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Messages - oco101

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286
General Discussion / Re: Glad I got out of bitcoin...
« on: September 19, 2014, 02:48:18 am »
Price is at $422 as of this post.

All in BTSX.

It's going to keep dropping for a long time too because the Mt Gox hackers now that they know about the bounty are probably cashing all the way out in a panic.

When hundreds of thousands of Bitcoins are stolen then imagine what it could do to the price if someone decides to sell just 100,000 Bitcoins over the course of a month.

Bounty?? I haven't been in /r/Bitcoin for a few weeks (BitShares obsessed :P) so I'm not totally up to date on whats happening.

http://www.wired.com/2014/09/bitcoin_bounty/

287
General Discussion / Re: [DAC Proposal] Future Tech Farm
« on: September 19, 2014, 02:27:04 am »
I know nothing about farming so please bear with me. I see what you trying to achieve that will be great !! I still don't understand the mechanics of the system and the use of blockchain.
 

  • Farmers will need hardware systems to autonomously grow food (FTF is working on engineering these initial systems and they most definitely will be "application specific" ;) )

Can you expand on that. Can you give a example what that system will look like ? 


  • The first tier integration of a blockchain - I'm hypothesizing - would be to track and secure (through a public ledger) the production of every plant grown in the network (what an upgrade from farming today right?).  By "secure" I would define as the anonymous (or not) validation that: "this particular plant has been grown to standards as agreed upon by the consensus of the platform" (i.e. no detection of harmful chemicals founds (pesticides, fungicides, etc.); no disease witnessed during production cycle; etc.) 

How you gonna track all that ? I mean  how you gonna validate and how you gonna input it  on the blockchain ?  How could we prevent fraud ?


  • The second tier integration of a blockchain would be with regards to monetization and incentive structure for the farmer's themselves.  As this would operate in the form factor of a decentralized neural network - there will inevitably nodes in the platform that are more efficient due to the input effort and knowledge of the corresponding farmer (THIS is where I believe the potential of a DAC TRULY exists.  It's a network that can operate incorruptibly, but enables the input of human resources that can be capitalized.)  I believe the network should objectively reward the most efficient farming systems as these are what the rest of the network nodes will strive to replicate and pull information from.

    How do we incentivize a structure that rewards farmers for sharing information to make food production orders of magnitude more efficient, orders of magnitude less expensive, orders of magnitude safer for consumption & the environment, and completely incorruptible? 

Don't understand the second tier at all. I don't see where is  the incentive  for a farmer to share any information.

I don't see the link between the two tier [/list]

288
Amazing job arhag !!!! Thank you !!

289
General Discussion / Re: [DAC Proposal] Future Tech Farm
« on: September 18, 2014, 02:40:53 pm »
So delulo asked me a question in a PM - I'm posting it here for others to think about (with his permission) and my response below.  I would love to generate conversation around the need, or not, for the production of physical items (specifically food) to have integrated blockchains.

Hey, can it be said (in short) why a DAC (decentralized ledger) is required for the robot food production idea you have?


Hey Delulo!

I *think* a DAC would be best suited for the monetization of a distributed food production platform and for securing the integrity (health safety) of the food produced. 

Looking for people who can help me prove whether its necessary or not.  I believe it is and I'm willing to put in the research to find out ;)


I may have missed the part where  you explain how exactly you intend to use the blockchain, is sound interesting but is  is still vague. Can you please explains the details a bit more ? 

290
Technical Support / Re: !!! Stupid Questions Thread !!!
« on: September 18, 2014, 02:19:24 pm »
Very confusing. I thought if i place an order in advance and wait for the price movement, i will get the short executed.

How do i know when the market is trading above the peg?

you must calculate it everytime manualy !
They must put something like a live ticker somewhere on the gui so we make better decisions and MUCH more orders !!!
It seems something simple to implement using the median published feed...
Wow, i know how to calculate it manually, but i have never seen bitUSD above the USD!

