software announcement: "Moneychanger"

[fellowtraveler]

(Apologies if this announcement is on the wrong board, please move it if that's the case, thank you.)

Hi all,

New GUI for Open Transactions: "M O N E Y C H A N G E R"

Software and screenshots are here, including jar file and Java source code:

https://github.com/FellowTraveler/Moneychanger/wiki

The main purpose of Moneychanger is to provide a working GUI implementation against the OT API, to serve as a model for the other developers out there who are building actual OT software (yes they are out there now), and who need to see how the API is actually used in a working model.

(Actual end-user GUIs may have entirely different interfaces than Moneychanger, depending on their purpose.)

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GNU LICENSE RELAXED

...But wait, that's not all!

To celebrate the release of Moneychanger, I've decided to LOOSEN THE GNU LICENSE a little bit…

The OTLib and OT-API (what most developers will actually use) are now under the less-restrictive LAGPLv3 license.

The practical result of this is that if you are only using the OT API in your own software, then you don't have to release your OWN source code as open source -- only any improvements made to OT itself. (This is just like the LGPL license. LAGPL is like the AGPL, but with LGPL-style relaxed permissions.)

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POTENTIAL

I recently did a radio interview about Open-Transactions on AgoristRadio,
you can listen to it here, in two parts:

http://agoristradio.com/?p=234
http://agoristradio.com/?p=246

I think this interview does well in describing the system and what it can
do--and its potential.

Speaking of potential, I think there's a lot of milage to be gained from
integration with BITCOIN, which is what I plan to do next. Part 2 of the
interview really focuses more on Bitcoin and OT integration.

Think about it:

==> Bitcoin gives OT: A universal "glue" between servers, a network of existing exchangers, and a
publicly-auditable reserve currency that cannot be confiscated or shut down.

==> OT gives Bitcoin: Untraceable cash, instant finality of settlement, and convertibility
in-and-out of other currencies, on OT Markets.

…Now that's two great tastes that taste great together! Anyone who can't see the potential there needs to get a job as an analyst at MSNBC!

All of these systems solve different problems, and will continue to integrate together into an overall eco-system.

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FUNDING

Being as how I am working hard under deadline on real-life stuff, I've decided to start taking DONATIONS to fund development for Open Transactions components.

If you believe that I am doing good work, then please donate to the cause. Funds will only be used to pay for more coding on this project.

The Bitcoin address is: 1NtTPVVjDsUfDWybS4BwvHpG2pdS9RnYyQ

Your friend,

-Fellow Traveler

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[BioMike]

Hmmm, I guess I should have a closer look at OT.

First time I looked at it I was a bit hit by its complex appearance (lots of text on the wiki explaining all kinds of things what it could do).
Still not sure how OT would work on a day-to-day basis.

[Trader Steve]

+1

[Cusipzzz]

Funny how OT is referencing bitcoin all over the place, yet there is this nugget in the FAQ:

"YOU have to trust the issuer of that cash, and the contract he used to issue it, and decide whether you trust that it is backed with real value. There is no escaping this basic fact (of electronic trading of any good) — someone has to store the actual gold, or whatever it is, that supplies the actual backing value to the currency."

I like the OT concept, but it hasn't really found a niche yet - and latching on to bitcoin doesn't seem to be it.

[mouse]

Funny how OT is referencing bitcoin all over the place, yet there is this nugget in the FAQ:

"YOU have to trust the issuer of that cash, and the contract he used to issue it, and decide whether you trust that it is backed with real value. There is no escaping this basic fact (of electronic trading of any good) — someone has to store the actual gold, or whatever it is, that supplies the actual backing value to the currency."

I like the OT concept, but it hasn't really found a niche yet - and latching on to bitcoin doesn't seem to be it.

WARNING: I sound like a OT fanboy. You may think I'm an OT developer. Neither is true :-)

I disagree with your comment on latching onto bitcoins. I tihnk its exactly what it needs to survive. I think OT just isn't mature enought yet to use in a production sense. I also think it ambitiousness also leads people to not fully understand what it can do, and what it's trying to be (including me), so they just ignore it, or mentally flag it as 'investigate later'. But I think its exactly what bitocin needs. Here are some of the markets it can help bitocin capture:
1. It allows for true anonymous transactions (porn, drugs, laundering, w/e). While not mainstream, these markets could be essential for bitcoin economy bootstrapping (IMO). Bitcoin already has means to achieve this, but OT does it better (well, chaumian blinded tokens do it better, to be specific)
2. Online wallet services are going to be essential for bitcoin to make it mainstream, and OT allows for better account based wallets (client or online) than we have seen yet from any provider. This is a big one. The level of fail in current online wallets is a big problem IMO.
3. it allows for instant clearing transactions (again, think pay-per-view movies, porn, vending machines, anything where waiting around for comfirmations is a bad idea)
4. it allows for low-fee or no-fee microtransactions (this depends on scalability of OT servers i suppose)
5. It can solve the many-online-wallets-which-one-should-merchants-accept-and-how problem with basket currencies. This also mitigates the trust issue for users better than anything else right now (except vanilla bitcoins)
6. shit loads of other stuff i cant think of right now

It doesnt replace bitcoin, it extends it. They need eachother.

