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Messages - MrJeans

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121
Technical Support / Re: This is how to compete with credit cards
« on: July 13, 2015, 03:09:13 pm »
I would like some feedback from devs on this.

What incentives do I have to use bitUSD over my credit card.

Currently, and most likely for the next 5 years, my credit card is more convenient and I pay no charges.

122
General Discussion / Re: Idea for the future: Asset tokens backed by decentralised IOUs
« on: July 13, 2015, 03:07:41 pm »
I really like this thinking  +5%
So people shorting bitUSD would be leveraging up on some BTS while reducing the volatility of their underlying collaterol, right?

There would need to be a way of vetting the collateral (perhaps liquidity and depth of the markets the collateral trades in, the length of time the collateral has been around.

You wouldnt want someone creating some fake IOU USD and using that as collateral.

123
General Discussion / Re: Are we going to be the first, bitAPPLE (article)
« on: July 12, 2015, 09:26:03 pm »
Quote from: cylonmaker2053 on July 12, 2015, 09:22:11 pm
Quote from: jcalfee1 on July 12, 2015, 04:10:00 pm
Dividend feed?

surely possible and maybe worthwhile. i wonder if Bitshares had sufficient trading volume that a bitMSFT or whatever would see the shorting interest rate roughly equal the dividend rate? that'd be an interesting experiment. the nature of shorting assets into existence right now could feasibly mimic dividend yields without adding any additional features to the system, like a div feed.
I believe yield is to be taken out in 2.0. Maybe it should be made an optional feature to be included on a case by case bases

124
General Discussion / Re: Are we going to be the first, bitAPPLE (article)
« on: July 12, 2015, 04:44:27 pm »
Quote from: xeroc on July 12, 2015, 02:46:06 pm
Quote from: Erlich Bachman on July 12, 2015, 02:12:44 pm
Step 2 add the individual high volume components (APPL, GOOG, FB,AMZN,etc)
With BitShares 2.0 and privatized bit assets this will be a no-brainer that can make you a profit :D
But pssst .. don't tell anyone
I am sure there must be a way to pay dividends through privatized bit assets, right?
Send some bitUSD to every account in proportion to their ownership of the asset.

125
General Discussion / Re: HURRAY The Shenzhen, NASDAQ, Hang Seng & Nikkei INDEXES Are Live!
« on: July 12, 2015, 11:19:12 am »
 +5% Fantastic stuff!
Well done for setting this up.
One giant leap for Bitshares!

126
Technical Support / Re: This is how to compete with credit cards
« on: July 11, 2015, 11:30:59 am »
Quote from: rgcrypto on July 11, 2015, 07:04:08 am
Quote from: jayzio on July 10, 2015, 11:07:45 pm
If and when Bitshares 2.0 comes out with the promised improvements I don't think worrying about compliance and the authorities will be an issue unless interaction with traditional banking was desired.

Anyone can just create a web app that interacts with the BTS blockchain to transfer bitUSD between accts.  They'll make money from the transactions fees from any users they onboard.  I think there's huge potential and lots of pent up demand for this in the un-banked cash economy as long as the price pegging works as advertised.  If the creator of said app took the proper steps, they could stay out of the reach of authorities who want to shut it down.

When Venmo started at Upenn and a user wanted to cash out, someone would show up on their bike with cash and hand it to you.  With BTS, everyone who uses it could be an ATM if they wanted to be.

In my mind, once there is a functioning backbone, it really just comes down to who creates a nice UI experience for the users, marketing, faith in the system, and user adoption.   

If a particular domain were to be shut down, you could just create another one. All transaction fees being sent back to same person. all user info is stored in the blockchain.  No one loses anything. Just log in from a different on-ramp and everything should still be there.

Am I wrong on this?
That is the full meaning of a decentralized exchange isnt it?

If anyone would start acting as gateways all around the world...we could have task team roaming countries in crisis and sell on the streets.

Mind blown...
You guys are 100% right. But those are ideal outcomes.
And how long will it take to see that kind of liquidity globally. Bitcoin has hardly taken off in South Africa.
However, a service called SnapScan. Which links your credit card to a mobile payments app has exploded in just under a year after launch.

I am proposing for a more stream lined, cheaper SnapScan which will take off in a country like South Africa years before Bitshares becomes integrated.

