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Messages - bitcool

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31
General Discussion / Re: Angel Shares Feedback Requested
« on: December 15, 2013, 08:08:43 pm »
I bought into the PTS idea because the concepts of merged mining, multiple blockchains, blockchain security, DACs and its attraction to little miners. Now if mining is taken away from the picture, the bulk of it seems to be gone.

Essentially, the proposed change is an admission of two things:

1. Ripple model -- a centralized entity controlling money supply, issuing coins instead of mining them -- is better than Bitcoin model.

2. The MasterCoin model is better than the original PTS model, again, centralized control of funds.

I understand there may be some funding difficulty as the result of this, but to me these are not the right direction we should move to, there got to be better alternatives.

AFAIK, Ripple has some pretty deep pocket investors backing them, probably deeper than the ones you meet in Vegas, but as an investor, I won't touch it even with a 10 foot pole.

I had expected something like this would happen but didn't think it would come this early. The handling of this will not only have impact on the future of I3 and DACs, but also this type of business model,  many will be watching how this plays out with great interest.


32
General Discussion / Re: Angel Shares Feedback Requested
« on: December 15, 2013, 05:20:09 am »
A few questions:

1. PTS2 is BTS, because it will be 100% of the (BTS) genesis block. (why do we need the genesis block then?)

2. Since there's no limit on PTS2, (i.e. 100K/week "as long as it takes" to develop DACs) , the cap on BTS is lifted (10x?) , this worries me.

3. Didn't the previous "social contract" say PTS1 was 10% of the 1st BTS? This won't be the case anymore, right? The issuing model of PTS2, it's called "mining" by name only, right? if nobody else can mine it, isn't it just a slow release of Ripples?

4. If I, as a DAC investor, have met my objective by buying enough PTS shares,  the only option for me is to sell PTS, convert it to BTC and send it to  the Angel address?

33
General Discussion / what's wrong with cryptsy
« on: December 09, 2013, 10:21:14 pm »
Service has been unreliable for the last few days... withdrawal, deposit has not been working, unless you request them for manual process  :(

34
Keyhotee / Re: Screen Shot
« on: December 03, 2013, 04:27:15 pm »
Quote from: bytemaster on December 03, 2013, 02:26:43 am
Quote from: bitcool on December 03, 2013, 12:38:52 am
It's inevitable that somebody will irrecoverably lose his private key or the key gets compromised, the stake can be very high ... so all we can do is say "tough luck"?

Your only option is to back it up and risk theft.  IF you trust it to someone else then all you do is transfer the risks and introduce new risks.
So if Bytemaster's private key got stolen and become known by many, what's going to happen? I guess there need to be a public directory for all compromised IDs?

35
Keyhotee / Re: Screen Shot
« on: December 03, 2013, 12:38:52 am »
It's inevitable that somebody will irrecoverably lose his private key or the key gets compromised, the stake can be very high ... so all we can do is say "tough luck"?

36
Keyhotee / Re: What's the point of keyhotee?
« on: December 03, 2013, 12:28:37 am »
Quote from: bytemaster on December 02, 2013, 04:51:32 pm
The difference between Keyhotee and everything else:  Ease of Use by Design.

1) I2P is great for what it does, but the economics of the system are wrong.   
2) Keyhotee will form a Darknet automatically, 0 configuration from users required.
3) TOR suffers from relying on 'donation economics' which doesn't scale and thus poor performance.
4) Currently, most web content is hosted in a centralized manner.  A single company can take down the content.
5) PGP is too hard to use, not a good standard and provides poor security due to tendency to 'not use it' or user error.

Bottom line, computers existed prior to Apple, but the Macintosh changed everything.  Ease of use matters and is something that cryptography has not yet achieved.

Don't you think it's very ambitious for a team of four, or there's more going on behind the scene?

https://github.com/InvictusInnovations/keyhotee/graphs/contributors

37
Keyhotee / Re: What's the point of keyhotee?
« on: December 01, 2013, 07:26:29 pm »
Quote
Also, I feel like, for Keyhotee to catch on, regardless of how nice it is, it's going to have to get into the browser (maybe not initially, but it has to happen eventually)
Pretty sure it will happen naturally if Keyhotee catch some fire.

38
Keyhotee / Re: $300+ for a Keyhotee Founder ID?
« on: December 01, 2013, 07:15:14 pm »
Depends on what the goal of this founder ID is.

If the goal is to maximize income for Invictus, commercial tactics should be used, i.e. start with sky high price tag, gradually lowering it, with periodic "promotions", until whoever wants to buy one can afford one.

If the goal is to use it denoting prestige and reputation, no more than 1%~5% of the users should be able to afford it, regardless what fiat price PTS has.


39
BitShares PTS / Re: Dying out
« on: November 28, 2013, 04:48:55 pm »
Quote from: 8bit on November 28, 2013, 05:56:26 am
By investing in PTS you're betting that Invictus will launch their products, and that their products will work and become successful.

Yes, wasn't that the intention of PTS's launch anyway? Seems like it's serving its purpose :)

40
BitShares PTS / Re: Dying out
« on: November 28, 2013, 05:25:45 am »
Quote from: ruletheworld on November 28, 2013, 04:29:54 am
Quote from: bitcool on November 28, 2013, 04:02:32 am
IMO PTS is a VERY high risk investment even comparing to other altcoins, because a much higher percentage of PTS value is based on future promises.

But they are really good promises.
Why? There is a baseline already as just another alt-coin: it can't fall further than that, can it?
Well, that's an interesting perspective, it does make some sense, except when promise can't be delivered, it may become a baggage.

But hope is a very hard thing to kill ;) so the that should help PTS.

41
BitShares PTS / Re: Dying out
« on: November 28, 2013, 04:02:32 am »
IMO PTS is a VERY high risk investment even comparing to other altcoins, because a much higher percentage of PTS value is based on future promises.

But they are really good promises. 

42
General Discussion / Re: Bitshares, Mastercoins, Colored Coins
« on: November 27, 2013, 09:49:53 pm »
Quote from: bytemaster on November 27, 2013, 03:52:01 pm
I would love to hear your perspective on what makes our development model different.   What do you like or dislike about it?

The major difference is there's a company behind these ideas, while Bitcoin and other altcoin projects are purely volunteer based.

This seems to be a hybrid approach between BTC  and Ripple; The way I see it, no mining, thus unfair control of total money supple, was the key reason for the lack of interest in Ripple.

For many OS projects, it's difficult to ask dev team to contribute a lot of hours without proper incentive (i.e. donation), causing slow progress and stagnation of code base.

I like the company model better because it should be relatively easy to get things done; however cryptocurrency open source projects are special (because money is directly involved), it's tricky to strike the right balance between contributing to the community and benefiting from it, especially when you have the dominant power and control.



43
General Discussion / Re: Bitshares, Mastercoins, Colored Coins
« on: November 27, 2013, 01:27:24 pm »
Kudos to your ambitious plan, hope the execution is as good.

Technical advancement aside, Invictus represents a different development model in contrast to Bitcoin and other altcoins. It will be very interesting to see how this plays out.

44
General Discussion / Re: Bitshares, Mastercoins, Colored Coins
« on: November 27, 2013, 01:49:05 am »
Each of these initiative is a big undertaking, I'm afraid you are over extended.

45
General Discussion / Re: Bitshares, Mastercoins, Colored Coins
« on: November 23, 2013, 02:40:28 am »
Paying dividends is nice, but that in itself doesn't create value.

Depending on trusted parties -- I suppose whenever securities is involved, shareholders will always need to trust the issuer.

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