[ActiveMining] The Official Active Mining Discussion Thread [Self-Moderated]

[coinminers]

Hi, I was also wondering if I could transfer my ActiveMining shares to Havelock. So I guess I vote +1 on that

[1714944017]

1714944017

[drawingthesun]

Hi, I was also wondering if I could transfer my AM shares to Havelock. So I guess I vote +1 on that

This is the ActM thread.

[coinminers]

Hi, I was also wondering if I could transfer my AM shares to Havelock. So I guess I vote +1 on that

This is the ActM thread.

Yes, sorry that's what I meant by AM. Will correct it in my comment if it's important.

[drawingthesun]

Yes, sorry that's what I meant by AM. Will correct it in my comment if it's important.

I actually thought you meant ASICMINER. Sorry for being pedantic I know some ASICMINER shareholders are moving to Havelock.

[Sou]

I was under the impression that Havelock carried some rather large fee's to begin trading on that platform.

[drawingthesun]

I am hoping an exchange pops up soon taking advantage of the new crowdfunding laws being passed in the USA. I believe within 6 months a fully legal, unaccredited investor based stock site for bitcoin will emerge in the USA and this exchange will finally put an end to the cowboy exchanges Bitfunder and Havelock.

Its only a matter of time.

First one to legal wins this race. Its a shame Bitfunder isn't even going to try. (Are they even aware of the new laws on the horizon?)

[Sou]

I am hoping an exchange pops up soon taking advantage of the new crowdfunding laws being passed in the USA. I believe within 6 months a fully legal, unaccredited investor based stock site for bitcoin will emerge in the USA and this exchange will finally put an end to the cowboy exchanges Bitfunder and Havelock.

Its only a matter of time.

First one to legal wins this race. Its a shame Bitfunder isn't even going to try. (Are they even aware of the new laws on the horizon?)

I'm sure Ukyo is quite aware.

[coinminers]

Yes, sorry that's what I meant by AM. Will correct it in my comment if it's important.

I actually thought you meant ASICMINER. Sorry for being pedantic I know some ASICMINER shareholders are moving to Havelock.

Yes, I'm also trying to get those moved over. I think TAT has indicated that they're doing it, but no word yet from Ukyo about G.Asicminer-Pt as far as I know =(

[Sou]

Yes, sorry that's what I meant by AM. Will correct it in my comment if it's important.

I actually thought you meant ASICMINER. Sorry for being pedantic I know some ASICMINER shareholders are moving to Havelock.

Yes, I'm also trying to get those moved over. I think TAT has indicated that they're doing it, but no word yet from Ukyo about G.Asicminer-Pt as far as I know =(

Even if people move to havelock what happens when this all happens again?

[coinminers]

Yes, sorry that's what I meant by AM. Will correct it in my comment if it's important.

I actually thought you meant ASICMINER. Sorry for being pedantic I know some ASICMINER shareholders are moving to Havelock.

Yes, I'm also trying to get those moved over. I think TAT has indicated that they're doing it, but no word yet from Ukyo about G.Asicminer-Pt as far as I know =(

Even if people move to havelock what happens when this all happens again?

Then we'll find another solution. =)

[girlfawkesy]

I have an idea but I"m not sure if its a good one. I woke up with it. Sometimes those are bad. I've been reading a lot of suggestions on various sites and this is sort of my amalgam of a lot of other people's ideas.

Why not have ken create an altcoin "Activeminingcoin" that he sets the parameters for. 25 million coins generated on the genesis block (like the initial shares).

Then, after that, only transaction fees per block (which are set to be very low). The coin can be a simple sha256 and set so that blocktimes are every 2 minutes or so. It wouldn't matter if people mined it as long as someone did (probably ken).

Everyone with ActM stock tenders the stock to ken. They download the client, and set up a wallet. Ken transfers coins to those people based on how much stock they've tendered 1:1

Then, ken sets up a website where people can register their addresses. You make a signed message with both your BTC address and also your ActM coin address. This proves you own both.

When it comes to dividends a simple scrypt can be run to check the balance of any ActM coin address and send the corresponding amount to the registered BTC address.

Want to sell your stock? No problem. I would wager money Big Vern would put it on cryptsy as this is a "coin" and not a stock and exchange operators would gradually accrue these coins through fees. If I ran cryptsy I'd put every shitcoin on there that had sufficient volume to make it worth the bandwidth cost. Why not add stock coins?  This allows liquidity in the stock and people to sell and buy shares as they see fit. If a major exchange goes down, who cares, you withdraw your coins and can trade directly on bitcointalk or reddit or any other means.

Thoughts?

[Sou]

I have an idea but I"m not sure if its a good one. I woke up with it. Sometimes those are bad. I've been reading a lot of suggestions on various sites and this is sort of my amalgam of a lot of other people's ideas.

Why not have ken create an altcoin "Activeminingcoin" that he sets the parameters for. 25 million coins generated on the genesis block (like the initial shares).

Then, after that, only transaction fees per block (which are set to be very low). The coin can be a simple sha256 and set so that blocktimes are every 2 minutes or so. It wouldn't matter if people mined it as long as someone did (probably ken).

Everyone with ActM stock tenders the stock to ken. They download the client, and set up a wallet. Ken transfers coins to those people based on how much stock they've tendered 1:1

Then, ken sets up a website where people can register their addresses. You make a signed message with both your BTC address and also your ActM coin address. This proves you own both.

