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Topics - mike623317

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General Discussion / BitShares down to11th place
« on: July 29, 2015, 11:23:31 pm »

I don't check our status every week, but i was surprised to see BitShares now ranked at 11th on coinmarketcap. I don't recall us drifting this low before. Our market share is down to 12,299,301 and the price to $ 0.004896.

I really do think we need an accurate and realistic estimate on when we are due to go-live. I don't understand how and why that cannot be released. In another post, it was suggested mid September may be the potential release date due to the verbiage in the license. If that's the case, why can't that be confirmed as a tentative date and firmed up over the next couple of weeks?

Just my 2 cents.

General Discussion / London's budget on the blockchain
« on: July 01, 2015, 03:03:56 pm »
Put London's £18 bn. ann. budget on blockchain for transparency and accountability
george galloway wants to it it

Technical Support / bitshares on coinomat
« on: June 29, 2015, 04:56:48 pm »
Bitshares integrated on coinomat  +5%

General Discussion / Home Office: UK Should Create a Cryptocurrency
« on: June 24, 2015, 10:35:12 pm »
Home Office: UK Should Create a Crime-Fighting Cryptocurrency

The UK Home Office believes the government should consider creating its own digital currency that limits anonymity and increases the traceability of transactions.

In a response to the Treasury’s call for information on digital currency, the Home Office highlighted both the positives and negatives of existing digital currencies, such as bitcoin.

The government department, which is responsible for immigration, counter-terrorism, police and drugs policy, recognised the low cost of transactions and increased speed of payments provided by digital currencies.

However, the document, which was obtained by CoinDesk via a freedom of information request, also highlights some of the associated downsides, such as the fact cryptocurrency affords a degree of anonymity to criminals.

With this in mind, the Home Office said in its submission: “We believe that there might be a number of advantages of any digital currency for the UK being created and owned by central government.”

It goes on to say one major advantage of government-created digital currency is that it could be designed to limit use for criminal and terrorist purposes.

“In particular, a digital currency owned by the UK government would be controlled by a central body ... It could also be pegged to a fiat currency, to reduce potential fluctuations in its value,” the submission continues.

The response suggests a government-issued digital currency should be designed in such a way that its ownership and use can be traced, enabling law enforcement agencies to identify whether it has been used for criminal or terrorist purposes and who by. It continued:

    “Access to such information would need to be restricted, but would be of use to law enforcement agency investigations and anti money laundering work. It would also have the additional benefit of acting as a deterrent to criminal use, as criminals would be unlikely to want to use a currency that it is traceable.”

Regulation should also require that any digital currency involved in criminal activity can be seized by the authorities, the department’s response states.
Preventing fraud

The Home Office highlights that, as bitcoin transactions are irreversible, fraudulent payments can be made without recourse.

It suggests a government-created cryptocurrency should be designed in such a way that fraudulent transactions can be reversed.

“It would make sense to identify how fraudulent transactions can be unwound and the digital currency reimbursed to the legitimate owner,” the submission states.

However, it does not mention that the irreversibility of transactions is seen, by some, as a positive feature of bitcoin. Many merchants favour this feature as it means they are not subject to fraudulent chargebacks.

Exchange licensing

According to the Home Office, cryptocurrency exchanges should be licensed, with their licenses withdrawn if they fail to meet certain requirements, such as the monitoring of transactions and reporting suspicious activity to the National Crime Agency.

The department suggests digital currency companies, such as wallet providers and exchanges, should be required to carry out the relevant anti money laundering and know-your-customer checks on its users.

Essentially this would mean digital currency exchanges face the same requirements as other financial institutions.

In order to ensure the success of regulation created in the UK, however, the Home Office claims international cooperation is “essential”. The response states:

    “The conversion point where fiat currency becomes digital, and vice versa, is hard to oversee, given digital currencies have global reach. Without global consistency in approach, oversight and security is difficult.”

Similar themes

The Home Office response offered some similar recommendations to the response submitted by Citi’s Treasury and Trade Services Technology and Innovation Team. Citi also suggested the Treasury should consider creating its own digital currency.

The response from MasterCard, on the other hand, emphasised the risks associated with cryptocurrencies and stated that currencies such as bitcoin don’t have many, if any, strong benefits.

