rpietila Altcoin Observer

[cAPSLOCK]

Just a note.  I am converting 80% of my BTSX distribution to XMR here at .00009490/.00392.  I hold negligible amount of any alt besides XMR at this point, and for the most part have only dabbled in a few.  Protoshares caught my attention about a year ago, and it is interesting to see the BTS project mature, but I am dubious of it's stability here.

It will be interesting to see if my timing is good.  I don't usually publish my trades publicly, but thought it would be fun.

It is hard to say what is happening with BTSX though...

I've wondered with these BTC 2.0 type technologies, if any large companies are doing deals, if word gets out, what is to stop people from acquiring it ahead of the news?
It is not insider trading imo. Brings up some interesting dilemmas.

I was really interesting in BTSX a year ago as well, but something was just missing in their presentation and seemed off to me. Honestly, it seemed a bit "off" and I can't
put my finger on it. I do wonder if anything is up. In general, I imagine Sesame St, I mean Wall St., and other big money players will get their feet wet with most. I mean the way money is
continually being printed, it would be stupid not to.

IAS

Well there is the constant looming rumor of Counterparty and Overstock relationship, but to be honest the counterparty system is so kludgy I cant see how a company like Overstock would really pull this trigger.

And Counterparty is VERY high on my list of Crypto 2.0 experiments because of its general lack of scamminess as well as it's minimalist approach to features and implementation.

The whole Bitshares universe just get more and more convoluted, and it was a web of complicatedness to begin with.  I cant even begin to imagine some of the myriad attack vectors we could see with BTSX.

Which is another reason I like the Monero project so much.  It is a minimalist approach to solving 1 major problem and it aims to do a simple thing and do it well.

The recent attack is just proof that it is evolving, albeit slowly, in the right direction.

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[Globb0]

alt coins are annoying but a lot of money can be made

With what risk level ?

[cAPSLOCK]

alt coins are annoying but a lot of money can be made

With what risk level ?

Perhaps this is what you are looking for:
http://www.moneycrashers.com/bonds-for-beginners/

[binaryFate]

alt coins are annoying but a lot of money can be made

Please explain the meaning of "annoying".

[rpietila]

Try to raise the level of discussion, otherwise the delete-button will start to glow red. 

[ArticMine]

...

The escrow would auto-close the positions, and could hold some of the aggregate escrowed BTC in the exchange. (Auto-closing would happen in exchange, not OTC). If the auto-close does not happen as expected, the loss would be on the escrow who failed it. They are naturally getting compensated for their service, so it is not an all-lose proposition.

I believe it can be done with mature and liquid coins such as XMR and LTC, quite easily. With volatile coins, the BTC guarantee just needs to be that much higher.

The escrowed XBT are kept in the exchange where a market order to buy XMR is triggered when 115% is reached. If the slippage plus commission is less than 15% then it would work. This also assumes the exchange does not temporarily stop trading as a "circuit breaker" on the market.

Black Monday in stocks, October 19, 1987,  comes to mind here. A sharp fall or rise triggered by a cascade of margin calls. More recently this type of spike has been seen with XBT on BTC-E for the same reason. Some risk to the lender still remains. This risk can be mitigated, but not eliminated entirely.

Yes, you are right. A short (theoretically) has unlimited downside, and it is of course not possible to have unlimited guarantees. This can be mitigated with higher guarantees when the coin has a history or anticipated future of quick upside moves. Also it is possible to just vest some of the risk to the lender, such as a stipulation that if the coin moves up more than 50% in 24 hours, then the excess gains are kept by the service.

It also explains why you are interested in shorting BTSX. After spending time studying the BTSX wiki http://bitshares-x.info/ it becomes clear to me that a sharp drop in the price of BTSX relative to the price weighted average of the secured assets bitUSD, bitXBT. bitEUR, bitXAU, etc. can cause a cascade of margin calls leading to a complete loss of confidence in the BTSX system. Depending on the overall percentage of BTSX that are securing other assets something in the order of a 50% drop could be enough to set off a cascading panic starting like the October 19, 1987 stock market crash only to become far worse. 

[brekyrself]

...

The escrow would auto-close the positions, and could hold some of the aggregate escrowed BTC in the exchange. (Auto-closing would happen in exchange, not OTC). If the auto-close does not happen as expected, the loss would be on the escrow who failed it. They are naturally getting compensated for their service, so it is not an all-lose proposition.

