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Messages - GChicken

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61
General Discussion / Re: Bitshares State of the Network Report
« on: June 06, 2017, 10:35:02 am »
Cheers Sahkan, Appreciate the comment; i plan to continue the weekly series and glad your enjoying them :)

Cheers,
GC

62
Awesome news Stan!!  +5%, i have watched the presentation and was very impressed, need to read the post linked above. But from what i have seen so far i think the picture below is accurate.

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General Discussion / Bitshares State of the Network Report
« on: May 24, 2017, 02:01:10 pm »
Hello All,

The latest Bitshares State of the Network (BSotN) report for 26th of June 2018 can be found via the link below

http://steem.link/2efkp



Enjoy.


64
Great work Roeland! thanks for sharing  :)

65
1. Monitor missing blocks
Whenever a new block is missed you will get a notification. This part of the script can (and will) be extended towards automated switching to the backup witness signing key once a threshold is passed.

Several witnesses attempted to code an automatic failover algorithm but I don't believe any were successful without introducing new problems.

One important thing to consider is you absolutely do NOT want 2 nodes producing blocks for the same witness, as that is sure to cause havoc and fork the network.

Whenever I switch production using the "update_witness" API call I manually make sure both the old witness node and the new witness node are both listening and in sync before I execute the call. I usually submit the call on the old witness going out of production, not the new node going into production. I can then use the get_witness API call to verify the signing key for the new node in in effect before I shut down the old witness node.

The difficulty is in coming up with a reliable way to know for certain the node you want to take out of production will not be able to generate blocks after you switch production to another node. If the "aberrant" node has not crashed, is still running but cut off from the net (or the watchdog listener is cut off from that node) but the watchdog node falsely concludes it is dead,  it may broadcast a new signing key, causing a new node to take over, but then the network to the aberrant server is restored and resumes network communications still thinking it is the block producer and so generates a block along with the failover node.  As far as the aberrant node is concerned it never saw the new signing key, never thought it was offline and continues to generate a block whenever its time to do so comes around.

When the block producer fails it may not be possible to determine for certain why or get confirmation it will not resume block production. You will need to determine if the OS for the failing node is responding but not the app, in which case failover may be possible if you build in some type of communication to restart the witness_node app or restart the entire OS. The issue is what if you can't communicate with the failing node? Is it dead or just temporarily cut off? Will it fork the network if it should come back online?

I was hoping wackou & I could have implemented the backbone architecture and a failover protocol along with it, but there wasn't enough funding and wackou's time was very scarce (and still is actually). If this ecosystem is going to survive a frontal attack the witness nodes need to be protected from direct public access. Seed nodes and API servers should be the route available for public access, leaving witnesses alone to process and generate blocks quickly with minimum latency.

Looking at the stats i think @abit has a script that detects failing witness and issues a transaction to the network to update his signing key; this would allow him to run two witnesses both with different signing keys and auto switch based on any issues. - this is only speculation; i have no idea really. But i all his time of being a witness he has only missed 133 blocks, and you can see updates of signing key on his account.

66
General Discussion / Re: Interactive Charts and Graphs
« on: April 25, 2017, 01:35:09 pm »
Awesome work Lafona!

67
General Discussion / Re: Give me the skinny on bitshares
« on: March 19, 2017, 02:07:02 am »
Hi RG,

I think another few project that i want to throw into the mix

Bitshares Munich - has heaps of project under their belt (weekly update recommended:https://bitsharestalk.org/index.php/topic,22576.msg303598.html#msg303598); including:
  • Blockpay (POS software: Crypto -> smartcoins -> fiat)
    Smartcoin Wallet (in dev - multi currency wallet; will be available for sale as a white lable product)
    Bitshares Stealth - integrate ZK Snark stealth with an easy to use GUI intergration (toggle switch style)
    C-IPFS - developed IPFS on C with the end goal of allowing Blockpay to run on vending machines and other low bandwidth low storage applications.
    Echo -  Encrypted IM with crypto integration (Dependancy: smart coin wallet base)

BitKapital - Turkish Lira:BTC gateway to the Bitshares Decentralized Exchange
  • good growth in customer base week on week
  • Building trading only platform to abstract away from all the complexities of the wallet

