boonies4u
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June 02, 2013, 11:39:36 PM |
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Are colored coins even economical in 0.8.2? I heard some concerns that the stifling of dust transactions would effect them.
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fellowtraveler (OP)
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June 03, 2013, 12:45:06 AM |
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Are colored coins even economical in 0.8.2? I heard some concerns that the stifling of dust transactions would effect them.
Let's assume that the smallest possible transfer is 0.00005430 BTC -- and let's assume a fee of 0.0005. Therefore, a total transfer of: 0.00055430 BTC As I write this, the last trade on MtGox was at the price: $121.50000 per BTC. Therefore, 0.00055430 is (measured in dollars) worth a little less than 7 cents, aka $0.07. Let's say that the above transfer is used to issue a colored coin with the value of 1000 Euros... This colored coin could remain on the blockchain, but if you moved it to an OT server, you could break it up into 1000 units and trade them as individual Euros. ...From this point, you can trade in units of 1, or 5, or 20 Euros (etc) and you could trade these units with your friends for physical Euros. (Or, if you put 1000 of them together, you could go directly to the issuer and obey KYC / AML and get a bank wire.)
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marcus_of_augustus
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Eadem mutata resurgo
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June 03, 2013, 04:24:13 AM |
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Are colored coins even economical in 0.8.2? I heard some concerns that the stifling of dust transactions would effect them.
Coloured coins can always go on the namecoin blockchain where they get almost as good security because of merged mining. Imho, that is the best place for them as it offers other possibilities, tying identifiers and credentials to coloured coins being the most obvious, but others also.
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caveden
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June 03, 2013, 05:55:39 AM |
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Are colored coins even economical in 0.8.2? I heard some concerns that the stifling of dust transactions would effect them.
You could either waste the arbitrary amount of 5430 satoshis for every colored coin, or, with the collaboration of a single mining pool, you can get colored coins transactions through even with 1 satoshi outputs. Obviously miners would request some fee to be paid, that's why I wonder if an alternate chain wouldn't be a better idea as fees could be paid with the tokens themselves, but anyway, colored coins on the main chain are already implemented, an alternate chain would have to be created from scratch.
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fellowtraveler (OP)
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June 03, 2013, 06:38:02 AM |
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Are colored coins even economical in 0.8.2? I heard some concerns that the stifling of dust transactions would effect them.
You could either waste the arbitrary amount of 5430 satoshis for every colored coin, or, with the collaboration of a single mining pool, you can get colored coins transactions through even with 1 satoshi outputs. Obviously miners would request some fee to be paid, that's why I wonder if an alternate chain wouldn't be a better idea as fees could be paid with the tokens themselves, but anyway, colored coins on the main chain are already implemented, an alternate chain would have to be created from scratch. If you think 7 cents is too much to pay, to move 1000 Euros (see my example above) then you are really going to hate PayPal. (Also note that it could be 10,000 Euros, or any amount, really.) Also of course, the issuer will have a fee for doing so, and that fee will include the cost of the bank wire. However, your ideas are sound. It doesn't really matter to me which way it goes, as long as I have access to use those colored coins.
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crazy_rabbit
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RUM AND CARROTS: A PIRATE LIFE FOR ME
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June 03, 2013, 06:42:25 AM |
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I just sent Bitmessage.org to a friend of mine on the front lines in Istanbul. He has reposted it to twitter as we speak. This could be a watershed moment for Bitmessage! If people can try and publicise Bitmessage.org as much as possible, share on twitter/facebook/etc we can give people in repressed regimes everywhere the ability to communicate!
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more or less retired.
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Anon136
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June 03, 2013, 04:22:58 PM |
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I just sent Bitmessage.org to a friend of mine on the front lines in Istanbul. He has reposted it to twitter as we speak. This could be a watershed moment for Bitmessage! If people can try and publicise Bitmessage.org as much as possible, share on twitter/facebook/etc we can give people in repressed regimes everywhere the ability to communicate!
ill download it, how do i message you?
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Rep Thread: https://bitcointalk.org/index.php?topic=381041If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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Anon136
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June 03, 2013, 04:26:55 PM |
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here is my address BM-2DCLDXTLT4RH6Wb2xpHspHFN3fHghVdsLn if anyone wants to subscribe to it ill make sure to write something periodically for the hell of it
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Rep Thread: https://bitcointalk.org/index.php?topic=381041If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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molecular
Donator
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June 03, 2013, 09:30:12 PM |
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I just sent Bitmessage.org to a friend of mine on the front lines in Istanbul. He has reposted it to twitter as we speak.
this might go down in the history books.
