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Topics - Empirical1

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16
Anyone having the same problem? Just wanted to check there's nothing wrong with current download from dacsunlimited as far as anyone knows. 

I lost access to my desktop on a restart the other day, and just in case it was virus related I ran an aggressive removal tool which removed BitShares, so it may be blocking subsequent downloads because of that.

 

17
General Discussion / Bitcoin Magazine article
« on: July 30, 2014, 05:07:22 pm »
http://bitcoinmagazine.com/15302/dac-sun-limited-launches-first-official-bitshares-x-chain-distributed-trading-commodities-stocks/

Quote
This makes Bitshares, arguably, the first functional iteration of what’s known as a Distributed Autonomous Corporation – essentially, a distributed, centreless system much like the Bitcoin network, but able to execute commands more complicated than ‘buy’ and ‘sell,’ and with a wider variety of resources. That could mean this counts as a victory for Bitshares over its main conceptual competitor, Ethereum, a DAC platform that is still in the proof of concept phase.   

Nice :)

Edit: Since been pointed out the article is bad. If I'd read more than 1 paragraph.

18
I know everyone at I3 is putting in a massive effort every day to make the BitShares vision a reality...




Just in case, while working long days and in-between the input/criticism/venting & working with limited resources, it sometimes seems we don't appreciate the hard work you put in, what you have already achieved and how awesome BitShares is, I just want to say


THANK YOU! BitShares & the talent behind it is awesome! Your hard work, talent, innovation & dedication is appreciated! 




19
The 2.3 version recognised the wallet, made me type the password and sees the accounts and old + incoming transactions but when I try to send a transaction and I need to click 'ok' it doesn't work? (I still have the same wallet on a 2.2 version on my netbook so it's fine.)

Is there a better way to import a wallet than copying the .json file and wallet folder into the appdata/roaming/BitShares X folder of the new version?



20
General Discussion / BTSX trivia competition idea
« on: July 27, 2014, 01:10:34 pm »
Edit: I was going to start a trivia competition (Thanks Gamey for the initial idea) as described below, but I've been advised that it might be best to wait a few more weeks before attempting something like this as well as a few other issues.  So I've updated the content to reflect that.

The competition would work something like this -

----

The first person to register the answer as an account name on the BTSX blockchain wins!

So if you know the answer, you have to the register it on the BTSX blockchain (Cost 0.1 BTSX)  as an account name because that is where the prize will be sent.

---

Example

Question: I'm looking for the character not actor name with the following clues...

(There will be a short time delay between each clue.)

Clue 1:  If he worked out a bit more he could have a body like mine.
Clue 2:  Wish I had a beard like that!
Clue 3:  A carnivorous mammal
Clue 4:  Wow look at those hands!
Clue 5:  His name is like a mix of  'marine' and 'wolf'
 
Up until someone registered the answer 'Wolverine' as an account name on the BTSX blockchain. (Yes I know that account name is already registered - I will make sure I ask questions where the answer has not already been registered which can be checked.)

21
General Discussion / My BitShares X sales pitch for forums etc..
« on: July 10, 2014, 07:32:18 pm »
                                                                               BitShares X


A decentralised bank & exchange which allows the trading of derivative assets that track the value of real world counterparts.

Now real world currencies, commodities and stocks can be tracked in decentralised digital form & held in market-pegged, collateralised, derivative assets which are traded on a blockchain without counterparty risk or trusted price feeds.


The Opportunity

Given the current global financial instability, geopolitical tensions & high levels of government debt, holding sizeable deposits of fiat, stocks or commodities is becoming increasingly risky within the current financial system. Therefore, BitShares X may need very little real-world proving under its belt, before it is seen by some very big players as an appealing hedge for a portion of their portfolio.

Indeed should those centralised risk factors get worse or even materialise - such as significant deposit confiscations - BitShares X will be in a dominant position to displace a large part of a multi-trillion dollar industry virtually overnight.

Target Markets

Traders

It should go without saying that the privacy, low costs, freedom from confiscation and other advantages of trading on a blockchain will appeal to many of the hundreds of thousands of traders currently engaged in trading currencies, commodities and stocks all around the world.

