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Messages - theoretical

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136
We just need something similar on the bitcoin end too...

Why don't you just hold the GATEBTC until you get a signed message telling you where to send it?

The default Bitcoin client can sign a message with private key corresponding to its address.  So you could just have the person send you a signed message from the Bitcoin client saying "send GATEBTC from <bitcoin_txid> to <account>, sincerely, <signer>".  Then check:

- <bitcoin_txid> represents a transaction that exists
- And is sufficiently confirmed
- And is sending BTC to your ingress address
- And has not yet had its GATEBTC claimed
- And has at least one input controlled by <signer>

Then you issue GATEBTC (or whatever your gateway's BTC IOU UIA is) to the corresponding address.

The message could be published somewhere on the blockchain, but it's easier (and doesn't require them to pay a fee) if you just have an HTTP(S) interface on your webserver to submit the message.

You could also have semantics to remember the association between a BTC address and account, i.e. the message could instead be:

"if your ingress address gets any BTC from <my_address>, please send the GATEBTC to <titan_account>, sincerely, <signer>"

Then you just check that <signer> controls <my_address>.  The user can then send you BTC in any number of transactions, past or future.  As long as the user has at least one tx input from <my_address>, it will all go to the right place.  If the user forgets and you get BTC from unknown addresses, you can just hang onto it until one of the addresses files a signed message claiming the new GATEBTC.  Of course, with the way Bitcoin makes a new change address by default and de-prioritizes recent balances, it may be a little extra work to make sure <my_address> always has a balance that is included.

137
General Discussion / Re: Is Fractional Reserve Banking a Ponzi Scheme?
« on: January 16, 2015, 06:42:41 pm »

I have an unrelated question about how Bitshares operates, if you will indulge my ignorance for a moment.  Let us suppose I purchase BitUSD, and then the value of BTS drops such that the party that went long BTS to create my BitUSD receives a margin call. The issuer does not meet the margin call, which I presume causes a liquidation. What happens to my BitUSD at that point?

TLDR:  Liquidation only happens if the collateral can be sold.  If no buyers want to buy the collateral right now, there will be no liquidation until buyers appear!

The margin call causes a "cover order" to be issued on the market, it attempts to buy back the BitUSD at the feed price.  This order is funded by the collateral.  The cover order is created automatically by the blockchain.  When the cover order is matched, the liquidation proceeds:  The BitUSD bought by the cover order is destroyed, and any leftover collateral will be returned to the short issuer, less a 5% fee taken by the blockchain (treated the same as other transaction fees).

In addition, shorts expire after 30 days [1].  The same cover process happens, but in that case there is no 5% fee.

From the long holder's point of view, what does this look like?

If you are just hanging on to your BitUSD, nothing happens. 

If you place a sell order, your sell order will be matched against cover orders.

We require $3 worth of collateral to create $1 worth of BitUSD, and force the cover when its value drops to $2.  So very extreme price movements would be required to break the peg, that no reasonable, legitimate cryptocurrency with decent market cap has ever experienced.

[1] This period was originally one year, but was changed later.  Existing shorts were "grandfathered," otherwise we would have been changing the terms of financial derivative products after people had already bought them!  Since BTS price has been rocky, most of these grandfathered shorts have been margin called, but a few still exist.

138
In theory we should be moving away from using the memo field all together

What's the replacement?  Mail?

139
Could we have an "extended memo" op that replaces the memo with text of arbitrary length?

We should have separate fields for encrypted ("public memo") and unencrypted ("private memo") contents, each of which can be arbitrary length (of course max tx size sets an effective limit).  The client should automatically add a 64-bit nonce to the encrypted memo (and strip it on the receiving side).  The nonce is to boost the entropy, e.g. if you're sending a bitcoin address in the memo field, without the nonce an attacker could find out the memo contents by simply encrypting all Bitcoin addresses in existence with the recipient's public key.

If the blockchain was frozen, I'd suggest re-purposing the burn op for this, but since we obviously have hardforks planned, it makes sense to just make a new op.

140
Random Discussion / Re: Universal Basic Income? Oh no that's Marxist
« on: January 15, 2015, 06:35:31 pm »

It would be nice to have a utopia where robots can produce enough food / clothing / shelter / infrastructure for everybody to live without anybody having to work.

But there are two problems:

- How do we deal with the inevitable economic disruption of intermediate states between the status quo (~90%+ of the population has to work) and the end game (~0% of the population has to work).  When, say, ~50% of the population has to work, how do we determine which 50% ends up working without creating a class divide that tears society apart?

- Are we really sure that a utopia is the inevitable outcome of superintelligent machines?  Since having resources is an instrumental goal that is a useful stepping stone to many different final goals, what would keep superintelligent machines from appropriating for their own ends resources humanity needs to live?  Eliezer Yudkowsky, a person who has thought a lot about this issue, summarizes it as follows:  "The AI does not hate you, nor does it love you, but you are made of atoms it can use for something else."

