#assets-otc - Contract Management System

[matthewh3]

Can this be used to fix the mess Nefario and his gang left behind? https://bitcointalk.org/index.php?topic=115825.0

Yeah I'm interested in this also.

Although it doesn't offer the option to trade assets.

[piotr_n]

Can this be used to fix the mess Nefario and his gang left behind? https://bitcointalk.org/index.php?topic=115825.0

It is up to the GLBSE asset issuers to decide if they want to use #assets-otc, or deal with the mess somehow else.
I think the first problem they need to deal with is: who are my customers...?

I should just say that we have no trading engine (you need to trade OTC) and using the service requires a basic knowledge of the GnuPG.

Other than that, most of the GLBSE assets are welcome, though some are not...
And the first few assets will get listed for free - later, if it works out, I might start charging for listing new assets.

BTW, I have updated the About page, so if you read it before, you might want to re-read...
The recent changes are aiming to make the AIs life much simpler, as when it comes to processing the trades.

[flipperfish]

Even if there is no trading engine, is there support to just "advertise" quotes for asks / bids of a certain asset (maybe with the possibility to mail the advertising party to conclude the trade)?

[piotr_n]

Even if there is no trading engine, is there support to just "advertise" quotes for asks / bids of a certain asset (maybe with the possibility to mail the advertising party to conclude the trade)?

No - at least not at the moment.
But there is a suggestion to use bitcoin-otc order book for such purposes...
There is no need to invent another sun, while the good old one is still shining...

[DonChate]

I think it could work very well, people on bitcoin-otc are already accustomed to GnuPG and its a good way to build your WOT. I will recommend this to asset operators to consider this as an option to be able to trade post-GLBSE, when and if they get their investors lists intact.

[fellowtraveler]

OT automates all this stuff.

Questions & Answers

How can I open an account?
1) Upload your public PGP key using this page: http://assets-otc.com/addkey.php
2) The first time you login your account will be automatically created

What are the transaction fees?
The service does not charge any fees for any transfers of any assets.
Though we don't prohibit the AIs to charge fees for processing the contracts.

How do I become the asset issuer (AI)?
After you have the user account already, just send me the signed contract for the asset and I will add it to the system, putting your account as the AI.

Do I need to pay for booking my asset at your service and being its AI?
No, you don't.
At least not at the moment, so better hurry up..

What if you run away with my bitcoins / assets?
I don't hold your bitcoins, neither assets at any moment.
Only the AI might run away with your stuff, so make sure you trust him or have a legally binding contract.

What happens if the service goes down or an asset is kicked out of it?
The AI always has the up-to-date list of all the shareholders and their PGP identities, so he can find another service or just handle it all further manually.

Will the source code be open?
Yes - I will put it on giuthub.
Just not yet, because I need to get some customers first, not letting someone else to get them using my own work.

Is it possible for one asset to use both, GLBSE and #assets-otc?
Yes, but while you have your assets stored in #assets-otc you cannot sell them at GLBSE and you cannot vote motions there.
But you are still entitled to dividends and you can trade them over the counter with other #assets-otc accounts.
Also, you may request the AI to withdraw your assets from #assets-otc back to GLBSE or any other exchange - so you could trade them there.

How can I transfer my GLBSE assets to this service?
Talk to the guy who issued the asset at GLBSE and ask him to do it for you.
If he doesn't know how to do it, send him to me - I can guide him through.

If I have my assets in this service, will I be able to transfer them to GLBSE or other exchange?
As long as the AI agrees to do it for you, I wouldn't be able to prevent that, even if I wanted.

Is the service going to help with paying out the dividends?
Yes.
For this an open source tool has been created, which can (and should) be used offline.
Each time before paying dividends you will download from the server a file called like contracts_YOURASSET.tar.gz (it's most recent version).
This file contains the entire history of your asset's transfers, the dividend payment addresses and all the customers' public keys.
You will only need to specify the total amount you want to pay as dividends - and then just run the script.
If all the signatures in the contract chain are OK and all the dividend payments addresses are set, the script will output the exact JSON-RPC "sendmany" command, which you can then execute right away at your bitcoin client.

