Author Topic: Profits, Performance, Trust & Efficiency  (Read 32575 times)

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Offline bytemaster

Re: Profits, Performance, Trust & Efficiency
« Reply #75 on: March 29, 2014, 06:27:32 am »
One additional point. If it were possible to design the BTX DAC so that the trustee mechanisms are scriptable this could allow for people the freedom of expression to try many different organizational models. Trial and error lead to algorithmic optimization over time but you need enough flexibility and ease for different DACs to try many different models.

So I would say if possible add a scripting layer to this so that for example the amount of power a trustee has is something which can be voted on, revoked, with a very fine level of granularity. The fear is that the community might not be able to keep track of the source code and the trustee could somehow become a dictator.

If we want the trustee to be able to act in a way which is in the best interest of the majority of shareholders but the trustee does not have the explicit power to do so, perhaps this would be an area for a script to create a sort of digital contract which gives the trustee certain privileges. The principle of least privilege can be followed so the trustee never has any more privileges than is necessary, but voting or some other mechanism such as a prediction market has to allow for feedback.

Ideally the trustee and the maintainer of the source are two different individuals.   Like bitcoin every update to the source has the potential for a hard fork of the network.  Remember, people don't just 'trust' the trustee on the validity of the block.  They verify every block follows the rules and the first time the trustee produces an invalid block the user's client is notified that one of two things has happened:

 1) They have not updated and the trustee went down a hard fork without also maintaining the old fork.
 2) The trustee is bad and is using non-standard code that violates the rules... a new trustee is needed.

  In either case the user knows immediately that they need to take some action.

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Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline cryptosig

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Re: Profits, Performance, Trust & Efficiency
« Reply #76 on: March 29, 2014, 07:15:13 am »
I don't think centralization is a good idea.

The cryptocurrency grave yard is littered with centralized schemes. Make no mistake that there is enough pressure already IMO on I3 to be indicted for securities violations, whether that is the case will be up to a court to decide. You have taken steps to stop the regulators from stopping your work, but they can arrest you and accuse you at any time. They know they have a better than 80% chance to get a conviction at trial, just because of the psychology of an authority saying you did something wrong. I can deal with that element of centralization, but just barely.

I think that any trustee that reveals their identity and lives in a country with strong financial regulations, such as the US, will go to jail for operating with out a license, selling securities with out a license, conspiracy to commit security fraud, money transmission without a licence, running a money services business without a license, the litany of charges will go on forever in some cases.

This will basically only leave trustees in countries where regulations are lax to operate the trustee scheme. This type of system will ensure that wall street and most of main street will not participate. This is bad for my and others' investment in PTS,AGS, and BTS. I will not participate in such a scheme, I believe the only reason that Bitcoin is any different than any prior is because of the blockchain decentralization invention. You are literally taking the greatest invention of the century and throwing it out the window for centralized control. Make no mistake you are taking a step backward.

If you are serious about this thing you have created, you would spend the time to do it right. Satoshi took years crafting his system, you can't take a few extra months?
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Offline dipplum

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Re: Profits, Performance, Trust & Efficiency
« Reply #77 on: March 29, 2014, 08:45:00 am »
several questions are not clear from the discussions:
1) what is the process to vote for a trustee, how many candidates will we have and how long will the election take?
2) how to fire a trustee? Is a hard fork absolutely required for adopting a new trustee?
3) is the trustee server also open source? how can we be sure if it is actually running that code? how can we validate that the process that the trustee follows to select the next block is actually fair?

Offline cryptosig

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Re: Profits, Performance, Trust & Efficiency
« Reply #78 on: March 29, 2014, 09:04:53 am »
So who has better security BTS or BTC?

Who cares.  Neither have been compromised nor have exhibited any clear incentive for anyone to do so.

WTH are you talking about, you can't compare the two in security. BTS doesn't exist, the amount of people who have actually run any test transactions are in the 10's or 100's. You simply cannot compare a system that has 5 years of proof with one that is in an alpha state. Handing over control to people is going to have consequences.  Your never going to convince real people in finance that it is in there best interest to invest in some complicated scheme, consisting of PTS/AGS, DACs, and Chains, and that has some anonymous guy in charge of the money and trading. Do this and wallstreet will dump millions into Etherium or some other technology.

