Bitcoin Forum
August 24, 2019, 05:15:42 PM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Pages: « 1 ... 1622 1623 1624 1625 1626 1627 1628 1629 1630 1631 1632 1633 1634 1635 1636 1637 1638 1639 1640 1641 1642 1643 1644 1645 1646 1647 1648 1649 1650 1651 1652 1653 1654 1655 1656 1657 1658 1659 1660 1661 1662 1663 1664 1665 1666 1667 1668 1669 1670 1671 [1672] 1673 1674 1675 1676 1677 1678 1679 1680 1681 1682 1683 1684 1685 1686 1687 1688 1689 1690 1691 1692 1693 1694 1695 1696 1697 1698 1699 1700 1701 1702 1703 1704 1705 1706 1707 1708 1709 1710 1711 1712 1713 1714 1715 1716 1717 1718 1719 1720 1721 1722 ... 2567 »
  Print  
Author Topic: NXT :: descendant of Bitcoin - Updated Information  (Read 2755935 times)
kpax7788
Newbie
*
Offline Offline

Activity: 41
Merit: 0


View Profile
February 13, 2014, 11:30:29 PM
 #33421

plz send me any coins in testnet 8934589681199444737
thanks guys

Sent 10k
1566666942
Hero Member
*
Offline Offline

Posts: 1566666942

View Profile Personal Message (Offline)

Ignore
1566666942
Reply with quote  #2

1566666942
Report to moderator
1566666942
Hero Member
*
Offline Offline

Posts: 1566666942

View Profile Personal Message (Offline)

Ignore
1566666942
Reply with quote  #2

1566666942
Report to moderator
1566666942
Hero Member
*
Offline Offline

Posts: 1566666942

View Profile Personal Message (Offline)

Ignore
1566666942
Reply with quote  #2

1566666942
Report to moderator
"In a nutshell, the network works like a distributed timestamp server, stamping the first transaction to spend a coin. It takes advantage of the nature of information being easy to spread but hard to stifle." -- Satoshi
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1566666942
Hero Member
*
Offline Offline

Posts: 1566666942

View Profile Personal Message (Offline)

Ignore
1566666942
Reply with quote  #2

1566666942
Report to moderator
1566666942
Hero Member
*
Offline Offline

Posts: 1566666942

View Profile Personal Message (Offline)

Ignore
1566666942
Reply with quote  #2

1566666942
Report to moderator
CoinTropolis_JustaBitTime
Member
**
Offline Offline

Activity: 98
Merit: 10


View Profile
February 13, 2014, 11:31:53 PM
 #33422

Information sent to CoinMKT for them to start evaluating Nxt (clients/api info etc..).
chanc3r
Sr. Member
****
Offline Offline

Activity: 686
Merit: 250

USDQ - QDAO


View Profile
February 13, 2014, 11:42:05 PM
 #33423


you send btc*1 to bob. bob sends BobsBtcToken*1 to you. you go onto the orderbook for BobsBtcTokens and fill a buy order. Nxt appears in your account. Now you find a ltc gateway. Say betty seems the most trustworthy. Fill a sell order for BettysLtcTokens. Receive BettysLtcTokens*X. Send BettysLtcTokens*X to Betty's nxt address with a message containing your ltc address. Wait for ltc to arrive.

It seems overly complicated now but it'll feel natural once it gets rolling and everyone gets used to it. All steps serve their purpose, these extra steps are the cost of decentralization.

If I read this right - 'No escrow' or atomic completion?
so buyer beware....

