Bitcoin Forum
December 12, 2017, 08:48:14 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: A new Approach to BTC Exchanges  (Read 1233 times)
bytemaster
Hero Member
*****
Offline Offline

Activity: 770

BitShares


View Profile WWW
October 18, 2013, 06:15:03 PM
 #1

Talk by Charles Hoskinson given at C3 conference in Atlanta: http://www.youtube.com/watch?v=DnNPX8wc1tc

https://steemit.com  Blogging is the new Mining
1513068494
Hero Member
*
Offline Offline

Posts: 1513068494

View Profile Personal Message (Offline)

Ignore
1513068494
Reply with quote  #2

1513068494
Report to moderator
Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a transaction fee.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513068494
Hero Member
*
Offline Offline

Posts: 1513068494

View Profile Personal Message (Offline)

Ignore
1513068494
Reply with quote  #2

1513068494
Report to moderator
AceWallen
Hero Member
*****
Offline Offline

Activity: 480



View Profile
October 18, 2013, 08:39:14 PM
 #2

Talk by Charles Hoskinson given at C3 conference in Atlanta: http://www.youtube.com/watch?v=DnNPX8wc1tc
very interesting concept. thanks for sharing.  Smiley
imrer
Full Member
***
Offline Offline

Activity: 154


View Profile
October 18, 2013, 10:10:02 PM
 #3

Could you please describe it in few points for other users? Smiley

Start your own casino site: » CoinDice | CoinWheel «
videos4btc
Full Member
***
Offline Offline

Activity: 209


View Profile
October 18, 2013, 10:19:32 PM
 #4

Thanks for posting this video.
franky1
Legendary
*
Offline Offline

Activity: 1876



View Profile
October 19, 2013, 12:32:56 AM
 #5

i dont see it working out.. its a good theory, but in practice it wont work.

i understand it would do-away with binary based database balances that represent someones fiat balance on an exchange and instead be a blockchain ledger, allowing more security.

i understand that if all the exchanges moved over to blockchain based swapping instead of database based it would decentralise things because the funds are not locked into one exchange, making arbitrage easier.

but there are issues:
initially bitUSD has to come from somewhere to cope with demand of the first lot of customers that want bitUSD. this involves a pre-mine.. so i take it Charles Hoskinson will mine and manage this and be the supplier... making him the 'mint' creating bitUSD

whats stopping him or anyone who has access to his secret mining pool from just mining excessive amounts and then raiding fiat withdrawal gateways dry while those that have bought in now hold a bitUSD and no gateway to withdraw to, because there are no fiat reserves left.

this is why okpay, mtgox, bitstamp need regulations already, because although they trade a digital database representing a bank account dollar. bitUSD is the same, a blockchain representing a US Dollar.. meaning a regulated blockchain would occur... to monitor everyone and prevent 'printing more money' (mining excessive amounts). so whoever mines BITUSD initially would be regulated.

speed of transactions would be slower. people have done this before on the OTC channels using their 'coin-QT wallets, swapping litecoin for bitcoin. confirm times can be a problem.

i can think of many more issues..

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
bytemaster
Hero Member
*****
Offline Offline

Activity: 770

BitShares


View Profile WWW
October 19, 2013, 02:25:33 AM
 #6

i dont see it working out.. its a good theory, but in practice it wont work.

i understand it would do-away with binary based database balances that represent someones fiat balance on an exchange and instead be a blockchain ledger, allowing more security.

i understand that if all the exchanges moved over to blockchain based swapping instead of database based it would decentralise things because the funds are not locked into one exchange, making arbitrage easier.

but there are issues:
initially bitUSD has to come from somewhere to cope with demand of the first lot of customers that want bitUSD. this involves a pre-mine.. so i take it Charles Hoskinson will mine and manage this and be the supplier... making him the 'mint' creating bitUSD

whats stopping him or anyone who has access to his secret mining pool from just mining excessive amounts and then raiding fiat withdrawal gateways dry while those that have bought in now hold a bitUSD and no gateway to withdraw to, because there are no fiat reserves left.

this is why okpay, mtgox, bitstamp need regulations already, because although they trade a digital database representing a bank account dollar. bitUSD is the same, a blockchain representing a US Dollar.. meaning a regulated blockchain would occur... to monitor everyone and prevent 'printing more money' (mining excessive amounts). so whoever mines BITUSD initially would be regulated.

speed of transactions would be slower. people have done this before on the OTC channels using their 'coin-QT wallets, swapping litecoin for bitcoin. confirm times can be a problem.

i can think of many more issues..


Please read the bitshares white paper in my sig and then come back.  Your understanding is so far off base that I can not answer it here.   No premine. No IOU   No debt.  No trusted third parties.  No way for any party to default. 


https://steemit.com  Blogging is the new Mining
pengcqu
Jr. Member
*
Offline Offline

Activity: 56


View Profile
October 19, 2013, 03:05:03 AM
 #7

Thanks for share this.

bytemaster
Hero Member
*****
Offline Offline

Activity: 770

BitShares


View Profile WWW
October 19, 2013, 04:05:26 AM
 #8

i dont see it working out.. its a good theory, but in practice it wont work.

i understand it would do-away with binary based database balances that represent someones fiat balance on an exchange and instead be a blockchain ledger, allowing more security.

i understand that if all the exchanges moved over to blockchain based swapping instead of database based it would decentralise things because the funds are not locked into one exchange, making arbitrage easier.

but there are issues:
initially bitUSD has to come from somewhere to cope with demand of the first lot of customers that want bitUSD. this involves a pre-mine.. so i take it Charles Hoskinson will mine and manage this and be the supplier... making him the 'mint' creating bitUSD

whats stopping him or anyone who has access to his secret mining pool from just mining excessive amounts and then raiding fiat withdrawal gateways dry while those that have bought in now hold a bitUSD and no gateway to withdraw to, because there are no fiat reserves left.

this is why okpay, mtgox, bitstamp need regulations already, because although they trade a digital database representing a bank account dollar. bitUSD is the same, a blockchain representing a US Dollar.. meaning a regulated blockchain would occur... to monitor everyone and prevent 'printing more money' (mining excessive amounts). so whoever mines BITUSD initially would be regulated.

speed of transactions would be slower. people have done this before on the OTC channels using their 'coin-QT wallets, swapping litecoin for bitcoin. confirm times can be a problem.

i can think of many more issues..


Please read the bitshares white paper in my sig and then come back.  Your understanding is so far off base that I can not answer it here.   No premine. No IOU   No debt.  No trusted third parties.  No way for any party to default. 

Now that I am at my keyboard vs phone, I will respond in some greater detail:

BitUSD is the long position balancing out a short position of BitUSD vs BitShares.   The market forces between longs and shorts control the supply.  BitUSD can track the value of USD without any real USD ever trading hand or being held in escrow.   

No one has done this before.

https://steemit.com  Blogging is the new Mining
franky1
Legendary
*
Offline Offline

Activity: 1876



View Profile
October 19, 2013, 04:05:40 AM
 #9


Please read the bitshares white paper in my sig and then come back.  Your understanding is so far off base that I can not answer it here.   No premine. No IOU   No debt.  No trusted third parties.  No way for any party to default. 


cheers for the more detailed white paper. atleast that gives more details as oppose to how the video explained it.

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
saif92
Sr. Member
****
Offline Offline

Activity: 392


View Profile
October 19, 2013, 08:28:53 AM
 #10

very nice speech and thanks for sharing this for all community  Smiley

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!