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17
General Discussion / Critical Marketing Update Needed - "What is the 'yield'?"
« on: September 09, 2014, 09:06:38 pm »
Yield on bitAssets will commence after the 0.4.13 fork.
This is a complete game changer in the crypto space and should be marketed heavily as such.
Once stabilized/functional it would highly advantageous to issue a press release and update any and all FAQ's to address yield.
I would suggest particular attention be paid to explaining, simply and clearly, where the yield comes from.
Folks are going to be screaming ponzi and scam.
I'm sure you guys are on it, but I haven't seen plans yet (or I missed them, entirely possible).
This should be huge.
This is a complete game changer in the crypto space and should be marketed heavily as such.
Once stabilized/functional it would highly advantageous to issue a press release and update any and all FAQ's to address yield.
I would suggest particular attention be paid to explaining, simply and clearly, where the yield comes from.
Folks are going to be screaming ponzi and scam.
I'm sure you guys are on it, but I haven't seen plans yet (or I missed them, entirely possible).
This should be huge.
18
General Discussion / Cannot Transfer BTSX - [Resolved]
« on: September 08, 2014, 01:46:23 pm »
I am attempting to move funds between two accounts on two different computers and do not seem able to receive the funds.
Transaction #cc7bf151
Block #432231 , transaction #0 , next #0
This is a 10 BTSX test transfer, my first one.
Why does the receiving account (new account) show no transactions and no funds? All blocks are synced and the receiving client says it is up to date.
Please help!
Transaction #cc7bf151
Block #432231 , transaction #0 , next #0
This is a 10 BTSX test transfer, my first one.
Why does the receiving account (new account) show no transactions and no funds? All blocks are synced and the receiving client says it is up to date.
Please help!
19
General Discussion / Changing Passwords - GUI Greyed - Console Command Returns Error
« on: September 07, 2014, 10:16:39 pm »
Is it possible to change the password on an account?
The menu command is non-functional and when I use the console command (wallet_change_passphrase <passphrase>) it returns an error saying the password is too short (20015 password_too_short: password too short) despite using a 12-word phrase.
Anyone else successfully change their password?
The menu command is non-functional and when I use the console command (wallet_change_passphrase <passphrase>) it returns an error saying the password is too short (20015 password_too_short: password too short) despite using a 12-word phrase.
Anyone else successfully change their password?
20
General Discussion / PSA: I'm buying... and you probably should be too
« on: September 06, 2014, 01:51:19 am »
For any that have not been following this thread: https://bitsharestalk.org/index.php?topic=8396.0;topicseen please be aware that a major breakthrough happened today.
Bytemaster proposed and implemented a mechanism for paying rewards (interest) to bitAsset investors.
This means that bitUSD, bitGLD, bitBTC, bitCNY or any bitAsset will now earn the holder rewards (interest).
Moreover, it is likely the rate will be substantially higher than offered by fiat institutions.
People all over the world can now hold their wealth in stable asset classes and enjoy a ROI that is greater than debt with basically zero counterparty risk.
The importance of this cannot be understated. The Eurozone is now pushing negative interest rates. Most other deposit/money market/cash interest rates are a fraction of a percent.
The world is absolutely rabid for yield, and everything with a decent yield is either obscenely inflated (equities) or comes with enormous counterparty risk (sovereign debt).
If BM is successful and bitUSD5 works there will be a tidal wave of wealth flowing into BTSX that will make BTC look like a Dogeparty.
The usual disclaimers apply - this is a high risk investment, don't invest more than you can lose and you are responsible for your own actions.
Bytemaster proposed and implemented a mechanism for paying rewards (interest) to bitAsset investors.
This means that bitUSD, bitGLD, bitBTC, bitCNY or any bitAsset will now earn the holder rewards (interest).
Moreover, it is likely the rate will be substantially higher than offered by fiat institutions.
People all over the world can now hold their wealth in stable asset classes and enjoy a ROI that is greater than debt with basically zero counterparty risk.
The importance of this cannot be understated. The Eurozone is now pushing negative interest rates. Most other deposit/money market/cash interest rates are a fraction of a percent.
The world is absolutely rabid for yield, and everything with a decent yield is either obscenely inflated (equities) or comes with enormous counterparty risk (sovereign debt).
If BM is successful and bitUSD5 works there will be a tidal wave of wealth flowing into BTSX that will make BTC look like a Dogeparty.
The usual disclaimers apply - this is a high risk investment, don't invest more than you can lose and you are responsible for your own actions.
