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Topics - CLains

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General Discussion / What is a Decentralized Exchange? CryptoCompare Analysis

« on: April 21, 2017, 05:52:11 pm »

Cryptocompare did an analysis of the different decentralized exchanges.

BitShares mentioned:

https://www.cryptocompare.com/exchanges/guides/what-is-a-decentralized-exchange/

General Discussion / [ANN] BitGate Pre-Crowdfund ICO

« on: January 18, 2017, 09:13:42 pm »

This a pre-ICO investment proposal is for 5% of the BitGateCoin. The goal is to get valuable feedback from the community, improve our crowdfunding proposal, and get traction for the main ICO for BitGateCoin, which will be organized on the 9th of February together with our partner OsloFintech. It is an opportunity for the community to get involved at grassroots level before the campaign reaches mainstream.

www.bitgate.no

The pre-crowdfund campaign will run until January 31st.

Update!
Using the blockchain-based social media platform Steem we managed to reach 150% of our minimum goal for the pre-crowdfund within 24 hours! These funds will allow us to pay for development, legal bills, and give us enough to create a decent crowdfunding showcase for February 9th.

We have also got lot of interest from people all over the world who want to set up their own BitGate solution in their own region. The remaining funds contributed go to expand the scope of BitGate and to make sure that the crowdfund February 9th is a huge success, and that we get a running start developing the service in Norway.

Thank you to everyone who has participated so far. We see a lot of contributions from the BitShares and Steemit community, not only with money but with supporting comments, constructive feedback and questions as well as willingness to participate to make BitGate a success.

We appreciate all the support from the community, and since the crowdfund is scheduled to continue until 31th of January and the crowdfund has been such a success so far, we want to protect our early investors by increasing the amount of stake given away by 1% for every 10 BTC extra we get after 50 BTC, until a cap of 100 BTC where a total of 10% stake would be given away. This will ensure a valuation capped at a maximum of $1 million until the crowdfund February 9th.

We have added a FAQ on the website, so check that out here:

www.bitgate.no

We have also added an “intro to the team” video that we did while in Gran Canaria, where we co-hosted #BizzWeek together with Liberland. Check out the team introduction here.

BitGate Intro

BitGate is a gateway to the global blockchain-based economy. Blockchain technology enables a world-wide Web of Value with instant, global, frictionless value transfers. The BitGate Minimum Viable Product and proof-of-concept is BitGate Norway. The goal of BitGate Norway is to enable Norwegians to connect to the new economy in a safe and regulated way.

The current market vacuum in Norway places Bitcoin trading volume in the country at 5% of the EU average, which means that there is a great market potential. It also means that Norway has a great opportunity to leapfrog the centralized exchange paradigm. BitGate is a decentralized exchange gateway, making it both scalable and regulation-friendly.

Ever since 2014 BitSpace has been looking into creating a gateway as proposed by Daniel Larimer, creator of BitShares. In the cryptocurrency space, timing is everything, and we waited for the world to get ready while the concept gained maturity in 2015, the year that banks really started exploring “blockchain.”

In 2016 we got the opportunity to present the concept for the legal and financial elite. We pitched the project as BitGate and won first place in the OsloFintech Challenge, before being accepted into the FintechFactory accelerator in Norway, where we met numerous finance and fintech mentors, lawyers and bankers who were excited about the concept.

It was only recently that we finally cleared the way through the regulatory hurdles with our legal advisor Camilla Wollan of DLA Piper, and banking advisor Lars Hektoen, founder of Cultura Bank. In addition, Sturle Sunde, the first and largest Bitcoin trader in Norway is now officially on the BitGate team.

The road ahead is clear, and we will most likely achieve a network effect for a decentralized exchange gateway here in Norway. We already have the first business school assigment on BitGate, by Ioanna - who we met at the cryptofinance event we organized. We were also just a few days ago featured in one of the largest newspapers in Norway, Morgenbladet - you can see some of the pictures here.

We aim to have the BitGate MVP ready in March.