I believe it can be done with mature and liquid coins such as XMR and LTC, quite easily. With volatile coins, the BTC guarantee just needs to be that much higher.

The escrowed XBT are kept in the exchange where a market order to buy XMR is triggered when 115% is reached. If the slippage plus commission is less than 15% then it would work. This also assumes the exchange does not temporarily stop trading as a "circuit breaker" on the market.

Black Monday in stocks, October 19, 1987,  comes to mind here. A sharp fall or rise triggered by a cascade of margin calls. More recently this type of spike has been seen with XBT on BTC-E for the same reason. Some risk to the lender still remains. This risk can be mitigated, but not eliminated entirely.

Yes, you are right. A short (theoretically) has unlimited downside, and it is of course not possible to have unlimited guarantees. This can be mitigated with higher guarantees when the coin has a history or anticipated future of quick upside moves. Also it is possible to just vest some of the risk to the lender, such as a stipulation that if the coin moves up more than 50% in 24 hours, then the excess gains are kept by the service.

It also explains why you are interested in shorting BTSX. After spending time studying the BTSX wiki http://bitshares-x.info/ it becomes clear to me that a sharp drop in the price of BTSX relative to the price weighted average of the secured assets bitUSD, bitXBT. bitEUR, bitXAU, etc. can cause a cascade of margin calls leading to a complete loss of confidence in the BTSX system. Depending on the overall percentage of BTSX that are securing other assets something in the order of a 50% drop could be enough to set off a cascading panic starting like the October 19, 1987 stock market crash only to become far worse. 

There are safety nets in place for prevent this.

Start here:
https://bitsharestalk.org/index.php?topic=7103.0

There is more however finding all this info is difficult as not all wiki pages etc seem to be updated as the pace this project has progressed.  It's almost necessary to read their forum daily to keep up!

[jl777]

...

The escrow would auto-close the positions, and could hold some of the aggregate escrowed BTC in the exchange. (Auto-closing would happen in exchange, not OTC). If the auto-close does not happen as expected, the loss would be on the escrow who failed it. They are naturally getting compensated for their service, so it is not an all-lose proposition.

I believe it can be done with mature and liquid coins such as XMR and LTC, quite easily. With volatile coins, the BTC guarantee just needs to be that much higher.

The escrowed XBT are kept in the exchange where a market order to buy XMR is triggered when 115% is reached. If the slippage plus commission is less than 15% then it would work. This also assumes the exchange does not temporarily stop trading as a "circuit breaker" on the market.

Black Monday in stocks, October 19, 1987,  comes to mind here. A sharp fall or rise triggered by a cascade of margin calls. More recently this type of spike has been seen with XBT on BTC-E for the same reason. Some risk to the lender still remains. This risk can be mitigated, but not eliminated entirely.

Yes, you are right. A short (theoretically) has unlimited downside, and it is of course not possible to have unlimited guarantees. This can be mitigated with higher guarantees when the coin has a history or anticipated future of quick upside moves. Also it is possible to just vest some of the risk to the lender, such as a stipulation that if the coin moves up more than 50% in 24 hours, then the excess gains are kept by the service.

It also explains why you are interested in shorting BTSX. After spending time studying the BTSX wiki http://bitshares-x.info/ it becomes clear to me that a sharp drop in the price of BTSX relative to the price weighted average of the secured assets bitUSD, bitXBT. bitEUR, bitXAU, etc. can cause a cascade of margin calls leading to a complete loss of confidence in the BTSX system. Depending on the overall percentage of BTSX that are securing other assets something in the order of a 50% drop could be enough to set off a cascading panic starting like the October 19, 1987 stock market crash only to become far worse. 

There are safety nets in place for prevent this.

Start here:
https://bitsharestalk.org/index.php?topic=7103.0

There is more however finding all this info is difficult as not all wiki pages etc seem to be updated as the pace this project has progressed.  It's almost necessary to read their forum daily to keep up!

I am not smart enough to understand how that link provides any safety net. To a simple guy like me, a safety net means some sort of insurance or price support,but that page talks about: "The purpose of this guide is to explain how the market peg should behave assuming rational market players looking to earn a profit."

In theory and calm markets, a holographic peg should stay close to where it was seeded, especially if there are financial incentives that maximize the probability of the price trading near the peg.

