Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.

Messages - chamber

Pages: 1 [2] 3
On the OpenBazaar subreddit, I I recently suggested that Bitshares would make a good replacement for Bitcoin within OpenBazaar.  You can read my proposal to them below.

The advantage for Bitshares would be to see potentially much greater demand for Bitshares, thereby driving up the price.  The OpenBazaar Foundation is well-funded, and seems to have a vision that aligns with Bitshares (a private, borderless, decentralized world of trade, open to everyone,  and free of the rentseekers who plague much of the fiat financial markets). 

1)  Is there support within the Bitshares community for funding a Fee Backed Asset (let's call it OBI, for "Open Bazaar Integration") to fund the development costs of replacing Bitcoin with Bitshares in the OpenBazaar ecosystem?

2) As I'm envisioning it, once implemented, Open Bazaar users would be offered a choice to price their goods and conduct payments with  bitUSD (or any other bitAsset).  If they chose bitUSD, then they would be charged a fee (for the sake of argument, let's say it was 1%).  75% of the money would go to the OBI token holders, and 25% would go to the Bitshares network.   

Thoughts?  Does this seem like a reasonable course of action?

Here's the proposal I made on the OpenBazaar subreddit:   

Right now, Openbazaar faces several problems as a result of its reliance on Bitcoin:

* Slow confirmation times.  Confirmations can take days or never complete at all.   
* Expensive network fees.  Network fees often cost more than the cost of the item. 
* Wildly fluctuating prices.  As  I write this (2017-12-22) Bitcoin dropped in price >20% over the last 24 hours.

Bitshares / bitUSD can solve all of those problems.  Bitshares offers:

* nearly instantaneous confirmations (<3 seconds)
* trading fees under $0.20/trade
* price-stability (as stable as the dollar)

These are no white paper fantasies; Bitshares is proven technology.  The current iteration was launched in November, 2014 and has been in continuous operation ever since. 

Here's a brief description of some of the features Bitshares offers:

* Bitshares is similar to ethereum, in that it is the "base" currency, upon which a bunch of other token can be created.  Unlike ethereum--which aims to be a general purpose computer--Bitshares specializes in financial instruments. 

* For example, Bitshares offers Smartcoins.  [Smartcoins are tokens whose price is pegged to a national currency]( (or any asset with a regular, reliable feed).   For example, bitUSD, bitCNY, and bitEuro track the US dollar, the Chinese yuan, and the Euro respectively.  As of this writing, the two most popular Smartcoins are bitCNY and bitUSD; there are 330 million bitCNY in circulation, with a 24 Hr trading volume of 390 M, and 22 million bitUSD in circulation with a 24 hour trading volume of 17 M.

* Smartcoins are backed by Bitshares itself as collateral.  For example, each bitUSD is backed by at least $1.75 worth of Bitshares.  Smartcoins can thus be created by the network itself, without any interface to the legacy fiat system.  As a result,  Smartcoins offer the same benefits as other cryptocurrencies (irreversibility, decentralization, censorship-resistance), but track the price of the pegged currency.   (Note that there's some fluctuation up or down, due to how the peg works.) 

* Smartcoins have three big advantages relative to other cryptocurrencies.  First, they allow people to easily price their goods in their national currency.  Second, Smartcoins tend to be much less volatile than other cryptocurrencies.   This allows both vendors and their customers to better plan for the future, write contracts, and do anything else that requires planning.  Third, they save money, since people can don't have to immediately convert to back and forth between fiat to avoid price volatility.

* Bitshares also offers a built-in decentralized currency exchange; you can trade any of the Smartcoins, User Issued Assets, or other Bitshares based assets (bitAssets), without being forced to hand over invasive personal information, or giving anyone your private keys.  Anyone can become either a buyer and seller on the exchange. 

* Trades on the Bitshares are fast.  In testing, the Bitshares network has supported [transaction speeds as high as 100,000 transactions per second (TPS)](, and has supported speeds as high as 8000 TPS in production. By comparison, Bitcoin and Ethereum support under 10 and 20 TPS respectively.  The Visa network supports 45,000 TPS. 

* Fees  on the Bitshares exchange are [very inexpensive](  As of this writing, trading fees are less than $0.20/trade. 

For the reasons above, Bitshares is a good fit for OpenBazaar, and integrating it would solve several problems that OpenBazaar is currently facing.  Integrating Bitshares and other bitAssets should also be relatively easy, as Bitshares code was derived from the Bitcoin code base.   

General Discussion / Re: SmartCoin based on ETF
« on: December 17, 2017, 04:58:16 pm »
There's the Bittwenty, which acts like an ETF for the top 20 cryptocurrencies:

General Discussion / Re: DPOS Resilience From Government Censorship
« on: November 15, 2017, 11:03:49 pm »
What protects the anonymity of the witness nodes?  What's to prevent an attacker from finding the replacements quickly? 

Also, it's not just attacks that take them out entirely that we have to worry about.  What if they're all corrupted, but still operational?   

General Discussion / Re: DPOS Resilience From Government Censorship
« on: November 15, 2017, 01:47:58 pm »
I agree.  Daniel Larimer's blasé response to this concern was rather disappointing. 

