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Author Topic: Announcing Project Invictus: a P2P Exchange Collaboration  (Read 11181 times)
bluemeanie1
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June 20, 2013, 12:59:20 AM
 #121

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#1) too many chefs in the kitchen.

I agree with some of the comments on here, we don't need any more 'leaders' to 'get developers'.  If you are one of these volunteer 'project managers', as it stands you are in very low demand, and the developers who can actually deliver on a system that people want are in high demand.  Some of these 'whitepapers' are just pointless regurgitation of fairly basic assumptions about these problems.  Please stop making distractions.  Creating a Github project does not put you in charge of things.

Blue, this is an aggregation of ideas and implementations surrounding a list of design criterion and challenges. I'm the one here with the money and also access to the developers so I'm really not worried about the leadership component. I want to see what the range of solutions are to the issues of a p2p exchange both legal and technological.


Sorry Charles, are you working with a VC fund?  If so I wasn't aware.

Just who IS bluemeanie?    On NXTautoDAC and a Million Stolen NXT

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bytemaster
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June 20, 2013, 01:16:22 AM
 #122

The challenge is making an analogy to existing instruments.  I can describe it and make analogies that approximate it.  

I will make my an attempt to describe it here:

1) BitShares have value for the same reason as Bitcoin.  
2) A crypto-USD is created by holding 2x BitShares as collateral.  When you create (by selling/shorting) crypto-USD you are betting BitShares will go up vs crypto-USD.   When you buy crypto-USD you are betting that BitShares will go down relative to crypto-USD.     At the end of the day you can exit your position in crypto-USD by either trading it to someone for fiat or by selling it for BitShares.    Thus you can convert crypto-USD to fiat-USD but it is not a REDEMPTION it is a SALE.  

So what do you call this 'instrument'?   It is very similar to a collateralized naked-short in 'gold' that can only be redeemed in USD and where you cannot take delivery.    The difference between crypto-Gold and say traditional COMEX is that the collateral backing the short cannot be printed, incurs opportunity cost, and requires 2x the collateral as the longs and thus not be easily or cheaply manipulated like the COMEX.

There is a ton of precedent for the nature of the contract, but I am not sure how to 'name' the contract vehicle.  

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charleshoskinson (OP)
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June 20, 2013, 01:38:24 AM
 #123

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Sorry Charles, are you working with a VC fund?  If so I wasn't aware.

yes and now you are.

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bluemeanie1
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June 20, 2013, 01:55:47 AM
 #124

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Sorry Charles, are you working with a VC fund?  If so I wasn't aware.

yes and now you are.

and which VC would that be?

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charleshoskinson (OP)
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June 20, 2013, 01:59:56 AM
 #125

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and which VC would that be?

Nice try, you'll find out when everyone else does when we make the joint announcement.

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bluemeanie1
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June 20, 2013, 02:03:51 AM
 #126

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and which VC would that be?

Nice try, you'll find out when everyone else does when we make the joint announcement.

I see, so we have to play along until the point at which you announce the secret VC that will grant someone money to develop an open source P2P bitcoin exchange.

would the VC just announce themselves that they are looking for proposals?  I mean that's what normal sane people do when they want to fund something.

Just who IS bluemeanie?    On NXTautoDAC and a Million Stolen NXT

feel like your voice isn't being heard? PM me.   |   stole 1M NXT?
bytemaster
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June 20, 2013, 02:26:36 AM
 #127

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and which VC would that be?

Nice try, you'll find out when everyone else does when we make the joint announcement.

I see, so we have to play along until the point at which you announce the secret VC that will grant someone money to develop an open source P2P bitcoin exchange.

would the VC just announce themselves that they are looking for proposals?  I mean that's what normal sane people do when they want to fund something.

Perhaps it is just me, but *if* Charles is telling the truth then your attitude and pre-judgment of the actions of those whom have money and connections may not the best way to win funding for your ideas.    If you want to presume he is lying then that is a fairly serious accusation.

So, perhaps we can get past the VC funding / management debate and talk about what you are bringing to the table.    Part of BitShares is an attempt to eliminate the need to store the transaction history for all time.  Without the full transaction history there needs to be a way to have 'confidence' in the initial condition of the 'chain'.   I have been discussing ideas and have some approaches that I think will work, but part of confidence is simply trusting others and perhaps there is some use of combining confidence chains to help certify the initial condition of the block chain from which the past months transactions are built upon.


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bluemeanie1
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June 20, 2013, 02:33:08 AM
 #128

 
 Perhaps it's just me, or is everyone on this forum a crackpot, lunatic, or complete fraud?

Just who IS bluemeanie?    On NXTautoDAC and a Million Stolen NXT

feel like your voice isn't being heard? PM me.   |   stole 1M NXT?
charleshoskinson (OP)
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June 20, 2013, 02:33:20 AM
 #129

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I see, so we have to play along until the point at which you announce the secret VC that will grant someone money to develop an open source P2P bitcoin exchange.

You remind me a lot of another Josh from BFL....

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charleshoskinson (OP)
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June 20, 2013, 02:36:11 AM
 #130

Thanks everyone for your contributions to Project Invictus. We have collected some great feedback and have developed a large mailing list. Stay tuned for our bounty campaign coming soon.

The revolution begins with the mind and ends with the heart. Knowledge for all, accessible to all and shared by all
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