127
General Discussion / Re: [ANN] Nuclear Bunker Data Center Joins BitShares Exchange Network
« on: July 10, 2015, 06:15:43 pm »
 +5% it would be cool to see a video tour of the bunker.

128
Technical Support / Re: This is how to compete with credit cards
« on: July 10, 2015, 06:13:45 pm »
Quote from: Permie on July 10, 2015, 05:55:25 pm
Quote from: MrJeans on July 10, 2015, 04:57:53 pm
Quote from: Permie on July 10, 2015, 04:51:52 pm
Can you afford the liability, banking relationships and risk of imprisonment for 1%?

If you trade in an authoritarian market you'll also have to pay for the privilege, either in capital or in data-farming your users

If that were the case I suspect it would have been done a while ago
This is just a theoretical idea where I am trying to think of features that could be added to allow for many different business scenarios.

All users would be white-listed and can only trade with each other. So all transactions can be monitored. AML and KYC can be complied with. There shouldnt be any legal issues there.

The idea would be to just be a slightly more efficient version of paypal because you are not worrying about processing transactions.
That's true, I suppose it could work

But if you can only send user-user who both have to sign up, you may as well sign them up to BitShares and take the referral income, no?
Thats true, but then they would need on/off ramps, bitAsset may not always peg exactly and is unregulated.
There also may not be a bitAsset for the local currency.

I am in South Africa, where crypto trades at a premium and is not at all liquid, thus any user would have to pay 1.15USD for one bitUSD. And they wont be able to trade bitZAR.

129
Technical Support / Re: Lets all start licencing stuff as an incentive to develop
« on: July 10, 2015, 05:03:33 pm »
Quote from: topcandle on July 10, 2015, 04:57:18 pm
Why not just have a web=based wallet with all of that?  Why need it coded into the client?
So here I am more thinking of features that would need to be hard coded into the blockchain.
They can then be enabled for users who pay an activation fee to a certain account.

The examples I thought of were terrible now that I look at them after your comment.

E.g enable a leveraged forex market, where users could burrow un-collateralize bitassets.

130
Technical Support / Re: This is how to compete with credit cards
« on: July 10, 2015, 04:57:53 pm »
Quote from: Permie on July 10, 2015, 04:51:52 pm
Can you afford the liability, banking relationships and risk of imprisonment for 1%?

If you trade in an authoritarian market you'll also have to pay for the privilege, either in capital or in data-farming your users

If that were the case I suspect it would have been done a while ago
This is just a theoretical idea where I am trying to think of features that could be added to allow for many different business scenarios.

All users would be white-listed and can only trade with each other. So all transactions can be monitored. AML and KYC can be complied with. There shouldnt be any legal issues there.

The idea would be to just be a slightly more efficient version of paypal because you are not worrying about processing transactions.

131
Technical Support / Lets all start licencing stuff as an incentive to develop
« on: July 10, 2015, 04:53:52 pm »
Would it be possible to create an 'in client' app store where users can purchase additional features to incorporate into their wallet.

EDIT: E.g a developer could create a purchasable feature which links exchanges to your wallet or includes a news feed on the side of the wallet.
EDIT: examples would include features that need to be hard coded into the blockchain. They can then be activated for a user if they pay a certain fee into the developers account.

Users would then purchase the feature for their individual wallet.

This would create incentive for developers to build features for Bitshares as they would be compensated.

132
Technical Support / This is how to compete with credit cards
« on: July 10, 2015, 04:44:15 pm »
1. I start up a service where I issue a UIA for dollar deposits  :)

2. I set up a transaction fee of 1%  :)

3. People can now make transfers to each other using the UIA (just like paypal)  :D

However, no one users my service because users have to pay 1% whereas if they pay via credit card they pay often pay 0% (the merchant pays 3%)  :'(

Bitshares offers a feature where you can allow the receiver (the merchant) to pay the transaction fee  ???

Now merchant pays 1% instead of 3% and users have a cool payment app (which merchants would inventive users to use)  8)

133
Technical Support / Re: [ANN] BANX Capital Joins BitShares Exchange Network
« on: July 09, 2015, 02:30:30 pm »
Quote from: cylonmaker2053 on July 09, 2015, 12:10:14 pm
Quote from: MrJeans on July 09, 2015, 10:54:05 am
Great stuff. It would be good to know the outcome.
Wouldnt there still be an issue because you are allowing for the international trade of theses shares/tokens/depository recipes.
Therefore while you may not be conducting illegal activity in that jurisdiction, does it not put you in regulatory hot water on an international level.

