Author Topic: [ANN - AMA] bitCash - Digital Money of the Future!  (Read 43388 times)

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Offline cryptoassets

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #210 on: December 23, 2015, 04:04:46 am »
Hi Merivercap,

I'd like to join. I'm sort of new I know ,but I'm involved in a altcoin for Marijuana so would be interested to see how all this plays out :)

P.S
I saw the video pretty kickass!  ;)

Offline merivercap

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #211 on: December 23, 2015, 05:50:49 am »
Hi Merivercap,

I'd like to join. I'm sort of new I know ,but I'm involved in a altcoin for Marijuana so would be interested to see how all this plays out :)

P.S
I saw the video pretty kickass!  ;)

Thanks!  ... and welcome to the bitCash Founder's Club and the Bitshares forums!   It would be great to collaborate...what altcoin are you involved with?
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Offline merivercap

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #212 on: January 15, 2016, 10:48:23 pm »
Hey guys Happy New Year and let's work to make 2016 great! 

I wanted to release a white paper on Bitshares soon and wanted feedback and review.  BM and xeroc have reviewed it and helped make some corrections, but I wanted community feedback to make sure it reads well and don't have any glaring errors.   The main purpose of this whitepaper is to: 1) simplify the technology in a similar style to the Bitcoin whitepaper 2) help influencers and others feel comfortable with the technology.  Let me know what you guys think.  Thanks!  BTW it's only 3.5 pages!

---------------------------------------------------------------------------------------------------------------------------------

Bitshares - A Peer-to-Peer Payment & Monetary Asset System (Whitepaper Draft)

Abstract:  A peer-to-peer system that enables the creation of monetary assets pegged to local currencies can be used as electronic cash for online payments between two people without the need for a financial institution.  Similar to the Bitcoin system digital signatures are used, but instead of proof-of-work a delegated proof-of-stake protocol is used to prevent double-spends and maintain the security of the network.  Similar to how existing corporations and organizations function today, stakeholders vote to determine who the operators of the network are.  Stakeholders vote to determine which particular set of witness nodes can validate transactions on the network and enter a record into the history of transactions called the blockchain.  Double-spends cannot occur because the consensus for valid transactions is between a deterministic set of witness nodes that agree on the order of transactions.  Other non-witness nodes in the protocol can monitor transactions to audit the integrity of the blockchain.  The value of the network system is determined by people‚Äôs expectations of future dividends from the revenue the network earns on transaction fees for payment transfers and asset exchanges.  The value of the network system is used as collateral to create monetary assets that can track the value of local currencies as well as other assets.  The network system uses price feeds and internal exchange prices to determine the value of the collateral at any given time and to ensure sufficient collateral is maintained for each corresponding monetary asset. 

Continued here:
https://docs.google.com/document/d/1IwNEV-y-O-lsOPFkhotDHhvVm2cLV38PdImoWGSQvQ8/edit?usp=sharing
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Offline konelectric

Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #213 on: January 16, 2016, 12:17:45 am »
 +5%   :D
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Offline lovejoy

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #214 on: January 16, 2016, 01:05:32 am »
 +5% Great work!  I need to read this again tomorrow and look at it with clear eyes.
The only thing that immediately jumps out to me is the conclusion.

I would say this differently, but I haven't figured out how exactly yet.

Quote
9.  Conclusion

We have described a peer-to-peer payment and monetary asset system that enables users to make payments in assets that are pegged to local currencies.  We start with the framework of Bitcoin and other coin systems that use cryptographic digital signatures to securely transfer ownership.  Bitcoin is currently not widely used as a unit of account and may take many years or decades before it becomes the standard monetary unit of account.  Hence the proposed system provides a framework to enable users to create monetary assets that are pegged to local fiat currencies for more convenient use. The system begins with a delegated-proof-of-stake protocol (DPOS) to allow stakeholders to vote on the operations of the network just like traditional organizations and companies.  DPOS also enables stakeholders to select witness nodes to produce blocks and record the transaction history into the blockchain.  Stakeholders can also create monetary assets that are collateralized by shares in the network and use internal and external exchange prices to value the collateral so each monetary asset remains sufficiently backed over time.

My issues begin with: "We start with the framework of Bitcoin and..." "...may take many years or decades before..." and "the proposed system"

I'd suggest naming the "proposed system" within the document.  The Graphene Toolkit, BitShares, or an effective generic descriptor.  The "proposed system" is somewhat confusing and weaker than need be since the system is in fact operational currently, and that's a majorly strong point, it does exist not just in theory... As demonstrated by, and so forth.

I can't really think clearly about how to reformulate this right now, I'll look again tomorrow, but that's my 2bts.

