[LTC-GLOBAL] The Litecoin Global Virtual Stock Exchange - Public Beta

[btcash]

Could you please add the server time to the header or footer and I think it is useful to see how many litecoins are actually available and how many are reserved for bids.
Balance: Ł10 (1000 reserved).

[Deprived]

The binary betting model does raise some interesting possibilities e.g :

For a low-dividend investment you could end up being better off betting on it paying than actually investing.

You could create an asset that appeared really terrible, buy up shares yourself (so that it had an obvious need to pay dividends), do absolutely nothing with it and just bet on the pay side.  As you'd have little liabilities (hardly anyone invested but yourself) you should make a decent profit off everyone betting against it.

Scammers could bet against their own assets on sock-puppets accounts to make even more profit.

And the last two are the real problem with it - the asset owner KNOWS what the outcome of the bet will be (if it's short-term) so can flood that side of the bet on a second account (or via a partner), meaning noone legitimately betting gets any sort of decent value.

These are all very good points, but one way to resolve this is by only listing reputable people with real companies.  Will it be any different when we are able to short these securities and the asset operator misses a dividend or gives some bad communication while he or she is shorting the asset?

Well there's a few differences:

1.  In shorting the ultimate authority on who wins is the market.  In a binary market the asset operator can directly determine the outcome (and knows it in advance with near certainty).
2.  In shorting the benefit from shorting is restricted to a certain amount per security.  In a binary market it's based on the ratio between people on each side of the bet - which can be directly exploited by the asset operator.
3.  It's much harder for the asset operator to go long on their asset (sell shorts) without actually delivering something to satisfy the market.  In a binary market the asset operator makes most money betting ON their asset by giving the impression of doing badly whilst meeting their contractual obligations.

The real difference is that the operator can gain in the binary market irrespective of how they do - by manipulating market confidence in the OPPOSITE direction to where it should be going.  With shorts (on either side of the deal) at least that particular issue in no longer true.

[burnside]

Update tonight, added google auth support for asset transfers, coin withdrawals, and buy/sell orders.

Turn it on/off in the Account page with the "Google Auth for Transactions" checkbox.

Cheers.

[burnside]

Could you please add the server time to the header or footer and I think it is useful to see how many litecoins are actually available and how many are reserved for bids.
Balance: Ł10 (1000 reserved).

If you set your timezone in the Account page, server time is your time.    Not a bad idea to put the current time up somewhere though.

The reserved balance is a little trickier.  Since you can have overlapping bids from one security to another what is reserved essentially becomes the sum of your bids on whatever security you have the most bids on.  I'll see what I can come up with to make this more clear in the interface.

Cheers.

[burnside]

Hi! May I ask you if there is a way to obtain the list of my shareholders with an API call?

I want to have a hourly backup of that list, with an identifier like the email, the amount of shares and at what price (maybe weigthed average price)

Thanks.

You got it.  See the "Account" page when logged into your asset issuer account.  You'll find a link in there to an API output formatted in JSON like so:

{"owners":{"burnside@kattare.com":"1","example@example.com":"260","test@test.com":"80", ... },"ticker":"LTC-MINING.LTC","_comment":"cached up to 10 minutes","generated":"2012-10-06T23:32:59+01:00"}

DO NOT, UNDER ANY CIRCUMSTANCES SHARE THAT URL.  It has a very long API key, but if you let that get compromised, people will be able to see who holds your security.

This was the last piece to the "What do I do if LTC-GLOBAL ceases operation?" puzzle.  From here on out, all asset issuers can download their list of asset holders in an automated fashion at regular intervals.

I have also added the time to the top of the pages.  The time displayed takes into account your Account Timezone setting.

Cheers.

[burnside]

New PEER APPROVAL SYSTEM for new assets.

I will no longer be doing verification 100% myself.  From now on a vote of the shareholders of LTC-GLOBAL will determine whether new assets get approved or not.

