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Messages - phoenix

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151
General Discussion / Re: BitShare investing/trading
« on: December 13, 2013, 10:28:24 pm »
When reading through the bitshares white paper in came across inactivity fees and dividend dust as a way of collecting fees for the bitshare, dac. How will these fees come into play. I hope to hold bitshares for their capital appreciation and not use them for trading. Will fees apply to me.

Those fees only apply to inactive Bitshares. However, you could simply transfer your Bitshares to your own address to get out of the fees. As long as you do this once a year, you'll be fine. (If the original wallet doesn't do this automatically, someone will make a wallet that does)

152
General Discussion / Re: We could all teach something.
« on: December 13, 2013, 01:53:34 am »
This would be a powerful DAC, that could have huge potential if done right. You should have feedback from people who have taken classes with various teachers, that way people can see how good they are at their skills. One idea which has been central to Bitcoin is the idea that the system is trustworthy because you don't have to trust any individual, just the whole system. Here, you don't have that, since you have to trust the teacher. However, if you were able to have feedback and references accessible to everyone, then you could spread the trust out a bit more.

Yeah totally. The community should be able to comment on and rate the teachers, people should be able to judge the rater's rating's based on their keyhotee identity as well to limit sock puppets and those up to no good. As people start to form communities, be it local or online, they could start to organize into loosely formed schools with parameters and funding laid out by the community in code. People could collectively express demand for what they wanted to learn. Education could become this liquid thing that could adapts to our needs. People could be paid based on their value to the community. Finally teachers could be paid what they are worth.

I agree with the part about payment, teachers need a fair salary, not what a town can afford to pay them. But Keyhotee IDs are only useful for avoiding sock puppets, not determining the quality of a teacher. They only thing a Keyhotee reputation shows is computing time spent on a certain ID, nothing more.

153
General Discussion / Re: We could all teach something.
« on: December 13, 2013, 01:03:52 am »
This would be a powerful DAC, that could have huge potential if done right. You should have feedback from people who have taken classes with various teachers, that way people can see how good they are at their skills. One idea which has been central to Bitcoin is the idea that the system is trustworthy because you don't have to trust any individual, just the whole system. Here, you don't have that, since you have to trust the teacher. However, if you were able to have feedback and references accessible to everyone, then you could spread the trust out a bit more.

154
Keyhotee / Re: Is there a Keyhotee Timeline or Development Blog?
« on: December 10, 2013, 10:20:04 pm »
pls don't overclock your developers  :P

Well, if they're cyborg developers, then you could probably overclock them a little...  :P

155
General Discussion / Re: BitShare investing/trading
« on: December 10, 2013, 07:11:08 pm »
I find the benefits of holding BitUSD or any other BitAsset over simply holding onto BitShares rather confusing.

By this I mean; if I assume the value of BitShares will appreciate over time against fiat: would it be better to buy long on a particular BitAsset, or simply hold onto the BitShares.

I understand the benefits of buying BitAssets in order to speculate.

For this aspect of Bitshares, the advantage of holding a Bitasset instead of Bitshares is that whenever you buy long on a Bitasset, someone else has to short the same Bitasset. They give up their dividends on the collateral they used on the Bitasset, and the people who bought long get to collect those extra dividends.

As for how to get the maximum value from Bitshares in the first few months, my best advice is to pay attention to the final plans for Bitshares. Bytemaster has suggested several plans for Bitshares, from a six month waiting period for mining rewards to mature, to proof of stake instead of proof of work mining. Not all of these plans will actually be implemented, but you should keep an eye on them. Then, when Bitshares are about to be released, you should look at what's actually going to be used, and make your own market predictions from there.

156
Keyhotee / Re: Is there a Keyhotee Timeline or Development Blog?
« on: December 10, 2013, 07:00:51 pm »
Is the Keyhotee project  still on track and to go live on New Years? Haven't been updated much about the progress of Keyhotee in the last few weeks.

We have a team of developers working on it intensely.  To accelerate things we have been feeding them liquid pizza at 78 degrees C with Mountain Dew delivered intravenously at 30 PSI.