Another company to submit a response was Accenture, which suggested the UK government should consider regulating bitcoin wallets and apply the same identification requirements to wallet providers as it does to banks.
Action taken

Little action has been taken by the Treasury since it received responses to its call for information. In March, it published a report, stating plans to apply anti-money laundering regulations to digital currency exchanges.

The report said the Treasury will also hold a "full consultation" on the topic of cryptocurrencies and revealed that £10m had been earmarked for research into digital currency technology.

Technical Support / Good Article
« on: June 24, 2015, 04:45:15 pm »

Maybe someone else already posted this, but i didnt see it.

Blacksburg-based BitShares looking to make strides in cryptocurrency market
22 June, 2015

Dan Larimer believes bitcoin, will have trouble remaining competitive as time passes. He talked about that in a recent interview as he attempts to push the cryptocurrency he launched into a stronger position in the new market that continues to be debated.

Bitcoin can be bought directly through an online exchange or obtained through a very tedious and expensive process called mining, which requires a computer to solve complex mathematical puzzles to obtain them.

Larimer, however, said he sees the mining process as unsustainable. High speculation over bitcoin, he said, has also made the currency volatile, causing its dollar value to regularly fluctuate. Bitcoin is creating millions of dollars “every single day to pay people to burn electricity,” Larimer said, referring to the use of high-end computer hardware to successfully mine. “Our system doesn’t have the expense of paying people to burn electricity.”

About a year ago, Larimer launched BitUSD, another cryptocurrency that is backed by BitShares, the greater cryptocurrency network that he also created last year. BitShares was ranked fifth among other cryptocurrencies in the world late last week, according to, a site that allows visitors to see the top 100 cryptocurrencies.

Bitcoin, by far the most valuable, was priced at approximately $249 Thursday afternoon, while BitShares was worth seven tenths of a cent. The value rankings are based on each currency’s market cap, which is calculated by multiplying the unit price of the currency by its total shares in existence.

With approximately 2.5 billion shares that Larimer said were all “created out of thin air,” BitShare’s market cap was at $19.7 million Thursday. In contrast, Bitcoin’s just 14.2 million shares gave it a market cap of $3.5 billion.

BitShares has started positioning itself to try to make some leaps in a developing sub-market of the financial sector that has drawn as many questions as it has excitement.

Although the money backed by BitShares has existed for about a year, holders of the currency haven’t really been able to spend it because serious merchants have yet to accept the tender as payment. But BitShares has pushed forward some developments its creator said will make it more accessible to the market.
Earlier this month, BitShares struck a partnership with Danish cryptocurrency exchange CCEDK that will allow digital money users to buy or sell BitShares.

Cryptocurrency users have for the past year had to buy bitcoin that they would afterward trade for BitShares on other exchanges, but CCEDK will allow holders to more directly receive money for their BitShares.

As with bitcoin, exchanges are places where digital currency users can buy more, or other, cryptocurrencies or sell the ones they have for actual money such as dollars and euros.

Now here comes the somewhat complicated, but important, part that Larimer said differentiates BitShares from its more popular counterpart bitcoin: BitShares are strictly for trading, whereas BitUSD is the actual digital money holders use to buy goods and services.

Unlike bitcoin, BitUSD is backed by the BitShares trading capital. While bitcoin and BitShares each stand alone and are therefore volatile due to speculation, BitUSD’s financial backing gives it a more concrete value, which Larimer said is at $1.05.

“BitUSD was designed to not have that volatility,” said Adam Ernest, founder of Follow My Vote, a voting network that’s using BitShares’ technology in hopes of improving election accuracy and transparency.
Follow My Vote and BitShares, each of which are supported by teams at the Virginia Tech Corporate Research Center, have been in partnership since late last year and formed a group about two weeks ago that will offer overall expertise to people involved in cryptocurrencies.

“We want to take blockchain technology and make it easy for businesses to use as their internal ledgers,” Larimer said.

Ernest said he anticipates BitUSD’s better stability will make its spenders and recipients more confident about not losing money from its transactions later.

