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Messages - Erlich Bachman

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181
General Discussion / Re: Best Selling Option
« on: September 24, 2015, 08:04:26 pm »
look at it this way:

whats the worst thing that can happen?

double spend a few blocks and then they are kicked out?

whats the best thing that can happen?

we are instantly profitible as a dac

I for one am willing to risk having one of my transactions getting sniped early on in order to prove to the planet that we are profitible. and really? what are the odds? i dont know but what I do know for sure is that the odds of a double spend decrease exponentially as soon as the news of our profitibity gets around which will definitely raise our cap as the worlds first profitible chain which would instantly allow us to add more nodes and thus more security

so imo the plan should to start wherever we are actually profitibble and just dont get carried with large transactions initially.  and realisticly who is going to be performing gigantic transactions initially.

we have to look at the risk reward potential here. and the potential risk that those who built bts are going to suicide their investment is really pretty low. Realisticly

the chance to become the only profitible dac is so compelling that i say we should take the risk ( of BM and his friends stealing a few transactions and getting fired immediately). If we are correct, and the devs are not crooked, the. we win huge!  If we are wrong, the. one of your transactions could get sniped

182
General Discussion / Re: Bitgold as investment
« on: September 10, 2015, 12:48:17 pm »
Quote from: arp on September 10, 2015, 08:59:57 am
I still have to study Bitshares a bit more, I still don't get that "pegged" method.

First you must realize that the prescious metals markets have both "paper prices" and "plysical prices" otherwise known as a "premium for delivery" on the "physical metal"

traditional market:

If I tried to purchase 1,000 tons of physical gold on the open market, then the price of gold (or at least the price of gold premiums for delivery) should rise to meet my massive demand. 

pegged market:

If the bitGold market was deep enough and I purchased the same amount of bitGold then the actual physical gold price would not be affected until I tried obtaining my gold through a physical gateway, and then the owner of that gateway would then have to try to source the gold which would raise the price as I described above. 

So in that regard, pegged markets have a similar effect on the price of gold as paper gold contracts such as the GLD (little to no affect on the gold price until you try to claim delivery).  To put it simply, the prices of pegged assets reflect the additional "premium cost" that you are required to pay when acquiring the physical metal.  The premium on bitGold will probably mimic the actual physical gold premiums once gateways open up.  This premium rises and falls due to supply shortages in the physical market.

In other words, your local coin dealer will never give you spot price for physical gold, so why would you ever expect to pay spot prices for bitGold?

The bitGold market mirrors the "physical" gold market not the "paper" gold market which is affected by naked shorts (no kidding).  I know what you're going to say next:

But how can they be "naked" if they have "shorts" on?

That's a different post entirely.

In the meantime, check out Fuzzy's interview with the golden jackass (no kidding).

183
General Discussion / Re: Bitshares Questions?
« on: September 09, 2015, 05:49:12 pm »
Yeah, margin trading would probably be either P2P like the bond market or a pool of liquidity like Makercoin depending on weather we want individuals or a group to assume the risk of a sudden violent price movement.  The amount of allowable leverage should be a function of the amount of liquidity in the system.  If the liquidity dries up suddenly, then the blockchain automatically deleverages the leveraged positions before they can even think about using their borrowed funds to sway the market.

184
General Discussion / Re: Bitshares Questions?
« on: September 09, 2015, 03:05:34 pm »
It's in the pipeline of BM's mind.  Don't you recall BM telling us that he had to cut a couple features out of the next release such as the bond market?  These features are partially developed, so it would not be efficient to place a brand new project ahead of a really super awesome feature that is 90% developed but just needs polishing.

It's common sense:  Do you want BM to work on implementing a "margin trading" feature that will take a year to complete?  Or should he pull an all nighter and complete the bond market platform?  We had this discussion right after BM told us about the 2.0 features.  He wanted to cut a couple corners to get 2.0 released early so we could at least not have to be covering our shorts every 30 days.  Nobody's even sure if he is even going to charge us extra for the features that he promised for 2.0 such as the bond market, so good luck getting people to vote for a feature that will take 10 times as long to complete, and cost the community a fat wad of cash.  I'm not a coder, so all I have to base my opinion on is:

https://bitsharestalk.org/index.php?action=profile;area=showposts;u=5
Everything BM says

The man really has it going on:

https://www.youtube.com/watch?v=pPyuZ6ZTqmo#t=23s

here lets practice the pipeline party etiquette with the locals:



... some of these are partially developed, and some are going to take a while to build and implement:

- anonymity

- 2FA

- margin trading

- bond market

- prediction market

- reoccurring payments

now you pick...