        ▄▄▀▀▀▀▀▀▀▀▀▄▄
     ▀▀ ▄▄▀▀▀▀▀▀▀▄▄ ▀▀▄
  ▄  ▄▀▀           ▀▀  ▀▄
 ▄▀ █      ▐█ █▌      █ ▀▄
▄█ █     ▄███████▄     █ █▄
█ ▄▀    ██▀▐█ █▌▀██     █ █
█ █     ██ ▐█ █▌ ██     █ █
█ ▀▄    ██▄▐█ █▌███    ▄▀ █
▀█ █     ▀████████▄    █ █▀
 ▀▄ ▀      ▐█ █▌ ▀█▌  █ ▄▀
  ▀▄  ▀▄           ▄▄▀  ▀
    ▀▄▄ ▀▀▄▄▄▄▄▄▄▀▀ ▄▄
       ▀▀▄▄▄▄▄▄▄▄▄▀▀
      █▀▀▀▀▀▀▀▀▀▀▀▀█
▄▄▄▀▀▀█   ▄▄▄▄▄▄   █
█     █ ▄▀      ▀▄ █
 █  ▄██ █        █ █
 █  █ █ █        ▀ █
  █ █ █ █ ▄█▄█▄  ▀ █
  █  ██ █  █▄▄█▄ █ █
   █ ██ ▄ ▄█▄▄▄█ █ █
   █  █ ▄  ▀ ▀   █ █
    █ █ █        █ █
    █ █ ▀▄      ▄▀ █
     ██   ▀▀▀▀▀▀   █
      █▄▄▄▄▄▄▄▄▄▄▄▄█
PLATINUM STABLECOINS
USDQ KRWQ CNYQ JPYQ

───────────────────────
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
█▄▄▄▄▄▄▄▄▄▄▄▄▄▄█
█              █
█              █
█              █
█              █
█              █
█              █
█              █
█              █
█▀▀▀▀▀▀▀▀▀▀▀▀▀▀█
█     ████     █
▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀
██████
██
██







██
██
██████
██████
██
██







██
██
██████
▬▬▬▬▬▬▬▬   WHITEPAPER   ▬▬▬▬▬▬▬▬
FACEBOOK         TWITTER         TELEGRAM
▬▬▬▬▬▬▬▬   ANN THREAD   ▬▬▬▬▬▬▬▬
allwelder
Legendary
*
Offline Offline

Activity: 1498
Merit: 1000



View Profile
February 13, 2014, 11:42:43 PM
 #33424

I am constructing a Nxt navigation website,and the domain name has been registeredwww.nxtcrypto.com.
So plz list your website and category or function here,I will collect ,classify these websites ,and list all of them for Nxters easy to reach every website of Nxt.

salsacz's document sounds like a good way to start.
Yes,its very useful,thank for your remind.
rajc
Full Member
***
Offline Offline

Activity: 139
Merit: 100


View Profile
February 13, 2014, 11:45:26 PM
 #33425


I still say trying to tie the fee to some FIAT is the wrong direction.  Ill say it again - a transactions's fee should be tied to its byte size on the blockchain.  So lets say a NXT transfer is 128bytes, and its fee is .1NXT, so then an AM or alias of size 256bytes should cost .2NXT.
But no one likes my idea.  Embarrassed

This proposal will require a bit more code; but for the moment I think a straight .1 NXT for all works, as it will encourage more use for now.

+1000

you have to realize it is arbitrary message NOT chat
allwelder
Legendary
*
Offline Offline

Activity: 1498
Merit: 1000



View Profile
February 13, 2014, 11:46:57 PM
 #33426

Hi NXTers!

NXT's greatest competitor seem to be Ethereum. It's main feature that NXT still lacks is scripting, which is a wonderful idea (along with it's risks of course) - kudos to Vitalik and his team for bringing this up!

Because I want NXT to be competitive and because this is a great feature on it's own, I decided to personally fund a team led by CIYAM and CfB (as long as he is with us), to implement this technology in NXT too!

The code will be open sourced when the feature is finished and extensively tested.
We will use a private github repo if others want to easily review the source during development.

Let the good times roll!
Great
allwelder
Legendary
*
Offline Offline

Activity: 1498
Merit: 1000



View Profile
February 13, 2014, 11:52:30 PM
 #33427

The ZSE has added Nxt business. Cheesy
https://www.zharifsofiaexchanger.com/site/home.php
dzarmush
Legendary
*
Offline Offline

Activity: 1624
Merit: 1001


View Profile
February 13, 2014, 11:53:42 PM
 #33428


Cool. I just paid for porn. Didn't think such thing might happen to me ) If they start accept bitcoin on all their sites it will be bigger than anything before.

Anon136
Legendary
*
Offline Offline

Activity: 1666
Merit: 1211



View Profile
February 14, 2014, 12:01:48 AM
 #33429


you send btc*1 to bob. bob sends BobsBtcToken*1 to you. you go onto the orderbook for BobsBtcTokens and fill a buy order. Nxt appears in your account. Now you find a ltc gateway. Say betty seems the most trustworthy. Fill a sell order for BettysLtcTokens. Receive BettysLtcTokens*X. Send BettysLtcTokens*X to Betty's nxt address with a message containing your ltc address. Wait for ltc to arrive.

