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Topics - speedy

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General Discussion / BTS transaction volume vs Litecoin

« on: August 05, 2015, 10:21:58 pm »

Litecoin averages about 4000 transactions per day:
http://www.coindesk.com/data/litecoin-daily-transactions/

For BTS its a bit more complicated, you have to turn off delegate feed updates. I dont think they are an accurate measure of adoption as they are continuous and from users that are payed from inflation.

BTS Tranfers = ~200
Asset transactions = ~250
http://bitsharesblocks.com/charts/transactions

So we average about 500 transactions/day compared to Litecoin's 4000.

Speculation:
-Easily double to 1000/day when the bond market arrives. Loads of users will want to earn interest by lending.
-Faster 2.0 wallet will double us again to 2000/day.
-Banx integrates into BitShares and trades UIAs - double to 4000.
-Then we will be as established as Litecoin - a great first step!

General Discussion / Lets here who the bank is already

« on: July 29, 2015, 08:55:18 am »

A couple of mumbles ago, BM mentioned that a "major bank" is interested in working with us. The price right now is so pathetically low that they should already have done all the front-running they need. Why would there be a problem in disclosing who the bank is? It should be the next Summer announcement.

We need something to steal Ethereum's thunder, which apparently is launching today.

Is that bank just interested in licensing Graphene for a private blockchain, like so many banks seem to want to do these days?

Meta / Where's the HTTPS certificate gone?

« on: July 27, 2015, 08:48:34 pm »

Ive just had to send my password in clear text. Are we renaming to Nocrytonomex?

General Discussion / Are we losing a race against time until the halving?

« on: July 26, 2015, 11:56:12 am »

One of the aims of BitShares is to create profitable decentralized companies that dont rely on subsidies and dont have the huge costs of mining.

Bitcoin right now has huge costs, but it could fix that with 1 software update. Bitcoin is unique in that its the only "company" in the world that could instantly reduce its own costs to ~0 thereby instantly become profitable. In fact its scheduled to halve its costs next May/June.

Given that most of the crypto world is ignoring us right now, if 2.0 doesnt fix that are we basically screwed? The halving is just round the corner which will reduce one the main reasons for BitShares existing by 50%. A lot of BitShares' trading volume is in Yuan, so we probably wont get a boost from Bitcoin's halving either.

General Discussion / Short altcoins with Metaexchange?

« on: July 19, 2015, 06:39:48 pm »

Whilst we are waiting for the BTS bond market:

Metaexchange is a great way to instantly get coins and take them to any other exchange to trade with. So why not allow users to post collateral in BTC to borrow altcoins to short sell them? Only issue is how to calculate how much collateral to require to control your risk. 2x collateral sounds reasonable to both sides.

If Voorhees announced this feature for shapeshift.io, it would be an instant hit. He could call it "Short some shitcoins at shapeshift!" I should copyright that.

And once the BTS bond market is running, maybe metaexchange could integrate that and operate as a frontend to the best blockchain loan offers.

General Discussion / Non-fungible BitUSD (i.e. just a CFD)

« on: June 04, 2015, 09:13:05 pm »

I havent been keeping up with all the latest revisions (too much day-job) so sorry if this idea has been discussed before, but...

At the moment no one is shorting BitUSD, IMO because shorting requires too much commitment.

Shorters have to:
-Put down twice as much collateral as the longs
-Are not guaranteed that they can easily/quickly get any BitUSD to cover
-Their collateral cant even be used to cover, they have to buy more BitUSD to cover (is that still the case?)

The result is that shorting is just waaay too stressful (I have never shorted BitUSD).

So how about reusing the price feeds to allow very short term CFD bets that are totally symmetrical to both sides? Both sides put in 100% worth of collateral, and the CFD is closed after 24 hours. The CFD is not tradeable so no covering is required, and you dont have to constantly monitor your position because you know that it will be fairly settled after 24 hours anyway.

You could possibly mix the markets together for extra liquidity: some BitUSD longs might not care about fungibility or not, so they could either get matched by a 200% BitUSD shorter for a long term BitUSD, or just a 100% shorter for a short term CFD.

Good idea? I personally would love to take short term bets on BTS/BTC - there's just no way in hell I am willing to go through the stress of putting down twice as much collateral and then desperately looking around to find BitBTC to cover afterwards.

General Discussion / Bitcoin-USD exchange that swaps BTC for BitBTC?

« on: May 15, 2015, 09:20:52 pm »

Ive been thinking this for a while, wondering if its possible:

Would it be possible to create & market a bitcoin exchange website that takes Bitcoin deposits and immediately swaps them for BitBTC, using metaexchange or whatever? Then when the users are trading Bitcoin against $ they are really making orders on the BitBTC:BitUSD market.

Pros:
-Preexisting large userbase of BitShares users who can use that market.
-Once bond market is working, the website will have same features as BitFinex.
-Great for increasing usage of BitAssets

Cons:
-Website would have deposit & withdraw limits because it converts in & out of bitcoin (just like metaexchange).
-Some people might feel they are being cheated by this.

