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Messages - Empirical1

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1
General Discussion / Re: When will there be interest on BitAssets?
« on: September 03, 2014, 09:06:17 pm »
Quote from: liondani on September 03, 2014, 06:45:15 pm
Is Empirical1.1 squatting Empirical name?   ???

Empirical1.1 is my new account. It's silly but 888 is my lucky number so I'm ending this account on 888 posts for good luck :)

Quote
In Christian numerology, the number 888 represents Jesus, or sometimes more specifically Christ the Redeemer. This representation may be justified either through gematria, by counting the letter values of the Greek transliteration of Jesus' name,[11] or as an opposing value to 666, the number of the beast.[12]

In Chinese numerology, 888 has a different meaning, triple fortune, a strengthening of the meaning of the digit 8.[13] For this reason, addresses and phone numbers containing the digit sequence 888 are considered particularly lucky, and may command a premium because of it.[14]

http://en.wikipedia.org/wiki/888_(number)

2
General Discussion / Re: We are in the lead our enemies (NXT) know this.
« on: September 01, 2014, 01:20:07 am »
Bad title imo. I think healthy competition is good and I enjoy what we call in the UK 'banter' but NXT is certainly not the 'enemy' and as others have said has some good people and tech. Before the hack which wasn't there fault and could easily have happened to us, I used to own some NXT. Granted it was very small compared to my BitShares stake  :) but still... 

3
General Discussion / Re: 0.4.10 Testers Wanted
« on: August 31, 2014, 11:16:11 pm »
4.10 worked very nicely so far for me on windows 7. Synced quickly loaded wallet quickly, sees all accounts and market orders etc.


4
General Discussion / Re: Support BitUSD Price by Forced Covering at a Profit
« on: August 31, 2014, 09:32:54 pm »
Quote
Now all Alice has to do is wait and Bob will buy it back for $1...  This is because due to price movement one of two things will happen:

But what if she doesn't want to wait and what if she has a large volume that the market can't support in times of low liquidity. We want those kind of buyers to enter the market no?

Quote from: puvar on August 31, 2014, 09:17:35 pm
So it looks like a double punishment for shorters. The imminent consequence of this is fewer people willing to short, and as a result slower growth of BitUSD supply.

There seem to be long queues of people willing to short. The growth of BitAssets in the short to medium term seems like it will be determined  by how appealing it is to the people going long BitAssets.

5
General Discussion / Re: 0.4.10 Testers Wanted
« on: August 31, 2014, 05:09:05 pm »
Quote from: Riverhead on August 31, 2014, 04:55:06 pm
Quote from: yiminh on August 31, 2014, 04:45:29 pm
Quote from: bitmeat on August 31, 2014, 04:34:58 pm
Quote from: yiminh on August 31, 2014, 04:30:23 pm
don't waste our time releasing half baked quick fixs, just go and take a month time to fix all the bugs(GUI included) imaginable and throughly test in on testnet on all machines and OSs.

You know, I used to think like that, but here is the thing - it is all open source if you REALLY disagree with how they do stuff, fork it and make your own. :)

I don't have the time right now, I think the software designer of this project is the weak link here, should be replaced:(
Testing beta software isn't for everyone. Come back when we're on 1.x version and you should be happier. I don't think closing the public beta or asking for the head of Bytemaster is the quickest path to success. In fact just the opposite.

 +5% Children in the future may be reading about Bytemaster and BitAssets one day in their history books imo :)

6
General Discussion / Re: BitUSD Market Maker - Proposal for Discussion
« on: August 31, 2014, 04:57:30 pm »
I don't think the first proposal is bad and I will support it if we can not create a better solution, though I would prefer no market maker at first because again that introduces another layer which may not be necessary.


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price feeds  - Yes the proposal does require/includes those. I do not totally get what they think the price feeds will get them (positive thing that is) and personally prefer the average.

Price feeds require a greater degree of constant trust than a collateral level which can be changed with advanced warning.
(51% of the delegates agreeing to change the collateral level has a limited short term effect, whereas if some collude to alter the feeds, they can potentially create an 'event'? I don't know.)

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'price fixing BitUSD creation above 1-1' - In my view 'No', it merely restricts new short position to prices >= 1:1...  ;)

I think you are trying to make the unelegant sound elegant :) Though I am personally happy with it if it is the best solution.

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But you suggest market rule changes every other month, and the proposal suggests elegant market based alternative.

