Sidechain bitAssets

[Brekyrself]

Didn't you hear the mumble?

Dannostein already has code for another project he could monnetize here, and we could have a multisig sidechain in 3 months effectively allowing bitcoins to trade on our 3 second smartchain, sucking all the bitcoins off the bitcoin blockchain and onto ours and creating perfect pegs in the process.

Total estimated cost:

$200k, a mere $5,000 Ethereum IPO investment (sold today)

We would effectively become bitcoin's "lightning network"

If some code already exists is it possible for a rough proof of concept?  Having something to show this is even possible would help fundraising efforts.

[fuzzy]

problem is the costs, I really don't see the community willing to spend 200k on that, given the dilution hate.

2/3 or more would have to be crowdfunded imo.

I will gladly hold a donation drive for such a thing. 

This is how I see it going: We have a thread on bitcointalk asking (for donations in btc) and a thread on bitsharestalk (accepting btc, bts and maybe bitUSD/bitCNY).  Make the bitcoin in our ecosystem a fee backed asset (with a floating fee that is set to always undercut the competition?). 

Then give a cut of those fees to those accounts that donated...kind of like with onceuponatime and stealth.

We could all reach out to the blockstream devs too and give them the bts donated for mike hearn for a hangout to celebrate bitcoins first sidechain. We could promote Beyond Bitcoin and bitshares at the same time...and it would be a huge press release once the entire bitcoin infrastructure starts saying "zomg we need to use the btc service they are running!"
Not to mention the beyond bitcoin logo is meant specifically to make bitshares look like armor around a bitcoin.  Wraps up quite nicely in a little package if you ask me.

[CryptoPrometheus]

Didn't you hear the mumble?

Dannostein already has code for another project he could monnetize here, and we could have a multisig sidechain in 3 months effectively allowing bitcoins to trade on our 3 second smartchain, sucking all the bitcoins off the bitcoin blockchain and onto ours and creating perfect pegs in the process.

Total estimated cost:

$200k, a mere $5,000 Ethereum IPO investment (sold today)

We would effectively become bitcoin's "lightning network"

Yes, this is an extension of the mumble discussion. I just modified the op for clarity - what I am talking about is creating USD, CNY or GOLD derivative assets using the sidchain BTC or ETH as collateral.

[Erlich Bachman]

I agree, but since sidechains generate "transactions" by nature, then some % of future revenue can go toward paying the investors.

Essentially, a FBA, like with stealth, where whenever there is a stealth transfer, onceuponatime's FBA gets paid.  Whenever there would be a sidechain transaction, some of the fees would go to the miner, and the rest to the FBA.

I would invest in such a FBA.

[Akado]

problem is the costs, I really don't see the community willing to spend 200k on that, given the dilution hate.

2/3 or more would have to be crowdfunded imo.

[Erlich Bachman]

Didn't you hear the mumble?

Dannostein already has code for another project he could monnetize here, and we could have a multisig sidechain in 3 months effectively allowing bitcoins to trade on our 3 second smartchain, sucking all the bitcoins off the bitcoin blockchain and onto ours and creating perfect pegs in the process.

Total estimated cost:

$200k, a mere $5,000 Ethereum IPO investment (sold today)

We would effectively become bitcoin's "lightning network"

[CryptoPrometheus]

This thread is to discuss the possibility of derivative assets such as USD, CNY and GOLD backed by Real BTC, ETH, DOGE, LTC, etc. in a way that is completely decentralized.

How would we go about this?

This has never been done before, as far as I know. It could end up bringing more awareness to our amazing innovation - bitAssets - that IMO has received far too little attention to date.

Could the multi-sig parties to a sidechain account simply create privatised bitAssets and publish price feeds?

My hunch is that many people are hesitant to hold or trade a derivative backed by a "penny stock", and unfortunately right now BTS is a sub-penny stock. So until the day that BTS becomes the powerhouse it is destined to be, would this be a viable alternative?

Thoughts?