It seems overly complicated now but it'll feel natural once it gets rolling and everyone gets used to it. All steps serve their purpose, these extra steps are the cost of decentralization.

If I read this right - 'No escrow' or atomic completion?
so buyer beware....

perhaps our slogan should be "Caveat emptor"? Cheesy No but seriously who runs the escrow for bitstamp deposits?

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
chanc3r
Sr. Member
****
Offline Offline

Activity: 686
Merit: 250

USDQ - QDAO


View Profile
February 14, 2014, 12:07:02 AM
 #33430


you send btc*1 to bob. bob sends BobsBtcToken*1 to you. you go onto the orderbook for BobsBtcTokens and fill a buy order. Nxt appears in your account. Now you find a ltc gateway. Say betty seems the most trustworthy. Fill a sell order for BettysLtcTokens. Receive BettysLtcTokens*X. Send BettysLtcTokens*X to Betty's nxt address with a message containing your ltc address. Wait for ltc to arrive.

It seems overly complicated now but it'll feel natural once it gets rolling and everyone gets used to it. All steps serve their purpose, these extra steps are the cost of decentralization.

If I read this right - 'No escrow' or atomic completion?
so buyer beware....

perhaps our slogan should be "Caveat emptor"? Cheesy No but seriously who runs the escrow for bitstamp deposits?

True... but people need to be able to trust in the network because the individuals are by nature, remote and anonymous...
Btw if you are trading DOGE it should be "Caveat Canem" Cheesy

        ▄▄▀▀▀▀▀▀▀▀▀▄▄
     ▀▀ ▄▄▀▀▀▀▀▀▀▄▄ ▀▀▄
  ▄  ▄▀▀           ▀▀  ▀▄
 ▄▀ █      ▐█ █▌      █ ▀▄
▄█ █     ▄███████▄     █ █▄
█ ▄▀    ██▀▐█ █▌▀██     █ █
█ █     ██ ▐█ █▌ ██     █ █
█ ▀▄    ██▄▐█ █▌███    ▄▀ █
▀█ █     ▀████████▄    █ █▀
 ▀▄ ▀      ▐█ █▌ ▀█▌  █ ▄▀
  ▀▄  ▀▄           ▄▄▀  ▀
    ▀▄▄ ▀▀▄▄▄▄▄▄▄▀▀ ▄▄
       ▀▀▄▄▄▄▄▄▄▄▄▀▀
      █▀▀▀▀▀▀▀▀▀▀▀▀█
▄▄▄▀▀▀█   ▄▄▄▄▄▄   █
█     █ ▄▀      ▀▄ █
 █  ▄██ █        █ █
 █  █ █ █        ▀ █
  █ █ █ █ ▄█▄█▄  ▀ █
  █  ██ █  █▄▄█▄ █ █
   █ ██ ▄ ▄█▄▄▄█ █ █
   █  █ ▄  ▀ ▀   █ █
    █ █ █        █ █
    █ █ ▀▄      ▄▀ █
     ██   ▀▀▀▀▀▀   █
      █▄▄▄▄▄▄▄▄▄▄▄▄█
PLATINUM STABLECOINS
USDQ KRWQ CNYQ JPYQ

───────────────────────
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
█▄▄▄▄▄▄▄▄▄▄▄▄▄▄█
█              █
█              █
█              █
█              █
█              █
█              █
█              █
█              █
█▀▀▀▀▀▀▀▀▀▀▀▀▀▀█
█     ████     █
▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀
██████
██
██







██
██
██████
██████
██
██







██
██
██████
▬▬▬▬▬▬▬▬   WHITEPAPER   ▬▬▬▬▬▬▬▬
FACEBOOK         TWITTER         TELEGRAM
▬▬▬▬▬▬▬▬   ANN THREAD   ▬▬▬▬▬▬▬▬
Sebastien256
Hero Member
*****
Offline Offline

Activity: 715
Merit: 500



View Profile
February 14, 2014, 12:44:45 AM
 #33431

** Big News **

Nxt (along with Peercoin) will be one of two official currencies at Trekcon Springfield:

http://www.trekconspringfield.com/

We will have access to quiet a bit of media as well as tie-ins with Star Trek actors at the event. I will be working with local companies prior to the event to help support Nxt.  More details to come, still working on the logistics.  Here's a video we put out when we added Peercoin:

http://www.youtube.com/watch?v=89YI6_6Aw2E


Yes, that's me in the video. The guys are already lining up interviews with local tv and radio stations, we'll also be able to take part in that promotion. Smiley


Made me laugh, as I have been talking with James about a "Federation of Gateways" today.


