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Frozenlock
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May 22, 2013, 03:08:01 AM |
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Well sure, OT doesn't need them, there doesn't seem to be a "network" per se.
(You can't spam the network.)
---> As far as I understand. I'm still in my bitmessage/Open Transactions reading.
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"You Asked For Change, We Gave You Coins" -- casascius
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Miner_Willy
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Activity: 13
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May 22, 2013, 03:09:15 AM |
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Sounds like a far superior alternative to Ripple. One that the community can get behind.
What's the important difference with Ripple? It still seems to be IOUs. Hello FL! Nice to see you here too! Reading through it, it looks like a huge difference is the absence of XRP facility. Bitmessages handle spamming by adding a proof-of-work load to a computer sending an outbound message, and having a great many possible recipient addresses for an individual all of which respond normally, but actually silently drop the spam. The whitepaper includes additional suggestions for handling it. |
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Frozenlock
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May 22, 2013, 03:11:19 AM |
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Ok, so the point of bitmessage is to be the network, while Open Transaction is the notary.
Correct?
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Miner_Willy
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May 22, 2013, 03:15:12 AM |
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Ok, so the point of bitmessage is to be the network, while Open Transaction is the notary.
Correct?
I'm still reading up OT but you're right about BM |
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Rassah
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May 22, 2013, 03:20:54 AM |
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Duuuuude! Holy shit! I only got OP when you explained it to me at the Tradehill thing, but this just takes it to a whole other level! Doesn't this basically allow for "Ripple," but in a fully decentralized way, and without XRP?
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Terpie
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May 22, 2013, 03:26:01 AM |
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Ok, so the point of bitmessage is to be the network, while Open Transaction is the notary.
Correct?
Bitmessage should allow for communication to create an updated and shared 'order book' across OT server users, if I understand correctly. Although the 'order book' would include all types of transactions, not just currency conversions. |
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cypherdoc
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May 22, 2013, 03:41:55 AM |
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Duuuuude! Holy shit! I only got OP when you explained it to me at the Tradehill thing, but this just takes it to a whole other level! Doesn't this basically allow for "Ripple," but in a fully decentralized way, and without XRP?
this is a very good thing. |
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Ares
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May 22, 2013, 03:45:21 AM |
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Meanwhile at Tradefortess' house......  |
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cypherdoc
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May 22, 2013, 03:47:19 AM |
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what's interesting is that in the Angels Meeting on Sunday i brought up BitMessage as an investment idea. i've been following them for a while and planning on trying it out but wanted to get more feedback from users. i think they have a brilliant idea as pgp is too hard for most ppl.
anyone have some good experiences?
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ThatDGuy
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May 22, 2013, 03:59:53 AM |
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This is awesome. Goodbye Ripple!!!
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majamalu
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May 22, 2013, 04:09:52 AM |
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 subscribing
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oakpacific
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May 22, 2013, 04:21:31 AM
Last edit: May 22, 2013, 05:04:30 AM by oakpacific |
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What Open Transaction is trying to do is to provide a transfer mechanism, rather than issuing a currency, they use the word "cash" in this sense. If you want to hide your Bitcoin transfer, you can choose to use an OT server, which provably cannot see the link between two accounts involved in a transaction. As it's said in their FAQ, OT server merely provides receipt to be used as evidence, any redemption is between the users. The difference with Ripple: it's open source, its author is very honest about everything(centralized as federated servers), it doesn't have a premined currency(no currency has a special status in the system), and it serves a purpose(anonymity). EDIT: OP also proposed that, with Bitcoin's multi-sig escrowing, whenever an OT server signs something it can always be checked if it has enough reserve to back it up. to quote OP from here: http://bitcoin.stackexchange.com/questions/517/how-can-a-single-person-operation-keep-a-collection-of-online-wallets-secure/834#834My proposal was, whenever she wants to bail back OUT again, she sends a signed request to the server, and then she forwards the server's signed reply to the members of the pool. IF the pool members have a record/audit of Alice's account (which must be in a DHT they share) and IF the two signatures both verify on the receipt, and IF the request is within the allocation for that server and its maximum bailout-per-day, then the pool members vote ON THE BLOCKCHAIN to release the funds back to Alice.
and: s long as the pool members make audit information available to each other (preferably in real time), then they will always know whether/when a server exceeds the amount of funds in circulation than it actually has in the pool. An OT server cannot normally change your balance, or forge any of your transactions, since it cannot forge your signature on the receipt. But the server COULD potentially create a "dummy" account (that it controls) and then sign FALSE RECEIPTS with that account, thus inflating the currency. BUT--this could NOT escape notice of the afore-mentioned audit protocol.