Don't talk ripple up, it has no volume and is a complete premine.
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Offline luckybit

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Re: Profits, Performance, Trust & Efficiency
« Reply #79 on: March 29, 2014, 09:06:48 am »
I don't think centralization is a good idea.

The cryptocurrency grave yard is littered with centralized schemes. Make no mistake that there is enough pressure already IMO on I3 to be indicted for securities violations, whether that is the case will be up to a court to decide. You have taken steps to stop the regulators from stopping your work, but they can arrest you and accuse you at any time. They know they have a better than 80% chance to get a conviction at trial, just because of the psychology of an authority saying you did something wrong. I can deal with that element of centralization, but just barely.

I think that any trustee that reveals their identity and lives in a country with strong financial regulations, such as the US, will go to jail for operating with out a license, selling securities with out a license, conspiracy to commit security fraud, money transmission without a licence, running a money services business without a license, the litany of charges will go on forever in some cases.

This will basically only leave trustees in countries where regulations are lax to operate the trustee scheme. This type of system will ensure that wall street and most of main street will not participate. This is bad for my and others' investment in PTS,AGS, and BTS. I will not participate in such a scheme, I believe the only reason that Bitcoin is any different than any prior is because of the blockchain decentralization invention. You are literally taking the greatest invention of the century and throwing it out the window for centralized control. Make no mistake you are taking a step backward.

If you are serious about this thing you have created, you would spend the time to do it right. Satoshi took years crafting his system, you can't take a few extra months?


This is something which could happen but how likely is it to happen? Bitshares aren't securities anymore than objects in WoW are securities. That isn't to say there wont be regulation, but if they were to target that it would be seen as petty. It's similar to gambling sites.

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Offline puvar

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Re: Profits, Performance, Trust & Efficiency
« Reply #80 on: March 29, 2014, 09:09:05 am »
1) All of the random selection techniques discussed here (and with Nxt) depend upon people putting their private keys at risk.  So rather than trusting a trustee, everyone has to trust their computer not to get hacked.   

Why not having a separate private key for staking and a separate private key for spending? Then hacking will be a no issue: even if somebody knows my staking private key he's still not able to spend the transactions.

Offline cryptosig

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Re: Profits, Performance, Trust & Efficiency
« Reply #81 on: March 29, 2014, 09:17:41 am »
I don't think centralization is a good idea.

The cryptocurrency grave yard is littered with centralized schemes. Make no mistake that there is enough pressure already IMO on I3 to be indicted for securities violations, whether that is the case will be up to a court to decide. You have taken steps to stop the regulators from stopping your work, but they can arrest you and accuse you at any time. They know they have a better than 80% chance to get a conviction at trial, just because of the psychology of an authority saying you did something wrong. I can deal with that element of centralization, but just barely.

I think that any trustee that reveals their identity and lives in a country with strong financial regulations, such as the US, will go to jail for operating with out a license, selling securities with out a license, conspiracy to commit security fraud, money transmission without a licence, running a money services business without a license, the litany of charges will go on forever in some cases.

This will basically only leave trustees in countries where regulations are lax to operate the trustee scheme. This type of system will ensure that wall street and most of main street will not participate. This is bad for my and others' investment in PTS,AGS, and BTS. I will not participate in such a scheme, I believe the only reason that Bitcoin is any different than any prior is because of the blockchain decentralization invention. You are literally taking the greatest invention of the century and throwing it out the window for centralized control. Make no mistake you are taking a step backward.

If you are serious about this thing you have created, you would spend the time to do it right. Satoshi took years crafting his system, you can't take a few extra months?


This is something which could happen but how likely is it to happen? Bitshares aren't securities anymore than objects in WoW are securities. That isn't to say there wont be regulation, but if they were to target that it would be seen as petty. It's similar to gambling sites.
From wiki:
A security is a tradable asset of any kind.[1] Securities are broadly categorized into:
debt securities (such as banknotes, bonds and debentures),
equity securities, e.g., common stocks; and,
derivative contracts, such as forwards, futures, options and swaps.
The company or other entity issuing the security is called the issuer.

Your selling a derivative, your calling it bitUSD, bitEUR, bitBTC, it's a security to the SEC. The SEC will try to enforce this, they have no desire to see this project come to pass. The more decentralized the better. It is in the best interest of the project to consider the issue. The only reason that the SEC has not cracked down on Bitcoin is because it stands by it self in a category not classified here as it is completely decentralized. Even then I'm sure they will try to say now it is a security.

