Author Topic: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *  (Read 8135 times)

0 Members and 1 Guest are viewing this topic.

Offline BunkerChainLabs-DataSecurityNode

Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #30 on: September 16, 2015, 06:03:10 pm »
Nice Presentations!
+-+-+-+-+-+-+-+-+-+-+
www.Peerplays.com | Decentralized Gaming Built with Graphene - Now with BookiePro!
+-+-+-+-+-+-+-+-+-+-+

Offline Ander

  • Hero Member
  • *****
  • Posts: 3506
    • View Profile
  • BitShares: Ander
Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #31 on: September 16, 2015, 06:05:42 pm »
Good!  +5%

Unfortunately the important for me #11 was spent on some so so announcement.

and BM spent his free time 'inventing' ass licking brownie points...in the same time he could have lowered the collateral on the current bitAssets to 100%, so they (and he/we) do not look so stupid and way from the peg, for all the newcomers that this good new bring.

Tony, you missed the great thing about brownies:  The next time Bytemaster gets the irresistable urge to inflate the supply of something, he can do it to brownies instead of BTS. :P
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline tonyk

  • Hero Member
  • *****
  • Posts: 3308
    • View Profile
Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #32 on: September 16, 2015, 06:15:42 pm »
Good!  +5%

Unfortunately the important for me #11 was spent on some so so announcement.

and BM spent his free time 'inventing' ass licking brownie points...in the same time he could have lowered the collateral on the current bitAssets to 100%, so they (and he/we) do not look so stupid and way from the peg, for all the newcomers that this good new bring.

Tony, you missed the great thing about brownies:  The next time Bytemaster gets the irresistable urge to inflate the supply of something, he can do it to brownies instead of BTS. :P
A good one Ander, you made me laugh.  +5%
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline Stan

  • Hero Member
  • *****
  • Posts: 2905
  • You need to think BIGGER, Pinky...
    • View Profile
    • Cryptonomex
  • BitShares: Stan
Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #33 on: September 16, 2015, 06:43:02 pm »
Not sure if it was common knowledge and i just missed it. But the Forbes article eludes to 8 exchanges being involved in Openledge's network, which is in effect the Bitshares network! only 3 listed on the slide so in my mind we have many more ground breaking announcements to come :)

Yes, many have yet to announce, but there are 8 in the pipeline I have had at least some contact with at various stages of maturity.  I guess BunkerDEX's long logo didn't fit on the viewgraph, but it should have been there...

We decided to reveal that hint early because of the high profile venue and Forbes coverage opportunity.

8 exchanges in the pipeline?

Please let one of them be poloniex, please! :)

Mostly new players.
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline Ander

  • Hero Member
  • *****
  • Posts: 3506
    • View Profile
  • BitShares: Ander
Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #34 on: September 16, 2015, 06:50:02 pm »
Not sure if it was common knowledge and i just missed it. But the Forbes article eludes to 8 exchanges being involved in Openledge's network, which is in effect the Bitshares network! only 3 listed on the slide so in my mind we have many more ground breaking announcements to come :)

Yes, many have yet to announce, but there are 8 in the pipeline I have had at least some contact with at various stages of maturity.  I guess BunkerDEX's long logo didn't fit on the viewgraph, but it should have been there...

We decided to reveal that hint early because of the high profile venue and Forbes coverage opportunity.

8 exchanges in the pipeline?

Please let one of them be poloniex, please! :)

Mostly new players.

Dang.  You guys should keep trying to get poloniex on board.  That would be worth as much as 8 other exchanges imo. ;)
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline tonyk

  • Hero Member
  • *****
  • Posts: 3308
    • View Profile
Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #35 on: September 16, 2015, 06:53:31 pm »
Not sure if it was common knowledge and i just missed it. But the Forbes article eludes to 8 exchanges being involved in Openledge's network, which is in effect the Bitshares network! only 3 listed on the slide so in my mind we have many more ground breaking announcements to come :)

Yes, many have yet to announce, but there are 8 in the pipeline I have had at least some contact with at various stages of maturity.  I guess BunkerDEX's long logo didn't fit on the viewgraph, but it should have been there...

We decided to reveal that hint early because of the high profile venue and Forbes coverage opportunity.

8 exchanges in the pipeline?

Please let one of them be poloniex, please! :)

Mostly new players.

Dang.  You guys should keep trying to get poloniex on board.  That would be worth as much as 8 other exchanges imo. ;)

It will happen in due time. Right know they are quite happy (full with themselves) with the new money coming from the margin trading.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline Stan

  • Hero Member
  • *****
  • Posts: 2905
  • You need to think BIGGER, Pinky...
    • View Profile
    • Cryptonomex
  • BitShares: Stan
Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #36 on: September 16, 2015, 08:07:52 pm »
Not sure if it was common knowledge and i just missed it. But the Forbes article eludes to 8 exchanges being involved in Openledge's network, which is in effect the Bitshares network! only 3 listed on the slide so in my mind we have many more ground breaking announcements to come :)

Yes, many have yet to announce, but there are 8 in the pipeline I have had at least some contact with at various stages of maturity.  I guess BunkerDEX's long logo didn't fit on the viewgraph, but it should have been there...

We decided to reveal that hint early because of the high profile venue and Forbes coverage opportunity.

8 exchanges in the pipeline?

Please let one of them be poloniex, please! :)

Mostly new players.

Dang.  You guys should keep trying to get poloniex on board.  That would be worth as much as 8 other exchanges imo. ;)

It will happen in due time. Right know they are quite happy (full with themselves) with the new money coming from the margin trading.