21
General Discussion / The Rise and Rise of BTSX
« on: August 22, 2014, 10:59:42 pm »
The market cap of BTSX is rapidly increasing and some folks are concerned that things are moving too far too fast.
What we are seeing is the value of the AGS/PTS funding model combined with a truly revolutionary technology.
Most large BTSX stakeholders are AGS/PTS investors rather than speculators, ie. not interested in short term profit taking.
A wider audience is waking up to the potential of this tech and they want in.
But few are selling... because why would we?
Bitshares is a tech with enomorous potential - it is everything Bitcoin tries to be and much, much more.
So take all those market cap calcs that were done for Bitcoin and round up.
A rapidly increasing market cap in completely justified.
In the near term, a market cap in the billions is inevitable. Longer term BTSX may well be the first trillion dollar crypto.
Do not sell yourselves short!
And yes, pun intended.
What we are seeing is the value of the AGS/PTS funding model combined with a truly revolutionary technology.
Most large BTSX stakeholders are AGS/PTS investors rather than speculators, ie. not interested in short term profit taking.
A wider audience is waking up to the potential of this tech and they want in.
But few are selling... because why would we?
Bitshares is a tech with enomorous potential - it is everything Bitcoin tries to be and much, much more.
So take all those market cap calcs that were done for Bitcoin and round up.
A rapidly increasing market cap in completely justified.
In the near term, a market cap in the billions is inevitable. Longer term BTSX may well be the first trillion dollar crypto.
Do not sell yourselves short!
And yes, pun intended.
22
General Discussion / BTSX Lending - Revenue w/o Counterparty Risk
« on: August 21, 2014, 11:00:16 am »
There is an opportunity to create a massive revenue stream for BTSX by acting as a market maker/escrow for 100% collateralized loans:
- Add a lending tab to the client
- Lenders designate BTSX holdings as available for lending; set interest rate, loan duration, etc. Funds are locked/escrow and go on the market.
- Borrowers bid on loans. The debtor's borrowing power is limited to the amount of collateral they have available, ie. must designate 1 BTSX as collateral for every 1 BTSX borrowed. Could also subtract interest from borrowing power. Collateral is locked/escrowed when the loan is made.
- When the loan is due the client automatically transfers collateral + interest directly from the debtor to lender. No muss, no fuss.
There are many advantages to this:
- Lenders can generate additional revenue from BTSX holdings
- Borrowers can double purchasing power without a credit rating, loan application etc.
- Speculators can leverage BTSX holdings
- A huge amount of revenue would be generated for shareholders
- No default risk, no credit scoring, no chasing down bad debt
There will eventually be a P2P lending DAC that will deal with riskier loans and all the associated headaches, ie. BTCJam.
However, Bitshares X could deal exclusively in risk free loans and do quite well.
Initially things could be kept simple with one interest rate (... 5%?) and limited loan durations (1d, 1w, 1m, 3m, 6m, 1y).
Bitshares X offers the ability to store wealth and trade assets. Why not add the ability to lend and borrow?
- Add a lending tab to the client
- Lenders designate BTSX holdings as available for lending; set interest rate, loan duration, etc. Funds are locked/escrow and go on the market.
- Borrowers bid on loans. The debtor's borrowing power is limited to the amount of collateral they have available, ie. must designate 1 BTSX as collateral for every 1 BTSX borrowed. Could also subtract interest from borrowing power. Collateral is locked/escrowed when the loan is made.
- When the loan is due the client automatically transfers collateral + interest directly from the debtor to lender. No muss, no fuss.
There are many advantages to this:
- Lenders can generate additional revenue from BTSX holdings
- Borrowers can double purchasing power without a credit rating, loan application etc.
- Speculators can leverage BTSX holdings
- A huge amount of revenue would be generated for shareholders
- No default risk, no credit scoring, no chasing down bad debt
There will eventually be a P2P lending DAC that will deal with riskier loans and all the associated headaches, ie. BTCJam.
However, Bitshares X could deal exclusively in risk free loans and do quite well.
Initially things could be kept simple with one interest rate (... 5%?) and limited loan durations (1d, 1w, 1m, 3m, 6m, 1y).
Bitshares X offers the ability to store wealth and trade assets. Why not add the ability to lend and borrow?
23
General Discussion / Mandatory Voting
« on: August 19, 2014, 12:53:45 pm »
The biggest failure of modern democratic governance is voter apathy.
The public becomes complacent and cannot be bothered to vote, decision making becomes concentrated, the democratic process is corrupted and cronyism rises.
