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Messages - phoenix

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General Discussion / Re: MaidSafe IPO on Mastercoin
« on: April 21, 2014, 11:58:59 pm »
I have asked the following question at!topic/maidsafe-development/1jrH-Qqqb2w :

    In the whitepaper it's unclear how the difficulty of generating safecoins will increase over time.

    There is no mechanism provided. And if they aren't any basically the cost of generating safecoin will decrease with Moore law (so will do the price...).

And this is David Irvine's answer:

It's controlled by the mining algorithm that's exponential. There is also a space that the hash of a mining attempt must fit into, this is 2^32 and gets exponentially (^2) more difficult with each mining success.

Many factors will influence this, number of users, Builders, Farmers etc. It is not time based and all calculations are mute wrt time. The premise is that as more use of the network happens, it must be valued. As this is the case Farmers are incentivised to Farm and builders build. This value should increase the value of safecoin and related uses of it (perhaps even buying resources as we go along).

 :o this is so disturbing that I am glad they IPOd on mastercoin

The economic model is confusing for sure, but the system itself is incredible

General Discussion / Re: can btsxt client run on raspberry Pi?
« on: April 07, 2014, 01:11:16 am »
I like this idea +5%

General Discussion / Re: Board of Directors vs Mining Pool Operators
« on: April 02, 2014, 11:08:43 pm »
Great ideas, I love it! Keep up the good work!

Keyhotee / Re: Keyhotee Status Update
« on: April 02, 2014, 11:03:42 pm »
Successfully re-registered with public key: 7sbZnqBqdJbtYrHZqJ4bYjbG19b3ynHtUdV54K9zYwcEQtMYU1

General Discussion / Re: Profits, Performance, Trust & Efficiency
« on: March 28, 2014, 06:29:47 pm »
I feel like with TaPOS you need a lot of people to keep their keys online to secure the network, but then they might be hacked and lose their shares. With a trustee, you need enough people to be interested in voting to achieve that 51% threshold, and you need a way to determine who everyone is voting for that risks as little as possible.

General Discussion / Re: Database DAC
« on: March 27, 2014, 11:10:57 pm »
Maidsafe looks incredible

Would the MAS have relationships with the medical industry to transact the payments of claims? Or would the MAS simply pay the shareholder the relevant amount and not deal with any third parities?

It wouldn't have any built-in mechanisms for dealing with third parties, but eventually hospitals might start considering this a valid form of insurance, and then they might want to develop their own interface for verifying insurance amounts. Hospitals might even become adjusters, since they know exactly how much your claim is really worth.

General Discussion / Re: BitShares X Status Update
« on: March 18, 2014, 10:34:29 pm »
So I now have unit tests mining everything, charging fees, and validating.   I need to check in with our developers that are implementing the P2P code to make sure that is on track. 

Items left to do prior to making XTS liquid:

1) Integrate P2P code
2) Update RPC interface to match bitcoin's as closely as possible while abstracting it so that BitShares DNS / ME / Lotto can simply add a few new methods.
3) Update CLI interface to be extensible so that BitShares DNS / ME / Lotto can use it as well and just add a few new commands
4) Implement a large-scale simulation with 1000 wallets, with random initial balances, each making random transactions to other wallets with simulated mining
      - goals: evaluate CPU usage
      - validate that the blockchain can run for over a year without 'stalling' for lack of available coindays
      - validate that unspent coins are charged proper fee (5%) after 1 year.
5) Integrate P2P code with large-scale simulation and real mining.
      - validate network latency doesn't impact simulated behavior
      - catch network bugs
      - verify performance

Much work to do.. but steady progress is being made.


You are at risk of losing your valuable Coin-Days for no return.

What if the block rewards were simply distributed to all transaction-makers included in the block, in proportion to the CDD, with some minimum in order to provide a return?  (Say 10 or 30 days)  So if I save up my coins, waiting to make a transaction / block, at least I know I will get some return on the transaction even if I happen to not mine a block.  People who are trading constantly don't get to keep the transaction fees, they go to the actual miner of the block.