Chainsquad 
  • Building Python Graphene libraries and uptick (similar to piston for steem)
  • worker proposal based on payment in smartcoins increasing collateral on the network

OpenLedger 
Ronny is constantly on the move (don't think this guy sleep) and involved in a lot of projects and conferences bring good exposure to Bitshares and OpenLedger; the ICO platform is maturing as an offering, OBITS has been listed on external exchange: livecoin 

BitGate 
Work in progress - BTC Gateway operating in Norway

Alfredo and Vikram - Core Dev and Project Admin
Alfredo working on Core development and Vikram back on project administrations

SVK & Etherdesign
Have you checked out the wallet recently? https://bitshares.org/wallet

Lots of other project getting building their offerings 

Not to mentioned Dan coming back to Bitshares *Pure Speculation*

68
General Discussion / Re: locked 84M BTS
« on: March 13, 2017, 06:03:03 am »
That is an awesome effort Bitcrab!!! 3% of available supply locked to the BitUSD Market!!
  +5% +5% +5% +5% +5% +5% +5% +5% +5% +5% +5% +5% +5%

69
General Discussion / Re: Uptick in forum activity
« on: January 31, 2017, 07:13:18 am »
Would be great if there was a means of displaying the telegram chatter in the forum; maybe like a chat box or display panel or something similar, not official threads or posts but a way to display the activity on other channels for people who land on the forum

70
General Discussion / Re: Pegged Cryptocurrencies for Remittances
« on: January 30, 2017, 06:55:43 am »
Thanks for the great explainer @GChicken, I now have a much better understanding of the process! On another note about smartcoins and user issued assets, it seems that some Smartcoins (bitUSD, bitCNY) have no counterparty risk as the collateral is held as BTS in a smart contract, whereas others like OPEN.BTC do- I need to trust and send Bitcoin to Openledger who I hope will then grant me one OPEN.BTC. Is there BTS collateral held for these assets aswell, pegged to the price feed of BTC or it solely based on the fact that I need to trust the issuer? E.g. if Openledger disappeared oneday could I still liquidate my OPEN.BTC for 100% of its face value in BTS.

On another note, how does the Bitshares client determine what pairs should be displayed, I see I can trade directly some Smartcoin pairs e.g. bitUSD:bitCNY however others not, assume this is based on volume? Thanks!

Correct; Smartcoins have no counterpart risk as they are backed by BTS held by a smart contract which is ran by the network.

Open.BTC is a UIA (User Issued Asset) and you need to trust the issuer (OpenLedger in this case) to honor that for you to retrieve your BTC back when you go to withdraw; very similar to BitFinex.BTC or PoloniEX.BTC, the BTC you trade on these platform is just known of BTC as they are the sole issuer of the 'token/coupon' that represents BTC on their platform; but again there is the same level of trust.

As for smartcoins we have many (bitBTC, BitEUR, bitCNY , bitSILVER, bitGOLD, BTWTY(top 20 alt coin index)) and could create many more (bitXDR, bitOIL, bitAPPL, bitGOOGLE, bitUSDEUR, bitSPX). Given that smartcoins are issued by people willing to short the asset into existence and then sell them on the market to a counterpart who is willing to take the other side of this trade. All that is required is the asset is launched and a sum of witnesses broadcast regular price feeds to the network that the smart contract will utilized for settlement, issuance/collateral requirements and margin call operations ect. The market starts empty with 0 coins issued until someone puts up collateral and shorts them into existence.

I personally use the light wallet and my experience is that there is a "MY Markets" tab which displays the markets that you have marked as your favorites, based on volume/activity and there is also another tab "Find Markets" which will allow a market for any asset to any other asset; most assets have highest liquidity against BTS or Open.BTC but markets also utilize bitBTC, bitCNY and bitUSD as the trading bots will track 3 way arbitrage opportunities through all these markets.

