Author Topic: BitShares X Status Update  (Read 115508 times)

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Offline gulu

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Re: BitShares X Status Update
« Reply #495 on: March 16, 2014, 01:41:37 am »

You can move to 06:20 in this video to see details about Bitshares Me:
http://vimeo.com/user24356268/review/87448377/66716b27fa
Can someone tell me where the video is?



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Offline toast

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Re: BitShares X Status Update
« Reply #496 on: March 16, 2014, 01:54:43 am »
Toast, what is Bitshares ME?

It's basically MSC or XCP but on it's own blockchain. Basically you can issue your own shares and do stuff like trade/pay dividends/make bets. Like "ToastGLD, each certificate is 1 oz of gold in my safe" or "ToastHours, each certificate entitles you to 1 hour of my time".
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Offline biophil

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Re: BitShares X Status Update
« Reply #497 on: March 16, 2014, 01:56:42 am »
As you can see there are many aspects of this that requires both development and extensive testing and none of these should be rushed.  We will likely introduce BitShares ME  (new snapshot taken from AGS/PTS) as an incremental step toward testing the Bid/Ask system with custom assets prior to implementing the more sensitive short/long system in BTS XT. 

Excellent, excellent. I strongly support rolling out features as they become available. BTS XT is such a game-changing kind of product that it should really pay to "get it right" the first time.

Quote
This week I worked with Toast in person to teach him how to extend the BitShares Toolkit to implement BitShares DNS.   In three days we managed to get through a basic unit test that started the first auction.   Toast will be working on BitShares DNS full time and helping prove that our BitShares Toolkit is properly extendable.   We have a video coming out on this shortly.

Again, I'm very very glad to hear that you've got some parallel product development going.

The reason I'm excited about multiple products is that the main value proposition for PTS/AGS completely depends on development momentum. The world needs to see that products built on top of PTS/AGS snapshots have an immediate leg up on their competitors. As soon as there is even a single PTS/AGS-derived product that breaks through the $10,000,000 market-cap, developers will be flocking to us.
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Offline bodenliu

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Re: BitShares X Status Update
« Reply #498 on: March 16, 2014, 02:25:41 am »
ok, I'm confused and disappointed now >:(

So I stopped AGSing before 2.28, and I expected to have a number of X BTSs when BTS XT comes out. As what you promised before.

And now you will creat a thing called ME, and you need a new snapshot then. And I get fewer BTSs then X!

I see no point of this but you want more people buying AGSs, is that your business model?

Offline Stan

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Re: BitShares X Status Update
« Reply #499 on: March 16, 2014, 02:36:42 am »
ok, I'm confused and disappointed now >:(

So I stopped AGSing before 2.28, and I expected to have a number of X BTSs when BTS XT comes out. As what you promised before.

And now you will creat a thing called ME, and you need a new snapshot then. And I get fewer BTSs then X!

I see no point of this but you want more people buying AGSs, is that your business model?

You should be very, very happy!  You will be liquid in many unmanned business sectors and own AGS, XTS, and ME (and several more sectors by summer).

Each will be a DAC franchise, an entire family of DACs, and you will own all of their children.

There will be new snapshots from AGS/PTS for each new family as always promised.

No change, no new snapshot for BitShares X.  You own that and it cannot be taken away.  This family of families will grow and have many children.  And you will own them all!

Where else can you buy or mine an entire profitable industry with one coin?

 :)
« Last Edit: March 16, 2014, 02:40:31 am by Stan »
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 toast

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Re: BitShares X Status Update
« Reply #500 on: March 16, 2014, 02:41:59 am »
ok, I'm confused and disappointed now >:(

So I stopped AGSing before 2.28, and I expected to have a number of X BTSs when BTS XT comes out. As what you promised before.

And now you will creat a thing called ME, and you need a new snapshot then. And I get fewer BTSs then X!

I see no point of this but you want more people buying AGSs, is that your business model?

