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Messages - hughmanwho

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1
General Discussion / What gives BitShares value?
« on: October 08, 2015, 02:35:01 pm »
I started thinking about it, Bitshares isn't a stock or ownership over the company that is writing this software, right?

And it doesn't have any revenue stream associated with it. Right? The delegates are the ones who get paid, right?

I'm not saying it doesn't, I'm just trying to figure it out, what gives BitShares value?

2
Technical Support / Does Bitshares TITAN system provide true anonymity?
« on: October 04, 2015, 08:20:17 am »
I've spent a lot of time trying to understand the TITAN system from a technical point of view and something isn't clicking for me.

As I understand it, it boils down to the sender creates a new wallet address that can be unlinked from his regular wallet address, he then sends money from regular wallet to new wallet address, which is then sent to the other users new wallet address that receives the funds, which can then be added to the receivers' regular wallet address, correct?

Does that whole chain of sending money to that unlinked account still exist but only just add a few links in the mean time that make it a little harder to trace.  But ultimately you can just follow 3 transactions, instead of 1 transaction, right?

Or is the idea that the money never actually gets sent back to the reciever's account and instead he can spend it out of this other account sort of similar to UTXO?

Doesn't the money still have to flow out of the sender's 'main' account?  Or is the idea also that similar to UTXO it flows out of other unspent transactions and therefore the link to the 'main' account never happens?  The user's wallet would then just have to remember all these UTXOs.

Maybe the only thing that happens between sender and receiver is an agreement over what those other addresses are?

Anyway, something isn't clicking and I'm wondering if this provides true anonymity or just a little extra confusion for the attacker, can someone explain this?

Thank you!

3
General Discussion / Re: Why I think BitShares will succeed. Do competitors have all our features?
« on: May 27, 2015, 05:58:14 pm »
Quote from: nomoreheroes7 on May 27, 2015, 05:49:55 pm
Quote from: hughmanwho on May 27, 2015, 05:42:29 pm
Quote from: DataSecurityNode on May 27, 2015, 02:57:14 pm
Quote from: hughmanwho on May 27, 2015, 02:46:07 pm
Why are people talking about BitUSD having a premium value? Isn't the whole point that BitUSD is supposed to closely match USD? Therefore having any value above or below $1 is bad, right?

Doesn't work that way. bitUSD at present is a premium that costs quite a bit more than $1.

Doesn't look like it on BTER.. and in my opinion that makes bitusd less valuable if  it's price is sundown different than USD.. while point is they are supposed to match.

?

First of all, most people don't really trust BTER anymore after the whole hacking situation. Second, external exchanges will always suffer liquidity-wise compared to the internal BTS exchange (where we want trading to happen). Third and most obvious, BitUSD 2.0 hasn't been released yet...

What is BITUSD 2.0? How does it work?

Yes,  but still the point is that it's selling point is that it's value is supposed track USD.. right?  So it doesn't make sense to pay more than $1.01 or so for it.

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General Discussion / Re: Why I think BitShares will succeed. Do competitors have all our features?
« on: May 27, 2015, 05:42:29 pm »
Quote from: DataSecurityNode on May 27, 2015, 02:57:14 pm
Quote from: hughmanwho on May 27, 2015, 02:46:07 pm
Why are people talking about BitUSD having a premium value? Isn't the whole point that BitUSD is supposed to closely match USD? Therefore having any value above or below $1 is bad, right?

Doesn't work that way. bitUSD at present is a premium that costs quite a bit more than $1.

Doesn't look like it on BTER.. and in my opinion that makes bitusd less valuable if  it's price is sundown different than USD.. while point is they are supposed to match.

5
General Discussion / Re: Why I think BitShares will succeed. Do competitors have all our features?
« on: May 27, 2015, 02:46:07 pm »
Why are people talking about BitUSD having a premium value? Isn't the whole point that BitUSD is supposed to closely match USD? Therefore having any value above or below $1 is bad, right?

6
General Discussion / Re: Why I think BitShares will succeed. Do competitors have all our features?
« on: May 27, 2015, 01:14:08 pm »
Quote from: jsidhu on May 27, 2015, 06:05:09 am
In order to remain trustless you will always need to download the blockchain first before pruning. Bandwidth is not reduced just storage costs by pruning.

I don't trust poc to claim to do what it says by allowing same level of trust and reduce bandwidth by such a factor.. I guess time will tell when hackers will have motivation to break it.

Actually for every day users bandwidth is indeed reduced.. it's true it's not reduced for miners, we'd need some algorithm that allows miners to process partial blocks or parallel blockchains or something, but it's probably not really needed.  Even at Visa sizes, most miners could handle it today, let alone a few years from now.

What is there to not trust about POC?  I've analyzed the algorithm pretty thoroughly.


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General Discussion / Re: Why I think BitShares will succeed. Do competitors have all our features?
« on: May 27, 2015, 05:05:49 am »
Quote from: BitcoinJesus2.O on May 26, 2015, 07:15:34 am

Quote from: hughmanwho on May 25, 2015, 07:12:41 pm
Also the POS makes it less trustworthy.. I definitely prefer POC over POS.  (POC = Proof of Capacity)

You have a point, and if you can convince me that POC has a more profitable business model than BitShares, then I will come join your community.  So, here is your chance to catch Moby Me.... Give me the pitch!

Might want to read this paper my buddy wrote about Proof of Capacity:
https://docs.google.com/document/d/13jG3F7uajhSsyT9GXDX86izmlBMf567_PbyOhUr_HGw/edit?usp=sharing

Btw, I was rethinking it.. BitShares actually has a hard time not easier time trimming their blockchain.  After all, anytime someone's account balance changes, so does their voting power, right?  This means that you still have to track account balances in the trimmed version of the chain, which basically means that you have to have a copy of the blockchain in order to trim the blockchain, right?

