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Author Topic: A proposal for fast POS transactions with Bitcoin  (Read 7676 times)
fellowtraveler
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August 27, 2011, 08:21:45 AM
 #41

About Open Transactions
I think that Open Transactions is a much broader concept than my payment system. It seems to have more features, but having more features also has a disadvantage: if it also makes the software more complex, this makes it more difficult to have the source code reviewed by independent parties. I believe that having independent code reviews, and hence having clear, simple, publicly available source code are very important for building trust in software.

Maybe OT solves certain problems in a different way than the concept described by me. In that case: please point me to the disadvantages / flaws in my approach, and explain me how to do better.

Maybe OT can solve certain problems in the same way as I do. In other words: maybe my concepts can be implemented on top of OT. Even if that is the case, I will initially not use OT, for the sake of simplicity (see above reasoning). However, I will make the software layered in such a way that the top-level layer can easily be re-used on top of another bottom-layer. For instance, if an implementation on top of OT turns out to be a popular request from the community, I might decide to add that, or to switch to OT in the future.

FYI, I just posted a video walkthru of OT, which will probably help you a lot in understanding the concepts, and what it actually does.

Check it out here: http://vimeo.com/28141679

co-founder, Monetas
creator, Open-Transactions
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cjp
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August 27, 2011, 12:52:36 PM
 #42

I would not use terms like fast bitcoin and slow bitcoin transactions, because this suggests overlapping parts of payment instruments, systems, block chains, or network protocols. THIS MUST BE AVOIDED AT ANY COST!

Is this an advice on how to name this system? In that case, thanks for the help. However, suggestions like "do something like this" are more useful than "don't do something like this".

No offense, but did you read that?

I've read your entire post, but to be honest I did not understand it. The part I quoted is the only part I could interpret in such a way that it applies to the discussion in this thread.

Based on your response, I now believe I even misunderstood that part.

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August 27, 2011, 02:48:15 PM
 #43

FYI, I just posted a video walkthru of OT, which will probably help you a lot in understanding the concepts, and what it actually does.

Check it out here: http://vimeo.com/28141679

Thank you for the videos. I think I understand OT better now.
If the market could be extended to support "composite trades", ripple could be implemented within Open transactions.
This would be nice for bitcoin instant payments.
Please, let me know if you're interested in implementing ripple inside OT. I think that it would be relatively easy, given the functionalities that OT already has.

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
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