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why not have a bitUSD/BTC trading pair for people who do not want to hold fiat but want to speculate on BTC's volatility...?
With gatewayd ANYONE will be able to set up an instant gateway that allows you to convert bitcoin to bitUSD and back. You don't even need a website for this, all you need is a bitcoin node, a bitshares node, capital in both currencies and an exchange rate feed and spread. Then anyone sending bitcoin to your address will get bitUSD in return, and anyone sending bitUSD to your address gets bitcoin in return (bitshares and bitcoin addresses are compatible). If you want to do more careful trading then you can use a bitcoin -> bitBTC gateway. This is like depositing your bitcoin into a centralized exchange, and allows you to access the high speed trading enginge that bitshares runs on (DPOS). Then you can trade bitBTC for bitUSD, bitCNY, or bitGOLD. You can also buy shares in some of the few legit user issued assets we have listed, such as BTSBOTS. If you want your money back into real bitcoin, you just convert it to bitBTC and send it through a bitBTC -> bitcoin gateway. Even though the user experience is just like a regular exchange, it's all done on the blockchain and you are never exposed to counterparty risk. It's not decentralized, but there is such a pair on Bter: https://bter.com/trade/btc_bitusdI've seen at least two independent market-maker algorithms running on that pair lately. There's been a little discussion on bitsharestalk.org about getting market-maker bots running on centralized exchanges to jump-start trading volume. |
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I'm a huge fan of trying to remove Cryptsy funds from the sharedrop (of course unless you could get Cryptsy to honor it), but it would be really tragic if you mistakenly deleted funds that actually didn't belong to Cryptsy.
Since this is a DPOS coin, it would actually be pretty dangerous to have a single 12% stakeholder, as it appears Cryptsy may be. So if we can take them out of the snapshot that would be pretty cool. And of course it increases the stake of any of us who were in the RPC snapshot.
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Cinnicoin, you had such lofty goals to create a DPOS coin. So much for that.
Very disappointing.
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Who here is interested in becoming a Delegate?
What is a Delegate? It requires a 3-4 gigabyte (less if you compile elsewhere) VPS instance to run a C++ program that creates and signs block. These positions are voted in by the community. This is Delegated Proof of Stake - there is no mining. The more different people that volunteer to be delegates the better the network's security will be until the community grows. Transaction fees will be significant until we get pushback. That is the only way to maintain deflation and expect fees to pay for the Delegates. I can not suggest what anyone will receive - this is mainly a for fun endeavor with hopes of making a decent currency. This is ideal for someone who has spare VPS instances or a datacenter sitting around. Otherwise it will likely cost approximately $20 a month. I believe almost all instances are run under Ubuntu but it would be possible to run a Windows version if someone wishes to try.
"Why would I want to run a Delegate?"
1) You want to gain system administration experience.
2) You have system admin experience.
3) You have a spare VPS sitting around that can handle ~3 gigabytes of memory possibly left.
4) You will waste your time elsewhere doing less interesting things
5) You want to test the waters for running as a paid Delegate for the BitShares (BTS) chain.
I will think of more reasons in the coming days.
It still hasn't been determined how many Delegates the chain will have. 29 would be a good maximum.
If you intend to use price feeds to guide bitAsset prices, the delegate will also have to run a script that queries external exchanges for the RPCD (RPM?) price and then publishes this price to the blockchain. There are several open-source price-feed scripts available for BTS; it should take minimal effort to adapt them for use in RPCD. |
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Ok this project has been resumed.
C++ code given by FreeTrade is now going to be used to generate the genesis block. The previous method used RPC calls and a database. That method is fine, but I am slightly more comfortable with C++ code and writing everything into memory which is then dumped at the end of the process. No recreating of intermediate databases and only one bit of code needs to be debugged.
Unfortunately it still doesn't work like it should. Ron Paul Coin appears to be a Litecoin fork but there is some issue with the code segfaulting on blocks with multiple transactions. It shouldn't be a big issue to fix.
I am still not 100% fulltime on this project but I will be by the New Year and will remain full time until we have a working testnet with all the promised sharedrops.
Roadmap -
1) Get a testnet going with a sharedrop to Ron Paul Coin. We will likely make test stakes available to anyone requesting one. I will likely generate a set of keys to put in the testnet's genesis block and then hand out the private key in PMs so anyone who doesn't have a stake can participate if they desire.
2) Add PTS/AGS snapshots for later testnets.
3) Then BTC and Doge. I am still considering different approaches with Doge and BTC. We can't just drop every account as the smaller amounts will not be worth the blockchain overhead. The smaller balances will also not be worth the time to redeem. The larger accounts aren't needed as they are either not owned by individuals or the owner is wealthy enough to buy in directly.