This is what dividends do.. they transfer fees to all holders.   Think of lost opportunity to 'mine' as part of your transaction fee.   Making transactions isn't 'free' for the network.  In fact, when you make a transaction you want to to help secure the network so you shouldn't be 'paid' for making a transaction.

Wait, I'm confused.  I thought that this whole mining thing was being promoted as the method by which the dividends were earned/paid.  But now I go back and read in the OP: "these fees must be split between miners and shareholders as dividends".  So people can earn dividends (still through burned transaction fees, right?) aside from this mining reward.  Got it.

I now have far fewer reservations about this whole thing.  I thought that this was going to be the only way to earn interest/dividends/PoS/whatever-you-want-to-call-it.  But if it's just one of a couple of ways, I have no problem with it, and I think it's a good idea to encourage mining.

I still think that the "ad-hoc pool" thing is a cool idea, though.  So the transaction fees would be split 3 ways: A) Dividends to all shareholders (burned); B) Miner; C) Returned to transaction-makers with significant CDD included in the block and who were therefore plausibly vying to mine the block.  Maybe they only get their own transaction fees back; the rest of the fees are split between (A) and (B), while the folks in (C) at least didn't lose any coins by trying to mine and destroying their Coin-Days.

Could we implement something like p2pool, where miners submit their transactions to themselves, then mine together and then they're paid according to both hash-power and CDD contributed to the pool?

So would the ideal mining strategy be to have a lot of shares, and a decent amount of hash-power? Also, couldn't you include a transaction to yourself in the block you're mining, but not broadcast that transaction until you broadcast the block, thereby increasing the number of CDD in your block, but without risk of losing the CDD if you fail to mine out a block?

It would be an interesting this for price discovery (prices different in different countries). But the prices of these things are usually fixed by the manufacturer, right?
What does 1 hector of land on Mars go for these days?

I'll sell you the western hemisphere of Mars for the low price of 0.1 BTC per hector :P Just PM me if you're interested

General Discussion / Re: First post: Hello world,Hello ME
« on: March 17, 2014, 09:24:08 pm »
The big use for this that I see is selling stock in a company. This would make issuing stock much easier for smaller businesses, allowing them to generate capital through crypto-currencies with minimal difficulty

And, if not stock, then debt.  A zero-coupon bond is a promise to pay X units of currency on a given future date. The market determines the price, and the return is calculated from the other three variables.

Crowd-funding is about to get a whole lot easier  8)

General Discussion / Re: First post: Hello world,Hello ME
« on: March 17, 2014, 08:42:14 pm »
The big use for this that I see is selling stock in a company. This would make issuing stock much easier for smaller businesses, allowing them to generate capital through crypto-currencies with minimal difficulty

KeyID / Re: [video] BitShares DNS
« on: March 17, 2014, 03:52:26 pm »
I cant get my head arround the economics of domain auction proposed in the video. Why should anybody not actually winning the auction get half of profits? Why this is applicable only to the second highest bid? At least I see the following problem:

I can always use two different identities to make two subsequent highest bids: for example 1000 and 1001 immediately one after another. If 1001 wins I will get the domain for half of that price. If not somebody else will win it doing 1002 and 1003 effectively eliminating true second highest bidder.

In order to try this you need 2001 coins. Your first identity pays 1000 coins to the pool, then your second identity pays 1000.5 to the first identity, and 0.5 to the pool, and has to pay a transaction fee. Your net cost is 1000.5 coins plus transaction fees. If somebody beats your bid, you still get half the difference between your second bid and their first bid, so you do make a profit, even if you aren't the second to last bid

KeyID / Re: [video] BitShares DNS
« on: March 17, 2014, 01:20:56 am »
Impressive, I like where the DAC industry is going!

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