8
General Discussion / Re: Coinbase charges a premium to buy BTC - Guess the % BitUSD premium for 1000BTS
« on: May 27, 2015, 05:01:56 am »
-5%

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General Discussion / Re: Why I think BitShares will succeed. Do competitors have all our features?
« on: May 25, 2015, 10:02:13 pm »
Quote from: Ben Mason on May 25, 2015, 07:36:50 pm
Quote from: hughmanwho on May 25, 2015, 07:12:41 pm
The one issue I have with BitShares is that it isn't really as decentralized.. every day people can't just connect to the network and directly mine.

Also the POS makes it less trustworthy.. I definitely prefer POC over POS.  (POC = Proof of Capacity)

But.. I've always found Bitshares interesting.  After this little mini-bubble dies down, which seems to be someone trying to pump the price, I may buy some.
The good news is that your one thing might be the result of a misunderstanding, I should know, I have them a lot too. Bitshares is decentralized enough to remain corruption resistant, which is what we all need the most, yet able to scale and remain efficient. Bitshares is accessible to anyone at any wealth level because of bitassets. DPOS is so far, the leader in integrity....it's not perfect though, but the devs are innovating their way to perfect. Get in before they get there  ;D

idk.. I'd call US Senate pretty corrupt and it's basically the same voting structure.

DPOS gives people the ability to one day realize they can start voting to pay themselves money similar to how it always happens with democracy slowly being corrupted into communism.  Vote for the delegates that promise them free money!  Not as likely to happen in a POC system.

Plus POS has a lot of issues with it.. history key attacks for example.. which DPOS makes much easier.

I will acknowledge that DPOS helps the blockchain trimming problem that POS has though.

10
General Discussion / Re: Why I think BitShares will succeed. Do competitors have all our features?
« on: May 25, 2015, 07:12:41 pm »
The one issue I have with BitShares is that it isn't really as decentralized.. every day people can't just connect to the network and directly mine.

Also the POS makes it less trustworthy.. I definitely prefer POC over POS.  (POC = Proof of Capacity)

But.. I've always found Bitshares interesting.  After this little mini-bubble dies down, which seems to be someone trying to pump the price, I may buy some.

11
General Discussion / Re: How does Bitshares intend to trim it's blockchain?
« on: March 16, 2015, 12:41:09 am »
Quote from: davidpbrown on March 15, 2015, 06:44:48 pm
Quote from: hughmanwho on March 15, 2015, 06:32:51 pm
And while a snapshot is a nice feature.. just doesn't seem all that trustless to me.  How can you trustlessly prove that you are holding on to the correct snapshot with any degree of certainty?

Perhaps it's more complex than I'm imagining but I would expect it's no different to any block proofing. So long as the history is available and distributed widely, most nodes will see the benefit. Those that play host to the history perhaps do not even need to hold all of it. I wonder it must be challenging otherwise BTC and others would have suggested it before now..  :-\

It's not that complicated in a Proof of Work coin.. a decent amount of work but no, Bitcoin developers are just lazy or extra cautious about security or something.  Or just super rich and don't really feel like they have that much of an incentive to work round the clock doing the entrepreneur thing to stay competitive.

It's very complicated in a Proof of Stake coin though.  Because the way to make this 'mini-blockchain' of proofs, you need to proof that you have a certain amount of stake every step of the way.. which means holding on to a copy of the blockchain in order to provide these proofs.

12
General Discussion / Re: How does Bitshares intend to trim it's blockchain?
« on: March 15, 2015, 06:32:51 pm »
And while a snapshot is a nice feature.. just doesn't seem all that trustless to me.  How can you trustlessly prove that you are holding on to the correct snapshot with any degree of certainty?

13
General Discussion / Re: How does Bitshares intend to trim it's blockchain?
« on: March 15, 2015, 02:43:34 pm »
So you don't really trim it?  You essentially release new snapshots of the new genesis block every once in a while?  So it's not really decentralized?

Sounds like some trimming is done though?  Could you explain the algorithm behind it?  I'm pretty well versed in cryptocurrency.

14
General Discussion / How does Bitshares intend to trim it's blockchain?
« on: March 15, 2015, 07:59:53 am »
Trimming the blockchain of a Proof of Stake coin is very complicated.

I've heard the argument that because Bitshares only has 100 delegates, that you can always just trust that those 100 delegates and basically trust that what they are feeding you is valid because you only have 100 computers which need to agree.

Except.. that you don't trustlessly know who those 100 delegates are unless you have a copy of the blockchain on hand, right?

Anyway price is finally low enough that it might be worth investing... but blockchain trimming is a big deal to me.. is there a serious plan in place?

15
General Discussion / Re: This is why BTSX has fallen in market cap
« on: October 31, 2014, 08:14:51 pm »
Quote from: jsidhu on October 31, 2014, 07:19:29 pm
Quote from: hughmanwho on October 31, 2014, 06:35:29 pm
In my mind, this is why BTSX's marketcap has fallen:
http://www.alexa.com/siteinfo/bitsharestalk.org

It's less popular because BTSX had a bubble and now people are bored and have moved on.

Being a Nxt fan, interesting Nxtforum currently ranks higher than BTSXtalk in terms of traffic:
http://www.alexa.com/siteinfo/nxtforum.org

Sorry the name NXT coin will not catch on.. its too dumb, you can solve the world's hunger crisis and smart money will not budge.

Yeah.. NXT is going to die because of it's name.. just like google, kleenex, siemens or Analtech..

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