Bittwenty (index fund) is almost alive ! Witness opportunity !

[天籁]

[EstefanTT]

The first witness is having a look at the code as we speak.

Two remaining places available for this opportunity of providing this smartcoin feed and profit for its future market !!!

[xeroc]

Great Job ... looking forward ..

[svk]

This is awesome, looking forward to seeing it go live!


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[EstefanTT]

The real question is: why the hell do you need those witnesses? Why can't you just feed your own index to your own coin?

Yes I can and I did during the testing phase.

Would would happen if I successfully grow this new market and people start realizing that I can, any tine I want, play with the value of my index and dishonestly make money on my owm market

I didn't wanted to create a fun smartcoin to play with or a toy for this community. I wanted an reliable, robust and trustless cryptocurrency index fund.

We found a way do it. The composition of the index is publish in the BitShares blockchain and the witness will read this composition so he can built the price. That way, we can monthly send the new composition in the blockchain but any attempt to game our own index would be publicly seen.

There is a couple more parameters publish in the blockchain. The details wil be avaioable in the website after launch.

Trust and centralisation problems solved and you can talk seriously with people with deep pockets.

Sent from my SM-G900F using Tapatalk

Oh, I see. You are going to help witnesses to calculate your index on their own, right? This is indeed a good, clean approach. In fact, you could launch your coin now and start publishing feed price by yourself, and add witnesses later when volunteers are available. Your choice though.

This coin makes more sense than any of crap coins created on bitshares during last year. You have to advertise it well to crypto community.

Yes I could launch it now, publishing the feed myself ( have the script working) but I won't. I don't want to risk a laps of 24h or more without feed during the transition between me and the witness. I still have to see if it works with them.
I don't see reasons why it wouldn't but anything can surprise you in the informatic world.

The index has a composition with different weight for each coins. This composition is sent in the blockchain as a memo attach to a transaction.
The witness script read this memo, get the composition of the index, get the price of each coins on several web site API, check the output and publish it.

The part where the script check the output is to avoid blackswan events caused by a bug in a API. If the index price move to fast in a direction (more than x %) the script slow down the movment and send us a mail so we can check if everything is right. If the movment is too strong the script suspend itself until a une Tx with memo is sent to allow it to continue.

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@EstefanTT and http://www.Bitsharesfcx.com have more than proven themselves over the past year or so. If I was a Witness, I would be glad to publish your feed.
 
You have my support Estefan, for what little it's worth.

Thanks Ken, your support is very appreciated !

I'm very happy to bring something new to this community.

It's been a long trip, we started privately this index in july 2015. We found a lot of problems in our way since we dicided to create it in BitShares early 2016.
Now it's finally done, the funny part of promotion is ahead !

I see a good potential in this index. Especially when people will see in the web site the data since 2015, how the index moved, how it's built and how secure and trustless it is.

[kenCode]

The real question is: why the hell do you need those witnesses? Why can't you just feed your own index to your own coin?

Yes I can and I did during the testing phase.

Would would happen if I successfully grow this new market and people start realizing that I can, any tine I want, play with the value of my index and dishonestly make money on my owm market

I didn't wanted to create a fun smartcoin to play with or a toy for this community. I wanted an reliable, robust and trustless cryptocurrency index fund.

We found a way do it. The composition of the index is publish in the BitShares blockchain and the witness will read this composition so he can built the price. That way, we can monthly send the new composition in the blockchain but any attempt to game our own index would be publicly seen.

There is a couple more parameters publish in the blockchain. The details wil be avaioable in the website after launch.

Trust and centralisation problems solved and you can talk seriously with people with deep pockets.

Sent from my SM-G900F using Tapatalk

Oh, I see. You are going to help witnesses to calculate your index on their own, right? This is indeed a good, clean approach. In fact, you could launch your coin now and start publishing feed price by yourself, and add witnesses later when volunteers are available. Your choice though.

