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I recieved this in my inbox yesterday... "Would it be cynical of me to secure some stock in this company if it's available? From a disaster capitalist perspective, it would make sense.... http://www.usatoday.com/story/money/business/2014/08/08/tekmira-fda-drug-approval/13779095/ Ebola drugmaker's stock soars www.usatoday.comI went ahead and used the Ultracoin wallet [this is a bitcoin wallet that allows you to trade exposure of nearly any public security] to go long on Tekmira Pharmaceuticals' stock Were I to do this trade with Sharebuilder or TD Ameritrade, I'd have to formally open an account, submit documentation, and pay a much greater fee per trade..." I replied, "Cool. I will announce the position, keeping you anonymous of course" "Sure... I'm really appreciating the fact that as I get email economic newsletters, or ad snail mail regarding different stocks, I can immediately use Ultracoin to go long or short after doing a little bit of research first..." The wallet can trade exposure to Bitcoin, Ripple, Litecoin, Dogecoin, ALL major forex pairs, many lesser fiat currencies, all listed stocks on nearly all major global exchanges, commodities, bonds, futures, options, precious metals, indices, real estate, etc. As I said, the world's most POWERFUL bitcoin wallet. Download the wallet, along with tutorials, trade samples and research here - http://ultra-coin.com/index.php/download-now |
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Many projects featuring smart contracts have been either rumored to be in the works or have proven to be in actual development by some very smart people. As of today, the concept of the smart contract is a reality, a reality that you can download and use right now, in less than 30 seconds. No sidechains, no alt coins, no off blockchain transactions, no esoterica. Veritaseum's UltraCoin is ready for beta testing. This smart contract bitcoin wallet allows you to create simple and highly complex contracts for the trading of financial value across more than 75,000 tickers representing every major asset class across every major global exchange.  What do Smart Contracts have to do with the evolution of finance, banking and investment? Well, practically all financial, investment and banking activity is contractual in nature. Unfortunately, many of us tend to forget or disregard the true nature of these transactions, which leaves room for some very unpleasant results - Bernie Madoff, Bear Stearns, the European sovereign debt crisis, Man Financial, Cyprus and Lehman Brothers are just a few recent examples. The use of smart contracts allows the autonomous enforcement of contractual terms regardless the parties credit risk, scienter, malicious intent solvency. It also allows small entities to perform as if they were large global entities. Let's take global trading, investment and hedging for example - and remember, this entire exercise and application is possible solely due to the abilities of "programmable money", the stuff from which these applications are built. Veritaseum's UltraCoin wallet allows anybody who can read a ticker to trade exposure to nearly any publicly traded asset or asset class, to so now, and to do so without going through centralized exchanges along with the inherent counterparty and credit risks therein - and they can do so for nearly any amount, at a fraction of the traditional costs. What does this mean for banks who derive most of their income from fees stemming from these investment and brokerages-type transactions when their constituency can D-I-Y at less cost and more safety? Reference Stress Test on Banks? Earnings Facing the Veritaseum UltraCoin Value Transaction Platform... Anyone who doubts that this works, how it works or anything else can simply download a wallet and see for themselves. Once downloaded, blank all the input bozes in the "Markets" tab and click search to see what tradeable contracts are available - or make your own.      See the future of finance on CNBCDownload the UltraCoin client now (for Windows and Mac). |
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Veritaseum's UltraCoin prototype bitcoin wallet is now available for public pre-beta testing. The wallet is only available for test coins now but we will release a version that trades live bitcoin by tomorrow. This wallet implementation is pure bitcoin - no altcoins, side chains, alternative blockchains, off chain transactions etc. Consider this an example of what the power of Bitcoin is capable of. To put this accomplishment into perspective, the vast majority of all of the big Wall Street bank (Goldman, JP Morgan, Morgan Stanley, etc.) clients don't have access to 75,000 products, and if and when they do, it's at prices that are multiples of what you can achieve via exposures with this download. We have essentially taken the entire trading capabilities of the big Wall Street banks, converted them into D-I-Y software and facilitated peer to peer trading - dramatically reducing risk, inefficiencies and increasing autonomy. Keep this in mind when someone tells you the primary value of Bitcoin is payment processing. Download the wallet for Windows and Mac here - http://ultra-coin.com/index.php/download-now Get your test coins here (live BTC prototype will be available in 24 hours) - http://faucet.xeno-genesis.com/ See more about what we're doing and why we know so much about mitigating risks in the banking system here - https://www.youtube.com/watch?v=tJjbJ4TS2rs and here - https://www.youtube.com/watch?v=umXDKIGxk-M |
