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Messages - phoenix

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106
MemoryCoin / Re: Is this nomally?
« on: December 24, 2013, 02:08:55 pm »
I was stuck on 853, tried clearing the block data, now i'm stuck on block zero, and it's telling me that I may need to upgrade. Where can I find the latest version?

107
Competition is decentralization and everything else is centralized.   Based upon this insight I believe that we should redefine our goals for DACs:

1) Public Ledger that is easily migrated between competing Cartels
2) Each cartel should have many servers, owned by different people, in as many jurisdictions as possible
3) Many Parallel Alt-DACs powered by different Cartels

As a whole the ecosystem would be entirely decentralized and impossible to shutdown.  It would also be entirely transparent. 

With this understanding we have an entirely different approach to security with a focus on making competition as fierce as possible.  This means the following goals:

1) API Standardization
2) Merchant solutions should be designed to accept a new DAC's BitUSD with a click of a button so merchants can simply support "EVERYONE" and thus anyone can rapidly gain the network effect.
3) DACs should be as easy to build and deploy as possible
4) Cross-DAC trading needs to be made easy.

With these things in place, competition will force fairness and openness. 

So by making it easy to compete, you ensure that the Cartels running each DAC either support their community or their version of a DAC will fade into the background. If every one of these DACs honors PTS at a minimum of 10% of the total then PTS holders could end up very wealthy from all the shares they'll get in all these different DACs! :)

108
General Discussion / Re: AngelShares revisited [Feedback Required]
« on: December 23, 2013, 04:04:36 pm »
First of all, we shouldn't support any DAC that doesn't distribute at least 10% of the shares to original PTS holders. I definitely think that we should support angelshares if we want a developer to work full-time, and that could go up to 90% of the DAC. I also like Ourshares, but not at 90%. Perhaps a 20-30% maximum could go to Ourshares? Bountyshares are a must if we want the development to be more decentralized, and that could also go up to 90%. I realize that no one DAC could have all of these maximums, but a mixture of them would be the best way to go.

109
General Discussion / Re: How does one start a DAC
« on: December 23, 2013, 03:41:53 pm »
A key ingredient in a DAC is the dividend. Bitcoin doesn't have dividends it has tariffs. In this way a DAC is more company like. It should be distributed so that anyone can use its services and so it doesn't have a single point of failure.

Dividends may not be necessary. There are many brick-and-mortar corporations that don't pay dividends to shareholders but simply rely on an increase in share value to reward investors. Blockchains will probably be necessary to keep track of transactions. As for miners, POS seems to be replacing POW, but ideally a DAC would have some kind of mining that uses computing power to help the DAC in more ways than securing the network. If the DAC offers some kind of service, mining should be based on miners performing that service

With bitcoin, the transaction fee is given to the miners. I think of this as a tariff. I think this may actually be bitcoin's true Achilles' heel. The  bottom of the bitcoin market is made up of true believers and people who think demand will go up. But mostly, people are incentivised to trade BTC like you would trade any commodity on an exchange. I had early warning on the news coming out of china, so I sold my BTC and bought back in at 450. This is risky. I'd rather just sit on my coins and enjoy demand going up. But what would be better is if I also received a dividend. If bitcoin had dividends, it could have a stabilising effect on the market. Risk averse people could just sit on their shares and collect dividends. To be a DAC, is to have a dividend. It gives a DAC life. The service creates value. Bitcoin is not a DAC. Its service is useful but not value producing. (I would argue that its efficiency is creating value for society, but that has to do with the technology.)

I'd love some feedback on this idea. Everyone feel free to shoot me down.

Dividends are one service that a DAC can provide, but DACs are also capable of offering so many other services as well. I'm not saying that dividends are bad, just that most good companies are able to re-invest in themselves, making their services better. A good DAC should do this too, perhaps through bounties for developers.

Ok, this is good. So a DAC can generate profits and direct those profits into investments rather than to investors. This was what I was looking for. There are some interesting things you might be able to do with that.

So, is Bitcoin a DAC? Might we say Bitcoin is a DAC that makes bad investments? And what about my stabilization argument? Does that hold water?

I'm not sure if Bitcoin is technically a DAC, but if it is, it does make poor investment choices. To be fair though, it wasn't designed to be any kind of corporation, it was designed to be a currency. As for your stabilization argument, dividends would stabilize the value of Bitcoin, but they would also increase the price beyond what it should be as a currency, since more people would hold their Bitcoins, which would reduce the effective supply

110
Quote
You'll need the private keys for your ProtoShares balance to claim your MemoryCoin distribution. If your balance is held at an exchange, the exchange will hold the private keys and be able to make the claim. However it is uncertain how different exchanges will handle this. To be certain of receiving your full distribution, I recommend holding your full balance off-exchange, and in a single address for simplicy.


Does this mean I still get in on the MemoryCoin 2.0? If so, what do I ask/do at my exchange?

Well, you would have to contact the exchange, and ask about whether or not they would send you the MemoryCoins that you should have gotten. If you're lucky, they'll be willing to send some, or maybe even all, of the MemoryCoins your PTS created. If you aren't lucky, they could easily say that they're only required to pay you what you deposited and what you earned by trading. This is a very tricky scenario, since PTS is the first coin that generates more value in the form of new shares when a DAC is released. I wish you the best of luck!

