Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.


Messages - CryptoPrometheus

Pages: 1 [2] 3 4 5 6 7 8 9 ... 22
16
Hey all,

I wrote an article about Sidechains for Blockchain Bunker News. Check it out: http://news.blockchainbunker.com/graphene-could-help-guarantee-the-reserve-holdings-of-online-cryptocurrency-exchanges/

Sidechains can be implemented on DPOS in a way that is superior to any other consensus algorithm. We should be exploring every option to make this a reality! Right now, we have a decentralized ledger, but we are still trading centralized proxy tokens for other major blockchains (OPEN.BTC, TRADE.DODGE, METAEX.ETH, etc.). We need to come up with a robust multi-sig cold storage token solution to offer our users, so we can finally be a 100% decentralized platform in every way. If you have any suggestions, experience, expertise or even just opinions, please join the discussion at http://forum.blockchainbunker.com/.

I hope to see you guys there!

17
General Discussion / Re: BTC/BitBTC bridge?
« on: March 20, 2016, 04:45:30 am »
Quote
What?  You're trusting your coins to the owner of a single exchange company with no supervision by other independent cosigners?  Really?

They're trusting registered & highly regulated companies in countries with relatively strong & effective legal systems. Their owners are also making millions of dollars and so have a financial incentive to keep making money and not go to jail.

DPOS currently has neither the same legal fallback & delegates who make only a few hundred bucks a month. While the delegates ability to damage and profit from harming BTS is limited. They could get full value from other blockchain tokens.

By increasing the incentive for delegates to misbehave and therefore the trust required in them you increase the fragility of BTS. Blockchain competition is also reducing fees to near zero so the value centre of BTS is BTS collateralised SmartCoins, UIA tokens not collateralised with BTS are much less attractive, see MaidSafe, Synereo & Agoras, collectively worth >$50 million on an Omni blockchain worth <$1.4 million...

So I don't see the value in there myself. For me the way to make BTS useful and popular now & massively grow the value of BTS is by focusing on market maker & yield subsidies to create useful liquidity & demand around the peg so that bridges can convert fairly close to 1-1.

I agree that multi-sig should be real world "dox able" entities, if we want to be able to "sell" it to the rest of the world. That said, if we make it easy enough, and they are paid well enough, I don't see too many challenges with obtaining 20 or eventually even 50+ independent entities willing to become potential multi-signatories. Again, ease of use and getting paid sufficiently are 2 things that will make becoming a multi-sig authority attractive to people. All of that said, the exchanges would be acting against their own self interest by promoting another exchange, so they might not be the best parties to approach. But independent businesses, for example, could be good. And I still think there should be a stake voting election process to choose all of them. So they can be hired or fired on the spot, like witnesses.

Another problem is say the good 'doxable' entities voted for by shareholders controlled $150 million worth of Alt-Coins & BTS was valued at $10 million. Then an anonymous attacker just needs a few $million to gain enough BTS to vote in bad witnesses and gain a very big payoff?

Using your example, at today's prices ($15 million cap) It would cost about $3.5 million to vote out all the witnesses and insert your own, assuming you were even able to purchase the almost 600 million BTS needed on the open market without driving the market cap to astronomical heights. In reality, I bet it would cost at least 10 times that (or more) to accumulate almost 1/4 of all BTS in existence into your personal possession.

Aside from that, I was actually thinking that escrow agents should be a separate voting process from witnesses. I know it seems like a bad idea to give shareholders more things they need to vote for, but perhaps there could be safeguards like for example the amount allowed to be held (total) in escrow could increase corresponding with thresholds of votes acquired (meaning total votes needed to unseat a quorum of agents).

Also, I wonder if it is possible to automatically (programatically) fire someone if they broadcast a "hostile signature" on the corresponding side chain network? Like if someone initiates a hostile multi-sig transaction (one that does not correspond to a valid withdrawal request), if they can be immediately and automatically fired from the multi-sig pool of trustees. Sure, it wouldn't matter if they were able to make off with the funds, but it does introduce an interesting dynamic. Imagine that 15 signatures are needed, so 15 parties need to collude. If even 1 party decided to withhold their signature, the entire rest of the colluders would be fired and the multi-sig could then revert to something like TonyK's idea (above) where the network would gain access with a 50% threshold required to release. That way, collusion plans could be thwarted by a single good actor pretending to go along and then betraying the bad guys at the very end.

18
General Discussion / Re: BTC/BitBTC bridge?
« on: March 20, 2016, 02:26:50 am »
Quote
What?  You're trusting your coins to the owner of a single exchange company with no supervision by other independent cosigners?  Really?

They're trusting registered & highly regulated companies in countries with relatively strong & effective legal systems. Their owners are also making millions of dollars and so have a financial incentive to keep making money and not go to jail.

DPOS currently has neither the same legal fallback & delegates who make only a few hundred bucks a month. While the delegates ability to damage and profit from harming BTS is limited. They could get full value from other blockchain tokens.

