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Topics - mike623317

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Technical Support / Where does the interest come from?
« on: December 07, 2014, 06:35:06 pm »
I'm trying to explain BitShares to a friend and i need to clarify something.

I think interest earned from holding BitGold or BitUSD comes from other peoples transaction fees because i'm providing liquidity but i'm not sure. Please can someone clarify where the interest comes from if i buy BitUSD and hold it for a few years.

Appreciate peoples help.


General Discussion / These Things Could Mainstream
« on: December 07, 2014, 02:04:02 am »

I just read the following article on bitcoinonomics. Now dont these sound like some of our DACS
Exactly. Mainstream baby :)

These Things Could Mainstream Bitcoin

Stock trading, gambling, pornography – these are just a few of the things that could contribute to the so-called “rise and rise” of Bitcoin.

Many of us ask, “What is going to make Bitcoin mainstream?”  One would think it was reasonable to examine these areas and ponder how Bitcoin could improve them.

Stock Trading

Online stock trading is the norm for investors and traders over the past decade.  This is a big improvement over the old ways of doing things, which entailed calling a stockbroker and placing an order on the telephone.

There are many companies, like TD Ameritrade, Etrade, Scottrade, Fidelity and others offering such services. In a study July 2013, Brian Bloch found that, just like online gambling, online stock trading gives the participant an addictive rush.

Bitcoin could streamline the experience of buying and selling stocks online namely due to the ease of obtaining and sending bitcoins.

What’s more, there are already plenty of ways to play public markets on the internet.


Between 2009-2010 in the UK, 4% of adults had bet online, and from April 2010 to March 2011, online gambling yielded £660.74 million. The global online gambling industry represents one of the largest and quickest growing markets in the world, with a current net worth of $30 billion.

Betting was the highest grossing activity in global interactive gambling last year. Some dominant games in online gambling are wagering, casino and poker. One of the main driving factors of gambling industry growth is internet penetration.

In 2012, European online gambling operators saw an almost 45% increase in their total online gambling yield.  Approximately 51% of the global population gambles in some way every year.

Unsurprisingly, online gambling is also one of the most addictive activities online. Because online gambling has become so popular, the youth of today are more apt at those finding corners of the internet in which one can gamble on almost anything.

Gambling has already adopted Bitcoin. Here is a list of the most popular, Bitcoin-accepting gambling sites.


Video game addiction is a know addiction and even causes death. Its severity has grown in the 2000s, especially with the help of massive multiplayer online role playing games like World Of Warcraft, which is known for its “WoW Gold,” a virtual token for use within the game. One clinical psychologist claims 40 percent of World of Warcraft players are addicted.

One could reasonably assume that, for many of these games, instead of using fake digital tokens with little real-world value, the use of Bitcoin would raise the stakes, attracting more players to online gaming.

Bitcoin Mainstreamed

The abovementioned sectors are ripe for Bitcoin penetration and could go a long way towards increasing velocity of Bitcoin on the internet. Importantly, many of these sectors have been first movers into the Bitcoin world, but it is likely we have not seen the final exodus away from credit/debit to Bitcoin in many online activities.

General Discussion / Bitshares Video - Transparent Banking
« on: December 05, 2014, 02:18:19 am »

There is a commercial that just been done by a small agency in Stockholm, Sweden.

In the video an actor tells you he's an actor saying lines like, "I'm an actor, and I've been paid $8,000 to tell you how great Nordnet is compared to other banks," and, "I just get paid to tell you that Nordnet is the greatest place to save and invest in the world."

This would be great if it then ended with the BitShares logo on screen and a voice over saying something like "Transparency. Accountability. No 3rd party Risk. Easy to Use"

Google the video and lets hear your opinion .. "Welcome to transparent banking"

I thought it was refreshing and thats what got my attention.

Beyond Bitcoin [closed] / Today's mumble
« on: December 04, 2014, 07:08:35 pm »

I know i should have more patience, but will today's mumble be uploaded? I can't listen from work to the mumble connection.
If its posted elsewhere, please let me know.


General Discussion / BitUSD & Inflation
« on: December 02, 2014, 06:54:21 pm »

As the USD continues to devalue and loose its purchasing power, I'm wondering how bitUSD will retain its (unless you short it?).  If you're trying to escape the financial repression and use bitshares for everyday banking, i want to preserve my purchasing power. How does that work - as USD devalues so does bitUSD?

I realize that i can buy in bitgold. Sorry if this sounds like a newbie question

Technical Support / BTC and MUSIC and PLAY
« on: December 02, 2014, 06:04:42 pm »

A quick question - i'm trying to catch up here, but found this by stumbling over bitsharesX. I just wondered if you purchase BTS do you benefit from the MUSIC and PLAY DACs that will be created? Ive read about PTS, but does BTS benefit as peertracks etc start growning? I'm assuming the answer is yes.


Technical Support / Available Supply of BTS
« on: December 01, 2014, 04:56:43 am »

I noticed that the available supply of BitShares is 2,497,973,773 BTS. Bitcoin's is only 13,559,725 BTC.