BTS X still exists and is totally different from BTS Me. You still have your BTS XT. They will still (eventually) do the same thing as before, which is different from what ME does. BTS Me has always been in the pipeline, just the order in which things are released get changed.
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Offline coolspeed

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Re: BitShares X Status Update
« Reply #501 on: March 16, 2014, 07:35:30 am »

You can move to 06:20 in this video to see details about Bitshares Me:
http://vimeo.com/user24356268/review/87448377/66716b27fa
Can someone tell me where the video is?


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The link you just quoted contains the video at vimeo. Considering vimeo is not accessible in China, logxing has put the video in Youku. It's the same video as that one announcing snapshot of 228. You likely have seen it already.
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Offline cdryan

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Re: BitShares X Status Update
« Reply #502 on: March 16, 2014, 07:51:07 am »
In tonights update I would like to share some of our latest developments and roll out plans:

I have been putting together an extensive test plan and while preparing for the launch of BitShares XT have concluded that testing everything at once would be like the Wright Brothers attempting to fly an experimental airplane across the Pacific Ocean carrying 2000 passengers while under attack by severe weather.



We have many moving parts that need to be tested and for the sake of everyone involved we are preparing for a phased launch schedule that will add new features as we go.   The primary goal is to get the BTS XT shareholders liquid as soon as possible with a block chain that has a near 0 probability of reset.   The risk of a reset will significantly harm the market value of BitShares XT. 

To achieve this goal we will focus the first test on our networking code and TaPOS without the BitAssets being available.  The wallet will implement an API as close to Bitcoin's JSON-RPC API as possible and therefore should be relatively easy for exchanges to integrate with.   

Assuming this test is successful, we will use this chain as the snapshot chain for future revisions of BitShares XT that add BitAsset support.   Recent discussions in the BTS X attack thread have necessitated some significant thought and changes including among them:

   a) Closer evaluation of the Initial Margin requirements.  (10x is too much, 2x may be too little)
   b) Closer evaluation of the Maintenance Margin requirements.  (If it is too high, it increases risks for shorts, too low we risk running out of collateral on short squeezes)
   c) More robust algorithm for measuring market depth with a focus on positions near the price point.  Initial implementation simply looked at total shares involved without consideration of their price relative to other bids.   The exact details on this need to be resolved.
   d) Consider implementation of circuit breakers that halt trading if the price changes too quickly.  This will help mitigate many attacks and effects caused by short squeezes. 

As you can see there are many aspects of this that requires both development and extensive testing and none of these should be rushed.  We will likely introduce BitShares ME  (new snapshot taken from AGS/PTS) as an incremental step toward testing the Bid/Ask system with custom assets prior to implementing the more sensitive short/long system in BTS XT. 

This incremental approach will get tradable value into your hands as quickly as possible while also paving the way for many new DACs to be developed along the way. 

As you all know we want to get this out there as quickly as possible.  To achieve this goal I have almost completely delegated all non-development tasks to Gregory, Stan, Bo, and Brian who will be taking over business partnerships, marketing, Beyond Bitcoin, etc.   They have some exciting things coming for everyone that I am pleased will not take me away from being focused on delivery. 

This week I worked with Toast in person to teach him how to extend the BitShares Toolkit to implement BitShares DNS.   In three days we managed to get through a basic unit test that started the first auction.   Toast will be working on BitShares DNS full time and helping prove that our BitShares Toolkit is properly extendable.   We have a video coming out on this shortly.

google translate
BitShares x provide a stable price of bitusd and bitcny , but users need to pledge 2-10 times of the BTS to

speculation, which for users is no Attractive , lost speculative leverage , as well as we create bitusd, bitcny,

who need these bitusd, bitcny it?

Demand quantity of bitusd and bitcny , equivalent to the value of BitShares x , we need to create bitusd, bitcny

needs in the world.

