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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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AceWallen
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October 18, 2013, 08:39:14 PM |
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very interesting concept. thanks for sharing.  |
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imrer
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October 18, 2013, 10:10:02 PM |
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Could you please describe it in few points for other users? |
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videos4btc
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October 18, 2013, 10:19:32 PM |
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Thanks for posting this video.
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franky1
Legendary
 Offline
Activity: 4200
Merit: 4435
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October 19, 2013, 12:32:56 AM
Last edit: October 19, 2013, 01:25:43 AM by franky1 |
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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..
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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bytemaster (OP)
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October 19, 2013, 02:25:33 AM |
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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. |
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pengcqu
Newbie
Offline
Activity: 56
Merit: 0
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October 19, 2013, 03:05:03 AM |
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Thanks for share this.
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bytemaster (OP)
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October 19, 2013, 04:05:26 AM |
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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. |
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franky1
Legendary
Offline
Activity: 4200
Merit: 4435
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October 19, 2013, 04:05:40 AM |
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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.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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saif92
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October 19, 2013, 08:28:53 AM |
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very nice speech and thanks for sharing this for all community |
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