... OK . now me:
https://www.youtube.com/watch?v=FOIo_ODjVTg#t=44s

185
Technical Support / Re: Creating my first UIA
« on: September 09, 2015, 01:05:06 pm »
Quote from: bytemaster on September 08, 2015, 01:30:26 pm
Premium Name:  No Numbers and has Vowles
Cheap Name: Has Numbers or No Vowels

simple elegant fair profitable genius

186
General Discussion / Re: Bitshares Questions?
« on: September 09, 2015, 03:50:16 am »
Quote from: BossYamasaki on September 09, 2015, 01:14:24 am

I would like to see it become a reality soon!  8)

You are in luck then, because BitShares lets you choose which feature gets developed next when you vote for it.  Right now there are a few features that are ahead of "margin trading" in the development pipeline.

But if you purchased enough BTS then voted for the "margin trading" feature to be implemented next, then you would force the developers to work on getting this "margin trading" feature completed first and in essence, you would be getting exactly what you want:

before the "bond market" is completed
before "2 factor authentication" is implemented
before many other features that others want developed get implemented

So know this:  The next new feature to be implemented in BitShares is entirely up to you.   You are in total control here, so don't tell us what your hopes are because that sounds similar to you complaining that the trash is full when you already know how to take out the trash yourself.  In other words, when you say:

"I would like to see it become a reality soon" it sounds just like you are saying:

"I would like to see someone else besides me take out my trash for me. ...SOON!"

This is not the bitcoin community where users can only complain and hope that the developers respond to their cries, this is the BitShares community where users weild power over their elected officials and have complete control over the development of their coin. 

This is not bitcoin. You are no longer a castrated unich, but a free man empowered with the power to vote and affect real change to your environment.  The choice is yours. Bitcoiners love not having the responsibility or control over their own lives.  Giving up their choices makes their lives simpler, and that's what they want: to not have to think, learn, work, or act. 

BitShares is a community for the opposite type of person (one who wants maximum choice,  freedom, and control).  Its not that complaining is not allowed in the BitShares community, its just that if you are complaining, then you are logically complaining about yourself.  If you are not happy here, then it is your fault. It was your choice to not participate enough to be able to impose your will on our community.

 Don't  come here and tell us that the trash is full when you see that we are all already  busy and you know exactly how to accomplish this task yourself.  Anyone can get this implemented ASAP, they just need to obtain enough voting stake.

Its not up to me how fast this feature gets implemented. Its up to you (the user). 

Incidently, one of the features in the development pipeline will allow you to directly purchase leveraged voting power for those times in your life when you really really really
Quote from: BossYamasaki on September 09, 2015, 01:14:24 am

would like to see it become a reality soon!  8)

187
General Discussion / Re: Bitshares Questions?
« on: September 08, 2015, 11:16:54 am »
Quote from: monsterer on September 08, 2015, 08:37:39 am
There is no margin trading on bitshares

Margin trading is possible but not available today, and will always require a third party to assume some risk (such is the nature of margin trading).  The fact is that BitShares is designed to disintermediate the brokerages not simply by a blockchain acting alone, but by little people like you and I who, with the help of a blockchain to supplement trust for us, can act as the brokerage.  Because you and I can lock collateral within the blockchain, that fact alone, negates the need for anybody or any "small time brokers" to be licensed.  Because all the "broker" does in this case is pony up collateral and collect margin trading fees.

License = Trust

And since the blockchain eliminates the need to trust people in some aspects, we no longer need people to obtain licenses in any of those aspects in the future.

https://www.youtube.com/watch?v=YbzNJr26H-4#t=2m35s
Now that we got control (of the brokerages).  We not gonna let it go.

188
General Discussion / Re: IDentabit Price Speculation
« on: September 08, 2015, 06:57:11 am »
Quote from: Ander on September 07, 2015, 07:54:09 pm
Quote from: newmine on September 07, 2015, 07:48:43 pm
Quote from: Ander on September 06, 2015, 02:59:01 pm
No idea.

I do know that bitcointalk is going to go all out in calling it a scam and bitching about the distribution.  Boy are they gonna be all over that. :P
No way  anybody could possibly complain about the distribution.

Yeah.  In the eyes of POW loving, anti-premine, bitcoin-loving, crypto anarchists, Identabit is the worst abomination to ever be conceived. :P

(I'm not trying to badmouth it, just saying what the oldskool bitcoiners are going to say about it). 
I do think it interesting to try and be the 'pro-establishment' cryptocoin, and I'm glad I have a stake in it, but BTS is more of my thing. ;)

Yeah, good thing that BitShares gave a pound of flesh to the no premine fairlaunch faction of the cryptocommunity when distributing BTS.  I'd hate to piss off the original gangsters.