OK, this is my cue to update status of community gateways. Keep in mind I am talking about the first step along the path toward fully automated DAC solution. No need to wait for that if we can get a more traditional solution in the meantime.

I have a job offer out to a fulltime dev who will help code my ideas, both crazy and not so crazy. The first task is to create reference code for automated gateways and clients along the lines of my post about this yesterday.

In parallel, I am working with traditional gateway providers to create a federation of gateways that users can choose between. We will create requirements to be part of the gateway and the community will need to help do the due diligence on each of the gateways as I have little expertise in data center security, etc.

NXT community gateway federation requirements:

A) we need source code of the automated gateway functionality, this way the smart guys can make sure that all the error cases are properly handled and if a database is used, that proper database techniques are used, etc. It is expected that all the federation members will work together to create best practices for deposit/withdrawal handling. No more bter funny business!

B) There needs to be an automatically updated balance of Assets issued and a corresponding account that can be checked using blockchain.info, trust but verify. This ensures that there is 100% backing of all the Assets issued into AE and people can trade it without worrying about fractional reserve.

C) There needs to be a publicly posted information about any and all fees charged. There will also be the option of the gateway provider to put up a bond against deposit flight risk. This allows even gateways run by an unknown newbie to have a chance, especially if they put up a bond big enough to cover all their deposits. Any reductions in bond will require enough time for adjustments to be made by holders of gateway's assets. [I need a place to host this information and also someone to keep it updated, maybe nxtcrpto.org?]

D) There needs to be an agreement to exchange gateway assets of the same denomination with the community asset at 1:1, this is something that ripple never achieved and it fragments the trading for all gateways to this day. By pooling all assets for the same thing, it reduces confusion for the user and also creates more liquidity and tighter spreads. Imagine if the highest bid and lowest ask for DOGE was always available within AE!

D) Anything else that is missing?

I cannot stress how important it is that we unite all the Assets for the same crypto, otherwise it will be a giant confusing mess. In ripple right now, anybody can issue anything, but there are no standards or requirements to be able to do this. Buyer beware. I am hopeful that each federation gateway will either start with enough credibility or be able to find a sponsor/partner that will be able to put up a big enough bond to allow for true interchangeability among all Assets for the same thing.

Getting the tech to achieve this is actually not new, having the community that can achieve freely interchangeable Assets among a federation of gateways, that is what is new here.

James

I like that, many gateway is more decentralized and more secore if done correctly.  Smiley

Nxt official forum at: https://nxtforum.org/
gs02xzz
Full Member
***
Offline Offline

Activity: 221
Merit: 100


View Profile
February 14, 2014, 01:00:47 AM
 #33432

I guess that we can solve the "latin issue" only by voting.

Smiley

vox populi - "voice of the people". Short non-prearranged interview with an ordinary person (e.g. on the street); sometimes shortened to "vox pop".

How about Freedom, or Peace and Freedom? Isn't it what the NXT eventually want to achieve in a society?
Asian Prepper
Member
**
Offline Offline

Activity: 112
Merit: 10


View Profile WWW
February 14, 2014, 01:16:31 AM
 #33433

So if we ever make coins or something we will need a slogan. USD has in god we trust. Bitcoin has "vires in numeris" which means strength in numbers. I thought for nxt we might use "In emergentia speramus" which translates to "in emergence we trust"

I wanted to write something else underneath the nxt logo that i put on my silver bars so "In emergentia speramus" is what i came up with. All constructive comments welcome.

"The future is NXT."

I think it's quite catchy.  Grin


servus servorum Dei - servant of the servants of God






sic itur ad astra   - thus you shall go to the stars

This one is really nice:

terra nullius    "land of none" - That is, no man's land. A neutral or uninhabited area, or a land not under the sovereignty of any recognized political entity.