Now, what I have been asking is what happens in an "irrational" market? When the panic selling sets in? It is called panic selling, not "rational selling". With stock market crash what changed was the market's valuation of the estimated future cashflows discounted to present values,right? So changes in interest rates, outlook of economy, etc. play a factor, but ultimately the shares represented a future dividend flow (or at least compounded equity value from (presumably) profitable companies.

This I believe sets a floor for stock market equities. At some point the price becomes lower than the likely future cashflows and value investor move in.

Since btsx has no such future cash flows, there is no floor.
Since the holographic peg is only as good as the belief in it, as soon as we get close to 50% loss from ATH a cascade of selling will happen and once the volume of selling is bigger than what btsx corp can prop up, what will stop this cascade from going all the way down to where the btsx company is willing to just buy it up?

The more btsx succeeds, it seems the more likely it is to fail and at a larger and larger scale and will be big black mark for crypto overall. That is my concern

James

[kennyP]

"kennyP" looks like a sock puppet.  Stylometrics read "jl777".  James, you may believe strongly in your ideas, but if you are resorting to deceptions to promote them, you're undermining yourself.  This is a suspicion, not an accusation.  It is a suspicion based primarily on typical forum activity, not on your specific character or behaviour.

The Altcoin Observer thread is considerably above most altcoin threads, in its median talent, but very few of the participants are skilled in information theory or cryptography.  Skills are not cheap to command.  If you want someone to donate their valuable time to you, try to condense the case that your material has substance to it into a compact form.  You might do better to approach community members who have demonstrated specifically technical skills and a willingness and ability to contribute critical analysis of crypto protocols to anonymity projects.

@aminorex, you are out of line with your suspicion of jl777. Shame on you! You might think you are intelligent, and maybe you are, but you failed a basic character test with your attempt to smear jl777's reputation with your 'suspicion'.

I have no connection with jl777 other than as an investor in some of his projects, including BTCD, and I am genuinely interested to see peer review of his ideas. I find your initial reaction to suspect me of *being* a jl777 sockpuppet quite incredible.

If teleporting is not relevant in this thread then what is? Is this just a monero pump after all? I thought it was about serious discussions of the alt coin space.

To non technical followers of crypto like myself jl777 appears to be at least your equal in technical skill, and his knowledge and experience of real world financial markets would appear to be much higher. You should not patronise him.

Yes, 'kennyP' might be one of my sockpuppets, and I might be an investing 'fan boy' of jl777, but I am NOT jl777. My previous post was sincere and legitimate.

I feel this thread is inhabited by many smart guys, but some obviously think they're actually smarter than they really are. Those guys can come across like wankers very easily.

The Altcoin Observer thread is considerably above most altcoin threads, in its median talent, but very few of the participants are skilled in information theory or cryptography.  Skills are not cheap to command.  If you want someone to donate their valuable time to you, try to condense the case that your material has substance to it into a compact form.  You might do better to approach community members who have demonstrated specifically technical skills and a willingness and ability to contribute critical analysis of crypto protocols to anonymity projects.

@aminorex you sounded like an arrogant wanker saying that to jl777. That's my suspicion, not an accusation, maybe you're a good guy who takes feedback well.

[jl777]

"kennyP" looks like a sock puppet.  Stylometrics read "jl777".  James, you may believe strongly in your ideas, but if you are resorting to deceptions to promote them, you're undermining yourself.  This is a suspicion, not an accusation.  It is a suspicion based primarily on typical forum activity, not on your specific character or behaviour.

The Altcoin Observer thread is considerably above most altcoin threads, in its median talent, but very few of the participants are skilled in information theory or cryptography.  Skills are not cheap to command.  If you want someone to donate their valuable time to you, try to condense the case that your material has substance to it into a compact form.  You might do better to approach community members who have demonstrated specifically technical skills and a willingness and ability to contribute critical analysis of crypto protocols to anonymity projects.

@aminorex, you are out of line with your suspicion of jl777. Shame on you! You might think you are intelligent, and maybe you are, but you failed a basic character test with your attempt to smear jl777's reputation with your 'suspicion'.

I have no connection with jl777 other than as an investor in some of his projects, including BTCD, and I am genuinely interested to see peer review of his ideas. I find your initial reaction to suspect me of *being* a jl777 sockpuppet quite incredible.

