31
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32
General Discussion / DEX Proposal
« on: December 31, 2015, 01:41:27 am »
A lot of people have expressed interest in having me/CNX focus on the DEX.
If that is the case, I can create a worker proposal that will fund almost full time DEX development. It will require about $30K per month to have Val, Ben, James, and I working on the DEX 75% of the time.
Otherwise we will have to find other ways to make money.
What are your thoughts on such a proposal? We would focus on API + Bond + Maker.
If that is the case, I can create a worker proposal that will fund almost full time DEX development. It will require about $30K per month to have Val, Ben, James, and I working on the DEX 75% of the time.
Otherwise we will have to find other ways to make money.
What are your thoughts on such a proposal? We would focus on API + Bond + Maker.
35
General Discussion / STEALTH / Confidential Milestones
« on: December 30, 2015, 03:05:13 pm »
Based upon the current acceptance and low rejection rate of the STEALTH worker proposal, I hereby express my opinion that it has been accepted by the blockchain and that a hardfork has been authorized that will do the following:
1. Create a fee backed asset that will receive 80% of all fees paid for confidential transactions
2. Create a management account controlled by the 5 largest holders of this FBA who will have authority to set the fee
3. Issue 100% of this asset to Onceuponatime for is funding and promotion of the feature. He is bringing $45,000 in CASH to the table to build this without having to sell BTS.
I have set milestones in terms of dollars and time. The milestones for this work will be as follows.
Milestone 1 - HARDFORK CODE COMPLETE
$5000 to implement the hardworking changes requested. These changes will be complete around January 15th, but the hard fork will not take effect until the end of February.
Milestone 2 - TRANSACTION SIGNING COMPLETE
$10,000 to implement the crypto in javascript and prove we can build and sign transactions. These changes will be complete by the end of January.
Milestone 3 - WALLET COMPLETE
$10,000 to implement the wallet code to track stealth balances and save it, this work should be done by Feb 14th.
Milestone 4 - GUI COMPLETE
$20,000 to implement the GUI changes necessary to expose this to the user. This should be done by the end of February. This milestone should show continuous progress with most of the GUI elements being put in place in January and then tested/integrated with being developed as part of Milestone 3.
All of these tasks will commence in parallel as Ben and I work on the hard fork, James works on the javascript, and Valentine works on the GUI.
While we are working on this Michael, SVK, and Xeroc will continue improving the API, GUI, and Docs for the DEX.
1. Create a fee backed asset that will receive 80% of all fees paid for confidential transactions
2. Create a management account controlled by the 5 largest holders of this FBA who will have authority to set the fee
3. Issue 100% of this asset to Onceuponatime for is funding and promotion of the feature. He is bringing $45,000 in CASH to the table to build this without having to sell BTS.
I have set milestones in terms of dollars and time. The milestones for this work will be as follows.
Milestone 1 - HARDFORK CODE COMPLETE
$5000 to implement the hardworking changes requested. These changes will be complete around January 15th, but the hard fork will not take effect until the end of February.
Milestone 2 - TRANSACTION SIGNING COMPLETE
$10,000 to implement the crypto in javascript and prove we can build and sign transactions. These changes will be complete by the end of January.
Milestone 3 - WALLET COMPLETE
$10,000 to implement the wallet code to track stealth balances and save it, this work should be done by Feb 14th.
Milestone 4 - GUI COMPLETE
$20,000 to implement the GUI changes necessary to expose this to the user. This should be done by the end of February. This milestone should show continuous progress with most of the GUI elements being put in place in January and then tested/integrated with being developed as part of Milestone 3.
All of these tasks will commence in parallel as Ben and I work on the hard fork, James works on the javascript, and Valentine works on the GUI.
While we are working on this Michael, SVK, and Xeroc will continue improving the API, GUI, and Docs for the DEX.