A recent study found that you can deliver Mountain Dew intravenously at up to 43 PSI before your programmers start to experience any serious side effects. This only works if you keep their liquid pizza between 79 and 85 degrees C.

157
General Discussion / Re: What, exactly, are BitShares Priced in?
« on: December 09, 2013, 09:33:03 pm »
What will the mining difficulty of BitShares be like at launch?
Lets say at launch of BitShares each PTS is worth 20USD.
And for each PTS you own you will get one BitShare.

From this logic it would seam that BitShare mining should be set at a difficulty such that it will be priced at 20USD per BitShare.

If BitShare mining starts out too easy the BitShares you would get from each PTS you own would be worth very little. Which in turn reduces the value of ones PTS.

For example I wouldnt want to pay 20USD for one PTS to get 1 BitShare (on launch), if 1 BitShare can be bought on the market for 50 cents.

I believe the original plan was for mining difficulty to be equal to protoshares mining difficulty. But now there's talk of replacing POW mining with proof of stake, so i'm not sure how that will translate to mining difficulty

158
I recently came up with another system that could work, though I am not fully sold on it.

What if the share holders elected people who would sign blocks?   You vote for the signers with CDD. When they sign they spend the CDD they accumulated from people voting for them.  No one would be allowed to sign more than 1 in 100 blocks. 

This plan has many potential problems, but I thought I would add it to the idea pool.

This could actually work at first, since the majority of people would vote for the most legitimate block available. But over time people would develop software to track who was signing legitimate blocks, and then be less likely to vote for new miners. Also, how do you propose we tell the difference between individuals?

159
Here is one additional detail that can be used to evaluate forks:  the only CDs that count toward confirming a fork are CDs earned prior to the fork.  In other words, a fork cannot confirm itself by re-spending coin-days earned after the fork.   

This particular metric is a bit tricky to maintain, but is possible to calculate.   

I also believe that this is the key to preventing CDs from being reused constantly.... you can start accumulating CD immediately after you destroy them, but if you spend them again too soon they do not count.   I think we can define 'too-soon' as before 3-4x as many CDs have confirmed your original CDD.   So, if you control 1% of the money supply and thus destroy a lot of CD at once, you have to wait until another 4% of the money supply confirms your CDD before your new CD fully vest.   In summary, CD must vest prior to being spent.

Arkanaprotego mentioned earlier about how an optimized client would essentially "game" the system automatically.   What would just embracing this?  Can there be a "mining mode" that watches the network looking for advantageous opportunities to be the biggest spender in the network at that particular instant of opportunity?   I bet given the opportunity most people would do that instead of letting their coindays acrue and requiring them to time it manually.  Would this even be possible?  Seems like the client would need to monitor transactions being broadcast and when it identifies a lot of transactions smaller than its potential CDD available it opportunistically fires a TX to itself and attempts to claim the block.  Lots and lots of clients doing this on an ongoing basis would create a very level market if I read my incentives correctly.  Latency would be an issue, opportunities would be spotted by many and fired quickly.....   Either way, you see where I'm going here.

This kind of a node would be very useful to network security, since it would only want to spend it's coin days on a legitimate blockchain. I could see people creating optimized versions of this node, that tracks what other nodes are doing, and then attempting to determine which addresses belong to a single node. The node could then have a better chance of being able to capture a block, since it could make a more informed decision about spending it's coin days

160
General Discussion / Re: ...from my cold, dead hands!
« on: December 08, 2013, 10:54:28 pm »
I like this idea in general. When can we expect some more detailed plans for how to pull it off?

161
Keyhotee / Re: Keyhotee Launch Parties
« on: December 08, 2013, 10:49:39 pm »
I plan on setting up Keyhotee while watching the three stooges marathon with family, none of whom really understand keyhotee or anything related to cryptocurrencies. Beyond that, no real plans for a keyhotee party

162
General Discussion / Re: ...from my cold, dead hands!
« on: December 07, 2013, 08:41:32 pm »
Angel Miners - An Environmentally Friendly Solution

in·cin·er·a·tor  (n-sn-rtr)  n.
… an apparatus, such as a furnace, for burning waste.

