Unobtanium In-House Exchange

[IMZ]

Mark plus blues plus stout:

# 'And then from time to time you can post the list of the Hedge-Holders like you do with the TT list confirming once again'

Yup

# Confirming trades:

Let's see, B.C., if we can trim it to:

if Bob is buying from Edna ('Hedge004/Edna'), after Bob's Uno turns up in Edna's wallet, that Hedge is then Bob's, and Edna posts 'Trade XYZ complete: Hedge004/Bob'

A Hedge is owned by the person whose name stands after the forward slash.

[BitcoinCharlie]

IMZ, what I was trying to do was to create a system in which multiple parties had to confirm the transaction on the forum so that no one could go back and edit the transaction unilaterally.  To preserve history, so to speak...

[Benefactor]

Well, I'm still not really on top of the responses we got for writing on the blockchain, and it doesn't sound like we could read them, anyway, although one complex solution is to key-in text into the brainwallet, and I assume there are a few variations for utilizing that.

I do have a solution, which is tough to read, but an app could, hypothetically be written for this:

*Send dust*

Wallets send the miners 0.001 UNO, so just use the last 6 digits - as Unobtanium is rare in having 9 digits after the decimal point!

Cypher:

A - 01
B - 02
C - 03
D - 04
E - 05
F - 06
G - 07
H - 08
I - 09
J - 10
K - 11
L - 12
M - 13
N - 14
O - 15
P - 16
Q - 17
R - 18
S - 19
T - 20
U - 21
V - 22
W - 23
X - 24
Y - 25
Z - 26
[Space] - 00

....(cont.) /1

[IMZ]

@ Bitcoin Charlie: I hear ya! We gotta cover all bases re Some Clown fiddling the details. Screen shots? We can have a Register on indiamikezulu.com.au (a website we keep as a sort of rally point for our projects). I will be back in a minute.

[IMZ]

Un-Ex   15/10/2014 [Western Australia]

Price: 'solid': .0075/.0062

https://www.cryptsy.com/markets/view/133
https://bittrex.com/Market/Index?MarketName=BTC-UNO
https://coinbroker.io/trade/?symbol=UNO.BTC;

Trusted Traders:

# Wickedsick, two stars
# Mark (IMZ), two stars
# Edgar, two stars
# Falling Knife, one star
# Bitcoin Charlie, three stars
# Vector iso, one star
# Ian (IMZ), two stars
# Benefactor, two stars
# Layer1gfx, two stars
# Sirsmokesalot, two stars
# Philogus, one star
# Korlic, one star

Physical Bullion Planet Earth:

I am watching the stock markets and oil prices intently this week. If Things Start Going Pear-Shaped, bullion might rise in price (But Bitcoin first)

And here is BeneX

Here is V 500's escrow service

[Benefactor]

(...cont.)...

To keep 'Recorder Transactions' down to a minimum, require Hedge owners to have only 12-character handles, so BitcoinCharlie = "BitcoinCharl"

Bitcoin Bob = "Bitcoin Bob"

"Hedge 003/Bitcoin Bob" =

[To original Hedge writer's official "Recorder Transactions" UNO address...]

+0.000080504 (HED)(line cost = 0.00(1)080504 UNO)
+0.000070500 (GE[space])
+0.000000003 (003)(line 3 is known as a number, not text)

+0.000020920 (BIT)
+0.000031509 (COI)
+0.000140002 (N[space]B)
+0.000150200 (OB[space])

= HEDGE 003|BITCOIN BOB

Total cost of this particular set of Recorder Transactions = 0.007493638 UNO, about $0.02, two cents.  Maximum hypothetical cost of one set of Recorder Transactions = 0.013999993, or about $0.04, four cents.

-

(I think the hedge writer, Mark, not the "Abundance of Caution" (Insurance) holder, nor the Vault guy, should code these in, although it is still a centralized, and thus weak, system.)

The Recorder Transactions could be sent from a wallet that has only one "receive address", to ensure the Records are sent from a known official address TO a known official address, thus making the messages 'official' and unspoilt.

/2 of 2

[Benefactor]

A more advanced system would always have initial Hedge owners code from their UNO address (any in their wallet) to the Hedge writer's official designated UNO address, along with the full UNO payment for the hedge.  Then, all subsequent owners code payments to the proximate previous owner's officially-used address.  (Wallets /or at least private keys MUST be maintained through the duration of Hedge ownership!)

Line 1:  Hedge payment
Lines 2-4:  Hedge Name (i.e. "Hedge 003")
Lines 5-8:  New Owner's Handle

Errors would require a re-submission of the last 7 lines, which is fine, since it would be from the new owner's same UNO address.*

Also, at least a simple program can be written to tell each new owner what to key-in, quite simply~!

Not a bad system, really, and it gets everything on the blockchain.  Someone has to pay in full, or everyone can see that they didn't by just looking at the blockchain, and the evident chain of owners.  I.e. No imposter claims can fly, although any fool is welcome to send the previous owner extra, inadequate, funds! ( ) Plus, the transaction amount is clearly posted in the BCT thread action.

-

I'm not 100% on wallet/crypto algorithms, so correct me, if there are glaring oversights in this whole process, but I think this would actually work!...

...*For example, if the sender's wallet address is almost out of UNO, I understand it will draw funds from a different address in their wallet, but in almost all cases, the blockchain should show a connection between the two sender's addresses, thus keeping it obvious it's still from the new owner, and it wouldn't matter which of the two addresses a proximate owner sends their Recorder Transactions to.  This should be rare concern, anyway.