We should design a subsystem in BitShares x.
BitShares x  provide a stable price of bitusd and bitcny, subsystems push users to use them. bitusd and bitcny

needs mainly of two parts , one is shopping , the other one is speculative , and in a very long time, speculative

demand is Most of the needs.

In summary, there are some suggestions for BitShares x subsystem .

firstly. Design a subsystem , to provide users with speculative leverage , user-friendly speculation.
For example : User A converted 1000 dollars into 1000 bitusds, 1000 bitusds in BitShares x, A can buy a variety of

digital assets such as BTC, LTC, and so on . While A can publish a loaning information  , B has 1000 dollars , see

a loaning information, choose to A loans, the system transaction , B has 2000 bitusds to invest.

If the asset of B is approximately equal to (1000 + X) * 1.2, the subsytem will send a notice message to B, when B

's assets is approximately equals to 1000 + X, system will be send B'assets and send  1000 + X bitusds to A.
Thus , the bitusd users will have three chooses .
1.A borrower to others. 2.1000 bitusds to invest.
3.3000 bitusds to invest .

bitusd can gain will make a steady stream of dollars converted into bitusd, thereby creating a more bitusd.

secondly. subsystem painting trend analysis page , user-friendly analysis .

finally. bitusd digital money should be designed with features,such as, a payment confirmation fast , Security ,

and less data exchange and so on, to facilitate for the future needs of the consumer.

Offline bodenliu

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Re: BitShares X Status Update
« Reply #503 on: March 16, 2014, 08:10:27 am »
ok, I'm confused and disappointed now >:(

So I stopped AGSing before 2.28, and I expected to have a number of X BTSs when BTS XT comes out. As what you promised before.

And now you will creat a thing called ME, and you need a new snapshot then. And I get fewer BTSs then X!

I see no point of this but you want more people buying AGSs, is that your business model?

BTS X still exists and is totally different from BTS Me. You still have your BTS XT. They will still (eventually) do the same thing as before, which is different from what ME does. BTS Me has always been in the pipeline, just the order in which things are released get changed.

ok, so when it comes  I can just sell all my BTS ME with no impact on my BTS XT, is that right?

Offline toast

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Re: BitShares X Status Update
« Reply #504 on: March 16, 2014, 08:17:25 am »
Correct, they are totally separate DACs
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Offline santaclause102

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Re: BitShares X Status Update
« Reply #505 on: March 16, 2014, 11:07:41 am »
When ABOUT will BTS ME come out?

Offline mf-tzo

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Re: BitShares X Status Update
« Reply #506 on: March 16, 2014, 11:26:08 am »
I am a bit lost...A couple of questions:

1. As far as I understand holding AGS / PTS now will give me at least 10% from PTS and at least 10% from AGS on all future DACS including i.e. Bitshares ME and that's why they still have value. Correct? But if that's the case everytime there is a new DAC released their value will drop and drop...Correct? Unless I3 decides to say at some point that a new DAC will honor more than 1:1 the new shares to AGS/PTS Holders which i think would be unlikelly?Or not?

2. The exact % of Bitshares ME honored by holding AGS/PTS will be announced when? A couple of weeks earlier before Bitshares ME is expected to be launched?

3. Holding Bitshares XT will also give me a % percentage of Bitshares ME as well before it is launched? The exact % again to be announced or it is 1:1 allocation? Or depends when it is released? Basically how do we estimate that % everytime there is a new DAC release?

4. When Bitshares i.e Bingo is launced then the new shares will honor at least 10% AGS/PTS, x% of Bitshares X (how do we calculate this), and 1:1 of Bitshares ME? and so on...?

Thank you very much for the replies in advance!!


Offline ww0207

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Re: BitShares X Status Update
« Reply #507 on: March 16, 2014, 11:43:48 am »
  III thinks we are all fool,and easy to get the money from our pocket!