If teleporting is not relevant in this thread then what is? Is this just a monero pump after all? I thought it was about serious discussions of the alt coin space.

To non technical followers of crypto like myself jl777 appears to be at least your equal in technical skill, and his knowledge and experience of real world financial markets would appear to be much higher. You should not patronise him.

Yes, 'kennyP' might be one of my sockpuppets, and I might be an investing 'fan boy' of jl777, but I am NOT jl777. My previous post was sincere and legitimate.

I feel this thread is inhabited by many smart guys, but some obviously think they're actually smarter than they really are. Those guys can come across like wankers very easily.

The Altcoin Observer thread is considerably above most altcoin threads, in its median talent, but very few of the participants are skilled in information theory or cryptography.  Skills are not cheap to command.  If you want someone to donate their valuable time to you, try to condense the case that your material has substance to it into a compact form.  You might do better to approach community members who have demonstrated specifically technical skills and a willingness and ability to contribute critical analysis of crypto protocols to anonymity projects.

@aminorex you sounded like an arrogant wanker saying that to jl777. That's my suspicion, not an accusation, maybe you're a good guy who takes feedback well.

hey kennyP, aminorex did apologize, it was just an understandable misunderstanding in the fast paced crypto world.
He meant no harm and I think we can just ignore this incident. I am new here and so it is normal for some suspicion, especially toward someone with some crazy ideas like me

James

[jl777]

I stopped reading the "Whitepaper" after the word PIRATE occured, make it more technical and serious if u want serious feedback.

And i also consider all PoW -> PoS coins which are mined after 1 week or so and then PoS only as attempts to concentrate the biggest share of coins into the hands of the developers. Especially when coins are launched without features that get magically added after the PoW phase is over.

Thats my humble opinion, and i wonder why you don´t develop it for Bitcoin directly.


However, i have a technical question for you.
In peercoin sunny king uses the PoW blocks to make stake modifiers. He does this to secure certain code in the the staking kernel: https://github.com/ppcoin/ppcoin/blob/master/src/kernel.cpp#L337

The PPC PoS/PoW system if PoW isn´t active and has a reasonable high hashrate (which peercoin does) is vulnerable to the stake burn-through vulnerability: https://bitcointalk.org/index.php?topic=131901.0

Care to explain the technical design decision in bitcoin dark?




PS: Post may sound harsh but is in no way meant personal.

thanks for the link! I contacted jutarul and hope he can do a proper review of the BTCD staking. While it wont affect the teleporting of other coins, I certainly want BTCD to be as secure as possible.

James

[kennyP]

hey kennyP, aminorex did apologize, it was just an understandable misunderstanding in the fast paced crypto world.
He meant no harm and I think we can just ignore this incident. I am new here and so it is normal for some suspicion, especially toward someone with some crazy ideas like me

James

Ok, that's good to know (I didn't see that)! Hopefully your 'crazy ideas' are being dissected and analysed now. If teleporting coins turns out to be possible then it'll change everything, so we really need the best brains looking into this asap.

[drawingthesun]

Also BitsharesX seem to be gaining ground, they are now number three on coinmarketcap, so someone is making money.

[jl777]

hey kennyP, aminorex did apologize, it was just an understandable misunderstanding in the fast paced crypto world.
He meant no harm and I think we can just ignore this incident. I am new here and so it is normal for some suspicion, especially toward someone with some crazy ideas like me

James

Ok, that's good to know (I didn't see that)! Hopefully your 'crazy ideas' are being dissected and analysed now. If teleporting coins turns out to be possible then it'll change everything, so we really need the best brains looking into this asap.

I had a good chat with the DRK devs on IRC, the teleport system needs to have as clean of telepod creators as possible and I am thinking that seeding it with other anon coins will really make things difficult for any attacker. Once in the teleport system, I am fairly confident that users divulging their ownership of specific telepods is the weakest link. Not sure there is any defense against that with any coin. Nor of simultaneous govt seizure of a significant portion of the teleporting nodes.

Maybe somebody here knows how to defend against this?
So, for the most sensitive transactions, it is probably best to use a totally fresh acct with no links at all to yourself, then even if the other side is careless/hostile/confiscated, it only leads back to nothing.

