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Topics - Empirical1.1

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General Discussion / BitUSD Dice & BitAsset gambling
« on: January 27, 2015, 11:22:04 pm »

Some Bitcoin gambling platforms do $10 million+ a month in Bitcoin volume, so I'm guessing you're looking at $100 million a month Bitcoin gambling volume.

Considering BTS is about 1% the size and daily volume of Bitcoin, we could be talking up to a $1 million in monthly BitAsset volume right now if BTS users were given access to BitAsset gambling.

Edit: An internal option that only let you wage with BitAssets (but not BTS) would be ideal. It would get us using the wallet & BitAssets more and massively increase BitAsset volume.
Even an external site would be fantastic though and from cursory research would do big volumes from inception. (No advertising required for the first mover either & BTS users would use it in a similar ratio to what Bitcoin users do.)

Follow My Vote / Digital Democracy - UK considering online voting
« on: January 26, 2015, 01:01:39 pm »
Seemed semi relevant

He said: "I don't mean by that that it will necessarily at any stage be compulsory to vote in that way, but I think that the notion that, if it can be established as secure and reliable people should have the option to vote online, will gain ground more and more and more."
He said the 2020 poll "could be the first election in which people have the opportunity... to vote online".

The Digital Democracy Commission also envisages public participation in Commons' debates via an internet forum.

This is just a re-post of ideas I've been brainstorming on NullStreet. I find trying to sell/pitch BitShares as a whole is hard even to alt-coiners but within BitShares we have many businesses that are easy to pitch & easy to grasp on their own.


Q: What is BitShares?

A: BitShares is the blockchain & currency behind BitAssets. There are many decentralized businesses built around BitAssets that will each disrupt huge centralized players.

The first are launching this month...


BitAsset Exchange

Disrupting Centralized Crypto Exchanges and ultimately stock & commodity ones too with an exchange that has no counterparty risk, eliminates HFT & lets you privately trade currencies, stocks & commodities in seconds for 1¢

BitUSD and other BitCurrency wallets

Disrupting PayPal & M-Pesa with simple lightweight clients and mobile wallets  that let you save, spend or share any currency in seconds for 1¢ & earn interest on your balances.


Private BitAsset Bank

Disrupting Private Banking jurisdictions like Switzerland with banking that's more private, charges less, pays more & is transparently backed by 200%+ reserves.


Unseizable BitGold & BitCommodity Vault

Disrupting BitReserve with blockchain commodity storage that has no centralized counterparty risk but is redeemable for physical gold & silver whenever required.


Global BitCurrency Remittance

Disrupting Western Union & MoneyGram with global remittances in any currency that takes seconds & costs 1¢.


The names are just examples, the point is anyone of those could be a competitive business in it's own right and would be worthy of a Bitcointalk ANN. (BitReserve, NuShares, BitStamp, & others prove that.)

As I said trying to understand & sell BitShares all as one is hard. Trying to understand & sell the value proposition of anyone of those businesses is easy. So we could create websites and brand 5 different businesses that we view separately but are still managed by BitShares and the same 101 delegates.

Personally I've speculated that businesses being unable to hold Bitcoin is a primary factor in Bitcoin's decline as it potentially means the more utility Bitcoin gains the worse it does, obviously inflation & speculation plays a role and other external factors/events. Just thought I'd post to see what people's thoughts are on the subject & whether we should communicate this angle more.


Bitcoin was more well known in 2014 than ever before with more VC investment than ever before and is now accepted by tens of thousands of businesses worldwide, yet the price generally, clearly trended down the whole year. Why?

I suggest the reason is volatility.

The majority of businesses immediately sell their Bitcoin for fiat.

"Mr. White says that Coinbase’s list of merchants is continuing to grow at a rate of 10% each month despite bitcoin’s recent price drop. The “vast majority” of them convert their bitcoin into dollars, he says."

The problem for the price of Bitcoin is that a sale IN Bitcoin equals a sale OF Bitcoin. Imagine if every time you paid in Dollars at a shop, the shop didn't keep the Dollars and had to immediately sell the Dollars for Euro. I imagine the Dollar would rapidly devalue. Unfortunately the more people shop with Bitcoin the more selling pressure there is.

When few people accepted Bitcoin the price could rise, because we were all hoarding it. New demand had to chase newly mined coins. Now new demand has to soak up high inflation and all the Bitcoin we spend that businesses are selling for fiat as soon as they get it.