However, apart from code maturity I think OT may suffer from feature creep. For example it plans on (among other things) taking over namecoin and DNS. It wants to implement full fledged smart-contract features. It serve a lot of different markets will all the possible financial instruments. And so on.

I think it's best bet would be to fully implement a small subset, get the code rock solid, targeting certain markets, and built from there.

But I really think the bitcoin community should have a closer look at it. We're missing out.

[wumpus]

Sounds interesting, especially the "faster transactions" part.

Bitcoin network itself is too slow for anything but "order per mail" type of applications. It doesn't work for instant access to sites etc unless backed by a wallet site, which has its own trust issues.

So if another open source project could help there that'd be good

[bitcoinTrader]

Funny how OT is referencing bitcoin all over the place, yet there is this nugget in the FAQ:

"YOU have to trust the issuer of that cash, and the contract he used to issue it, and decide whether you trust that it is backed with real value. There is no escaping this basic fact (of electronic trading of any good) — someone has to store the actual gold, or whatever it is, that supplies the actual backing value to the currency."

I like the OT concept, but it hasn't really found a niche yet - and latching on to bitcoin doesn't seem to be it.

WARNING: I sound like a OT fanboy. You may think I'm an OT developer. Neither is true :-)

I disagree with your comment on latching onto bitcoins. I tihnk its exactly what it needs to survive. I think OT just isn't mature enought yet to use in a production sense. I also think it ambitiousness also leads people to not fully understand what it can do, and what it's trying to be (including me), so they just ignore it, or mentally flag it as 'investigate later'. But I think its exactly what bitocin needs. Here are some of the markets it can help bitocin capture:
1. It allows for true anonymous transactions (porn, drugs, laundering, w/e). While not mainstream, these markets could be essential for bitcoin economy bootstrapping (IMO). Bitcoin already has means to achieve this, but OT does it better (well, chaumian blinded tokens do it better, to be specific)
2. Online wallet services are going to be essential for bitcoin to make it mainstream, and OT allows for better account based wallets (client or online) than we have seen yet from any provider. This is a big one. The level of fail in current online wallets is a big problem IMO.
3. it allows for instant clearing transactions (again, think pay-per-view movies, porn, vending machines, anything where waiting around for comfirmations is a bad idea)
4. it allows for low-fee or no-fee microtransactions (this depends on scalability of OT servers i suppose)
5. It can solve the many-online-wallets-which-one-should-merchants-accept-and-how problem with basket currencies. This also mitigates the trust issue for users better than anything else right now (except vanilla bitcoins)
6. shit loads of other stuff i cant think of right now

It doesnt replace bitcoin, it extends it. They need eachother.

However, apart from code maturity I think OT may suffer from feature creep. For example it plans on (among other things) taking over namecoin and DNS. It wants to implement full fledged smart-contract features. It serve a lot of different markets will all the possible financial instruments. And so on.

I think it's best bet would be to fully implement a small subset, get the code rock solid, targeting certain markets, and built from there.

But I really think the bitcoin community should have a closer look at it. We're missing out.

I agree with you.
OT has got a lot of features,apart from what you have listed, which can be utilized for anonymous transactions.

PS: I am the developer of moneychanger

[Trader Steve]

Yes, if you really want true anonymous cash transactions then Bitcoin + Open Transactions could be awesome. Bitcoin, specifically it's decentralized nature, is what was needed to make Open Transactions feasible for untraceable digital cash transactions. As FellowTraveler has requested, all that is needed is volunteers to help build it out. Those of us without programming talent can help with funding.

I've posted a thread link below for more info and I've posted the donation address as well:

http://forum.bitcoin.org/index.php?topic=20425.msg264740#msg264740

btc donation address to help this project along:

1NtTPVVjDsUfDWybS4BwvHpG2pdS9RnYyQ

More info:

https://github.com/FellowTraveler/Open-Transactions/wiki

and

https://github.com/FellowTraveler/Moneychanger

[Batouzo]

Nice to see this project grow :-)

Btw efforts of BtcFn (bitcoin-over-freenet) will be able to provide some technology, research and code to re-use in transporting as well OT messages (well, contracts)

[Trader Steve]

Nice to see this project grow :-)

+1

[bitcoinTrader]

FYI, the markets is up and running in moneychanger