When it comes to dividends a simple scrypt can be run to check the balance of any ActM coin address and send the corresponding amount to the registered BTC address.

Want to sell your stock? No problem. I would wager money Big Vern would put it on cryptsy as this is a "coin" and not a stock and exchange operators would gradually accrue these coins through fees. If I ran cryptsy I'd put every shitcoin on there that had sufficient volume to make it worth the bandwidth cost. Why not add stock coins?  This allows liquidity in the stock and people to sell and buy shares as they see fit. If a major exchange goes down, who cares, you withdraw your coins and can trade directly on bitcointalk or reddit or any other means.

Thoughts?

This has been brought up, and is one of the many options being considered. There are a few problems with the idea though.

[Sou]

@girlfawkesy

First problem: how do you avoid a 51% attack?

I think this is where something like colored coins shows it's value - using the strength of the already well established Bitcoin network.

Edit: It might be possible to avoid Blockchain manipulation be keeping the difficulty low, and some how privately mine it in house. But, that's not quite decentralized, is it.

[Puppet]

AFAICS, this is basically the same idea as colored coins. But disguising a company share as a coin isnt going to solve the problem. Sure it would make the exchange distributed and difficult to close down, in that sense its a good idea, but the coin will still have all the properties of a security, therefore be considered a security and therefore, the legal liabilities for the issuer remain the same. It might fool some folks at the security commissions for a while, but eventually they will understand it too (and perhaps before most posters on this forum)

[kleeck]

I have an idea but I"m not sure if its a good one. I woke up with it. Sometimes those are bad. I've been reading a lot of suggestions on various sites and this is sort of my amalgam of a lot of other people's ideas.

Why not have ken create an altcoin "Activeminingcoin" that he sets the parameters for. 25 million coins generated on the genesis block (like the initial shares).

Then, after that, only transaction fees per block (which are set to be very low). The coin can be a simple sha256 and set so that blocktimes are every 2 minutes or so. It wouldn't matter if people mined it as long as someone did (probably ken).

Everyone with ActM stock tenders the stock to ken. They download the client, and set up a wallet. Ken transfers coins to those people based on how much stock they've tendered 1:1

Then, ken sets up a website where people can register their addresses. You make a signed message with both your BTC address and also your ActM coin address. This proves you own both.

When it comes to dividends a simple scrypt can be run to check the balance of any ActM coin address and send the corresponding amount to the registered BTC address.

Want to sell your stock? No problem. I would wager money Big Vern would put it on cryptsy as this is a "coin" and not a stock and exchange operators would gradually accrue these coins through fees. If I ran cryptsy I'd put every shitcoin on there that had sufficient volume to make it worth the bandwidth cost. Why not add stock coins?  This allows liquidity in the stock and people to sell and buy shares as they see fit. If a major exchange goes down, who cares, you withdraw your coins and can trade directly on bitcointalk or reddit or any other means.

Thoughts?

I love it.

What about creating an exchange that uses this method? In order to list you have to either IPO with the exchange, creating your new altcoin or convert your current public offering into the appropriate altcoin. Would this completely mitigate the SEC's ability to intervene? Companies would be offering cryptocoins, not shares, but those coins would be tied to company profits as well...

Also, what are the technical details of this scenario? This sounds like it would take a highly modified protocol to accomplish. It would be ideal to have a template protocol in place for each security that would want to convert to this method. Interesting thoughts, fawkesy.

Edit:

@girlfawkesy

First problem: how do you avoid a 51% attack?

I think this is where something like colored coins shows it's value - using the strength of the already well established Bitcoin network.

I don't think this coin would be able be mined. I'm not sure how exactly that works out, but it obviously couldn't allow users to effectively mine shares.

I'm told that what we're describing is colored coins. I need to look into that concept more.

Edit 2:

Yup. Colored Coins is our solution: http://vimeo.com/71507400

[drawingthesun]

On another note, does anyone know the earliest we are meant to be getting the prototype miners up and running? I can't wait for some meaty dividends.

[Sou]

@Kleeck

Colored Coin are the way to go, but they just aren't ready for showtime yet. I imagine there will be a bigger push with all these shut downs happening. I believe there is a currant bounty of BTC200 for the team that gets it ready for implementation.

[kleeck]

On another note, does anyone know the earliest we are meant to be getting the prototype miners up and running? I can't wait for some meaty dividends.

We are allowed to confirm that the BTC were converted some time ago and the
board designs are in progress.

This was from Aug. 28th. Let's say "some time ago" means ~two weeks. That puts chip production start @ somewhere between Aug. 7th and 14th - eASIC has an 8-10 week process from RTL to tapeout (http://www.easic.com/high-speed-transceivers-low-cost-power-fpga-nre-asic-45nm-easic-nextreme-2/easic-nextreme-2-overview/) which puts us, by these estimations, at around week 8 today. If tapeout hasn't happened yet, it ought to be soon.

I don't have any reasonable way to estimate progress on the board design/fabrication. The boards aren't under NRE so Ken could speak up on that front. What do you say, Ken? Care to give us some information on board progress?

[Sou]

Another alternative is Ripple. Word is there are already securities being traded and paying div's on there.

[gimme_bottles]

what about this?

someone already created ActiveMining_Test. It's still Beta and runs testnet, but looks promising.