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General Discussion / Re: Airdrop 50% profit to bitsharestalk.org (0725)
« on: July 25, 2014, 02:10:05 pm »
my btsx: biophil
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General Discussion / Re: Total number of shares
« on: July 24, 2014, 05:19:22 pm »5% of 2 billion is a larger amount than 5% of 1billion. The amount (5%) keeps getting smaller as the float decreases. You could subtract 5% infinite number of times, theoretically. At least until you get near the lowest divisible unit of BTSX.Is that part of the market functionality that will come later? I thought I remember hearing that somewhere.
New shares are not created, the market function allows you to issue different TYPES of shares and trade among them.
So I know there isn't any guarantee of 5% dividends but 5% has been mentioned. So is it okay that 5% of the supply is destroyed every year with no increase ever? I really don't know that much about economics. If the supply gets too low in 30 years would it require a stock split or something like that?
Obviously the burn rate will be increasing as transactions increase.
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There was some discussion of this at one point, and bytemaster seemed to say that it wouldn't be hard to do something like a stock split, where you increase both the supply and everybody's balance by 10x simultaneously.
But yeah, btsx has like 14 orders of magnitude of precision so it would take a while to burn the supply so low that it would matter.
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LottoShares / Re: new exchange: bter
« on: July 24, 2014, 01:17:32 pm »
Nice! my MMC stake is worth almost 10 BTC... that's like a 50x ROI. 
(before everybody jumps down my throat for thinking my MMC stake will still be worth that when it matures in a year, don't worry; I understand the current valuation is based on a very small float etc etc)
(before everybody jumps down my throat for thinking my MMC stake will still be worth that when it matures in a year, don't worry; I understand the current valuation is based on a very small float etc etc)
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General Discussion / Re: Increasing Fees for Non Voting Transactions
« on: July 22, 2014, 11:01:21 pm »
In game theory this is called the Beauty Contest problem. If you provide financial incentive to vote, you'll get random votes, which is probably worse than people not voting at all. In essence, the sorting of delegates in the GUI will decide who wins elections because people will vote for whoever is at the top of the list.
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General Discussion / Re: Basic How To
« on: July 22, 2014, 01:43:49 pm »We need a voting HOW-TO...
1) Approve some delegates
2) Transact your whole balance to yourself.
Items to note:
1) If you approve more than 101 delegates, then 101 will be selected at random from your list.
2) Nothing changes until you actually make a transaction
3) When you do make a transaction votes are moved from whoever your stake was voting for to who it is voting for now.
You do not vote for a delegate by sending funds to that delegate.
An improvement over this could be a way to "Transact your whole balance to yourself" after hitting "cast vote" or similar button in the client GUI.
The concept of "Nothing changes until you actually make a transaction" while you've "approved delegates" in the UI is difficult to comprehend for first-time users.
It is easier to explain why "cast vote" button costs (as much as normal transaction fee) than how things work.
Yes, this! Voting needs a lot of help; it's very confusing if you're trying to figure it out from scratch. The idea of votes being weighted by stake will not necessarily be intuitive to newcomers.
I think a "cast vote" button in the GUI would be a huge improvement. It would also be good to add a basic how-it-works to the GUI voting screen itself.
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General Discussion / Re: Time for coinmarketcap listing
« on: July 21, 2014, 03:09:36 am »I see , so we must wait for the market to be stabilize so we can gauge the true worth of BTSX.
Yes, I would wait till the first exchange was letting people deposit and withdraw BTSX from their wallets but that's just me. I don't know how other people feel.
I strongly agree!
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General Discussion / Security for wallet export
« on: July 20, 2014, 05:22:10 pm »
This is probably obvious, but when we export a BTSX wallet to a .json file, the exported keys are encrypted by our wallet password, right?
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General Discussion / Re: Should we transfer funds after we import AGS/PTS wallets?
« on: July 20, 2014, 05:10:53 pm »yes
damn. How does it work then: if I also import my PTS wallet, does that mean my "biophil" account has multiple private keys, and I have no way of controlling which key is associated with any particular funds?
Just trying to understand how it works under the hood so I don't make myself too vulnerable.
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General Discussion / Should we transfer funds after we import AGS/PTS wallets?