189
General Discussion / Re: Bitshares Questions?
« on: September 08, 2015, 04:48:09 am »
Quote from: BossYamasaki on September 08, 2015, 03:15:33 am
I'm not sure if bitshares decentralized asset exchange is going to be the first fully decentralized (OTC) market allowing crypto-traders to trade FX or CFDs



I dont know who will be first


but is it possible for fully decentralized FX trading or CFD trading to exist with or on the bitshares asset exchange?

yes

Is this the point of bitshares?

one of them

 Will crypto-traders be able to speculate on the exchange rate of paired market pegged assets (i.e. biteurbitusd, bitusdbitjpy.) or underlying prices of bitgold, etc.?

I am doing this as we speak but with BTS as a go between or common unit of comparison for trade.  Ask anybody here and they will tell you that they have "shorted bitUSD in preparation for the official BitShares release date." Right now Tony K, who just bought in last week and shorted bitUSD, is covering his short positions with a huge gain and still has not even sold his BTS! So the answer is definitely "yes and we can pay our developers to make this functionality simpler"

Will there be assets pegged to other commodities? (i.e. brent, copper, platinum, palladium, corn, cocoa, sugar, exotic currencies etc.)

yes

. Will traders be able to trade with leverage?

Yes, but additional collateral will need to be secured by either the trader or a third party offering such a service (in the same manner that such collateral is required to be held by brokerages in real life).  This feature will not be available immediately but is entirely possible and therefore will be added later. Exactly when it will be added depends on weather this feature is voted in first second third or even later. If you really really want this feature installed sooner rather than later then you can either campaign for it within the community or buy enough BTS to sway the political vote in your favor

Will crypto-traders be able to enter or exit the market in both rising and falling markets?

yes

I'm asking because I want to trade, but regulation has killed the Forex Market.

BitShares is regulated by users like you and me.  So if we want to add regulation to limit our own capabilities: such as what markets we have access to, then we can vote on the blockchain to restrict our own trading.  Because BitShares is regulated only by its own users, then you are basically free until you decide to limit your own fredoms.

US Traders can't trade CFDs, regulated brokers don't offer 1:500 leverage anymore, there are a lot of scams out there so I'm looking for a solution to this in a cryptocurrency. Will bitshares offer any of this or is this somehow capable through bitshares?

Again, yes, leveraged trading is possible as long as there is sufficient collateral in the system.  In other words. You and I would do this on the blockchain.  You would put up $100 and probably like 10% as additional collateral.  I would lock up $100,000 assuming 200% collateral requirements (whatever amount agreed upon by the collective community through continuous voting parameter).  Then you trade. If at any time, your $50,000 imvestment falls by 0.2% (based on your leverage %) then your position is automatically closed by the blockchain ( margin called) with the proceeds of that sale going toward the repayment of my principal first then your 10% collateral second.  As long as your investment does not lose more than 0.2%, the. you keep trading and paying me margin fees.


 Or is it even possible for a fully decentralized OTC market to exist?

Welcome to BitShares.  Margin trading is easy when anybody can be a broker. What many don't see when pointing to the possibility of a market black swan or possibility of a massive price swing basing their fears on Wall Street's "Black Anyday" fail to see how absurd this is when market trading is allowed 24-7.
 
In other words, the old "purchase index futures by the brokers to either gap down or up at the opening bell to blow past your trading stops ( to stop you out at a bigger loss than if your actual stop loss price was hitduring "open market hours") just to cover their trades later in the day while they pocket your extrordinary loss, and close the days trading out right at your stop loss just to piss u off is not possible when the market never closes.  In other words, welcome to 24-7 trading where volatility is reduced by never reducing the available trading hours (the market ther never closes can never "gap" anywhere)

190
General Discussion / Re: Active (un)voting initiative
« on: August 27, 2015, 03:01:55 am »
and bingo was his name-O

191
Random Discussion / Re: How-To Properly Sharedrop to the BitShares Community
« on: August 13, 2015, 10:21:53 pm »
OK, you are approved to issue 5 million "FuckTheCoins" but 5% of your IPO must go toward making medicinal brownies, and the rest must be distributed via virtual brownies (BMPTS).  Actually, ... make that the other way around.

I'll set up a face to face with BigVern to get the balls rolling

192
General Discussion / Re: Announcing Brownie Points (BROWNIE.PTS)
« on: August 13, 2015, 09:41:10 pm »
If Brownie PTS is not the most effective infomercial for User Issued Assets (virtual social currency), then please point me in the right direction.