Offline Stan

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Re: BitShares X Status Update
« Reply #508 on: March 16, 2014, 12:57:20 pm »
ok, I'm confused and disappointed now >:(

So I stopped AGSing before 2.28, and I expected to have a number of X BTSs when BTS XT comes out. As what you promised before.

And now you will creat a thing called ME, and you need a new snapshot then. And I get fewer BTSs then X!

I see no point of this but you want more people buying AGSs, is that your business model?

BTS X still exists and is totally different from BTS Me. You still have your BTS XT. They will still (eventually) do the same thing as before, which is different from what ME does. BTS Me has always been in the pipeline, just the order in which things are released get changed.

ok, so when it comes  I can just sell all my BTS ME with no impact on my BTS XT, is that right?

That is correct.  You get all our planned products as soon as they are ready. 
They may be sold or bought separately like any other coins.  No impact on each other.

DACs are all in a race with different development teams competing to be next to see glory.
Because different teams compete, we cannot predict who will be fastest and which will be next.

Meet some of these teams in our March newsletter, which I am working hard to finish.


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 Stan

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Re: BitShares X Status Update
« Reply #509 on: March 16, 2014, 01:24:22 pm »
I am a bit lost...A couple of questions:

1. As far as I understand holding AGS / PTS now will give me at least 10% from PTS and at least 10% from AGS on all future DACS including i.e. Bitshares ME and that's why they still have value. Correct? But if that's the case everytime there is a new DAC released their value will drop and drop...Correct? Unless I3 decides to say at some point that a new DAC will honor more than 1:1 the new shares to AGS/PTS Holders which i think would be unlikelly?Or not?

We make the software for each DAC family freely available to everybody who wants to develop a specialized member of that family.  These developers set the % of their DAC that will go to AGS and PTS holders.  If they do less than 10% to each, III will not support their DACs.  Further, we will support their competitors who give better deals to AGS and PTS holders.  If two release versions of a DAC family and one does 10/10 (and keeps 80%) and the other does 40/40 (and keeps 20%), who will this community support the most?  Market pressures will favor the most generous developer.

2. The exact % of Bitshares ME honored by holding AGS/PTS will be announced when? A couple of weeks earlier before Bitshares ME is expected to be launched?

DAC families are franchises - free open source toolkits from which other developers can construct and release DACs.  Each developer gets to set their own release schedule and DAC parameters.  We work to find and encourage developers and remove obstacles from their paths.  This model leads to decentralization of the DAC industry and keeps Invictus from being a limit on industry growth.  PTS and AGS value will grow as more credible DACs are announced and fall after the value is transferred from PTS/AGS to the DAC at each new snapshot.  Think of PTS as a battery that charges up and then discharges each time a new snapshot is taken - like a camera flash charges and discharges.

3. Holding Bitshares XT will also give me a % percentage of Bitshares ME as well before it is launched? The exact % again to be announced or it is 1:1 allocation? Or depends when it is released? Basically how do we estimate that % everytime there is a new DAC release?

BitShares XT is the franchise for Bank and Exchange DACs.  It has no effect on BitShares ME or vice versa.  We will make the ME chain available to developers as a spinoff using some of our early BitShares XT technology.  You will need to evaluate what other developers are offering to develop a ME chain from this toolkit.  We know of one who appears to be planning to launch a chain this spring, but it is up to them to convince this community that they should be supported and to defeat any competitors who may emerge for them.  Watch for their announcement when they are ready.

4. When Bitshares i.e Bingo is launced then the new shares will honor at least 10% AGS/PTS, x% of Bitshares X (how do we calculate this), and 1:1 of Bitshares ME? and so on...?

We will release a simple toolkit for a lottery franchise from which others can derive any number of new and exciting games.  Watch to see who announces an intent to compete using this DAC family toolkit.

Thank you very much for the replies in advance!!

See my replies in bold.  All of this is the subject of this month's newsletter to be released early this week.
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.