In order to support such trading activities, BitShares X introduces TITAN - A brand new privacy feature which allows for fully secure, anonymous transactions, transferred to and from easy to remember user-created, account names.
 
Bitcoin Retailers and Users

There are over 30K+ retailers who currently accept Bitcoin as payment; however the vast majority, due to tight retail margins and the relatively high volatility of Bitcoin,  transition directly back to fiat via a third party service like BitPay. Many of these retailers may wish to hold a portion of their revenue in Bit-Assets such as BitUSD.

Similarly the thousands of Bitcoin and alt-coin holders may also wish to hold a portion of their fiat earnings or savings in less volatile assets such as BitUSD, BitCNY or BitGold.

Existing Hotspots

Places like Ukraine, Venezuela, Argentina, Ghana and many Asian countries have significant capital controls that already restrict the flow of capital and foreign currency. The need for BitShares X to fill a void caused by these restrictions is clear, so it makes sense that there may be rapid adoption in areas like this, as they were also some of the strongest areas of initial Bitcoin adoption.

5% interest p.a.

Due to reduced costs and low overheads, BitShares X will be able to vastly undercut real world banks & exchanges with regards to transaction, market, inactivity and margin-call fees, while at the same time being able to pay shareholders dividends of up to 5% p.a.
In a world of extremely low yield and even negative interest rates being seriously discussed in places like the Eurozone, we believe this will be another factor that will make BitShares X extremely appealing to a wider market.


BitShares X runs on a DPOS blockchain that was conceived by Daniel Larimer and has been developed by himself and the same talented team behind BitShares X. http://bitshares.org/delegated-proof-of-stake/





Potential risks in the current system that could positively affect the rapid adoption of BitShares X

http://www.zerohedge.com/news/2014-06-16/fed-prepares-bond-fund-runs-looking-imposing-bond-exit-fees-gates
http://www.zerohedge.com/news/2013-05-15/these-offshore-tax-havens-may-be-hazardous-your-deposit-confiscation-health
http://www.zerohedge.com/news/2014-06-26/nirp-strikes-spain-create-tax-bank-deposits
http://www.zerohedge.com/news/2013-06-07/guest-post-don%E2%80%99t-dismiss-possibility-gold-confiscation
http://www.zerohedge.com/news/2013-06-11/land-rising-bail-deposit-confiscation-coming-japan-next
http://www.zerohedge.com/news/2014-01-29/ira-confiscation-its-happening
http://www.zerohedge.com/news/2013-05-05/guest-post-short-history-currency-swaps-and-why-asset-confiscation-inevitable

Significant events just this week..

http://www.zerohedge.com/news/2014-07-10/genius-imf-pronounces-bulgarias-banks-safe-just-2-weeks-bank-run
http://www.zerohedge.com/news/2014-07-09/germany-blesses-bail-deposit-confiscation-plan-failing-eu-banks
http://www.zerohedge.com/news/2014-07-09/portugals-largest-bank-misses-bond-payment-bonds-collapse
http://www.zerohedge.com/news/2014-07-10/new-laws-allow-government-seize-savings-deposits-during-crisis

The Market Peg

Digital assets should be able to be pegged to their real world counterparts by leveraging the accuracy and efficiency of prediction markets with high collateral required short positions & minimum market depth requirements. Initially BitShares X will focus the trading efforts and market depth on only a few assets until the system has proven robust & secure.

http://wiki.bitshares.org/index.php/Market_Peg

BitShares X is currently pre-trading on bter and BTC38 under 'BTSX' and is expected to be released within the month.


BitShares X. It's coming...


                             






                         

                                 

22
General Discussion / Some ideas for BitShares X marketing page..
« on: July 07, 2014, 09:31:28 pm »
If you have any ideas on improving the BitShares X main page please feel free to post them here.

Very soon BitShares X will be trading and lots of people will see it on coinmarketcap, maybe for the first time and also many people that are just interested in Bitcoin but don't do much alt-coin investing. Even though it is just version 1.0 with limited features they say 'You only have one chance to make a good first impression' so the page people see when they click through on the BTSX symbol could be very important for BitShares X & BitShares as a whole.