111
General Discussion / Re: How does one start a DAC
« on: December 23, 2013, 12:24:37 am »
A key ingredient in a DAC is the dividend. Bitcoin doesn't have dividends it has tariffs. In this way a DAC is more company like. It should be distributed so that anyone can use its services and so it doesn't have a single point of failure.

Dividends may not be necessary. There are many brick-and-mortar corporations that don't pay dividends to shareholders but simply rely on an increase in share value to reward investors. Blockchains will probably be necessary to keep track of transactions. As for miners, POS seems to be replacing POW, but ideally a DAC would have some kind of mining that uses computing power to help the DAC in more ways than securing the network. If the DAC offers some kind of service, mining should be based on miners performing that service

With bitcoin, the transaction fee is given to the miners. I think of this as a tariff. I think this may actually be bitcoin's true Achilles' heel. The  bottom of the bitcoin market is made up of true believers and people who think demand will go up. But mostly, people are incentivised to trade BTC like you would trade any commodity on an exchange. I had early warning on the news coming out of china, so I sold my BTC and bought back in at 450. This is risky. I'd rather just sit on my coins and enjoy demand going up. But what would be better is if I also received a dividend. If bitcoin had dividends, it could have a stabilising effect on the market. Risk averse people could just sit on their shares and collect dividends. To be a DAC, is to have a dividend. It gives a DAC life. The service creates value. Bitcoin is not a DAC. Its service is useful but not value producing. (I would argue that its efficiency is creating value for society, but that has to do with the technology.)

I'd love some feedback on this idea. Everyone feel free to shoot me down.

Dividends are one service that a DAC can provide, but DACs are also capable of offering so many other services as well. I'm not saying that dividends are bad, just that most good companies are able to re-invest in themselves, making their services better. A good DAC should do this too, perhaps through bounties for developers.

112
Basically a gentleman's agreement to follow the guidelines :)

113
General Discussion / Re: How does one start a DAC
« on: December 21, 2013, 03:21:01 pm »
A key ingredient in a DAC is the dividend. Bitcoin doesn't have dividends it has tariffs. In this way a DAC is more company like. It should be distributed so that anyone can use its services and so it doesn't have a single point of failure.

Dividends may not be necessary. There are many brick-and-mortar corporations that don't pay dividends to shareholders but simply rely on an increase in share value to reward investors. Blockchains will probably be necessary to keep track of transactions. As for miners, POS seems to be replacing POW, but ideally a DAC would have some kind of mining that uses computing power to help the DAC in more ways than securing the network. If the DAC offers some kind of service, mining should be based on miners performing that service

114
General Discussion / Re: Best Wallet for Mastercoin
« on: December 21, 2013, 01:14:38 pm »
i'm going to test some of them this weekend, had to reindex my bllockchain

Please post your results when you're done testing them

115
Major differences are:
1) Human readable IDs
2) Has a wallet attached
3) Aims to be for more than just text-based communication
4) Aims to be friendlier to "non-tech" people

Also aims to developed direct communication that will allow for live chats without needing POW

116
General Discussion / Re: Decentralized exchange idea (Possible?)
« on: December 20, 2013, 08:33:34 pm »
I believe this is essentially what Bitshares will become. In the original white-paper it mentioned using cross-chain trading to allow people to directly trade BitBTC for actual BTC

117
Keyhotee / Re: I want to make sure I am ready for launch.
« on: December 20, 2013, 08:30:19 pm »
You'll be able to download it on the 3I website, just keep an eye on the forums for when it'll be lauched (should be on new years, but it might be delayed)

118
General Discussion / Re: Cloud Mining DAC -- Project Camelot
« on: December 20, 2013, 01:34:11 pm »
I don't see how this would be any different for the miners from using the hash-cow mining pool to automatically switch between the most profitable coins. Here, the miners would be guided by people buying computing power from the DAC, and making less than if they just mined the coins directly. If you could put them to work on various projects with the BOINC protocol, then you might be onto something.

Amen on the BOINC protocol, too, btw.  I am just trying to think of new ways Invictus could use decentralized means to gain more cash-flow with minimal effort. 

The BOINC protocol would allow cloudshares (I really like that name) to perform more services, but would it be possible for people to trick the miners into running some sort of a virus? I doubt it would be economical, since they would have to out-bid everyone else on the network. Also, perhaps you could have the DAC charge customers based on computing time, since the BOINC protocol already has a computing time based credit-claiming system built in.

Potential use for this DAC: rendering 3D animations in the cloud.

Can BOINC be used as a layer on top of any form of coin?  Not sure I understand what you mean.  I am listening :)

BOINC is a protocol for solving problems using multiple computers all around the world. Currently, it relies on a central server to distribute the smaller tasks that make up the full task. In order for it to become part of a DAC, somebody would have to figure out how to run it in a distributed manner. One useful feature it has is that it can solve problems that are hard to verify by sending the same problem to multiple computers, then making sure that the answers are the same

119
Technically you didn't miss any DAC shares, although you did miss memory coin 2.0 honoring the PTS social contract with 1 memory coin for every 10 PTS you owned.

To back up your wallet, you need to find the wallet.dat file, and save it to someplace secure that you can retrieve it later if your main computer gets destroyed in a nuclear war, or just crashes and deletes everything. A more complete set of instructions can be found here: https://bitsharestalk.org/index.php?topic=826.0

120
General Discussion / Re: VanityDAC - Generate Vanity Addresses
« on: December 19, 2013, 10:09:37 pm »
Not enough computers in the world


Until somebody figures out how to get general purpose quantum computers to work...

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