Pretty soon you end up where we are today in most western nations - with a parasitic elite protected by self-enacted laws and regulations designed to funnel benefits to the top of the pyramid.
Bitshares and other DPOS platforms will start off with largely benevolent delegates and relatively high voter participation.
As the market cap increases the wolves will start circling - existing delegates may become greedy, new delegates may not be benevolent.
As adoption increases voter participation will decay - people will just want to make a buck and won't care how the system works.
Pretty soon we will have a small elite of delegates that will, in small increments, begin entrenching themselves and concentrating power/benefits.
If you take even a cursory look at every system of governance in human history you will see the inevitable centralization/corruption/failure.
Hell, look at how quickly Bitcoin centralized.
There is no decentralized system yet created that has not become centralize/corrupted and this is primarily due to apathy by the governed.
And Bitshares, unfortunately, will suffer the same fate in due course. Imagine the sort of folks that are going to show up when the market cap hits $2bn, $200bn, $2T, etc. Human nature, greed, is simply too powerful.
I believe that Bitshares will fail unless we implement mandatory voter participation.
The mechanism would look something like this:
1. There is an issue/incident that requires consensus
2. Delegates a pay fee to initiate a vote
3. Vote is pushed client side
4. Users must vote prior to completing next transaction
I cannot emphasize this strongly enough: If voting is voluntary Bitshares (DPOS) will centralize, corrupt and ultimately fail.
We should implement a voting protocol now and make rollbacks the first use case.
As Bitshares matures there will be other serious issues requiring forks etc.
A mandatory voting mechanism will ensure the system does not, can not, centralize and corrupt over time.
The public becomes complacent and cannot be bothered to vote, decision making becomes concentrated, the democratic process is corrupted and cronyism rises.
Pretty soon you end up where we are today in most western nations - with a parasitic elite protected by self-enacted laws and regulations designed to funnel benefits to the top of the pyramid.
Bitshares and other DPOS platforms will start off with largely benevolent delegates and relatively high voter participation.
As the market cap increases the wolves will start circling - existing delegates may become greedy, new delegates may not be benevolent.
As adoption increases voter participation will decay - people will just want to make a buck and won't care how the system works.
Pretty soon we will have a small elite of delegates that will, in small increments, begin entrenching themselves and concentrating power/benefits.
If you take even a cursory look at every system of governance in human history you will see the inevitable centralization/corruption/failure.
Hell, look at how quickly Bitcoin centralized.
There is no decentralized system yet created that has not become centralize/corrupted and this is primarily due to apathy by the governed.
And Bitshares, unfortunately, will suffer the same fate in due course. Imagine the sort of folks that are going to show up when the market cap hits $2bn, $200bn, $2T, etc. Human nature, greed, is simply too powerful.
I believe that Bitshares will fail unless we implement mandatory voter participation.
The mechanism would look something like this:
1. There is an issue/incident that requires consensus
2. Delegates a pay fee to initiate a vote
3. Vote is pushed client side
4. Users must vote prior to completing next transaction
I cannot emphasize this strongly enough: If voting is voluntary Bitshares (DPOS) will centralize, corrupt and ultimately fail.
We should implement a voting protocol now and make rollbacks the first use case.
As Bitshares matures there will be other serious issues requiring forks etc.
A mandatory voting mechanism will ensure the system does not, can not, centralize and corrupt over time.
24
General Discussion / Help! Imported PTS - Incorrect Balance/Missing BTSX?
« on: July 29, 2014, 03:40:23 am »
I've imported a PTS wallet.dat file successfully into the Bitshares wallet and now have a BTSX balance.
According to this post https://bitsharestalk.org/index.php?topic=5722.msg77179#msg77179 my BTSX balance should be approximately PTS*640.
Actual balance is PTS*127.967.
I have confirmed the PTS address balance using coinplorer.com.
All blocks are synced, client seems to be working perfectly.
Perhaps I'm missing something? Seem to be out a huge number of BTSX so I'm concerned.
Any help would be greatly appreciated!
According to this post https://bitsharestalk.org/index.php?topic=5722.msg77179#msg77179 my BTSX balance should be approximately PTS*640.
Actual balance is PTS*127.967.
I have confirmed the PTS address balance using coinplorer.com.
All blocks are synced, client seems to be working perfectly.
Perhaps I'm missing something? Seem to be out a huge number of BTSX so I'm concerned.
Any help would be greatly appreciated!
