Please stop turning into morons just because you see "Brock Pierce" somewhere

[Rassah]

Crosspost from Reddit, because holyshit guys! You've really been falling apart in the last few weeks! And why the fuck am I the only one to realize the following?



We need a decentralized exchange! First step? Get USD into a digital decentralized form!

Remember the years worth of calls for a decentralized exchange? This call-to-action was raised every time an exchange collapsed somewhere, whether due to bank closures, or owners disappearing with people's money. Many attempts were made at this, yet, so far, none are functional or useful. The main roadblock to a decentralized Bitcoin-to-Fiat exchange was that it required BOTH sides of the exchange to be decentralized, but while Bitcoin was easy, since it came both digital and decentralized already, Dollars proved way harder. The eventual conclusion was that, if we could decentralize fiat, we wouldn't need Bitcoin to begin with, and thus, after the last exasperated cries for such an exchange coming shortly after the MtGox crash, the project of "Decentralized Exchange" somewhat fell by the wayside, losing support and enthusiasm.

But, lo and behold, someone finally put in the massive amount of time and resources to make the fiat side of the equation digital and decentralized! Perhaps not as decentralized as Bitcoin, but it seems more than good enough for our needs! With this project we FINALLY have all the building blocks to finally have a real, decentralized bitcoin exchange. Rejoice, bitcoinland! Your savior is... what? Brock Pierce? That guy that everyone has rumors and preconceptions about, and immediately makes conclusions that anything he touches automatically turns to crap? Well... yes. And hopefully bitcoinland will realize the importance of this move before it goes too deep into deriding Realcoin as "a stupid idea because it's inferior to Bitcoin," or into Brock's personal allegedly sordid past...

[1715032738]

1715032738

[1715032738]

1715032738

[seriouscoin]

wow you're dumb as fuck if you think realcoin is just fiat in digital form.


For a "hero member", i dont see any other way but you're pumping for your gain.... aside from being a typical scammer...

[Rassah]

wow you're dumb as fuck if you think realcoin is just fiat in digital form.

Since you're smart(ass), maybe you can explain to me what it is?

[seriouscoin]

wow you're dumb as fuck if you think realcoin is just fiat in digital form.

Since you're smart(ass), maybe you can explain to me what it is?

Learn to fcking understand what fiat is first...

And if you really some altcoin can be fiat in digital form while retaining the features of bitcoin, you're dumber than i thought.

[Bagatell]

[Rassah]

Learn to fcking understand what fiat is first...

And if you really some altcoin can be fiat in digital form while retaining the features of bitcoin, you're dumber than i thought.

Perhaps you can learn me what a fiat is? Or learn me something about how Realcoin doesn't have some features of bitcoin that I apparently talked about? Because I'm all dumb as fuck and don't understand these things.

[Justin00]

serious question... who or what is Brock Pierce ?

[validium]

serious question... who or what is Brock Pierce ?

He is a board director of the bitcoin foundation

http://en.wikipedia.org/wiki/Bitcoin_Foundation

[Justin00]

why does anyone give a crap about them ?
what have they done ?

besides train/grow scammers till they were ready to outleash and scam.

[seriouscoin]

Learn to fcking understand what fiat is first...

And if you really some altcoin can be fiat in digital form while retaining the features of bitcoin, you're dumber than i thought.

Perhaps you can learn me what a fiat is? Or learn me something about how Realcoin doesn't have some features of bitcoin that I apparently talked about? Because I'm all dumb as fuck and don't understand these things.

If you understand what fiat is, then you should know fiat cant back any shit... dumbfck.

[Rassah]

serious question... who or what is Brock Pierce ?

Used to be a child actor for Disney movies. Played the young version of the coach in Mighty Ducks, among other movies. Mostly crappy ones. Disney, being Disney, paid him in residual profits, which, for Disney, is always $0. Then he worked with (or helped found?) a company that worked with game vitual currency in some fashion. I think they had people mine WoW gold or somesuch (I really need to read up on this). The company made them tons of money, they had some crazy parties in Cali, and some guy wo attended those parties later accused Brock's roommate, or landlord, or something, of sexual harassment. Then they tacked Brock to the suit as well. Eventually the whole thing was settled out of court without any convictions. Allegedly the same guy who accused them is going after some other wealthy actors now, with the same accusations, so there's counter-accusations that the accuser just just sues wealthy people for money or something. Since then Brock has been involved in practically everything related to Bitcoin, and has invested a whole ton of money into existing businesses and startups, apparently many of them privately (in secret). Now he has a ton of really really high level connections in businesses (and sometimes politics) all around the world, a ton of investment and interest in all things bitcoin, and a ton of money to make his life interesting. The main thing I remember hearing from Brock is that he likes chaos, and will even invest in things that are directly competing with his own businesses and ideas, even if it means he will lose money on them, just to see which idea/business will be better and win out. That and that he believes Bitcoin is his main priority and the best investment out there, supposedly not even allowing wealthy investors who want to invest in his own bitcoin businesses to invest until they buy bitcoin itself, telling them that they won't find anything better than just bitcoin, and that they better own and understand bitcoin before dropping money on any related businesses.

[Rassah]

fiat cant back any shit... dumbfck.

Seems like some dumb shit does't understand the definition or concept of "backing." Oh well. Guess I'll have to find some sage guru to ask questions of elsewhere.

[sacko]

Seems like some dumb shit does't understand the definition or concept of "backing." Oh well. Guess I'll have to find some smart sage to ask questions of elsewhere.

Why dont u just take a hike?

[Rassah]

Seems like some dumb shit does't understand the definition or concept of "backing." Oh well. Guess I'll have to find some smart sage to ask questions of elsewhere.

Why dont u just take a hike?

Because it's my thread? There's the back button.

[Melbustus]

The primary problem with RealCoin is that it will confuse the heck out of everyone who doesn't already understand decentralized currency fairly deeply. All the bitcoin-as-currency naysayers who've been yacking about "separate the currency from the network" will look to RealCoin as proof that it can be done. What they're obviously missing is that RealCoin, by having its value backed in series by centralized entities (RealCoin, and the Fed), is not decentralized and therefore offers none of the meaningful benefits of a decentralized currency. You, in fact, cannot separate the bitcoin currency from blockchain technology while retaining the purpose of a blockchain: decentralized global consensus.

But that's not how it'll be billed, or how people will see it. They'll think that they can get the benefits of "bitcoin", or crypto-currency more generally, by using this RealCoin thing; ie, transaction security, quick payments across borders, etc. Trouble is, we can do that stuff with PayPal, Square, Venmo, etc....and much more efficiently!

Blockchains are a real pain. We only use them because they solve distributed consensus and we don't have another good way to do that. If RealCoin is going to "back"/peg something with dollars, they don't need a blockchain, and they certainly shouldn't be calling what they're doing "decentralized" anything.

If this thing gains any traction, it'll trigger a very annoying confusing period for bitcoin/crypto. It doesn't solve anything... People will still have to buy RealCoins with dollars on some fiat-crypto exchange. They could just be buying bitcoin. It *adds* another complexity layer and confusion. That's all.


FWIW, the fact that Brock Pierce is behind this only matters given his role at the *BITCOIN* Foundation. Someone doing the RealCoin concept has been inevitable for a while; just wish it wasn't someone who's supposed to be focusing on promoting bitcoin, as both technology *and* currency.

[seriouscoin]

fiat cant back any shit... dumbfck.

Seems like some dumb shit does't understand the definition or concept of "backing." Oh well. Guess I'll have to find some sage guru to ask questions of elsewhere.

LOL peg an IOU to a fiat and called it backing eh?

Get the fck off already scammer.

[seriouscoin]

The primary problem with RealCoin is that it will confuse the heck out of everyone who doesn't already understand decentralized currency fairly deeply. All the bitcoin-as-currency naysayers who've been yacking about "separate the currency from the network" will look to RealCoin as proof that it can be done. What they're obviously missing is that RealCoin, by having its value backed in series by centralized entities (RealCoin, and the Fed), is not decentralized and therefore offers none of the meaningful benefits of a decentralized currency. You, in fact, cannot separate the bitcoin currency from blockchain technology while retaining the purpose of a blockchain: decentralized global consensus.

But that's not how it'll be billed, or how people will see it. They'll think that they can get the benefits of "bitcoin", or crypto-currency more generally, by using this RealCoin thing; ie, transaction security, quick payments across borders, etc. Trouble is, we can do that stuff with PayPal, Square, Venmo, etc....and much more efficiently!

Blockchains are a real pain. We only use them because they solve distributed consensus and we don't have another good way to do that. If RealCoin is going to "back"/peg something with dollars, they don't need a blockchain, and they certainly shouldn't be calling what they're doing "decentralized" anything.

If this thing gains any traction, it'll trigger a very annoying confusing period for bitcoin/crypto. It doesn't solve anything... People will still have to buy RealCoins with dollars on some fiat-crypto exchange. They could just be buying bitcoin. It *adds* another complexity layer and confusion. That's all.


FWIW, the fact that Brock Pierce is behind this only matters given his role at the *BITCOIN* Foundation. Someone doing the RealCoin concept has been inevitable for a while; just wish it wasn't someone who's supposed to be focusing on promoting bitcoin, as both technology *and* currency.

