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Most interesting! Thanks a bunch, it finally makes sense to me!Takes a while
Took a ton of time without proper documentation for me to understand this.
That is what issuer issued assets are for. Say you are the issuer of a UIA called KarnalGOLD and you promise to exchange every 1 KarnalGOLD for 1 ounce of real gold. You have a 100% reserve of real gold = you have as much real gold as KarnalGOLD are in existence. This company does this https://digitaltangibletrust.com/ on Counterparty which also has IUA...It.. looks like a women's clothing storeHa, gentso1 said that was just place holder until the dev puts the actual content in place. The idea is to be able to off ramp with bitSilver by having physical silver drop shipped in exchange for it.
This then is not the same model as BullionVault? I am under the impression that they store the metals themselves.
My bad, the language I chose was ambiguous.
I meant to ask where to bitGOLD, bitSILVER etc come from, in the sense of what's stopping anyone from adding bitDRK or bitDOGE. Are bitGOLD, bitSILVER, bitBTC (and so on) built-in somehow, and can new ones be added?
I am assuming the answer (to the 2nd question) is yes -- it's the how that perplexes me!
You are asking good questions
There are three types of tokens:
1) BTS (native currency limited in supply; like bitcoins in Bitcoin)
2) User issued assets https://www.youtube.com/watch?v=yzruOULgmng. Also known as colored coins in the wider cypto world. There is a centralized issuer that promises to guarantee the value of the user issued asset. Anyone can create a user issued asset for a little fee.
3) Bitassets = market pegged assets. http://bytemaster.bitshares.org/article/2014/12/18/What-are-BitShares-Market-Pegged-Assets/ Those have no centralized issuer. The have the form Bitxxxx.
Yes, hence "normal" in quotes
So, ok, there is no central issuer... but bitGOLD etc came from somewhere, can new ones be created in the same way?
(a quality as opposed to common believe). I would really recommend to read the market pegged assets whitepaper http://bytemaster.bitshares.org/article/2014/12/18/What-are-BitShares-Market-Pegged-Assets/! You will find a detailed explanation there (short: they are shorted into existence where the short position has to put up BTS as collateral (not liquid anymore than; 300% of the value of the bitasset that is shorted into existence)).Isn't silver/gold's value expressed in fiat?BitGOLD is settled in BTS. Whatever the value of an ounce of Gold is you can always exchange it for BTS worth one ounce of gold. -> Based on this gateways will provide a service in the future where they exchange one ounce of gold directly for once ounce of BitGOLD or USD worth one ounce of Gold to 1 BitGOLD and back for a small fee.
What would happen to the bitGOLD being held if the price dropped from $1300 to $300 ? Doesn't one get the equivalent of $300 at that point in time back in BTS?
My understanding might be severely flawed here..
Normal is about as vague as you can get But I am sure you read the word "normal" somewhere confuses more than it clarifies... There is a huge Chinese community that is more comfortable with CNY including a gateway infrastructure that allows to go directly from CNY to BitCNY and back...Atm bitassets are mostly used for hedging and since the USD to EUR exchange rate is relatively stable (in crypto terms) traders will just go to whatever fiat biasset has the most liquidity.
That's what I feared.
Perhaps it's for the best for now, in terms of visibility. Same argument could be made about bitCNY/bitUSD, though..
Not wanting to derail https://bitsharestalk.org/index.php?topic=14525.0;topicseen ..Atm bitassets are mostly used for hedging and since the USD to EUR exchange rate is relatively stable (in crypto terms) traders will just go to whatever fiat biasset has the most liquidity.
Howcome bitEUR sees so little action? Are there almost no Europeans in on BTS?
Hi peeps, how would bits work for people making 2.75/hr, that like live on a low income and cant afford anythin.Can you rephrase the question? What do you mean by "work"?
Thanks for those insights!So you are saying the Mercury wallet as it is today is "extremely dangerous"? If so I didnt understand why.
With the current setup of Bitcoin, you would need to wait just above 100 confirmations to do secure ACCT (Atomic Cross Chain Trading). This would be 1 full round of all delegates for DPOS (about 15-20 minutes atm). These intervals don't make sense for trading. For ACCT to become viable for any chain (without waiting too much) you need a PBFT or PBFT-like real-time Consensus and Ordering Protocol (COP) on top of the main blockchain to make ACCT viable.
That, or the light client trading server does Paypal-like fraud detection and compensates counterparty risk accordingly with pretty high trading fees (anywhere from 0.5-4% of each transaction).
In an effort to do my part, I made a bitshares Instagram. Some here might find it laughable however, the simplicity of Instagram (imho) makes it a great venue for spreading the word/updates/general consensus. If the community agrees I will try to pursue it. If not, I will delete the account immediately. I might start out slow given current low morale in the community (my self included) but as 1.0 approaches, I look forward to a "New beginning"Sounds like a great initiative!!
