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Author Topic: What the next step should be. My 2c.  (Read 1247 times)
tokeweed
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January 16, 2015, 12:39:21 AM
 #1

I think what we need is a true decentralized exchange all dealing with a decentralized, pegged bit.USD (or any fiat) implementation. Something that the govt. would need to shut the internet down to stop its services.

Save us Cody Wilson, Amir Taaki, Peter Todd.

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January 16, 2015, 12:41:22 AM
 #2

bitUSD already exists Smiley

The original Zerocoin implementation, soon with Znodes - https://zcoin.io/
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January 16, 2015, 12:43:02 AM
 #3

bitUSD already exists Smiley

it does yes.  but implementation is key.  people seem to question it.

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January 16, 2015, 12:45:34 AM
 #4

I think what we need is a true decentralized exchange all dealing with a decentralized, pegged bit.USD (or any fiat) implementation. Something that the govt. would need to shut the internet down to stop its services.

Save us Cody Wilson, Amir Taaki, Peter Todd.
Tether is now live on bitfinex and traded via true decentralized exchange.  Exactly what you describe.  Go look at Tether/Omni
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January 16, 2015, 01:04:36 AM
 #5

I think what we need is a true decentralized exchange all dealing with a decentralized, pegged bit.USD (or any fiat) implementation. Something that the govt. would need to shut the internet down to stop its services.

Save us Cody Wilson, Amir Taaki, Peter Todd.
Tether is now live on bitfinex and traded via true decentralized exchange.  Exactly what you describe.  Go look at Tether/Omni

i'll read into it.

but the idea is it should be taking after the ideals of crypto.  like how btc started.. from the grass roots.


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January 16, 2015, 01:11:46 AM
 #6


but the idea is it should be taking after the ideals of crypto.  like how btc started.. from the grass roots.

Who cares what ideals it takes after?  What if it just works really well and kicks ass? 
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January 16, 2015, 02:15:03 AM
 #7

BitUSD will soon be a lot easier to trade for bitcoin directly. Bitshares is doing everything it can to remove the counterparty risk from exchanging bitcoins. With BitBTC gateways and light wallet coming soon, it might actually become a usable product. Marketing just needs to stop sucking. Tether isn't the solution, it also has counterparty risk like every other exchange - without AML they will be branded terrorists by the police state, their single point of failure will be raided and their collateral will be seized. Any funds put into tether, bitreserve and similar services without KYC will be lost. They are no different from the old e-gold and liberty reserve. If you hold your funds in a centralized place, the governments will seize them.
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January 16, 2015, 02:52:23 AM
 #8


but the idea is it should be taking after the ideals of crypto.  like how btc started.. from the grass roots.

Who cares what ideals it takes after?  What if it just works really well and kicks ass? 

by work, you mean no counterparty risk and single point of failure, then yes that would kick ass.

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January 16, 2015, 03:44:02 AM
 #9

BitUSD will soon be a lot easier to trade for bitcoin directly. Bitshares is doing everything it can to remove the counterparty risk from exchanging bitcoins. With BitBTC gateways and light wallet coming soon, it might actually become a usable product. Marketing just needs to stop sucking. Tether isn't the solution, it also has counterparty risk like every other exchange - without AML they will be branded terrorists by the police state, their single point of failure will be raided and their collateral will be seized. Any funds put into tether, bitreserve and similar services without KYC will be lost. They are no different from the old e-gold and liberty reserve. If you hold your funds in a centralized place, the governments will seize them.
And how do decentralized exchanges solve the fiat processing?

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January 16, 2015, 01:01:23 PM
 #10

I think it's a good idea, just can't think of a way how it can implemented. If we can have a decentralized currency, the idea of decentralized exchangers would also be possible where no one controls it or shut it down. Something similar to a blockchain concept.

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January 20, 2015, 06:29:33 AM
 #11

A pegged asset like Tether would be a good item for regulators to look at. Since it is more than just payment processing it should be treated like cash. One way to limit it's use is to allow limited licenses for its issuance in some arbitrary proportion to the m-zero money supply. Then there is no reason to track it afterward, just like cash. Regulators can inflate its issuance with Keynesian alacrity.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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February 06, 2015, 01:07:17 AM
 #12

A pegged asset like Tether would be a good item for regulators to look at. Since it is more than just payment processing it should be treated like cash. One way to limit it's use is to allow limited licenses for its issuance in some arbitrary proportion to the m-zero money supply. Then there is no reason to track it afterward, just like cash. Regulators can inflate its issuance with Keynesian alacrity.

This type of money supply manipulation would not be accepted by the community (tethers are backed assets, not pegged assets).

The tether creation/destruction events are recorded on the blockchain, for starters.  In order to retain the trust of the community, the amount of tethers in circulation could never be bigger than the number of dollars in the reserve.  If the number of tethers on the blockchain exceeded the number of dollars in the reserve (entering fractional reserve territory), the entire premise of the token, and the trust of the community would be lost.

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February 06, 2015, 02:43:35 AM
 #13

Decentralization still doesn't solve the problem of not knowing whom you are dealing with. In fact, nothing can as far as I know.

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               '▀▀▀▀▀▀▀▀▀▀~
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February 06, 2015, 02:49:13 AM
 #14

A pegged asset like Tether would be a good item for regulators to look at. Since it is more than just payment processing it should be treated like cash. One way to limit it's use is to allow limited licenses for its issuance in some arbitrary proportion to the m-zero money supply. Then there is no reason to track it afterward, just like cash. Regulators can inflate its issuance with Keynesian alacrity.