141
General Discussion / Re: wallet_import_private_key failing to parse WIF?
« on: January 15, 2015, 06:16:16 pm »
Obviously, after posting this private key on a public forum, you should not use it for any funds.

142
General Discussion / Re: Use cases for manual testing of GUI
« on: January 15, 2015, 06:00:34 pm »
Here are some use cases to get started:

- Register a new account with funds from an existing account
- Sort margin call orders by margin call price
- Sort margin call orders by expiration date
- Buy market pegged BitAsset with BTS
- Sell market pegged BitAsset for BTS
- Short market pegged BitAsset with no price limit
- Short market pegged BitAsset with a price limit
- Create a UIA
- Issue UIA shares
- Buy UIA with BTS
- Sell UIA for BTS
- Buy UIA with another UIA
- Sell UIA for another UIA
- Make sure price feed display updates for market asset
- Make sure all is well (display fully up-to-date, reasonable memory usage) after leaving market page open overnight

143
General Discussion / Re: Use cases for manual testing of GUI
« on: January 15, 2015, 05:53:57 pm »

These would also be a great starting point for tutorials, videos, and blog posts.  Each one should explain one piece of the client well enough to allow users to do something useful or solve a specific problem.

Stan agrees with me:


I think it would be great to have a series of articles on BitShares Use Cases.

"Adventures in Trading" or something like that.   Get people over the intimidation factor by giving them things to try.  Maybe even tie it in with a 5 minute Mad Max session on BitShares.TV or a screen-view tutorial.

This would include little discussions on elementary trading strategies for newbies.

Something like that?

144
General Discussion / Re: 2.2 mil vs. 36k, What is the problem?
« on: January 15, 2015, 05:04:40 pm »
Nice. BTW why btc/bitusd pair is in btc market on bter?  It should be in USD market

Neither pair member is USD, so it shouldn't.  Putting it in the BTC market category makes sense (until they have enough BitUSD markets to justify a separate category for them!)

or the order should be reversed.

The reason for the order being the way it is, is because most exchanges quote BTC / USD prices in dollars per BTC.  So if Bitcoin is trading at $217 USD and $213 BitUSD, you can easily compare the prices because they are on the same scale.

145
General Discussion / Re: 2.2 mil vs. 36k, What is the problem?
« on: January 15, 2015, 04:59:57 pm »
Any observer would recognize that those trades are MEANINGLESS noise

Only if you do the short and long side from the same wallet with balances that are obviously connected to each other.  If you wanted to make it look like real volume, you could do the short / long side from different wallets.

I should also point out (roughly speaking) shorting to yourself is nominally [1] profitable if your shorts are paying less interest than average outstanding shorts.

[1] In terms of numerically increasing the number of BTS you own.

146
Only skimmed the whitepaper, but I'm thinking this might consist of:

- Airdropped UIA shares in several systems that support UIA-like tokens.
- Atomic "cross-chain teleportation protocol" where anyone can e.g. burn UIA shares on the BTS chain and create an equal number of UIA shares on the Ripple chain.

If you can make it so the cross-chain teleportation is truly atomic, I'm sure there would be some value in this functionality.

The details would be incredibly tricky.

147
General Discussion / Re: NuBits is a Ponzi [BLOG POST]
« on: January 13, 2015, 06:10:04 pm »
I disagree with this quote from the blog post:

Quote from: bytemaster
    The US government has no realistic means of ever paying off [its] debt...

A country can always inflate its way out of debt.

In other words, the national debt is in nominal terms.  I.e. it is a certain number of dollars.  Bondholders have no guarantee about the real value of the goods and services represented by this nominal debt.

148
General Discussion / Re: Bitshares fee potential issue? 0.50 vs 0.10 BTS
« on: January 13, 2015, 05:57:38 pm »
This is not a big issue right now but I am just wondering what the plans are for fees in the future.

We're planning to eventually allow delegates to publish feeds for all fee types charged by the network, and the actual fee will then be the median of the feeds.  Thus fees will be set by the delegates.

Currently delegates can sort-of set fees by choosing not to include transactions with low fees, but it requires unanimous consent of the delegates.

A median is more robust about ensuring the will of the majority of delegates will win in case some delegates want lower fees and others want higher fees.

149
General Discussion / Re: Relative orders for bitBTC/bitUSD?
« on: January 13, 2015, 03:08:06 am »

I'm testing relative orders this week, adding this to my list of functionality to test!

150
We are aware that ease-of-use issues exist, and we are focusing substantial resources on them.

We have a light wallet in development that will be considerably easier to use, partly due to not implementing advanced features like the built-in market.  We also have a faucet to allow new users to register an account name without funds, which you can see in action if you run an up-to-date GUI client.

We are re-branding our robohashes as Safebot -- see http://bytemaster.bitshares.org/article/2015/01/11/Introducing-SafeBot/?r=theoreticalbts

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