38
General Discussion / STEALTH Proposal Approved by 65% of Active Voters
« on: December 23, 2015, 08:57:40 pm »
The STEALTH proposal has been widely accepted by the community with almost 13% of total stake (~330M BTS) voting to implement the proposal. Very view people actively rejected it.
39
General Discussion / Mutual Aid Societies
« on: December 14, 2015, 11:33:41 pm »Quote
A benefit society, fraternal benefit society or fraternal benefit order is a society, an organization or a voluntary association formed to provide mutual aid, benefit, for instance insurance for relief from sundry difficulties.
A blockchain cannot provide insurance as it is traditionally known, but could easily create a community of individuals who help one another when they face difficulties. These difficulties can be a wide range of things.
We live in a society where most good people standby and do nothing to help those who are the victim of state violence. This includes those who are punished for victimless crimes or laws that violate the constitution or other basic human rights. Few people are willing to stand up to the government because the costs are very high on an individual. If we could only stand together then we would all be protected and regain our freedom.
Typically the way this would work is this, each month members contribute funds to an individualized account that can only be used to reimburse authorized claims by other members. Each member would be allowed to make a claim for at most a multiple of funds contributed derived from the ratio of claims paid out.
The process of making a claim involves making a public request for help and getting the request for help certified by an oracle trusted to verify the facts of the claim. Once the facts are certified other individuals may review the claim and "donate" up to $100 from their locked up funds to cover the claim.
Under this system individuals can only receive benefits if they are a victim, produce verifiable evidence, and have the support of a large number of independent users who individually transfer funds from user to user.
I would start this system for five classes of users:
1. Those who are accused of possessing illegal substances but have not actually harmed anyone
2. Those who are accused of traffic violations for behavior that did not harm anyone
3. Those who are accused of copyright violation
4. Those who are accused of participating in prostitution that did not harm anyone and where no children are involved.
5. Those who have their assets seized
In all cases we presume innocence and believe that the accused deserve a fair defense.
This is a unique product that could easily be codified in smart contracts and provide real world utility that does not exist elsewhere.
This is also a controversial product that would generate a lot of media attention and attract people who might not otherwise care about crypto currency.
So the question is, how much would you contribute each month to join a community of people united in defense against government attacks on peaceful individuals?
If all funds / accounting were done using BTS then the amount you can get paid out will dramatically increase as adoption grows. The locked up funds would take BTS out of circulation until a claim was made. It could get very interesting very quickly.
Thoughts?
40
General Discussion / STEALTH / BTS Market now accepting bids.
« on: December 12, 2015, 12:48:17 am »
To help prioritize and/or value various proposals we have created some new assets that act as a pre-sale auction for ownership of various revenue streams. The first revenue stream is 80% of all confidential transfer fees. We have registered the STEALTH asset with a maximum supply of 1M shares. If you are interested in owning a cut of this revenue stream you can place a bid in this market. Stealth fees will be set to 3x the normal transfer fee set by the committee.
@onceuponatime has an implicit bid of 12 BTS per STEALTH for 1M shares giving STEALTH a market cap of $45,000.
The purpose of this market is to help prioritize various features and give the more passive members of the community an easy way of evaluating / comparing the various proposals. Those that have the highest market caps (with sufficient liquidity to fund the development) represent the highest value features.
For this proposal we have already produced a basic GUI workflow that will be implemented before any STEALTH is actually sold to the market. At no time will proceeds from this sale be spent prior to delivering of the feature. If you are interested in stealth and believe it will be a profitable feature for BitShares, then place some bids to show your support.
Once the feature is implemented, ONCEUPONATIME will be given 1M STEALTH which he may choose to sell as he sees fit.
https://bitshares.openledger.info/#/market/STEALTH_BTS
@onceuponatime has an implicit bid of 12 BTS per STEALTH for 1M shares giving STEALTH a market cap of $45,000.