We gather to create a cryptocurrency... but not just any cryptocurrency.... but a "2nd generation" cryptocurrency in order to crush the current, antiquated fiat banking system (that most people don't understand) but then we turn around and inscribe it with words from a dead, antiquated and ancient language that no one uses and nobody understands... lol

How ironic...

I propose we use more modern terms and stick to our "2nd generation" heritage and use terms that everyone can understand such as:

Rated R Version = "Down With The Fed BITCHES!"
PG-13 Version = "The People's Money"

Tai Zen

As of 2014-04-09 I no longer post as "Asian Prepper" and will post under my real name "Tai Zen" to eliminate confusion.

Founder of www.PrisonOrFreedom.com | BTC: 19HHZ1yEimKUYVFM9TkXqd9xwM54jSFrmc | LTC:  LTA99422wieqR1MfWeNxZU5xAsESE9MzW7 | NXT:  17225446755425423638
pandaisftw
Full Member
***
Offline Offline

Activity: 224
Merit: 100


View Profile
February 14, 2014, 01:32:30 AM
 #33434

So if we ever make coins or something we will need a slogan. USD has in god we trust. Bitcoin has "vires in numeris" which means strength in numbers. I thought for nxt we might use "In emergentia speramus" which translates to "in emergence we trust"

I wanted to write something else underneath the nxt logo that i put on my silver bars so "In emergentia speramus" is what i came up with. All constructive comments welcome.

"The future is NXT."

I think it's quite catchy.  Grin


servus servorum Dei - servant of the servants of God






sic itur ad astra   - thus you shall go to the stars

This one is really nice:

terra nullius    "land of none" - That is, no man's land. A neutral or uninhabited area, or a land not under the sovereignty of any recognized political entity.

We gather to create a cryptocurrency... but not just any cryptocurrency.... but a "2nd generation" cryptocurrency in order to crush the current, antiquated fiat banking system (that most people don't understand) but then we turn around and inscribe it with words from a dead, antiquated and ancient language that no one uses and nobody understands... lol

How ironic...

I propose we use more modern terms and stick to our "2nd generation" heritage and use terms that everyone can understand such as:

Rated R Version = "Down With The Fed BITCHES!"
PG-13 Version = "The People's Money"

Tai Zen

How about something the younger generation will understand?

Hoc facite in ratchets (Do it for the ratchets)

NXT: 13095091276527367030
lucky88888
Sr. Member
****
Offline Offline

Activity: 404
Merit: 250


https://nxtforum.org/


View Profile
February 14, 2014, 01:33:08 AM
 #33435

i like this coin... but its very complicated to set it..

Hi, this client will be very easy to use, great for starters.

Download the Windows one click installer with blockchain:
http://offspring.dgex.com/offspring-w32-w64-blockchain.x86.exe

For updates go here.
https://nextcoin.org/index.php/topic,3965.0.html

Fuck Mt.Gox! Fuck Mintpal! Fuck Bter! FUCK kyc! Protect yourself use MGW! SUPERNET!
Recommended ASSET ->InstantDex : Lead Dev Jl777 (decentralized multi currency instant exchange)
Recommended ASSET -> Jinn : Lead Dev Come-from-Beyond (ternary processors!)
https://nxtforum.org/news-and-announcements/(ann)-jinn/
ErnieRox
Full Member
***
Offline Offline

Activity: 222
Merit: 101


Novus ordo seclorum


View Profile
February 14, 2014, 01:52:00 AM
 #33436

had some nxt for like 2 days, logged back in and now their gone into crypto mystery land? was there a bug, i doubt i got hacked i had a super duper 20 digit password  Tongue

On which block are you? Chances are that you use an old client / don't have up to date blockchain...



5 thousand NXT to the person who would talk to BTER owner in Chinese and solve my problem, I need my 100k NXT.