[Benefactor]

We could even truncate the 3 Hedge name lines to only 1 line, the 3-digit Hedge serial number, but I prefer to keep it, so the system could expand to have other longer names for other Unobtanium projects*!!!  It's a courtesy to the Unobtanium community to use the full 3 Hedge name lines.  

...Or maybe not, since it's effectively always going to a known address.

*...And then software could always easily read the real-time transactions and messages of all the constellation of projects off of the Unobtanium blockchain!!!

All of these transactions will show up very easily in the explorers!!  Not difficult to decode, especially if an app does it; (not even required.)

[Benefactor]

I like the 2nd system.  It's elegant!!!  I hope people understand it.

Simply, whenever someone buys a Hedge, they send 7 more transactions, all dust amounts, with the transaction data for only about 2 to 4 pennies (in $USD).

A simple app can help them key it in correctly! (optional)

That's it!!!

[IMZ]

@ Benefactor:

Your enthusiasm is wonderful!

First Thought of The Day:

a rising Bitcoin market -- seriously solidly rising -- would negate the value of a Hedges experiment. I am watching markets and world news intently at present. I really do think we need to be on our historical toes at this point. Point is: if we are enjoying ourselves, and not concerned about diddling ourselves out of a few Unos as we learn, shall we simply start trading? and see what happens? and develop the technology en route?

'Phase One' is ten weeks. We are firmly in control: five hedges, small total value, energetic people.

[Benefactor]

I think so, just so I can send you your 100 UNO quicker.  Hot potato.  

I'd like to buy in RND 2, anyway.  Silver's gotta start rising before Phase I is complete, IMHO, and it should just keep rising over time afterwards....  (UNO will do the same, too, gaining on BTC in the long-term.  Hedges are a perfect balance.   )

[IMZ]

My Humble Opinion agrees with Your Humble Opinion.

I will get you off the A.o.C. hook on Jan. 1.

[FallingKnife]

Looking forward to watching and learning about hedges. Or hedging. Whatever. Lots to learn.

[IMZ]

Hedge001/IMZ for sale: 10 Uno (Opening Special -- silver is somehow still goin' down in price, and I don't think the 18th will see a wild spike.)

[IMZ]

Un-Ex   16/10/2014 [Western Australia]

Price: 'solid': .0075/.0068

https://www.cryptsy.com/markets/view/133
https://bittrex.com/Market/Index?MarketName=BTC-UNO
https://coinbroker.io/trade/?symbol=UNO.BTC;

Trusted Traders:

# Wickedsick, two stars
# Mark (IMZ), two stars
# Edgar, two stars
# Falling Knife, one star
# Bitcoin Charlie, three stars
# Vector iso, one star
# Ian (IMZ), two stars
# Benefactor, two stars
# Layer1gfx, two stars
# Sirsmokesalot, two stars
# Philogus, one star
# Korlic, one star

Physical Bullion Planet Earth:

oil and stocks continue to slump in price. Keep an eye on silver.

Here is Benex

Here is Escrow V 500

[IMZ]

Hedge001/IMZ for sale: 10 Uno

Yesterday's Opening Special Uno is worth 12.9 this morning. (Two ounces at 17.45 each divided by 2.70)

[IMZ]

Un-Ex   17/10/2014 [Western Australia]

Price: 'solid': .0077/.0068

https://www.cryptsy.com/markets/view/133
https://bittrex.com/Market/Index?MarketName=BTC-UNO
https://coinbroker.io/trade/?symbol=UNO.BTC;

Trusted Traders:

# Wickedsick, two stars
# Mark (IMZ), two stars
# Edgar, two stars
# Falling Knife, one star
# Bitcoin Charlie, three stars
# Vector iso, one star
# Ian (IMZ), two stars
# Benefactor, two stars
# Layer1gfx, two stars
# Sirsmokesalot, two stars
# Philogus, one star
# Korlic, one star

Physical Bullion Planet Earth:

Watch the stock markets! Will silver begin to rise?

And here is BeneX

And here is Escrow V 500

[IMZ]

[Van Morrison: 'Brown-Eyed Girl']

Hedge001/IMZ for sale: 10 Uno

Background Details: it's not quite about profit. It's an experiment in community trust-building. Bitcoin Charlie has the ten ounces of silver, which I have paid for. Benefactor has undertaken to hold 100 Unos as insurance against The Whole Thing Going Horribly Pear-Shaped.

We hope to move from a non-crypto form to the blockchain as the Project proceeds.

Guys, I don't have a bee in my bonnet about Hedges in particular. Blockchains allow amazing stuff, but a tribe can be, must be, more than the sum of its parts. Whether it's Unobtanium or physical bullion or Hedges, a developed trust-network is a valuable asset.

m

[IMZ]

Un-Ex   18/10/2014 [Western Australia]

Price: 'solid': .0073/.0060

https://www.cryptsy.com/markets/view/133
https://bittrex.com/Market/Index?MarketName=BTC-UNO
https://coinbroker.io/trade/?symbol=UNO.BTC;

Trusted Traders:

# Wickedsick, two stars
# Mark (IMZ), two stars
# Edgar, two stars
# Falling Knife, one star
# Bitcoin Charlie, three stars
# Vector iso, one star
# Ian (IMZ), two stars
# Benefactor, two stars
# Layer1gfx, two stars
# Sirsmokesalot, two stars
# Philogus, one star
# Korlic, one star

Physical Bullion Planet Earth:

Watch the stock markets! Will silver begin to rise?

And here is BeneX

Here is Escrow V 500

[IMZ]

Hedge001/IMZ Opening Special: 8 Uno