Unobtanium In-House Exchange

[BitcoinCharlie]

Hedges Register:

Hedge001/Sirsmokes
Hedge002/Sirsmokes
Hedge003/Repunza
Hedge004/IMZ
Hedge005/Bitcoin National [How did Hedge005 get an extra '0'? Good help is so hard to find]


Keep practising the arithmetic, campers. Volatility makes the Hedges world go around. The low price of Bitcoin and the weakening price of silver has kept the Project from gaining pace, but things are looking better.

m

Great to see that they're about sold out!

[IMZ]

Well . . . no, B.C.! They are a trading instrument not an investment instrument. The idea is that you trade them hard and fast, thus providing a hedge against other fluctuations.

[amend] Oh! That sounded brusque. Yes! We are gaining ground, especially as you and Benefactor are eager to join the fray -- 'Phase Two'!!

I have coined the term 'distributed vault,' being trust-network plus bullion held by its members. CD and I already have $1,000 worth of bullion waiting for integratrion, and IMZ has a backer ready to put up 1.5 Btc more when we want it.

m

[IMZ]

Un-Ex   15/11/2014 [Western Australia – a half a day ahead of the U.S.]

Price: 'solid': .0081/.0072

https://www.cryptsy.com/markets/view/133
https://bittrex.com/Market/Index?MarketName=BTC-UNO
https://bleutrade.com/exchange/UNO/BTC
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, four stars
# Vector iso, one star
# Ian (IMZ), two stars
# Benefactor, two stars
# Layer1gfx, two stars
# Sirsmokesalot, two stars
# Philogus, three stars (big trade but)
# Korlic, one star
# Repunza, one star
# Martinw79, one star

Physical Bullion:

'distributed vault' -- discussion on the main thread. Shall we create a (bullion-underpinned?) asset as an experiment?

Here is V500's escrow service.

[Benefactor]

OFFER to BUY
UNO with paypal

This is the sort-of thing that makes me adamant about avoiding Paypal at all costs.:

•Paypal shuts down account for Swiss Gold Referendum, confiscates funds in Gestapo like move!

Read more at http://www.maxkeiser.com/#DgEMlQWjPGIcGm1s.99

Why support a monster like this?  Convenience?  Then we will lose.

[IMZ]

Discussion, go!!!!!!!!!!!

In Uno Veritas!!

Distributed-Vault Coin, an NXT asset – fully-fledged crypto on an automated excchange – will exist within hours. Abbreviation: ‘DVC’ Plural: DVC

Type: POS

Number of coins: +- 120

It is Phase Two of Hedges, which we’re gonna ‘unpack’ forthwith.

It will be owned and traded (almost?) exclusively by TTs on Un-Ex.

The result will be the most stable crypto trading-pair in existence: Uno/DVC.

In brief: up to, say, 50 TTs will ‘verify’ a holding of, say, four ounces of silver bullion. Each DVC will ‘represent’ 2 ounces of silver bullion. Thus – at 2 DVC at 50 TTs – a mere 100 coins in the currency. (I propose holding a reserve of 20.)

Basic Principle: The ‘currency’ is the enthusiasm for the project. The ‘currency’ exists first in the community. Its cryptographic reality is secondary to that. The verification process is gleefully entered into.

Constructing the distributed vault will take about a year, I reckon, but we should have our first trade before Christmas.

I am not in charge

m

[IMZ]

Un-Ex   16/11/2014 [Western Australia – a half a day ahead of the U.S.]

Price: 'solid': .0080/.0075

https://www.cryptsy.com/markets/view/133
https://bittrex.com/Market/Index?MarketName=BTC-UNO
https://bleutrade.com/exchange/UNO/BTC
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, four stars
# Vector iso, one star
# Ian (IMZ), two stars
# Benefactor, two stars
# Layer1gfx, two stars
# Sirsmokesalot, two stars
# Philogus, three stars (big trade but)
# Korlic, one star
# Repunza, one star
# Martinw79, one star

Physical Bullion:

Gonna get verified? Two or four ounces of silver in a coffee can in the garden?

Here is Escrow V500

[IMZ]

DVC: First Informational Text. In Uno veritas.

One: a TT decides she wants to hold DVC.

Two: she acquires, say, two or four ounces of silver (or perhaps already owns some).

Three: then she is ‘verified’ by the community members.

For example, if she bought the silver from Bitcoin Charlie, he could vouch.

If from COAEX, she could post a screen shot of the receipt.

A face-to-face meet-up with an Unobtanium community member would serve.