Yes I think you are correct here. This could require a change as frequently as every month for the first three months but then once every 2/3 months after as it slowly scales down to the 2X collateral level.

This is still only monitoring a total of 7 decisions with advance notice from the delegates over 18 months vs. trusting them with price feeds all the time for that period.

 

7
General Discussion / Re: BitUSD Market Maker - Proposal for Discussion
« on: August 31, 2014, 04:27:12 pm »
Quote from: TheOnion on August 31, 2014, 04:22:57 pm
Quote from: Empirical1 on August 31, 2014, 03:18:31 pm
Quote from: liondani on August 31, 2014, 12:03:08 pm
Quote from: Empirical1 on August 31, 2014, 11:47:27 am
The percentage of people wanting to short on average is greater than the percentage of people willing to genuinely go long.

What about instead of price feeds first trying upping the collateral required?

A certain range of collateral required could make those two percentages exist (genuine shorts vs. longs) in a better equilibrium very close to the peg without price feeds?

The more collateral required the more secure the BitAsset system is too, which will also bring in more genuine longs.

I like this proposal... but because I am not an expert what are your thought's bytemaster regarding Empirical1 proposal?

I would add that it still requires some periodic action to be taken by the delegates.

I.e. We find the collateral level (which may be very high) that makes the BitAsset mean/average within 2% of 1-1 in the next month, over time though as BitAsset demand increases the mean/average will rise and if it gets above 1-1, the collateral level could be lowered with advance warning by delegates ultimately settling on the current minimum 2x collateral.

Did you guys read p7. of the proposal/OP?

That proposal requires price feeds and price fixing BitUSD creation above 1-1.


8
General Discussion / Re: BitUSD Market Maker - Proposal for Discussion
« on: August 31, 2014, 03:18:31 pm »
Quote from: liondani on August 31, 2014, 12:03:08 pm
Quote from: Empirical1 on August 31, 2014, 11:47:27 am
The percentage of people wanting to short on average is greater than the percentage of people willing to genuinely go long.

What about instead of price feeds first trying upping the collateral required?

A certain range of collateral required could make those two percentages exist (genuine shorts vs. longs) in a better equilibrium very close to the peg without price feeds?

The more collateral required the more secure the BitAsset system is too, which will also bring in more genuine longs.

I like this proposal... but because I am not an expert what are your thought's bytemaster regarding Empirical1 proposal?

I would add that it still requires some periodic action to be taken by the delegates.

I.e. We find the collateral level (which may be very high) that makes the BitAsset mean/average within 2% of 1-1 in the next month, over time though as BitAsset demand increases the mean/average will rise and if it gets above 1-1, the collateral level could be lowered with advance warning by delegates ultimately settling on the current minimum 2x collateral.

9
General Discussion / Re: Get Ready for another Ride!
« on: August 31, 2014, 03:07:56 pm »
Quote from: Akado on August 31, 2014, 02:58:51 pm
Quote from: bluebit on August 31, 2014, 02:41:19 pm
Once BTSX is listed on BTC China, it's all over for Bitcoin. The volumes that BTSX will experience on there will be the tipping point.

BTC China only trades with BTC and LTC, I'm really skeptical about them adding btsX any time soon.. It's something I would definetely love to see but I really doubt it..

Yes, I think 'BTC China's CEO, Bobby Lee, is the elder brother of litecoin inventor Charles Lee', so there is maybe a conflict of interest there that will be hard to overcome at first, but eventually they will add BTSX I think. 

10
General Discussion / Re: Is Bitshares X a serious game?
« on: August 31, 2014, 02:21:58 pm »
Quote from: quantumtangles on August 31, 2014, 12:58:31 pm

At the heart of the Buffet objections lie two questions
.
1. How can something of value materialise from the nothingness of mathematical abstraction (ex nihilo nihil fit...from nothing nothing comes... )?
2. How can Bitcoin derivatives such as bitshares x ever have underlying value if they are not directly linked to underlying assets with real world value?


To me at it's simplest level the reason BitAssets have value is because they are backed by enough collateral of something else  that the market has given a value.

For an extreme example we could trade on the price of chickens using cows as collateral. We don't have to have any link to chickens in our cow market at all providing participants are happy a cow will be enough collateral to back the value of a chicken.


Quote from: luckybit on August 31, 2014, 09:51:33 am

I think there is a limit to how much Bitshares X can scale before the greatest players seek diversification or to legally own assets. BitAssets only can go so far.