“It’s just a matter of time before we get on that list,” Ernest said. “Anyone accepting bitcoin today is likely to accept BitUSD tomorrow.”

Cryptocurrencies are not to be generalized with the rest of the digital currency realm they belong to.
For example, PayPal and online banking — while done via the Internet like bitcoin — move money like the dollar. A merchant accepting cryptocurrency gets paid in bitcoin, or, for BitShares’ sake, in BitUSD.

The received cryptocurrency can then later trade for other cryptocurrency or money like the dollar. But the amount of dollars the person gets depends on the most current price of the digital currency. Larimer said bitcoins also don’t have to be bought whole.

Another facet that distinguishes the use of cryptocurrency from other money is the use of a public ledger, which makes public all of the currency’s transactions and how much money live accounts hold. Unlike credit card purchases, where the merchant knows exactly who it’s selling to, cryptocurrency users hide their identities behind cryptographic addresses.

Users employ a private cryptographic key that creates a digital signature to authenticate each transaction. Cryptocurrencies are kept in digital wallets, but users have been advised by experts to employ various measures, such as storing the wallets offline, to prevent hackers from finding the private keys they’ll need to steal money.

And unlike fraudulent charges to credit cards, stolen cryptocurrency can’t be recovered.
Cryptocurrencies are also decentralized, meaning that they are subject to no government or bank involvement that could interrupt or freeze their use. Larimer has said before that the users themselves are the banks.

Because they are subject to no institutional involvement, their transaction fees are known to be kept low, which many proponents say is a big plus when it comes to foreign transactions.

But there are some transaction fees that support the networks. Larimer said BitShares shareholders, including himself, earn a flat two-cent fee from every transaction.

More in-depth developments are occurring with BitShares, all of which can be found at Some of those include improvements that will speed up the rate of transactions and a feature that will allocate 80 percent of a new member’s $100 sign-up fee to the current user who referred the person to BitShares.

Beyond Bitcoin [closed] / Friday's mumble
« on: June 07, 2015, 02:47:28 am »
Will someone be uploading fridays mumble soon? Eager to find out what was said.

General Discussion / Redundancy
« on: June 03, 2015, 06:40:02 pm »
I'm sure someone has already given this more thought, but i was wondering if BitShares have given any thought how we could keep the system up in the event of trouble in the US or Europe or China. I'm just wondering, given our core devs are in the US, what if there are some type of unforeseen event that caused disruption, how could we keep this distributed system afloat. Is it something that would take care of itself as the system grows and matures and adoption increases or do we need to make concerted efforts later to make sure not too many of our delegates are located in one country? Im trying to understand the robustness of the system that i'm sure will be there once we reach the size of BTC for example.

Be interested to hear what peoples opinions.

Everyone's betting on blockchain because we need technology that can scale.

As our economy becomes more digital and distributed, we need tools that can scale and still offer accountability. Blockchain does that.

If it feels like you’re seeing more and more articles about blockchain technology lately, it’s because you are. The distributed transaction processing technology, which is behind the notorious Bitcoin crypto currency, has been featured in a big Economist special section, Fortune, and in The Guardian. Numerous books are coming out, and startups trying to capitalize on the technology are popping up like daisies.

The Nasdaq is using a blockchain technology in its Private Market platform. IBM IBM -0.31% and Samsung SSNLF -7.19% are testing blockchain technology as a way to connect devices for the Internet of things. Startups such as Peernova and Guardtime are suggesting it might be perfect for guarding passwords and other secure documents. Last month, a startup called Factom proposed a blockchain-based solution for the Greek economic crisis.


Add to this earlier this week, an economist named Eli Dourado suggested that web security was broken and that a version of blockchain could fix it. For those skimming the news in the morning and asking what this wonder technology is that can underlie a currency, solve a connection problem for the Internet of things, keep documents secure and also secure the world wide web, the answer is actually simple. You don’t even need to understand how blockchains work (although you may as well get the basics down).

Blockchains are being applied to all of these problems because they can offer two seemingly contradictory attributes—accountability and decentralization. And taken together that allows really big systems that need to be trustworthy to scale, whether those systems are the Internet, a grouping of sensors, a digital currency or a record of land titles. And if there’s one thing that’s certain as we move more of our economy to the digital world, we need a way to assure both trustworthiness and a way to make sure it scales with the petabytes of information created weekly.