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How do you charge for an open source solution? The UltraCoin solution is hybrid (open and closed source), but if it was all open sourced, then JP Morgan can come behind and co-opt the entire solution. There are limits to open sourcing when it comes to competitive business. Even Red Hat, the open source enterprise champion relies on closed source business models, ex. restrictions through subscriptions and refusal to publish its service best practices, methodologies and solutions. This is a good thing for Red Hat investors, and ultimately a good thing for Red Hat clients, for Red Hat needs a defensible revenue stream in order to consistently provide reliable and dependable quality service. Remember, Red Has is a closed source service company that uses open source software as a marketing and sales conduit. The same with Android, a closed source set of highly functionable apps bundled into an open source OS. If Google were to open source everything it will lose the ability to directly charge for its product. Does this model work? Well, who has the best, most intuitive and tightly integrated apps in the mobile market? Who sells the most? Respectfully,
Perhaps an open source solution would be better than patenting??
Free2play combined with charging for a premium service?
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Anyway to confirm this is indeed Reggie?
Perhaps a link/post from ZH, etc?
I included my email address in the post. Email me and see if I reply. |
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Fully decentralized exchanges are idealistically, well... "ideal", but they come with their fair share of problems as well. What I have done was to solve the major problems of a centralized exchange. The funds stay with the client at all times, hence the server and centralized agent has no possession not control of the client's funds at any time. "IMO thus dangerous as we head into totalitarianism and government control over choke points." We are not heading into government control over choke points, we've been there since way before you were born. The solution is to ensure that the choke points aren't fatal or unnecessarily relied on for the operation of the project as a whole. If the government confiscates my servers, they don't get your money because the servers never had it in the first place, unlike Mt. Gox, Lehman, Countrywide, or Man Financial. And importantly, UltraCoin is NOT an altcoin. It's a derivative solution that works directly with the Bitcoin blockchain. Unfortunately there is an altcoin that also goes by the name Ultracoin (with a ticker of UTC), but that is not me. My venture's goal is to become the facilitator and gate keep of value transfer. As Google is the gatekeeper of information on the Internet, UltraCoin is to be the gate keeper of value - all value, not just financial and investment. The other, like-named product is an actual coin or which whose goal I'm not aware of. UltraCoin is an innovation to the strategic application of value manipulation to the Bitcoin blockchain, not an altcoin, so should the moderators return this thread to its original position?
He appears to be putting market clearing in the mining nodes. And perhaps ticker feeds for common financial instruments to enable algorithmic escrow when it can be.
This is partial centralization (as shown on one of his slides showing the middle ground between Mt.Gox and fully decentralized exchange) and IMO thus dangerous as we head into totalitarianism and government control over choke points. He apparently argues this is worthwhile for its benefits.
Also he announcing an altcoin in the wrong forum. Moderators should move this to the Altcoin forum.
Edit: appears this thread was moved from Bitcoin Discussion to Altcoin forum while I was posting.
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I will give more details once the product is actually released and participants are actively trading on it. I'm much more a man of action than words. There are a lot of initiatives announced and whitepapered, but very few actually implemented and generating material economic activity. To address your concern, there is no 3rd party human interaction and everything is programmed into the software. Hi Reggie,
I've been reading up on your ultra-coin project. You mention that it will be able to do a lot of things but don't really go into the details of the mechanics. Like for example you say that ultra-coin can act as an escrow for a trade involving BTC. Let's say one party doesn't hold up their end of the deal, who will determine which party the escrow is released to? I'm just not seeing how all this can be programmed into software without requiring 3rd-party human interaction. Maybe I'm missing something?
