ANNOUNCEMENT 12 - Open Ledger Debuts Today - * Forbes Article *

[xeroc]

How do i log into my account, i can't see a place to put my username.
it keeps rotating on Loading Balance Claim when i click existing account.

Once you created you wallet .. it is stored in your browsers local storage .. That wallet then contains your account name and its funds (that's why you should make a backup!!!) ..

[emperor8]

How do i log into my account, i can't see a place to put my username.
it keeps rotating on Loading Balance Claim when i click existing account.

[xeroc]

I have a hard time understanding something about Openledger or any exchange powered by BitShares.

I do understand how is possible to handle a trade between pairs like BitUSD/BTS on CCEDK if it's powered by BitShares because these are already in our platform.

The part I don't get is what is happening with all the other traded pairs ; BTC/ETH, XMR/QORA, EUR/BTC, ...

Are we going to produce BitXMR, BitETH, BitQORA in order to have activity on Openledger or other exchanges ?
 I tried to figure it out by myself but I had to stop when my brain started to melt.

OL can still issue IOUs (pretty mich the same thing as with every other exchange) and let users trade IOUs against any other asset in bts

[EstefanTT]

I have a hard time understanding something about Openledger or any exchange powered by BitShares.

I do understand how is possible to handle a trade between pairs like BitUSD/BTS on CCEDK if it's powered by BitShares because these are already in our platform.

The part I don't get is what is happening with all the other traded pairs ; BTC/ETH, XMR/QORA, EUR/BTC, ...

Are we going to produce BitXMR, BitETH, BitQORA in order to have activity on Openledger or other exchanges ?
 I tried to figure it out by myself but I had to stop when my brain started to melt.

[Tuck Fheman]

 

[openledger]

https://bitsharestalk.org/index.php/topic,18484.0.html

more information to share.

I am back, although a bit tired. Nice to experience an interest from a couple of the remittance companies and to have managed to socialize with my Forbes contributor as well as various new connections within the remittance industry sharing business cards etc.

Thanks very much to all for the good luck wishes. I think it went pretty ok, but I am not th right one to evaluate obviously.

[xeroc]

..

how many mail addresses have you captured already, if I may ask?

[cass]

http://slides.com/openledger/london





http://slides.com/openledger/london

[Stan]

I'd like to see someone design a composite asset that is backed by a blockchain managed basket of aa.USD, bb.USD, ... zz.USD.   Rock stable unless one exchange defaults in which case it take a small percentage hit - unless the participants insure each other somehow.

The chances of all those UIA issuers failing simultaneously may be acceptably small, giving an easy to make composit that spreads the counterparty risk.  Just another way partner exchanges might team up to produce innovative new products...

The rest is left as an exercise for the student.

[GChicken]

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.

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)

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.

Thanks Xeroc,

So from what i can gather the goxxing protection is from MPA's  which is the primary product, although UIA's will be available for some edge case altcoins which will rely on a central authority to secure and distribute the actual altcoins if i withdraw.  On top of that the platform allow access to bond market when available and prediction markets and i can withdraw my holding via my nanocard... i better get one these cards.

so in effect i could use this to hold my wealth while hedging against fiat currencies with other fiat or PM's and still have access to spend on day to day purchases.

sound great and I cant wait to see the slides and or video

Thanks again for your explanation

[GChicken]

Nice Presentations!

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

let me talk with Ronny ... he is currently on back trip from london. i'll get back to you asap!

That would be awesome, Thank you Cass

[cass]

Nice Presentations!

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

let me talk with Ronny ... he is currently on back trip from london. i'll get back to you asap!

[xeroc]

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.

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)

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.

[GChicken]

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

[GChicken]

Nice Presentations!

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