Except for inflation, a Bitcoin Dam was in place but now the Bitcoin leaks out via businesses.
If the businesses held & re-circulated more crypto, it would make a lake that got bigger and bigger with new demand & whenever people replenished. But Bitcoin leaks out because businesses don't hold it. Currently we're just refilling a leaking dam, which wouldn't leak nearly as much with a stable crypto-currency option for businesses. Though Bitcoin's short term value is speculative, I think the 2014 trend shows Bitcoin is losing a lot despite greater investment, development, exposure and utility.

It's likely that once options like BitUSD gain traction which offer stability, interest and all the advantages of decentralization that this situation will reverse & crypto will rise especially as an average of $3 worth of BitShares backs each BitUSD, so a little demand could go a long way.


If that is a primary factor. I think we should communicate that more as the mindset now is that 'crypto is doomed/declining or not taking off' - if we can communicate that crypto is doing better than ever before but businesses not using stable BitCurrency options yet is a big factor in the downturn and once they do use BitCurrencies more the trend could rapidly reverse, that could be beneficial.

General Discussion / BitShares poll in main Bitcointalk discussion area
« on: January 11, 2015, 02:48:25 pm »
Someone who is largely a NXT supporter from what I can gather has created a poll essentially asking whether BitShares meets the criteria of being decentralized on the main bitcointalk discussion area.

General Discussion / BitShares Video
« on: January 04, 2015, 03:06:06 pm »
Here's a little BitShares video I did, hope you like it  :)

Updated Version:

Short versions of the main BitAsset part with slightly different intros...

I have used the song ‘Welcome to the blockchain’ by Toby Ganger
If you like this video and want to tip, please send to his BTS address:  tobyganger (as listed on his YouTube video)

General Discussion / Delegate.YES & Delegate.NO
« on: December 31, 2014, 11:51:47 am »
If we got two 3% delegates into the top 101, a YES and a NO delegate, then we could ask a lot of questions on the blockchain.


1. Question - Should we do X?
2. Timeline - 48 hrs to Vote.
3. Starting point - YES is starting at 10% approval, NO at 11.3% approval

Then you just Vote YES or NO and the difference in movement from their starting point at the end of the voting period will give a better idea of stakeholder opinion than just a few limited English forum voices. This may have the added advantage of getting us voting more frequently in general.

General Discussion / The end of POW approaches...
« on: December 25, 2014, 11:42:36 pm »
POW as we know is starting to look very lonely in the top 10 & BTC has been on a long general downtrend. LTC has been on a downtrend for ages and broke a big $100 million psychological barrier.
Ripple is centralised, with huge centralisation of stake, it has it's own market but it's not a decentralised alternative imo.

So two fantastic things are happening LTC is bringing itself within reach and POW as a whole is clearly dying.

So passing LTC will make us look very strong indeed.

I've been bullish on BTS, but definitely not a super-bull for a host of reasons that have resulted in BTS being significantly undervalued imo. The board is shaping up in BTS's favour and giving us a shot though imo.

General Discussion / Using delegates to seed BitAsset CAP and liquidity
« on: December 25, 2014, 06:14:19 am »
This is just an idea I haven't really thought through.

- I think it would be good if we had 4/5 BitAssets on the front CMC page. Which currently requires > $125 000 CAP
- I think it would be great if those 4/5 markets were more active on a day to day basis
- I think it would be great if some of that volume flowed through places like bter and started to build a more liquid market there.

Delegates could do this without it costing BTS very much at all because the value wouldn't be leaving BTS.

The advantage is we would also hedge our ability to self-fund against a fall in BTS price buy having a pool of BitAssets. We would be able to have bounty delegates who could pay for one off projects.

Disadvantage is that it would require a lot of trust in a few delegates.


General Discussion / Great Argentina news!
« on: December 01, 2014, 08:26:58 pm »
I see we have some guys working out of the Bitcoin Embassy in Argentina who are developing a BitUSD mobile wallet  :) This is fantastic news imo!

Dear community,

My name is Matias Romeo and together with Pablo Tutino we are both cofounders of

We are based in Buenos Aires (Argentina) working from the "Bitcoin Center Buenos Aires" (aka: Bitcoin Embassy)

As many of you know the current situation in our country is one of a big opportunity for bitUSD, and seeing that the mobile wallet for bitshares is lagging behind we decided to do our contribution and started the development of a mobile bitasset wallet.

We think that Argentina has a lot of potential for the daily use of bitUSD and we have a lot of efforts going on in that sense that hope to release soon.