If you have a problem with Brownie Points, then I dare you to issue your own personal currency and see if you can do better. 

Peertracks is just a UIA community with a musical twist.   

If Underwood had just said that he was giving 10% of his company to Dan then you would not feel so strongly.  This is just the mechanism for simple and easy distribution to Dan's friends via UIA's.

Oh, yeah, and this successful distribution mechanism is powered by bitshares

And for all you guys crying about the fact that Dan can take Brownie points back.  Has he ever done such a thing?  Then why would you be worried about something that has never happened in the history of planet earth.  You will worry yourself to death with such fear of the unprecedented.

But you are free to stress about earth spontaneously combusting tomorrow.  It's your right, but what will the new customers think when they try our forum for a few minutes and see a bunch of crybabies all yelling and screaming:

"the sky is falling!!"

and yet you say that you want the price of BTS to rise?  That's certainly not what you are portraying here in our "house of teaching the positivity of our platform"

193
IDentabit / Re: Important Criticism
« on: August 13, 2015, 09:32:27 pm »
Quote from: Ander on August 13, 2015, 09:26:10 pm
The number of syllables in things that people can trade:

Bit-coin: 2
Ripp-le: 2
Eth-er: 2
Lite-coin: 2
Bit-share: 2  (or Graph-ene: 2)
Doge: 1
Maid: 1

I-Dent-a-bit: 4.  It takes way too long to say.  Limit the name to 2 syllables.

as a marketing rule, this is almost law, but in fairness to the developers, I'm sure that they have an effective abbreviation for Identibitcoins just as "Ethers" is an effective abbreviation for Ethereum

- id's ?

- dentas

-dbits

OK, we're ready to hear the effective abbreviation..

What is the accurate terminology for 2 TaxCoins?  I mean Identibits?

194
General Discussion / Re: Get ready for the wailing and gnashing of teeth, when the ETH dump comes.
« on: August 13, 2015, 09:12:47 pm »
Quote from: Ander on August 13, 2015, 08:45:42 pm
In the end it could be good for altcoins.

Of course it is.

Is Ethereum better than bitcoin?'

Of course it is.

Then who cares if they surpass bitcoin before we do.  I hope they pass bitcoin tomorrow.  I've been dying for the world to start talking about what is beyond bitcoin, and get nauseous whenever I hear  the words "blocksize" or "coreXT" .  We all knew that the Bitcoin topics of conversation would be changing to what it is that BTS does, so who cares if Ethereum gets the first mover advantage in the 2.0 space.  The second and third movers will be right there in every news story!

Right now Ethereum is only worth $100,000,000 fiat dollars (pocket change to some)

how much value is that?

We are talking about a global Bitcoin2.0 protocol standards here, where network adoption is paramount

what is that worth (to humanity)?



It's not about how many Ethers or BrowniePoints you have, it's about evolving the global "Blockchain conversation" and Ethereum just taught the world a thing or two about Bitcoin 2.0

195
IDentabit / Re: Important Criticism
« on: August 13, 2015, 07:40:50 pm »
Quote from: Method-X on August 13, 2015, 06:59:23 pm
Quote from: Erlich Bachman on August 13, 2015, 06:39:07 pm
What functionality does Ethereum have (or promise to have in the future) over BitShares? How much does the name "Ethereum" contribute to its current 10x market cap advantage over BitShares?

Etherium has a good market cap because they were able to get momentum behind their tech. That counts more than many here would like to believe.

So if growing the business like CCEDK, Graphene, CoinKYC, Peertracks, BANX, FMV, and the other 90 pages of your growing periodical does not constitute "momentum"

then what is "momentum"?

marketing?

memes?

perfect branding?

Ethereum is already dead:

http://cointelegraph.com/news/115118/tau-chain-a-decentralized-app-store-with-greater-flexibility-than-ethereum

by the way, did we get in on the first round of approvals:

http://www.coindesk.com/nydfs-22-bitlicense-applications/


AND THE NUMBER 1 REASON WHY idCOIN WILL ROCK THE BITCOIN WORLD:

this shit is no longer possible in our community:

http://www.coindesk.com/dutch-supermarket-bomber-demands-bitcoin-ransoms/

HOw about we call it the opposite of what it is:

RansomCoin





Speaking of marketing, ever hear of BitUSD?
http://www.coindesk.com/fiat-wallets-the-key-to-bitcoin-going-mainstream/

because the 30 people discussing this article (at the bottom) never heard of it, or what it accomplishes.

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