Offline merivercap

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #215 on: January 16, 2016, 02:51:27 am »
+5%   :D

Thanks [member=21529]konelectric[/member] !  Let me know if you have any questions.

+5% Great work!  I need to read this again tomorrow and look at it with clear eyes.
The only thing that immediately jumps out to me is the conclusion.

I would say this differently, but I haven't figured out how exactly yet.

Quote
9.  Conclusion

We have described a peer-to-peer payment and monetary asset system that enables users to make payments in assets that are pegged to local currencies.  We start with the framework of Bitcoin and other coin systems that use cryptographic digital signatures to securely transfer ownership.  Bitcoin is currently not widely used as a unit of account and may take many years or decades before it becomes the standard monetary unit of account.  Hence the proposed system provides a framework to enable users to create monetary assets that are pegged to local fiat currencies for more convenient use. The system begins with a delegated-proof-of-stake protocol (DPOS) to allow stakeholders to vote on the operations of the network just like traditional organizations and companies.  DPOS also enables stakeholders to select witness nodes to produce blocks and record the transaction history into the blockchain.  Stakeholders can also create monetary assets that are collateralized by shares in the network and use internal and external exchange prices to value the collateral so each monetary asset remains sufficiently backed over time.

My issues begin with: "We start with the framework of Bitcoin and..." "...may take many years or decades before..." and "the proposed system"

I'd suggest naming the "proposed system" within the document.  The Graphene Toolkit, BitShares, or an effective generic descriptor.  The "proposed system" is somewhat confusing and weaker than need be since the system is in fact operational currently, and that's a majorly strong point, it does exist not just in theory... As demonstrated by, and so forth.

I can't really think clearly about how to reformulate this right now, I'll look again tomorrow, but that's my 2bts.

[member=21099]lovejoy[/member]  Thanks for the feedback!  Yeah that makes sense.  I will remove 'proposed' in the conclusion.  I do understand what you are saying about it being weak without specific names, but I tried to avoid repeating  'Bitshares' many times similar to the way the Bitcoin paper was written.  Satoshi's paper was broad and theoretical and only used Bitcoin in the title so I tried to do the same.  So that is more the academic style I guess.   

I also agree the bolded can be improved. Second sentence is awkward... The third bolded sentence is redundant compared to the very first...  What about:

We have described a peer-to-peer payment and monetary asset system that enables users to make payments in assets that are pegged to local currencies.  We start with the framework of Bitcoin and other [electronic] coin systems that use cryptographic digital signatures to securely transfer ownership.  Bitcoin is currently not widely used as a unit of account and may take many years or decades before it becomes the standard monetary unit of account.  Hence the proposed system provides a framework to enable users to create monetary assets that are pegged to local fiat currencies for more convenient use.  The system begins with adds a delegated-proof-of-stake protocol (DPOS) to allow stakeholders to vote on the operations of the network just like traditional organizations and companies.  DPOS also enables stakeholders to select witness nodes to produce blocks and record the transaction history into the blockchain.  [Finally], stakeholders can also create monetary assets that are collateralized by shares in the network and [that] use internal and external exchange prices to value the collateral so [that] each monetary asset remains sufficiently backed over time.  Therefore, the system offers users stable monetary assets that are pegged to local fiat currencies for convenience.


Let me know if that works better...thx!
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Offline merivercap

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #216 on: January 16, 2016, 02:58:21 am »
...also I should add  'without going through a financial institution' to the first sentence:

We have described a peer-to-peer payment and monetary asset system that enables users to make payments in assets that are pegged to local currencies [without going through a financial institution.]
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Offline merivercap

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #217 on: February 16, 2016, 05:44:12 am »
Thanks [member=21099]lovejoy[/member] for your feedback!  Edited the whitepaper with your recommendations.  I put a link the whitepaper at: bitcash.org
#sharebits lovejoy 10 GIFTS.BCSHAREPTS

Thanks for your support [member=21529]konelectric[/member] !
#sharebits konelectric 1 GIFTS.BCSHAREPTS

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Offline btstip

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #218 on: February 16, 2016, 05:45:29 am »
Hey merivercap, here are the results of your tips...
  • lovejoy: has been credited 10 GIFTS.BCSHAREPTS
  • konelectric: has been credited 1 GIFTS.BCSHAREPTS
Curious about ShareBits? Visit us at http://sharebits.io and start tipping BTS on https://bitsharestalk.org/ today!
Created by hybridd

Offline merivercap

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #219 on: February 16, 2016, 05:49:14 am »
Ok I was going to wait until we got to 60 to make a distribution but might as well go ahead and do it.