4) Once this is happy and we've hopefully built out something of a community we will release the official testnet. This will also coincide with the final brand decision. It will be something discussed here. Libertarian leaning and based on Ron or Rand!
Happy Holidays everyone and sorry for the delays. This will help us in the long run as I have freed up more time to work on this. Personally I am excited and would have much rather been working on this than other things. I hope I am able to grab the momentum we had early on. 35k page views. Just wow!
Sounds great, glad you're back. For part 3), you should talk to FreeTrade about how he did his BTC sharedrop for LottoShares. Instead of sharedropping proportionally, he just gave a fixed amount of LTS to every BTC address that had a balance greater than some threshold. I don't know how effective this was, so you'll have to see if he has any insight into it. Just something to think about. |
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Hello community, I'm interested in borrowing about 1000 FC2. Of course I'm offering collateral (preferably in BTC), and of course we'd go through some kind of escrow agent. I'm not asking anybody to trust me directly.
The interest rate, collateral requirements, loan term, and any other relevant parameters are all negotiable. This is the first time I've done this, and I'm guessing it will be priced accordingly (that is to say, the interest rate will likely be quite high).
Ok - any offers of interest rates? I'll start the bidding at 35% APR with a minimum of a 1-week loan term.
collateral btc? why dont you just buy the coins? Im guessing you mean you will pay back interest in btc? If, so... It's not collateral. Think about it long enough and you'll realize why I want to borrow, not buy. I'm only expecting to hold the FC2 for a couple weeks. If I disappear, the escrow agent will give the lender my collateral. We could also build in a "margin call" kind of thing where if the price of FC2 rises sharply, the escrow agent can call my loan and just send the lender my BTC. I'll pay the interest in FC2 in a lump sum when I repay the loan, unless you'd prefer BTC. |
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Hello community, I'm interested in borrowing about 1000 FC2. Of course I'm offering collateral (preferably in BTC), and of course we'd go through some kind of escrow agent. I'm not asking anybody to trust me directly.
The interest rate, collateral requirements, loan term, and any other relevant parameters are all negotiable. This is the first time I've done this, and I'm guessing it will be priced accordingly (that is to say, the interest rate will likely be quite high).
Ok - any offers of interest rates? I'll start the bidding at 35% APR with a minimum of a 1-week loan term.
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I strongly support this upgrade, and I will absolutely adopt the new DPOS PTS and abandon the old PoW PTS. I'll be fairly surprised if the market doesn't do this.
Non-snapshot-honoring exchanges like Cryptsy are going to be a serious problem. Maybe you could convince them to delist PoW PTS before the upgrade happens? That would really significantly aid adoption of the the DPOS version.
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So are we going to miss out on the PLAY DAC snapshot ?
What do you mean? The PLAY snapshot of PTS was on November 5th. |
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Wait a minute... So after people paid 40ksat per coin, you drop the price to 20ksat? Isn't that kind of a slap in the face to the initial investors?
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The 13 delegates is up in the air. We might double it and recommend people run 2 keys in a miner for starters. There is discussion now about whether delegate # can be changed without a hardfork. If it requires a hardfork the delegate # itself may be increased to something like... 23?
I'm intrigued by the possibility of fewer delegates, but keep in mind that fewer delegates means fewer bitAsset price feeds, which means the median feed price will be easier to manipulate. It is agreed but there is also the problem of not having dedicated block-signers. With a community that starts out small it is hard to identify unique actors. We will likely start out the official chain with roughly what the testnet starts out with. It seems likely to me I will go over to bitsharestalk.org and court people who wish to run delegates. I will likely keep this thread here as main support thread instead of another forum. If there are 25 delegates and 8 are up for grabs because no one is pursuing the role, then what? One person could snatch up those 8 delegates and move their price feed to the ceiling or floor. That would likely affect the median price substantially. The alternative is to have people run multiple delegates which isn't particularly bad. I like the idea of more delegates/miners - how are they determined? Is it by the largest holders or people willing to dedicate some resources? In DPOS, the delegates (read: block producers) are voted on by coin holders. You can go in and register your account as a delegate account, and then you campaign for votes, and whichever 13 delegates have the most votes are assigned to process transactions and produce blocks for the blockchain. For compensation, the delegates are paid some fraction of the transaction fees collected by the network. More info here: http://wiki.bitshares.org/index.php/DPOS |
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The 13 delegates is up in the air. We might double it and recommend people run 2 keys in a miner for starters. There is discussion now about whether delegate # can be changed without a hardfork. If it requires a hardfork the delegate # itself may be increased to something like... 23?
