Many thanks to xeroc for replying so quickly!

Apologies to the community, this was a case of a non-tech user trying to muddle through the registration process.

So here's what happened:

- Created new account with new name

- I attempted to send funds to the new account to register

- Did not realize I had to send the funds to the public key rather than the account name; this is why I could not receive funds

- Sent funds to public key, received

- Tried to register name

- Could not register name because someone is already using it

So lesson learned - we need to have a more directed 1-2-3 account creation guide/wizard that pops up when a new account is created, ie:

Step 1. Choose user name (should tell you if user name is available before allowing Step 2)

Step 2. Send funds to this address (show public key automatically)

Step 3. Register user name

Do your "words" have spaces between them?  If so it may be just looking at the first word.  I don't think you can use "words".

Nope, no spaces. Have tried everything from 4-60 characters without luck.

For any that have not been following this thread: https://bitsharestalk.org/index.php?topic=8396.0;topicseen please be aware that a major breakthrough happened today.

Bytemaster proposed and implemented a mechanism for paying rewards (interest) to bitAsset investors.

This means that bitUSD, bitGLD, bitBTC, bitCNY or any bitAsset will now earn the holder rewards (interest).

Moreover, it is likely the rate will be substantially higher than offered by fiat institutions.

People all over the world can now hold their wealth in stable asset classes and enjoy a ROI that is greater than debt with basically zero counterparty risk.

The importance of this cannot be understated. The Eurozone is now pushing negative interest rates. Most other deposit/money market/cash interest rates are a fraction of a percent.

The world is absolutely rabid for yield, and everything with a decent yield is either obscenely inflated (equities) or comes with enormous counterparty risk (sovereign debt).

If BM is successful and bitUSD5 works there will be a tidal wave of wealth flowing into BTSX that will make BTC look like a Dogeparty.

The usual disclaimers apply - this is a high risk investment, don't invest more than you can lose and you are responsible for your own actions.

Quote from: bytemaster on September 05, 2014, 08:15:27 pm

Quote from: MeTHoDx on September 05, 2014, 08:13:03 pm

SO THIS WHAT THE  IS ABOUT! I just got it. You guys were originally positioning the 5% to BTSX holders, not BitAsset holders.

Moving the 5% incentive to BitAsset holders is strategically much better. People who invest in crypto are growth investors, they don't care much about stability or 5% interest. Moving the 5% incentive to BitAsset holders attracts an entirely new demographic.

As demand for BitAssets grow, the value of BTSX will grow as well. It's a perfect win-win.

This is genius!

was ALWAYS for BitAsset holders... we just didn't quite know how to implement the rewards

don't call it rewards.

why not interestfees or shareinterest and short interest?

Drumroll..... bitInterest.

Not a legally defined term, fits with the ecosystem and communicates the intent with clarity.

"Investors earn 5% bitInterest on bitUSD holdings"

Edit: bitEarnings might also be highly marketable... bitIncome, bitDividends, etc.

Quote from: luckybit on September 05, 2014, 07:12:43 pm

Quote from: bytemaster on September 05, 2014, 05:50:37 pm

I am think of calling them "USD Rewards" like a credit card "rewards program".

Definitely call it interest.
It's already been done in the crypto community https://mcxnow.com/ .
So it's already accepted as interest.

Quote from: Riverhead on September 05, 2014, 07:11:50 pm

Is the term "Rewards" already decided? To me that sounds more like frequent flier miles than money. Does the word "Reward" have certain legal advantages over dividend or interest?

Rewards is terrible. If every other exchange is calling it interest why should Bitshares X be the one to call it rewards?  It's actually not unusual for people to get interest on their cryptocurrency deposits.

dividends might be more accurate since it is a distribution of profit (fees). I agree the "rewards" sounds like a marketing thing. Interest and dividends sounds like a finance thing.

This.

FYI... I have already implemented the rewards program   at the blockchain level.  I just need to add a few wallet operations and do some testing on a test-net, but it should be ready to go next week.