25
General Discussion / Bitshares LND - P2P Lending - Social Contract & Business Model
« on: April 01, 2014, 04:25:28 pm »
We are going have a run at creating a P2P Lending DAC based on the Bitshares platform - let's call it Bitshares Lending for now.
I am a serial entrepreneur and crypto/fiat investor. We are building a team and have programming/coding gurus on-board.
We wish to solicit Community input on the proposed social contract and receive feedback on the business model:
The Social Contract:
Total of 4,000,000 LND shares distributed as follows:
25% PTS
25% AGS
40% Market
10% Dev
The Business Model:
Revenue will be generated per BTS; LND will be destroyed continuously as transaction fees between borrower/lender.
100% of revenue will be paid to shareholders via monthly distributions.
The distribution mechanism will be a monthly split.
Shareholders will receive dividends in LND on the first of every month; the total number of shares will reset to 4MM on the first of every month.
Loans can be secured with any bitAsset.
No minimum collateral requirements/LTV ratios; completely free market lending.
Credit rating and reputation will be tied to Keyhotee ID.
This is the simplest and most robust model I can contrive - no middlemen/loan officers/arbitrators/ID verification etc.
Input from the Community on any aspect of our proposal is both welcome and wanted. Please, give us your opinion!
Also, any advice from Invictus or other devs on nuts and bolts and how-tos of building a DAC would be greatly appreciated.
Not sure how we make this official, but this is where it starts.
I am a serial entrepreneur and crypto/fiat investor. We are building a team and have programming/coding gurus on-board.
We wish to solicit Community input on the proposed social contract and receive feedback on the business model:
The Social Contract:
Total of 4,000,000 LND shares distributed as follows:
25% PTS
25% AGS
40% Market
10% Dev
The Business Model:
Revenue will be generated per BTS; LND will be destroyed continuously as transaction fees between borrower/lender.
100% of revenue will be paid to shareholders via monthly distributions.
The distribution mechanism will be a monthly split.
Shareholders will receive dividends in LND on the first of every month; the total number of shares will reset to 4MM on the first of every month.
Loans can be secured with any bitAsset.
No minimum collateral requirements/LTV ratios; completely free market lending.
Credit rating and reputation will be tied to Keyhotee ID.
This is the simplest and most robust model I can contrive - no middlemen/loan officers/arbitrators/ID verification etc.
Input from the Community on any aspect of our proposal is both welcome and wanted. Please, give us your opinion!
Also, any advice from Invictus or other devs on nuts and bolts and how-tos of building a DAC would be greatly appreciated.
Not sure how we make this official, but this is where it starts.
26
Keyhotee / Keyhotee Rebranding - BitMail / BitKey / KeyMail / KeyID
« on: March 24, 2014, 07:08:05 pm »
I respectfully submit the Keyhotee moniker is inadequate and may hinder widespread adoption.
First issue: too many syllables.
If you look at the most successful tech branding campaigns of the 21st century you will find convergence at two syllables:
Google
Facebook
Apple (to wit - iPhone/iTunes)
There is likely psychology and good reasoning behind this, but bottom line is people seem to identify with two-syllable tech branding. Proof is in the pudding.
Second issue: not connected with the bit-space.
My recent experience as an 'average Joe' just learning about the Invictus project was frustrating when it came to Keyhotee. I had a hell of time figuring out what Keyhotee is.
I can tell you with 100% certainty that the Keyhotee branding does not resonate with the target audience, and moreover, is a bit off-putting. It looks like antivirus software from the 90's.
The phonetics and logo create a disconnect with the 'bit' ecosystem that alienate the project from the crypto/decentralization movement.
Apologies for being harsh, but I do feel strongly about this. The technology is incredible, game-changing, needed.
So what to do?
Treat Keyhotee as a code-name, similar to what Intel/Microsoft/others do pre-release, and then re-brand on launch.
Re-brand to what? Anything with 'bit' in it. The obvious candidate being BitMail (bMail? bitMail? bitmail?).
The unavoidable association will be with gmail, which is highly desirable as it will accelerate adoption. Think gmail minus Google plus crypto.
Association with a familiar, mature and widely adopted brand/product will massively lower the entry barriers for adoption.
Moreover, the bit-space is rapidly becoming recognized as next-gen, secure, decentralized, private, etc.
BitMail leverages both spaces in two syllables.
Imagine you are average Joe and someone is pushing a new email client: you can choose to download and install Keyhotee or bitMail. Which one do you pick?
For consideration.
First issue: too many syllables.