This coin makes more sense than any of crap coins created on bitshares during last year. You have to advertise it well to crypto community.

Yes I could launch it now, publishing the feed myself ( have the script working) but I won't. I don't want to risk a laps of 24h or more without feed during the transition between me and the witness. I still have to see if it works with them.
I don't see reasons why it wouldn't but anything can surprise you in the informatic world.

The index has a composition with different weight for each coins. This composition is sent in the blockchain as a memo attach to a transaction.
The witness script read this memo, get the composition of the index, get the price of each coins on several web site API, check the output and publish it.

The part where the script check the output is to avoid blackswan events caused by a bug in a API. If the index price move to fast in a direction (more than x %) the script slow down the movment and send us a mail so we can check if everything is right. If the movment is too strong the script suspend itself until a une Tx with memo is sent to allow it to continue.

Sent from my SM-G900F using Tapatalk

@EstefanTT and http://www.Bitsharesfcx.com have more than proven themselves over the past year or so. If I was a Witness, I would be glad to publish your feed.
 
You have my support Estefan, for what little it's worth.

[EstefanTT]

The real question is: why the hell do you need those witnesses? Why can't you just feed your own index to your own coin?

Yes I can and I did during the testing phase.

Would would happen if I successfully grow this new market and people start realizing that I can, any tine I want, play with the value of my index and dishonestly make money on my owm market

I didn't wanted to create a fun smartcoin to play with or a toy for this community. I wanted an reliable, robust and trustless cryptocurrency index fund.

We found a way do it. The composition of the index is publish in the BitShares blockchain and the witness will read this composition so he can built the price. That way, we can monthly send the new composition in the blockchain but any attempt to game our own index would be publicly seen.

There is a couple more parameters publish in the blockchain. The details wil be avaioable in the website after launch.

Trust and centralisation problems solved and you can talk seriously with people with deep pockets.

Sent from my SM-G900F using Tapatalk

Oh, I see. You are going to help witnesses to calculate your index on their own, right? This is indeed a good, clean approach. In fact, you could launch your coin now and start publishing feed price by yourself, and add witnesses later when volunteers are available. Your choice though.

This coin makes more sense than any of crap coins created on bitshares during last year. You have to advertise it well to crypto community.

Yes I could launch it now, publishing the feed myself ( have the script working) but I won't. I don't want to risk a laps of 24h or more without feed during the transition between me and the witness. I still have to see if it works with them.
I don't see reasons why it wouldn't but anything can surprise you in the informatic world.

The index has a composition with different weight for each coins. This composition is sent in the blockchain as a memo attach to a transaction.
The witness script read this memo, get the composition of the index, get the price of each coins on several web site API, check the output and publish it.

The part where the script check the output is to avoid blackswan events caused by a bug in a API. If the index price move to fast in a direction (more than x %) the script slow down the movment and send us a mail so we can check if everything is right. If the movment is too strong the script suspend itself until a une Tx with memo is sent to allow it to continue.

Sent from my SM-G900F using Tapatalk

[yvv]

The real question is: why the hell do you need those witnesses? Why can't you just feed your own index to your own coin?

Yes I can and I did during the testing phase.

Would would happen if I successfully grow this new market and people start realizing that I can, any tine I want, play with the value of my index and dishonestly make money on my owm market

I didn't wanted to create a fun smartcoin to play with or a toy for this community. I wanted an reliable, robust and trustless cryptocurrency index fund.

We found a way do it. The composition of the index is publish in the BitShares blockchain and the witness will read this composition so he can built the price. That way, we can monthly send the new composition in the blockchain but any attempt to game our own index would be publicly seen.

There is a couple more parameters publish in the blockchain. The details wil be avaioable in the website after launch.

Trust and centralisation problems solved and you can talk seriously with people with deep pockets.