« on: July 20, 2014, 04:58:56 pm »
I imported my AGS wallet to my account named "biophil." Does that mean biophil's private key is the same as my AGS key? If I store funds in biophil, and then someone steals my AGS private key, can they steal my funds in biophil?
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General Discussion / Re: Can we get a tutorial on how to move AGS/PTS into BTS?
« on: July 19, 2014, 10:26:21 pm »Bitcoin worked for me
Question: If I look at somebodys username, do I see their account balance as with bitcoin or only the TXs we've done together? Can I look up account balances by username?
no you cannot see account balances of other users
Is this a GUI thing, or is it not even possible to track in the blockchain?
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General Discussion / Re: Can we get a tutorial on how to move AGS/PTS into BTS?
« on: July 19, 2014, 09:28:59 pm »export your BTC / PTS private keys from the Bitcoin / Protoshares wallets. Then import those private keys. That's what I did, and I think it's the safest.
That said - BTSX is going to have a shitstorm to deal with if we don't start documenting in the Wiki how to perform basic operations, and include a playbook as to what to do in certain problematic cases. (Like the one run into for example)
I have to export my keys one at a time and import them one at a time? What happened to "import your pts wallet"?drag and drop the file into the "Wallet Path" textbox. If you are using windows delete the "file:///" from the path
where is the "wallet path" textbox?
On the left bar, click "My Accounts." Click the account you want to import to. Then go to the "Advanced" tab, then the "Import Wallet" tab. It is not the import wallet option up in the file menu.
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General Discussion / Re: Sumaritan Ministristries Insurance
« on: July 17, 2014, 09:34:27 pm »
I know some people who use this for health insurance, and they love it. Good call, fuznuts.
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General Discussion / Re: Apparently NY has released their BitLicense Regulations
« on: July 17, 2014, 08:08:55 pm »^^^ we can build a "POW killswitch" in... if delegates run out of places to operate from then the network can live on, hopefully after this happens once or twice they get the message that delegates do not "control or administer" the DAC
For this reason, I think a good semantic line-in-the-sand would be to demand that delegates are categorically not "leaders" or "administrators" of any kind; a delegate has one function: to author blocks when it is his responsibility to do so. Absolutely nothing more.
It would be similar to demanding that AGS is "donations," rather than investment. You guys live and die by the idea that saying something loudly and often enough makes it true, regardless of evidence to the contrary.
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General Discussion / Re: Dry Run 10: Viva la Vida Delegada
« on: July 17, 2014, 01:53:47 pm »still can attack with these rules, if I have about 1% XTS.
1. use about 10^7 XTS or more, control the price to 500USD/XTS, get about 5*10^9 USD
2. usd about 10^7 XTS or more + maybe 10^5 USD, control the price to 0.0005USD/XTS,get all the backup XTS.
It is just a matter of scale. Attacking the network in such a manner would destroy the network and make your 1% worthless. We can set that value as high as 5% or more. The assumption is anyone with that much steak we not want to harm the network. No one else would participate in the network and instead could go to a new bit asset. You and then be trading against yourself and not profit at all.
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Arrrg. I'm not a tester, but I don't think I like this reasoning at all. Assuming that no individual person or group would spend money to harm the network is a bad assumption, especially at the early stages when the total NAV is still low. There could be great incentives to try and destroy the network.Please tell me I don't know crap and I'm wrong because that's what I want to hear right now.
You are wrong. The point is that even at the current market cap which is approximately 20-30 mil you would have to spend 200k or 300k on acquiring shares before you could attack the network (in the future it will be much more expensive). And if you had that many shares, it would be WAY more profitable to INCREASE the value of the network than to destroy it by having some kind of attack on it.
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So you're saying we should bet the house on the premise that "a rational person probably wouldn't want to do that?" Never mind that if they did, or they weren't rational, or you misunderstood what it means for them to be rational, they would ruin everything. Our discussion about this needs to be more risk-averse. When design decisions are being dominated by people saying "We're pretty sure that shouldn't happen," my confidence gets a little shaky.
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BitShares PTS / Re: PTS Update?
« on: July 17, 2014, 01:35:23 pm »
DPOS works, right? Dry run 9 showed that? Then what's to stop the PTS->DPOS migration from happening right now?