If you look at the most successful tech branding campaigns of the 21st century you will find convergence at two syllables:
Apple (to wit - iPhone/iTunes)
There is likely psychology and good reasoning behind this, but bottom line is people seem to identify with two-syllable tech branding. Proof is in the pudding.
Second issue: not connected with the bit-space.
My recent experience as an 'average Joe' just learning about the Invictus project was frustrating when it came to Keyhotee. I had a hell of time figuring out what Keyhotee is.
I can tell you with 100% certainty that the Keyhotee branding does not resonate with the target audience, and moreover, is a bit off-putting. It looks like antivirus software from the 90's.
The phonetics and logo create a disconnect with the 'bit' ecosystem that alienate the project from the crypto/decentralization movement.
Apologies for being harsh, but I do feel strongly about this. The technology is incredible, game-changing, needed.
So what to do?
Treat Keyhotee as a code-name, similar to what Intel/Microsoft/others do pre-release, and then re-brand on launch.
Re-brand to what? Anything with 'bit' in it. The obvious candidate being BitMail (bMail? bitMail? bitmail?).
The unavoidable association will be with gmail, which is highly desirable as it will accelerate adoption. Think gmail minus Google plus crypto.
Association with a familiar, mature and widely adopted brand/product will massively lower the entry barriers for adoption.
Moreover, the bit-space is rapidly becoming recognized as next-gen, secure, decentralized, private, etc.
BitMail leverages both spaces in two syllables.
Imagine you are average Joe and someone is pushing a new email client: you can choose to download and install Keyhotee or bitMail. Which one do you pick?
For consideration.
27
General Discussion / Bitshares Lending DAC
« on: March 21, 2014, 06:09:22 am »
A DAC for P2P lending of BitAssets/Cryptoanything would completely revolutionize global finance.
Micro loans to mortgages to trading margin to business loans.
Credit rating linked to Keyhotee ID.
Automatic transfer of collateral on delinquent debts.
DAC takes a cut of every loan.
Global. Decentralized.
The profit would be staggering.
Any thoughts?
There seems to be a lot of focus on gaming, music, etc.
Perhaps basic financial services should be addressed prior to the more glamorous sectors?
Micro loans to mortgages to trading margin to business loans.
Credit rating linked to Keyhotee ID.
Automatic transfer of collateral on delinquent debts.
DAC takes a cut of every loan.
Global. Decentralized.
The profit would be staggering.
Any thoughts?
There seems to be a lot of focus on gaming, music, etc.
Perhaps basic financial services should be addressed prior to the more glamorous sectors?
28
General Discussion / Bitshares - Marketing as an Investment Alternative for the People
« on: March 21, 2014, 05:06:19 am »
Equity markets are headed for a historic bust; equities will sell off and investors will move to cash, precious metals and low-risk debt.
There will be an enormous opportunity to market Bitshares as a safe haven, a store of wealth and a source of income - particularly if yield is superior to debt.
There is great discontent with the Wall Street/banking complex... but also no alternative for investors that need a reasonable yield/ROI.
I'm not talking about institutional investors per se, but the individual investors; boomers, 30 somethings, etc.
The Bitshares intro video is excellent and production values could be leveraged to create a powerful message:
"You don't need Wall Street, you don't need Big Banks. Bitshares are investments for the people, by the people."
Market Bitshares as an open, honest, transparent alternative to the corrupt, wealth stealing crony-capitalism that currently enjoys a monopoly on people's savings.
Perhaps a bit premature, but something to keep in mind as the marketing strategy is developed.
There will be an enormous opportunity to market Bitshares as a safe haven, a store of wealth and a source of income - particularly if yield is superior to debt.
There is great discontent with the Wall Street/banking complex... but also no alternative for investors that need a reasonable yield/ROI.
I'm not talking about institutional investors per se, but the individual investors; boomers, 30 somethings, etc.
The Bitshares intro video is excellent and production values could be leveraged to create a powerful message:
"You don't need Wall Street, you don't need Big Banks. Bitshares are investments for the people, by the people."
Market Bitshares as an open, honest, transparent alternative to the corrupt, wealth stealing crony-capitalism that currently enjoys a monopoly on people's savings.
Perhaps a bit premature, but something to keep in mind as the marketing strategy is developed.
29
General Discussion / Dividends?
« on: March 21, 2014, 04:11:04 am »
Could someone please explain how, if dividends are 'paid' by destroying BTS, the number of BTS does not eventually approach zero?
Perhaps a dumb question, apologies if I am missing something obvious.
Thank you!
Perhaps a dumb question, apologies if I am missing something obvious.
Thank you!
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