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Messages - Erlich Bachman

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211
Technical Support / Re: Can we do these things
« on: July 21, 2015, 07:59:49 am »

It's the same thing with the NOTEs sharedrop. They paid all those transaction fees.

Wow I didnt know that.

Being able to sharedrop or pay a dividend with just 1 transaction fee should be on the roadmap for a post-2.0 feature development imo.  (If its not already in 2.0).

Agreed, the "single" transaction fee is derivative of how many transactions were applied to the system.  For instance, if I sent 9 dividends out, then the fee should show up in my transaction history as a single 0.9BTS fee = (0.1BTS/transaction)(9 dividends sent out)

Just like how Peertracks paid 1500 BTS for 15,000 transactions (at 0.1BTS per transaction)x(15,000 NOTES holders) when distributing NOTES

We can create bulk discounts by amount, for instance:

1/2 price on 10k-100k simultaneous transactions
75% off 100k-1M simultaneous transactions
>1M simultaneous transactions = regular price

This prevents spam attacks with false dividends paid to millions of accounts,

212
General Discussion / Re: Bitshares price discussion
« on: July 17, 2015, 09:56:45 pm »
Overstock has lost something like $100k+ in holding BTC; holding bitUSD they would have preserved the purchasing power

ahh yes, the old "I told you so"

It's all in the delivery

213
"one click" continuous play radio like Pandora.

If people can listen effortlessly for hours, then they will find the song they like and the process begins.

Don't force kids to click or type to peruse, or they wont spend their allowance on Muse (same "one click" to change the song if they don't like it).  Remember our audience has the attention span of a squirrel.

You won't get any effort out of your audience until they are listening to something that moves their body


214
Funny you mentioned that. Just had an interesting talk with someone about a BTC wallet that could do such things. Seems very possible to do that here as well.

Yes, of course, everyone is going to start talking about this, just like they are talking about many of our other features.  This particular feature is in the news because it is low hanging fruit for today's crypto programmers, and very juicy fruit I might add $$$.

love this idea! only suggestion is to enable some way to stop payment to an address in case one gets compromised. we'd need a clever way to make sure that doesn't become an attack vector for the wallet with a third party able to shut down all transfer channels...

No, that is the whole value of the "zombify" button.  The immutability of this contract is exactly the feature that makes it valuable.  It's a derivative of the value that the immutable blockchain concept has already proved in practice, and why every crypto project currently exists. 

If there is only one thing that the success of bitcoin has taught us, is that immutability has mad real world value (currently $3 billion in value jack).  So this is a direct derivative feature of bitcoin's immutability, that we must exploit ASAP (only because it is one of the easier features to implement).

You cannot ever ever (therein lies the true value) ever ever for eternity change the parameters of the wallet.  It just pays out, on time, until it is empty.  How can you attack a zombie wallet besides stealing the destination private keys?  That is the same attack vector to the private keys you now own, so there is zero added security issue.

Step 1. you designate the walets you want to send funds to and the frequency. Make sure you have these keys protected.
Step 2. You hit the kill switch
Step 3. If one of the destination wallets gets compromised, too bad (just like losing your private key, there is no recourse).  This is an eternal 1 way transaction.  The only way to get around that snafu, if you are still alive is to stop funding this annuity and set up another.  These are indestructible contracts that have extremely high real world value and are critical to our platform ability.  Since the majority of the work is structuring the annuity software portion, I imagine that coding the "kill switch" would be the easy part.

Please, and pretty please.

All I'm begging for is a "kill switch" for the annuity function, is that too difficult to code?

Annuity "kill switch" = wallet can no longer send funds or be modified in any way, but it continues to frequently pay destination wallets, and can accept funds.

215
General Discussion / Re: Bitshares price discussion
« on: July 16, 2015, 03:31:24 am »
Lets recap - when the bts price falls you want to be long bitUSD, those who are short bitUSD need to margin up or cover at a loss.  If the BTS prices rises (say for example due to fantastic news), then bitUSD shorts laugh until bitUSD longs holding worthless bit-paper get pissed and dump their bitUSD on the market.  And if there are no buyers of bitUSD, then the shorters lose their positions one by one. 

The shorters "lose their positions" by buying the bitUSD to cover the short, ending up with more BTS than they started, and BTS has increased in price?  How is that bad?  Thats exactly what they hoped would happen in the first place.

I don't understand what you are getting at.

Yes, when the amount of BTS that you can get for selling bitUSD is decreasing rapidly (BTS price rise), the shorters will lose their short positions if there is a panic selling of bitUSD and no offers at the feed.  The shorts pick up their profit but then the BTS price continues to rise to new all time highs while they are sleeping. Then in the morning, they wake up to find the BTS price in orbit, but their short positions were called away just over the launch pad (realizing only a tiny profit).  So, there, you go Mr. Shorty, you shorted all the way down from $100,000,000 market cap purchasing BTS collateral the whole way down, and losing your ass on paper, and when the BTS price returns back up to the all time high, your short positions get called away at $25,000,000 market cap.  You wake up to see that BTS is trading at an all time high, and yet you have only realized a fraction of the profit that the bond lender, who issues the bond at the BTS low (then sold the bitUSD at today's market rate) and buys bitUSD when the BTS price returns to the all time high does.  He realizes the full profit. Then he liquidates the bond and proceeds to Barbados.  What happened shorty?  you should have bought moonswan protection for whatever the going bond rate was at the time, because only those who are bonded (insured against sudden volatile price rises that call shorts to arbitration) get to moonwalk.