You've got me interested in the idea of a decentralized exchange though, so I'll be following your project.
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I'm making available the video of my presentation given at the NY Cryptocurrency convention and the Powerpoint presentation shown. I plan to launch UltraCoin to the public as a beta jointly on the Max Keiser show, ZeroHedge and my blog properties in less than 2 weeks. I may also choose this asset class in the 3rd annual CNBC professional investment challenge (for those who don't know, I've won the 1st and 2nd challenges by wide margins - https://www.youtube.com/watch?v=r40QFDwXZ-Y). For those of you who met me at my space across from the NYSE, you know that I plan on physically knocking on the doors of family offices, institutional investors and natural consumers and producers of exposures to walk them through UltraCoin trades. Exciting times are coming. As of now, UltraCoin trades over 10,000 tickers including stocks, bonds, options, futures and real estate (residential and commercial). Feel free to reach out to me if you have any questions reggie[at]ultra-coin.com The slideshow: https://docs.google.com/presentation/d/1oLlS8vCpBF9SdjLC_DnWFDGHCcSiUDXz4lWaDt06zB0/present?slide=id.p14. and the video https://www.youtube.com/watch?v=LznMyvDPhuM |
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Hi Reggie,
Have you heard about Bitshares? Do you plan to make Ultracoin only on top of Bitcoin or also on top of other blockchains?
I am asking that because it seems to me that with Bitshares there will be a lot more possibilities to do cool stuff with financial products than with Bitcoin.
I am platform agnostic, but Bitcoin has the network effect thingy going for it as of now. I will use whatever platform/coin/blockchain that accomplishes my or my client's goals. |
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You're not attacking at all. Actually, you're quite polite and professional. Don't be afraid to ask me questions. I know how to answer them (I do it for a living) and I'm honest and above board hence have nothing to lie about.  How is tying contracts to the real world of USD/real estate/whatever solved? And this question answers your other question as to how I differentiate myself from the competitors. It is my belief that the vast majority of development in the xxx.coin space will be on the financial engineering side, and NOT on the software programming side. If I'm correct (and of course, that's an "if") then that puts me at a distinct advantage as compared to practically everybody else on the scene, doesn't it? It also explains why I have to move quickly because when my real competition arrives (Goldman, JPM, et. al.) then things get much harder. Luckily, a decentralized network is anathema to these guys because it's hard to pack ridiculously outsized profit margin in opaque pricing schemes that way, but it can be done. All you need is enough suckers to buy into it, and trust me... There are no dearth of suckers. You can usually identify them as those who know everything :-) I'm a for profit operation (well, I would like to be, at least) thus I do not give out trade secrets. But I do make ample use of open source tools and believe in giving back. Let it be known that there's a lot of fat to be cut out of the current system and still be able to profit handsomely. See http://www.youtube.com/watch?v=PJpBQ0wCF0g&list=PL36ikfnnWcAHOt_cwahKMqPfW1wMtqf30 {quote]What do you mean by you having an "app up and running"? I may have missed something, but I can't find it. Where can I use/see it?{/quote] The swap client has been operable for weeks now. I'm trying to push out beta 3 which "should be" (fingers crossed) mostly debugged and then I can move on to security hardening, prettying up the interface, etc. I've decided not to open up the beta to the public yet because: a) I want less bugs and usability issues and.. b) some members of the community are not conducive to getting this venture off the ground and will unduly badmouth it simply because it has issues that any bleeding financial/tech venture would have, thus creating unnecessary bad will early on, and... c) I don't want to launch the app until it is ready to actually be used for profitable trading (this is very soon, hopefully within the week or so). |