At the moment we have these options -

http://bitshares.org/industries/banking/
http://bitshares.org/banking-learn-more/
http://wiki.bitshares.org/index.php/Bitshares_X

Personally I think the information on the wiki is the best.

At the moment when I've been mentioning/introducing BitShares X on a forum, using the main paragraph below, if I had to think of a landing page of the top of my head it would look something like -


23
The BitShares position is not to commit to a minimum of more than 10%, which is fine, so I'm just trying to guage where the community is at with regards to what they see being the average PTS & AGS allocation for the three DAC's listed in title that will be allocated in the coming months.   

I'm also interested in your reason for what you think is an optimal distribution and why (brief)

24
LottoShares / Zero-Rake Lottery Coin (Using distributed inflation)
« on: July 05, 2014, 12:02:27 am »
Very pioneering FreeTrade! I wish you luck with Lottoshares!

My honest opinion is that you will struggle getting traction with this format because of the

The Rake Problem - Because you don't have a big jackpot*, even though we are calling it a lottery, it will be viewed like playing dice. Except a much more expensive (higher rake), complicated, non-instant version & where if you win, the 'jackpot' is likely to be small & you may not even get a fair share because the market will not be able to absorb you cashing out.

Jackpots* - The main reason people are willing to pay a big lottery premium, (Higher rake), is for the chance to win a life changing sum of money.  At some point whether your odds are a fair 5 million to 1 or 10 million to 1, you don't care because you think it's so unlikely anyway, but it's nice to have that buzz of having a shot at the big one.

I think the first person to solve the Jackpot problem will have the biggest lottery chain, but I also have an idea for a distributed inflation lottery system, I kind of thought about a few months in the other forum, I've expanded on, that should be popular and be a very profitable investment for shareholders, especially early adopters. 

Zero-Rake Lottery Coin (Using distributed inflation)

Prizes are awarded in a lottery format using distributed inflation. (Like Bitcoin - but instead of inflation going to pay miners it goes back to shareholders in a lottery format.)

Q: How do shareholders make money if there is zero rake and their shareholding is being inflated away? 

A. Bitcoin prices surged over 2000% in 2013 more than offsetting the 12% inflation that was paid in new coins to miners. Similarly if the Zero-Rake coin is popular,  the coin price should increase far in excess of the inflation paid in new coins to lottery winners. (Plus of course shareholders might just win the lottery too themselves.)

Understanding the great appeal of 'Zero-Rake' as well as using inflation as the method to create the prize pool -

'Zero-Rake' - Almost every gambling game on the planet charges some rake. Lotteries especially often have very high rakes.
To be able to offer a 'Zero-Rake' Lottery is quite a selling point!

Inflation - The human mind for some reason is generally terrible at comprehending inflation, which is why bankers use it as one of the main vehicles for stealing the general populations wealth.

Example:

If you had a 100 Bitcoins at the beginning of 2014 you'd still have 100 Bitcoins at the end of the year but because of the inflation you would have a smaller % of the total Bitcoins. However the mining cost charged in that way does not seem to bother most users. 

Imagine if they had 100 Bitcoins in their wallet and there was no inflation, but instead every month, the miners removed one Bitcoin, so at the end of the month they only had 99 coins, and so on, so at the end of the year they only had 88 Bitcoins in their wallet.  How would the average user feel?

Even though both of these amount to the same thing. The psychological effect of losing those 10-12 Bitcoins is MANY times worse than being left with the same amount of Bitcoins that are a smaller sum of the total.

This inflation effect works in reverse when applied to Zero-Rake Coin vs. purchasing a normal lottery ticket  ;D

Besides being the most fair, rake free way to gamble in history. It will even feel MANY times better than that!!

Normal Lottery: When you have to pay for a normal lottery ticket there is a clear cost associated with it, especially as if you want to play the lottery again the next week you would have to buy another ticket and so on.  Also your lottery ticket has no value if you didn't win. You certainly can't potentially sell it for a profit.

Zero-Rake Lottery Coin: Each token/ticket you own will get you 1 shot at the lottery prizes this week, and again the following week and so on. (It 'feels' like a bargain, even though your odds of winning are decreasing each week as there are more tokens in existence.) Now imagine the alt-coin/DAC is gaining in popularity too!

