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Would a template to organize meetups be helpful to you?
I'm working on such document as we speak.
For example, making a demo of one of our mobile wallet and give away bitusd, make people trade among one another and then buy a coffee at the coffee shop where you hold the meetup.
You can then by back the bitusd from the coffee shop if he doesn't want to keep it or tell him to turn it into BTS if he wants to profit from the future of BitShares.
Great way to convert business and users simultaneously.
> Biggest misconceptions or obstacles needed to overcome for adoption of BTS?
That's easy: It's the people
Reason: People don't understand the advantages of a decentralized exchange with market pegged assets .. not yet ..
Can you remember 2009 when the bitcoin paper was published and no one cared?
for me the biggest thing is that you can own (a percentage) of the system by holding BTS (NOTES or whatever the base asset is) ..
You can actually telly your friends:
- I own a bank
- I own a stock exchange
- I own a forex
- I own a music industry
- I own a gambling industry
....
The human population. This could be represented as a coin which has a value of the total amount of humans on record. It should go up or down in predictable ways.
Or perhaps the formula for the total amount of storage space of the Internet itself. The value will increase each year at a predictable rate.
Or electricity usage. Make an asset around electricity demand and you'll get something extremely stable but which always increases.
I would say since we don't have electricoin we'll have to invent some energy assets. The other stuff would be too experimental.
Thanks for your kind words! This post is actually a bit outdated as I (and the Bitsapphire team) have simplified and extended the system considerably.The IOUs would be based on a specific delivery of XYZ good or service correct? This is the same model for the DigitalCoin & Ripple system. Your personal trust network or supply chain can better evaluate your 'credit rating'. The supply and demand of the specific IOUs as well as the risk is decentralized/distributed. The major failure in modern banking is that bad debt is centralized and effectively collectivized by government bailouts, guarantees, and money printing. Hence collective public debt grows to unmanageable levels beyond the level that would represent productive credits, and eventually can lead to currency collapse.
The IOU represents the debt of the issuer in terms of an external unit of account (which in our model is the Perpetual Coin). It does not represent any good, service, hour, or anything of that sort that currently is in use with LETS.
Ripple has an in-build commodity money (XRP) which cannot function as a stable unit of account. It is the same as Bitcoin in this regard, or any commodity money. Our proposal creates a stable unit of account similar to bitAssets, but which track an internal ratio rather than some arbitrary commodity or basket of commodities. Rather, it tracks all goods and services on the market.
One of the major modifications to the system we've made so far is that the bitAsset (i.e. the perpetual coin) is not created as a CFD, but rather through simple contracted collateralization. In our current model any percentage of collateralization can happen. We calculated that at about 300% collateralization (all based on IOUs, nothing else) is the maximum statictically significant security that can be had.
We have also been able to form a very new and I think elegant definition of money and credit:
"Credit is a time-delayed split barter contract. Money is credit without counterparty risk." It's that simple really.
South Bay here.
Sent from my Cap'n Crunch whistle.
Cob, I see you're thinking about our Houston discussion
For others you can catch up on some stuff here http://stableproductivemoney.wordpress.com/2009/03/18/properties-of-token-money/, https://www.youtube.com/watch?v=XyWfUqEyIZc
Without reiterating everything, bitAssets are capable of tracking the relative value of a data feed. The best data feed would be internal to the DAC so no data manipulation can happen. The most stable crypto assets to back up and collateralize bitAssets would be IOUs which represent something real which is redeemable. IOUs are better capable to create a much more stable bitAsset because people trade the undelrying value of the IOU rather than a commodity-token such as BTS or BTC. The problem with IOUs is of course that both collataralizing tokens on both ends of the bitAsset can completely default, effectively creating inflation for the bitAsset in question.
Everybody is capable of providing value to the market through production (Riegel's idea: "We're all fountains of wealth") by extending our own credit and backing it up with future production at the future's exchange rate. You effectively get a dual currency system, exactly how money is noted in a ledger anyway: a Debit currency and a Credit currency. Those IOUs would be redeemable for your productive capacity.
By using your're IOU as the collateral for one side of the bitAsset you can create somebody else's IOU's as collateral for the bitAsset's other side. This way you create a bitAsset without practical counterparty risk which everybody accepts at par and which can be used for universal pricing and path finding across the value network (very similar to Ripple's XRP being the path-finding mechanism between gateways, but in this case it's a stable bitAsset with flexible money supply rather than a commodity token).
Furthermore the counterparty collateralizing your IOU takes on risk but also reaps the benefits by having more buying power with you. So your collateralizers, or in other words -lenders- would in most cases be your immediate supply-chain (or market makers, i.e. Credit Rating Agency). Your "credit limit" would be equal to the total demand for your IOU (or in other words total demand for your future production), however the more IOUs you issue the more interest your supply chain will require from you for their larger risk. Hence you get a very liquid and true market-based credit market and access to cash flow.
The perfect bitAsset would be, as stated above, and internal price feed. If a lot of producers use this IOU system (as a kickstaerter it needs a minimum viable market, or in other words minimum viable liquidity) then you can use the point where the average total supply and demand curve of all IOUs in circulation meet as the univeral pathfinding point. In theory that point would be by definition perfectly stable as it mathematically represents the abstraction of all supply and demand of all relative values in the system. As such the -price- of money (i.e. Unit of Account) is not just decoupled from money itself as with bitAssets, it goes much further than that, it becomes a *universal non-cumulative* value unit.
Fascinatingly this special and unique bitAsset (I'm calling it Perpetual Coin (PC) for now) by definition has no counterparty risk as a whole, but statistically a certain percentage of it's underlying IOUs will default on both ends of the contract, as such it is as inflationary as the total failure rate of both ends of the bitAsset of the producers. However, because this is a DAC we can make sure that the price feed of the PC always matches the internal price point by including demurrage equal to this failure rate, effectively we're introducing entropy into the system which always matches the entropy of the underlying value market, something which never existed before. This way we stabilized PC as a Unit of Acocunt as a point in time, but not as a store of value. That's the next step.
Due to demurrage PC holders who want to store their value will want to invest their PC as a loan to above average producers. They in tern give you their PC IOUs for a future date, in which case you have again counterparty risk which at average should be smaller or equal to the demurrage/entropy rate of the PC as all these factors are in theory counter-cyclical and self-stabilizing to one another.
As such we have effectively splt money into its 3 core functions:
- Medium of Exchange - Producer IOU
- Unit of Account - Perpetual Coin (bitAsset)
- Store of Value - P2P Credit Perpetual Coin
I've got to write this down more clearly somewhere.
The blockchain says you registered 6 days ago:Code: [Select]delegate (locked) >>> blockchain_get_account merivercap
Name: merivercap
Registered: 2015-02-11T08:52:30
Last Updated: 6 days ago
Owner Key: BTS87UZaR1bYcDZ93K551tbtfafDUp7CPe2TEkHwKheihMPRc2njb
Active Key History:
- BTS84sh13WEmKCY7U71hYauBxMSXL9EYN833yL5yd44GJWpPiEb6A, last used 6 days ago
Seems your wallet is not synced