Bitshares on the other hand, is using "marketing terms" such as the word "shares" and "Exchange" which imply a security, its trading consists of elements directly in conflict with the above definition, that being debt security in the form of bitUSD and it sells derivative contracts on those debt securities.

The best way to deal with the SEC is to assume they will take the least favorable side you can imagine. They often do.
« Last Edit: March 29, 2014, 09:21:41 am by cryptosig »
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Offline luckybit

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Re: Profits, Performance, Trust & Efficiency
« Reply #82 on: March 29, 2014, 09:27:22 am »
I don't think centralization is a good idea.

The cryptocurrency grave yard is littered with centralized schemes. Make no mistake that there is enough pressure already IMO on I3 to be indicted for securities violations, whether that is the case will be up to a court to decide. You have taken steps to stop the regulators from stopping your work, but they can arrest you and accuse you at any time. They know they have a better than 80% chance to get a conviction at trial, just because of the psychology of an authority saying you did something wrong. I can deal with that element of centralization, but just barely.

I think that any trustee that reveals their identity and lives in a country with strong financial regulations, such as the US, will go to jail for operating with out a license, selling securities with out a license, conspiracy to commit security fraud, money transmission without a licence, running a money services business without a license, the litany of charges will go on forever in some cases.

This will basically only leave trustees in countries where regulations are lax to operate the trustee scheme. This type of system will ensure that wall street and most of main street will not participate. This is bad for my and others' investment in PTS,AGS, and BTS. I will not participate in such a scheme, I believe the only reason that Bitcoin is any different than any prior is because of the blockchain decentralization invention. You are literally taking the greatest invention of the century and throwing it out the window for centralized control. Make no mistake you are taking a step backward.

If you are serious about this thing you have created, you would spend the time to do it right. Satoshi took years crafting his system, you can't take a few extra months?


This is something which could happen but how likely is it to happen? Bitshares aren't securities anymore than objects in WoW are securities. That isn't to say there wont be regulation, but if they were to target that it would be seen as petty. It's similar to gambling sites.
From wiki:
A security is a tradable asset of any kind.[1] Securities are broadly categorized into:
debt securities (such as banknotes, bonds and debentures),
equity securities, e.g., common stocks; and,
derivative contracts, such as forwards, futures, options and swaps.
The company or other entity issuing the security is called the issuer.

Your selling a derivative, your calling it bitUSD, bitEUR, bitBTC, it's a security to the SEC. The SEC will try to enforce this, they have no desire to see this project come to pass. The more decentralized the better. It is in the best interest of the project to consider the issue. The only reason that the SEC has not cracked down on Bitcoin is because it stands by it self in a category not classified here.

Bitshares on the other hand, is using "marketing terms" such as the word "shares" and "Exchange" which imply a security, its trading consists of elements directly in conflict with the above definition, that being debt security in the form of bitUSD and it sells derivative contracts on those debt securities.

The best way to deal with the SEC is to assume they will take the least favorable side you can imagine. They often do.

BitUSD isn't an actual derivative. It's not any more a derivative than a poker chip is a derivative. How is it that poker chips are consider poker chips but BitUSD is considered a derivative? And if both are digital, and no contracts are used to guarantee it, I don't see where the SEC or the law has any say in something which is entirely virtual.

If a legal contract is written or if someone tries to redeem BitUSD for real USD then you might have a point. BitUSD isn't USD in anything other than name though. It's not an actual contract.

I'm not a lawyer, I'm just giving my interpretation.

"The SEC will try to enforce this, they have no desire to see this project come to pass."

If Bitcoin is not a currency, and if Bitcoin is not a stock, what gives the SEC any authority over it? It's digital property from what the IRS says. If Bitshares isn't an actual stock backed by an actual company then what business does the SEC have in this space?

Is the SEC going after Second Life next? How much authority do they have? Will they go after people using poker chips and monopoly money too? I'm not saying they cannot interpret the law in a way to try and stretch their power, I'm making a point that it's wrong for them to do it.

They are the securities and exchange commission while Bitshares is more like a gambling program that people run to bet on stuff. It's not real money and the only way I could see them making it into something real would be if it centralized around Invictus. Invictus actually was a corporation so that is one area they might try to use.

You've highlighted a legitimate problem with the trustee scheme though. It will make regulators want to find the trustee and go after whoever is in that position and that is why I said it was a risk to be the trustee.

