the same viral vector. Furthermore it could be just as disruptive to global remittance as whatsup and Viber are to the international sms/phonecall business.

Would there be any interest in the community for such an app at this stage?

Heck yes, please build it!

Yes this sounds very good. If you can send 'X' amount of BTSX to a bunch of friends just by their phone number, this will certainly help the spread of BTSX.

63
General Discussion / Re: bitUSD price
« on: August 26, 2014, 06:56:22 pm »
More related to BitUSD manipulation than price but...

It seems the use of leverage gives big players a greater incentive to engage in price manipulation with BitUSD/BTSX?

The hurdle new users have to overcome when first registering an account potentially encourages new users & speculators to leave more BTSX on the two large exchanges than there should be.

This creates a significant hack/theft and now manipulation risk.

I think BTSX should be actively encouraging people to keep BTSX in their wallets and off the exchanges even more than others and yet our current model does the opposite.

Poloniex apparently has some initial wallet funding assistance, I think we should encourage BTC38 and bter to implement a similar feature too?

64
General Discussion / Re: Can we talk a bit about the Delegate System?
« on: August 26, 2014, 03:24:16 pm »
I hope your registration problem is resolved, you may just be trying to register a name that's already registered.

I agree about the problem of initially funding the wallet. I believe Poloniex has something in place for this.

I worry that it incentivises new users/speculators to leave their BTSX on the exchange. Considering how much volume we do at the two exchanges, I wonder how much BTSX they hold.

I haven't done the math & I don't know how profitable the exchanges are, I know bter is out of pocket from the NXT hack. So I worry if BTSX appreciates quickly, closing shop and taking the BTSX may make them more than they make from overall trading fees over a very long period. As I say I haven't done the math.

I think we should be actively encouraging people not to leave BTSX on the exchange.

65
General Discussion / Re: [BitShares Imagination] How do we buy coffee at Starbucks in the future?
« on: August 26, 2014, 03:09:07 pm »
I think a lot of third parties are already working on and delivering payment systems like this for Bitcoin.

I think with BTSX the premise is that people want the advantages of storing value in a decentralised way but not the volatility of Bitcoin. (Bitcoin also isn't very decentralised.)

If that premise is true, then more and more people will store some of their value in BitUSD, BitGold etc. As this amount gets bigger it will appeal more to retailers and third parties to interact with the BTSX customer base. Retailers will be very quick to adopt it, as with their tight margins they will really value BitAssets too. This increased utility will then attract more users and so on..

Anyway I think the development team just needs to focus on delivering a robust, decentralised (Delegates + developers) BitAsset system and the rest will build up around BTSX quickly.


66
General Discussion / Re: How convenient for Ripple....
« on: August 26, 2014, 03:31:27 am »
Quote from: charleshoskinson on August 26, 2014, 03:23:43 am
so it's just a coincidence that immediately after Dan anounced that Invictus will purchase a large amount of bitshares the price started to spike? Second where are the ags holdings? Third, charts show a cascading purchase pattern this does not require every order to come from i3 just the bootstrap to create the speculative cascade.

You'll know if the currency experiences a rapid correction. We saw this same pattern with maxcoin.

I think these are the documents relating to AGS funds

https://docs.google.com/spreadsheet/lv?key=0AqTwk-e7yzJydDFnQmlkTVlkbWpubnJBbzR2UG5ucnc&usp=sharing

https://docs.google.com/spreadsheet/lv?key=0AqTwk-e7yzJydFZ3bVVWT0o1OUwzXzdESHFBY0FkUWc&usp=sharing

The few hundred BTC is pretty insignificant relative to price movements other than a nice vote of confidence that BitShares believe in BTSX enough to have more exposure to it.

The price has clearly been rising as people anticipate the release of BitAssets imo.
(And then spiking on their release)


67
General Discussion / Re: How convenient for Ripple....
« on: August 26, 2014, 03:05:45 am »
So Ripple is supposedly worth nearly as much Litecoin yet they barely ever manage more than 10% of LiteCoins volume...