Blockchains are simply distributed transaction processing engines. The technology allows data to be stored in a variety of different places while tracking the relationship between different parties to that data. Most people trying to explain blockchains like to compare it to a ledger. Anytime someone makes a transaction, such as a currency changing hands or a new device being added to a network, it is recorded in the chain and anyone can track what has happened. This is why law enforcement is so keen on Bitcoin—the digital footprints are easy to trace.

However, because all of this happens in the realm of math and software, there’s no one entity controlling the documentation. This means if anyone with a powerful enough computer running the appropriate code can participate in the system, making it decentralized and scalable. There are some caveats on the tech side to be aware of.

There are many kinds of blockchains that differ only in the way their algorithms (math) generate their ledgers. The most popular is the Bitcoin blockchain, which is used for a variety of things outside of the currency. But there is also the Ethereum blockchain, which is what Samsung and IBM are using in their experiments with the Internet of things. There is also Namecoin, which Dourado is writing about as the basis for a new type of web security.

The other big thing to remember is that blockchains require other technologies to build these decentralized systems of trust. In the case of the internet of things example, there are other technologies that will handle identity, messaging and other elements that might be needed for the overall system. For the web security proposition, the blockchain would act in conjunction with a browser extension and an identification element.

But even if you know nothing about the technology outside of its rising ubiquity in major newspapers and magazines, know that the reason it has so captured the fancy of technologists and policy makers is because our economy is now more digital than ever and more distributed. As an example, Cisco estimates that global IP traffic will reach 1.1 zettabytes per year (a zettabyte is a trillion gigabytes) in 2016. By 2019, global IP traffic will pass a new milestone figure of 2.0 zettabytes per year. If you take internet traffic as a measure of our digital economy, it’s clear that it’s growing like crazy. Blockchain technologies could let us continue our reliance on the digital economy while adding a layer of accountability and trust that can scale. No wonder everyone is excited about it.


Penn State Scholar Predicts Altcoins Will Surpass Bitcoin .... he just hasnt woken up to bitshares, yet.

General Discussion / Bitshares Infographic
« on: May 20, 2015, 12:43:02 pm »

I just found this new bitshares infographic. I just wanted to say,whoever did this donea great job. This is the sort of thing that needs pushing far and wide and snippets incorporated in to our website.
 +5% +5% +5

General Discussion / delegate participation rate below 60%
« on: April 30, 2015, 11:50:29 pm »

I just upgraded my client and im getting severe network problems 'delegate participation rate below 60%'


Can you believe this nonsense. Terms & Conditions Update as of july..

“When providing us with content or posting content (in each case for publication, whether on- or off-line) using the Services, you grant the PayPal Group a non-exclusive, worldwide, perpetual, irrevocable, royalty-free, sublicensable (through multiple tiers) right to exercise any and all copyright, publicity, trademarks, database rights and intellectual property rights you have in the content, in any media known now or in the future. Further, to the fullest extent permitted under applicable law, you waive your moral rights and promise not to assert such rights against the PayPal Group, its sublicensees or assignees. You represent and warrant that none of the following infringe any intellectual property right: your provision of content to us, your posting of content using the Services, and the PayPal Group’s use of such content (including of works derived from it) in connection with the Services.”

General Discussion / cell phone wallet
« on: April 23, 2015, 10:48:28 pm »
It will be good when we have a mobile wallet like this :
Seems to work well, is intuitive and simple.

General Discussion / Friday's Mumble with BM for a tip?
« on: April 19, 2015, 01:43:10 am »

For those of us that have to work during the 10-11am EST mumble with BM its a little frustrating that the recording is not available. Wouldanyone be willing to share their recording for a small tip?


Technical Support / Issues downloading Blockchain - hangs
« on: April 06, 2015, 12:46:37 am »
Hi Guys,

I just wanted to put i t out there that i recently downloaded v8 and have had problems downloading the blockchain. running win7, uninstalled v7 first the installed v8. 8gb ram. it gets to 12 days left to sync and then just stays there. rebooted and reinstalled without change.

Any ideas?


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