If there must be a trustee in my opinion the best way to do it is to put a public face on Bitshares and let someone be a public trustee. No anonymous trustee, no hiding, no trying to be sneaky, all of that will attract regulators like a magnet. If the trustee is public and willing to go to jail or court to defend Bitshares that actually would look better politically.

I don't think people in the United States would like to see innocent people being put in jail for inventing new technologies. If the United States is willing to do that then it may change the culture of Silicon Valley.

"BTCST, formerly known as First Pirate Savings & Trust, is an unincorporated
entity with no brick and mortar presence. The BTCST investments Defendants offered and sold to the investing public as alleged herein constitute “securities” as defined by Section 2(a)(1) of the Securities Act [15 U.S.C. § 77b(a)(1)] and Section 3(a)(10) of the Exchange Act [15 U.S.C. § "

"Any investment in securities in the United states remains subject to the jurisdiction of the SEC regardless of whether the investment is made in U.S. dollars or a virtual currency. In particular, individuals selling investments are typically subject to federal or state licensing requirements."

https://www.sec.gov/litigation/complaints/2013/comp-pr2013-132.pdf
« Last Edit: March 29, 2014, 09:53:16 am by luckybit »
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Offline cryptosig

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Re: Profits, Performance, Trust & Efficiency
« Reply #83 on: March 29, 2014, 09:53:36 am »
I don't think centralization is a good idea.

The cryptocurrency grave yard is littered with centralized schemes. Make no mistake that there is enough pressure already IMO on I3 to be indicted for securities violations, whether that is the case will be up to a court to decide. You have taken steps to stop the regulators from stopping your work, but they can arrest you and accuse you at any time. They know they have a better than 80% chance to get a conviction at trial, just because of the psychology of an authority saying you did something wrong. I can deal with that element of centralization, but just barely.

I think that any trustee that reveals their identity and lives in a country with strong financial regulations, such as the US, will go to jail for operating with out a license, selling securities with out a license, conspiracy to commit security fraud, money transmission without a licence, running a money services business without a license, the litany of charges will go on forever in some cases.

This will basically only leave trustees in countries where regulations are lax to operate the trustee scheme. This type of system will ensure that wall street and most of main street will not participate. This is bad for my and others' investment in PTS,AGS, and BTS. I will not participate in such a scheme, I believe the only reason that Bitcoin is any different than any prior is because of the blockchain decentralization invention. You are literally taking the greatest invention of the century and throwing it out the window for centralized control. Make no mistake you are taking a step backward.

If you are serious about this thing you have created, you would spend the time to do it right. Satoshi took years crafting his system, you can't take a few extra months?


This is something which could happen but how likely is it to happen? Bitshares aren't securities anymore than objects in WoW are securities. That isn't to say there wont be regulation, but if they were to target that it would be seen as petty. It's similar to gambling sites.
From wiki:
A security is a tradable asset of any kind.[1] Securities are broadly categorized into:
debt securities (such as banknotes, bonds and debentures),
equity securities, e.g., common stocks; and,
derivative contracts, such as forwards, futures, options and swaps.
The company or other entity issuing the security is called the issuer.

Your selling a derivative, your calling it bitUSD, bitEUR, bitBTC, it's a security to the SEC. The SEC will try to enforce this, they have no desire to see this project come to pass. The more decentralized the better. It is in the best interest of the project to consider the issue. The only reason that the SEC has not cracked down on Bitcoin is because it stands by it self in a category not classified here.

Bitshares on the other hand, is using "marketing terms" such as the word "shares" and "Exchange" which imply a security, its trading consists of elements directly in conflict with the above definition, that being debt security in the form of bitUSD and it sells derivative contracts on those debt securities.

The best way to deal with the SEC is to assume they will take the least favorable side you can imagine. They often do.

BitUSD isn't an actual derivative. It's not any more a derivative than a poker chip is a derivative. How is it that poker chips are consider poker chips but BitUSD is considered a derivative? And if both are digital, and no contracts are used to guarantee it, I don't see where the SEC or the law has any say in something which is entirely virtual.

If a legal contract is written or if someone tries to redeem BitUSD for real USD then you might have a point. BitUSD isn't USD in anything other than name though. It's not an actual contract.

I'm not a lawyer, I'm just giving my interpretation.

"The SEC will try to enforce this, they have no desire to see this project come to pass."