Check out this video I found which shows some of the Bitcoin businesses that are all co-located there & makes the case for Bitcoin in Argentina.

Now multiply that Bitcoin potential by infinity, take it to the depths of forever and you will still have barely a glimpse of what we're talking about with BitUSD there imo. (To paraphrase Joe Black.)

General Discussion / BitAssets on the main Coinmarketcap page :)
« on: December 01, 2014, 05:09:16 am »
Just saw Assets are all showing on the main page!  8)
Much better advertising for BitUSD nice!

General Discussion / A BitShares Constitution?
« on: October 31, 2014, 08:31:13 pm »
We have a new, united BitShares beginning on Nov 5th.

We have an opportunity to define a new beginning about who we are and where we're going.
Whether that's a constitution, mission statement or just some basic values, I don't know.
(I think MethodX has previously expressed interest in helping draw up a draft for something like this.)

For me a big question is this...

Should BitShares define it's maximum annual dilution for eternity?

Personally, I think yes.

A BTS that is limited & defined like Bitcoin but puts the dilution towards positive, productive uses rather than wasteful centralised mining is something I think will be more successful.

Bytemaster, is open to that angle.

Its 2021:

Great... an enshrined constitution that stipulates an dilution rate strictly less than BTC's inflation rate would "tie our hands" and should be carefully considered, but from a marketing perspective there is a strong case.

Do you think we should cap our dilution rate in a constitution forever? Other thoughts?

Looks like we may see BitUSD on the main page on coinmarketcap again soon :) Thanks Toast for making the case!

Gliss, can you please consider changing the front page to show "all" instead of just "currencies"?

The distinction is totally arbitrary. "Has its own blockchain" is clearly not the distinguishing factor if you are putting both nubits and nushares, meanwhile bitUSD doesn't get to be on the front page even though it's completely analagous to nubits.

Stuff like MaidSafeCoin is important - just because it's on MSC doesn't mean it shouldn't be first-class.

All the shitty user-issued assets won't show up near the top anyway. If something is worth $XXm, it should be visible.

Agreed.  The only reason I separated them out in the first place is because I considered the assets section experimental and didn't want to risk destroying the main page.  But the assets page has been pretty stable so I will make the switch soon.

This is great news imo. The coinmarketcap main page is a top 10k site and a great advertising platform. (It brings more visitors to BTSX than our websites & forum) but the asset page is viewed much less. BTSX at no. 4 doesn't immediately communicate BitAssets even when you go to the site but seeing 'BitUSD $0.99' on the main page especially with the greater than $1 million CAP they have now will advertise them and communicate what they are.

(Even better if the BitUSD link on CMC directs you to a BitUSD website that displays the current/frequently updated yield on BitUSD as an annual percentage.)

General Discussion / Argentina & Venezuela
« on: October 15, 2014, 01:16:54 pm »
A recent comprehensive study found that the two countries most likely to adopt Bitcoin (BitAssets  :) ) are Venezuela and Argentina.

Primary Reason: Highly inflationary local currencies and low accessibility to alternatives.

Those two countries are literally begging and clawing with their fingernails for BitAssets.

What is the opportunity?

Argentina's GDP:      $600 Billion+
Venezuala's GDP:     $400 Billion+
Total:                      $1 Trillion +

In Kenya, up to 40% of the GDP flows through M-Pesa
(A mobile phone based money transfer service using cellphone minutes as currency.)

I would say M-Pesa's success is the result of poor banking infrastructure but it does show that even a third works country can adopt a new payment & money system if the need is there and what a significant part of its GDP it can become.

Targeting: There are only a handful of Bitcoin exchanges and partners that need to be pitched BitAssets in these countries. Once they understand them I'm sure they'll agree that they are what they're looking for vs. Bitcoin. That's the entry point. I believe BitAssets can spread like wildfire there because that's where the need for them is highest. The potential market size could be very significant too.

General Discussion / 5% Annual inactivity fee applied to unclaimed stake?
« on: October 12, 2014, 03:34:58 pm »
Bytemaster has said you could easily spend/need $10 million a year to keep BTSX competitive for the next 10 years. Unfortunately this is unlikely to be able to be derived from fees alone.

(Currently 36% of BTSX remains unclaimed) However if we assume that 5% of all BTSX is never claimed then a 5% annual inactivity fee would provide 0.25% of BTSX a year to fund development.

At a $2 Billion CAP this would be $5 million a year.

So I'm open to an inactivity fee as it could provide a significant funding source once BTSX got a reasonable CAP even if it was only applied to stake that was never claimed.


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