The current rules are:
- You must have 10 shares of LTC-GLOBAL to vote.
- An asset gets flagged as ACTIVE when:
    (a) There are at least 5 YES votes, AND
    (b) There are more YES votes than NO votes.
- You can vote yes or no, and can change your vote at any time.
- NO votes carry twice the weight of YES votes.  (they count double)
- When you submit your vote, you can add a comment.  The asset issuer will get a copy of your comment via email.  So try to be selective!  If something doesn't add up, or needs clarification, vote NO, and ask them to fix their Prospectus, Business Plan, Contract, etc.

Even after the asset has been approved, you can still adjust your votes.  Hopefully we can use this as a vote of confidence, and over time maybe even set a trigger point where a certain number of NO votes will trigger a review of whether the asset is good for our exchange or not.

Cheers.

[Bitcoin Oz]

New PEER APPROVAL SYSTEM for new assets.

I will no longer be doing verification 100% myself.  From now on a vote of the shareholders of LTC-GLOBAL will determine whether new assets get approved or not.

The current rules are:
- You must have 10 shares of LTC-GLOBAL to vote.
- An asset gets flagged as ACTIVE when:
    (a) There are at least 5 YES votes, AND
    (b) There are more YES votes than NO votes.
- You can vote yes or no, and can change your vote at any time.
- NO votes carry twice the weight of YES votes.  (they count double)
- When you submit your vote, you can add a comment.  The asset issuer will get a copy of your comment via email.  So try to be selective!  If something doesn't add up, or needs clarification, vote NO, and ask them to fix their Prospectus, Business Plan, Contract, etc.

Even after the asset has been approved, you can still adjust your votes.  Hopefully we can use this as a vote of confidence, and over time maybe even set a trigger point where a certain number of NO votes will trigger a review of whether the asset is good for our exchange or not.

Cheers.

I like this idea.

[420]

been mining for hours and my balance still says zero

rate is 100khash

[burnside]

been mining for hours and my balance still says zero

rate is 100khash

wrong thread? 

This should help tho: http://ltc.kattare.com/about.php

Read the part about how PPLNS round scoring works.

Cheers.

[420]

been mining for hours and my balance still says zero

rate is 100khash

wrong thread? 

This should help tho: http://ltc.kattare.com/about.php

Read the part about how PPLNS round scoring works.

Cheers.

thanks got it. its slightly fun to do it but not profitable with current LTC price and electricity cost

my balance did update

[burnside]

There is now support for asset issuers to assemble and post their entire prospectus, or business plan, step by step.

Check out the "Contract & Prospectus" tab at https://www.litecoinglobal.com/security/LTC-GLOBAL for an example.

Hopefully this will help people determine the difference between a good asset issuer who has planned their success and an asset issuer that does not have a good plan.

Cheers.

[burnside]

Bug fixed.  If you had exactly 10 LTC-GLOBAL shares it wasn't letting you vote.  You had to have 11.  heh.  I fixed the conditional statement.   

[killerstorm]

Did I miss something? "BTC Trading Corp. Avarua, Rarotonga"

https://btct.co/security/ESECURITY-SA2

[burnside]

Did I miss something? "BTC Trading Corp. Avarua, Rarotonga"

https://btct.co/security/ESECURITY-SA2

Hey, where'd you find that?  That's the beta site. 

I'll plug in some IP restrictions until it's ready to roll.

[gigica viteazu`]

is the site down ?

[DiCE1904]

is the site down ?

http://www.downforeveryoneorjustme.com/www.litecoinglobal.com


and

http://www.downforeveryoneorjustme.com/www.litecoinpool.org

[gigica viteazu`]

thank DiCE

[DiCE1904]

thank DiCE

no problem,

http://www.downforeveryoneorjustme.com/ltc.kattare.com

is actually down too aswell   

[burnside]

It's back up now. 

Not a fun morning.  The DDoS against ltc.kattare.com took out the frontend webserver.  I'll be splitting the services up a bit over the next week or two.

Cheers.

[burnside]

It's back up now. 

Not a fun morning.  The DDoS against ltc.kattare.com took out the frontend webserver.  I'll be splitting the services up a bit over the next week or two.

Cheers.

Ahh, crap.  It wasn't quite back.  Had to update the firewall config.  It was having trouble getting to people's wallets.