These amounts of silver, as more people are ‘verified’ to the community’s satisfaction, constitute the ‘distributed vault.’ [Lots of details to clarify.]

This is decentralized, trust-building, and without maintenance cost. It doesn’t masquerade as a commercial entity. (We just don’t use the term ‘ETF.’)

Four: once verified, you set up an Nxt wallet. Then the ‘bursar’ passes you 1 coin or two. Two ounces in the vault gets you 1 DVC. Limit two. (But ask about ‘nodes.’)

That coin – 1 DVC – is yours to trade hot and fast forever, on Un-Ex, among your fellow TTs.

DVC will be limited to about 50 TTs (and there’s a fund of 20 kept separate, by the ‘bursar,’ for exceptions – perhaps COAEX guy wants a couple (but no free rides! He must get a trust-rating like anyone else.).

DVC is owned and traded solely (?) by TTs; and each TT remains responsible to have the bullion to hand.

(You can be ‘called out’!)

This is ‘positive discrimination’ for those who invest energy in developing Unobtanium. (B.N., this is the ground-plan of an empire.)

Five: technically?

an asset titled ‘DVC’ exists on Nxt’s SAE; but DVC’s will never be traded on the SAE. Indeed, if you put one on the order books there, an unknowing SAE user might buy it, and it would be effectively lost to the DVC community.

But the blockchain will show lively transaction volume.

We pay one Nxt (two cents) transaction fee per transaction.

DVC was created with 500 coins. The blockchain allows us to monitor the ‘Bursar’s Wallet,’ where the unissued coins will be ‘in escrow’ until destroyed.

This coin is rare. It’s fair. Uno/DVC will be the stablest trading-pair in existence.

Nxt wallets are multi-coin wallets. So, the Nxt wallet is your DVC wallet.

No ‘Hedges Register’ is required; we’re cryptographic!

[IMZ]

Un-Ex   17/11/2014 [Western Australia – a half a day ahead of the U.S.]

Price: 'solid': .0080/.0071

https://www.cryptsy.com/markets/view/133
https://bittrex.com/Market/Index?MarketName=BTC-UNO
https://bleutrade.com/exchange/UNO/BTC
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, four stars
# Vector iso, one star
# Ian (IMZ), two stars
# Benefactor, two stars
# Layer1gfx, two stars
# Sirsmokesalot, two stars
# Philogus, three stars (big trade but)
# Korlic, one star
# Repunza, one star
# Martinw79, one star

DVC Bulletin:

The creation of Distributed-Vault Coin -- it exists -- begins the conversion of Hedges from the non-cryptographic stage to the cryptographic stage. We will now 'unpack' Hedges. (But me away at dentist's tomorrow.) Round numbers: 20 Uno to Sirsmokes; 11 to Repunza; 10 to Bitcoin National. Is that right? PM your Uno addies, please.

Here is Escrow V500.

[BitcoinNational]

i WTB uno
----------------
BCC/desk [trade 002]
----------------

OFFER to BUY
UNO with paypal

bid
1 UN @ $3.33

-------------------
limit 25 / offer expires in 72hrs post timestamp
expired

[BitcoinNational]

I might be off on the details but this is the general picture I see.

STAGE 2 >> DVC lets the exchange house do the dirty work of book keeping but we are just trading inhouse TT2TT ... but there is the option to go public since it is already on an open market.

STAGE 1 >> that is what Un-Ex is ... a playground to try new assets (or trading/pairs) ... the silver hedge is moving up to stage 2.
But I suggest that we keep this rolling trying new "experimental" assets ... if they work we move them to stage2 ... if not just unwind.

STAGE 3 >> if stage 2 works then we slowly and carefully expand the TTs allowed to issue and release shares to 'the public' ... let the prices float ... instead of arranging prices internally and then posting corresponding bids/offers on the exchange. But it also means we collectively have to honor public persons calling in the hedge for UNO (if and only if CALL-able is an option we put into the details).  Hence I think >> if public then DVC is good for NXT only at the market rate ... but TTs privately trade DVC/UNO on Un-Ex.

_{below is a badly draw illustration of the 2 core models}  

[sirsmokesalot]

uno addy : uPQyb7t1kJjmUGcLYqTUehmBzFHmN6LiZQ

Gonna be sad to see the hedges go. They were simple enough to keep me interested. This Dvc stuff seems interesting, but i don't follow it. It is just a lot to keep track of. You have trusted people holding silver and each dvc represents a "hedge" against the silver? Given the nature of coins and how they are traded it is going to be inevitable that they are sold in fractional amounts, which is cool and all, but are you never supposed to want the silver the uno is being traded against? What if i wanted silver for my hedge instead of uno? Is the concept merely that the hedge is backed by silver, but the people trading hedges never plan on doing anything with the silver other than trading it through the hedges, so getting the silver doesn't happen, you get back the value of the hedge?