I'll pay you 4% annually on your bitUSD so that I can short sell it and not have to worry about forced liquidation.

Am I making sense.  I want to go short and not have to worry about my position getting triggered while I'm on permanent vacation. I already have guaranteed risk, I want guaranteed returns, not arbitrary returns based on forced arbitration.  Until the bond market is open, however, I am fighting with other shorts to remain the most collateralized (chop chop Danny Boy).

I want to catch the next leg up in crypto, and not watch my position get called away prematurely.  What's the matter, you don't think that BitShares will ever surpass its all time high that it hit immediately following the release of its initial proof of concept?  cool, well, then go ahead and loan me your bitUSD.

Or maybe you think that when a big name company climbs aboard our smartchain, and all anyone can talk about is how much more exciting the Bitcoin2.0 space is than last year, that bitUSD holders are going to stay put in their obviously poor positions, allowing the short position days, weeks, and months to re-collateralize their position.  I'm just not that guy.

The smartcoin short rules require me to insure my position if I want guaranteed profit margins, but you can avoid the bond market and accept variable profit margins on your position.  The risk is yours to take.

216
Technical Support / Re: Will bitassets in 2.0 Still Earn Interest?
« on: July 15, 2015, 06:26:38 pm »
Dude, how many threads u got?

The smartcoin holder gets to hold real world value (of any asset/commodity they choose) on the chain (meaning that nobody can take these from you but you).  You don't lose investment value unless the real asset does.  Say it with me:  "woooaaaah"  ....  Who on planet earth is doing this?? is that not "first time in human history" enough for you or something?  What did you expect?  fusion?  time travel? free energy? light speed? free pussy?  Dude, there's thermodynamic laws to contend with here.  Throwing yield into the mix is unnatural.  The bond market takes care of this more elegantly.  What else do you want to do? 


don't worry man, I'll pay you 4% interest annually on your crappy bitUSD at today's prices for three years and then sell that worthless bitFIAT on the DEX (to purchase more BTS, rinse, repeat) , then buy it back on the open market 3 years later when it is worthless, and give you back your chump change. It's more of a guaranteed long term short (that can't get called in due to low collateral), so I can party for a year straight without ever feeling the itch to check the share price.  The sucker who initially shorted bitUSD originally would have to deal with any arbitration at the feed price in a forced liquidation sale....

The bond market is black swan protection for the shorter like me.  The rest of the shorters will think they made money the day BTS moons, but will be in for a surprise when they open their wallets (short position liquidated)

chop chop Danny Boy

so there is the incentive for you to buy bitUSD

217
General Discussion / Re: Bitshares price discussion
« on: July 15, 2015, 05:18:41 pm »
don't worry man, I'll pay you 4% interest annually on your crappy bitUSD at today's prices for three years and then sell that worthless bitFIAT on the DEX (to purchase more BTS, rinse, repeat) , then buy it back on the open market 3 years later when it is worthless, and give you back your chump change. It's more of a guaranteed long term short (that can't get called in due to low collateral), so I can party for a year straight without ever feeling the itch to check the share price.  You would have to deal with any arbitration at the feed price in a liquidation sale. Sucker....

The bond market is black swan protection for the shorter like me.  The rest of the shorters will think they made money the day BTS moons, but will be in for a surprise when they open their wallets (short position liquidated)

chop chop Danny Boy
 

218
Technical Support / Re: Will bitassets in 2.0 Still Earn Interest?
« on: July 15, 2015, 04:47:34 pm »
OP,  currently, there is no yield on smartcoins, however, if and when competitors enter this space, then we will hold a vote to see if there is enough interest around here to pay interest.

There are currently enough benefits to owning bitUSD that we don't need to add/offer more...yet.

219
General Discussion / Re: List of Priorities for Worker Proposals:
« on: July 13, 2015, 01:45:15 pm »
Initially, we probably won't have enough money to fund more than one project at a time.

Another project to fund:  pay off the Moonstone fundraiser balance $110,000 and they will release the code as MIT open source.

220
Very interesting...

Looking at your website says:

Fee-free instant international payments.  How do you keep people from spamming your network if your transactions are free? 

If you've figured out how to do micropayments, then I'm on board.  We've been looking for a developer/project to endorse/delegate/roll out our "approved micropayments policy/strategy"

Congratulations on solving the Byzantine General's Paparazzi Problem (micropayment headache that we threw in the towel on)

221
General Discussion / Re: List of Priorities for Worker Proposals:
« on: July 13, 2015, 11:07:20 am »
1. Privacy



2. Bond Market



3. BTS Bathing Suits





222
Correct just advertise the transaction cost, everything else being equal.

Right there, you just crushed the legacy business model.  Wait until some other smartchain can offer at least what BitShares can do, if you want to sweeten the deal any more.  Don't give away the milk for free unless they are too.

223
Step 1 add the indicies for the DOW/NASDAQ/etc. components
Step 2 add the individual high volume components (APPL, GOOG, FB,AMZN,etc)
Step 3 add lower liquidity components as markets demand

225
Not really competition.

What can you buy at Coinbase?

see.

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