There are just so many ways for info to leak, it has been a lot of work to identify them and scrub it clean. Of course most users will only use the personal privacy level where they are running their privacyserver on the same computer they use and talk to it via localhost. This wont shield your IP address, but if you arent worried about an attacker that is packet sniffing to attempt to determine who you are messaging, then this personal privacy level is adequate. For those that want "corporate level" privacy, I am advising to have a separate privacyServer (that you control) with a public IP address (the equivalent of Post office box), if people find out this IP address (mine is 209.126.70.170) then they might find you have a server in St louis. Maybe they can then send some infiltration operation to snoop on this server. Then they will see fully encrypted packets and only the source and destination, which might be the original source and ultimate destination, or maybe just random hops along the onion routing. The design is that only your privacyserver even knows your IP address. I havent yet added a mode where all the packets you send are identical size so the size of the packets you send/receive wont leak any info about the type of comms you are having.

To protect against packet sniffing and statistical correlation of the UDP packets between source and destination, I have added M of N shared secret fragmenting of the telepods. By setting M to ~40% of N, each receiving node can randomly decide whether to route the packet or not. So if there are 4 hops, we want the expected number of packets reaching the destination to be comfortable over 50%, I think fourth root of .5 = .84, so each node randomly dropping 16% of these M of N fragments would have half of them arrive at the destination and through a statistical path through the onion network

I think this will give giant headaches to the attacker.

James

[othe]

Nor of simultaneous govt seizure of a significant portion of the teleporting nodes.

Maybe somebody here knows how to defend against this?

Yeah with autonomous passive mixing shemes like ringsignatures

There´s no need to seize servers as the 3 letter agencies have access to them anyway.

[SnailSnail]

Can someone please have a look at this link and analyse it for us?

I recently came across this on the exchange poloniex chatbox because many users are saying how Bitshares has real anonymity and this does away with any need for Monero.

https://bitcointalk.org/index.php?topic=687251.0

[jl777]

Can someone please have a look at this link and analyse it for us?

I recently came across this on the exchange poloniex chatbox because many users are saying how Bitshares has real anonymity and this does away with any need for Monero.

https://bitcointalk.org/index.php?topic=687251.0

bitshares has aggressive marketing
tonyk admitted that their TITAN is basically an alias system and offers no protection against timing attacks
weak personal level privacy is where I would categorize it, I think DRK is offering better anon than TITAN

[jl777]

Nor of simultaneous govt seizure of a significant portion of the teleporting nodes.

Maybe somebody here knows how to defend against this?

Yeah with autonomous passive mixing shemes like ringsignatures

There´s no need to seize servers as the 3 letter agencies have access to them anyway.

TLA's have access globally? Not a pleasant thought...
anyway, if you had access to a person's cryptonote wallet, clearly you can deanonymize all the transactions he did. so i am assuming your smiley on that is meant as a joke

James

[coinits]

jl777's darkpaper may be concealing a wonderful innovation in privacy.  I haven't read it well enough to discard it out of hand.  But it if it is in there, it is well hidden.  I am not the dimmest bulb in the pack, but my cursory reading didn't identify anything useful.  It's always possible that garden-path phenomena cause me to mis-classify innovations which don't conform to conventional models, but usually the lack of a rigorous framework spells disaster for crypto.  There's a lot of crack-pot and snake-oil crypto which has floated out to sea, and differentiating yourself from it to the expert community requires communicating to them in a language they understand, and can reason about clearly.

...even I can spot a big development in the crypto space when I see one. Teleporting coins using the BTCD network and making them 'dark' is a MAJOR breakthrough. I'm really hoping ... brainiacs try and pull apart jl777's teleporting concept... a lot of things will change in the crypto world, and fast. All coins can truly be anonymous ... that's BIG news!

I'm very keen to digest the peer review on teleporting!

"kennyP" looks like a sock puppet.  Stylometrics read "jl777".  James, you may believe strongly in your ideas, but if you are resorting to deceptions to promote them, you're undermining yourself.  This is a suspicion, not an accusation.  It is a suspicion based primarily on typical forum activity, not on your specific character or behaviour.

The Altcoin Observer thread is considerably above most altcoin threads, in its median talent, but very few of the participants are skilled in information theory or cryptography.  Skills are not cheap to command.  If you want someone to donate their valuable time to you, try to condense the case that your material has substance to it into a compact form.  You might do better to approach community members who have demonstrated specifically technical skills and a willingness and ability to contribute critical analysis of crypto protocols to anonymity projects.