To the untrained eye, 2 billion seems alot more than bitcoins 13 million. Just wondering why we have so many and if that number is static or might expand/contract as we move forward.


General Discussion / Australian Bitcoin Inquiry
« on: November 28, 2014, 05:23:54 pm »
Australian Bitcoin Inquiry
Witness: "MtGox was a ponzi, here is how..." — Senator: "So it's a bank, essentially"

Youtube - Bitcoin - Australian Senate - Inquiry into Digital Currencies Nov 2014. Starts at 1:30

General Discussion / Banking
« on: November 27, 2014, 05:18:09 am »

I really want to use BitShares for real world banking. However, I just need a debit card and lite app to make it workable.

I heard on one of the mumbles that we're looking to launch a debit card like the SHIFT one that ripple have. I can't wait for 1.0 to arrive. For me, i see the value in terms of banking in the asset i want (ie. gold/silver/shares) without it being someones liability (like if i bought gold through ripple). 


General Discussion / Debit Card/Mobile/Ripple
« on: November 26, 2014, 04:15:09 am »
1. I'm not sure if BitShares are already working on this or not, but Ripple have a SHIFT card that allows you to spend other digital currencies, gold, and USD. Does anyone know if we are planning on some type of debit card? - would be nice if you plan on saving in BitShares.

2. So Bitshares is a downloadable app to install, is there any plans to make it available from a phone and/or a website? If i'm at work, it isn't always an option to install software. Thats the one nice thing about ripple - i can login, buy gold and logout in 30 seconds. Simple.


General Discussion / BitSILVER
« on: November 26, 2014, 03:29:23 am »

Does anyone know why we cant purchase BitSILVER? It says insufficient feeds, so does that mean nobody is selling?


General Discussion / BitRUB?
« on: November 26, 2014, 01:11:00 am »
Did you see that Jim Rogers is now bullish on Russia and the russian ruble?

I wonder when BitRUB will come online.

.. Just putting it out there.


Precious metals dealer Agora Commodities has announced that it will rebrand to emphasize its increasing interest in digital currency.

The company expects to adopt the name Crypto Bullion Group, a process that will include the launch of a new online platform. Crypto Bullion Group will continue serving precious metals customers that want access to bitcoin.

The move continues Agora’s long-standing involvement in the digital currency industry, which in recent weeks has inspired the company to forge partnerships with other precious metals-focused startups like crypto 2.0-powered bitcoin-to-gold exchange DigitalTangible.

CEO Joseph Castillo told CoinDesk that rebranding affirms what he called the company’s growing focus on bitcoin. This process, he said, grew out of the grassroots support of customers and advocates.

Beyond rebranding to demonstrate what he called the company's "philosophical grounding in bitcoin”, Castillo said that Crypto Bullion Group is actively moving to utilize the technology not just as a currency but as a mechanism for smart contracts and transactions.

He added:

    “We’re committed to the idea of the implementation of bitcoin beyond just a source of revenue.”

According to the company, the platform is still underdevelopment, and while there is no set date in place, Crypto Bullion Group hopes to launch before the end of the year.
Focus on cryptocurrency

Castillo said that the rebranding will allow the company to provide a resource for precious metals collectors and investors who want access to bitcoin while, in turn, enabling broader adoption of the technology in general.

Commenting that many other companies are tapping bitcoin as "just another revenue source", Castillo said that an increased focus on digital currency would enable Agora to more directly support the bitcoin ecosystem as a whole.

He told CoinDesk:

    “Rebranding is just a reaffirmation to our commitment to bitcoin, and a thank you. This new technology has created wealth for us and a new service, and we just want to make that our focus.”

“Not that we are going to stop taking US dollars,” he added, referencing competitor Amagi Metals' expected transition to take place by 2017.
Interest in crypto 2.0 capabilities

Notably, Crypto Bullion Group is looking into advanced bitcoin protocol applications in the form of smart contracts. While this process is still in the conceptual stage, Castillo shared insights into how crypto 2.0 processes could be integrated into the precious metals business.

Castillo said that he and his team are looking at how the bitcoin blockchain can be leveraged to both build greater trust among investors and create decentralized contractual mechanisms that reduce costs and reinforce agreements through the use of bitcoin’s globally distributed ledger.

He cited the colored coins project as one concept his team is looking at, noting that a recent meeting with that development team was promising. Ultimately, the company’s goal is to build new tools to make their business run more efficiently, which he sees as a key promise in bitcoin itself.

“I don’t think people are looking at the protocol and thinking, wait a second, there’s more at work here. We can do many more things with it,” he said.

Technical Support / Becoming a saver & BitGold and Bit USD Question.
« on: November 24, 2014, 05:30:01 pm »
Hi Guys,

I am totally new, so forgive the basic question.

1. If i want to buy Bitgold because i believe the price of gold will go up over the long term, can i just buy bitgold and hold it? I'm not sure how to interpret the buy screen and I just want to buy and hold rather than have to cover my loses if the price of gold falls.

2. I would like to use bitshares for banking. Do you just buy BitUSD and hold it for it to track the USD?

Thank you.

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