By increasing the incentive for delegates to misbehave and therefore the trust required in them you increase the fragility of BTS. Blockchain competition is also reducing fees to near zero so the value centre of BTS is BTS collateralised SmartCoins, UIA tokens not collateralised with BTS are much less attractive, see MaidSafe, Synereo & Agoras, collectively worth >$50 million on an Omni blockchain worth <$1.4 million...

So I don't see the value in there myself. For me the way to make BTS useful and popular now & massively grow the value of BTS is by focusing on market maker & yield subsidies to create useful liquidity & demand around the peg so that bridges can convert fairly close to 1-1.

I agree that multi-sig should be real world "dox able" entities, if we want to be able to "sell" it to the rest of the world. That said, if we make it easy enough, and they are paid well enough, I don't see too many challenges with obtaining 20 or eventually even 50+ independent entities willing to become potential multi-signatories. Again, ease of use and getting paid sufficiently are 2 things that will make becoming a multi-sig authority attractive to people. All of that said, the exchanges would be acting against their own self interest by promoting another exchange, so they might not be the best parties to approach. But independent businesses, for example, could be good. And I still think there should be a stake voting election process to choose all of them. So they can be hired or fired on the spot, like witnesses.

19
General Discussion / Re: Sidechain bitAssets
« on: March 06, 2016, 04:22:28 pm »
This thread is to discuss the possibility of derivative assets such as USD, CNY and GOLD backed by Real BTC, ETH, DOGE, LTC, etc. in a way that is completely decentralized.

How would we go about this?

This has never been done before, as far as I know. It could end up bringing more awareness to our amazing innovation - bitAssets - that IMO has received far too little attention to date.

Are there any other benefits besides awareness? I think that BTS is best asset to back smartcoins. If sidechain-BTC is used, there is no additional benefit, but there is always some risk from reliability of sidechain implementation. BTS doesn't have that kind of risk.

Good question. I'm not sure I agree that BTS is less risky, since failure for both would require some sort of collusion. What's the difference between the committee colluding to influence the bitAsset issuing account vs. colluding to control the BTC multi-sig account? The risk profile seems very similar to me.

I was hoping for some more ideas about this, but so far you are the only person on this thread who has posted about the topic of the op  ;).

20
General Discussion / Re: Sidechain bitAssets
« on: March 05, 2016, 06:05:57 pm »
Didn't you hear the mumble?

Dannostein already has code for another project he could monnetize here, and we could have a multisig sidechain in 3 months effectively allowing bitcoins to trade on our 3 second smartchain, sucking all the bitcoins off the bitcoin blockchain and onto ours and creating perfect pegs in the process.

Total estimated cost:

$200k, a mere $5,000 Ethereum IPO investment (sold today)

We would effectively become bitcoin's "lightning network"

Yes, this is an extension of the mumble discussion. I just modified the op for clarity - what I am talking about is creating USD, CNY or GOLD derivative assets using the sidchain BTC or ETH as collateral.

21
General Discussion / Sidechain bitAssets
« on: March 05, 2016, 05:14:54 pm »
This thread is to discuss the possibility of derivative assets such as USD, CNY and GOLD backed by Real BTC, ETH, DOGE, LTC, etc. in a way that is completely decentralized.

How would we go about this?

This has never been done before, as far as I know. It could end up bringing more awareness to our amazing innovation - bitAssets - that IMO has received far too little attention to date.

Could the multi-sig parties to a sidechain account simply create privatised bitAssets and publish price feeds?

My hunch is that many people are hesitant to hold or trade a derivative backed by a "penny stock", and unfortunately right now BTS is a sub-penny stock. So until the day that BTS becomes the powerhouse it is destined to be, would this be a viable alternative?

Thoughts?

22
General Discussion / Re: Newsletter - Special Leap Year Edition
« on: February 21, 2016, 09:31:50 pm »
ok so as the interest seems really low ..idk if this would make sense to create next Nullstreet Journal!
@CryptoPrometheus maybe u could write about your concerns here ...as it seems people are not knowing what time consuming project this was in past ..

Pity ...

A regular newsletter would be awesome.

When cass and I published the monthly Nullstreet journal, it took us a combined 30+ man hours for each issue. At the peak, we had something like 25 separate entries. Getting people to write these updates on a regular basis was no easy task.

Not to say that people were not willing - in fact most were happy to tell the world about what they were doing. But nevertheless, I sent out approx 150 personal emails and PMs each month. Just announcing a newsletter was never enough. I would estimate that maybe 1/4 of the entries were from people that were proactive. But more often, I had to send multiple follow-ups before I was able to get the content.

What's more, most entries needed editing as well as proofreading, which was a time consuming process that included sending the draft back to the original author for approval. Then, there was formatting, layout and writing the introduction.

This whole effort was what led me to propose the creation of the DPOSHub platform, which  I hoped would cut out the middleman, so to speak. Unfortunately, Jonathan and I discovered after spending about $3k out of pocket, that the vision of DPOSHub would require a significantly larger investment.