The Opportunity

There is a gap between the traditional economy and the emerging cryptoeconomy. The gap has been particularly pernicious in Norway, as the regulatory environment has been highly uncertain since 2013, which saw the announcement of VAT on Bitcoin. In 2014 the biggest centralized Bitcoin exchange in Norway, Justcoin, was shut down. Globally, the financial industry has been exploring blockchain technology as a way to enhance services and cut costs. However, a traditional mindset and approach to regulation leads to an ignorance of permissionless, open blockchain systems. The financial sector tends to employ permissioned, closed systems, with their inherent limitations of centralization and regionality. This creates a gap between paradigms:

In most regions, the emergence of decentralized exchanges is hampered by the dominance of heavily funded, centralized exchanges and private, permissioned ledgers. Because Norway has been lagging behind, we can now leapfrog development with a public, decentralized gateway. This lessens the regulatory hurdles and provides an easier way for Norwegians to invest in the booming cryptoeconomy. In Norway, BitGate will serve as a proof-of-concept for the new cryptoeconomy paradigm, enticing banks, exchanges and remittance services to participate.

The Solution

Instead of resorting to an open, permissionless system or a closed, permissioned system, BitGate offers a hybrid blockchain solution, allowing compliance and regulation while retaining the openness and global reach of the cryptoeconomy. We connect banks, exchanges and remittance services to the emerging Internet of Finance (IoF), giving end users access to a highly scalable, frictionless global market.

The BitGate MVP will use the BitShares blockchain and enable users to purchase Bitcoin with NOK, and NOK with Bitcoin. Users will be registered with the National Banking ID system in Norway (BankID) to ensure high-level compliance, and we will use third-party auditors to ensure KYC/AML verified users. We will start with bank transfers, which are already relatively frictionless in Norway due to heavy modernization and standardization, and quickly scale to accept all dominant payment solutions in Norway, as well as other cryptocurrencies; NOK to STEEM and BTS being a priority.

The business structure of BitGate has been architected in partnership with our lawyer Camilla Wollan of DLA Piper and advisor Lars Hektoen, founder of Cultura Bank. Thanks to the built-in KYC/AML features of the BitShares blockchain, Camilla Wollan has now green lighted the project. This means that Norway’s biggest and best regulated cryptocurrency exchange will be a gateway to the decentralized BitShares system!

Timing

Traditional Financial Economy

Globally, the traditional financial economy is trembling. In Norway, our previously impervious oil sector has come crashing down, and housing prices are reaching bubble territory. There is much talk about creating new jobs, but few know how to put their money to productive, profitable use.

Meanwhile BitSpace and BitGate is growing in harmony with the realization that real FinTech revolves around CryptoFinance, a new decentralized infrastructure for the global economy that will supplant financial institutions as gravitational centers.

Just in the past few months we have given a demo at Post-Trade, a presentation for Laboremus, a presentation for NUUG, held a presentation at Seed Forum New York, given presentations at Oslo International Hub, and organized the CryptoFinance summit where we gathered an audience of over 150 people, the same list we will draw from for the live BitGate crowdfund on February 9th. Last week, we also organized a conference with Liberland at Gran Canaria. Liberland Investment Conference took place side-by-side with BitSpace Blockchain Forum. Stay tuned to BitSpace on Youtube for videos from that event, which will be posted in the coming days!

Just a few weeks ago, Norway also announced a Fintech Sandbox solution for startups looking to test our their ideas. This means that BitGate may soon be able test out services that are currently too regulated to touch, including banking and e-money issuance.

The New Cryptoeconomy

The cryptoeconomy has seen rapid growth in the last few years. Bitcoin alone has grown from being virtually zero to having a market cap of 12 billion dollars and higher. Meanwhile a variety of new cryptocurrencies have appeared that innovate and compliment Bitcoin.

Bitcoin’s yearly trading volume is now close to $400 billion worldwide.

We have also seen a gradual rise in total cryptocurrency market capitalization, which touched the $20 billion mark earlier this month.

Among the new developments is the popularization of the concept of DAOs (Decentralized Autonomous Organizations). These developments allow new kinds of businesses like Steemit to flourish. Just in the past few months, Steemit has had a major impact on the world, as we organized the Oslo Steemit Hackathon in Norway at the CryptoFinance Summit, and legendary @roelandp organized SteemFEST Amsterdam, with participants like @Ned @good-karma @fabien @ekitcho @furion @xeroc @cass @svk @noisy attending both events.

We expect that new economy DAOs like Steemit will keep flourishing to create new, global financial, reputation and identity infrastructure. The most pressing issue right now is the gap between the traditional economy and the new economy. The best way to bridge this gap is using a Decentralized Exchange, allowing regulated trusted industries to operate on an open, decentralized system.