Hi lophie, I speak Mandarin (lived in east China for a few years). Send me the details via PM and I'll try to sort this out for you. Their "support" is indeed almost inexistent.

ps: you may ask allwelder for support as well


not sure, i will check again, i had sort of given up after that, and the mac client kept crashing on my mac as well, i will redownload and try again, glad it wasnt 100k like some people tho, sheesh  Shocked
jl777
Legendary
*
Offline Offline

Activity: 1176
Merit: 1090


View Profile WWW
February 14, 2014, 01:53:28 AM
 #33437


you send btc*1 to bob. bob sends BobsBtcToken*1 to you. you go onto the orderbook for BobsBtcTokens and fill a buy order. Nxt appears in your account. Now you find a ltc gateway. Say betty seems the most trustworthy. Fill a sell order for BettysLtcTokens. Receive BettysLtcTokens*X. Send BettysLtcTokens*X to Betty's nxt address with a message containing your ltc address. Wait for ltc to arrive.

It seems overly complicated now but it'll feel natural once it gets rolling and everyone gets used to it. All steps serve their purpose, these extra steps are the cost of decentralization.

If I read this right - 'No escrow' or atomic completion?
so buyer beware....
Keep in mind this is the first step on the path toward fully automated DAC gateways. Also, to remove the confusion that is inherent in having many different Assets that are all representing the same thing I think it is crucial that we consolidate all assets of the same denomination to a single community asset. This will allow all users to go to a single asset name within AE for BTC and ALL the bids and asks for BTC within AE will be for BTC backed by the federation of gateways. All the federation members take blood oaths, trade first born children, etc. so they work out a way to trust each other. This shifts the risk of choosing the right gateway from the hapless end user who has no clue which gateway is better to each gateway itself. A much better chance of making correct decisions. In the event one of the gateways is lacking somehow, the other gateways could require posting of a bond to cover the risk.

HOWEVER, I think I might have a way to allow all the gateways to trust each other without any bodily parts being involved. I do need somebody who is familiar with multisig to confirm this, or more likely correct where I am being plain silly.

I do not see a problem with deposits of crypto, the end user sends in the crypto to a deposit address and the gateway sweeps it into an account. The problem is with the withdrawal, eg. since I am proposing all assets that represent BTC be fungible with each other, each gateway needs to have access to potentially all the actual BTC.

So, we have a possible solution where all the gateways sweep into a common account. Wait! If all gateways are able to withdraw from it, then if ANY gateway gets hacked or hypnotized by Evil Bob, all the deposits are gone. Not good at all.

This is where I think multisig comes in. What if the sweep account is a multisig acct. All the gateways can easily sweep into the multisig acct, since it is just a matter of sending coin to the right address. Now on withdraw, if we required the signatures from all gateways to do a withdrawal (or super majority?), then no gateway would be able to take off with the deposits, unless all gateways (or super majority) turn evil at the same time.

No I dont know how multisig works well enough to know if this will work, but IF there is a way to do a safe remote multisig authorization and all the gateways are using the same business logic to approve withdrawals, eg. proper AM was sent with appropriate asset, then I think this could work.

Not totally trustless, but as long as all (or super majority) of gateways dont spontaneously turn evil, I think the community would be able to rely on the federation of gateways.

I hope somebody that knows about multisig and another somebody that knows about secure remote signing will be able to validate this, or fix it so it works

James

P.S. I just figured out that we can use a set of AM's for secure remote signing. Granted it is a lot of AM to send if we had to do it for each withdrawal, so maybe we only invoke this level when the amount is larger than the bond put up by the gateway. I think this is getting close to a real solution. Smart guys, please help!!

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
jl777
Legendary
*
Offline Offline

Activity: 1176
Merit: 1090


View Profile WWW
February 14, 2014, 02:00:43 AM
 #33438


you send btc*1 to bob. bob sends BobsBtcToken*1 to you. you go onto the orderbook for BobsBtcTokens and fill a buy order. Nxt appears in your account. Now you find a ltc gateway. Say betty seems the most trustworthy. Fill a sell order for BettysLtcTokens. Receive BettysLtcTokens*X. Send BettysLtcTokens*X to Betty's nxt address with a message containing your ltc address. Wait for ltc to arrive.

It seems overly complicated now but it'll feel natural once it gets rolling and everyone gets used to it. All steps serve their purpose, these extra steps are the cost of decentralization.

If I read this right - 'No escrow' or atomic completion?
so buyer beware....

perhaps our slogan should be "Caveat emptor"? Cheesy No but seriously who runs the escrow for bitstamp deposits?
would multisig by all members of gateway federation do the trick?