You're talking to much sense, his head will explode.

[Dogtanian]

For some reason everytime I see Brock's name I think of Phineaus Gage. I guess this forum just needs some drama sometimes, especially when news has been slow and people need something to talk about.

[Rassah]

But that's not how it'll be billed, or how people will see it. They'll think that they can get the benefits of "bitcoin", or crypto-currency more generally, by using this RealCoin thing; ie, transaction security, quick payments across borders, etc. Trouble is, we can do that stuff with PayPal, Square, Venmo, etc....and much more efficiently!

Honestly most people aren't that smart. They'll just think, "Oh look, now my cash can be digital like PayPal" and not even associate it with bitcoin.

It doesn't solve anything... People will still have to buy RealCoins with dollars on some fiat-crypto exchange.

That's the thing, they won't have to. If, as these guys are planning, their Realcoin gets picked up by banks, exchanging USD to/from Realcoin will be done right from your own bank account. Remember, if these guys get enough asset, audit, and bank backing for their coins, no one will have to bother actually redeeming Realcoins for USD. Banks, after getting some Realcoins from his company (or another bank) can just swap in an out of them for you, right within your own bank account, knowing that they can always redeem them back into real dollars if they ever need to.

And once people do the simple swap right from within their own private bank account, suddenly their fiat currency is unlinked from any specific bank, and can zip along the blockchain to be traded directly with other people for other things (unless the regulators get too pissy about not being able to monitor everything)

FWIW, the fact that Brock Pierce is behind this only matters given his role at the *BITCOIN* Foundation. Someone doing the RealCoin concept has been inevitable for a while; just wish it wasn't someone who's supposed to be focusing on promoting bitcoin, as both technology *and* currency.

Brock is 100% behind bitcoin, which leads me to suspect that this is perhaps his attempt at making entry into bitcoin easier for the economy as a whole (which would be a bit difficult to shove through the tiny narrow centralized exchange "pipes" we have now). Also, remember how Doge used to be really hated by bitcoiners, until we realized that a lot of people who thought bitcoin was a joke ended up getting into Doge, thinking "at least it knows it's a joke," and then those people suddenly understood first-hand how cryptocurrencies worked, and "got" bitcoin?

[Rassah]

LOL peg an IOU to a fiat and called it backing eh?

A fiat IS an IOU. I thought you were smart and not a dumbfuck?

Get the fck off already scammer.

I do not own Realcoin, not have any relation to either Realcoin nor Brock. So I'm not sure what you think I'm scamming about.

[Rassah]

http://www.damnlol.com/pics/977/10fe303574a3f579af539251e77f1509.gif

Didn't know you were into snuffing farts. But, hate to break it to you, no one cares about your kinks, so keep them to yourself.

Silly newbies  

[Rassah]

Silly newbies  

Dumbass
 - Date Registered: September 30, 2012

Like I said, newbies.

[Melbustus]

It doesn't solve anything... People will still have to buy RealCoins with dollars on some fiat-crypto exchange.

That's the thing, they won't have to. If, as these guys are planning, their Realcoin gets picked up by banks, exchanging USD to/from Realcoin will be done right from your own bank account. Remember, if these guys get enough asset, audit, and bank backing for their coins, no one will have to bother actually redeeming Realcoins for USD. Banks, after getting some Realcoins from his company (or another bank) can just swap in an out of them for you, right within your own bank account, knowing that they can always redeem them back into real dollars if they ever need to.

And once people do the simple swap right from within their own private bank account, suddenly their fiat currency is unlinked from any specific bank, and can zip along the blockchain to be traded directly with other people for other things (unless the regulators get too pissy about not being able to monitor everything)

I'd much rather a bitcoin exchange get the aforementioned bank backing and regulatory approval within the US....which looks like it's going to happen soon. Again, RealCoin has the potential to be an irritating distraction for a while. Instead of zipping RealCoins around, people could be zipping bitcoins around.

And again, it's especially annoying that RealCoin is theoretically no different than PayPal et al. The exact same functionality of transferring dollar-denominated value between people can be accomplished with either. You don't NEED a blockchain to do it. In fact, that's just adding A LOT of unnecessary complexity if your goal is just to move dollar-value around.

Do you really think that a centralized dollar currency management entity is not going to be subject to the same rules that centralized dollar currency management entities like PayPal are subject to? It's the same thing, but because it uses "blockchain technology", people are going to get all excited about it for a while and think it's "decentralized".

FWIW, the fact that Brock Pierce is behind this only matters given his role at the *BITCOIN* Foundation. Someone doing the RealCoin concept has been inevitable for a while; just wish it wasn't someone who's supposed to be focusing on promoting bitcoin, as both technology *and* currency.

Brock is 100% behind bitcoin, which leads me to suspect that this is perhaps his attempt at making entry into bitcoin easier for the economy as a whole (which would be a bit difficult to shove through the tiny narrow centralized exchange "pipes" we have now). Also, remember how Doge used to be really hated by bitcoiners, until we realized that a lot of people who thought bitcoin was a joke ended up getting into Doge, thinking "at least it knows it's a joke," and then those people suddenly understood first-hand how cryptocurrencies worked, and "got" bitcoin?

Except that merchants who don't understand what decentralization is all about may opt to accept RealCoin in order to avoid exchange-rate risk (and to not have to use a service like BitPay's or Coinbase's insta-conversion). Merchant acceptance of RealCoin could be a *really* irritating distraction.

[justusranvier]

We need a decentralized exchange! First step? Get USD into a digital decentralized form!

My problem with Realcoin is that they've got a confused conceptual model (pegged currency vs promissory notes) and they unnecessarily build on Mastercoin for no benefit for letting Mastercoin holders do another P&D to cash out like they did with the Maidsafe IPO.

Don't particularly care that Brock Pierce is involved.

[Rassah]

And again, it's especially annoying that RealCoin is theoretically no different than PayPal et al. The exact same functionality of transferring dollar-denominated value between people can be accomplished with either. You don't NEED a blockchain to do it.

One important difference: you can't innovate on top of PayPal. Realcoin using the Mastercoin protocol means that, while Realcoins are floating around on the blockchain, you can write code that does all kinds of automated things with them. And, like bitcoin, they would exist in an account that is nothing but an address, as opposed to PayPal, which uses accounts on their servers tied to specific people.

Except that merchants who don't understand what decentralization is all about may opt to accept RealCoin in order to avoid exchange-rate risk

While that is bad, I can't see how it's any worse than merchants accepting "New USD-based Payment Method X" to avoid exchange-rate risk. And there's tons of them (remember Dwolla?)

[Gentso1]

use this
https://bitsharestalk.org/index.php?topic=12.0


then do this.....
https://bitsharestalk.org/index.php?topic=3353.msg42177#msg42177

[franky1]

But, lo and behold, someone finally put in the massive amount of time and resources to make the fiat side of the equation digital and decentralized!

... introducing............ localbitcoins.com

[zolace]

Hey who wants to sponsor me, to be a speaker for everyone on here who dont like the foundation, I would like to go and post your messages on there.  it only cost 0.04 btc I can put in 0.002 btc of my own btc to join just so we can say what a crop of shit the fake foundation is/

[hmmkay]

Brock Pierce should leave the BTC foundation. Or better, the foundation leaves all together.

Conflict of interest. That sums it up.

[solomon]

If you artificially peg a crypto to USD (with reputation or expectation to back) and then create more coins aren't basically printing USD? Do people think they aren't going to get guys in suits knocking on their door if they try this? Isn't this liberty dollars all over again?

[Ron~Popeil]

If you artificially peg a crypto to USD (with reputation or expectation to back) and then create more coins aren't basically printing USD? Do people think they aren't going to get guys in suits knocking on their door if they try this? Isn't this liberty dollars all over again?

You are also exposing a crypto currency to the federal reserve lunacy by pegging it to the dollar. That kind of runs counter to the idea behind bit coin. 

[Beliathon]

serious question... who or what is Brock Pierce ?

Reptillian Illuminati High Lord of the Scales

[Melbustus]

And again, it's especially annoying that RealCoin is theoretically no different than PayPal et al. The exact same functionality of transferring dollar-denominated value between people can be accomplished with either. You don't NEED a blockchain to do it.

One important difference: you can't innovate on top of PayPal. Realcoin using the Mastercoin protocol means that, while Realcoins are floating around on the blockchain, you can write code that does all kinds of automated things with them. And, like bitcoin, they would exist in an account that is nothing but an address, as opposed to PayPal, which uses accounts on their servers tied to specific people.

Except that merchants who don't understand what decentralization is all about may opt to accept RealCoin in order to avoid exchange-rate risk

While that is bad, I can't see how it's any worse than merchants accepting "New USD-based Payment Method X" to avoid exchange-rate risk. And there's tons of them (remember Dwolla?)

Your last point is answered by your first. Because you can innovate on top of Realcoin, it's different from Dwolla, and potentially diverts (temporarily, most likely) mindshare that would otherwise go to bitcoin.

[DooMAD]

LOL peg an IOU to a fiat and called it backing eh?

A fiat IS an IOU. I thought you were smart and not a dumbfuck?