51. #sharebits Tuck Fheman 20 GIFTS.BCSHAREPTS
52. #sharebits jakub 20 GIFTS.BCSHAREPTS
53. #sharebits oakmaster 20 GIFTS.BCSHAREPTS
54. #sharebits "mint chocolate chip" 20 GIFTS.BCSHAREPTS
55. #sharebits iHashFury 20 GIFTS.BCSHAREPTS
56. #sharebits rafter 20 GIFTS.BCSHAREPTS
57. #sharebits complexring 20 GIFTS.BCSHAREPTS
58. #sharebits cryptoassets 20 GIFTS.BCSHAREPTS

Welcome to the BitCash Founder's Club everyone!
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Offline merivercap

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #220 on: February 16, 2016, 05:51:24 am »
Forgot the mentions: [member=41349]Tuck Fheman[/member] [member=19939]jakub[/member] [member=8300]oakmaster[/member] [member=4524]mint chocolate chip[/member] [member=2186]iHashFury[/member] [member=40263]rafter[/member] [member=32027]complexring[/member] @cryptoassets
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Offline merivercap

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #221 on: February 16, 2016, 07:01:12 am »
Hey all.

Hope all is well.  Sorry for the lack of updates.  We have been a bit delayed with finishing the initial version of the simple mobile app, but we are making progress so we'll let you all know when we get a better estimate of when we will have it out for testing.

Anyways I wanted to get a BitCash Founder's Club vote on our faucet allocation.  We have a faucet set up at: https://bts.bitcash.org
Thanks  so much [member=9301]puppies[/member] for helping make this happen!

Note: We don't plan to open the faucet up for new accounts yet, but feel free to import keys if you want to use the wallet.  It's the same as OL just with different colors.

It would be great to have a generous allocation for the referral program and wanted your vote and feedback.  The referral program currently gives 20% to the network and 30% to lifetime members.   We get to decide the remaining 50% between referrers (annual/lifetime members) and our faucet/registrar.   For example we can have 10% of referral revenue go to the faucet, then 40% will go to annual/lifetime members, an additional 30% would go to the lifetime member, and 20% would go to the network.   

It would be great to have everyone one of us and our supporters well-rewarded for spreading the word!  Here are the allocation options to vote on:

A) 20% faucet / 30% annual/lifetime member / 30% lifetime / 20% network
B) 10% faucet / 40% annual/lifetime member / 30% lifetime / 20% network
C) 5% faucet / 45% annual/lifetime member / 30% lifetime / 20% network
D) 0% faucet / 50% annual/lifetime member / 30% lifetime / 20% network
E) Other, please explain

I don't mind having 0% for the faucet, but in general our faucet has to manage spam and there is a possibility that people might create lifetime member farms that create many membership accounts so it may be safer to allocate some referral revenue to the faucet to prevent abuse.  Right now it takes about 95 BTS to open new accounts, 4,000 BTS for an annual membership, 20,000 BTS for a lifetime membership. Allocating 5% for the faucet will give it 200 BTS if a referral upgrades to an annual membership, enough to cover two account creations.

We'll keep the vote open for two weeks? 
Please vote and let me know what you guys think.... thanks! 
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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #222 on: February 16, 2016, 08:02:05 am »
Hey all.

Hope all is well.  Sorry for the lack of updates.  We have been a bit delayed with finishing the initial version of the simple mobile app, but we are making progress so we'll let you all know when we get a better estimate of when we will have it out for testing.

Anyways I wanted to get a BitCash Founder's Club vote on our faucet allocation.  We have a faucet set up at: https://bts.bitcash.org
Thanks  so much [member=9301]puppies[/member] for helping make this happen!

Great!!

Quote
Note: We don't plan to open the faucet up for new accounts yet, but feel free to import keys if you want to use the wallet.  It's the same as OL just with different colors.

Don't get me wrong, but I would recommend to not simply import your
private keys
here unless you publish the sources as well as the
deployed code. Then people can compare with the original code and see
you didn't tamper with it. I am sure you understand that!

This is not an issue particular to bitcash, but we might need to find a
way to show to users that their keys do not leave their browsers. Not
sure how to do that though ([member=7866]jcalfee1[/member], [member=11456]svk[/member] ??)

Quote
It would be great to have a generous allocation for the referral program and wanted your vote and feedback.  The referral program currently gives 20% to the network and 30% to lifetime members.   We get to decide the remaining 50% between referrers (annual/lifetime members) and our faucet/registrar.   For example we can have 10% of referral revenue go to the faucet, then 40% will go to annual/lifetime members, an additional 30% would go to the lifetime member, and 20% would go to the network.   