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
Anon136
Legendary
*
Offline Offline

Activity: 1666
Merit: 1211



View Profile
February 14, 2014, 02:02:17 AM
 #33439


you send btc*1 to bob. bob sends BobsBtcToken*1 to you. you go onto the orderbook for BobsBtcTokens and fill a buy order. Nxt appears in your account. Now you find a ltc gateway. Say betty seems the most trustworthy. Fill a sell order for BettysLtcTokens. Receive BettysLtcTokens*X. Send BettysLtcTokens*X to Betty's nxt address with a message containing your ltc address. Wait for ltc to arrive.

It seems overly complicated now but it'll feel natural once it gets rolling and everyone gets used to it. All steps serve their purpose, these extra steps are the cost of decentralization.

If I read this right - 'No escrow' or atomic completion?
so buyer beware....
I think it is crucial that we consolidate all assets of the same denomination to a single community asset. This will allow all users to go to a single asset name within AE for BTC and ALL the bids and asks for BTC within AE will be for BTC backed by the federation of gateways. All the federation members take blood oaths, trade first born children, etc. so they work out a way to trust each other. This shifts the risk of choosing the right gateway from the hapless end user who has no clue which gateway is better to each gateway itself. A much better chance of making correct decisions. In the event one of the gateways is lacking somehow, the other gateways could require posting of a bond to cover the risk.

A federation could be fine but homogonizing all gatewayes is a VERY bad idea imo. It allows the externalization of costs from the maleficent actor to the good actors. Insurance allows the homogonization of certain actors into federations by pricing the risk so competative federations could be good, though one homogeneous asset would be terrible.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
jl777
Legendary
*
Offline Offline

Activity: 1176
Merit: 1090


View Profile WWW
February 14, 2014, 02:13:41 AM
 #33440


you send btc*1 to bob. bob sends BobsBtcToken*1 to you. you go onto the orderbook for BobsBtcTokens and fill a buy order. Nxt appears in your account. Now you find a ltc gateway. Say betty seems the most trustworthy. Fill a sell order for BettysLtcTokens. Receive BettysLtcTokens*X. Send BettysLtcTokens*X to Betty's nxt address with a message containing your ltc address. Wait for ltc to arrive.

It seems overly complicated now but it'll feel natural once it gets rolling and everyone gets used to it. All steps serve their purpose, these extra steps are the cost of decentralization.

If I read this right - 'No escrow' or atomic completion?
so buyer beware....
I think it is crucial that we consolidate all assets of the same denomination to a single community asset. This will allow all users to go to a single asset name within AE for BTC and ALL the bids and asks for BTC within AE will be for BTC backed by the federation of gateways. All the federation members take blood oaths, trade first born children, etc. so they work out a way to trust each other. This shifts the risk of choosing the right gateway from the hapless end user who has no clue which gateway is better to each gateway itself. A much better chance of making correct decisions. In the event one of the gateways is lacking somehow, the other gateways could require posting of a bond to cover the risk.

A federation could be fine but homogonizing all gatewayes is a VERY bad idea imo. It allows the externalization of costs from the maleficent actor to the good actors. Insurance allows the homogonization of certain actors into federations by pricing the risk so competative federations could be good, though one homogeneous asset would be terrible.
If all the gateways are issuing a BTC asset, why is it a bad idea that all gateway BTC assets are all equal to each other, eg BTC?

Also, if we had a multisig requirement for all withdrawals, would that minimize or eliminate the harm bad actors can do?

It there is something wrong, I would like to understand it and hopefully fix it. This is why I am asking

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
Pages: « 1 ... 1622 1623 1624 1625 1626 1627 1628 1629 1630 1631 1632 1633 1634 1635 1636 1637 1638 1639 1640 1641 1642 1643 1644 1645 1646 1647 1648 1649 1650 1651 1652 1653 1654 1655 1656 1657 1658 1659 1660 1661 1662 1663 1664 1665 1666 1667 1668 1669 1670 1671 [1672] 1673 1674 1675 1676 1677 1678 1679 1680 1681 1682 1683 1684 1685 1686 1687 1688 1689 1690 1691 1692 1693 1694 1695 1696 1697 1698 1699 1700 1701 1702 1703 1704 1705 1706 1707 1708 1709 1710 1711 1712 1713 1714 1715 1716 1717 1718 1719 1720 1721 1722 ... 2567 »
  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!