Hi there,
Yesterday I had a vision. Nothing religious but more like a clear idea of how we can solve the crypto stock dilemma. What's the problem? Crypto stock exchanges like cryptostocks.com and GLBSE are owned privately by small centralized entities and business owners. They are vulnerable to attacks by hackers, government agencies or even lynch mobs if something goes wrong. If you ask me, GLBSE is likely to run into problems within a year. See this thread for instance [], and know just how many people hold the GLBSE owner and specific site asset creators personally responsible for their losses with regard to the Pirate ponzi. Even if the current crypto stock exchanges have nothing to do with fraudsters who create IPO's on these sites, try telling that to a lynch mob consisting of unsophisticated investors who have lost their life savings.
How can we solve this?
We could make it as easy to clone the bitcoin code and create modified digital currency/crypto shares as it is to fill out a form. Please don't be too protective about the uniqueness of bitcoin, we need as many good derivates and clones as possible, it benefits the bitcoin too.
You see, a bitcoin clone can be used as a crypto share. Let's say you create a new bitcoin clone and call it [random name]. You can then create a website where you define the contract (the type of contract that you find on GLBSE now or in the legal paperwork which constitues a real world company), namely how and if dividends will be paid out, how much influence the shareholders have etc.
If anyone wants to claim a dividend, they just send x amount of this new currency/share to your account after which you send them back the currency/share unit plus dividend (in bitcoins). By receiving the unit, you will know for certain that the account holder actually owns it. Using the bitcoin framework will also make it possible for anyone to trade their currency/share with anyone else, without having to go through a clunky third party platform with extorbant fees set by only a handful of crypto stock platform owners.
A system like this cannot be taken down by the authorities, just as little as bitcoin can be taken down. GLBSE and cryptostocks.com on the other hand could perhaps be taken down one way or another.
Why am I sharing this idea?
Because I cannot do this on my own. Clones of bitcoin already exist (devcoin, litecoin) and an exchange platform too (
https://vircurex.com/). However, we need to make it as easy as possible to create a clone. Anyone should be able to do it by just defining the parameters, perhaps forking the code and releasing it under a new name.
Defining parameters before launch
When creating a new clone it should be possible to easily define:
- How many currency/share units will be produced through mining
- How long the mining will take place for
Now, if I want to create a new currency and use it as a stock, I should be able to create say only a 1000 units in a very short time and keep them all to myself. They can then be offered against bitcoins, dollars, work hours or whatnot to investors, entrepreneurs, developers or just about anyone who wishes to get involved in your company and share an interest in your project.
The aim of this thread is to create instructions for how to create your own clone of bitcoin [bitoin github link] and defining the parameters. The instructions will be uploaded to this website [insert link].
Bitcoin is already an indestructible piece of software due to its open source and peer to peer nature. Why painstakingly create crypto stock exchanges with all the risks and coding it involves, when we can use the bitcoin source code to create new currencies/shares with ease?
Let's say anyone in the world can create a bitcoin clone. They can just define the contract on their website and start their own exchange. Do you grasp the implications of this? We are talking a whole new world order.
Bitcoin is great, but it needs more good clones and derivate products, now! Let's procreate and clone the source code like rabid but earnest monkeys, let the bitcoin cell multiply into a myriad of units and create a new universal body of free commerce and a haven for investors and entrepreneurs.
Future vision for software:
A client which can be used not only to trade bitcoins but any bitcoin clone too and perhaps also to create your own clone in five minutes. I cannot emphasize enough how useful and powerful a financial and entrepreneurial tool a client like that would be.
This thread and original post will be updated continously. Originally published on
www.bitcoinforum.tk
