[ANN] SpreadCoin | True Decentralization (No Pools) | Testing New Masternodes

[gjhiggins]

It's real interesting that escrow is so popular
...
Seems to me that ServiceNodes get to vote on releasing funds....with the multi-sig feature (up thread).

Looks like it might be low-hanging fruit.

https://curiosity-driven.org/bitcoin-contracts

hacker news discussion of above: https://news.ycombinator.com/item?id=8121193

backed up by:

https://curiosity-driven.org/low-level-bitcoin

is where I'm currently at.

Cheers

Graham

[coins101]

It's real interesting that escrow is so popular
...
Seems to me that ServiceNodes get to vote on releasing funds....with the multi-sig feature (up thread).

Looks like it might be low-hanging fruit.

https://curiosity-driven.org/bitcoin-contracts

hacker news discussion of above: https://news.ycombinator.com/item?id=8121193

backed up by:

https://curiosity-driven.org/low-level-bitcoin

is where I'm currently at.

Cheers

Graham

hacker news discussion of above: https://news.ycombinator.com/item?id=8121193

Very interesting discussion.

Seems like ServiceNodes could be an impartial third party to an escrow. You could do a fall back to an arbitration service if sellers and buyers do not agree on something.

Either way, buyers and sellers pay ServiceNodes for the service.  Add a little obfuscation for the IP addresses and it could be a relatively easy win.

Maybe add a shapeshift type service to allow escrow between crypto currencies, crypto and fiat and even just fiat to fiat transactions.

If they could ramp up over 2-3 years to do $10m per month, at an average of 0.25% in fees, the network could earn $300,000 / month or $3m-$4m/year.  The network is currently worth $30k!

1,400 ServiceNodes in the network would each earn $200 / month. If you had 20 servicenodes, that could be your full time job  

The value of the global escrow service must run into $billions.  We are only talking about a rounding error in that market and you still get a highly profitable use case.

[minerpage]

It's real interesting that escrow is so popular



https://bitcointalk.org/index.php?topic=976031.msg10656234#msg10656234

How would ServiceNodes deal with dispute resolution? Would they need to?

How would an escrow transaction be finalised?

Seems to me that ServiceNodes get to vote on releasing funds....with the multi-sig feature (up thread). It also sounds like (to me) ServiceNodes offering Escrow is a relatively easy win. Perhaps all they have to do is be a third party to a multi-sig transaction. Not bad for a 0.5%-2% fee.

Perhaps those guys that got scammed on Evolution for 130k BTC could have been saved if  SPR ServiceNode Escrow was available.

http://www.deepdotweb.com/2015/03/18/interview-with-nswgreat-evolution-staff-member/

or

http://cointelegraph.com/news/113744/an-estimated-12-million-in-bitcoin-disappears-in-dark-market-scam

I voted for Escrow simply because I could use it for about every other transaction I'm doing... if this could be made simple and integrated in the wallet, no problem paying fees whatsoever...

[coins101]

Bloody hell, I never knew Escrow was so big or so profitable.

JPMorgan do a roaring trade in Escrow.


http://www.mmmtechlaw.com/wp-content/uploads/2010/09/2010-MA-Holdback-Escrow-Report2.pdf-Adobe-Acrobat-Professional2.pdf

This market is not worth $billions each year. Its worth bloody $trillions, each day.

The most popular transactions, given what JPMorgan do, are below $1m and the average life of an escrow is 18months. We need to be adding interest and fees. lol.

Talk about money for old rope.

ServiceNodes could be turning over $100m/month. That's $1,200 / month in fees and interest for each servicenode. Sod digital cash.

Rich I tell you. We could all be stinking rich.

Make it so. Please make it so.

[coins101]

-snip-

I voted for Escrow simply because I could use it for about every other transaction I'm doing... if this could be made simple and integrated in the wallet, no problem paying fees whatsoever...

Clearly, you're much smarter than me.  Voting on the basis of need, rather than guessing what the market might want. Props to you.

I've changed my vote, even if I can't technically change it without resetting the survey.

[coins101]

WTB 500k SPR

PM

 

[njs811]

Bloody hell, I never knew Escrow was so big or so profitable.

JPMorgan do a roaring trade in Escrow.


http://www.mmmtechlaw.com/wp-content/uploads/2010/09/2010-MA-Holdback-Escrow-Report2.pdf-Adobe-Acrobat-Professional2.pdf

This market is not worth $billions each year. Its worth bloody $trillions, each day.

The most popular transactions, given what JPMorgan do, are below $1m and the average life of an escrow is 18months. We need to be adding interest and fees. lol.