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You have a few misconceptions here. This is not a betting network, this is a set of (continuously growing) derivative applications. This is not an alt.coin, this is a set of smart contract applications/wallet that rest on top of the Bitcoin protocol. I have yet to be convinced that I have to reinvent the wheel, re: bitcoin when the wheel has yet to be driven anywhere yet. I'm self educated - on bitcoin as I am in finance, investment and technology in general. All three topics have plethora of info available, no? I hired programmers to whip up the java prototype (their identity is not necessary). I'm funding this entire campaign out of my pocket and have had many media appearances RT/CNBC/Fortune magazine etc. since started and (at least to my knowledge) I'm the only one to have a fully functional contracts based derivative product and p2p trading app up and running. Thus far I have not true competition. Practically everybody else that you've named (sans goldman sachs, of course) are basically programmers who are developing platforms while I'm an investor and financial engineer developing complete end to end solutions for end users, primarily institutional, corporate and HNW end users. My current solutions on tap (some already developed, others WIP) include: - bail-in/bail-out solutions for sovereigns, banks and bank depositors - interest rate arbitrage - hard money - capital transference/flight/protection schemes -import/export solutions -commercial and income producing real estate through the blockchain - and virtual swaps (already developed and currently beta testing). If you go through all of the competitors that you mentioned, they are primarily building platforms that may or may not allow these things. I bring a much richer, much deeper financial expertise to the the table. Something which I believe is not to be found in abundance in the developer community that we have here. I also have a tame ego that allows me to clearly see my limitations and know when I need to ask for help, which brings me to the need to get programmers who are very well versed in the protocol and contracts. The goal is to take my financial expertise and creativity (which some consider among the best in the world) and translate it into high end coded contracts through crypto. My swaps app is proof of concept and I plan on pushing it through to finished product in two months. I will open the beta testing of the product (some of us have been live trading on it for weeks) a little more next week. I hope I have addressed all of your questions. For those who don't know me, here are some recent calls and my Wikipedia page: http://www.boombustblog.com/reggie-in-the-newshttp://en.wikipedia.org/wiki/Reggie_Middleton |
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Hey Reggie,
Welcome to the Bitcoin forums... Truly a world of it's own.
How are your Bitcoin-related entrepreneurial endeavours progressing?
You might be on to something, but your descriptions lack the depth and detail necessary to evaluate that accurately.
Do you have coders? Who is helping you?
Thank you. They're moving along quite rapidly, although expensively as well. I have coders, but I'm in search of additional talent, particularly Java experts and those who are capable of scripting complex contracts. Since practically all of this stuff is essentially an ongoing R&D run with no real precedence to fall back on its hard to find good help in abundance. I excluded specifics for a reason. My business model is quite different from practically everybody else on this forum (bitcoin, that is) as is my target audience. While most are creating alt.coins with the hope of cashing in on the cap appreciation of the pre-mined stash, I'm attempting to recreate the Wall Street bank off the block chain, sans conflicts of interest, trust issues and excessive compensation models that drive $30 million bonuses to guys a couple of years out of school. With that being the case, I am making a lot of competitors who are quite well funded, ripe with intellectual capital, extremely aggressive and have the ear of our legislature through lobbying. Tipping my hand prematurely would be a bad business move. Alas, the gauntlet has been thrown down and it is now time to dance. See the attack on bitcoin by JP Morgan (the bank that singularly has the most to lose) and my pointed rebuttal... Theres' Something Fishy In The House Of Morgan, Pt. 2: Bitcoin Fear, Envy & LoathingI'm looking for entrepreneurial (as in willing to take some risk) programmers who are very proficient in 1)Bitcoin protocol 2) willing to learn contracts inside and out 3)Java, Android and to a lesser extant, LAMP If you or anybody you know fits the bill, let's chat! I'm also looking for beta testers of the UltraCoin client. It's in its 2nd stage of beta but I don't want to release it to the public just yet. Of course, if anybody wants to contribute to the cause or get some actual coins, financial consulting, etc. through crowdfunding, see http://ultra-coin.com/index.php/fund/discover/21-software-developement/1-ultracoin-the-future-of-money |
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