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You can't 'peg' a coin, it doesn't work.
I've seen many coins attempt this and none successful ...
You don't consider nubits successful? |
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That means that for this type of work, smart contracts are a godsend. Check this website: http://clientsfromhell.net/ Every single one of these horror stories can be avoided by smart contracts. That's because smart contracts give both parties the incentive to uphold their part of the bargain to the best of their abilities. It's not about a 'he said she said' issue with a broken guitar or a box filled with phonebooks. It's about "Hey I like the site so far but our contract also says that the member profile section has to be finalised. If you finish it this week we can both release each other's eskrow, if you think you're not getting it done we can just pay for the finished part for 80% and make a new contract for the member profile section part." These deals need a lot of communication and this can only truly be done when both parties have leverage on each other. Does the wallet allow a contract to be closed out at an agreed upon lower price? The point you raise here makes it clear that that's an important option for when a contract or an order can only be partially fulfilled. When both parties agree on the situation, as in your example, and both negotiate in good faith, it should work fine. I guess escrow also pressures both parties to meet in the middle when they disagree, even if one party is objectively wrong but (because of ignorance or stupidity, as in many of the examples on that site) will never be convinced that they're wrong. That's often what would happen in real life anyway I assume. |
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I don't know much about it and was under the impression that the Bithalo dev invented the idea. It seems like a kick-ass idea and it's great to see some competition driving it. Supporting BTC seems a million times better than launching a new alt. Except for the million dollars in funding part.
Do you have plans for fundraising? Kickstarter or anything? Have you looked at other markets for the service, such as wagering?
Also, I'm curious, what other coins could you easily support? Nubits? Doge?
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So the difference between this and thebitbay is (a) you allow transactions in BTC, and they require users to buy a new alt coin called BAY, and (b) they've got a million dollars worth of BTC to spend on dev and publicity? Unfortunately the latter probably outweighs the former. Did you start from the bithalo code or just the whitepaper, or is it completely independent? Good luck with it!
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Please take a look here to see how proof of existence works:http://www.coindesk.com/how-block-chain-technology-is-working-to-transform-intellectual-property/
You may be stuck in a loop trying to bind an old system to a new one. The horse did not turn into a car. The car replaced the horse.
You're the ones with the claims about the new system (blockchain) being used to represent something that is "old system" namely the legal ownership of automobiles. The ability to prove that a digital document existed at some point in time (as described in the link there) doesn't do anything of the sort. |
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You say "transfers take place almost instantly." Can quantify "almost instantly," i.e., how many milliseconds/seconds/whatever would typically be required for a transfer to be completed and confirmed?
A: If someone sends SWIFT to you they will appear as received within seconds. The time can vary depending on network connectivity speed and various other issues. The confirmation time is 30 seconds (on average).
Somewhere else in this thread it says "with only 10 confirmations before coins are usable." So 30 seconds is ten confirmations, meaning the block time is 3 seconds? So suppose I register a swiftID for my car, use swiftEXIST to do whatever the rest of those steps mean. The bitswift network now validates my ownership. Then (in the real world) I put an ad on craigslist, someone comes over and gives me a thousand bucks and I sign the title over to them. The bitswift network isn't modified by this real-world transaction, so the bitswift network is still validating my ownership, even though in the real world I no longer own the car.
A: SwiftEXIST is used to declare ownership and record that ownership in the history of events. The blockchain allows to record events and keep the history and proof of those events. If the car was sold later on in the future to a new owner the network would not know otherwise. The network would only know that on a specific date in the past, you owned the car. Unless of course, the network gave enough incentive for the new owner to join the network and transfer the ownership from you and bind it to their SwiftID. Or perhaps if the network gave enough incentive to use its internal SwiftSales, the car could be sold directly on the network. When the sale is final the ownership would be transferred internally to the new owner.
I don't follow that at all, sorry. With cars the actual, legal ownership is reflected in the title. There's no link between the blockchain and the physical car, the physical documents, and the registration of the title at the DMV. And if the blockchain only records that someone owned that car at some point in history (if that were even possible), how is it useful in selling the car? If I'm buying a car from you I don't care whether you owned it at some point in history, I care about whether it's legally yours now so that it's your to sell. And then if I give you money for it I don't care about entries on a blockchain, I care about the legal title. Is there going to be a whitepaper with technical details at some point? |
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Hello Community, this is the BitSwift Dev team!
We will be hosting REGULAR Monday evening / night Q&A - we want to involve the community in this project as much as possible.
Questions anyone?
When will you release a whitepaper with technical details? You say "transfers take place almost instantly." Can quantify "almost instantly," i.e., how many milliseconds/seconds/whatever would typically be required for a transfer to be completed and confirmed? Can you explain "Swift Exist Identity Binding"? The roadmap says: swiftEXIST allows binding of documents to digital identities or digital objects on the bitswift network. In combination with swiftID and swiftREP this is a very powerful tool. One example: register a swiftID for your car, utilize swiftEXIST to insert the car ownership to the chain. Bind the ownership document to the Identity of the car, which is then bound to your registered swiftID. Your swiftID is bound to your physical self using proof of document. The bitswift network now validates your ownership.
So suppose I register a swiftID for my car, use swiftEXIST to do whatever the rest of those steps mean. The bitswift network now validates my ownership. Then (in the real world) I put an ad on craigslist, someone comes over and gives me a thousand bucks and I sign the title over to them. The bitswift network isn't modified by this real-world transaction, so the bitswift network is still validating my ownership, even though in the real world I no longer own the car. Can you explain how this is supposed to work? |
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How about a column showing how long it's been since each coin launched? It would make it easier to see which coins are new and rising fast.
Or maybe a color coding of each row in the table with a color range that reflects the age?
Thanks for the great resource!
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I'm interested. Hopefully more technical info is coming shortly?
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This is definitely a newbie question. On the alt coins board I'd like to be able to see the threads sorted by creation date, not by the date of the most recent post, to make it easier to find new coin announcements. Is there a way to do this?
Apologies in advance if I'm just overlooking something obvious. I checked the help page! Honest!
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The only ones that are "needed" IMHO are BTC and LTC.
In the same sense that the only social networking sites that were "needed" were Friendster and Myspace. Or the only web browsers that were "needed" were Mosaic and Internet Explorer. I think that it won't be long before BTC and LTC will be regarded as the first-generation crypto-currencies that blazed the trail, but the technology will move past them. Proof-of-work designs in general may go out of fashion. |
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LOL, I am looking forward to have the first Facecoin (or F-coin) then  Me too, actually. Let people mine a few thousand, decide they want something worth the investment, and switch to a real coin. It can really only help us. What do you mean by "real coin"? Just curious. |
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Same here, long-time lurker, first-time poster. Not really a coder though, unless you count a little bit of javascript.
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