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Author Topic: We buy and sell virtual shares (such as colored coins)  (Read 1803 times)
Sukrim
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February 06, 2013, 12:32:30 PM
 #21

So I want to issue PirateCoin shares that have the following contract:
Every week 7% of the accumulated funds are being paid out to the share holders, 3% of the accumulated funds are paid out to the contract issuer (me). Funds start at 0 BTC, shares are being sold at 0.1 BTC each up to a maximum of 100 million shares.

Do I need a webserver now? Is it enough to only publish this ColourID somewhere? How do I list my assets on your page (and/or sell them to you)? Why do people need to send funds to this address (1FL8nGQzRF6j39566viJQ12KnYeBY9kurm) and who controls it instead of using smart contracts enforced by the blockchain?

By the way, the github links on your Dropbox "site" don't work...

http://www.reddit.com/r/Bitcoin/comments/16w5vp/colored_bitcoins_armoryx_p2ptrade_gui_is_here/ <-- more info about ArmoryX
https://github.com/killerstorm/BitcoinArmory <-- Github for ArmoryX, but not a lot of commits going on it seems

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
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sron
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February 13, 2013, 11:01:07 AM
 #22

So I want to issue PirateCoin shares that have the following contract:
Every week 7% of the accumulated funds are being paid out to the share holders, 3% of the accumulated funds are paid out to the contract issuer (me). Funds start at 0 BTC, shares are being sold at 0.1 BTC each up to a maximum of 100 million shares.

Do I need a webserver now? Is it enough to only publish this ColourID somewhere? How do I list my assets on your page (and/or sell them to you)? Why do people need to send funds to this address (1FL8nGQzRF6j39566viJQ12KnYeBY9kurm) and who controls it instead of using smart contracts enforced by the blockchain?

By the way, the github links on your Dropbox "site" don't work...

http://www.reddit.com/r/Bitcoin/comments/16w5vp/colored_bitcoins_armoryx_p2ptrade_gui_is_here/ <-- more info about ArmoryX
https://github.com/killerstorm/BitcoinArmory <-- Github for ArmoryX, but not a lot of commits going on it seems

The problem at the moment is that the ArmoryX client is so resource heavy, I think the cc team is trying to set up a website front end to let people trade colored coins more conveniently -- whatever you do, just do not look down on my dropbox site, it is a neat solution that fills its purpose.

nyusternie
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February 13, 2013, 05:04:47 PM
 #23

whatever you do, just do not look down on my dropbox site, it is a neat solution that fills its purpose.

sron, please, please, PLEASE! don't defend that "site?". who hosts a website on dropbox (amazon maybe)?  forget about the appearance of the website (which could use some serious TLC), and the broken/outdated links, I think most people will take one look at the url and believe you lack the necessary resources to "seriously" carry out your vision.

for that last couple weeks i have been circling the colored coin threads. reading. understanding. coding. and each go around I pick up something new, which helps me to better appreciate this ongoing effort.  however, since i found this thread, i've been trying to understand your relationship with BitcoinX. they have a perfectly good website that "i believe" is more than adequate to promote & recruit. there's still lots that needs to be added, but its very professional. with that said, i believe your dropbox site is a serious disservice to this cause.

wordpress and godaddy offer FREE hosting, both with very decent templates to work with.  if there is a valid reason why you believe dropbox is the best solution then i apologize, but please share, as i'd really like to know.