Then you would have a lottery ticket that may be becoming more valuable every week, should you choose to sell it, as well as giving you a shot in the lottery every single week and it is completely rake-free! The everlasting gobstopper! :D

Personally, I think the psychology of that is amazing.

Using Bitcoin as an example

If Bitcoin, which has 10%+ inflation, was instead of paying those new coins to miners, giving them to Bitcoin holders in a lottery format, then there would be over 15, $1 million prizes awarded every week! If every 0.1 BTC you owned counted as a token, you would have a 150 000-1 shot of becoming a millionaire over the course of the year! (10 BTC 1500-1 Shot)

Using Bitcoin as an example you can see how a popular coin can drastically rise in value, making shareholders wealthy, despite a fairly high inflation rate which can generate significant and frequent Jackpot size prizes if directed at prizes for coin-holders rather than paying miners.

It doesn't solve the Jackpot problem, until the CAP is quite large, but then again in this format there is 'zero-rake' :)

I've mentioned something similar in another thread a few months ago but I still think it's something to think about if your current model doesn't work.

25
There is another thread asking about the initial XTS price but with the change of units, I thought the market CAP would be simpler as well as a poll.

26
This could easily be a terrible idea, & I guess in a sense BitsharesXT will be it's own coin, but I had the thought of a free stake DPOS Crypto-Currency only coin, with a non BitShares brand name, launched by a third party and done similarly to the way NEM went about things.

My thinking is that interest from the alt-coin investor market in Bitshares & DAC's is limited/already reached current saturation point until there are profitable, user friendly products on the market, so I think trying to generate any new real interest in the last few weeks of AGS is going to be a struggle. However this problem is not confined to Bitshares. XCP and Mastercoin which are in a sense next level investments have very low daily volumes and are not as popular as many 'crypto-currencies'.

As Marty Mcfly said in Back To The Future - "I guess you guys aren't ready for that yet."




The fact seems to be that what is still grabbing the markets attention at the moment is 'what is the next cool coin?'.

Now seeing as DPOS>POS>POW and TITAN etc. is pretty cool, if a third party announced a crypto-currency only coin where 20% goes to AGS & PTS but the rest is given as free stakes to people who post a DOGE/Litecoin/NXT address, with some non multi-accounting measures. (Something that brings in a few of the most popular other communities.) I have a feeling that will generate a lot of interest in DPOS and will be a great platform & thread to get people interested in BitShares & comfortable with the 20% social consensus and perhaps be a way to test Sharedrops without risking critical DAC's.

Cons:  It could be a huge can of worms, detract/confuse the BitsharesXT launch, reflect badly on Bitshares if there are major issues or problems & many other reasons. Just putting it out there, as it's the best way I can think atm to potentially generate quick massive indirect interest in BitShares as a whole in the next few weeks.

Thoughts?

 

27
After the AGS window closes (27 days) the only way to get a stake in Bitshares will be via PTS.

The AGS donation rate will probably increase substantially in the last 10-15 days, driving up demand for PTS too.

DPOS & BitsharesX are currently in medium to advanced testing, I think once products are released (even though Bitshares X has already been snap-shotted) that the valuation of BitShares will increase siginificantly too.

Except for PTS/CNY the PTS demand is unbelievably low at the moment yet the price has achieved relative stability so any increased demand from will drastically effect price imo.
 
Downside: The PTS price has been pretty stable, the likelihood of the PTS price being below $4 and definitely $3.5 in the next 45 days in very low.

So limited downside and great upside potential.

I already have PTS & AGS which I've invested for the long term. However I think this is a good trade for some short term gains.
 

28
I think the Bitshares ecosystem & the DAC world in general is going to take the world by storm in the next few years.

I think DAC's definitely warrant their own DAC-focused news site. Something like DACNews/DACWorld/DACcentric etc.

Bitshares already has a great forum and a website that is coming together. I believe our own news site could be the missing part of the puzzle.

If it was started by, affiliated to and at least partly owned by Bitshares, we could potentially have one of the most popular future news sites in the world!
What a great place that would be to showcase upcoming DAC's? It may even become one of the many reasons new DAC's may want to honour the Bitshares community.