The purpose of this market is to help prioritize various features and give the more passive members of the community an easy way of evaluating / comparing the various proposals. Those that have the highest market caps (with sufficient liquidity to fund the development) represent the highest value features.
For this proposal we have already produced a basic GUI workflow that will be implemented before any STEALTH is actually sold to the market. At no time will proceeds from this sale be spent prior to delivering of the feature. If you are interested in stealth and believe it will be a profitable feature for BitShares, then place some bids to show your support.
Once the feature is implemented, ONCEUPONATIME will be given 1M STEALTH which he may choose to sell as he sees fit.
https://bitshares.openledger.info/#/market/STEALTH_BTS
41
General Discussion / Millions of Features, Features for Me!
« on: December 11, 2015, 10:36:08 pm »
There are far too many opportunities out there and prioritizing new features for BitShares becomes very challenging. Polls/Voting, etc are not good means of prioritizing. Profit is perhaps the most important means of prioritizing.
So I would like to take some time to outline a plan I am devising for getting features lined up and prioritized based upon the concept of Fee Backed Assets (FBA). For each of the following features I will create a UIA that represents stake in the future fees generated from that feature. Community members / "investors" can place bids in an open auction to buy stake in these features. These bids will represent current demand for the feature and help establish a price. Once the price and depth get to a level that we feel justifies building the feature, we will sell the UIA into the buy wall. We will keep the proceeds of this purchase locked up until the feature is delivered. When the feature is delivered, the UIA will be converted into a FBA and the proceeds of the sale will become our private property.
In addition to creating the UIA we will also create a corresponding worker proposal that is symbolic of shareholder support for enabling the feature. The worker proposal must be funded before we will sell into the buy wall of the UIA.
BitShares stakeholders will now have price information that indicates how the market values each potential feature. This price information can in turn be used to inform them on which features they should vote for. A highly valued feature means that the market believes that feature will generate significant ROI and therefore be profitable for BitShares holders.
As a company, Cryptonomex is interested in working on the most profitable features. Those features that we can sell for the highest price will get the highest priority.
Examples of features for which we will be creating a UIA and/or worker:
1. Bond Market (Poloniex Style Lending)
2. Prediction Market (Auger Style)
3. Ethereum (or something similar) VM integration
4. Liquidity Incentivisation
5. Gambling Systems
The assumption for all features is that a working reference GUI will be provided to make the features accessible. Each feature will be fully documented with a detailed design complete with UI wireframes prior to Cryptonomex taking any money. We want to ensure that the community knows what they are bidding on and to maximize the price we can get for each feature. Bidding can start early (prior to detailed documentation), and users can cancel their bids if they change their minds prior to us locking them in.
So to get this started, please place your bids for the MAKER asset which will earn 20% of all liquidity incentivization rewards if the Liquidity Incentivization proposal is approved and executed. Lets see how the community actually values this potential feature and then move on from there.
So I would like to take some time to outline a plan I am devising for getting features lined up and prioritized based upon the concept of Fee Backed Assets (FBA). For each of the following features I will create a UIA that represents stake in the future fees generated from that feature. Community members / "investors" can place bids in an open auction to buy stake in these features. These bids will represent current demand for the feature and help establish a price. Once the price and depth get to a level that we feel justifies building the feature, we will sell the UIA into the buy wall. We will keep the proceeds of this purchase locked up until the feature is delivered. When the feature is delivered, the UIA will be converted into a FBA and the proceeds of the sale will become our private property.
In addition to creating the UIA we will also create a corresponding worker proposal that is symbolic of shareholder support for enabling the feature. The worker proposal must be funded before we will sell into the buy wall of the UIA.
BitShares stakeholders will now have price information that indicates how the market values each potential feature. This price information can in turn be used to inform them on which features they should vote for. A highly valued feature means that the market believes that feature will generate significant ROI and therefore be profitable for BitShares holders.
As a company, Cryptonomex is interested in working on the most profitable features. Those features that we can sell for the highest price will get the highest priority.
