Truthcoin - Bitshares(X) perceived limitations

[jsidhu]

It makes since to pay attention to him since hes a decision maker

[zerosum]

the tried-and-true security model

Unfortunately, those are the words of the mastermind of the project in question.
If not spoken directly by him, then spoken by his mouth-piece....


and yes, so often people are so close to the truth and then again so far from it.
Pretty sad when you think about it.

[starspirit]

Could something like the Votecoin concept be used as an alternative to the bitAsset price feeds? The key difference I can see is that prediction markets are predicting the outcome of an event at a certain time, whereas bitAssets need a running consensus.

[luckybit]

Turing complete scripting should make prediction markets possible.

[zerosum]

@ Rune
Totally no need to hire him.

It is all in the white-paper. And it is not much - combination of simple ideas and pretty benign math, put in an academic language.

0.02BTSX

[zerosum]

its a pretty cool idea and I did email stan about trying to integrate prediction markets via bts toolkit but he didnt get the email and didn't respond back when asking what his email was...

My team @ syscoin is in talks with truth coin dev and he wants to collaborate.. and its actually a very cool idea... the idea is we would dev and use him as a theoretical resource since he did alot of research on prediction markets that you can read up about on his github.

I think he hung out on our dev mumble session for about 3 hours and basically answered a thousand questions about truthcoin.   Unfortunately he did not get to learn very much about bitshares at least during that session.

He (the main guy behind truth coin) spent months on this forum, so I am pretty sure he is totally aware of the whole workings of the BTS system as far as pegged assets (bitAssets) go.
I also find the idea of prediction market as DAC very interesting. (although all my attempts to get an answer on 'what is the GREAT benefit of it being on a blockchain, instead of being regular brick and mortar business' were never answered; the best I got was that I am stupid. Which I am and I do not argue with, but is not answering my question what so ever.)
That being said, I do not see why this prediction market should not work on a blockchain also, and do it well.

[edit] @toast
I know that he will likely say 'no' to money, but what else is not true? (I have my opinion, but I do not thing that is what you meant).

[toast]

I've talked to paul and both of those are false =(

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[Rune]

its a pretty cool idea and I did email stan about trying to integrate prediction markets via bts toolkit but he didnt get the email and didn't respond back when asking what his email was...

My team @ syscoin is in talks with truth coin dev and he wants to collaborate.. and its actually a very cool idea... the idea is we would dev and use him as a theoretical resource since he did alot of research on prediction markets that you can read up about on his github.

I think he hung out on our dev mumble session for about 3 hours and basically answered a thousand questions about truthcoin.   Unfortunately he did not get to learn very much about bitshares at least during that session.

If he really is smart and knows what he's doing, we should hire him. He won't say no to money, and it would be a waste to implement something like this as POW.

[jamesc]

its a pretty cool idea and I did email stan about trying to integrate prediction markets via bts toolkit but he didnt get the email and didn't respond back when asking what his email was...

My team @ syscoin is in talks with truth coin dev and he wants to collaborate.. and its actually a very cool idea... the idea is we would dev and use him as a theoretical resource since he did alot of research on prediction markets that you can read up about on his github.

I think he hung out on our dev mumble session for about 3 hours and basically answered a thousand questions about truthcoin.   Unfortunately he did not get to learn very much about bitshares at least during that session.

[jamesc]

Lol at POW being "tried-and-true"...by that logic so are dial-up modems.

And the rest of the claims sound like crap too.....
I call shenanigans.

Funny... I came up with one of those two, sorry off topic: I just explained to someone that Apple pay is like plowing the field by hand when we've already invented the tractor...

[Rune]

I really don't understand the hate people have to the price feeds. They seem like an excellent mechanism to me. They currently work great, and in the future there will be massive incentives to improve them in ways that make them more transparent, faster and smarter. I don't see why we should ever remove them unless some major problem arises from them.

It's because they are an outside source; a potential point of failure outside the control of the blockchain.

Ideally, the information which is currently injected into the blockchain would just arrive there, indirectly, through arbitrage opportunity via the efficient market hypothesis.

Sorry, but I have to rant some more about this . Neither of those arguments make any sense to me from a business point of view. The efficient market will not necessarily create arbitrage opportunities because without price feeds the only relation bitUSD has with USD is the name. A severe, but temporary, loss of confidence or perhaps a large-scale speculative attack against the bitasset could make it rapidly go to zero, permanently destroying it. Additionally, without external markets interfacing with the blockchain it becomes completely worthless in general, so theoretically there will always be external poins of failure and price feeds do not really add or subtract from that risk. In practice this risk is solved by diversification, and thus isn't a long term issue.

The general dismissal of price feeds seems to me like another religious fallacy that only exists due to the extremist beliefs of bitcoiners (everything must be non-profit and everything must have maximized decentralization or its a scam and evil!!11), it doesn't actually have a real basis in economics or business practice. /endrant

[jsidhu]

I thought BM used to discuss this sort of idea so that you can buy insurance against earthquakes or natural disasters etc.. I remember reading  about that.. this was all related to prediction markets.. the thing with it is. it would be a fork of bitshares since all of the assets would be prediction markets... unless there is a distinction in bitshares between prediction and pegged assets or something.

[monsterer]

Here's their whitepaper: http://www.truthcoin.info/papers/truthcoin-whitepaper.pdf

Interestingly, they have a LMSR market maker built in to the protocol to take the other side of every trade, providing liquidity.

[Ander]

Truthcoin is underrated. I tried to jumpstart an independent effort with only basic support and it fizzled. We have a c++ implementation of the critical features but no resources to build it.

I want it to exist...

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Can we work on implementing something like this in bitshares in the future?

Prediction markets would be an excellent feature to have.

[toast]

Truthcoin is underrated. I tried to jumpstart an independent effort with only basic support and it fizzled. We have a c++ implementation of the critical features but no resources to build it.

I want it to exist...

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