DACWorld could have articles focusing on Bitshares developments, Bitshares DAC's as well as other DAC's and industry relevant news in general.

Possible Format

According to topbitcoinsites.com, The Bitcoin + alt-coin focused news site, http://www.coindesk.com/ is the third most popular Bitcoin site, behind Blockchain.info and Bitcointalk.org. so I would keep to that type of format as we know it's successful and there is a market for it. (Picture, title, first few lines of article or maybe a key passage to entice you.)

I would also have Bitshares price index (The way they have a Bitcoin price index) and I would also maybe list in a horizontal line underneath the top 5-10 DAC's by market caps and maybe the day's biggest movers.

Also a lot of the audience I think Brian is trying to target would use a Coindesk format type site a lot more often than they'd visit the Bitshares.org website or the Bitshares forum. (Personally I hardly visit the Bitcointalk forum these days, but I visit Coindesk almost everyday.)

On that note, having seen Brian in this Inside Bitcoins NY summary  http://vimeo.com/91758432 , I think he is very personable, speaks and comes across well. I think he would be great to present a 3-4 min weekly roundup of Bitshares and DAC-industry related news every week to webcam. (With BM occasionally doing pieces to camera on technical developments.) Something similar to the Bitcoin News roundup https://www.youtube.com/watch?v=waT2mZhrX1U (The Bitcoin round up is a bit weak, but it is very investor & key news focused which I think is great. Personally @ 90 seconds I think it is a bit short and I would personally like to watch news on circa 5 minutes of the most relevant content each week.)

Starting it up

Obviously a fully fledged news site may eventually need it's own full time site focused person, but we could conceivably start something small now, however slowly.

BM & others have already written good summaries on key Bitshares developments which could be easily put into an article format to start to start up the content.

Other: I can also perhaps see a DACMarketcap type site specifically tracking DAC's becoming as popular as coinmarketcap. A site to track the value of all the Bitshares linked DAC's in one place could certainly be useful.   

29
General Discussion / General marketing ideas & thoughts
« on: June 16, 2014, 06:52:13 pm »
I was complaining last week that the marketing was a weak point & I said I would try put together any thoughts and ideas I had that were marketing related, hopefully there will be one or two things in here that could be useful,

Homepage & Branding suggestions

I think people visiting the homepage should say - 'Oh, OK that's what Bitshares are, that sounds exciting!'

At the moment I think it's vague and unclear, you have very little idea about what Bitshares is when looking at the homepage.
 
Slogan: 'Doing for business what Bitcoin is doing for money' -It's actually not bad and kind of enticing, but it's pretty vague, You wouldn't know what Bitshares is from the slogan.   (Laymen already link Bitshares to Bitcoin and the slogan makes it sound even more like we may be some type of offshoot imo.)

Maybe something like, Bitshares 'Get your stake in all the DAC's we help create!' or even the one I've seen used 'Creating the foundation for profitable DAC's' (Or you can use 'Digital Companies' in place of DAC's.) At least it would be simpler & clearer what Bitshares is.
 
Visuals:  Man on computer, Woman or computer, two people looking at a view? Again incredibly vague, You wouldn't know what Bitshares is from the visuals. As some have suggested it looks more like a dating than a business site.

If you were just going to use a photo, the startjoin mainpage of boy with wings on his back about to take off is the kind of thing that makes a lot more sense... https://www.startjoin.com/
Their main slogan 'Crowdfunding with crypto currencies' also clearly explains the concept which is then followed by their 'revolutionary ideas powered by revolutionary technology' slogan which has the same feel as our  'Doing for Business what Bitcoin is doing for money' but at least they've explained the concept clearly first. 

& if you were going to fade to anything, fade to a group picture of the staff imo. 

Personally as the homepage I would have a graphic clearly showing owning Bitshares makes you part of a family of DAC's.
Either the Bitshares logo with the upcoming DAC's creatively grouped around it, or somehow showing completed DAC's as branded buildings on a skyline and future ones under construction. (Even like the image at 0.57 on the Bitshares video but where the Bank has the BitsharesX branding etc.)

