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Topics - santaclause102

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91
General Discussion / BitUSD30+
« on: September 13, 2014, 09:51:41 pm »
I refer to the discussion on https://soundcloud.com/beyond-bitcoin-hangouts around minute 30. BM said it would make sense to have BitUSD20 (bitUSD with 20% interest p.a.) or another BitUSD asset with more interest. The conclusion was drawn that by finding an interest rate at which bitUSD longs and shorts are balanced would be an adequate way of the market finding the price of a bitAsset.

I would say though that the consequence of this is that the price of BitUSD is directly correlated to the value of BTSX this way and not to the value of the USD. For example if it turns out that supply and demand for BitUSD50 is balanced then this means that (given that I am solely in for speculation purposes and given that I am ok to give up some BTSX liquidity for the medium term (long enough to sit out some unpredictable short term price falls)) the market expects that BTSX will go up in price 50% per year. If I expected BTSX to go up by more than 50% per year I would just stay in BTSX, if I think BTSX will go up less than 50% p.a. I would want to go all in BitUSD50.

Where am I thinking this wrong?

notice: I refer to the fixed interest concept, not the currently varying yield based on market fees.

92
General Discussion / What gives value to the USD?
« on: September 09, 2014, 05:23:28 pm »
In the US is everyone FORCED to accept the USD? I know you can accept other money but do you have to accept USD?


93
General Discussion / BitAssets Educational
« on: September 09, 2014, 05:17:57 pm »
Usually when I try to explain BitAssets I take BitUSD as an example, like we all do. I encountered the following difficulties: People are resistant to any rational argument when you tell them that BitUSD is "created" without being backed by "anything" (they then mean s.t. of material value or the force of the state (tax paying in USD is requiered)). The are equally resistant if you have the words USD and "no counterparty risk" in one sentence as USD always has a counterparty risk if you do not hold it in cash (aside from that ability of the state/fed to dilute also the cash).

So I started explaining it beginning elsewhere: I start with it being a PM which can track anything that is quantifiable, the more quantifiable the underlying is the better can it track (it might not be possible at all to track an underlying which is not quantifiable enough). A price feed is used that limits shorts to short below the feed. The other buying and selling action relies on a "focal point" (established concept in game theory). Beginning the explanation with what is most acceptable and does not contain any assets with direct real world use (like BitUSD) builds a good common ground.
Then we can apply it to tracking the USD. Here I emphasize again that no USD are created, what is created is a "crypto-asset" that tracks the value of the dollar and ppl might accept it as money if it is useful enough to them.
This is not an entirely different take on BitAssets than before but it might make the difference for some folks.

94
General Discussion / Likelihood of transaction irreversibility
« on: September 02, 2014, 03:50:55 pm »
BM told that "BiShares is more secure after 1 block than Bitcoin is after 6 blocks and more secure after 51 blocks than Bitcoin after 120 blocks."
How is that actually calculated?

96
General Discussion / DPOS and BM hangout discussion on BTT
« on: September 01, 2014, 11:24:38 pm »
https://bitcointalk.org/index.php?topic=765190.msg8630791#msg8630791

Btw, would be great if we had a stickied thread where all such BTT/Reddit/blog/social media post are listed and updated which require attention.

97
Stakeholder Proposals / How to become a delegate
« on: September 01, 2014, 04:30:45 pm »
What is a delegate?

Delegates process transaction and secure the network, similar to miners with Bitcoin. Delegates are elected by shareholders (shareholders is a term which makes sense here but does not imply any legal rights). Voting power of shareholders is proportional to their stake (thus delegated proof of stake). Delegates do not only secure the network but can also use their delegate pay to grow the BitShares ecosystem and set the agenda for the respective DAC (e.g. BitSharesX). For more info on DPOS please read http://wiki.bitshares.org/index.php/DPOS

How do I become a delegate?

First you have to register a delegate with your wallet. Then you already have a delegate, your delegate is just not active yet. Only active delegates are paid and all active delegates are paid the same. To be an active delegate you have to be among the top 101 delegates with the most approval by shareholders.

You are free to convince shareholders to give you their approval by any argument you can come up with.

Here is a selection of arguments which are used frequently:
(1) Given the responsibility of delegates to produce blocks a stable delegate server and close to 100% up-time are good arguments.
(2) Reputation as a forum member, a public person or a company (e.g. an exchange).
(3) Burning some of your delegate pay which effectively is paying interest to shareholders as the money supply shrinks.
(4) Using the delegate pay to grow the BitShares ecosystem or grow the DAC the delegate is "working" for through doing or funding marketing or development work.
(5) Donate funds to various charities.
(6) Use funds to create bounties for development.
(7) Be creative :)

For a technical description and details on becoming a delegate see http://wiki.bitshares.org/index.php/Bitshares-x-delegate-how-to
http://wiki.bitshares.org/index.php/BuildInstructionsBitSharesX

98
General Discussion / Project: Writing academic scholars
« on: August 31, 2014, 09:39:08 pm »
Project: Writing academic scholars who are specialized in derivatives (markets).

