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Author Topic: **MANDATORY UPGRADE REQUIRED** [ANN] B&C Exchange - All users must upgrade  (Read 172855 times)
masterOfDisaster
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July 14, 2015, 08:18:02 AM
 #441

NXT platform have this kind of decentralized exchange using the thing the doc called as a 'proxy' coin, it's main weakness was the execution time, given the confirmation time a cryptocoin needs to become valid, will this exchange provides better execution speed? with the minimal fees? if that's the case i am in for the long.
My understanding might be wrong, but in that case B&C Exchange might correct that.
At B&C Exchange deposits remain in the blockchain of the associated coin - the deposit addresses are multisignature addresses. Those transactions are signed by reputed signers.
If somebody deposits BTC at a "B&C Exchange" deposit address, a transaction is made to a BTC multisignature address. That's the reason why reputed signers need to run blockchains for all coins they intend to support by their signatures.

Trades that happen require transactions to be made on these blockchains.
Depending on the number of confirmations that are required (configured by ongoing votes of the BKS holders that keep the B&C Exchange blockchain running), it might take some time, before these coins can be traded again.

Obviously such a decentralized exchange is slower than a centralized exchange. It's not made for high frequency trading.
The advantages over centralized architecture are
  • the is low risk of exchange default
  • once OP_CHECKLOCKTIMEVERIFY is used for a secure return of deposited funds in case too many reputed signers fail, there's very little risk of losing deposited funds (only reputed signers that collude remains, from an exchange point of view)
  • presumably low fees for high volume transactions; centralized exchanges require a fee per trading volume (in USD) whereas B&C Exchange is collecting a fee per transaction size

Tell me: would you rather trade high USD values of coins at a centralied exchange or at B&C Exchange? Wink
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sabreiib
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July 14, 2015, 08:52:14 AM
 #442

For example, I've sent 10 Btc to B&C to place ltc buy order, those 10btc held by 16 signers before my transaction is completed, and you also have 20btc held by the same 16 signers.

Now I wanna send you 1btc. Can I inform 16 signers that just update our balance? i.e. , those 16 signers confirm I have 9 btc and you have 21 btc now?

Those 16 signers would probably say: no. My 1 btc must sent to you on blockchain.

However, we may find a smarter way: the signers may give u a receipt of 21 btc, and they actually move btcs every week or month, account days, balance days. U know what I mean.

i belive we can work out an "open transaction" style.

B&C may become a bank which issues stable money(BKC), provide instant payment service(receipt style) , we are bitcoin +bitpay.


I am a F. A. Hayek fan.
masterOfDisaster
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July 14, 2015, 12:08:41 PM
 #443

For example, I've sent 10 Btc to B&C to place ltc buy order, those 10btc held by 16 signers before my transaction is completed, and you also have 20btc held by the same 16 signers.
All BTC are "stored" as UTXO in the Bitcoin blockchain.

Now I wanna send you 1btc. Can I inform 16 signers that just update our balance? i.e. , those 16 signers confirm I have 9 btc and you have 21 btc now?

Those 16 signers would probably say: no. My 1 btc must sent to you on blockchain.
That still requires a transaction (in the Bitcoin network) that transfers them from one address to the other.

However, we may find a smarter way: the signers may give u a receipt of 21 btc, and they actually move btcs every week or month, account days, balance days. U know what I mean.

i belive we can work out an "open transaction" style.

B&C may become a bank which issues stable money(BKC), provide instant payment service(receipt style) , we are bitcoin +bitpay.
That requires the different coins to "leave" the originating blockchain and to be traded on the B&C Exchange blockchain solely.
How will you "move" coins (the possibility to spend them) from and to a blockchain?

Using the multisignature transaction approach might help here - the transactions are unspendable on the foreign blockchain (unless the reputed signers agree do that) and can be traded "at the B&C Exchange blockchain".
It might be not trivial (but proveable) to keep the balance intact (the sum of unspendable outputs in a blockchain needs to be the same as the sum of UTXO at the B&C Exchange ledger...), but basically this could be a way into the direction you dream of Wink
...maybe this is complete nonsense due to my lack of understanding Cheesy

NewShareUser
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July 14, 2015, 08:09:12 PM
 #444

I retried the import, directing to walletS.dat, and a box appeared asking for a password - I presume this is the NuShares client password. I typed it in, and it said that the import process had started, and that I should check the debug window. I did, but it said:

importnusharewallet <NuShares wallet file> [walletpassword] [rescan=true]
Import NuShares walletS.dat
Password is only required if wallet is encrypted
(code -1)

I don't understand this. Can anyone explain?

I think this is a bug.
...

Can B&CExchange confirm whether this is indeed a bug? If it is, I would rather wait for a solution, than keep on trying to import the NuShare file via the debug console - which has not worked, so far

Thanks.
cryptog1
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July 14, 2015, 10:40:55 PM
 #445

I do not recall if it has been already dealt with...In this case, excuse my lack of memory Smiley

Let us imagine a situation in which a malevolent hacker creates 100 clones of the user interface (the Web site that interfaces with the blockchain) and tries to access the B&C blockchain via those 100 Web interfaces at the same time.
One concrete example would be that the hacker tries to double spend 100 times say 50 BTC by creating 100 different orders involving those 50 BTC.
My understanding is that it would cost him only one tx fee, the successful tx (the remaining 99 txs will be unconfirmed).
So in that sense, there is no financial counter-incentive to prevent him from spamming the network with 99 txs.

This situation is probably not inherent to B&C but still I am curious about whether or not B&C would be able to cope easily with such a spamming attack.