Examples of features for which we will be creating a UIA and/or worker:
1. Bond Market (Poloniex Style Lending)
2. Prediction Market (Auger Style)
3. Ethereum (or something similar) VM integration
4. Liquidity Incentivisation
5. Gambling Systems
The assumption for all features is that a working reference GUI will be provided to make the features accessible. Each feature will be fully documented with a detailed design complete with UI wireframes prior to Cryptonomex taking any money. We want to ensure that the community knows what they are bidding on and to maximize the price we can get for each feature. Bidding can start early (prior to detailed documentation), and users can cancel their bids if they change their minds prior to us locking them in.
So to get this started, please place your bids for the MAKER asset which will earn 20% of all liquidity incentivization rewards if the Liquidity Incentivization proposal is approved and executed. Lets see how the community actually values this potential feature and then move on from there.
42
General Discussion / How to Create a Prediction Market using Privatized BitAssets TODAY!
« on: December 09, 2015, 07:40:55 pm »
This post is designed to document how prediction markets work with the existing BitShares 2.0 system and are ready for business today. Before I get into the details of how you would set this up, I would like to highlight some of the primary differences:
1. When creating a new asset (symbol) you must set the *is_prediction_market* flag to true, otherwise you will create a normal bitasset.
2. The precision of a prediction market asset(PMA) must equal the precision of the short_backing_asset (the asset used as collateral).
3. The value of a prediction market asset(PMA) is between 0 and the value of the short_backing asset (SBA). So if BitUSD is the backing asset, then the most the PMA can be worth is 1 BitUSD
4. No price feeds are published for prediction market assets
5. There is no forced settlement (until after the issuer performs a global settlement).
6. In order to create a 1 PMA (Prediction Market Asset) you must post 1 USD as collateral.
7. After the outcome of the prediction market event is known, the issuer can publish a Global Settle Operation (which is the equivalent of a manual black swan). This operation will forever lock in the exchange rate between 1 PMA and USD
8. After the Global Settlement operation has been issued, owners of PMA may use the Request Settlement operation (same as force settlement) to redeem the PMA for 0 to 1 USD depending upon the outcome of the event.'
To gain decentralization and protection against manipulation, the issuer could be a multisig account or even the committee or witness account.
All of this is possible today, but the GUI does not do the right thing in the user interface. So lets use an example.
Suppose I create a prediction market that is denominated in USD and I call the asset REPUB2016 that is worth 1 BitUSD if the republicans win the 2016 presidency and worth 0 if anyone else wins.
If I suspect they have a 60% chance of winning, then I may bid $0.55 for 1 REPUB2016. Someone else who thinks the democrats will win, can post $1 as collateral and create 1 REPUB2016, then sell their 1REPUB for 0.55 which leaves them with 0.55 USD and short 1 REPUB2016 backed by 1 USD. If the democrats win, the global force settlement will free their collateral and they will end up with $1.55. If the republicans win, then their collateral will be seized and they will end up with $0.55.
You can also use these prediction markets to predict any linear outcome. For example, you could use it to predict the spread between the republicans and democrats where greater than 20% in favor of the REP means it is worth 0, 20% or more in favor of the DEM means it is worth $1.00 and a "tie" is worth $0.50. A simple linear interpretation can be applied for spreads between -20% and +20%. The benefit of the linear interpretation model is that it gives higher resolution, greater volatility, and more balanced leverage tradeoffs.
The system isn't "perfect" by any means, but it is functional enough that participants can make/lose money without any significant biases.
1. When creating a new asset (symbol) you must set the *is_prediction_market* flag to true, otherwise you will create a normal bitasset.
2. The precision of a prediction market asset(PMA) must equal the precision of the short_backing_asset (the asset used as collateral).