If Bitcoin is not a currency, and if Bitcoin is not a stock, what gives the SEC any authority over it? It's digital property from what the IRS says. If Bitshares isn't an actual stock backed by an actual company then what business does the SEC have in this space?

Is the SEC going after Second Life next? How much authority do they have? Will they go after people using poker chips and monopoly money too? I'm not saying they cannot interpret the law in a way to try and stretch their power, I'm making a point that it's wrong for them to do it.

They are the securities and exchange commission while Bitshares is more like a gambling program that people run to bet on stuff. It's not real money and the only way I could see them making it into something real would be if it centralized around Invictus. Invictus actually was a corporation so that is one area they might try to use.

You've highlighted a legitimate problem with the trustee scheme though. It will make regulators want to find the trustee and go after whoever is in that position and that is why I said it was a risk to be the trustee.

If there must be a trustee in my opinion the best way to do it is to put a public face on Bitshares and let someone be a public trustee. No anonymous trustee, no hiding, no trying to be sneaky, all of that will attract regulators like a magnet. If the trustee is public and willing to go to jail or court to defend Bitshares that actually would look better politically.

I don't think people in the United States would like to see innocent people being put in jail for inventing new technologies. If the United States is willing to do that then it may change the culture of Silicon Valley.

More information is needed about this https://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583
https://www.sec.gov/litigation/complaints/2013/comp-pr2013-132.pdf
Did they call it securities or not?
A security is a tradable asset of any kind. I believe they will try to apply this same logic to Bitcoin and everything else. The reason why Bitshares is currently different than Bitcoin is because it has a built in exchange. An exchange is a place the SEC believes is exactly in its wheelhouse, no questions asked. They would feel as if investors are not made aware of risks, money laundering etc, and unregulated risk influencing "real" markets.

BitUSD is not a poker chip, first of all the USD implies dollar, not only that but it is pegged to the dollar for the most part. They will argue, and probably successfully, that you can't have it both ways, you can't say it has no relation to USD,  the users just for some reason value it exactly to the value of a dollar +5%. How did the users know to value the asset to the exact price of a dollar? Probably because of the name?

BitAssets are not at all like poker chips. You would have a very weak argument in court, people know what a poker chip is and it's function. A judge would have played both games, that of poker and the market, and would side with the prosecution believing it feels and behaves like a market and not a game.

Any public face involved in anything using the words shares,shareholder,dividend,stock,corporation,etc should expect that the SEC will be paying them a visit. To think otherwise given the Satoshidice thing is foolish.
« Last Edit: March 29, 2014, 10:00:26 am by cryptosig »
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Offline MrJeans

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Re: Profits, Performance, Trust & Efficiency
« Reply #84 on: March 29, 2014, 10:25:04 am »
If someone has to hide behind a torr network to support BitsharesX it makes the whole thing look dodgy.
I'm just imagining trying to explain to the people at work that they should start trading using bitsharesX: "Oh no dont worry there is some guy hiding behind a computer somewhere running the system so it should be fine." even though this wouldnt be strictly true, trying explaining the centralized looking system to someone who doesnt understand how this stuff works would stretch beyond peoples attention span.

There are still so many people who dont want to use bitcoin because they think Shatoshi is sitting behind a computer somewhere running it and steeling from them (and bitcoin is very decentralized!).

I3 got me hooked on decentralization because it makes so much sense. With this proposed system I would not have the same comfort using it as I have when using bitcoin. Imagine BitsharesX becomes as big as bitcoin. It will be on the news everytime a trustee has to be fired for misconduct. That wont do much to raise confidence about using a new technology.

And I wont be casting any votes (time/technical ability to monitor trustee misconduct) so I will have to trust others to vote on my behalf to elect a new trustee to trust.

Everything than can be decentralized, should be. I am happy to make compromises for increased decentralization but would not be happy with a new feature with further centralization as a trade off.
« Last Edit: March 29, 2014, 10:29:55 am by MrJeans »

Offline Empirical1

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Re: Profits, Performance, Trust & Efficiency
« Reply #85 on: March 29, 2014, 11:43:20 am »

And Luckybit has a good point that the focus of our argument for requiring a trustee should be based on the fact that shareholders are not placing any more trust in our trustee than XRP holders place in a gateway, or BTC holders place in the ASIC pools; and far less destruction to our personal holdings can result in a 100% breach of trust by our trustee in our case as compared to those who recently got goxed.
 