To be fair, saying that it's an IOU of an IOU isn't making realcoin sound any more appealing.  

All the articles I've seen say that they can add and remove coins at will, which means it's centralised and they have full control over every coin.  That's a one-way ticket to a monopoly at best and a scam at worst.  You can trust in that if you want, but anyone who sees it for what it is will avoid it like the plague.

Adding Brock Pierce to the recipe is just turd-flavoured frosting on a cake made from turds.  It was crap to begin with and doesn't get any better with his involvement.

[Peter R]

We need a decentralized exchange! First step? Get USD into a digital decentralized form!

Thanks Rassah.  I've been arguing why this may actually be a positive thing today too (see below).  

That being said, one thing I do find suspicious about the proposal is the use of the Mastercoin protocol.  Isn't open-assets (colored coins) the logical (and neutral) choice?

In any case, as much as I'd like to see blockchain-tradeable assets like this happen, I can't imagine the SEC allowing companies to issue digital "bearer"-IOUs any time soon.  

If this project comes to fruition in the form described in the WSJ post, it could be a very good thing for bitcoin.  It will be the first serious decentralized asset traded on the Blockchain.  The asset will of course be "IOUs for US dollars".  Read the post:

Realcoin is the latest in a wave of so-called Bitcoin 2.0 ventures, which use bitcoin’s computer infrastructure to exchange property and execute contracts without third-party intermediaries. These projects open up bitcoin’s decentralized, peer-to-peer network to a variety of commercial uses beyond just transactions denominated in bitcoins.

This is an application of the colored coin idea that most people here were excited about.  Realcoins are bitcoin tokens encoded in such a way that each token represents an IOU for a certain number of dollars.  The blockchain technology and digital signatures allows users to split up and re-assign these IOUs in a decentralized and trustless way (without the assistance of the issuer of the IOUs).  

...Realcoin will use a Bitcoin 2.0 software protocol known as Mastercoin…

Apparently they are using the Mastercoin protocol as opposed to Open-Assets (colored coins); but regardless, Realcoins are Blockchain assets.  Blockchain assets are only secure if the Blockchain is secure.  The Blockchain is only secure if Bitcoin is valuable.  

...we are digitizing the dollar and giving that digital dollar access to the bitcoin blockchain…

Since digitized claims for these dollars will exist on the blockchain, then it will be very efficient to trade bitcoins for these dollar IOUs¹.  Imagine that you just sold 10 BTC and have a USD balance sitting at Bitfinex.  Wouldn't it be nice to withdraw this balance over the blockchain?  If you trusted the issuer of Realcoins more than Bitfinex, wouldn't this also be preferable, as it would reduce your counterparty risk?

Here's a cool app that might be possible with a little creativity and carefully execution:

1.  Create a wallet that stores bitcoins AND real coins.

2.  Add a "slider bar" in the app that allows the user to select anywhere between 0% and 100% bitcoin exposure.  With the slider at 0%, your wealth is correlated with the $; with the slider at 100%, your wealth is correlated with BTC.  At points in between, your wealth is correlated to each in proportion to your exposure.  Your wallet automatically initiates the required realcoin/bitcoin swaps each time you adjust the slider.  Feeling a bit bearish?  Just slide the bar from 80% to 60%.  Feeling bullish?  Crank it to 100%.

Just imagine 1,000,000 people moving there sliders up by 10% all at the same time lol.  


Seriously though, the biggest obstacle here is regulation.  Since Realcoins would actually be IOUs traded on the blockchain, it seems they would fall under the jurisdiction of the SEC.  But the WSJ post doesn't really discuss this important aspect in any real detail…


Remember: there's only one Blockchain asset with zero counterparty risk.  http://en.wikipedia.org/wiki/Attractor

¹If the Open-Assets protocol was used, then it would be possible to trade BTC for $-IOUs in a trustless manner using a single coinjoin TX.  I'm not sure if this is possible using the Mastercoin protocol, but perhaps someone else knows.

[leopard2]

But that's not how it'll be billed, or how people will see it. They'll think that they can get the benefits of "bitcoin", or crypto-currency more generally, by using this RealCoin thing; ie, transaction security, quick payments across borders, etc. Trouble is, we can do that stuff with PayPal, Square, Venmo, etc....and much more efficiently!

pffffff...what?!? Painpal? These bastards, who seize accounts, reverse payments, patronize and screw people all the time? Even the lousiest cryptocoin is better than them. Try buying BTC with Painpal or Venom, and have fun being ripped off, hehehe. Realcoin will certainly be good for that purpose.

You must stop smoking bad weed. 

[Ron~Popeil]

We need a decentralized exchange! First step? Get USD into a digital decentralized form!

Thanks Rassah.  I've been arguing why this may actually be a positive thing today too (see below).  

That being said, one thing I do find suspicious about the proposal is the use of the Mastercoin protocol.  Isn't open-assets (colored coins) the logical (and neutral) choice?

In any case, as much as I'd like to see blockchain-tradeable assets like this happen, I can't imagine the SEC allowing companies to issue digital "bearer"-IOUs any time soon.  

If this project comes to fruition in the form described in the WSJ post, it could be a very good thing for bitcoin.  It will be the first serious decentralized asset traded on the Blockchain.  The asset will of course be "IOUs for US dollars".  Read the post:

Realcoin is the latest in a wave of so-called Bitcoin 2.0 ventures, which use bitcoin’s computer infrastructure to exchange property and execute contracts without third-party intermediaries. These projects open up bitcoin’s decentralized, peer-to-peer network to a variety of commercial uses beyond just transactions denominated in bitcoins.

This is an application of the colored coin idea that most people here were excited about.  Realcoins are bitcoin tokens encoded in such a way that each token represents an IOU for a certain number of dollars.  The blockchain technology and digital signatures allows users to split up and re-assign these IOUs in a decentralized and trustless way (without the assistance of the issuer of the IOUs).  

...Realcoin will use a Bitcoin 2.0 software protocol known as Mastercoin…

Apparently they are using the Mastercoin protocol as opposed to Open-Assets (colored coins); but regardless, Realcoins are Blockchain assets.  Blockchain assets are only secure if the Blockchain is secure.  The Blockchain is only secure if Bitcoin is valuable.  

...we are digitizing the dollar and giving that digital dollar access to the bitcoin blockchain…

Since digitized claims for these dollars will exist on the blockchain, then it will be very efficient to trade bitcoins for these dollar IOUs¹.  Imagine that you just sold 10 BTC and have a USD balance sitting at Bitfinex.  Wouldn't it be nice to withdraw this balance over the blockchain?  If you trusted the issuer of Realcoins more than Bitfinex, wouldn't this also be preferable, as it would reduce your counterparty risk?

Here's a cool app that might be possible with a little creativity and carefully execution:

1.  Create a wallet that stores bitcoins AND real coins.

2.  Add a "slider bar" in the app that allows the user to select anywhere between 0% and 100% bitcoin exposure.  With the slider at 0%, your wealth is correlated with the $; with the slider at 100%, your wealth is correlated with BTC.  At points in between, your wealth is correlated to each in proportion to your exposure.  Your wallet automatically initiates the required realcoin/bitcoin swaps each time you adjust the slider.  Feeling a bit bearish?  Just slide the bar from 80% to 60%.  Feeling bullish?  Crank it to 100%.

Just imagine 1,000,000 people moving there sliders up by 10% all at the same time lol.  


Seriously though, the biggest obstacle here is regulation.  Since Realcoins would actually be IOUs traded on the blockchain, it seems they would fall under the jurisdiction of the SEC.  But the WSJ post doesn't really discuss this important aspect in any real detail…


Remember: there's only one Blockchain asset with zero counterparty risk.  http://en.wikipedia.org/wiki/Attractor

¹If the Open-Assets protocol was used, then it would be possible to trade BTC for $-IOUs in a trustless manner using a single coinjoin TX.  I'm not sure if this is possible using the Mastercoin protocol, but perhaps someone else knows.

Great point. If you want to do something like this colored coins is the natural choice. Instead you get a supposed leader of the bit coin world undermining bit coin.

[dhenson]

I think we might have lost Rassah but it'd like to add an OP +1 for actually applying critical thinking skills and not just band-wagoning a negative response.

Having a digital USD "coin" opens up many doors.

[gentlemand]

Brock Pierce is a fundamentally silly name. Thus I flatly refuse to endorse anything he's involved with.

[bg002h]

wow you're dumb as fuck if you think realcoin is just fiat in digital form.


For a "hero member", i dont see any other way but you're pumping for your gain.... aside from being a typical scammer...

Wow. Do you even know who Dmitry is?  Don't forget, we are all real people here.  Before you go about being much ruder to someone online than you would be in real life, think about who you're talking to.  Otherwise, you are just going to end up looking uninformed...as in this thread. 

Anyhow, Rassah -- I didn't connect the dots between decentralized exchange and this Brock backed venture. You make a great observation.  Very good news for Bitcoin indeed.

[nutildah]

what Brock Pierce looks like in my head:



what Brock Pierce actually looks like:

[seriouscoin]

wow you're dumb as fuck if you think realcoin is just fiat in digital form.