I don't mind holding silver, the only issue is if i were to die, i would have to leave instructions with the silver and what to do with it or how does that work? I already have a few ounces of silver and a nice big gun safe and i like trying to help out when i can. Maybe a picture of our username and date next to the silver and an uno addy we have used for trades could be another way of verifying the silver? i dunno how many people live that close to other uno peeps. More so the peeps people trust.

It all seems interesting to say the least!

[BitcoinCharlie]

do we have any risk in calling these DVCs in being confused with Dev Coin?

[IMZ]

Me at dentist's. Details this arvo.

Sir Smokes, I will bust my hump to keep you involved. You'll need an Nxt wallet -- all assets live in it.

Your verification mode is okay by me.

DVC ARE Hedges!! Just Phase Two. We won't need the (clumsy) Register.

The two or four 'verified' ounces are your property, but you pledge them -- in Uno veritas -- as stock in the distributed vault.

(Coupla customs to settle down the track. One must be prepared to be 'called out')

But you are an Nxt wallet and a here's-me-with-bullion-and-blunderbuss photo short of being verified -- and receiving your DVC.

Indeed, it's already becoming clear that a bunch of Uno boomers DO hold bullion.

Finally: bear with the project, campers!! When we begin to gain trading-velocity -- IT IS ALL ABOUT VELOCITY -- and you realise how many things we're gonna leverage off UnEx and DVC, it will really start making sense.

Stablest trading-pair in the crypto sphere to boost Uno's price-independence?! I'm up for that!!

[BitcoinNational]

random
-----------
this is how BCT handles the books
https://bitcointalk.org/index.php?topic=155000.0

pretty / simple / very basic ... (like Un-Ex)
... i always like simple ...
        K I S S
 

the old OTC .. some potential for nonTT greenhands
https://www.bynergy.com/

------------------
https://anycoin.me/profiles/currency/1022

maybe if the TTs go big here's a way to show case
those who want to be more public
will still have psuedoAnon if you prefer
(just a fancy directory service)

-------------------------------------

* Encrypted Messaging ... should pick one service (BM? some coin wallets are featuring this 2)

* Signed contracts in a block chain (OSC, FLO, Elephant)
* Signed address http://cap.cryptocoinexplorer.com/claim

* IRC ... I think UNO has a channel already ... so we can just us it as backup hangout

------------------------------------------------------------
TA on hedges (traditional commodities)

https://www.quandl.com/c/markets

[IanRidgwell]

Some thoughts about DVCs.

I had a great time discussing with Mark DVCs yesterday. With any luck his new Net device might allow some kind of online chat to happen. Nothing like people to people interaction. These are discussions mark and I have had many times over the last two years though the community to participate in has not revealed itself until now.

Thing to remember, DVCs are not an investment tool, they are a trading tool.

DVCs are about community and trust which seems a bit odd considering the trust-less nature of cryptos though it makes perfect sense when you consider realities like Gox and Moo.
 
Crypto systems aren't really trust-less. On a technical level they appear to be but theory and practice are remain separate realities. Perhaps in distant utopian future block chain technology will supersede people. 'I for one welcome our blockchain overlords'

A term that comes up a lot is 'accelerator'. A system like DVCs won't nescesarily make a shit ton of money. DVCs facilitate hedging and community solidarity. What I see DVCs becoming is a central core of community around which considerable development will take place. DVCs will act as an accelerator, binding a core community of not only well meaning and positive community members, but technically skilled and individually dynamic entrepreneurs.

A comment I made yesterday to mark was "it feels a little, 'Blue Blood'." This sounds negative but it isn't. Ween out the passengers, reward the dynamic and active elements of a community and utilise the drive and dynamic personalities available in a self serving but also community (in this case UNEX but also UNO) supporting way. Our version of 'blue blood' is intelligence, drive and a willingness to put in the work. If people call you a bastard for rewarding those qualities...

Get rich and develop the platform upon which that wealth will ultimately grow from. DVCs are an accelerator to that purpose.

All technical aspects of DVCs are in my mind tangible/beta/malleable. No point getting hung up on specifics when the technological possibilities are still in infancy. DVCs exist in the NXT Asset system because mark an I have the resources to do that now. If a better opportunity or solution arises there is no shame or regret in adapting to it.

Mark is out for a few days while his patch cable arives. After which were hoping for better more reliable net for him.

