The Holy Grail! I wish I could kiss the author of Bitmessage on his face.

[boonies4u]

Are colored coins even economical in 0.8.2? I heard some concerns that the stifling of dust transactions would effect them.

[fellowtraveler]

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.)

[marcus_of_augustus]

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.

[caveden]

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.

[fellowtraveler]

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.

[crazy_rabbit]

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!

[Anon136]

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?

[Anon136]

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  

[molecular]

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.

[fellowtraveler]

Announcement:

===> I have just posted a BOUNTY for this.

[bluemeanie1]

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?

[fellowtraveler]

How does Open-Transactions benefit Bitcoin?

[bluemeanie1]

How does Open-Transactions benefit Bitcoin?

does anyone besides yourself(who is not anonymous) support your claims as to what this software does?

[Artofficial]

TLDR
Quick question

Would this "The Holy Grail" stabilize BTC in such a way where each fiat has a colored representation on the blockchain?

[fellowtraveler]

I'm going to post my final answers to this thread, and lock it.

I've already put up a bounty to get the necessary UI coded.

(If there are more questions, feel free to start another thread.)

------------------------------------------------------------------

Would this "The Holy Grail" stabilize BTC in such a way where each fiat has a colored representation on the blockchain?

Yes, see this reply.

Also, this reply.

As well as this reply.

And this reply as well.

Also this reply.

This reply as well.

More on colored coin issuers.

Are colored coins impacted by the minimum transfer requirement?

Also a discussion on credentials and the distribution of risk.

Also: The Holy Grail in 7 Easy Steps.

------------------------------------------------------------------

does anyone besides yourself(who is not anonymous) support your claims as to what this software does?

I suggest people take "bluemeanie1" (aka Joshua Zeidner) with a grain of salt.

------------------------------------------------------------------

HAND HOLDING

People asked for some hand-holding on compiling OT:  Hand-holding.

------------------------------------------------------------------

People asked about donations to the OT project. (Currently I am using those to pay the Holy Grail Bounty.)

The address is: 1NtTPVVjDsUfDWybS4BwvHpG2pdS9RnYyQ

------------------------------------------------------------------

Answering questions about getting funds in/out of the legacy banking system...

Answer 1.

Answer 2.

------------------------------------------------------------------

VOTING POOLS

Answer about the voting pools.

Another answer.

This one also.

More on this.

Even more.

Distribution of risk across multiple pools.

------------------------------------------------------------------

Alright that's it, thank you all for your excellent questions! Now let's build this thing!

[fellowtraveler]

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/Ea6rzq

Send/receive payment, invoicing, untraceable cash, namecoin integration, end-to-end encrypted messaging, etc.

----------------------------------------------------------

ADVANCED:   http://goo.gl/i0J3AF

Market 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 Losses

http://bitcoinism.blogspot.com/2013/12/voting-pools-how-to-stop-plague-of.html


Lex Cryptographia

http://bitcoinism.blogspot.com/2013/12/lex-cryptographia.html

[exapted]

Thank you for your work. I think I will be trying to build an exchange using Open Transactions.

[samurai1200]

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/Ea6rzq

Send/receive payment, invoicing, untraceable cash, namecoin integration, end-to-end encrypted messaging, etc.

----------------------------------------------------------

ADVANCED:   http://goo.gl/i0J3AF

Market 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 Losses

http://bitcoinism.blogspot.com/2013/12/voting-pools-how-to-stop-plague-of.html


Lex Cryptographia

http://bitcoinism.blogspot.com/2013/12/lex-cryptographia.html

Wow. Just wow. Watching this space intently.

[lebing]

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/Ea6rzq

Send/receive payment, invoicing, untraceable cash, namecoin integration, end-to-end encrypted messaging, etc.

----------------------------------------------------------

ADVANCED:   http://goo.gl/i0J3AF

Market 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 Losses

http://bitcoinism.blogspot.com/2013/12/voting-pools-how-to-stop-plague-of.html


Lex Cryptographia

http://bitcoinism.blogspot.com/2013/12/lex-cryptographia.html

Wow. Just wow. Watching this space intently.

I just got goosebumps. This has the potential to be epic.

[vleroybrown]

Thanks for the update videos..  Impressed with the progress on this and inspired by what it means for all!