BitShares and CryptoFinance

The BitShares Decentralized Exchange was launched in 2014, and has now had time to mature both technologically and conceptually. We are using this platform to create the BitGate MVP as a proof-of-concept and bring in Norwegian users who may be completely new to cryptocurrencies.

By creating a safe, regulated bridge to a global, decentralized blockchain-based platform, we set the stage for the next paradigm of CryptoFinance. In contrast to centralized exchanges, the scaling opportunities for BitGate are endless, as BitGate effectively connects users to the Web of Value. This in turn puts value itself on the exponential information-technology curve and grows it according to Metcalfe's law with each new node.

While FinTech is currently revolving around core banking infrastructure, in the future it will revolve around global, decentralized, blockchain-based platforms. BitGate positions itself in this landscape to facilitate the transition in a safe, regulated, effective and painless manner, helping startups, businesses and financial institutions to connect to the web of value.

Competiton

Internationally, most banks work on private, permissioned solutions while the CryptoEconomy has open, permissionless solutions. However, we increasingly see exceptions to this trend. For instance, Santander recently announced “Cash On The Blockchain” using the open Ethereum-blockchain. This validates the concept of a hybrid solution as the key to 2017.

While Ethereum is a great platform to experiment and try out new types of smart contracts, it was not designed to serve as the global financial infrastructure. By working with BitShares we ensure that we will be able to handle the volume success entails, while still allowing secure, low-cost, and instant worldwide transactions.

In the BitShares space OpenLedger, Cryptonomex, BlockPay and other exchange partners are competition but also good friends and potential partners as liquidity and BitShares adoption is our common problem. The more useful the BitShares platform becomes, the more we all gain. We will all then seek to specialize relative to each other to minimize our mutual competition and maximize our common gains.

The biggest Bitcoin exchange service in Norway is currently bitmynt.no - the volume driven entirely by the reputation of a trusted figure in the community, Sturle Sunde. While he has the best reputation, as well as the highest trading volume and web ranking in Norway, he is currently struggling with regulatory challenges and lack of banking partners to scale up his business. Seeing the path we are taking with BitGate, focusing hard on financial and legal partners and regulatory compliance right off the bat, Sturle decided to join the BitGate team, and will ensure a high trading volume from day one.

All in all, with our team, advisors, and national and international partners, we position ourselves as the major Bitcoin and cryptocurrency exchange in Norway. This in turn will create innumerable possibilities to expand BitGate, both as a service in Norway, and internationally.

Possibilities

The cost of global scaling is minimal, while the added value of scaling is exponential. By helping to build an alternative global financial infrastructure together with our partners, we target the total market of the world economy. As the market grows, new opportunities will present themselves and all we can do here is indicate some potential candidate services.

In addition to traditional revenue sources from payments and exchange, BitGate provides a gateway to new CryptoFinance markets, including Global Stock Exchange for traditional stock, crypto-equities, and crypto-indexes, as well as services like portfolio-management, remittance, crowdfunding with equity, microfinance, and micropayments for the Economy of Things (EoT).

Team

BitGate is a daughter company of BitSpace, and has the backing of the BitSpace team and network, collectively carrying over 20 years of experience with Bitcoin, cryptocurrencies and blockchain technologies. We have a global team of blockchain experts, as well as coders, designers, marketers, lawyers, all working to make it happen, as well as a network of bankers, traders, market makers, and remittance service providers.

Core Team

Advisors

Partners

Proposal

We need at least 20 BTC for development, legal and to deploy a professional crowdfunding proposal in February. Participants will be given 5% in BitGateCoin proportional to their contribution with no strings attached. The BitGateCoin will be issued with BitShares.

Early Bird Discounts

*The first 0-5 BTC get a 2x multiplier on the donation!*
*The first 5-10 BTC get a 1.5x multiplier on the donation!*
*The first 10-15 BTC get a 1.2x multiplier on the donation!*
*The first 15-20 BTC get a 1.1x multiplier on the donation!*

The crowdfund will run until January 31!

Update

After the 50 BTC mark, 1% of equity will be added to the total pool for every 10 BTC, up to a total of 10% equity for 100 BTC, which is the maximum cap for the pre-crowdfund.

