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General Discussion / Re: DPOS and competing chains
« on: September 18, 2014, 02:12:29 pm »I suppose there is mechanism of kicking out delegetes which fail to sign blocks in time. In your chain delegates would miss blocks and be replaced, no?Quote- kicking out original delegates in very beginning of chain and replace them with ones under my control
This is the hard part. You need to acquire more than half of the delegate keys since the last hard-coded checkpoint. You can't just "replace the original delegates" since they are in the genesis block.
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General Discussion / Re: Proposal - Significant Enhancement to Market Engine
« on: September 18, 2014, 11:50:43 am »Hi Aaaxn, welcome to the forum!Thanks. Nice to be around. I still can't grasp how is bitusd any better than dollars in my hand if I can't use it in commerce. As for your list:
1) BitUSD has some utility. Namely:2) The interest isn't minting funds like other Proof of Stake assets. It is profit sharing of the fees collected by the blockchain. Instead of the fees going to miners they go to asset holders. It's more dividend than anything else.
- It earns a reward or dividend (see 2 below)
- It can't be seized or frozen by another party
- It can be used to buy other assets
Dollars in my pocket can't be seized too and I can buy far more assets for them. BitUSD is also illiquid and does not follow peg all the time. As for reward it is somewhat circular, because there will only be reward if people do trade BitUSD, but they won't do it unless it has utility and/or pays reward
And isn't paying people for holding bitUSD a form of admitting they have no utility, so you need to pay people for holding them?I was working independently on another form of bitassets for quite a long time and arrived at different system - then I found bitsharesx. I believe you could adopt my system of issuing assets and get much better results in terms of maintaining 1:1 peg especially in first stages of adoption, where there is very limited liquidity. Are there any bounties for providing better peg enforcing mechanism?
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General Discussion / DPOS and competing chains
« on: September 18, 2014, 09:24:01 am »
One thing I don't understand about DPOS is how it handles competing chains. In POW it is prohibitively expensive to create competing blockchain of equal length, but with DPOS it can be done almost without a cost.
I don't know internals, but isn't it possible to create alternative history from genesis block which pretty much includes all transactions made on main chain with few modifications:
- kicking out original delegates in very beginning of chain and replace them with ones under my control
- replace transaction registering some well known account name (exchange?) with my own
Generally create alternative history with as few changes as possible and carry it forward to latest state.
Now if new node joins network and connect to my server I can feed it with fake chain. It has no way of telling that my chain is not original. It is exactly same, even delegate names can be the same. User can also see his balance as it is on main chain.
Now when this user tries to send money to exchange which account I took over he is actually sending money to me?
Does it make any sense?
I don't know internals, but isn't it possible to create alternative history from genesis block which pretty much includes all transactions made on main chain with few modifications:
- kicking out original delegates in very beginning of chain and replace them with ones under my control
- replace transaction registering some well known account name (exchange?) with my own
Generally create alternative history with as few changes as possible and carry it forward to latest state.
Now if new node joins network and connect to my server I can feed it with fake chain. It has no way of telling that my chain is not original. It is exactly same, even delegate names can be the same. User can also see his balance as it is on main chain.
Now when this user tries to send money to exchange which account I took over he is actually sending money to me?
Does it make any sense?
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General Discussion / Re: Proposal - Significant Enhancement to Market Engine
« on: September 18, 2014, 06:18:45 am »The demand for BitUSD is highly correlated to how well the peg is holding up. If it does not hold up well and has a wide spread then the demand will be low. If it holds up very well then the demand will be very high because it is a proxy for the dollar.Demand for BitUSD is not under control of bitshares and depend only on utility of BitUsd. If there is nothing productive you can do with bitusd why would anyone exchange real usd to bitusd? You can offer interest, but then why would anyone want to provide this interest?
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