71
General Discussion / Re: Pegged Cryptocurrencies for Remittances
« on: January 30, 2017, 04:57:30 am »
This is for your initial question:
Lack of sophisticated investors meaning a lack of investors willing to short the assets into existence (partly due to a long term down trend in BTS price).
The reasons above lead to less liquidity on the internal market to support the peg; this is also not helped by lack of understanding regarding the settlement feature  (essentially releasing collateral  and destroying the smartcoin) this feature allows the person settling the asset to take the BTS collateral at 1:1 with the face value of the smartcoin. Given this low liquidity and fundamental misunderstanding of the exit options for a holder of smartcoins the markets have not flourished to their full potential.

 I think there is a business opportunity for a large player to step in and jump start the market. Essentially plan would be as so:
1. accumulating as much BTS as she can at this lower price point
2. funneling the BTS into smartcoin collateral.
3. Market making the DEX Selling the smartcoins on the dex for a 1-2% profit (providing buyers liquidity) and using BTS to support the sell side (providing sellers liquidity).
4. Using smartcoins to support the business case (fx liquidity)
5. Funnel profits to buying more BTS to issue more smartcoins with demand.


Maybe the plan is missing something but the main point is this:
Once a tipping point is reached where the sellers of BTS are out weighed by the buyers and MM the price of BTS will rise. With a rising price of BTS the collateral ratio on the smartcoins the MM holds will increase providing higher level of collateral decreasing the risk of margin call or allowing the MM to issue more smartcoins. 1-2% spread on the Bitshares market will increase confidence in other users which will increase market activity and generate extra profit from people going in and out of smartcoins



@svk mentioned around 100k btUSD in total supply, I assume that as bitUSD is bought on exchanges, and liquidity is removed from the orderbook that the price of a bitUSD may rise above 1:1 and therefore provide an incentive for traders to add more liquidity to bitUSD, essentially as it approaches 100k, the supply will increase is the idea? But for bitUSD supply to increase, it also means increased adoption of BTS as collateral so actually it is BTS liquidity and price that is impacted the most in that situation?


100k is the current supply, supply only increase as investors short the asset into existence; which if their was a % premium over the face value may incentive's them to do so. 

BitUSD and other smartcoins are a completely free market so supply and demand will dictate the price on the open market, although there are some arbitrage opportunities for traders that should keep the price close the price feed:
If the price of BitUSD is below the peg traders have a profit opportunity to buy the cheap smartcoin and 'settle' it via the network for 1:1 with the face value; conversely if it is higher than the price feed traders could short a smartcoin into existence and sell it into the market.
Every smart coin is backed by BTS as collateral so the increased usage/market cap of smartcoins would mean that more BTS is locked on the network backing the smartcoins

72
General Discussion / Re: Pegged Cryptocurrencies for Remittances
« on: January 30, 2017, 12:00:47 am »
and without liquidity its even riskier since you may not be able to close your positions.

i would like to clarify this by saying that position can always be settled 1:1 for the underlying collateral; this is not a market sell operation but a smart contract that will destroy the smartcoin being settled and release the collateral to the settler at the price feed.

73
If we could encourage trading in BTC or Open.BTC and leave BTS for fees, platform operations (issue account/ assets etc) and smart coin trading and issuance / collateral do you think the net result would be positive for the price of BTS.

Any ideas how we could accomplish something like this?

One of the great benefits of Bitshares is being able to start a project and allow trading instantly without any troubles of getting listed on a EX etc. Seems if we had less liquidity on the DEX for BTS this would actually be a good thing.

Do you think Projects like Bitgate and Bitkapital could help in this regard by means of their gateway service, converting users fiat into Bitcoin on the platform; providing higher amounts of wealth stored in BTC and increasing the number of new investors.

74
General Discussion / Re: [vote] Upgrade Forum Software
« on: January 15, 2017, 03:35:03 am »
I Think discourses translation feature could be a huge benefit to our community!! i also like the solved answer plugin allowing people to find accepted answers to issues easily without trawling the whole tread; also if the meetup plugin would allow use to schedule our mumble hangouts for extra visibility i think that is also cool feature.

My only concern about this integration with sharebits that @fuzzy is working on. i think the requirements are simple i.e ability to send pm via api, post via api and receive pages (@username) via api. 

If the above is possible i would vote for discourse; hopefully there is another theme also that would make better use of a wide screen monitor

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Hi Rune,

Good to see you again and thanks for the heads up, how long will people have before the market is frozen?

Cheers,
GC

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