For a "hero member", i dont see any other way but you're pumping for your gain.... aside from being a typical scammer...

Wow. Do you even know who Dmitry is?  Don't forget, we are all real people here.  Before you go about being much ruder to someone online than you would be in real life, think about who you're talking to.  Otherwise, you are just going to end up looking uninformed...as in this thread.  

Anyhow, Rassah -- I didn't connect the dots between decentralized exchange and this Brock backed venture. You make a great observation.  Very good news for Bitcoin indeed.

Say a BF member..... why i'm not surprised.

In the OP, he drools about decentralised exchange while talking about a complete centralized IOU which exposed to power corruption.

Having extra transparency does nothing if its still at the mercy of whoever control/issue the IOUs. Lets say Brock decides that your Realcoins arent "clean" and tell you to suck his dick....

Bitcoin doesnt need a fiat-IOU. Infact this doesnt solve exchange centralization at all. The problem is regulation. Exchange USD or dollars or fiat directly with bitcoin means all the regulatory laws are already clear and set.

[Hippie Tech]

For some reason everytime I see Brock's name I think of Phineaus Gage. I guess this forum just needs some drama sometimes, especially when news has been slow and people need something to talk about.

Name:  Phinnaeus Gage
Posts:  21320
Activity: 1106
Position:  Hero Member
Date Registered:  June 16, 2011, 03:38:53 PM
Last Active:  June 17, 2014, 06:38:34 PM

Did they silence him ?

[validium]

For some reason everytime I see Brock's name I think of Phineaus Gage. I guess this forum just needs some drama sometimes, especially when news has been slow and people need something to talk about.

Name:  Phinnaeus Gage
Posts:  21320
Activity: 1106
Position:  Hero Member
Date Registered:  June 16, 2011, 03:38:53 PM
Last Active:  June 17, 2014, 06:38:34 PM

Did they silence him ?

I also want to know, did he get banned or something?

[nutildah]

For some reason everytime I see Brock's name I think of Phineaus Gage. I guess this forum just needs some drama sometimes, especially when news has been slow and people need something to talk about.

Name:  Phinnaeus Gage
Posts:  21320
Activity: 1106
Position:  Hero Member
Date Registered:  June 16, 2011, 03:38:53 PM
Last Active:  June 17, 2014, 06:38:34 PM

Did they silence him ?

Hopefully he's working on his own coin:

https://bitcointalk.org/index.php?topic=655461.msg7365523#msg7365523

[S4VV4S]

Realcoin will maintain a real-time record of all USD reserves that will be held in “conservative investments” and the full record will be authenticated by the block chain.

I have nothing else to add.

[bitcats]

 http://archive.wired.com/gaming/virtualworlds/magazine/16-12/ff_ige_pierce

[Kprawn]

If I am a main member of the Bitcoin Foundation and I back a Alt coin {RealCoin} am I not in breach of contract?

Or are all bitcoin protocol copy cats, seen as bitcoin?

What positive results would bitcoin show, when RealCoin are accepted as the de facto crypto currency?

Let's not just throw out the baby with the bath water, if it means, that it "Bitcoin" as a protocol, could benefit from this.

Question : Would RealCoin still be a decentralized currency? How will it be linked to the blockchain?

[bg002h]

For some reason everytime I see Brock's name I think of Phineaus Gage. I guess this forum just needs some drama sometimes, especially when news has been slow and people need something to talk about.

Name:  Phinnaeus Gage
Posts:  21320
Activity: 1106
Position:  Hero Member
Date Registered:  June 16, 2011, 03:38:53 PM
Last Active:  June 17, 2014, 06:38:34 PM

Did they silence him ?

No. He's probably on vacation. He's well respected.

[Hippie Tech]

For some reason everytime I see Brock's name I think of Phineaus Gage. I guess this forum just needs some drama sometimes, especially when news has been slow and people need something to talk about.

Name:  Phinnaeus Gage
Posts:  21320
Activity: 1106
Position:  Hero Member
Date Registered:  June 16, 2011, 03:38:53 PM
Last Active:  June 17, 2014, 06:38:34 PM

Did they silence him ?

Hopefully he's working on his own coin:

https://bitcointalk.org/index.php?topic=655461.msg7365523#msg7365523

That also happens to be his last known post.

@ all

Considering the chain of events and revelations leading up to this, why was BP so concerned about Phin's lost BTC ?

http://thecoinfront.com/400-btc-bounty-posted-coins-stolen-in-instawallet-hack/

As a result, Brock Pierce suggested that Bruno Kucinskas, who had 1,132 BTC stolen in April 2013, post a bounty for his stolen coins.

[BitProdigy]

serious question... who or what is Brock Pierce ?

Used to be a child actor for Disney movies. Played the young version of the coach in Mighty Ducks, among other movies. Mostly crappy ones. Disney, being Disney, paid him in residual profits, which, for Disney, is always $0. Then he worked with (or helped found?) a company that worked with game vitual currency in some fashion. I think they had people mine WoW gold or somesuch (I really need to read up on this). The company made them tons of money, they had some crazy parties in Cali, and some guy wo attended those parties later accused Brock's roommate, or landlord, or something, of sexual harassment. Then they tacked Brock to the suit as well. Eventually the whole thing was settled out of court without any convictions. Allegedly the same guy who accused them is going after some other wealthy actors now, with the same accusations, so there's counter-accusations that the accuser just just sues wealthy people for money or something. Since then Brock has been involved in practically everything related to Bitcoin, and has invested a whole ton of money into existing businesses and startups, apparently many of them privately (in secret). Now he has a ton of really really high level connections in businesses (and sometimes politics) all around the world, a ton of investment and interest in all things bitcoin, and a ton of money to make his life interesting. The main thing I remember hearing from Brock is that he likes chaos, and will even invest in things that are directly competing with his own businesses and ideas, even if it means he will lose money on them, just to see which idea/business will be better and win out. That and that he believes Bitcoin is his main priority and the best investment out there, supposedly not even allowing wealthy investors who want to invest in his own bitcoin businesses to invest until they buy bitcoin itself, telling them that they won't find anything better than just bitcoin, and that they better own and understand bitcoin before dropping money on any related businesses.

Brock Pierce is probably a nice guy, but Real Coin is a stupid idea. It's like improving email by sending paper letters via the postal service. Cryptocurrencies are a step beyond fiat currencies. They are a new technology that allows us to leave fiat behind and their central authority and government elitist controllers with it. Real coin is dependent on fiat, and thus dependent on the Federal Reserve, which is a step backwards from all other crypto currencies and all in an attempt to resolve the problem of volatility. The means counteract the end. Real coin will become as worthless as the dollar will. Bitcoins volatility will level out eventually as it becomes widely accepted. Patience is the solution to Bitcoin's volatility, not real coin.

[redhawk979]

Was Brock Pierce the guy who bought a Furry painted coffee table with an erect penis? Or was that Rassah?

[mmitech]

I don't get why people are upset ?!!  here is the definition of realcoin:

Realcoin eliminates the volatility concern of Bitcoin by being backed by the dollar. It is a one-to-to redemption for each Realcoin in circulation. Utilize Realcoins just like Bitcoin or any other digital currency, but know that it can forever be redeemed for the dollar that originally created it.

Realcoin will be completely transparent, safe, secure and insured. Every dollar that is held in our reserve will be represented by one coin in circulation and can be redeemed at any time.

it means 1 USD = 1 Realcoin fixed, all I understand is that this realcoin will make it easier for third party exchanges or decentralized ones or services that rely on the dollar value at a given moment, and it can be redeemed back to Dollars at any given moment.

I think this is cool to be honest, it is not an altcoin at all.

[diebuntekuh]

I don't get why people are upset ?!!  here is the definition of realcoin:

Realcoin eliminates the volatility concern of Bitcoin by being backed by the dollar. It is a one-to-to redemption for each Realcoin in circulation. Utilize Realcoins just like Bitcoin or any other digital currency, but know that it can forever be redeemed for the dollar that originally created it.

Realcoin will be completely transparent, safe, secure and insured. Every dollar that is held in our reserve will be represented by one coin in circulation and can be redeemed at any time.

it means 1 USD = 1 Realcoin fixed, all I understand is that this realcoin will make it easier for third party exchanges or decentralized ones or services that rely on the dollar value at a given moment, and it can be redeemed back to Dollars at any given moment.

I think this is cool to be honest, it is not an altcoin at all.

U mad? Or are u suffering from multiple personality disorder?

NEVER FORGET! https://en.wikipedia.org/wiki/Digital_Entertainment_Network

[RocketSingh]

wow you're dumb as fuck if you think realcoin is just fiat in digital form.


For a "hero member", i dont see any other way but you're pumping for your gain.... aside from being a typical scammer...

Wow. Do you even know who Dmitry is?  Don't forget, we are all real people here.  Before you go about being much ruder to someone online than you would be in real life, think about who you're talking to.  Otherwise, you are just going to end up looking uninformed...as in this thread. 

Anyhow, Rassah -- I didn't connect the dots between decentralized exchange and this Brock backed venture. You make a great observation.  Very good news for Bitcoin indeed.

I dont know who is Dmitry ? Care to share more info ?