I'm intrigued by the possibility of fewer delegates, but keep in mind that fewer delegates means fewer bitAsset price feeds, which means the median feed price will be easier to manipulate. |
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The snapshot is approaching. PLEASE remove your coins off Cryptsy ASAP. We are less than 24 hours away.
Please keep the suggestions flowing. I have been unfortunately busy with previous commitments.
There is discussion over at pts.cubeconnex.com if anyone is interesting about the project that has picked up the torch for Protoshares.
I am seriously considering renaming the coin to Paul Coin Deflationary. Although this sounds Biblical.
I'm still not entirely sure about Randall. It would be nice to have the coin have a reason to be around if his Presidential candidacy fails.
Rond Paul Coin or is that stupid?
You say less than 24 hours... What time exactly are you planning? |
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Ok trying to cut down on radio silence from me. Sooooooo happy Crypsty came through.<thumbs-up> I wrote up a nice article in google docs but it  quit working. Doing snapshots isn't that hard with RPC. ( Remote Procedure Call) The worst case is a rewrite of it all but there is nothing unmanageable that can not be done. Final allotment = (Guaranteed no change) 50% RPC = snapshot 27th 20% BTC = snapshot ? 10% DOGE = snapshot ? 10% PTS - Nov 5th snapshot. 10% AGS - Nov 5th snapshot. I will be modifying the smaller and larger balance extremes. That can mean lowering or increasing or removing balances. No discussion on these thresholds. I would like to construct the restraints around blockchain size as much as sociological engineering. PTS & AGS & RPC will get full 1:1 snapshots proportional to themselves. DOGE and BTC will be modified in some manner. The new snapshot for RPC will be Nov 27th. The only market is Cryptsy and they came through but had the wallet turned off for near a week. So we will be giving 1 more week for snapshot and allotment. I'm mainly using Cryptsy as an excuse as it is not likely to have this ironed out before the 27th so might as well let people trade pre-snapshots. Just make sure you have your coins in a wallet where you own the private key on the 27th. I'm having problems with memory under Java which is how the snapshot software is implemented. Yet now I understand the underlying procedure to create a snapshot from a coin daemon so worst case it will be rewritten. My goal in life is to release this coin. It will be done or I will die unexpectedly. I've had problems pulling down the whole bitcoin blockchain with the reference client. Not sure what that is about but we are working around it. Thank you to everyone supporting the coin and the Libertarian philosophy. I apologize for any delays but we're trying to deliver something with meaning and value. The genesis block creation is not very fun so once that is out of the way we will be golden. What time specifically will the snapshot be? Are you doing it I3 PTS-style where you snapshot the last block mined on Nov 27th, using UTC as the time zone? |
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Hey, just a word of caution to you traders: as soon as Cryptsy enables deposits, it's reasonable to assume that there will be a massive flood of RPC into Cryptsy as people have been watching the pump and they'll be wanting to sell. It would not be surprising if the price of RPC crashes significantly as soon as deposits are enabled. On the other hand, RPCD has a pretty fair chance of pumping above 100k market cap, so maybe you don't care whether you buy at 25k sat or 15k sat.  |
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Understand that it is hard to get a coin on an exchange from anything I read and see. It will be even harder to get a DPOS coin widely accepted. It may take paying an exchange directly for their cost to support the coin. I don't know. I see this as part of my job.
Since Bter was an early supporter of BTSX, it shouldn't be difficult for them to support it. I'd also look into Poloniex. They also have supported BTSX (though people have had lots of trouble with withdrawals), and they have a long history of adding brand new little coins. |
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Honor AGS and PTS,or BTS?  Yes. It's no secret that we are copying BTSX. (References to DPoS and TITAN are a dead give-away to anyone who knows BTSX.) But, we are also adding a few important features. Of course, OmniCoin will be open-source. So BTSX will be able to benefit from our work, just as we are benefitting from theirs. Best, Rick Rick, I'm sure you know that's not how it works. If you don't give 10% of your coins to AGS and 10% to PTS or BTS, you'll incur the wrath and repudiation of the BitShares community. You can try to hide behind your idea that "BTSX will be able to benefit from our work"; but I guarantee you that no AGS donator will see it that way. What you're doing is this: you're looking out at the pool of people who "get" crypto, and you're singling out a particular group (AGS donators) who really really get crypto and you're saying "we don't want you to be a part of this community. Everybody else, come and get it! But we're going to ensure that you AGS donators never have anything to do with our project." If that sounds like a smart move, go for it - but know that you will certainly alienate one of your biggest potential client bases. |
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