3. The value of a prediction market asset(PMA) is between 0 and the value of the short_backing asset (SBA). So if BitUSD is the backing asset, then the most the PMA can be worth is 1 BitUSD
4. No price feeds are published for prediction market assets
5. There is no forced settlement (until after the issuer performs a global settlement).
6. In order to create a 1 PMA (Prediction Market Asset) you must post 1 USD as collateral.
7. After the outcome of the prediction market event is known, the issuer can publish a Global Settle Operation (which is the equivalent of a manual black swan). This operation will forever lock in the exchange rate between 1 PMA and USD
8. After the Global Settlement operation has been issued, owners of PMA may use the Request Settlement operation (same as force settlement) to redeem the PMA for 0 to 1 USD depending upon the outcome of the event.'
To gain decentralization and protection against manipulation, the issuer could be a multisig account or even the committee or witness account.
All of this is possible today, but the GUI does not do the right thing in the user interface. So lets use an example.
Suppose I create a prediction market that is denominated in USD and I call the asset REPUB2016 that is worth 1 BitUSD if the republicans win the 2016 presidency and worth 0 if anyone else wins.
If I suspect they have a 60% chance of winning, then I may bid $0.55 for 1 REPUB2016. Someone else who thinks the democrats will win, can post $1 as collateral and create 1 REPUB2016, then sell their 1REPUB for 0.55 which leaves them with 0.55 USD and short 1 REPUB2016 backed by 1 USD. If the democrats win, the global force settlement will free their collateral and they will end up with $1.55. If the republicans win, then their collateral will be seized and they will end up with $0.55.
You can also use these prediction markets to predict any linear outcome. For example, you could use it to predict the spread between the republicans and democrats where greater than 20% in favor of the REP means it is worth 0, 20% or more in favor of the DEM means it is worth $1.00 and a "tie" is worth $0.50. A simple linear interpretation can be applied for spreads between -20% and +20%. The benefit of the linear interpretation model is that it gives higher resolution, greater volatility, and more balanced leverage tradeoffs.
The system isn't "perfect" by any means, but it is functional enough that participants can make/lose money without any significant biases.
43
General Discussion / Market Maker Incentivization Worker Proposal ($300)
« on: December 08, 2015, 01:27:20 am »
https://github.com/cryptonomex/graphene/issues/475
This is the first of many new proposals that don't cost the BTS stakeholders much of anything to get powerful new features. In this case all the stakeholders must do is grant permission for a hardfork that implements a new feature. 100% of the new feature is self funded.
The result is a new investment opportunity for those who want to invest on a per-feature basis in assets that are not a SECURITY because they are not a liability.
Please read the issue for more details.
This is the first of many new proposals that don't cost the BTS stakeholders much of anything to get powerful new features. In this case all the stakeholders must do is grant permission for a hardfork that implements a new feature. 100% of the new feature is self funded.
The result is a new investment opportunity for those who want to invest on a per-feature basis in assets that are not a SECURITY because they are not a liability.
Please read the issue for more details.
44
General Discussion / Network Stability Under Graphene
« on: December 05, 2015, 12:27:12 am »
After almost 2 months of Graphene we have had a more stable network with higher participation than we ever had under BTS 0.x.
Any witnesses having any problems with your nodes? It seems like things just run smoothly!
Any witnesses having any problems with your nodes? It seems like things just run smoothly!
45
General Discussion / Help me Identify the Top 10 most harmful laws!
« on: December 04, 2015, 11:58:19 pm »
I am looking for a list of laws that have the following characteristics:
1. Completely Unjust (Victimless Crimes)
2. Probability of Getting Caught Violating the law is Low
3. Cost of getting caught is high
4. The penalty for getting caught is mostly financial
5. Have public sympathy for the individual prosecuted
1. Completely Unjust (Victimless Crimes)
2. Probability of Getting Caught Violating the law is Low
3. Cost of getting caught is high
4. The penalty for getting caught is mostly financial
5. Have public sympathy for the individual prosecuted