Seems almost not possible to short it then. Why even bother setting up orders *shrug*

Because the anti-shorting mechanism was not active the first days of trading a large amount of BitUSD were created quickly. Now this large amount is depressing the BitUSD price and keeping it far below the peg. BitBTC and BitCNY started slowly and are trading much closer to the peg.

Can you expand on that pls ?

291
Absolutely 100% agree this should be done ASAP. Keep the good work drltc we all appreciate your contribution. Thanks.

292
General Discussion / Re: Common Objections To BitShares X
« on: September 17, 2014, 02:16:57 pm »

The BTSX collateral is there to protect the rights of all parties to be paid according to price movements in the bitAssets. So the rights to proper payment are backed.

However it does not back the actual value of the BitAssets in the same way that say the value of a share or loan is backed by the saleable assets of a business, or that a house loan is backed by the ability of a bank to liquidate the recuperate the value of the loan, or the way in which gold-backed currencies used to be redeemable for gold. If the market decided to value BitAssets at 10% of today's value, instead of at the peg price, the BTSX collateral does not alter that, it only ensures everyone is paid accordingly. So perhaps we need to be careful with what we mean by 'backed'?

Strictly speaking you right.  But this will happen only if the peg is not working in witch event the whole experiment is a failure. . So let rephrase it, if  the peg is not working your bitAssets could be in danger else your bitAssets are backed by real money.
 . To me the backing of BitshareX is the business behind,  and my short explanation for newbie is : BitSharesX is a virtual bank that lets users buy, sell and trade virtual assets that have the  valued of real world assets. In the process of creating those virtual assets people make money trading similar way like Forex. To me the difference is: What's backing a share in Western Union  or Google ? And for the crypto crowd my killer question is what is backing Bitcoin ?

293
General Discussion / Re: 100,000,000,000,000. FREE
« on: September 16, 2014, 08:50:50 pm »
"Freedom account" create a Bitshares X account called "Freedom. For each donation receive in this account you give back some Free.

When there is enough money, a minimum of 51 delegates need to sign in order to use money in this account. 

We will use the  FREE money on the  FREEDOM account  for (please fell free to add more suggestions)  :

1. we gonna buy a island in the Pacific where we will create  the a country called well .. Freedom. It will be the most free country in the world. Every user that ever donated to the free account will be a automatically a citizen and will be welcome to live there.
2.  to defend legally anyone in any country that's in trouble because he used blockchain technologies
3. make about .. 101 clones of bytemaster
4. throw Bitshares parties all over the world where the booze is ... free

294
General Discussion / Re: 5% annual fee. What is the point?
« on: September 16, 2014, 07:31:41 pm »

Cracking the private key is well impossible like Xeroc pointed out :

"So, if you could use the entire planet as a hard drive, storing 1 byte per atom, using stars as fuel, and cycling through 1 trillion keys per second, you'd need 37 octillion Earths to store it, and 237 billion suns to power the device capable of doing it, all of which would take you 3.6717 octodecillion years.
Better get cracking."

So this is should not be a concern for anyone. The best and simple solution would be :


I would suggest getting a separate laptop with linux as the OS and storing all your funds in THAT wallet. Open the laptop every 6 months and click the blue vote button. Backup the wallet .json file on USB key(s) and hide in two secret locations. Trying to get any more secure than this is a waste of time IMO, even if you have millions of dollars worth of BTSX. What I'm recommending here is extremely secure.



295
Very nice !!
We need people from our community to comment and answer question on that post. Before it is turning negative. And please don't  forget to upvote

296
Other Languages / Re: France (Français)
« on: September 16, 2014, 01:27:42 pm »
Je vais demander l'ouverture d'ue section Francophone et non une simple sous section , moins visible...un premier pas vers une Francophonisation de Bitshares !

Ouai mais pas tout suite comme tu peux voir il y a absolument rien qui se passe ici pour le moment. Mais je suis d'accord avec toi si il va y avoir plus de francophone ça voudra la peine.   