Anybody else get the feeling BM is changing the world with every stroke of the keyboard?

I am think of calling them "USD Rewards" like a credit card "rewards program".

This makes me think gimmick and I don't think investors would take it seriously. My personal experience with reward programs is that are designed to entrap and extract.

'Interest' is universally understood and will require no explaining, a critical point when releasing a new product to a global audience.

The bitUSD5 concept will be met with heavy scepticism upon release, no one will believe it is not a scam/ponzi. Best not hand out ammo.

Of course, once there are a couple years of ROI on the books (proof of concept) the flow of wealth will be unstoppable.

BitUSD is incredibly useful as a trading instrument but the "sales pitch" for the average Joe is something like this:

1) Buy BitUSD today and you will be able to sell it back for 98% of what you paid for it (due to the spread)
2) Once you have BitUSD you get all of the benefits of Bitcoin, instant transfers, privacy, security.
3) As a merchant the "cost" of accepting BitUSD (at parity) is currently equal to the cost of a credit card (a few percent)

Initially demand from traders will to hedge against BTSX volatility will help the market grow, but what we *REALLY WANT* is for people to store their wealth in the system, not just their trading account.  To do this BitUSD needs to offer a return that is explicit.  IE: it shouldn't be done via the value deviating from the peg.

Right now the network earns USD via the market and via transaction fees (yes transaction fees can be paid in USD).  This income is saved for a "rainy day" which we don't actually expect to happen, but could.  The value as an insurance system could be better used to pay interest to USD holders.   If BitUSD were an interest bearing asset, then the interest would compensate for the risk of black swans in the same way that the insurance fund does today.

So far BitUSD has earned $1800 on $485,000 issuance in just 2 weeks of light trading.  This is about .4% yield every 2 weeks or about 10% per year.   I have no idea how this will play out over time, but I suspect that it will result in a significant yield for BitUSD holders.   The more people hold BitUSD the more BTSX is worth.   So it is in the best interest (No pun intended) of BTSX holders to pay interest on BitUSD from the fees collected.

I would like to implement it as follows:
1) If you hold a balance for less than 1 month, you earn nothing.
2) If you hold a balance for one year or more then you earn (YOURUSD / TOTAL_USD) * COLLECTED_FEES_BALANCE
3) If you hold a balance for less than one year then you earn a pro-rated amount.     (YOURUSD / TOTAL_USD) * COLLECTED_FEES_BALANCE * FRACTION_OF_YEAR_HELD^2

The result is that long-term holders of BitUSD earn much higher yields than short-term holders.  The yield should more than cover the cost of the spread and thus your pitch to the average Joe is much stronger:

1) Buy BitUSD and earn more (much more) on your dollars than you do at your bank.
2) Enjoy all the other benefits of crypto.

This feature would have a greater impact on adoption than just about anything else being discussed.

Discuss.

If implemented/marketed successfully this could bring a tsunami of wealth into the system.

A few suggestions:

- While technically revenue sharing the payout should be marketed as interest. This aligns with industry norms and investor expectations when holding low risk assets like USD etc. Investors will suspect a scam/ponzi if someone is marketing payment of dividends for holding USD etc.

- Interest paid should be capped at 5% and additional revenue diverted to a liquidity fund; no one can complain about getting paid up to 5% interest to hold low risk assets like USD. That is a better risk/yield ratio than any investment in the world. The Eurozone is now offering negative interest on deposits. We cannot fathom the wealth that would pour into bitUSD5.

- The interest mechanism should be implemented on all currencies by default, including gold and silver, but not on other assets like equities and commodities (bitOSTK, bitOIL, etc.). Revenues from assets other than currency and gold/silver should be diverted to the liquidity fund or burned or some combination of the two

- Consideration should be given to using the liquidity fund or some percentage thereof as capital for automated lending, see this post https://bitsharestalk.org/index.php?topic=7208.msg96159#msg96159. The revenue potential is staggering