Goal: Learning from each other (not advertisement). The academic scholar can become an / the first expert for an important future financial instrument. We might get hints for design improvements and an outside perspective on our design and maybe even a cooperation with a whole institute…

For more info and to contribute please review: https://docs.google.com/document/d/1mchpGRr5t_BPS83hWFxN4kgPkfBpaXJbaKjJH04UxtY/edit

Focus of the google doc is PRACTICAL suggestions and the wording of an email. Any pies in the sky are also welcome. It would be even greater though if some first steps are taken for any such pie :)

99
General Discussion / ELI5 competition
« on: August 31, 2014, 09:05:46 am »
Many great ELI5s have been made. I wanted to list them here so we don't loose track of what has been produced.

We could also make a Eli5 competition. Forum members get the opportunity to vote on the various ELI5s and the price pool is split among the best explanations.

In no prioritized order:

jakub https://bitsharestalk.org/index.php?topic=7628.msg101320#msg101320

xeroc https://bitsharestalk.org/index.php?topic=7417.msg99287#msg99287

Riverhead https://bitsharestalk.org/index.php?topic=7417.msg98685#msg98685

MeTHoDx https://bitsharestalk.org/index.php?topic=8008.msg105558#msg105558

I'd suggest to put the best ELI5(s) which are not misleading into the wiki. http://wiki.bitshares.org/index.php/Please_explain_to_me_like_I%27m_five_(ELI5)

PLEASE POINT OUT ANYTHING INCORRECT IN THESE BEFORE WE TAKE THEM TO THE WIKI (before making the poll). It's all in the best interest of a better explanation.

100
...or at least believed to be finalized and run smoothly no matter from which perspective you look at it.
Mass marketing is like firing black powder when you only have a box full of black powder.
If 10% of our traget audience gets the idea and sees BitUSD doesnt track enough to accept it as a merchant the have formed an opinion and and it wount be easy to make them take a second look at it when the peg is finally satisfying.
The mass media will form an opinion on BitAssets based on their first impression from which they hardly deviate again in the future. First impression counts.

101
General Discussion / Promoting a DPOS upgrade to Bitcoin?
« on: August 29, 2014, 08:18:17 pm »
Why promote an upgrade of Bitcoin like https://www.facebook.com/video.php?v=537973506349416&set=vb.408134445999990&type=2&theater ?
Disadvantages: Bitcoin is a competitor. Bitcoin's network effect hand mindshare could leave Bitshares(x) in the sand.
Advantage: It would increase the credibility of Bitshares (and it's team) and people would start to ask whether they want to trust the chain who came up with the system or the Bitcoin team who just begins to understand it/the code.

What do you think?

102
General Discussion / What is a DAC?
« on: August 27, 2014, 11:12:53 am »
I know it's all about BitAssets atm but I think we should communicate as consistently as possible  in general and in particular what a DAC is.

I can think of three definitions:

1) A DAC is anything which uses a blockchain and has tokens which define the public ledger which is managed by the blockchain
+ is not centralized (with POS coin distribution is flat enough, with POW hasing power sufficiently distributed; overal: block production has to be open to everyone and actual block production has to be sufficiently distributed)
 + blockchain has some utility / blockchain provides a service.

2) Criteria of (1)
+ has to be profitable in sofar as expenses (e.g. in terms of share dilution with POW) must be lower than profits. This is (THEORETICALLY) also possible with POW if all expenses are paid by tx fees (exception: dilution is used to grow the ecosystem through software developement or marketing and not only for security)
+ has to be able to compete with other DACs in terms of the offers it makes (offer mainly defined by height of tx fees).

3) Criteria of  (2)
+ has to be able to give back a profit to token holders. This is only possible with POS. Regarding the crossed out: I guess you could also have a POW blockchain that pays miners solely from tx fees and x% of tx fees are burnt which is hardcoded into the DAC.

I would prefer definition (2) because this one makes it most obvious that POW can not compete with a working POS DAC. It incentivizes Bitcoin believers to analyze Bitcoin as a DAC.

This also means that there is no DAC without a blockchain and no DAC without a public ledger. Anyone wants to disagree here?

103
General Discussion / Register account issue
« on: August 25, 2014, 07:57:27 pm »
I just told a friend about BitShares. He had the problem to register an account without BTSX. Do we have a solution for this without going to a faucet thread or so?

104
Technical Support / FAQ candidates
« on: August 23, 2014, 10:19:16 am »
Let's collect questions here which are worth being added to the FAQ at http://wiki.bitshares.org/index.php/FAQs.
Don't ask questions here, just ad already answered questions to this thread.
Then, to answer a question, we can just point to the specific wiki FAQ question.

105
https://equities.wedbush.com/clientsite/Research/ActionAlertFilePreview.asp?UUID=6B2CD54D-EFE9-44CC-B741-0E7B9AFCC260&ViewerID=1CE41D7D-B184-45DA-AF98-1334A2E3030F

Well writen, realistic perspective imo.

Quote
We believe traders value volatility as they continue to gravitate to bitcoin trading as an active 24/7 market
uncorrelated with other asset class returns.  [...] conversation with bitcoin traders (and
Wall Street traders trading bitcoin) lead us to believe they see opportunity in a market that has frequent disruptive news flow
and large movements that reflect that news flow.

Quote
Since economic activity (sale of goods & services, money remittance, P2P) is intermingled with trading activity, we
believe the trading activity is helping create the network capacity and monetary base to support the future economic
applications of bitcoin

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