Eg. You find a jurisdiction that is happy with everything. You issue shares as crypto currency. They are traded internationally. The US throws a tantrum because the NSA says people are now using the shares to fund terrorism. The next time you go to the US they not so friendly.

yes, i think that's absolutely the case...there are plenty of less violent jurisdictions than the USSA that would allow operation of a blockchain business issuing tokens, but the U.S. government would still consider itself capable of ordering you to stop, collect information on every transaction and person, etc. i would say that they would just try to make your life miserable by seizing any U.S.-based assets or assets in allied countries, and abducting you if you ever crossed back into their turf; however, i wouldn't put it past some of the more violent bureaucrats from hatching a plan to abduct you while abroad.

BOTTOM LINE: there are plenty of very violent people in power who think they own you. tread carefully!
Yes, this would be my concern.
If it can be proven that you are engaging US based customers/users, then they will enforce their laws on your operation.

My suggestion would be to exclude users from the US or at least the State of New York (as many other Bitcoin companies are doing). However this will involve white listing to ensure people are not from countries that would want to ban this activity. And that would start defeating the point of crypto.

Maybe this restriction can be done at an IP level, where people from the US, Russia etc are not allowed to access certain parts of your website. If users then go around you and purchase Banx shares in a decentralized way, well then you can atleast say you tried your best to prevent that.

(Its funny how I just grouped the US with Russia)

EDIT: redirect them here  ;D   http://pleaseprotectconsumers.org/

134
Technical Support / Re: [ANN] BANX Capital Joins BitShares Exchange Network
« on: July 09, 2015, 10:54:05 am »
Quote from: MarkLyford on July 09, 2015, 09:03:07 am
Quote from: cylonmaker2053 on July 08, 2015, 11:14:03 pm
Quote from: MrJeans on July 08, 2015, 09:38:40 pm
Quote from: cylonmaker2053 on July 08, 2015, 05:23:18 pm
Quote from: Murderistic on July 08, 2015, 05:14:13 pm
That's the plan.

Don't worry, we have something cool in store that is very much like what you have described.

Are you hiding in my office?    ;)

excellent, well good luck! looking forward to hearing any news updates.
Oh man, now you have to give me some in-site here.
I've really been trying to wrap my head around how this could be done legally.

I am also meeting some some high powered lawyers (which I am lucky/unlucky enough to know) to discuss this stuff on the 21st.

Do your ideas involve any changes in code or are they business structuring ideas. PM me please!

i'm guessing the fix is to go offshore to a reasonably peaceful jurisdiction. Isle of Man seems friendly enough to crypto...

Murderistic & I have a meeting planned soon with a government jurisdiction to address this issue. Watch this space ;)
Great stuff. It would be good to know the outcome.
Wouldnt there still be an issue because you are allowing for the international trade of theses shares/tokens/depository recipes.
Therefore while you may not be conducting illegal activity in that jurisdiction, does it not put you in regulatory hot water on an international level.

Eg. You find a jurisdiction that is happy with everything. You issue shares as crypto currency. They are traded internationally. The US throws a tantrum because the NSA says people are now using the shares to fund terrorism. The next time you go to the US they not so friendly.

135
Technical Support / Re: [ANN] BANX Capital Joins BitShares Exchange Network
« on: July 08, 2015, 09:38:40 pm »
Quote from: cylonmaker2053 on July 08, 2015, 05:23:18 pm
Quote from: Murderistic on July 08, 2015, 05:14:13 pm
That's the plan.

Don't worry, we have something cool in store that is very much like what you have described.

Are you hiding in my office?    ;)

excellent, well good luck! looking forward to hearing any news updates.
Oh man, now you have to give me some in-site here.
I've really been trying to wrap my head around how this could be done legally.

I am also meeting some some high powered lawyers (which I am lucky/unlucky enough to know) to discuss this stuff on the 21st.

Do your ideas involve any changes in code or are they business structuring ideas. PM me please!

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