Talk about money for old rope.

ServiceNodes could be turning over $100m/month. That's $1,200 / month in fees and interest for each servicenode. Sod digital cash.

Rich I tell you. We could all be stinking rich.

Make it so. Please make it so.

That's what I'm talking about!

[coins101]

I bought a few thousand SPR earlier. The bots went mad. It was so funny watching it happen.

I reckon if you surprise the bots and go against the trend, you can get the market to move +/- 150%.

They were like: WTF is going on, the markets are moving against us, buy, buy, buy.  Sorry about that everyone with a bot 

[gjhiggins]

...
is where I'm currently at.

Moved on to looking at how external state is referenced: https://en.bitcoin.it/wiki/Contracts#Example_4:_Using_external_state and at a characterisation of potential types of service: https://github.com/orisi/wiki/wiki/Orisi-White-Paper#transaction-kinds-and-the-project-roadmap


Cheers

Graham

Edit, used more precise URL

[georgem]

...
is where I'm currently at.

Moved on to looking at how external state is referenced: https://en.bitcoin.it/wiki/Contracts#Example_4:_Using_external_state and at a characterisation of potential types of service: https://github.com/orisi/wiki/wiki/Orisi-White-Paper#transaction-kinds-and-the-project-roadmap


Cheers

Graham

Edit, used more precise URL

Highly interesting, I will take a look at it too.

[georgem]

WTB 500k SPR

PM

 

WUT

biggest WTB (regarding % of supply) I ever saw on BCT.  

[georgem]

Before MrSpread "left", did he get multisig to work on SPR?

I saw this earlier

https://github.com/spreadcoin-project/spreadcoin/commit/651a520d03a827adfcff6689affce57a90b11ed6

The presence of multisig_tests.cpp in the test suite is somewhat suggestive, I feel.

Not yet tried it, here's the Darkcoin HOW-TO: http://wiki.darkcoin.qa/display/DRK/Multisignature+example


Cheers

Graham

Hm, isn't multisig already part of even the main net spreadcoin version?

See a previous comment made by Mr. Spread (january):

I updated the client again.
As was discovered by elbandi it was impossible to create multisig addresses, I fixed this. Also multisig transactions were considered non-standard by network and were not rebroadcasted and not added to block (although they would be accepted if included in block).
If you need multisig addresses then generate them with newer version and wait for more nodes to upgrade before starting using them.
This is not a hardfork.

Download from: http://spreadcoin.net/

[Gladimor]

WTB 500k SPR

PM

 

That would be around 25% of SPR in existence How much would you even pay for that huge amount?

[thelonecrouton]

I bought a few thousand SPR earlier. The bots went mad. It was so funny watching it happen.

I reckon if you surprise the bots and go against the trend, you can get the market to move +/- 150%.

They were like: WTF is going on, the markets are moving against us, buy, buy, buy.  Sorry about that everyone with a bot 

No, that was human folly. There are only three bots working SPR currently, and mine has been in toecutter mode most of the evening giving the other two the blueball boomerang. 

[thew3apon]

Has someome taken this over yet?

[georgem]

Has someome taken this over yet?

We are working on it.

[restless]

anyone else with problems accessing spreadcoin.net ?

[chrysophylax]

anyone else with problems accessing spreadcoin.net ?

real problems with all the garbage being placed on the forum ...

anyone anywhere allowed to put everything from gibberish to viagra ... come on guys ...

#crysx

[coins101]

edit

reviewing legal issues on servicenode app for escrow.

brb

--->>

There are escrow specific laws, but they seem to be relatively ok

http://www.dbo.ca.gov/Licensees/Escrow_Law/About.asp

Using servicenodes and multi-sig should be a very good way to provide this service. The buyer and seller are party to the multi-sig so they never actually lose control of the funds. That makes servicenode escrow very secure and low risk for the operators of the servicenodes.

They are just a keyholder to prevent one of the parties taking full control. The servicenodes never actually get control of the funds themselves.

This gonna be gud.  This is a much, much better service than existing escrow services.

[georgem]

anyone else with problems accessing spreadcoin.net ?

Spreadcoin.net is dead, it vanished together with Mr. Spread.

We are working on a replacement site and a new ANN thread.

anyone else with problems accessing spreadcoin.net ?

real problems with all the garbage being placed on the forum ...

anyone anywhere allowed to put everything from gibberish to viagra ... come on guys ...

#crysx

I'm cleaning up the forum once a day, until I have better anti-spamming measures in place.
ATM I have dozens of filters and bans activated that keep literally hundreds of spammers from posting every day!
But a few still get thru.