Instagram @bitshares
Link: https://instagram.com/bitshares/
I am open to all suggestions, feedback and donations.
So you are saying the Mercury wallet as it is today is "extremely dangerous"? If so I didnt understand why.
He seems to be looking into adding Bitshares though...? https://bitcointalk.org/index.php?topic=946174.msg10558914#msg10558914
Yeah they will add bitshares for sure since its #4 at coinmarketcap.com. The issue for bitshares though is that a huge marketing opportunity could be missed. All this effort that is being spent on marketing yet the low hanging fruit of putting basic bitcoin wallet features into the bitshares client is still hanging. Also the first mover status in the crypto space is huge for marketing and having all the bitcoin/altcoiners jumping onto their atomic cross-chain trading(ACCT) bandwagon instead of bitshares would be a downer. Its not impossible to imagine that another alt-coin will come up with a viable bitUSD competitor and if the Mercury client wins the "smart wallet" race then BTS could become *completely* obsolete. This risk should be nipped in the bud asap.
In the latest bitshares.tv episode (https://www.youtube.com/watch?v=YWVlqz7Ejf8) Max also highlighted bitcoin wallet features and atomic cross-chain trading as the big touch-down for bitshares. Max is spot on! He predicts Q2 this year for delivery. But I am mildly concerned since I didn't hear the topic discussed yet in the bitshares hangouts (https://soundcloud.com/beyond-bitcoin-hangouts). Bytemaster said in the last hangout that BTER hack was terrible for bitshares price in the short term. Why should bitshares maintain dependencies that can damage the BTS price when it can stand alone without dependencies on external services as the ultimate "smart wallet" crypto-diversification tool? If I hear Bytemaster announce bitcoin wallet and ACCT features then I am buying more BTS. It will be so much easier to buy unlimited BTS when the client has these features. The bitshares community should not depend on shapeshift.io, Mercury or other bitcoin wallet providers.
Going beyond bitcoin and ACCT features the bitshares delegate model is also capable of escrowing any kind of prediction trading! The Bitshares delegate model is the only existing blockchain that allows human brain crunching into the oracle scripting mix yet it isn't leveraging this capability yet. The client could support a tool for delegates and investors to aggregate "price feed" questions wherever there is enough demand to fuel liquidity. For example: "Who will win POTUS in 2016?". Anyway this is a much lower priority than bitcoin and ACCT features.
BTW my view currently is Bytemaster and the bitshares developers are doing an awesome job and that is why I will continue to buy BTS on the dips. Awesome work guys delivering early and often! Absolutely love it! My comments regarding new feature suggestions for the client are meant only for adding fodder into the community head space - I'm just an investor and there are many aspects of bitshares development I don't understand.
Atomic cross chain trading without a known set of TTPs (Trusted third parties) such as BTS delegates is extremely dangerous. Even AT would not solve this problem for BTC or other non TTP blockchains.
We've looked into doing the same in our Moonstone wallet, but atomic cross chain trading is simply too dangerous atm. For cross chain trading and even sidechains to become possible in the future all chains would need a setup very similar to this http://arxiv.org/pdf/1412.7935v1.pdf. Something we have been talking about both on the forum and in the dev meetups for some time. We've already ported the existing HL PBFT code to CPP here https://github.com/bitsapphire/Hyperledger_cpp, We're currently working on using the delegate public keys as PGP signatures for PBFT consensus. This would also make arbitrary and highly expandable DAPPs possible on top of DPOS.
I know James has a very good reputation among our eastern community members, and I am sure that is well deserved. Because of this, I will give him the benefit of the doubt that his intentions are pure and just.
However, I have to say that I his post on Bytemaster's Blog today did not have the signs of a good, professionally written piece of PR. It had several grammatical errors, awkward sentence structures, and tended to read like a damage control piece.
By "public relations", does he simply mean "speech advisor" ? His list of (7) decrees to limit the speech of the devs is appropriate and understandable in the context of private advisory, but a PR professional would never have posted something like that publicly.
That said, I wonder if James would be open to answering a few questions....
1. Is he only working in an advisory capacity to the devs, or does he plan to try and coordinate with all BitShares delegates?
2. Where is his operation based - China or the US? How much time will he focus on western markets, vs. eastern markets?
3. Does he plan to aggressively pursue relationships with western media contacts? Does he have any experience with Public Relations in the United States or Europe?
4. How soon can we expect Press Releases distributed over 1st tier western wires like PR newswire, Business Wire, or PR Web? This is a cornerstone to good PR, but is relatively expensive ($250 - $1000 per Press Release). Is he receiving funds from "Invictus" (aka. BM), or will he be relying entirely on delegate pay?
Keep in mind that good Public Relations means a steady and consistent feed of information, in order to help to "shape" the narrative. Let us keep a close eye on how well this job is handled...
Therefore we'll need a seperate investor site / Channel ... just my 2 cents!