[Hippie Tech]

BEWARE of RocketSingh's sig !

https://www.virustotal.com/en/url/83308ba7ae85834568f239d7e27531ad4301d67c395c15541cfa5f053ad81a34/analysis/1405111866/

edit

Coinlearn is clean..

https://www.virustotal.com/en/url/589e20ed6f41634f767c9a37c79de85d990ad4d470c3e93c69a74d753f1be12e/analysis/1405112026/

[RocketSingh]

BEWARE of RocketSingh's sig !

https://www.virustotal.com/en/url/83308ba7ae85834568f239d7e27531ad4301d67c395c15541cfa5f053ad81a34/analysis/1405111866/

edit

Coinlearn is clean..

https://www.virustotal.com/en/url/589e20ed6f41634f767c9a37c79de85d990ad4d470c3e93c69a74d753f1be12e/analysis/1405112026/

I'm not sure what u r talking about !!! What is wrong with a CoinLearn.org referral link with goo.gl URL shortener ?

[hmmmstrange]

Brock is no longer listed as a board member on the mastercoin foundation's website. Circumstances of his removal are hush hush.

http://mastercoinfoundation.org/#board

[TheKoziTwo]

Very disappointing to see so many uninformed replies in this thread. We should welcome anything that can allow decentralization of exchanges, a fiat or gold backed blockchain is definitively one step in the right direction. The issuer needs to be able to deal with the regulatory challenges and that's no small hurdle to overcome, but if it can be done, this could be amazing.

If given the choice between holding a decentralized but centralized backed currency versus a centralized and centralized backed currency I'd likely go with the former. Imagine if victims of mtgox could trade their goxUSD/goxBTC now? Or what if the holders of gold in e-gold could trade it? Perhaps you don't want to wait for 5 years to get your gold back and rather sell it off to someone who is willing to for a discount?

It's not fully decentralized since you must trust the issuer (and more importantly be aware of the government and their intentions), but it's one step in that direction as you now have full control of the token, while previously it would be stuck in your account on some website. Most importantly you can't run a decentralized exchanges with paypal/bank/pm like you can with a blockchain.

There is another advantage: It minimize the likelihood of failure when the only job of the entity is to secure and distribute the funds, versus also running an exchange and/or payment provider at the same time.

Wasn't someone doing this for gold? I seem to recall that. I'd love to see fully backed gold blockchain. The problem the issuer have is how to be left alone (from government thieves). Is there a place on earth where setting up this will work long-term? Perhaps not, but both e-gold and liberty reserve did last for many years. In 5-10 years bitcoin may very well be so widely accepted that there is no longer a big need for it.

I'm watching this.

[Rassah]

On the name, honestly, whenever I hear the name Brock Pierce, I immediately think Brock Samson, and being fluent in Russian, my brain always pronounces it with a thick Russian accent like that ex-Soviet Molotov Cocktease chick.

[Hippie Tech]

BEWARE of RocketSingh's sig !

https://www.virustotal.com/en/url/83308ba7ae85834568f239d7e27531ad4301d67c395c15541cfa5f053ad81a34/analysis/1405111866/

edit

Coinlearn is clean..

https://www.virustotal.com/en/url/589e20ed6f41634f767c9a37c79de85d990ad4d470c3e93c69a74d753f1be12e/analysis/1405112026/

I'm not sure what u r talking about !!! What is wrong with a CoinLearn.org referral link with goo.gl URL shortener ?

Yes the short url. It seems pointless to be using it in the first place.

@ Rassah  http://hotforwords.com/ 

[Mt. Gox]

I don't really understand all this Brock Pierce hate. Another person's sexuality is none of my business. What matters is his previous track record of financing and starting up companies and his experience with the digital currency market, both of which seem to be up to scratch.

I can't say I'm too happy about his recent Realcoin project but hey, it's a free market.

[seriouscoin]

Very disappointing to see so many uninformed replies in this thread. We should welcome anything that can allow decentralization of exchanges, a fiat or gold backed blockchain is definitively one step in the right direction. The issuer needs to be able to deal with the regulatory challenges and that's no small hurdle to overcome, but if it can be done, this could be amazing.

If given the choice between holding a decentralized but centralized backed currency versus a centralized and centralized backed currency I'd likely go with the former. Imagine if victims of mtgox could trade their goxUSD/goxBTC now? Or what if the holders of gold in e-gold could trade it? Perhaps you don't want to wait for 5 years to get your gold back and rather sell it off to someone who is willing to for a discount?

It's not fully decentralized since you must trust the issuer (and more importantly be aware of the government and their intentions), but it's one step in that direction as you now have full control of the token, while previously it would be stuck in your account on some website. Most importantly you can't run a decentralized exchanges with paypal/bank/pm like you can with a blockchain.

There is another advantage: It minimize the likelihood of failure when the only job of the entity is to secure and distribute the funds, versus also running an exchange and/or payment provider at the same time.

Wasn't someone doing this for gold? I seem to recall that. I'd love to see fully backed gold blockchain. The problem the issuer have is how to be left alone (from government thieves). Is there a place on earth where setting up this will work long-term? Perhaps not, but both e-gold and liberty reserve did last for many years. In 5-10 years bitcoin may very well be so widely accepted that there is no longer a big need for it.

I'm watching this.

Damn i thought you killed yourself. So were you able to get your money back from Mt.Gox? No more CCMF?

[Gleb Gamow]

I don't get why people are upset ?!!  here is the definition of realcoin:

Realcoin eliminates the volatility concern of Bitcoin by being backed by the dollar. It is a one-to-to redemption for each Realcoin in circulation. Utilize Realcoins just like Bitcoin or any other digital currency, but know that it can forever be redeemed for the dollar that originally created it.

Realcoin will be completely transparent, safe, secure and insured. Every dollar that is held in our reserve will be represented by one coin in circulation and can be redeemed at any time.

it means 1 USD = 1 Realcoin fixed, all I understand is that this realcoin will make it easier for third party exchanges or decentralized ones or services that rely on the dollar value at a given moment, and it can be redeemed back to Dollars at any given moment.

I think this is cool to be honest, it is not an altcoin at all.

U mad? Or are u suffering from multiple personality disorder?

NEVER FORGET! https://en.wikipedia.org/wiki/Digital_Entertainment_Network

Karma? http://www.buzzfeed.com/ellievhall/found-the-elusive-man-at-the-heart-of-the-hollywood-sex-abus You're not going to believe what you're about to read. Fair warning, it's a tad long.

[DooMAD]

Very disappointing to see so many uninformed replies in this thread. We should welcome anything that can allow decentralization of exchanges, a fiat or gold backed blockchain is definitively one step in the right direction. The issuer needs to be able to deal with the regulatory challenges and that's no small hurdle to overcome, but if it can be done, this could be amazing.

If given the choice between holding a decentralized but centralized backed currency versus a centralized and centralized backed currency I'd likely go with the former. Imagine if victims of mtgox could trade their goxUSD/goxBTC now? Or what if the holders of gold in e-gold could trade it? Perhaps you don't want to wait for 5 years to get your gold back and rather sell it off to someone who is willing to for a discount?

It's not fully decentralized since you must trust the issuer (and more importantly be aware of the government and their intentions), but it's one step in that direction as you now have full control of the token, while previously it would be stuck in your account on some website. Most importantly you can't run a decentralized exchanges with paypal/bank/pm like you can with a blockchain.

There is another advantage: It minimize the likelihood of failure when the only job of the entity is to secure and distribute the funds, versus also running an exchange and/or payment provider at the same time.

Wasn't someone doing this for gold? I seem to recall that. I'd love to see fully backed gold blockchain. The problem the issuer have is how to be left alone (from government thieves). Is there a place on earth where setting up this will work long-term? Perhaps not, but both e-gold and liberty reserve did last for many years. In 5-10 years bitcoin may very well be so widely accepted that there is no longer a big need for it.

I'm watching this.

An exchange holds both fiat and crypto (supposedly securely) and this will hold fiat and crypto as well.  I don't see a difference there.  If they can add and remove digital tokens as required, it means they have the tokens and if they claim they have an actual dollar for every digital dollar it means they have the fiat as well.  If an exchange can screw up and lose those things, so can this.  If you did get burned by an exchange, the real disappointment is that you would be interested in the next big failure.  This is not an attempt to decentralise a digital dollar for the benefit of the community, this is an attempt to create a monopoly on digital dollars for the benefit of a few investors.  

You won't see as much bashing when a legitimate attempt at decentralised exchanges finally comes around, because we all want that.  This is definitely not it, though.  This is crap.

[Gleb Gamow]

I don't get why people are upset ?!!  here is the definition of realcoin:

Realcoin eliminates the volatility concern of Bitcoin by being backed by the dollar. It is a one-to-to redemption for each Realcoin in circulation. Utilize Realcoins just like Bitcoin or any other digital currency, but know that it can forever be redeemed for the dollar that originally created it.

Realcoin will be completely transparent, safe, secure and insured. Every dollar that is held in our reserve will be represented by one coin in circulation and can be redeemed at any time.

it means 1 USD = 1 Realcoin fixed, all I understand is that this realcoin will make it easier for third party exchanges or decentralized ones or services that rely on the dollar value at a given moment, and it can be redeemed back to Dollars at any given moment.