Use of Funds

Execution

The BitGate MVP is a Bitcoin trading service. It will be released Q1 2017 in Norway. Norway currently has a market vacuum for cryptocurrency trading, and with extensive knowledge about the local conditions, our strategy is to gain a foothold in the market, while our global network of partners allow us to scale globally and build the Internet of Finance.

What’s in it for Investors?

The BitGate Coins issued in this crowdsale are 5% of the total supply.

Updated Terms and conditions are available here: http://bitgate.no/terms/

The value of the BITGATE tokens will be determined by the market. BitGate intends to support the BITGATE tokens when BitGate AS becomes profitable, meaning that BitGate AS has a positive annual profit after tax. BitGate AS will then, for a period of at least 10 years, spend a percentage of its annual profit after tax to buy BITGATE tokens on the open market, and make them unspendable. The percentage of the annual profit after tax used for this will vary from time to time according to the greater needs of the BitGate project, but is estimated to be around 10% of the yearly profit after tax.

BitGate AS profits include fees from all future GateAssets, BitGate BaaS (Blockchain As A Service) profits from integration with banks, exchanges and remittance services. Profit will also come from other business models BitGate AS may adopt, such as collecting interests on deposits or creating a crypto management wealth fund. By participating in the BitGate ICO you get in early before we do the FintechFest crowdsale February 9th, a big event that will be held in Oslo, Norway.

Are you interested in a private investment?

Contact us at info@bitspace.no

Are you interested in joining the team or partnering up as a Gateway Partner?

Contact us at info@bitspace.no

Follow My Vote / We Need to Fix Our Broken Election System

« on: May 06, 2016, 11:27:25 am »

Quote

Coming to the polls for the first time or at any time should not be a challenge. It should be as easy as showing up and filling out a ballot. And when the results show irregularities, they should be thoroughly investigated by the press and by an independent agency that holds responsible parties to task for any attempts at election fraud. Until then, every broken machine, every disenfranchised voter, every discrepancy between the exit polls and the final results will suggest malfeasance. Fix the system. We all know it’s broken. Tolerating it only exacerbates the problem and leads to more and more disillusionment that results in less and less voters. That couldn’t be what we want, right?

http://www.huffingtonpost.com/tim-robbins/fix-our-election-system_b_9847102.html

General Discussion / BTC to 6000?

« on: April 20, 2016, 12:36:16 pm »

BTC has gone 10x three times before. Most people didn't see it coming.

https://www.tradingview.com/chart/BTCUSD/mFSOoXq6-Predictive-Analysis-of-the-Next-Megabull-Cycle-Break-Out/

NOT INVESTMENT ADVICE LOL

General Discussion / Oslo Blockchain Day - Presentation and Workshop Ideas

« on: April 12, 2016, 09:08:21 am »

BitSpace is holding a presentation and co-hosting a workshop (with svk!) on Oslo Blockchain Day.

https://indd.adobe.com/view/2bde6e2b-4867-412a-bf78-2959b690881e

If any of you have some slides of a recent presentation, some videos that we can show in the workshop, or some ideas for what to talk about in the presentation or what to show in the workshop, or even some ideas for how to approach the various actors that are present, it's all welcome.

A little bit about the the presentation and workshop:

The presentation will be about "BitShares 2.0 and smartcoins" among other things explaining how the DEX works and how it can function as a gateway. There might also be a panel discussion about permissioned and permissionless blockchains and their relative merits. There will be a lot of banks at this event trying to figure out how to exploit the blockchain-buzz to make their systems more efficient.

The workshop will feature 3 tutorials: "bitcoin getting started," "exchanging cryptocurrencies" and "creating your own asset." The first session will get people involved in crypto, downloading a wallet, securing it, sending some funds. The second session will go into coinmarketcap ("investing") and how to exchange the various coins with each other. The last session will feature BitShares as a more advanced piece of blockchain tech that can you can do neat stuff with, like of creating your own asset.

Muse/SoundDAC / Gramatik – Satoshi Nakamoto feat. Adrian Lau & ProbCause

« on: March 31, 2016, 09:20:35 pm »

https://www.youtube.com/watch?v=KCLGHIH_mZM

General Discussion / Will BitShares price increase after Ethereum hype?

« on: March 01, 2016, 08:16:52 pm »

My prediction: Yes.

Reasoning: While ETH is hyping, there is an impulse in all other coins to withdraw to be part of the rally. The objective value of BitShares is in fact increasing when ETH is increasing, but the temporary situation masks this fact.