So unlike a RIpple IOU, a open transaction cash token can be backed up. |
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jancsika
Member
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May 22, 2013, 05:12:50 AM |
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What Open Transaction is trying to do is to provide a transfer mechanism, rather than issuing a currency, they use the word "cash" in this sense. If you want to hide your Bitcoin transfer, you can choose to use an OT server, which provably cannot see the link between two accounts involved in a transaction.
Fellowtraveler-- if you're willing to do some hand-holding I'd be really interested in making a Chaumian cash transaction through an OT server. I only ever understand about 30% of your posts. It doesn't make sense to me how Bitmessage could possibly be a missing link for OT, but I'd rather just go through the motions of making a few transactions and see how it works. PM me |
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Frozenlock
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May 22, 2013, 05:32:51 AM |
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So unlike a RIpple IOU, a open transaction cash token can be backed up.
If this works, this is a huge deal. |
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Rassah
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May 22, 2013, 05:32:57 AM
Last edit: May 22, 2013, 07:32:17 PM by Rassah |
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what's interesting is that in the Angels Meeting on Sunday i brought up BitMessage as an investment idea. i've been following them for a while and planning on trying it out but wanted to get more feedback from users. i think they have a brilliant idea as pgp is too hard for most ppl.
anyone have some good experiences?
Yes. I have been using them for a few weeks, and they seem to be very actively developed, with bugs patched and new features released very quickly. The actual development discussion goes on through BitMessage itself on their general mailing list. It's still missing some features (like organizing messages by sent-date as opposed to when you downloaded them), but it's very very promising. Had a large influx of Chinese users recently, too  DiThi is planning on using the code for messages within his SecondLife-like virtual world, too, and I imagine it can be adopted for other games and services as well. It's basically a decentralized, serverless, encrypted, private/anonymous P2P messaging system for everything. |
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cypherdoc
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Merit: 1002
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May 22, 2013, 06:00:07 AM |
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What Open Transaction is trying to do is to provide a transfer mechanism, rather than issuing a currency, they use the word "cash" in this sense. If you want to hide your Bitcoin transfer, you can choose to use an OT server, which provably cannot see the link between two accounts involved in a transaction.
Fellowtraveler-- if you're willing to do some hand-holding I'd be really interested in making a Chaumian cash transaction through an OT server. I only ever understand about 30% of your posts. It doesn't make sense to me how Bitmessage could possibly be a missing link for OT, but I'd rather just go through the motions of making a few transactions and see how it works. PM me me too. |
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oakpacific
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May 22, 2013, 06:03:29 AM |
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I guess we will also need a few people as multi-sig escrowers, I will volunteer as one of the members of the voting pool.
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Speratom
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May 22, 2013, 06:07:35 AM |
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Say no to drugs!  |
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Rassah
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May 22, 2013, 06:07:57 AM
Last edit: May 22, 2013, 06:19:22 AM by Rassah |
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So, if I understand this correctly...
Bitcoin turns the whole internet into your personal checking/savings account, while BT+OT turns the whole internet into your personal clearinghouse and loan settlement network
Or, said another way:
You use Bitcoin like an equity network, i.e. to store, transmit, and settle value, and BT+OT like a liability network, i.e. to store, transmit, and settle debt.
Is this right?
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Speratom
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May 22, 2013, 06:15:23 AM |
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Whoa...
so, in theory, you can have a zero balance bank account and whenever you go to buy something you load your debit card with just enough to pay the bill by paying with Bitcoins...correct?
And someone can just write up a program to quickly exchange dollars for bitcoins just for that purpose...
Bitcoin debit card...
Or is there still a delay?
I like that, it would break the silo there is between real cash and btc. |
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