"Dragomauri, [Jun 7, 2017, 2:51:38 PM]: Daniel, aren't you worried that the 21 masternode/full nodes could be blacklisted by ISPs? Could EOS work on tor or i2p?

Daniel:  neither has sufficient bandwidth

Daniel:  there are datacenters around the world"

A state level actor could easily buy out or put the squeeze on 21 individuals, if they were known.  Heck, even relatively smalltime criminal enterprises, such as carding rings, botnet operators, and ponzi schemers could probably put up enough money to cripple the network. 

General Discussion / Re: Privacy in Bitshares
« on: October 06, 2017, 11:53:21 pm »
Hear hear!  I would love to see Bitshares adopt the same privacy protections as Monero, for the same reasons.  From my perspective, privacy should be the default (with view keys) and as transparent to the user as possible. 

General Discussion / Re: BlockPay in Serious Trouble
« on: June 03, 2017, 01:22:14 pm »
I think your the guy @onceuponatime wanted to talk to.

I'm not constantin-ag, nor connected to him.  I also don't have any connection to Bitshares munich, or any of the principals involved. 

I am very interested in seeing stealth implemented in bitshares (or made easier to use), so I was  following Bitshares-munich's work on it.  I've also been actively involved in another community (unrelated to crypto or bitshares) where a con artist caused a lot of damage.  Therefore, the fact that the lead of the currently most active team working on stealth had multiple allegations of fraud against him (eplug, gun school) set off my alarm bells.

General Discussion / Re: BlockPay in Serious Trouble
« on: June 03, 2017, 01:16:02 pm »
Here's that previous discussion from 2 years ago for those who would rather read it than repeat it:,16071.msg206458.html#msg206458

Thanks, Troglodactyl!

General Discussion / Re: BlockPay in Serious Trouble
« on: June 01, 2017, 11:31:09 am »
super old news, and we investigated a lot of time and text here in the forums on ken already. how did you manage to ignore this?

I'm pretty new to Bitshares, so this is the first I'm finding out about the allegations regarding Ken's past.  A search of "Ken Silver" or "gun school" on the forums doesn't turn up anything except the post I just made.   Can you point me to a link of the discussion or suggest search terms for finding the previous discussion? 

General Discussion / Re: BlockPay in Serious Trouble
« on: June 01, 2017, 11:21:53 am »
Thanks, karnal. Here's post in question:



We have met in Munich a few weeks ago. Back then, I was very impressed by Christoph and his presentation during House of Nakamoto in Austria.

In fact, I had my money set up to invest in his company, BitShares Munich, and support it fully, with my time and my contacts,

Then, I met you.

In our first meeting, statements have been made by you that forced me to change my mind. Not only did you not accept any offer I have made to you with statements like "over my dead body", but you also insulted your business partners Christoph and Rodrigo while talking to me, a potential investor. This appeared to me as very unprofessional.

I still liked Christoph and wanted to support him and his business. We made our usual thorough background investigations.

For those that haven't done their due diligence, here some links and facts we have found:
warrent in florida
international warrant

Also interesting to watch:

Gun School / Ken Silver SCAM Bonita Springs, FL

Ken Silver / Gun School LCSO Range Proposal Goes Down in Flames

Gun School / Ken Silver Falsifies Better Business Bureau Credentials

Ken Silver / Gun School Closes Amid State Criminal Fraud Investigation

Still, because of my faith in Christoph, his plans and opportunities, the interest I have in the community and the ecosystem; I wanted to find a peaceful resolution through my lawyers to this and not create unnecessary drama. You were invited to multiple meetings over the last 6 weeks by your employer, you choose not to appear. Subsequently you leave us no alternatives but to confront your current malpractices. It is our every intention to protect current investors in Blockpay.

General Discussion / Re: BlockPay in Serious Trouble
« on: June 01, 2017, 07:41:59 am »
"Even the CIA and the NSA can and have been hacked, I don't see much room for debate here. Backdoor access to cryptographic systems has always been and will always remain a stupendously bad idea."

Agree with Karnal.  If there are any backdoors, they will be used for nefarious purposes, whether by government or private individuals.  I would like to see Bitshares support strong anonymity and privacy by default, such that even if the developers of the code themselves were being beaten to death with a rubber hose, they could not be compelled to give up any information about transactions on the Bitshares network. 

General Discussion / Re: BlockPay in Serious Trouble
« on: June 01, 2017, 07:18:29 am »
Not sure what to believe is going on here, but in the course of researching the issue, I found some interesting links to Ken's past:

Just want to say that I appreciate the details you post Ken.  The progress you and your team have made (and will make) is exciting, and I'm glad that you keep us external observers in the loop. 

Thanks!  I guess such a comparison doesn't exist yet. 

Has anyone done a detailed analysis comparing the Bitshares Stealth feature with Monero?  Thoughts on using Bitshares Stealth for transactions that might attract state actor attention?  For example, is Bitshares Stealth something that would protect someone trying to operate a black market in Cuba or Venezuela? 

General Discussion / Re: Looking for help with Social Media
« on: March 31, 2016, 04:21:44 pm »
I support the suggestions thus far.  I think I'm too new to be on the committee, but would like to contribute links, articles and such to the social media venues. 

Pages: 1 [2] 3