[IanRidgwell]

Un-Ex   17/11/2014 [Western Australia – a half a day ahead of the U.S.]

Price 'SOLID': 0.0079/0.0077

(My consideration of solid is that the price won't shift with 1BTC of pressure. I beleive Mark takes a consideration across several exchanges for his consideration of solid.)

https://www.cryptsy.com/markets/view/133

Trusted Traders:

# Wickedsick, two stars
# Mark (IMZ), two stars
# Edgar, two stars
# Falling Knife, one star
# Bitcoin Charlie, four stars
# Vector iso, one star
# Ian (IMZ), two stars
# Benefactor, two stars
# Layer1gfx, two stars
# Sirsmokesalot, two stars
# Philogus, three stars (big trade but)
# Korlic, one star
# Repunza, one star
# Martinw79, one star

Apologies for the lesser level of details I'm filling in for Mark until his internet is functional.

[BitcoinCharlie]

Some thoughts about DVCs.

I had a great time discussing with Mark DVCs yesterday. With any luck his new Net device might allow some kind of online chat to happen. Nothing like people to people interaction. These are discussions mark and I have had many times over the last two years though the community to participate in has not revealed itself until now.

Thing to remember, DVCs are not an investment tool, they are a trading tool.

DVCs are about community and trust which seems a bit odd considering the trust-less nature of cryptos though it makes perfect sense when you consider realities like Gox and Moo.
 
Crypto systems aren't really trust-less. On a technical level they appear to be but theory and practice are remain separate realities. Perhaps in distant utopian future block chain technology will supersede people. 'I for one welcome our blockchain overlords'

A term that comes up a lot is 'accelerator'. A system like DVCs won't nescesarily make a shit ton of money. DVCs facilitate hedging and community solidarity. What I see DVCs becoming is a central core of community around which considerable development will take place. DVCs will act as an accelerator, binding a core community of not only well meaning and positive community members, but technically skilled and individually dynamic entrepreneurs.

A comment I made yesterday to mark was "it feels a little, 'Blue Blood'." This sounds negative but it isn't. Ween out the passengers, reward the dynamic and active elements of a community and utilise the drive and dynamic personalities available in a self serving but also community (in this case UNEX but also UNO) supporting way. Our version of 'blue blood' is intelligence, drive and a willingness to put in the work. If people call you a bastard for rewarding those qualities...

Get rich and develop the platform upon which that wealth will ultimately grow from. DVCs are an accelerator to that purpose.

All technical aspects of DVCs are in my mind tangible/beta/malleable. No point getting hung up on specifics when the technological possibilities are still in infancy. DVCs exist in the NXT Asset system because mark an I have the resources to do that now. If a better opportunity or solution arises there is no shame or regret in adapting to it.

Mark is out for a few days while his patch cable arives. After which were hoping for better more reliable net for him.

Wow! Thanks for those explanations! Let Mark know that I am trying to get the NXT wallet setup for your next experiment!

[IMZ]

I am here but gotta get new cheap system going

TTs get an Nxt wallet going -- DVC lives in it.

Don't be put of by the hassle of setting up. I will post a Thought on thos but:

Uno trading-volume will decrease as rarity inceases.

DVC (Hedges) WILL GIVE US CHANCE TO TRADE HARD AND FAST. HAVE THE VOLUME VISIBLE ON THE ROCKCHAIN, BUT STILL KEEP THE UNO IN-HOUSE

(DVC will never be traded on the SAE. That would result in non TTs getting hold of coin.)

M

[BitcoinNational]

i WTB uno
----------------
BCC/desk [trade 002]
----------------

OFFER to BUY
UNO with paypal

bid
1 UN @ $3.20

-------------------
limit 30 / offer expires in 72hrs post timestamp this Sunday 1AM GMT

[BitcoinNational]

Uno trading-volume will decrease as rarity inceases.

DVC (Hedges) WILL GIVE US CHANCE TO TRADE HARD AND FAST. HAVE THE VOLUME VISIBLE ON THE ROCKCHAIN, BUT STILL KEEP THE UNO IN-HOUSE

that's 20/20 vision ... for sure you can already see the kilos on offer being reduced ... this trend will only accelerate ... a committed buyer could acquire 1Ton 90days ago in a few trading sessions ... now it takes more time to buy just a couple 100kilos ... soon scoring 10kilos will be rare without running the price to the north pole ... my guess is that in 6months getting 1kg will require time and patience

(DVC will never be traded on the SAE. That would result in non TTs getting hold of coin.)

Still trying to wrap my head around it .. eventually will get it