I agree, there is a limit (but it's very high) - something along the lines of 'when the market grows to a size in excess of what the majority would be able to acquire on the underlying market without substantially moving the price.'

The Comex for example has this problem. The scale of gold trading and particular shorting is far in excess of what can reasonably acquired in the physical market, so the participants would have trouble replicating their position if it had to backed not by dollars but physical gold as a result physical gold is underpriced. So the Comex could be described as a Ponzi imo. 

I guess something like this would be the end goal for the smaller markets...

http://bitshares.org/overstock-to-cryptostock/

11
General Discussion / Re: BitUSD Market Maker - Proposal for Discussion
« on: August 31, 2014, 11:47:27 am »
The percentage of people wanting to short on average is greater than the percentage of people willing to genuinely go long.

What about instead of price feeds first trying upping the collateral required?

A certain range of collateral required could make those two percentages exist (genuine shorts vs. longs) in a better equilibrium very close to the peg without price feeds?

The more collateral required the more secure the BitAsset system is too, which will also bring in more genuine longs.

12
General Discussion / Re: Get Ready for another Ride!
« on: August 31, 2014, 04:54:39 am »
Quote from: fuznuts on August 31, 2014, 03:08:17 am
Quote from: Empirical1 on August 31, 2014, 02:29:16 am
The kind of volumes BTSX consistently does is incredible

Excl. Bitcoin & Litecoin we sometimes do like today more volume than everyone else combined.

But, but empir...didnt you hear...bitUSD is "broken"! Its allllll over for us!  :P

 :) I hope this ride won't be too big though. I think it's a fair price for where the code seems to be atm.

My feeling now is I'd like to see BTSX consolidate below the 80-85 Million CAP until there's a more stable, bug free version.

And then only see it make a big move to overtake LiteCoin when there's a more robust, decentralised BitAsset system, because if we take the no.2 spot (with the spotlight that brings) in place, given the kind of volumes we already see, it might sound crazy but I actually think this can go to Bitcoin territory < 4 months after that.

13
General Discussion / Re: 0.4.10 Testers Wanted
« on: August 31, 2014, 02:53:35 am »
Quote from: MeTHoDx on August 31, 2014, 02:49:11 am
Quote from: yiminh on August 31, 2014, 02:34:43 am
I think the balance fix will take at least two weeks, if ever.

My balance is now showing as 0.00 -- I have a JSON backup. Am I ok? Did I just lose all of my investment?

Quote from: bytemaster on August 28, 2014, 02:04:54 pm
your funds are safe because your private keys are safe and eventually all bugs will be worked out.

https://bitsharestalk.org/index.php?topic=7823.0

14
General Discussion / Re: Get Ready for another Ride!
« on: August 31, 2014, 02:29:16 am »
The kind of volumes BTSX consistently does is incredible

Excl. Bitcoin & Litecoin we sometimes do like today more volume than everyone else combined.

15
General Discussion / Re: Who is in charge ?
« on: August 30, 2014, 11:57:00 pm »
Quote from: Stan on August 30, 2014, 11:25:39 pm
Quote from: Shentist on August 30, 2014, 08:15:58 pm
Is Brian still the head of everything in the marketing section or how will it in the future be handled?

You told for a couple of days that he makes now his own business. Would be nice to have someone to coordinate the marketing efforts.

http://www.naation.com/about/

would be a good interview partner

Brian is leading the Western marketing as always. 
Eastern marketing has its own powerful team.

We have always said we intend to decentralize the industry not just the software.  That means helping people start their own companies and spin-offs when they are ready.  There are about a dozen independent companies in the BitShares industry already.

Eventually, everybody will be an independent part of the ecosystem and we can remove the  temporary corporate scaffolding we had to erect to bootstrap it.

This revolution will be decentralized.

 +5% Sounds good

@ Shentist did you listen to Brian's interview? https://bitsharestalk.org/index.php?topic=7799.msg103217#msg103217

There is a pretty exciting overall mainstream Western marketing strategy in the months ahead imo.

Between that, the Eastern team & community marketing I really think the marketing in general is in a very good place going forward.

Edit: I'm not sold on BitSapphire yet. I don't like the vote sign in the top right corner myself. (It's a small thing but personally I'd prefer it more discreet & I'd wait until they'd done a good job for a month or two before taking space on the front page soliciting votes.)




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