No matter what size our network is, there is another exchange out there that size that could double its size (and our size) by joining us.

Rinse and repeat.  :)

Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline Akado

  • Hero Member
  • *****
  • Posts: 2752
    • View Profile
  • BitShares: akado
Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #37 on: September 16, 2015, 08:21:00 pm »

It will happen in due time. Right know they are quite happy (full with themselves) with the new money coming from the margin trading.

Until they mess it up like Bitfinex these last months
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline merockstar

Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #38 on: September 16, 2015, 08:26:10 pm »
BIT/USD

Offline Blazin8888

Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #39 on: September 16, 2015, 08:53:11 pm »
Poloniex would be sweet!

Offline speedy

  • Hero Member
  • *****
  • Posts: 1160
    • View Profile
  • BitShares: speedy
Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #40 on: September 16, 2015, 08:54:07 pm »
Stan, is openledger trading market pegged assets or UIAs?

Offline bytemaster

Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #41 on: September 16, 2015, 09:58:58 pm »
Stan, is openledger trading market pegged assets or UIAs?

Both
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline GChicken

  • Sr. Member
  • ****
  • Posts: 231
    • View Profile
Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #42 on: September 17, 2015, 01:40:41 am »
Nice Presentations!

Are the slides used in the presentation available or is there a video posted somewhere?

Offline GChicken

  • Sr. Member
  • ****
  • Posts: 231
    • View Profile
Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #43 on: September 17, 2015, 01:53:12 am »
Quote
Unlike most exchanges, you control your own private keys, so funds remain yours even when you’re trading with them. No one can reverse a transaction or freeze your account. Similarly, the exchange’s funds are all on the blockchain, totally transparently - so they can be audited by anyone, any time.

As I understand it the only way this could work is if when you deposit Bitcoin into CCEDK they give you a market pegged asset (BitBTC) in return on the BitShares blockchain. A UIA that represents BTC would become worthless if the exchange was goxxed.

Problems:
What if you deposit BTC and there is no BitBTC available to buy because no one is shorting it?
And what about for all the other altcoins where there is no volume to support a market pegged asset?
Also, what about the accusation that CCEDK as an exchange would then be operating on fractional reserves because they had to sell your BTC deposit for some derivative BitBTC that most maximalists dont want to believe even works?

I would also like to know the answer to the question posed above, i guess if no liquidity available for BitBTC i guess CCEDK could short to them selves but this would obligate them to cover short within 30 days which could mean they have to roll over shorts again.. i guess... would mean less Bitshares available on the market as they would get tied up in collateral on the blockchain.

My Question is similar, if Altcoin trading is available via UIA this would mean the underlying Altcoin would need to be held somewhere in order to honor the off ramp (once you want your actual underlying altcoin back you trade your UIA to a gateway in exchange for the altcoin it represents) meaning that solvency would not be as visible as i first imagined given the altcoin's that the OpenLedger network UIA represents will be in a separate blockchain and only represented by a UIA on the Open Ledger network. further more what if the wallet holding the altcoin is compromised?

I feel like a must be missing something here and hope someone has a explanation of the internals or some more in depth documentation of how this is working in the backend. Don't get me wrong i love the idea but want to see how me holding my own keys protects me from goxxing for non MPA as my keys only hold a UIA which rely's on someone to exchange for the underlying actual asset

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12896
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BitShares: xeroc
  • GitHub: xeroc
Re: ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *
« Reply #44 on: September 17, 2015, 07:43:13 am »

I would also like to know the answer to the question posed above, i guess if no
liquidity available for BitBTC i guess CCEDK could short to them selves but this
would obligate them to cover short within 30 days which could mean they have to
roll over shorts again.. i guess... would mean less Bitshares available on the
market as they would get tied up in collateral on the blockchain.

No 30 day expiration in BitAssets 2.0. They only need to put collateral and
maintain enough collateral to never get margin called.

Quote
My Question is similar, if Altcoin trading is available via UIA this would mean
the underlying Altcoin would need to be held somewhere in order to honor the off
ramp (once you want your actual underlying altcoin back you trade your UIA to a
gateway in exchange for the altcoin it represents) meaning that solvency would
not be as visible as i first imagined given the altcoin's that the OpenLedger
network UIA represents will be in a separate blockchain and only represented by
a UIA on the Open Ledger network. further more what if the wallet holding the
altcoin is compromised?
You are correct. But I don't think many altcoins will come. Those that will be
available in OL should certainly be put into multisig coldstorage (which is btw,
not even supported my some shi*** altcoins)

Quote
I feel like a must be missing something here and hope someone has a explanation
of the internals or some more in depth documentation of how this is working in
the backend. Don't get me wrong i love the idea but want to see how me holding
my own keys protects me from goxxing for non MPA as my keys only hold a UIA
which rely's on someone to exchange for the underlying actual asset
The problem is manifold:

Since the main purpose of a gateway is to exchange FIAT into bitFIAT, you can
have two ways, either exchange them directly, which would require the exchange
to hold bitFIAT in their reserves (no big deal with multisig corporate accounts)
and FIAT in the bank accounts (shouldn't be a big problem either, banks are
considered 'safe').

The other approach would be to issue IOUs for everything you trade on the
blockchain. Hence you send USD, and get OL.USD into your wallet and can trade
them anywhere. The exchange could make use of their extra powers over the IOU to
hold markets or withdraw stolen funds ... anyway, this approach is less consumer
friendly since you need 2 hops to get the asset you want: USD -> OL.USD ->
bitUSD.
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH