[ANN - AMA] bitCash - Digital Money of the Future!

[merivercap]

...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.]

[merivercap]

   

Thanks @konelectric !  Let me know if you have any questions.

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.

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.

@lovejoy  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!

[lovejoy]

  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.

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.

[konelectric]

    

[merivercap]

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’s 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

[merivercap]

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?

[cryptoassets]

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! 

[merivercap]

Count me in!

 

Welcome to the club @complexring !

So far for 51-60 we have:
51. Tuck Fheman
52. jakub
53. oakmaster
54. mint chocolate chip
55. iHashFury
56. rafter
57. complexring
58.
59.
60.

Three spots left for the next 10 in the Founder's Club!  Just let me know of your support and interest in being part of the club!

BTW Please let me know what you guys think of the intro video if you haven't already seen it at: http://www.bitcash.org

If you think it's cool please like, comment, share, subscribe.. Thanks!

[oakmaster]

Thanks @iHashFury btw I don't see any youtube likes yet other than from my own business account.. hmmm.. I'm trying to figure out why there aren't more likes in general..  I may have to seed it with a couple more likes from my other couple gmail accounts.. [emoji14]..but I really want to observe the organic likes..

Gave you a Like and a Comment. 
Edit: tweeted it too.

Thanks for taking the lead on the youtube comment @konelectric !

I tweeted it shared it on Facebook but it won't come up oakmaster it's under my name again I think u did awesome on that video

Great thanks so much @oakmaster!  Really helps!

For commenting, tweeting, sharing, liking @oakmaster @konelectric @iHashFury :
#sharebits oakmaster 2 GIFTS.BCSHAREPTS
#sharebits konelectric 2 GIFTS.BCSHAREPTS
#sharebits iHashFury 2 GIFTS.BCSHAREPTS

thanks @merivercap

[complexring]

Count me in!

 

[38PTSWarrior]

MOOON :-D

[merivercap]

Thanks!

Thanks for the support!

The video is good. Fresh and cool and fun. Thanks for the shares and success from dirty thirty

I like that.. the 'dirty thirty'.. cool.  Thanks for the support!

[38PTSWarrior]

The video is good. Fresh and cool and fun. Thanks for the shares and success from dirty thirty

[btstip]

Hey merivercap, here are the results of your tips...

• bank-king: has been credited 20 GIFTS.BCSHAREPTS
• xeroc: has been credited 20 GIFTS.BCSHAREPTS
• 38PTSWarrior: has been credited 20 GIFTS.BCSHAREPTS
• konelectric: has been credited 20 GIFTS.BCSHAREPTS
• hadrian: has been credited 20 GIFTS.BCSHAREPTS
• carpet ride: has been credited 20 GIFTS.BCSHAREPTS
• Chris4210X: has been credited 20 GIFTS.BCSHAREPTS
• montpelerin: has been credited 20 GIFTS.BCSHAREPTS
• mf-tzo: has been credited 20 GIFTS.BCSHAREPTS
• aloha: has been credited 20 GIFTS.BCSHAREPTS
• alt: has been credited 20 GIFTS.BCSHAREPTS
• mangou007: has been credited 20 GIFTS.BCSHAREPTS
• well.attenuated: has been credited 20 GIFTS.BCSHAREPTS
• DestBest: has been credited 20 GIFTS.BCSHAREPTS
• jaran: has been credited 20 GIFTS.BCSHAREPTS
• onceuponatime: has been credited 20 GIFTS.BCSHAREPTS
• abit: has been credited 20 GIFTS.BCSHAREPTS
• tbone: has been credited 20 GIFTS.BCSHAREPTS
• dichalcog3nid3: has been credited 20 GIFTS.BCSHAREPTS
• valzav: has been credited 20 GIFTS.BCSHAREPTS

Curious about ShareBits? Visit us at http://sharebits.io and start tipping BTS on https://bitsharestalk.org/ today!

Source: https://bitsharestalk.org/index.php/topic,20125.msg267470/topicseen.html#msg267470

Created by hybridd

[merivercap]

To the next 20 in the Founder's club!

1. @cass - sent
2. @Pheonike - sent
3. @void  - sent
4. @ebit - sent
5. @DMo09 - sent
6. @puppies - sent
7. @emailtooaj - sent
8. @merockstar - sent
9. @donkeypong - sent
10. @roadscape -sent
11. @Louis -sent
12. @fav -sent
13. @Ben Mason -sent
14. @Bhuz -sent
15. @Frodo -sent
16. @spartako -sent
17. @cube -sent
18. @tonyk -sent
19. @TravelAsia -sent
20. @lafona -sent
21. @testz -sent
22. @rgcrypto -sent
23. @Bunker Chain Labs -sent
24. @EstefanTT -sent
25. @Pairmike -sent
26. @CalibiYau -sent
27. @lovejoy -sent
28. @JWF -sent
29. @fuzzy -sent
30. @Akado -sent

To the next 20 in the BitCash Founder's Club!

31. @bang-king #sharebits bank-king 20 GIFTS.BCSHAREPTS
32. @xeroc #sharebits xeroc 20 GIFTS.BCSHAREPTS
33. @38PTSWarrior #sharebits 38PTSWarrior 20 GIFTS.BCSHAREPTS
34. @konelectric #sharebits konelectric 20 GIFTS.BCSHAREPTS
35. @hadrian #sharebits hadrian 20 GIFTS.BCSHAREPTS
36. @carpet ride #sharebits "carpet ride" 20 GIFTS.BCSHAREPTS
37. @Chris4210X #sharebits Chris4210X 20 GIFTS.BCSHAREPTS
38. @montpelerin #sharebits montpelerin 20 GIFTS.BCSHAREPTS
39. @mf-tzo #sharebits mf-tzo 20 GIFTS.BCSHAREPTS
40. @aloha #sharebits aloha 20 GIFTS.BCSHAREPTS
41. @alt #sharebits alt 20 GIFTS.BCSHAREPTS
42. @mangou007 #sharebits mangou007 20 GIFTS.BCSHAREPTS
43. @well.attenuated #sharebits well.attenuated 20 GIFTS.BCSHAREPTS
44. @DestBest #sharebits DestBest 20 GIFTS.BCSHAREPTS
45. @jaran #sharebits jaran 20 GIFTS.BCSHAREPTS
46. @onceuponatime #sharebits onceuponatime 20 GIFTS.BCSHAREPTS
47. @abit #sharebits abit 20 GIFTS.BCSHAREPTS
48. @tbone #sharebits tbone 20 GIFTS.BCSHAREPTS
49. @dichalcog3nid3 #sharebits dichalcog3nid3 20 GIFTS.BCSHAREPTS
50. @valzav #sharebits valzav 20 GIFTS.BCSHAREPTS

Thanks for your support! 

BTW Please let me know what you guys think of the intro video if you haven't already seen it at: http://www.bitcash.org

If you think it's cool please like, comment, share, subscribe.. Thanks!