What do you think?

EDIT: added info
BCExchange
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July 14, 2015, 11:28:40 PM
 #446

Can B&CExchange confirm whether this is indeed a bug? If it is, I would rather wait for a solution, than keep on trying to import the NuShare file via the debug console - which has not worked, so far

Thanks.

We can confirm it is the same issue faced here: https://discuss.nubits.com/t/passed-motion-to-provide-seed-funding-for-b-c-exchange-a-decentralized-exchange-built-on-the-peershares-platform/2001/483. The client doesn't support spaces in the path or the password.

We will be issuing a quick fix release in the next day or two to ensure that you will be able to import your NuShares wallet without trouble.
BonTonPlease
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July 15, 2015, 02:33:43 PM
 #447

Is it still possible to purchase Blockshares? I sent you a pm but haven't got an answer yet.

sabreiib
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July 15, 2015, 03:25:58 PM
 #448

Is it still possible to purchase Blockshares? I sent you a pm but haven't got an answer yet.

only email and bitmessage

I am a F. A. Hayek fan.
BCExchange
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July 15, 2015, 05:20:28 PM
 #449

Is it still possible to purchase Blockshares? I sent you a pm but haven't got an answer yet.

Please send an email to bkssale@vistomail.com or send a BitMessage to BM-2cTihATJ5FwJ7vWBwZmJjr55eFPFWBCmCQ. We will do our best to respond promptly when the message is received.
BCExchange
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July 15, 2015, 09:13:08 PM
 #450

Here are updated downloads of our client wallet:

Download (Windows)
Download (Linux)
OS X download coming soon
Source Code

If any NuShareholder is still having difficulty importing their BlockShares, please send us a PM.
luffy
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July 16, 2015, 10:43:15 AM
 #451

great! are you going to release an official site?
BCExchange
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July 16, 2015, 03:35:38 PM
 #452

great! are you going to release an official site?

Yes, a basic webpage is complete and we're just figuring out hosting details. It will serve as a basic portal for our wallet client and project development thread. We're hopeful it can be released very soon!
BCExchange
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July 16, 2015, 09:03:59 PM
 #453

I requested even more Blockshares but you didn't get back to me for over half a week now. The bitcoin price dropped by 35 dollars during that timeframe. Given that I purchased bitcoin for over 1000 dollar just to purchase Blockshares, I am quite disappointed right now.

Our apologies it has taken this long to respond. As you can imagine, during the summer months we occasionally have real-life commitments that take us away from the computer for brief periods of time. With several members on the team, the person handling financial requests may not be the same as the person(s) posting with this account.

As has been done in the past with NuShare purchases, the price per Bitcoin will be honored as of the day we received your request. Please be patient. We appreciate your support of B&C Exchange.
BAYproviser
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July 16, 2015, 10:18:54 PM
 #454

minting question

do you need share to mature for 7 days before they are ready available for minting what is minimum amount per wallet for minting
Sentinelrv
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July 17, 2015, 12:22:29 AM
 #455

I requested even more Blockshares but you didn't get back to me for over half a week now. The bitcoin price dropped by 35 dollars during that timeframe. Given that I purchased bitcoin for over 1000 dollar just to purchase Blockshares, I am quite disappointed right now.

I'm just curious. Why didn't you convert your Bitcoin to NuBits? That would have prevented the devaluation you experienced. I personally collected money for over a month and converted it to NuBits while waiting until we had the go ahead to make payment. If I had not done so I probably would have taken a loss.
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July 17, 2015, 07:42:02 AM
 #456

I requested even more Blockshares but you didn't get back to me for over half a week now. The bitcoin price dropped by 35 dollars during that timeframe. Given that I purchased bitcoin for over 1000 dollar just to purchase Blockshares, I am quite disappointed right now.

I'm just curious. Why didn't you convert your Bitcoin to NuBits? That would have prevented the devaluation you experienced. I personally collected money for over a month and converted it to NuBits while waiting until we had the go ahead to make payment. If I had not done so I probably would have taken a loss.

Always hold your crypto wealth in nubits if you cannot tolerate a risk from volatility. ALWAYS! I've done this before and I will do it again.

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July 17, 2015, 08:39:45 AM
 #457

so is this a n of m scheme?

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masterOfDisaster
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July 17, 2015, 09:55:27 AM
 #458

so is this a n of m scheme?
If you are talking about the type of the deposit addresses, then yes; according to the design document (page 12):

Quote
Fund Transfers
Signed multisig messages that do not yet have enough signatures will be broadcast through the
network and placed on the blockchain with the appropriate fee. This message should include:
  • the signed raw transaction
  • the multisig deposit address
  • [...]
BCExchange
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July 17, 2015, 09:08:05 PM
 #459

The new total for funds raised is $201,178. All correspondence sent to us that we have received has been responded to at this point. Our commitment to distribute BlockShares by July 19 will be kept.
cryptog1
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July 18, 2015, 02:26:46 AM
 #460

The new total for funds raised is $201,178. All correspondence sent to us that we have received has been responded to at this point. Our commitment to distribute BlockShares by July 19 will be kept.

Simply wrong. I requested 250 BKS and you didn't get back to me. This is getting absurd... The email has been sent 16:17:39 MESZ on July 13th.

I am sorry that you have to wait but please be patient and understand that the team is getting busier and busier as we get close to the release of the stable blokchain. (at least this is my understanding)
I made a purchase at the end of june and i waited 4 days, fyi.
So it is not surprising that you need to wait more as of today, I feel.

EDIT: corrected typo(s), added info.
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