I think this is cool to be honest, it is not an altcoin at all.

U mad? Or are u suffering from multiple personality disorder?

NEVER FORGET! https://en.wikipedia.org/wiki/Digital_Entertainment_Network

Karma? http://www.buzzfeed.com/ellievhall/found-the-elusive-man-at-the-heart-of-the-hollywood-sex-abus You're not going to believe what you're about to read. Fair warning, it's a tad long.

...but worth the read.

[RawDog]

I don't really understand all this Brock Pierce hate. Another person's sexuality is none of my business.

True that.  Who cares whether or not he is gay as twinkletoes sipping pink bubbly wine from a teacup.  All that shit is fine.  The hate comes from raping children.  Gay or not gay, raping children tends to invoke some backlash. 

[TheKoziTwo]

Very disappointing to see so many uninformed replies in this thread. We should welcome anything that can allow decentralization of exchanges, a fiat or gold backed blockchain is definitively one step in the right direction. The issuer needs to be able to deal with the regulatory challenges and that's no small hurdle to overcome, but if it can be done, this could be amazing.

If given the choice between holding a decentralized but centralized backed currency versus a centralized and centralized backed currency I'd likely go with the former. Imagine if victims of mtgox could trade their goxUSD/goxBTC now? Or what if the holders of gold in e-gold could trade it? Perhaps you don't want to wait for 5 years to get your gold back and rather sell it off to someone who is willing to for a discount?

It's not fully decentralized since you must trust the issuer (and more importantly be aware of the government and their intentions), but it's one step in that direction as you now have full control of the token, while previously it would be stuck in your account on some website. Most importantly you can't run a decentralized exchanges with paypal/bank/pm like you can with a blockchain.

There is another advantage: It minimize the likelihood of failure when the only job of the entity is to secure and distribute the funds, versus also running an exchange and/or payment provider at the same time.

Wasn't someone doing this for gold? I seem to recall that. I'd love to see fully backed gold blockchain. The problem the issuer have is how to be left alone (from government thieves). Is there a place on earth where setting up this will work long-term? Perhaps not, but both e-gold and liberty reserve did last for many years. In 5-10 years bitcoin may very well be so widely accepted that there is no longer a big need for it.

I'm watching this.

Damn i thought you killed yourself. So were you able to get your money back from Mt.Gox? No more CCMF?

I didn't get anything back from mtgox, but I'm expecting that some 20-25% or so will be returned. Yes I got more than 1k BTC stuck, but it's nothing to kill myself over.

Very disappointing to see so many uninformed replies in this thread. We should welcome anything that can allow decentralization of exchanges, a fiat or gold backed blockchain is definitively one step in the right direction. The issuer needs to be able to deal with the regulatory challenges and that's no small hurdle to overcome, but if it can be done, this could be amazing.

If given the choice between holding a decentralized but centralized backed currency versus a centralized and centralized backed currency I'd likely go with the former. Imagine if victims of mtgox could trade their goxUSD/goxBTC now? Or what if the holders of gold in e-gold could trade it? Perhaps you don't want to wait for 5 years to get your gold back and rather sell it off to someone who is willing to for a discount?

It's not fully decentralized since you must trust the issuer (and more importantly be aware of the government and their intentions), but it's one step in that direction as you now have full control of the token, while previously it would be stuck in your account on some website. Most importantly you can't run a decentralized exchanges with paypal/bank/pm like you can with a blockchain.

There is another advantage: It minimize the likelihood of failure when the only job of the entity is to secure and distribute the funds, versus also running an exchange and/or payment provider at the same time.

Wasn't someone doing this for gold? I seem to recall that. I'd love to see fully backed gold blockchain. The problem the issuer have is how to be left alone (from government thieves). Is there a place on earth where setting up this will work long-term? Perhaps not, but both e-gold and liberty reserve did last for many years. In 5-10 years bitcoin may very well be so widely accepted that there is no longer a big need for it.

I'm watching this.

An exchange holds both fiat and crypto (supposedly securely) and this will hold fiat and crypto as well.  I don't see a difference there.  If they can add and remove digital tokens as required, it means they have the tokens and if they claim they have an actual dollar for every digital dollar it means they have the fiat as well.  If an exchange can screw up and lose those things, so can this.  If you did get burned by an exchange, the real disappointment is that you would be interested in the next big failure.  This is not an attempt to decentralise a digital dollar for the benefit of the community, this is an attempt to create a monopoly on digital dollars for the benefit of a few investors. 

You won't see as much bashing when a legitimate attempt at decentralised exchanges finally comes around, because we all want that.  This is definitely not it, though.  This is crap.

The difference is that users will hold tokens in a decentralized manner. Storing the realcoinUSD on their own computer. This will allow decentralized trading of these USD. It also provides transparency since all transactions are stored in a blockchain. E.g for proof of solvency.

And yes, of course the backer can lose money or have them confiscated and that's what I said. I don't believe this is possible to do long term due to regulatory issues. But if it can be done, it's great.

The way I imagine it is multiple USD tokens available. Some may want to trust RealCoin, others may prefer the fully decentralized solution once that arrives. But I think having a decentralized exchange even with something like RealCoin is a step into the right direction.

I'm very much looking forward to the fully decentralized solution, but keep in mind it will come with some disadvantages as well.

[dhenson]

I don't really understand all this Brock Pierce hate. Another person's sexuality is none of my business.

True that.  Who cares whether or not he is gay as twinkletoes sipping pink bubbly wine from a teacup.  All that shit is fine.  The hate comes from raping children.  Gay or not gay, raping children tends to invoke some backlash.  

So if some jackhole accused you of kiddie diddling, we should all just treat you like its true and drag your name through the dirt?

As far as I know he hasn't been convicted of anything.

Edit... question is rhetorical I realize you aren't accusing him.

[Rassah]

http://www.buzzfeed.com/ellievhall/found-the-elusive-man-at-the-heart-of-the-hollywood-sex-abus You're not going to believe what you're about to read. Fair warning, it's a tad long.

Wow, thanks for the article. Such a sad read, one man's descent into insanity drags so many others with him

BTW, Brock was born in 1980, so he was 19 when the lawsuit was brought against the trio in 2000. Alexander Burton, the guy who sued them, was born in 1981, one year later. Anyone else see the absurdity of the "child molester" claims?

[tinof]

http://www.buzzfeed.com/ellievhall/found-the-elusive-man-at-the-heart-of-the-hollywood-sex-abus You're not going to believe what you're about to read. Fair warning, it's a tad long.

Wow, thanks for the article. Such a sad read, one man's descent into insanity drags so many others with him

BTW, Brock was born in 1980, so he was 19 when the lawsuit was brought against the trio in 2000. Alexander Burton, the guy who sued them, was born in 1981, one year later. Anyone else see the absurdity of the "child molester" claims?

This is the first time I heard about his molestation accusation.

Not sure why people bring up old case on how a 19 years old kid behave. We all made mistake when we were young.

[QuestionAuthority]

Great thread Rassah! Funny as shit. I can't believe I missed it back in July.

I don't understand why everyone cares if Brock makes a bunch of money. I think he's a genius. Buy yourself some legitimacy with a seat at TBF then start a business that has real mainstream appeal. He will succeed where Bitcoin can't. You're all just pissed because you wont be a part of it. There will be no great cashout for you to dream about. No to the moon fantasy. No great vacation or new car on your saved up Bitcoins. Volatility that spikes price through the roof will end in the Realcoin world. Oh, Brock and his partners will have great vacations and new cars every year though. He's starting his own mini Federal Reserve. Pure genius!

A non-volatile alternative to Bitcoin

One Realcoin = One USD

Realcoin will use a Bitcoin 2.0 software protocol known as Mastercoin, which takes digitized information about particular assets or contracts and embeds it into bitcoin transactions. In this case, that data will define the rights attached to realcoins. Realcoin founder Mr. Sellars is the chief technology officer of the Mastercoin Foundation.

To ensure realcoins retain their value at one dollar, the firm will maintain a real-time record of its dollar-based reserves, all held in conservative investments, and will subject that record to the blockchain’s authenticating system, Mr. Collins said. Realcoins will be introduced or removed from circulation depending on whether dollars are being added or redeemed.

http://realcoin.com/

[Merriweather]

This thread is absolutely hilarious 

[goose20]

You picked it. What a fascinating read.

Although the concept behind realcoin should be based on its own merits, there's no doubting that Brock's name being associated will/has muddy/muddied the waters.

[TheKoziTwo]

http://www.buzzfeed.com/ellievhall/found-the-elusive-man-at-the-heart-of-the-hollywood-sex-abus You're not going to believe what you're about to read. Fair warning, it's a tad long.

Wow, thanks for the article. Such a sad read, one man's descent into insanity drags so many others with him

BTW, Brock was born in 1980, so he was 19 when the lawsuit was brought against the trio in 2000. Alexander Burton, the guy who sued them, was born in 1981, one year later. Anyone else see the absurdity of the "child molester" claims?