The same logic applies to BTS relative to BTC rise. I expect BTC to go strong until halving hype peak around June this year. We should get ready and prepare accordingly. BitShares has never seen a true pump.

General Discussion / BitShares and Ethereum - Similarities and Differences

« on: March 01, 2016, 08:04:34 pm »

With Ethereum spiking, can we be precise about what makes us part of the same market while being different?

Quote from: mike623317 on March 01, 2016, 07:27:03 pm

we should see if we can learn anything from the way [ETH] presents their solution.

Technical Support / Overall Navigation

« on: February 24, 2016, 02:27:27 am »

Let us use this thread for suggestions to the overall navigation, how we should direct the focus of the users entering the wallet.

One quick suggestion I would have is merge "dashboard" and "explore" - both of those screens are navigational. Second, I suggest relabel "trade" "Exchange" or "Market." That way there would be three buttons instead of four, "Dashboard" -"Exchange" - "Transfer".

The overall navigation is what governs how the users that enter the interface end up clicking things. If we want liquidity, we should direct the attention of the user towards the exchange. It would help to have a trollbox there as well. There could also be a fancy title somewhere saying "Decentralized Exchange" to remind the user that they are participating in something extraordinary.

Well that's just some of my random suggestions.

General Discussion / Paid News

« on: February 20, 2016, 06:30:47 pm »

James Clayton made an interesting comment in a Crypto Group on Facebook:

"In case people don't know, almost everything in crypto media is paid. It isn't like journalists are going around looking for hot stories to give free press for companies, very little of that anyway. They mostly wait for people to come to them with Bitcoin. Pretty much how everything is now."

Might be something to think about when we want something out there.

Technical Support / "failed to restore from backup"

« on: February 15, 2016, 02:58:41 pm »

Hey guys. I am trying to revive an old account that's stored as an old .json from 2014. I am 99% sure I have the right password, and that this is the same bug as others have been having with incompatible versions. Anyone having gone through this have any advice? I don't have any alternative backups, as that laptop died long ago, just this one .json file.

General Discussion / Bitcoin and Blockchain 2.0 image

« on: February 12, 2016, 06:57:13 pm »

A new UN working paper argues that the bitcoin community has a tendency towards "techno-colonial solutionism" and "techno-libertarian evangelism" in proposing the digital currency as a solution to issues in the developing world.

By contrast, the paper further considers blockchain 2.0 technologies with "more overtly communitarian ideals" and their potential for creating “cooperation at scale”.

http://www.coindesk.com/un-paper-pushing-bitcoin-third-world-issues-techno-colonialism/

General Discussion / Reddit thread on Stable Cryptocurrencies

« on: February 09, 2016, 05:04:35 pm »

https://www.reddit.com/r/CryptoCurrency/comments/44g8hf/are_there_any_stable_cryptocoins_what_concepts/

Join the discussion

Random Discussion / Evan Duffield interviewed on DASH Evolution and Bitcoin Scalability

« on: December 12, 2015, 04:39:36 pm »

Dash (previously Darkcoin) really has a lot in common with BitShares.. However, they are moving in a direction that does not make us direct competitors: "The next stage of DASH development will be featuring decentralized social data storage, social network functionality, an identity system, a decentralized API and more."

https://www.youtube.com/watch?v=BHklPfmHK_w

Random Discussion / Freedomfighting Socialists are Giving up

« on: December 12, 2015, 02:11:08 pm »

Anyone else notice the trend here? 99% of the people (pun intended) who fight the oppressive capitalist systems are anti-capitalist activists who don't know how to fuel their own revolution. They end up cynical and despondent, if not "crucified," not for a second doubting that their view of how to effect change is mistaken.

http://motherboard.vice.com/read/pirate-bay-founder-peter-sunde-i-have-given-up

I have noticed this in the Norwegian Pirate Party, in the Open Source community, and in various Free Society communities. You can also see it in dejected spirit of the recent conversation between Žižek, Varoufakis and Assange:

https://www.youtube.com/watch?v=yjxAArOkoA0

The clear signal from our community, i.e. the cryptocurrency community, is that any effective revolution has to consider economic independence and freedom, as well as economic incentives, as essential to any effective solution. What's great about our community is that we blame actual barriers to participation and ineffective centralization, instead of blaming and engaging with ideology.