Video: The video is actually pretty good in that it gives you more of an idea of what a Bitshare is. But you are still not clear as to the opportunity or reason for buying Bitshares specifically.
 
This is rough but perhaps it could use something like this on the end of the video -
 
 'We believe that these digital companies will soon rival the largest banks, exchanges, insurance & media companies in the world as we transition into what we believe will be an entirely new age for business. At Bitshares we are developing some of the most promising key digital companies ourselves as well as providing our cutting edge technology & expertise to others in exchange for equity.

As a Bitshares holder you get a stake in every DAC we help create! Why don't you take a look at our countdown page to learn about some of the digital companies that are being launched soon & which buying Bitshares now would make you a part of!'

Other:

For the actual individual customer facing companies yes, we will want to go mainstream but Bitshares is an angel investment fund. Your first stage audience is going to be crypto savvy younger investors, 70%+ male 20-38 & then if you get the marketing right and/or have a success perhaps some older higher net worth sophisticated investors/funds - again predominately male. I think that demographic wants to be pitched the opportunity in a clear concise & exciting way.

Other homepage suggestions

- A 'Buy Bitshares' link on homepage

- A Tracker showing current Bitshares price on homepage

-  A Tracker that shows what $1000 of Bitshares purchased on 1/1/14 would be worth today. (By adding the current Bitshares price to the current value of shares that stake would have got you in  Bitshares DAC's.)   - Probably better to include after Bitshares X launch.

30
POV or 'Power Of Volume' Shares

These are 0% inflation crypto-equities that derive a large part of their value from the fact the a specific community/group is directing a large volume of seperately derived funds into that crypto-equity on a consistent basis. eg. Blackcoin. These POV shares may well form the basis for the Stock Market 2.0 IMO

Stock Market 2.0

A completely separate stock market geared towards users & customers of a company/revenue earning communities as well as people who want to invest in them. Instead of earnings/loyalty programmes/bonuses being paid out in $, they will have the option to be paid out in POV shares. (Like BlackCoin.)

Market Cap

Unlike other crypto-equities, A POV shares minimum market cap will be a function of the minimum amount of volume that gets consistently directed into it.  Blackcoin was merely the first, but thousands of external companies and groups will soon want to create POV share systems, that can be traded on crypto-equity exchanges.

Potential Users

Company loyalty programmes - thousands of companies let customers earn 'points' however in the current system each new point issued doesn't increase the value of the old ones as they're not part of 0% inflation share systems. They're also not trade-able by people outside that community, so they're missing a large pot of potential funds.
Revenue earning communities - Blackcoin (A community of alt-coin miners) was the first but a consortium of Youtube/Itunes revenue generators will also choose in future to have their revenue directed into a POV Crypto Equity too.
(The more funds they direct and the more new people that join the more those shares will be worth.)
Gambling sites will start using their own currency/shares, the more users choosing to play and store their their funds in that currency the more those shares will be worth. (Win-Win for players & the site)
Truthcoin: - they intend to let people bet in Bitcoin and take 1% in fees payable to Truthcoin holders. Why not also start a POV coin that people are required to bet in? It's value will be much higher than Truthcoin IMO and will be a missed opportunity if they don't 

Bitshares can help new communities/companies with large turnovers or existing virtual currencies transfer over to 0% inflation share systems that are trade-able on crypto-equity exchanges. (The only thing missing is a partnership with a large exchange Crypsty/Bter etc. who would agree to list the crypto equity in exchange for a fee or X% of shares. )

Bitshares would charge a fee in the form of shares for the developers, the exchange listing, and 10% for AGS & PTS. This way these communities can have their own 'BlackCoin' listed and being traded  in a matter of days for little work. 

The exciting part is the amount of companies & communities out there that already have huge volumes/loyalty programmes that can be directed into a Crypto-Equity option for their users virtually overnight, creating multiple $50 million + value crypto-equities which we can get shares in at the start.


---
Sidenote: This also an explanation of why Bitcoin 2.0 will never work. The future is communites creating their own POV Shares where the beneficiary of not only the services offered by but also the value of that crypto-equity and the volume flowing through it is primarily the individual communities/companies not Bitcoin holders in general.

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