Author Topic: Advice, Tutorials and General References for Newbies  (Read 13906 times)

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Offline earthbound

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Thank you for your work.

General criticism; and please keep in mind that I have this criticism of most ~qt wallets, e.g. the Bitcoin wallet and most other cryptocurrency ~qt clients could improve this way: they could come quite a ways out of "cheat codes" (low accessibility to general users) territory.

IMO, re the protoshares-qt client, it would be best to:
1) Ask users upon first launch if they would like to either generate a wallet (if one is not found) OR load an existing wallet; and if they do the latter, remember the location of that wallet (even if that means a specific setting for that in the conf. file). Included with this (IMO) should be an option to not generate a wallet.
2) By default, warn users if a wallet is unencrypted; point them to how to encrypt it. Include an option to shut off this "nag" warning.
3) Specifically urge users to securely store (write down or keep in an encrypted file, etc.) their password upon encryption (a boogedy-boo warning about losing coins just isn't enough--too many folks probably just wouldn't think "Oh, yeah, I should write that down somewhere, in case I die and my children need to inherit my wealth," etc.)
4) (Along some of the lines you say here) Include links to the most brief/best educational resources about everything PTC possible
(and (5) have a consolidated page with said educational resources. A forum is *not* sufficient for that, IMO. Forums are too much for the people who read cheat codes; less accessible)

A possible issue with the qt client: even though I clicked "mine 3 processes" from the Settings menu, and after a wait, the infotip over the mining icon (in the lower right of the GUI) said it was mining, and gave a collision rate--even after that, when I typed getmininginfo in the console,* it said 0 collisions; but after I typed either "setgenerate true 1" (or maybe it was just "setgenerate true--" I don't know which worked), and then waited and then ran getmininginfo again, it reported a collision rate.

*Your average user is not going to want to touch a console (or even know how); a lot of useful information and functionality could be abstracted from the console (invoke the same functions), but be accessible from the user interface/buttons.
I think I'm not alone when I say I'd like to see more and more planets fall under the ruthless dominion of our solar system. -Jack Handey

Offline boshen1011

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Offline Stan

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We need to do a better job of producing One Thread To Rule Them All for Newbies.
We hope members will post better (shorter) tutorial explanations here.

But until then, here are some sources of general explanations where you have at least some hope of getting a coherent explanation without browsing endless conversation threads. Enjoy![/b]

You can get a lot of brochure-level information at

There are a number of key threads in this forum that can give you some background.

BitShares Forum »Development »ProtoShares »What is ProtoShares?
BitShares Forum »Development »ProtoShares »The Intrinsic Value of Protoshares (Update from Bytemaster)
BitShares Forum »Development »Keyhotee »Connecting Keyhotee and Protoshares

A Distributed Autonomous Company (DAC) is just another name for a cypto-currency backed by the services it performs. It is an unmanned company that has been released into the wild by its developers and is now owned by its stakeholders - those that hold its stock-based currency and provide the distributed processing resources that perform its services.  You can view it as a currency or a company depending on how you prefer to think of it. 

ProtoShares (now Bitshares PTS) is a DAC for bootstrapping other DACs. 


1.  Holding ProtoShares is not holding stock in Invictus but it does give you access to revenue streams from every DAC we release into the wild.  You may wind up owning shares in our DACs not shares in Invictus.
2.  Each DAC has its own business model.  BitShares is a family of exchanges that let you do typical trading operations on between classes of crypto assets.  Our first lets you trade exposure to various common currencies.
3.  Each trade has a transaction fee which is split among all BitShareholders in the form of dividends, just like any corporation splits its profits with its shareholdes.  To the extent the Bitshares has value in the marketplace, you can convert your dividends into other crypto or fiat currencies.
4.  Customers are anyone who would like to save or trade without leaving crypto-space and incurring various costs associated with travel between "free space" and "fiat space".
5.  It will cost you a little of your stock as a fee to make a transaction and you get more stock when others pay similar fees.  Value is generated inside the DAC from the services it performs which people are willing to pay some of their hard earned or purchased shares to obtain. 
6.  DACs are by definition crypto currencies backed by the services they perform.  Even Bitcoin is a DAC performing the service of efficient money transmission.
7.  Transaction fees are the profits -- for services performed of value to its customers.
8.  As long as you are inside the DAC, the currency of the land is that DACs shares.  The more valuable the services it performs, the more desirable it is to hold that currency in order to obtain those services.
9.  Dividends are small if profits are small and large if profits are large. Each DAC publishes its distribution rules, which  distribute some of the transaction fees to the shareholders (owners) and the rest to miners (workers).
10.  There are several components that drive the market assessment of the expected value ProtoShares:
  • An assessment of the predicted value of the idea/business model of the services it will provide
  • An assessment of the developer(s) ability to implement the idea.
  • An assessment of the likelihood that the developer (or somebody else) will honor the social contract
  • The summation of the above expected value across all DACs currently in the pipeline.
Its up to the developers to convince the market that the above factors sum to great value.  To the extent that they do convince the collective community of experts, ProtoShares will increase in value and so will each DAC according to its established value proposition in the arena of ideas.


Listen to videos and interviews from Daniel (bytemaster), then read the articles by Stan (Stan) starting with the original Three Laws of Robotics. These tend to target a more general audience.

YouTube Videos
A New Approach to BTC Exchanges - Charles Hoskinson
Introduction to BitShares - Daniel Larimer  (an expanded version of Charles' overview above.)
Introduction to Keyhotee - Daniel Larimer

E57 - Protoshares and Selfish Mining - Adam Levine interviews Dan Larimer
E44 - I've Seen Better Days - Adam Levine interviews Dan Larimer
Keep One Eye on ProtoShares - Sovryn Tech Ep. 0048

Bitcoin and the Three Laws of Robotics by Stan Larimer in
DACs that Spawn DACs?  by Stan Larimer in
Bookie Bob's Solution to Bitcoin Volatility by Stan Larimer
DACs Revisited by Dan Larimer in
BitShares as a Distributed Autonomous Bank  by Daniel Larimer
A case study of The Associated Press, DAC  by Daniel Larimer
        Also The DAC Associated Press, in
Is Bitcoin Overpaying for Security?  by Daniel Larimer in
Bootstrapping DACs - 1  by Vitalik Buterin in Bitcoin Magazine
Bootstrapping DACs - 2  by Vitalik Buterin in Bitcoin Magazine
Bootstrapping DACS - 3  by Vitalik Buterin in Bitcoin Magazine
Own your own Identity with BitShares   by Daniel Larimer in
BitShares P2P trading platform to offer dividends on bitcoin by Danny Bradbury  in CoinDesk
Bitcoin is the new Napster   by Dan Steinhart at Casey Research

White Papers
Momentum Proof of Work White Paper by Daniel Larimer
Bitcoin Classic White Paper #1   by Satoshi Nakamoto
BitShares Classic White Paper #1   by Daniel Larimer, Charles Hoskinson and Stan Larimer
« Last Edit: May 01, 2014, 06:46:54 pm by Stan »
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.