I was beginning to wonder if my post was somehow invisible

99% of all altcoin development is scamming.  It takes strong evidence to overcome those priors.  The characteristics of BTCD are typical of scams.  You can expect that it will be difficult to overcome this situation.  Paying more attention to scams just feeds the scammers, so until you differentiate yourself from scams, expect to be deprived of attention.

...with all the things I put into the Teleport system, just teleporting BTC should be quite private.

Putting in lots of things is not generally a sound approach in cryptography.  The attack surface becomes quite large.

You clearly dont know me very well to suspect that I would use a sockpuppet. For you to apply generalized forum behavior to me indicates lack of time to research what I have done and how I have done it, so I wont take offense. I waited patiently for there to be any comment on my initial post. kennyP just happed to be the first one to post anything.

Now I did not invent any new crypto algo, I made a system that provides a LOT more privacy than any other system that I know of. I am asking for help, I am not trying to sell anything. I do not know how to make a fancy whitepaper, that is why it is called darkpaper and has pirates. I am a simple C programmer. I try to use common sense. If I did not invent a new crypto algo and instead came up with a system, then please educate me on how to apply rigorous methodology to this. I have tried to come up with a mathematical model, but other than the anon set being the N clonings during the clonesmear period for the receiver and N*T clonings where T is the time elapsed since cloning for the sender, I am not smart enough to make such a model. Without a mathematical model I dont think it is possible to apply rigorous analysis. I am working with an ivy league math professor to create such a model, it is clearly beyond me to make a math equation(s) for the system I made.

When you have a specific issue about teleport that I can actually address, then I will respond. But for you to be just using generalities is a bit disappointing. Your statements look like FUD. This is a suspicion, not an accusation.  It is a suspicion based primarily on typical forum activity, not on your specific character or behaviour.

You are saying that having a single "thing" is the best approach in crypto because it has the smallest surface. Do you have any proof about this that it is always the case? Is there any chance at all that in some cases having two "things" is not better? If not, I need to go tell everybody to immediately disable all 2FA as it has twice the attack surface and is not the best approach to securing their accounts.

You see? The danger with generalities is that they are always counterexamples that disprove it. [I know, that was a generality too] So, one he one hand you dont like what I have done because I have no rigorous proof, but you use generalities as the main reason.

Again, please take no offense at my words, I am just responding to you based on typical forum behavior

James

I think that you should start a separate OP for this innovation because the potential here is revolutionary, and the amount of discussion around your work could quickly take over this OP.

Just my 2 Satohsis worth.

[othe]

Can someone please have a look at this link and analyse it for us?

I recently came across this on the exchange poloniex chatbox because many users are saying how Bitshares has real anonymity and this does away with any need for Monero.

https://bitcointalk.org/index.php?topic=687251.0

bitshares has aggressive marketing
tonyk admitted that their TITAN is basically an alias system and offers no protection against timing attacks
weak personal level privacy is where I would categorize it, I think DRK is offering better anon than TITAN

TITAN uses just Stealth Addresses combined with an Alias system, i dislike those simple alias systems as they are open for abuse, best example is domain grabbing.
SX alone doesn´t anonymize much.

TLA's have access globally? Not a pleasant thought...
anyway, if you had access to a person's cryptonote wallet, clearly you can deanonymize all the transactions he did. so i am assuming your smiley on that is meant as a joke

James

Well, you were talking about privacy servers and a general user doesn´t want to use something that bounces payments around even if you call them telepods, simply because its dangerous, so those will prolly be hosted in datacentres, different cup of tea compared to a local wallet that no one knows exists.

If you have access to a CN wallet, you see which amounts have been sent around or got received and at what time of course, but thats about it. No it wasn´t a joke, a passive system in this case is far superior and way more elegant then everything involving nodes that have to bounce coins around.

I think that you should start a separate OP for this innovation because the potential here is revolutionary, and the amount of discussion around your work could quickly take over this OP.

There have been already a lot of those proposals been made, most broken, like PoS. Please don´t use the world revolutionary without any proof. You already have a fully mined coin and a lot of imho unjustified hype, my question remains, why is BTCD needed if the "teleport" stuff works with Bitcoin?
The way you guys try to do cryptography is simply not how it should be done, i would call it dangerous at least for users if you promise certain things without a thorough analysis before.