Which brings me to an important point - if you want a professional job then it usually takes a lot of hard work and organization. Most people do not do this type of thing without getting paid. I was happy to do this for a few months, I volunteered and I gave it my best effort. I am happy with the results we achieved, and I have no complaints. However, at this stage I am no longer in the position to take on this task as a volunteer.

23
General Discussion / ShareBits on Max Keiser!
« on: February 18, 2016, 11:48:27 pm »
Well, not the tv show.....yet.

But maxkeiser.com picked up the Forbes story:  http://www.maxkeiser.com/2016/02/sharebits-gives-bitcoin-users-another-way-to-tip-on-twitter/

Too bad it says "bitcoin users"....

24

I could have a high pay job outside! (So again,why are you still here?Strongly doubt that you can get a serious job outside.)


Nothing to add...
Thanks for the reminder, will give it a try ..

@cass,

Your work is extremely valuable to BitShares, and many people know this.

Right now, it is very difficult to convince more people to care enough to vote. This has nothing to do with you, and it does not take away from the fact that BitShares would be much worse off if you were not here.

If I had my way, I would vote for you (and many other people) to get 3x as much BTS for your efforts. Unfortunately, we have a situation where different cultures have different ideas about when and how people should be paid for their work. If we are lucky, these differences will make BitShares stronger in the end, even though they tend to create friction in the short term.

P.S. Everyone is entitled to their own opinion about how the world should work, but with BitShares some people's opinions are weighted more heavily than others. This is the most fair system that has ever been created, IMO.

All people are Not equal. Sure, perhaps all people should have equal opportunities, etc, but each person has to earn their place at the table based on the actions they take. In this case, I am referring to the BTS that they have chosen to buy, sell, or hold.

If some people choose to vote based on long term strategies, that is their own decision to make. Likewise, some some might choose to vote with short term gains in mind. Most people (including myself) will never have the full picture about what the best strategies would, should, or could be. So all we can hope for is that people keep caring enough to speak their opinion.

The VERY WORST thing that could ever happen to BitShares, IMO, is that people stop caring enough to vote. Even if everybody is pissed off at each other all the time, as long as the robust discussions continue then we are moving in the right direction!

25
General Discussion / Re: bitSHARES - As True Shares and Not a Currency!
« on: February 11, 2016, 11:41:53 pm »
The op could describe the evolution of BitShares, but IMO we are at least 1 year away from such a move.

First, the network/DAC needs to become consistently profitable. If profits are paid out as dividends to shareholders as suggested, then ownership incentives would become similar to a stock - hold for future value potential (speculation) or hold for regular dvidend payments. Currently, bitshares doesnt have much to offer as far as dividend payment potential. Future value IMO is great, but we all know the dangers of building your house upon speculation.

Of course, there will be additional ownership incentives like "hold for utility", but again, our utility is limited until we have more businesses interacting with the chain.

26
General Discussion / Happy New Year to all our Chinese cousins!
« on: February 08, 2016, 08:33:39 am »
Thank you all for your hard work and dedication to our grand BitShares experiment.

We become stronger and wiser each and every day, only because we choose to discover how to reinforce and align our many mutual interests.

After we disagree, we struggle to build a protocol that will bring fairness and balance to our world, so that even our disagreements give us strength.

Nothing can stop this force that we have created together.

May this new year bring clarity to the visions we seek, resolve in the actions we take, and pride in the purpose we feel.

新年快乐
Happy New Year!

27
Bump

28
-CP

29
Muse/SoundDAC / Re: Unanswered question thread
« on: January 27, 2016, 01:24:23 am »
Above questions are good ^^

In addition:

- Can you publish a document that lists how you have spent the crowdfund money?

- Will you be releasing a working Peertracks product before you begin your next round of fundraising?

- Has Bitsapphire succeeded or failed to deliver a working product? Do you still have a relationship with them?

- What technical obstacles must be overcome before launch? Someone said that the graphene code work is done, but you are waiting on web development/integration. Is this true?

- Are you willing to commit to publishing updates at regular intervals?

Even if you do not have any "major" news, I think it would be beneficial if you at least show up once a week and write a few paragraphs. As a crowdfunded organization, It is very strange that you keep your donors at such a distance. There are many ways to connect with us without having to "spill the beans" on your special sauce, and the longer you wait the more people will begin to question everything about your operation.

I also would love to see you on beyond bitcoin. Fuzzy's group hangout format is a great tool and frankly I am confused about why Peertracks (and some others) have not yet taken advantage of this platform.

30
Muse/SoundDAC / Re: Simple little vid for you guys
« on: January 26, 2016, 07:45:25 pm »
Good to see something concrete - thanks for sharing. I'm anxious to hear more about it, and whether it is ready to be released in its current form, or after your 2nd fundraising campaign?

Pages: 1 [2] 3 4 5 6 7 8 9 ... 22