How can I sell my assets which I have stored in #assets-otc?
 1) find a buyer and agree on the price
 2) ask him to register his PGP key at #assets-otc (if he hasn't yet)
 3) sign the contract with both your PGP keys (stating number of assets you want traded and the bitcoin address for the payment)
 4) send the signed assets transfer request to the relevant AI, so he could log the change in the system.

[EskimoBob]

Contract sent.
Lets hope this works out

fellowtraveler and piotr_n, maybe you guys can put your heads together somehow integrate the services in to something even better
 

[EskimoBob]

We have bounced that contract back and forth because signature did not verify.
Guess what, my file was in UTF-8 but this is not supported. 
I think not supporting UTF-8 is like begging for trouble down the road.

[piotr_n]

We have bounced that contract back and forth because signature did not verify.
Guess what, my file was in UTF-8 but this is not supported. 
I think not supporting UTF-8 is like begging for trouble down the road.

If you have this PM stored, go to your Outbox and check the signature at the message you sent me - you will see what I mean.
UTF-8 encoded file has some special crazy bytes at the beginning, so if you clear-sign it and then put it through a clipboard, a database, a webpage, or whatever other medium -  these crazy bytes somehow disappear (even though the medium does support utf-8), and therefore the clear signature you made did not match anymore...

My gpg was clearly saying that the message you sent to me had a BAD signature, so what were you expecting me to do?
BAD signature = bad signature.
And I am not accepting contracts with bad signatures, neither should any of the users of my service. Period.

[EskimoBob]

We have bounced that contract back and forth because signature did not verify.
Guess what, my file was in UTF-8 but this is not supported. 
I think not supporting UTF-8 is like begging for trouble down the road.

If you have this PM stored, go to your Outbox and check the signature at the message you sent me - you will see what I mean.
UTF-8 encoded file has some special crazy bytes at the beginning, so if you clear-sign it and then put it through a clipboard, a database, a webpage, or whatever other medium -  these crazy bytes somehow disappear (even though the medium does support utf-8), and therefore the clear signature you made did not match anymore...

My gpg was clearly saying that the message you sent to me had a BAD signature, so what were you expecting me to do?
BAD signature = bad signature.
And I am not accepting contracts with bad signatures, neither should any of the users of my service. Period.

That makes sense. From your PM, I understood that your db is not accepting UTF-8.
I think something got screwed with  this particular  character '
I had to use -c to omit invalid characters from output, to get the text file converted.

Looks like everything is fine now.
Thank you for your time

Cheers

[piotr_n]

Since you cannot just make a normal text file and sign it...
Just don't use files, but rather paste it into std input - close the input with Ctrl+D on lunux or Ctrl+Z, Enter in windows.
Then, there should be no problem whatsoever with some hidden headers in your "text" files.

[piotr_n]

Or, if you prefer files, rather than clipboard anc Ctrl+sthg, just use gpg like this:

Code:

gpg --clearsign < ART-OTC-ASCII.txt >ART-OTC-ASCII.asc

Should work with any OS.

[EskimoBob]

Thank you for the help.
Usually Kwrite is usually nice with files and not screwing those up.
BTW, this text was actually downloaded from google docs and then edited more in KWrite.
I guess something went out of whack somewhere

Contract etc are now listed here: https://assets-otc.com/asset.php?id=2  and the relevant forum post, please go here:  https://bitcointalk.org/index.php?topic=102010.msg1265496#msg1265496

Cheers

[piotr_n]

Yeah. I guess these days only crazy people use vi and know what a stdin is

[Bitcoin Oz]

Even if there is no trading engine, is there support to just "advertise" quotes for asks / bids of a certain asset (maybe with the possibility to mail the advertising party to conclude the trade)?

Someone could write a scraper for bitcoin-otc that extracts all the bids and asks onto a chart style site.

[EskimoBob]

Even if there is no trading engine, is there support to just "advertise" quotes for asks / bids of a certain asset (maybe with the possibility to mail the advertising party to conclude the trade)?

Someone could write a scraper for bitcoin-otc that extracts all the bids and asks onto a chart style site.

Cant agree more

I have few sell orders at  virtual ST's of ART-OTC Who even uses that page any more?

A simple Buy/Sell page is more than required to make the process less cumbersome.