297
Other Languages / Re: France (Français)
« on: September 16, 2014, 01:07:56 am »
Pas beacoup :)

298
General Discussion / Re: Lets see if it bounces.
« on: September 14, 2014, 08:56:30 pm »
I would get in now.. last chance..

What are your thoughts on the current TA?

Quote from: trader
What we need is some more good news to bump up the price.

Yup. No idea where that good news is going to come from though.PEG doubts popped the bubble. Realization that the PEG works after all put us on the current uptrend. BitYield gave us a boost. It will probably have to be news from outside the BitShares organization.

Much better to have a slow and steady price rise then big pump and dumps, it means we are not in a bubble and more people will be paying attention. Staying between  0.00007000BTC and  0.00008000 BTC for a while it is good, the trading volumes are consistently high witch means new money are coming in. The wallet is getting better with every release. We are still in the early adopter stage, the marketing campaign did't even started yet.

299
General Discussion / Re: Buy/Short Walk me through in the chat
« on: September 14, 2014, 08:39:38 pm »

Here's what happens if the price goes down:

- If the price of BitUSD goes down from 30 to 25, then you can buy 100 BitUSD for 25 BTSX, pay 2500 BTSX to cover and unlock the pot of 6000 BTSX.
- You originally paid 3000 BTSX when you did the short sale.  When you bought the BitUSD to cover, you had to pay 2500 BTSX -- but as soon as you hit the Cover button, you unlocked the 6000 BTSX from the pot.  So you made 500 BTSX profit on the deal.

Here's what happens if the price goes up:

- If the price of BitUSD goes up from 30 to 35, then you can buy 100 BitUSD for 35 BTSX, pay 3500 BTSX to cover and unlock the pot of 6000 BTSX.
- You originally paid 3000 BTSX when you did the short sale.  When you bought the BitUSD to cover, you had to pay 3500 BTSX -- but as soon as you hit the Cover button, you unlocked the 6000 BTSX from the pot.  So you lost 500 BTSX on the deal.

If the BitUSD price goes all the way up to 60 BTSX, then you would never want to cover -- if you had 100 BitUSD, you could simply sell it for more than 6000 BTSX instead of covering.  The system really doesn't want this to happen, it essentially means people would be defaulting on their debts to the system which would wreck the whole economic theory it's based on.  People like me talking about "underwater shorts" on this forum are referring to this situation, not what we wear in the swimming pool :)

So to prevent underwater shorts, when the price rises to 45 BTSX -- halfway from the beginning (30 BTSX) to the "waterline" (60 BTSX) -- the system will reach into the pot, pull out some collateral, buy BitUSD with it, and cover.  This is referred to as "margin call," it is basically the system foreclosing on the debt.  The system will assess you a big 5% fee when this happens, so you might want to monitor the prices and hit the Cover button yourself when the price is getting close to the margin call price of 45 BTSX.

The GUI will helpfully tell you the margin call price.  You can also hit the Cover button to pay back some of the debt -- no collateral will be unlocked until the debt is paid in full, but a partial payment will increase the margin call price.

Very clear, wiki material

300
Muse/SoundDAC / Re: BitUSD used to buy artistcoins?
« on: September 14, 2014, 07:34:31 pm »
There will still be fees to be paid if someone is eager to move their money from one chain to another. My guess is that we will have market makers on each chain who are ready to provide liquidity at a small price. Therefore, it will not be as cheap to move BitAssets inter-blockchain as it is intra-blockchain, but I think it is the best solution we have today given that we want to avoid the unscalable one-chain-to-rule-them-all strategy.

The market makers in each chain they still need a certain depth before they can even provide liquidity. So there will be DAC's that will not have enough market depth to be able to mint bitUSD so what I think Darwinian Natural Selection will apply. If a DAC could not reach the market depth required it means that DAC business model is not good and there is not enough interests in it, or there need more marketing etc. Like for the brick and mortar company, only the one that are successful will survive (unlike the altcoins out there ) 
 Being able to mint bitUSD it will be the equivalent of having a IPO of sorts.

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