After living in London for about two years, Collins-Rector and Bowles moved to Antwerp, Belgium. Together, they often played an online video game called Entropia Universe, according to people with knowledge of their relationship — Bowles using the name “Colonel Lee Bowles” and Collins-Rector under the moniker “Marcus Slayem Aurelius.” They became prominent players, but in August 2007, members of Entropia Universe identified who “Marcus Slayem Aurelius” really was when a picture of Collins-Rector appeared in a U.K. tabloid article titled “Tycoon paedo on prowl in UK.” The vociferous reaction by many other players soon forced Collins-Rector and Bowles out of the game.

What a weird coincidence. I used to play entropia universe with this guy (Lee Bowles) and had no idea. We went hunting several times. It was kind of amazing back then how he went from having nothing / newbie to buying all the best equipment worth tens and tens of thousand of dollars. Let's just say these two guys have quite a history in the entropia community for anyone who wants to dig deeper...

I only met him on his later avatar however, not the first one "Colonel Lee Bowles" but on an (female) avatar named "x-x brook x-x". I don't think many knew that he was back in game under a different name.

It's a small world.

edit: A screenshot I took back then of his new avatar x-x brook x-x holding a modified first aid kit (worth about $30-40k USD at the time)

[Razick]

The primary problem with RealCoin is that it will confuse the heck out of everyone who doesn't already understand decentralized currency fairly deeply. All the bitcoin-as-currency naysayers who've been yacking about "separate the currency from the network" will look to RealCoin as proof that it can be done. What they're obviously missing is that RealCoin, by having its value backed in series by centralized entities (RealCoin, and the Fed), is not decentralized and therefore offers none of the meaningful benefits of a decentralized currency. You, in fact, cannot separate the bitcoin currency from blockchain technology while retaining the purpose of a blockchain: decentralized global consensus.

But that's not how it'll be billed, or how people will see it. They'll think that they can get the benefits of "bitcoin", or crypto-currency more generally, by using this RealCoin thing; ie, transaction security, quick payments across borders, etc. Trouble is, we can do that stuff with PayPal, Square, Venmo, etc....and much more efficiently!

Blockchains are a real pain. We only use them because they solve distributed consensus and we don't have another good way to do that. If RealCoin is going to "back"/peg something with dollars, they don't need a blockchain, and they certainly shouldn't be calling what they're doing "decentralized" anything.

If this thing gains any traction, it'll trigger a very annoying confusing period for bitcoin/crypto. It doesn't solve anything... People will still have to buy RealCoins with dollars on some fiat-crypto exchange. They could just be buying bitcoin. It *adds* another complexity layer and confusion. That's all.


FWIW, the fact that Brock Pierce is behind this only matters given his role at the *BITCOIN* Foundation. Someone doing the RealCoin concept has been inevitable for a while; just wish it wasn't someone who's supposed to be focusing on promoting bitcoin, as both technology *and* currency.

This echoes my thoughts pretty much exactly and you say it better that I could have.

[DooMAD]

With the exception of this thread getting bumped, I've not seen or heard of anything related to realcoin since the news broke initially.  Is it fair to assume the hype has died down and no one gives a toss?  It's not like there's anything unique or special about it, aside from being a step in completely the wrong direction and worse than any decentralised alt.

[Rassah]

serious question... who or what is Brock Pierce ?

He is a board director of the bitcoin foundation

http://en.wikipedia.org/wiki/Bitcoin_Foundation

I think he got that seat just promising to restart a dead business like MtGox, but afaik he only started his own coin.

He is still working on that MtGox thing from what he told me since I last saw him three weeks ago. And he probably got that seat because he funded and invested tons of his money into a whole lot of bitcoin projects, or companies that support it. Most of it in secret. I was quite surprised to hear how many different bitcoin companies he dumped his own money into, some of which probably owe at least some small thanks for their existence to him.

[Hippie Tech]

Did BP have something to do with Bruno's (aka. Phinnaeus Gage https://bitcointalk.org/index.php?action=profile;u=24792 ) disappearance from this forum ?

https://bitcointalk.org/index.php?topic=602198.0

https://bitcointalk.org/index.php?topic=610521.0


https://bitcointalk.org/index.php?topic=620267.0

https://bitcointalk.org/index.php?topic=621770.0

Or was it something to do with his stolen 1132 BTC ?

https://bitcointalk.org/index.php?topic=587261.0

https://bitcointalk.org/index.php?topic=649176.0

[QuestionAuthority]

Did BP have something to do with Bruno's (aka. Phinnaeus Gage https://bitcointalk.org/index.php?action=profile;u=24792 ) disappearance from this forum ?

https://bitcointalk.org/index.php?topic=602198.0

https://bitcointalk.org/index.php?topic=610521.0


https://bitcointalk.org/index.php?topic=620267.0

https://bitcointalk.org/index.php?topic=621770.0

Or was it something to do with his stolen 1132 BTC ?

https://bitcointalk.org/index.php?topic=587261.0

https://bitcointalk.org/index.php?topic=649176.0

Bruno's still here. He is posting under a couple of other alts now.

https://bitcointalk.org/index.php?topic=747034.msg8447222#msg8447222

[freequant]

Crosspost from Reddit, because holyshit guys! You've really been falling apart in the last few weeks! And why the fuck am I the only one to realize the following?



We need a decentralized exchange! First step? Get USD into a digital decentralized form!

Remember the years worth of calls for a decentralized exchange? This call-to-action was raised every time an exchange collapsed somewhere, whether due to bank closures, or owners disappearing with people's money. Many attempts were made at this, yet, so far, none are functional or useful.

The solution exists since two years and is named Ripple.
Ripple may still be controversial due to the initial distribution of its native currency but at least it's not associated with child abuse.

[Rassah]

Are you the official advocate of this dipshit?

Not at all. I've met the guy, and like him, but am in no way associated with him. I'm just an official advocate of not being a moron. Also, it's interesting that you think if an 18 yo has sex with a 17 yo, that makes him a pedo  

The solution exists since two years and is named Ripple.
Ripple may still be controversial due to the initial distribution of its native currency but at least it's not associated with child abuse.

Isn't Ripple, like, dead now? And how can you set up atomic transactions with the thing if it's not blockchain based (actually, I hang out with A LOT of bitcoiners at the DC and Baltimore meetups, and at various bitcoin conferences, and I don't know anyone who uses Ripple. Maybe they all keep it as a personal shameful secret?).
And guilt by association is not guilt. Sorry.

[Hippie Tech]

Did BP have something to do with Bruno's (aka. Phinnaeus Gage https://bitcointalk.org/index.php?action=profile;u=24792 ) disappearance from this forum ?

https://bitcointalk.org/index.php?topic=602198.0

https://bitcointalk.org/index.php?topic=610521.0




https://bitcointalk.org/index.php?topic=620267.0

https://bitcointalk.org/index.php?topic=621770.0

Or was it something to do with his stolen 1132 BTC ?

https://bitcointalk.org/index.php?topic=587261.0

https://bitcointalk.org/index.php?topic=649176.0

Bruno's still here. He is posting under a couple of other alts now.

https://bitcointalk.org/index.php?topic=747034.msg8447222#msg8447222

Someone mentioned that when I brought this up on  ccollectables' scam accusation thread. https://bitcointalk.org/index.php?topic=667460.0

Debt has been fully repaid and then some as of 7/19/2014.  Thank you BurtW and I hope that all is well with you Phinnaeus Gage aka ~Bruno Kucinskas.

Proof of repayment.

Payment from Burt W -

https://blockchain.info/tx/85ccd860bb65b9c0283b96afecd15d887a0c5d23272e95d50b592042ba1ce1c1

Additional payment received with public note "ROI on $2,800, with apologies." -

https://blockchain.info/tx/32cd9e5c707563ccf476296a4447ed90c0687aa3607e1469c46f58e2e35873a2

Tbh.. I'm not buying it.

So why did BurtW become involved ?

And... Was BTC from the creativex scam used as the "additional payment" ?

Aug 13/ 2013
creativex sent 130 BTC to 1LgHznJ5dnHNsSSiSSfS35yCm1nceLnv3n.
https://blockchain.info/tx/386fdf20caeb9dbf971ded41a6a28a4f60297d2673d4393c2c3b08d522243758

Later that day, 105 of that was sent to 1EyRGV8LPXHvvujAZfN8hiDMom8yoGsHot.
https://blockchain.info/tx/e0183bb6919f381e1513ce4713a559e1960d0753398c4f1f8638a5a5a68d5f3f

Sept 2/ 2013
1EyRGV8LPXHvvujAZfN8hiDMom8yoGsHot --> 1ENkdLoM6P8XRSJZ881Bsk2t6fug5DYTzW
https://blockchain.info/tx/95867ce9dad0881c83068e03decc0b97aa8a8cb20b90d17595c88c2fcebf4b76

July 19/ 2014
1ENkdLoM6P8XRSJZ881Bsk2t6fug5DYTzW --> ccollectables
https://blockchain.info/address/1Lo3F2oD8hoh5Bs8tHPmfkZnWuZtW2Jrvz

[QuestionAuthority]

Tbh.. I'm not buying it.

So why did BurtW become involved ?

And... Was BTC from the creativex scam used as the "additional payment" ?