1) Log in
2) Get the list of offers, select one you like and sumbit buy "order"
3) get a BTC account for payment (this has to be the sellers account - maybe issuer can generate a list of accounts that are used randomly)
4) (here it gets wacky because BTC is sooooo slow) system checks for the payment in the blockchain
5) request for share transfer is sent if payment is OK (2 conf is plenty?)
...

Coin is never held by assets-otc.
This can be (almost) done in OT but OT has no "connection" to blockchain and as far as I know, there is no BTC derivative at the moment to act as a "token" for BTC. 

[CharlesPonzi]

Even if there is no trading engine, is there support to just "advertise" quotes for asks / bids of a certain asset (maybe with the possibility to mail the advertising party to conclude the trade)?

Someone could write a scraper for bitcoin-otc that extracts all the bids and asks onto a chart style site.

Cant agree more

I have few sell orders at  virtual ST's of ART-OTC Who even uses that page any more?

A simple Buy/Sell page is more than required to make the process less cumbersome.

1) Log in
2) Get the list of offers, select one you like and sumbit buy "order"
3) get a BTC account for payment (this has to be the sellers account - maybe issuer can generate a list of accounts that are used randomly)
4) (here it gets wacky because BTC is sooooo slow) system checks for the payment in the blockchain
5) request for share transfer is sent if payment is OK (2 conf is plenty?)
...

Coin is never held by assets-otc.
This can be (almost) done in OT but OT has no "connection" to blockchain and as far as I know, there is no BTC derivative at the moment to act as a "token" for BTC. 

The trading page should be more like a broker than attached to assets-otc itself. https://coinbr.com/about  like this for mpex.

[EskimoBob]

Even if there is no trading engine, is there support to just "advertise" quotes for asks / bids of a certain asset (maybe with the possibility to mail the advertising party to conclude the trade)?

Someone could write a scraper for bitcoin-otc that extracts all the bids and asks onto a chart style site.

Cant agree more

I have few sell orders at  virtual ST's of ART-OTC Who even uses that page any more?

A simple Buy/Sell page is more than required to make the process less cumbersome.

1) Log in
2) Get the list of offers, select one you like and sumbit buy "order"
3) get a BTC account for payment (this has to be the sellers account - maybe issuer can generate a list of accounts that are used randomly)
4) (here it gets wacky because BTC is sooooo slow) system checks for the payment in the blockchain
5) request for share transfer is sent if payment is OK (2 conf is plenty?)
...

Coin is never held by assets-otc.
This can be (almost) done in OT but OT has no "connection" to blockchain and as far as I know, there is no BTC derivative at the moment to act as a "token" for BTC. 

The trading page should be more like a broker than attached to assets-otc itself. https://coinbr.com/about  like this for mpex.

I personally like to see as few layers between me and the issuer as possible.
Everything that has happened in the real world has shown us countless times, how scumbag brokers and greedy middleman rake all the profits while the investors and sometimes even the issuer, get peanuts or lose their shirts in the scams spun by the fkn brokers.
Have you guys forgotten, that one of the BTC ideas was to get rid of this layer of scumbags that is suffocating the society. Fuck banker and broker wannabes.
 

[piotr_n]

This is a joke. No one will trust piotr_n anyway so it wont go anywhere.

Well all I can say is that you definitely won't be using the service.
How do I know?
Because in order to use it you'd first need to know how to handle GnuPG encryption and signing - and I seriously doubt that you are capable of that.
It's just too technical for a goat like you.
Oh, unless you hire your lying bitch Nefiario, to help you with that

[piotr_n]

This is a joke. No one will trust piotr_n anyway so it wont go anywhere.

Well all I can say is that you definitely won't be using the service.
How do I know?
Because in order to use it you'd first need to know how to handle GnuPG encryption and signing - and I seriously doubt that you are capable of that.
Oh, unless you hire your lying bitch Nefiario, to help you with that

Yes, Nefario and I are good friends, soo good in fact Nefario is my bitch! lol

GnuPG encryption and signing ??   You must be new here and have no clue who I am. Lol

Well, if you want to be friends with your bitches - who am I to say 'no'?

And I don't know what "here" is, but I believe I know pretty well who you are.
A stupid crook without any technical skills whatsoever.
If you had technical skill, why would you need to steal money from people?