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sron
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February 14, 2013, 06:40:29 AM
 #24

whatever you do, just do not look down on my dropbox site, it is a neat solution that fills its purpose.

sron, please, please, PLEASE! don't defend that "site?". who hosts a website on dropbox (amazon maybe)?  forget about the appearance of the website (which could use some serious TLC), and the broken/outdated links, I think most people will take one look at the url and believe you lack the necessary resources to "seriously" carry out your vision.

for that last couple weeks i have been circling the colored coin threads. reading. understanding. coding. and each go around I pick up something new, which helps me to better appreciate this ongoing effort.  however, since i found this thread, i've been trying to understand your relationship with BitcoinX. they have a perfectly good website that "i believe" is more than adequate to promote & recruit. there's still lots that needs to be added, but its very professional. with that said, i believe your dropbox site is a serious disservice to this cause.

wordpress and godaddy offer FREE hosting, both with very decent templates to work with.  if there is a valid reason why you believe dropbox is the best solution then i apologize, but please share, as i'd really like to know.

Yeah, yeah, I can tell you do not have a very highly developed capacity for abstract thinking -- developers do not necessarily care much about the design of things but often prioritize functionality, i. e. you are not my target market so go and play with some lego blocks, I am sure you will find them colorful and appealing.

Korbman
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February 14, 2013, 12:37:14 PM
 #25

I love how you only ever insult your potential investors when they ask questions or give advice...it makes it so much easier to watch you fail Cheesy

Consider this some negative motivation to prove me wrong Wink ..best of luck to you, sron.

nyusternie
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February 14, 2013, 03:37:27 PM
 #26

Yeah, yeah, I can tell you do not have a very highly developed capacity for abstract thinking -- developers do not necessarily care much about the design of things but often prioritize functionality, i. e. you are not my target market so go and play with some lego blocks, I am sure you will find them colorful and appealing.

my intention was not to insult you. curiosity got the best of me and i couldn't help but try to understand your rationale behind the page. your response has made things very clear. you will not be receiving any more trouble from me.

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killerstorm
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February 27, 2013, 10:20:57 AM
 #27

How is what you describe not a Ponzi (with a donations angle to it, sure)?

Well, Devcoin kinda works, and this one seems to be somewhat similar on the surface.

Are you familiar with devcoin model?

colored coins proof-of-concept: private currencies, stock/bond p2p exchange

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killerstorm
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February 27, 2013, 11:48:13 AM
 #28

Whats the point of building an exchange for something specifically designed to avoid exchanges ?

Umm...how is this not an exchange?

I guess I need to provide some context... A centralized exchange like MPex both lists securities (including contracts, some statistics, etc) and provides the means of exchanging them, i.e. executes orders.

Decentralized exchange, like one based on colored coins, is supposed to provide an ability to trade without using one centralized service of some sort.

Basically, any trade with securities listed on MPex goes through MPex, and it depends on MPex. I.e. if MPex is down, you cannot trade. If MPex blocked your account, you cannot trade. If MPex knows who are you, it can report you to authorities. Etc.

Trade with colored coins can be completely person-to-person, e.g. you might meet somebody in person and send shares to their address and they'll give you cash. In a more realistic scenario people can use p2ptrade protocol which would allow to trade safely and anonymously. (Well, it is as anonymous as Bitcoin. I.e. probably not completely anonymous.)

But still, if somebody wants to trade using a centralized service of some sort, it's his right. It's just that people do not need rely on a centralized service.

OK, anyway. The way I see it, exchanges can still exist in 'colored coins' model, but their role is reduced to publishing listing information and whatnot. Exchange is an informational tool, it merely helps investors to find securities they might want.

There might be different exchanges. Perhaps some will enforce some quality standards for contracts and assets. (You know, like MPex lists few securities, but those have professionally composed contracts, some financial reporting standards and relatively high market cap.) It might provide additional services like charts, faster trading protocols and whatnot.

It is important to understand, however, that we are talking about OPTIONAL services.

Company can sell its shares without being listed on any exchange. (It can publish color definition on its own web site.) People can trade shares without relying on any particular service.

Exchanges are supposed to improve convenience for investors, and there is nothing wrong with it, it doesn't betray a goal of decentralization in any way.

In same way existence of bitpay and mtgox doesn't make Bitcoin any less decentralized.

colored coins proof-of-concept: private currencies, stock/bond p2p exchange

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