It would be great to have everyone one of us and our supporters well-rewarded for spreading the word!  Here are the allocation options to vote on:

A) 20% faucet / 30% annual/lifetime member / 30% lifetime / 20% network
B) 10% faucet / 40% annual/lifetime member / 30% lifetime / 20% network
C) 5% faucet / 45% annual/lifetime member / 30% lifetime / 20% network
D) 0% faucet / 50% annual/lifetime member / 30% lifetime / 20% network
E) Other, please explain

Not sure if I understand correctly the difference between
"faucet", "annual/lifetime member" and "lifetime". The faucet is usually
called "registrar" because it pays the registration fee. One of the
other both is usually called "Lifetime Referrer" and the other is called
Affiliate Referrer.

If
 - "annual/lifetime member" = affiliate referrer"
 - "lifetime" = Lifetime referer
then I vote for option "B".

Quote
I don't mind having 0% for the faucet, but in general our faucet has to manage spam and there is a possibility that people might create lifetime member farms that create many membership accounts so it may be safer to allocate some referral revenue to the faucet to prevent abuse.  Right now it takes about 95 BTS to open new accounts, 4,000 BTS for an annual membership, 20,000 BTS for a lifetime membership. Allocating 5% for the faucet will give it 200 BTS if a referral upgrades to an annual membership, enough to cover two account creations.
Would you faucet allow registration of premium names? Why would the
faucet care about annual or lifetime fees? Would YOU pay for those
upgrades?
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Offline merivercap

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #223 on: February 16, 2016, 08:31:02 am »

Note: We don't plan to open the faucet up for new accounts yet, but feel free to import keys if you want to use the wallet.  It's the same as OL just with different colors.

Don't get me wrong, but I would recommend to not simply import your
private keys
here unless you publish the sources as well as the
deployed code. Then people can compare with the original code and see
you didn't tamper with it. I am sure you understand that!

This is not an issue particular to bitcash, but we might need to find a
way to show to users that their keys do not leave their browsers. Not
sure how to do that though ([member=7866]jcalfee1[/member], [member=11456]svk[/member] ??)

Sure anything to help any concerns would be good to have.  Thanks!

Quote
It would be great to have a generous allocation for the referral program and wanted your vote and feedback.  The referral program currently gives 20% to the network and 30% to lifetime members.   We get to decide the remaining 50% between referrers (annual/lifetime members) and our faucet/registrar.   For example we can have 10% of referral revenue go to the faucet, then 40% will go to annual/lifetime members, an additional 30% would go to the lifetime member, and 20% would go to the network.   

It would be great to have everyone one of us and our supporters well-rewarded for spreading the word!  Here are the allocation options to vote on:

A) 20% faucet / 30% annual/lifetime member / 30% lifetime / 20% network
B) 10% faucet / 40% annual/lifetime member / 30% lifetime / 20% network
C) 5% faucet / 45% annual/lifetime member / 30% lifetime / 20% network
D) 0% faucet / 50% annual/lifetime member / 30% lifetime / 20% network
E) Other, please explain

Not sure if I understand correctly the difference between
"faucet", "annual/lifetime member" and "lifetime". The faucet is usually
called "registrar" because it pays the registration fee. One of the
other both is usually called "Lifetime Referrer" and the other is called
Affiliate Referrer.

If
 - "annual/lifetime member" = affiliate referrer"
 - "lifetime" = Lifetime referer
then I vote for option "B".

That's correct.  Thanks for the vote! 

Quote
I don't mind having 0% for the faucet, but in general our faucet has to manage spam and there is a possibility that people might create lifetime member farms that create many membership accounts so it may be safer to allocate some referral revenue to the faucet to prevent abuse.  Right now it takes about 95 BTS to open new accounts, 4,000 BTS for an annual membership, 20,000 BTS for a lifetime membership. Allocating 5% for the faucet will give it 200 BTS if a referral upgrades to an annual membership, enough to cover two account creations.
Would you faucet allow registration of premium names? Why would the
faucet care about annual or lifetime fees? Would YOU pay for those
upgrades?


It should work like OpenLedger.  I don't think faucets typically allow registration of premium names correct?  I just thought if the faucet makes 0%, a lifetime member would just create many lifetime member accounts to sell/giveaway/spam using the faucet.  Lifetime members could automatically upgrade the new accounts and know they would get everything back.  The faucet may need to generate just a bit of revenue from annual/lifetime fees for referred accounts to prevent lifetime members from taking advantage of the system? 
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Offline puppies

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Re: [ANN - AMA] bitCash - Digital Money of the Future!
« Reply #224 on: February 16, 2016, 10:23:46 pm »
[member=120]xeroc[/member] would you suggest just having a git fork that includes the changes to the wallet files?  Is there a way to have a cryptographic signature that could be checked by the end user?
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