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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bluemeanie1
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June 05, 2013, 10:01:38 PM |
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I think if you read the above posts I wrote, you will see that no, you don't lose the censorship-resistance features of the cryptocurrencies, because they are not sent directly to the OT server, but rather, are stored in a voting pool on the blockchain, where those coins are recoverable even in the event that the server itself disappears.
My apologies for making you repeat yourself. I ignore how these voting pools works. I'm guessing it's a large multi-signature thing (many people together can replace the signature of the server), but definitely I need to study it a lot more. Thanks. It's just a safe place to store coins, ON THE BLOCKCHAIN, so that an OT server can issue units based on those coins, yet without having the ultimate power to disappear with those coins. So if OT relies on the Block Chain why use Open Transactions at all?
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bluemeanie1
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June 05, 2013, 10:31:54 PM |
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does anyone besides yourself(who is not anonymous) support your claims as to what this software does?
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Artofficial
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June 05, 2013, 10:58:27 PM |
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TLDR Quick question
Would this "The Holy Grail" stabilize BTC in such a way where each fiat has a colored representation on the blockchain?
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fellowtraveler (OP)
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January 03, 2014, 06:15:50 AM |
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Not meaning to necro, but just wanted to make sure everyone got the latest update on this project. I've just recorded some new videos showing the desktop client in action.---------------------------------------------------------- INTRO: http://goo.gl/Ea6rzqSend/receive payment, invoicing, untraceable cash, namecoin integration, end-to-end encrypted messaging, etc. ---------------------------------------------------------- ADVANCED: http://goo.gl/i0J3AFMarket trading, decentralized bazaar, virtual corporations, smart contracts, legacy banking integration, etc. ---------------------------------------------------------- Also, the videos reference a couple of articles. Here are the links to those articles: Voting Pools: How to Stop the Plague of Bitcoin Heists, Thefts, Hacks, Scams, and Losseshttp://bitcoinism.blogspot.com/2013/12/voting-pools-how-to-stop-plague-of.htmlLex Cryptographiahttp://bitcoinism.blogspot.com/2013/12/lex-cryptographia.html
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exapted
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January 03, 2014, 07:08:22 AM |
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Thank you for your work. I think I will be trying to build an exchange using Open Transactions.
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samurai1200
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January 03, 2014, 09:06:18 AM |
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Not meaning to necro, but just wanted to make sure everyone got the latest update on this project. I've just recorded some new videos showing the desktop client in action.---------------------------------------------------------- INTRO: http://goo.gl/Ea6rzqSend/receive payment, invoicing, untraceable cash, namecoin integration, end-to-end encrypted messaging, etc. ---------------------------------------------------------- ADVANCED: http://goo.gl/i0J3AFMarket trading, decentralized bazaar, virtual corporations, smart contracts, legacy banking integration, etc. ---------------------------------------------------------- Also, the videos reference a couple of articles. Here are the links to those articles: Voting Pools: How to Stop the Plague of Bitcoin Heists, Thefts, Hacks, Scams, and Losseshttp://bitcoinism.blogspot.com/2013/12/voting-pools-how-to-stop-plague-of.htmlLex Cryptographiahttp://bitcoinism.blogspot.com/2013/12/lex-cryptographia.htmlWow. Just wow. Watching this space intently.
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lebing
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Activity: 1288
Merit: 1000
Enabling the maximal migration
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January 03, 2014, 09:43:18 AM |
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Not meaning to necro, but just wanted to make sure everyone got the latest update on this project. I've just recorded some new videos showing the desktop client in action.---------------------------------------------------------- INTRO: http://goo.gl/Ea6rzqSend/receive payment, invoicing, untraceable cash, namecoin integration, end-to-end encrypted messaging, etc. ---------------------------------------------------------- ADVANCED: http://goo.gl/i0J3AFMarket trading, decentralized bazaar, virtual corporations, smart contracts, legacy banking integration, etc. ---------------------------------------------------------- Also, the videos reference a couple of articles. Here are the links to those articles: Voting Pools: How to Stop the Plague of Bitcoin Heists, Thefts, Hacks, Scams, and Losseshttp://bitcoinism.blogspot.com/2013/12/voting-pools-how-to-stop-plague-of.htmlLex Cryptographiahttp://bitcoinism.blogspot.com/2013/12/lex-cryptographia.htmlWow. Just wow. Watching this space intently. I just got goosebumps. This has the potential to be epic.
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Bro, do you even blockchain? -E Voorhees
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vleroybrown
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January 03, 2014, 09:58:30 AM |
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Thanks for the update videos.. Impressed with the progress on this and inspired by what it means for all!
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