And does this trustee method really speed up transactions? Because Ripple is FAST !

Bytemaster is leaning toward kicking up the UTILITY factor here, and I wholeheartedly agree.

Ripple is a great example of how we already have proof the market hates a trusted gateway approach.
Despite it's utility, speed and the investment that went into it, it's trending to zero and the fact that there are no ripple clones/forks out there is very telling.

The biggest currencies since Bitcoin are the ones that have developed methods that involve less trust in ASIC pools, Litecoin,  Peercoin, then NXT.  (Do you think the introduction of scrypt asics soon will increase or decrease Litecoins value?)

It's why no-one's afraid of JPM-coin it might have a lot more utility, but if it involves more trust than existing decentralised alternatives I think it's already dead in the water.
 




Offline HackFisher

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Re: Profits, Performance, Trust & Efficiency
« Reply #86 on: March 29, 2014, 12:34:42 pm »
One additional point. If it were possible to design the BTX DAC so that the trustee mechanisms are scriptable this could allow for people the freedom of expression to try many different organizational models. Trial and error lead to algorithmic optimization over time but you need enough flexibility and ease for different DACs to try many different models.

So I would say if possible add a scripting layer to this so that for example the amount of power a trustee has is something which can be voted on, revoked, with a very fine level of granularity. The fear is that the community might not be able to keep track of the source code and the trustee could somehow become a dictator.

If we want the trustee to be able to act in a way which is in the best interest of the majority of shareholders but the trustee does not have the explicit power to do so, perhaps this would be an area for a script to create a sort of digital contract which gives the trustee certain privileges. The principle of least privilege can be followed so the trustee never has any more privileges than is necessary, but voting or some other mechanism such as a prediction market has to allow for feedback.
+5% +5%

.............
They verify every block follows the rules and the first time the trustee produces an invalid block the user's client is notified that one of two things has happened:

 1) They have not updated and the trustee went down a hard fork without also maintaining the old fork.
 2) The trustee is bad and is using non-standard code that violates the rules... a new trustee is needed.

  In either case the user knows immediately that they need to take some action.

Hoping that these users's action to find new trustee is script automation, being part of digital contract/protocol, different from the way of MMC voting. People are lazy and slow to react manually, and they don't even want to spend time on this, the lag time will be long if it is political, especially for those who even don't know the bottom mechanism but just want to trust the protocol's peer review from opensource. If the trustee selection process is not settled down in digital contract/protocol, the people could have no idea which to choose, and it is tending to be political, which awaits improvement.
« Last Edit: March 29, 2014, 12:36:56 pm by HackFisher »
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Offline luckybit

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Re: Profits, Performance, Trust & Efficiency
« Reply #87 on: March 29, 2014, 01:09:08 pm »
If someone has to hide behind a torr network to support BitsharesX it makes the whole thing look dodgy.
I'm just imagining trying to explain to the people at work that they should start trading using bitsharesX: "Oh no dont worry there is some guy hiding behind a computer somewhere running the system so it should be fine." even though this wouldnt be strictly true, trying explaining the centralized looking system to someone who doesnt understand how this stuff works would stretch beyond peoples attention span.

Here is an answer. How about the trustee be public, but located out of the US jurisdiction and that would put them out of the jurisdiction of the SEC.

The trustee being public removes the shady factor, but the trustee being out of US jurisdiction removes the legal risk.

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Offline CLains

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Re: Profits, Performance, Trust & Efficiency
« Reply #88 on: March 29, 2014, 01:25:25 pm »
The term trustee sounds like marketing suicide. Change the name.


Offline MrJeans

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Re: Profits, Performance, Trust & Efficiency
« Reply #89 on: March 29, 2014, 01:41:59 pm »
If someone has to hide behind a torr network to support BitsharesX it makes the whole thing look dodgy.
I'm just imagining trying to explain to the people at work that they should start trading using bitsharesX: "Oh no dont worry there is some guy hiding behind a computer somewhere running the system so it should be fine." even though this wouldnt be strictly true, trying explaining the centralized looking system to someone who doesnt understand how this stuff works would stretch beyond peoples attention span.

Here is an answer. How about the trustee be public, but located out of the US jurisdiction and that would put them out of the jurisdiction of the SEC.

The trustee being public removes the shady factor, but the trustee being out of US jurisdiction removes the legal risk.

So only people in certain jurisdictions can assist in supporting the network in this manner