Sent from my SM-G900F using Tapatalk

Oh, I see. You are going to help witnesses to calculate your index on their own, right? This is indeed a good, clean approach. In fact, you could launch your coin now and start publishing feed price by yourself, and add witnesses later when volunteers are available. Your choice though.

This coin makes more sense than any of crap coins created on bitshares during last year. You have to advertise it well to crypto community.

[EstefanTT]

A quick reminder for witnesses, I'm basicaly offering free money.

All I need is witnesses to take a look at the python script I've made specially for you, verify it's all legit and run it to publish the price, that's it. You'll have a % of this future market revenue as long as you stay witness.



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[EstefanTT]

@xeroc brought to my attention last week something called privatized bitassets.

Apparently there is a way to run your own smartcoin without witness assistance.

I would be very interested to learn more about how to set that up..

Nothing complicated about it, I did it the last months when I was testing my scripts.

You just have to add in the CLI the accounts allowed to publish the price feed of the smartcoin and disable the witness.

As you can read read in the answrrs I provided earlier in this thread, centralisation and trust is an issue for me. I wanted the smartcoin to be as much decentralsied and trustless as possible.

I wouldn't care too much about it if I were to invest 1000$ in the index. Imagine now I am a Bitcoin Whale and I want to purchase 500k$ of Bittwenty ... I would be very worried knowing the index could be manipulated by anyone in the Bittwenty team. I think this whale wouldn't even consider this index.



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[EstefanTT]

Awesome! Something like this has great potential imo. I would definitely buy some Liquidity is probably going to be a serious problem though. (I really think we need a way to pay interest to shorters...)

I'm also trying to understand the need of witness in this index. So it's a UIA traded index? like what Cyber.Fund have build on BitShares (SPIES).

No, this is not an UIA. It is a smartcoin like bitUSD, bitGOLD etc. No third party is actually holding altcoins, it is just a derivative powered by the DEX. Hence witnesses are needed to provide the price feed.

Thabks for answering question xhile I was sleeping.

Yes liquidity may be a problem, same problem we have with our BitAssets.
I suspect, as this index is very appealing, the buy wall will grow and that could trigger shorters activity.
If there no nothing else to short in our BitAssets markets and there is thousands of $ in the buy wall of Bittwenty, that should kick start the trading.



Sent from my SM-G900F using Tapatalk

[EstefanTT]

The real question is: why the hell do you need those witnesses? Why can't you just feed your own index to your own coin?

Yes I can and I did during the testing phase.

Would would happen if I successfully grow this new market and people start realizing that I can, any tine I want, play with the value of my index and dishonestly make money on my owm market

I didn't wanted to create a fun smartcoin to play with or a toy for this community. I wanted an reliable, robust and trustless cryptocurrency index fund.

We found a way do it. The composition of the index is publish in the BitShares blockchain and the witness will read this composition so he can built the price. That way, we can monthly send the new composition in the blockchain but any attempt to game our own index would be publicly seen.

There is a couple more parameters publish in the blockchain. The details wil be avaioable in the website after launch.

Trust and centralisation problems solved and you can talk seriously with people with deep pockets.

Sent from my SM-G900F using Tapatalk

[karnal]

@xeroc brought to my attention last week something called privatized bitassets.

Apparently there is a way to run your own smartcoin without witness assistance.

I would be very interested to learn more about how to set that up..

[Frodo]

Awesome! Something like this has great potential imo. I would definitely buy some Liquidity is probably going to be a serious problem though. (I really think we need a way to pay interest to shorters...)

I'm also trying to understand the need of witness in this index. So it's a UIA traded index? like what Cyber.Fund have build on BitShares (SPIES).

No, this is not an UIA. It is a smartcoin like bitUSD, bitGOLD etc. No third party is actually holding altcoins, it is just a derivative powered by the DEX. Hence witnesses are needed to provide the price feed.

[pam2]

I'm also trying to understand the need of witness in this index. So it's a UIA traded index? like what Cyber.Fund have build on BitShares (SPIES).
Just to understand.