Certainly strange timing to make such a big, sudden change bad PR move if there's not sound reasons.

Pretty irrelevant to BTSX obv. We're already having a bit of fun guessing when we're going to overtake Litecoin...

68
General Discussion / Re: Bter now accepts BTSX deposits/withdraw and trading
« on: August 25, 2014, 09:28:05 pm »
Quote from: bitwiz on August 25, 2014, 06:43:18 pm
Quote from: Empirical1 on August 25, 2014, 04:06:48 pm
Currently having trouble withdrawing from bter anyone else have issues?

I get this message when withdrawing to any of my registered accounts

Quote
cancelled:BTSX account is not registered or memo is too long

In order to withdraw the account must be registered on the blockchain first.

Thanks, yes the accounts I tried had been registered on the blockchain and I'd withdrawn to them previously from bter.

I tried again and it's working fine now.

69
General Discussion / Re: BTSX > (NXT + XRP) on Coin Market Cap... Lets Publish our Feeds!
« on: August 25, 2014, 05:41:03 pm »
Quote from: yellowecho on August 25, 2014, 04:51:58 pm
Quote from: bytemaster on August 25, 2014, 04:47:16 pm
BitUSD is in circulation!!!

Monumental!   +5% +5%

Amazing  +5%

70
General Discussion / Re: Upgraded to 0.4.7
« on: August 25, 2014, 04:12:15 pm »
Quote from: bytemaster on August 25, 2014, 04:10:18 pm
Quote from: Empirical1 on August 25, 2014, 04:09:33 pm
Dumb question.

I noticed in my new 4.7 wallet the registered directory only goes up to the letter B and only identifies names that I type in the search box that start with A/B. How do I change that?

It is a bug that has been fixed for future versions.

Thanks

71
General Discussion / Re: Upgraded to 0.4.7
« on: August 25, 2014, 04:09:33 pm »
Dumb question.

I noticed in my new 4.7 wallet the registered directory only goes up to the letter B and only identifies names that I type in the search box that start with A/B. How do I change that?

72
General Discussion / Re: Bter now accepts BTSX deposits/withdraw and trading
« on: August 25, 2014, 04:06:48 pm »
Currently having trouble withdrawing from bter anyone else have issues?

I get this message when withdrawing to any of my registered accounts

Quote
cancelled:BTSX account is not registered or memo is too long


   

73
General Discussion / Re: bitUSD price
« on: August 25, 2014, 03:12:09 pm »
Quote from: bytemaster on August 25, 2014, 03:10:26 pm
Quote from: Empirical1 on August 25, 2014, 03:02:04 pm
Quote from: bytemaster on August 25, 2014, 02:49:50 pm
The premium for shorting below the peg will be proportional to the interest rate paid for going long....  the farther from the peg, the higher the effective interest rate.

Yes this is kind of my understanding. I was just worried BTSX bulls would be willing to pay such a high interest rate to short right now it could move the price too far away from the peg but hopefully it will be fine.

I think it will be tempered against the risks of an unproven market.

 +5%

74
General Discussion / Re: bitUSD price
« on: August 25, 2014, 03:02:04 pm »
Quote from: bytemaster on August 25, 2014, 02:49:50 pm
The premium for shorting below the peg will be proportional to the interest rate paid for going long....  the farther from the peg, the higher the effective interest rate.

Yes this is kind of my understanding. I was just worried BTSX bulls would be willing to pay such a high interest rate to short right now it could move the price too far away from the peg but hopefully it will be fine.

75
General Discussion / Re: New to BitsharesX - some questions
« on: August 25, 2014, 12:56:41 pm »
Can anyone give me more insight into this problem I'm having understanding the peg

https://bitsharestalk.org/index.php?topic=7416.msg99591#msg99591

Problem: Bob is so bullish on BTSX he is willing to pay a premium to short BitUSD. Without interest rates this premium will be reflected in the BitUSD price itself. Given how bullish people are on BTSX atm it could trade very far below the peg

Another alternative is to vastly increase the collateral required as you short further from the peg to discourage this.

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