Aug 13/ 2013
creativex sent 130 BTC to 1LgHznJ5dnHNsSSiSSfS35yCm1nceLnv3n.
https://blockchain.info/tx/386fdf20caeb9dbf971ded41a6a28a4f60297d2673d4393c2c3b08d522243758

Later that day, 105 of that was sent to 1EyRGV8LPXHvvujAZfN8hiDMom8yoGsHot.
https://blockchain.info/tx/e0183bb6919f381e1513ce4713a559e1960d0753398c4f1f8638a5a5a68d5f3f

Sept 2/ 2013
1EyRGV8LPXHvvujAZfN8hiDMom8yoGsHot --> 1ENkdLoM6P8XRSJZ881Bsk2t6fug5DYTzW
https://blockchain.info/tx/95867ce9dad0881c83068e03decc0b97aa8a8cb20b90d17595c88c2fcebf4b76

July 19/ 2014
1ENkdLoM6P8XRSJZ881Bsk2t6fug5DYTzW --> ccollectables
https://blockchain.info/address/1Lo3F2oD8hoh5Bs8tHPmfkZnWuZtW2Jrvz

BurtW has been *ahem* involved in some interesting stuff. I know he was one of the big passthroughs in the Pirate@40 Ponzi. I didn't know he was involved in this though. I know Bruno was raising a stink about being ripped off by Davout. The little side scams here are too involved for me to keep track of them all. Peter Lambert was teasing me about not accepting btc from someone here. I told him, I don't deal with anyone from this forum because I don't have time to keep up on who's fucking who.

[Gleb Gamow]

Did BP have something to do with Bruno's (aka. Phinnaeus Gage https://bitcointalk.org/index.php?action=profile;u=24792 ) disappearance from this forum ?

https://bitcointalk.org/index.php?topic=602198.0

https://bitcointalk.org/index.php?topic=610521.0


https://bitcointalk.org/index.php?topic=620267.0

https://bitcointalk.org/index.php?topic=621770.0

Or was it something to do with his stolen 1132 BTC ?

https://bitcointalk.org/index.php?topic=587261.0

https://bitcointalk.org/index.php?topic=649176.0

Bruno's still here. He is posting under a couple of other alts now.

https://bitcointalk.org/index.php?topic=747034.msg8447222#msg8447222

Only one alt, this one, with all my other ones disclosed. The last one I used was Boi Qaaf to fuck with AMT. https://bitcointalk.org/index.php?action=profile;u=71107

[Gleb Gamow]

Debt has been fully repaid and then some as of 7/19/2014.  Thank you BurtW and I hope that all is well with you Phinnaeus Gage aka ~Bruno Kucinskas.

Proof of repayment.

Payment from Burt W -

https://blockchain.info/tx/85ccd860bb65b9c0283b96afecd15d887a0c5d23272e95d50b592042ba1ce1c1

Additional payment received with public note "ROI on $2,800, with apologies." -

https://blockchain.info/tx/32cd9e5c707563ccf476296a4447ed90c0687aa3607e1469c46f58e2e35873a2

The above is accurate.

~Bruno Kucinskas

[QuestionAuthority]

Debt has been fully repaid and then some as of 7/19/2014.  Thank you BurtW and I hope that all is well with you Phinnaeus Gage aka ~Bruno Kucinskas.

Proof of repayment.

Payment from Burt W -

https://blockchain.info/tx/85ccd860bb65b9c0283b96afecd15d887a0c5d23272e95d50b592042ba1ce1c1

Additional payment received with public note "ROI on $2,800, with apologies." -

https://blockchain.info/tx/32cd9e5c707563ccf476296a4447ed90c0687aa3607e1469c46f58e2e35873a2

The above is accurate.

~Bruno Kucinskas

Why would Burt Wagner be paying you back though?

[Hippie Tech]

Debt has been fully repaid and then some as of 7/19/2014.  Thank you BurtW and I hope that all is well with you Phinnaeus Gage aka ~Bruno Kucinskas.

Proof of repayment.

Payment from Burt W -

https://blockchain.info/tx/85ccd860bb65b9c0283b96afecd15d887a0c5d23272e95d50b592042ba1ce1c1

Additional payment received with public note "ROI on $2,800, with apologies." -

https://blockchain.info/tx/32cd9e5c707563ccf476296a4447ed90c0687aa3607e1469c46f58e2e35873a2

The above is accurate.

~Bruno Kucinskas

Why would Burt Wagner be paying you back though?

bump and a +1 ..

[pummle]

BurtW has been *ahem* involved in some interesting stuff. I know he was one of the big passthroughs in the Pirate@40 Ponzi. I didn't know he was involved in this though. I know Bruno was raising a stink about being ripped off by Davout. The little side scams here are too involved for me to keep track of them all. Peter Lambert was teasing me about not accepting btc from someone here. I told him, I don't deal with anyone from this forum because I don't have time to keep up on who's fucking who.

Sounds like you would benefit from a WoT.

[odolvlobo]

We need a decentralized exchange! First step? Get USD into a digital decentralized form!

The key is making the transfer of USD decentralized. Any blockchain-based currency can solve this by pegging its value to USD (or even gold or silver perhaps). That is what Realcoin does.

The hard part is the pegging. In order to for there to be $1 billion worth of Realcoin (for example), the operator of Realcoin has to have $1 billion and has to be be able to redeem any amount of Realcoin at any time. It should be noted that this is exactly what e-gold did before they got shut down by the U.S., and everyone lost all their money.

[DooMAD]

We need a decentralized exchange! First step? Get USD into a digital decentralized form!

The key is making the transfer of USD decentralized. Any blockchain-based currency can solve this by pegging its value to USD (or even gold or silver perhaps). That is what Realcoin does.

The hard part is the pegging. In order to for there to be $1 billion worth of Realcoin (for example), the operator of Realcoin has to have $1 billion and has to be be able to redeem any amount of Realcoin at any time. It should be noted that this is exactly what e-gold did before they got shut down by the U.S., and everyone lost all their money.

And if or when the centralised operator goes kaput, it's all worthless, hence realcoin is worthless because it's not decentralised.

[snappa4ever]

We need a decentralized exchange! First step? Get USD into a digital decentralized form!

The key is making the transfer of USD decentralized. Any blockchain-based currency can solve this by pegging its value to USD (or even gold or silver perhaps). That is what Realcoin does.

The hard part is the pegging. In order to for there to be $1 billion worth of Realcoin (for example), the operator of Realcoin has to have $1 billion and has to be be able to redeem any amount of Realcoin at any time. It should be noted that this is exactly what e-gold did before they got shut down by the U.S., and everyone lost all their money.

I don't think this would ever work. This would mean that you would need to trust the operator of realcoin (essentially a central authority) which is what bitcoin was primarily created to be able to avoid.

[Hippie Tech]

Keiser Report: Fear mongering from Scottish ‘No’ voters (E656)

Max and Brock discuss bitcoin as the internet 2.0 and what the future holds for the technology.

http://youtu.be/MXJk2ZodaNw?t=12m41s

I wouldn't trust either of them ..

Now plz excuse me while I puke.

[Rassah]

We need a decentralized exchange! First step? Get USD into a digital decentralized form!

The key is making the transfer of USD decentralized. Any blockchain-based currency can solve this by pegging its value to USD (or even gold or silver perhaps). That is what Realcoin does.

The hard part is the pegging. In order to for there to be $1 billion worth of Realcoin (for example), the operator of Realcoin has to have $1 billion and has to be be able to redeem any amount of Realcoin at any time. It should be noted that this is exactly what e-gold did before they got shut down by the U.S., and everyone lost all their money.

Realcoin plans to partner with a bank, and then maybe a group of banks, to do the backing. So the same dollars that you deposit into your bank account, you would then be able to withdraw as a Realcoin, with your originally deposited dollar backing it. The hope is that if a bank or group of banks do it, while following most of the same regulations they already do, they won't get shut down.

[bitcats]

Max and Brock discuss bitcoin as the internet 2.0 and what the future holds for the technology.

http://youtu.be/MXJk2ZodaNw?t=12m41s

I wouldn't trust either of them ..

Now plz excuse me while I puke.

LOL  

[justusranvier]

The hope is that if a bank or group of banks do it, while following most of the same regulations they already do, they won't get shut down.

If that's the plan, I have a hard time believing that anyone involved has done the slightest bit of due diligence regarding the regulations involved.

Realcoin would most likely fit into those regulations as a stored value instrument, and I don't see how the kinds of restrictions which apply to them would be at all acceptable to the intended users of Realcoin.

[jbreher]

Realcoin plans to partner with a bank, and then maybe a group of banks, to do the backing. So the same dollars that you deposit into your bank account, you would then be able to withdraw as a Realcoin, with your originally deposited dollar backing it.

Well that would not be anything even remotely like what we understand to be cryptocurrency, now, would it? Sounds more like S&H Green Stamps, or Canada Tire Money.

[colinistheman]

One time I jacked off a dog with my bare hand just to see what would happen.

That's what I think of backing a coin with fiat.

Another analogy: Hitting myself in the face with a hammer.

[bornil267645]

If people had stopped being moron than they wouldn't be people... They would've been robots...