ANN design was updated, see first post in this thread. It now includes a step-by-step walkthrough showing all actions you can make on our our website.
The 40,000 DAI are still in escrow with minerjones and we are able to send much more than that if the risk of us stealing the funds proves to be the problem
Is this confirmed by minerjones somewhere? I only found
this post, but there are no details.
Also (I remember
this case): what are the details of the escrow deal? Considering the purpose, it would be good if the deal includes a 7 day delay once you request to pay it back, including the escrow publicly announcing the change 7 days ahead.
The initial escrow deal was that we were supposed to receive the funds back when the review campaign ended a while ago. We did not request the funds back so they are still with minerjones. We'd be happy to adhere to the 7 day delay rule you proposed, and I will ask minerjones if it's possible for him to confirm here that this rule will be enforced and the amount held by him at the moment.
Will this list be available to everyone? Or is it private because many are trying to stay away from mixing services due to the lack of clarity in government decisions regarding them, and the issue of Mining campaign may mean linking any user directly to your business, so the legal risks are greater.
Daily payments will be made to
all funded Notes (balance >0) automatically. They will be sent through the "Pay to Note' feature from a Note we funded ourselves, so all payments are anonymous. You do not have to send us any info or interact with us in any way. As long as you made a deposit you will receive your share every day. The multi-sig balance is public so you can calculate exactly how much you are supposed to receive at all times. Everything will be explained in detail before launching the campaign.
In general, I hope that you will strive to empirically explain your ideas, because they seem complicated at the moment.
and then a beta version is released before activated any update on the site. The continuous update of the service may leave backdoors that can be exploited in the future then completely destroy the project, especially since any problems related to privacy now will cause others to lose confidence in you.
We will create some graphics/videos explaining Whirlwind in a much easier to understand manner. Until now the only focus was improving the product and discussing the technical reasons behind our infrastructure/architecture choices. For the record we intentionally left an easy to follow trail through our posts on this forum that allows anyone now or in the future to do his own research and evaluate our competence and truthfulness. Actions speak louder than words
No update to the backend or signers gets to production before being thoroughly tested, we have no reasons to be concerned in that regard. Security comes first in everything we do. Without an attacker gaining access to our entire infrastructure including the physical server it's
impossible to exploit Whirlwind.
Our word is our bond and to prove this point again we will remind you of the challenge we launched when we first started the service. If anyone is able to find the IP of
any of our signers we will offer a 1
BTC bounty and it would have to be publicly disclosed.
A suggestion, I think you should also explain or list why'd you use Cloudflare and how you overcome its problem on the FAQ page.
Thank you for the suggestion, it will be added.
If you have the capital to put more than the expected amount that will be "staked" into an escrow, I would suggest doing so.
I believe that there will be far greater participation if there is no doubt that participants will receive their coins back one way or another.
As @LoyceV stated, the escrow deal should be made public/transparent and tied to no real complaints being made by participants.
Just curious, are you planning to launch a targeted signature campaign for that purpose to gain visibility for the campaign?
Currently there is ~250k in the multi-sig, we could send another 200k to minerjones for escrow to cover that but how should we act when the balance will continuously grow? Add more every day? If users don't trust that they'll get their funds back they shouldn't use the service in the first place regardless of the escrow. Not trying to downplay this risk by any means, but it's the same with any other centralized solution.
Our goal is to grow the Anonymity Set to 10,000 deposits so until that is reached we will offer a reward to everyone using the service. Each month we will allocate 1BTC to distribute between all funded Notes proportionally to their balance. Payments will be made every day and you are free to withdraw your deposit anytime. If the amount allocated for rewards is 1BTC a month that means 1/30 = 0.0333BTC will be distributed every day.
If the multi-sig balance is 10BTC and you have a Note with a 1BTC balance you will automatically receive 10% of 0.0333BTC every day you keep your Note funded, which is 0.0033BTC a day.
On second thought: this sounds a lot like the many "services" in the past that paid interest on Bitcoin deposits. Usually, that didn't end well.
Are you sure you want to be associated with those?
Do you have any example of a service that had an actual reason for offering a reward on Bitcoin deposits?
The goal of this campaign is to grow the Anonymity Set, not to attract users with some 'sustainable interest' on their Bitcoin deposits. We are also not the first ones to do something like this, I linked an example in the previous post. We are transparent about the fact that rewards are coming from us, it's basically an operational expense until we have a strong enough Anonymity Set where it doesen't make sense to use another alternative.
As said in the previous message we are aware this campaign may raise red flags for some but we couldn't find any other reasonable alternative to grow the Anonymity Set without doing this. If anyone has a better idea we would be more than happy to go down that route, but keep in mind that after a certain point users would have to trust us regardless. People are investing millions in different projects/ICOs before ever seeing proof that anything even exists, so considering what we've shown until now it should be quite clear that we're not here to mess around for a few Bitcoins.
We are not trying to force anyone to deposit by any means, if you don't trust us that's fine and there is nothing we can do to address that other than running the service professionally or decentralizing it.