Ive been trying to think of ways that BitAssets could be used without people even realising it. People dont care what bank account their exchange stores dollars in as long as its safe. Might as well be BitShares. We need shortcuts to quickly sell our product.

Random Discussion / Andreas just talking crap

« on: May 12, 2015, 10:37:05 pm »

Hes like a cult ring-leader:

https://www.youtube.com/watch?t=3053&v=lIgjogLipvk

General Discussion / What is the demographic of the dumpers?

« on: April 29, 2015, 01:08:58 pm »

Is it Chinese whales?
Is it some delegates who get new BTS so are not selling at a loss?
Is it Adam E? (j/k)
Or is it just that everyone's annoyed by the client? (not me)
Theories?

Me personally I work full time so Ive got no time to speculate & day trade. I dont need the money so I just HODL. Im starting to think Im the only one here.

For crypto to be valuable it needs to be profitable. No other crypto project gets that. For people to dump their BTS before we get to that profitability stage seems to me to be very short sighted.

General Discussion / Is wallet.bitshares.org getting its own domain name?

« on: April 26, 2015, 04:00:53 pm »

Our web-based wallet is awesome, but apart from not having its own deposit page (I know, its coming), here is another thing thats not quite right:

bter.com
btc38.com
cryptsy.com

All those popular exchanges have their own easy to remember domain name and brand. Our web wallet needs one too. wallet.bitshares.org sucks as a domain name.

Blocktrades.us is a great domain name (.io is better), maybe they can host it from there. Maybe this is another thing thats already in the pipeline, if so then great.

We have pages of threads debating the finer points of BitUSD versions & shorting rules, but BitUSD basically works. A few tweaks will not stop this downtrend if we arent making the product accessible.

We need to focus attention on one domain name where people can deposit their Dogecoin and LTC for our UIAs, which they can trade for BitAssets.

General Discussion / Current plans on delegate pay?

« on: April 25, 2015, 05:12:21 pm »

Managed to listen to some of the mumble on Friday. From what I gather, the new plans are:

-Remove inflation for delegate pay
-Create the referral scheme that takes all the BitUSD transaction fees, so no more yield on BitUSD

This is great for the people now known as marketing delegates, but how do we still pay developers, whose product cant be quantified but is no less valuable?

So is this the plan to make us deflationary again, instead of making fees generated > delegate pay, get rid of delegate pay altogether?

General Discussion / Auto updating the GUI is really annoying

« on: April 22, 2015, 01:41:33 pm »

It asks me if i want to update to 0.8.1-a when I am halfway through entering my password at the login screen. So then I have to press No and delete and start again.

Also what is the point of it if it only updates the GUI?

I always compile from source myself anyway so I would prefer it didnt exist. Polling bitshares.org for updates just seems like a central point of failure.

Is it possible to make it optional?

General Discussion / Gavin's thoughts on mining

« on: April 19, 2015, 10:19:37 am »

Im watching a meetup with Gavin Andresen, and hes saying stuff thats making me scratch my head:

"It seems like the big drop [from $1000] was when China said..."
He must know that because mining difficulty goes up with the price that miners are forced to sell to break even, therefore the price of $1000 was totally unsustainable given that it would require billions of $ from buyers to keep the price up.

Second bizarre thing he says:
"Mining centralization & decentralization will go in waves".
He compares mining to the evolution of computing from mainframes -> PCs -> phones connected to the cloud. When in reality the higher the price the more people are incentivized to make specialized ASICs. Its a one-way trajectory.

Here's where the China & mining discussion starts:
https://youtu.be/RIafZXRDH7w?t=18m08s

Its an eye opener that the Bitcoin Core developers seem to be so slow compared to whats going on here. It reinforces my view not to buy any Bitcoin until the block reward halving which is still a year away.

General Discussion / Dilution / sharedrop discussion

« on: April 08, 2015, 07:28:23 am »

Due to how low the share price has gotten, there's been speculation recently that core developers who arent being paid a living wage are getting desperate.

One idea that was thrown around recently was to get VC money. I remember in one of the mumbles BM said "Real companies go through repeated rounds of funding". If this or something similar were to happen, who thinks that we could see another sharedrop to bring the total to 3 billion?

On a side-question, is VC money even possible for a non-legal entity? Would they want to wait for profitability first?

I dont expect anyone from the team to answer these questions, its purely one of those "lets try and speculate what happens next" threads. It affects whether Ill double down now or wait for a bit.

General Discussion / Can we have a mumble this friday?

« on: March 19, 2015, 12:13:11 am »

Can we have a mumble this Friday with Bytemaster?

I want to hear whats going on. Did toast accept that job at google afterall? (sorry but my mind just starts to wonder with all this silence). I wouldnt blame him either given the current price.