Remember the incinerator?  Every big box store used to have one for burning empty cardboard shipping boxes.  Now-a-days that would be considered “environmentally unfriendly”.  You’re supposed to recycle, don’t you know?  Its good for the ecosystem.

I think its time we talked about environmentally friendly crypto-equity mining.  At this very moment most ProtoShares are being mined by sending money to outside companies to be burned up in high-tech incinerators.

Amazon rents them, for example.  You send Amazon your money once a month.  They burn it up in their incinerators and then send you ProtoShares proportional to the amount of money they burned up for you.  They have all kinds of incinerators to choose from if you care about how they burn your money.  They have CPU incinerators and GPU incinerators and if you want, someone will burn your money up on a high-powered ASIC incinerator.  New incinerators are being developed every day.  Most people don’t care how their money is burned up, as long as they get their expected number of shares.

Invictus is researching a new kind of environmentally friendly incinerator replacement that we could make available to the crypto-equity community for any new DAC developer to use.  We call them “Angel Miners”.  As a black box, they work the same as all the others.  You send money to the incinerator operator and get back DACshares.  The difference is in how this incinerator disposes of your money.  Instead of burning it up and blowing the heat up a chimney, the money gets recycled into the ecosystem!

Yes, you heard that right, your money gets recycled into the ecosystem!

Its used for developing better wallets, and new kinds of DACs, and browsers, and tools.  It goes for support hot-lines, and better documentation, and promotional videos, and maybe even Super Bowl ads.  All things that grow the ecosystem and increase the value of all its crypto-equities.

Most people don’t care what kind of incinerator Amazon uses.  Now you have an environmentally responsible reason to choose!

DAC developers should clearly state in their promotional literature whether your mining software is eco-friendly or not.  Going green could make a difference in how the community embraces your product!

I get where your coming from Stan, if we are going to get external DAC developers to give us a piece of their pie. Then as a community we are going to have to offer solid economic reasons for doing this. Maybe its worth starting a thread on that subject? Ive been giving it some thought my self. I came to the conclusion that we need to see a DAC (dacling) in operation to learn what support it will need and if a ready made community gives that support in a sufficiently better way than a new community based around a go it alone DAC.

Perhaps Invictus or somebody else should release a test DAC to do this? It could be a very simple DAC, we don't need to test functionality so much as the impact of community on the DAC

163
Keyhotee / Re: Mobile Keyhotee
« on: December 06, 2013, 05:59:57 pm »
I was thinking this morning about what a Keyhotee-based internet would look like. I was curious about how Keyhotee will work on mobile devices. If there was a website that Identified me with my Keyhotee ID, and then I wanted to visit them on my smartphone. How would this work?

All your smartphone would require is your profile which could be transferred from your computer.

Thanks for the reply. But I guess I don't know enough about Keyhotee. This doesn't make any sense to me. Would this be something that the OS would have to allow? Like, apple would have to modify ios to allow keyhotee profiles to be imported onto the device?

It would just be an App that either Invictus or someone else could develop.

I have 1password on my Iphone. I imagine you could do something like that. But I also wanted to know how it would work with another app. For instance, if I run a hotel app and I'm using Keyhotee ID on the web site, how do I ID them when they use the iphone app or vice versa. If I have to take a username and password for the app, then it seems it'll be pointless to use Keyhotee ID at all. I'm just wondering about the mainstream potential of this product. I'd really like this product to succeed.

If you're using another app that allows you to use your Keyhotee ID, then presumably they will have some form of an interface to Keyhotee built into their app. As for mainstream adoption, that will depend on how well Invictus and others market the uses of Keyhotee

164
General Discussion / Re: Is it right to trade PTS against BTC?
« on: December 06, 2013, 05:56:44 pm »
PTS are designed to be the cornerstone of a decentralized industry of DACs, so trading against another decentralized currency is the most appropriate way to decide an exchange factor. Frankly, using USD or another centrally controlled currency as a reference is a crutch in the path to decentralization.

165
If you charge interest to short, the next day someone is going to fork the project and offer a "free interest" version that everybody will prefer.

You aren't directly charged interest to short, but you do lose the rights to the dividends on your collateral

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