This type of money supply manipulation would not be accepted by the community (tethers are backed assets, not pegged assets).

The tether creation/destruction events are recorded on the blockchain, for starters.  In order to retain the trust of the community, the amount of tethers in circulation could never be bigger than the number of dollars in the reserve.  If the number of tethers on the blockchain exceeded the number of dollars in the reserve (entering fractional reserve territory), the entire premise of the token, and the trust of the community would be lost.

Craig


A Tether doesn't need to be accepted by a community, it only needs to be licensed and provide liquidity. It doesn't matter if they are fractional reserve any more than your bank account. Any entity licensed for them will be insured with as much assurance as your government can demand.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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February 06, 2015, 03:26:33 AM
 #15

A pegged asset like Tether would be a good item for regulators to look at. Since it is more than just payment processing it should be treated like cash. One way to limit it's use is to allow limited licenses for its issuance in some arbitrary proportion to the m-zero money supply. Then there is no reason to track it afterward, just like cash. Regulators can inflate its issuance with Keynesian alacrity.

This type of money supply manipulation would not be accepted by the community (tethers are backed assets, not pegged assets).

The tether creation/destruction events are recorded on the blockchain, for starters.  In order to retain the trust of the community, the amount of tethers in circulation could never be bigger than the number of dollars in the reserve.  If the number of tethers on the blockchain exceeded the number of dollars in the reserve (entering fractional reserve territory), the entire premise of the token, and the trust of the community would be lost.

Craig


A Tether doesn't need to be accepted by a community, it only needs to be licensed and provide liquidity. It doesn't matter if they are fractional reserve any more than your bank account. Any entity licensed for them will be insured with as much assurance as your government can demand.

I’d be concerned with the moral hazard of having the ability to extend the fractional reserve beyond the probability of a bank run, just because one could.  Are you saying that this isn’t a legitimate concern?

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February 06, 2015, 05:57:22 AM
 #16

A pegged asset like Tether would be a good item for regulators to look at. Since it is more than just payment processing it should be treated like cash. One way to limit it's use is to allow limited licenses for its issuance in some arbitrary proportion to the m-zero money supply. Then there is no reason to track it afterward, just like cash. Regulators can inflate its issuance with Keynesian alacrity.

This type of money supply manipulation would not be accepted by the community (tethers are backed assets, not pegged assets).

The tether creation/destruction events are recorded on the blockchain, for starters.  In order to retain the trust of the community, the amount of tethers in circulation could never be bigger than the number of dollars in the reserve.  If the number of tethers on the blockchain exceeded the number of dollars in the reserve (entering fractional reserve territory), the entire premise of the token, and the trust of the community would be lost.

Craig


A Tether doesn't need to be accepted by a community, it only needs to be licensed and provide liquidity. It doesn't matter if they are fractional reserve any more than your bank account. Any entity licensed for them will be insured with as much assurance as your government can demand.

I’d be concerned with the moral hazard of having the ability to extend the fractional reserve beyond the probability of a bank run, just because one could.  Are you saying that this isn’t a legitimate concern?
I'm saying this fundamental technology will create spinoff technologies. They will be be exploited for good or ill depending on your optics. Moral hazards are sociological. Colored Coin instruments like Tether will be a panacea and a Pandora's Box. A bank run in this case would not be cashing out for fiat, but abandoning fiat for Bitcoin. Tether is a transitional instrument for people with motion sickness.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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February 06, 2015, 09:33:04 AM
 #17

Absolutely agree...some are already doing ..some are in alpha, beta....yes a rigid and true implementation is yet to come. Match that with a large enough volume and we have the solution to some of the ills afflicting the BTC eco.
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February 06, 2015, 09:43:15 AM
 #18

While it's nice to have an option like Tether, Tether is not the solution we need.  It provides central points of attack. 

I can certainly see a scenario where Tether fiat accounts get frozen.  So much for your Tether redemptions at that point.

BitShares has a good solution.  It just needs more traction.   With more liquid on & off ramps into BitUSD.

I see this project as a great bridge for that (just so long as they add alt coins such as BitUSD)...

https://bitsquare.io/

While it won't provide realtime trading functionality, it could provide a decentralized platform for moving USD in and out of the P2P exchanges. 

It's a piece to the crypto ecosystem we need badly.

They are in their funding cycle.  They deserve some support.

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February 07, 2015, 07:18:38 AM
 #19

While it's nice to have an option like Tether, Tether is not the solution we need.  It provides central points of attack. 

I can certainly see a scenario where Tether fiat accounts get frozen.  So much for your Tether redemptions at that point.

BitShares has a good solution.  It just needs more traction.   With more liquid on & off ramps into BitUSD.

I see this project as a great bridge for that (just so long as they add alt coins such as BitUSD)...

https://bitsquare.io/

While it won't provide realtime trading functionality, it could provide a decentralized platform for moving USD in and out of the P2P exchanges. 

It's a piece to the crypto ecosystem we need badly.

They are in their funding cycle.  They deserve some support.
I'm not endorsing Tether, what I'm saying is that colored coins denoted as legal tender would be useful for adoption. I like Mycelium, Localbitcoins, and I suppose Bitsquare will be similar in function as a reputation based OTC app. These apps could be integrated into DEX trading systems. They would be particularly useful for arbitrage.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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Come original.


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February 07, 2015, 10:39:03 AM
 #20

I think what we need is a true decentralized exchange all dealing with a decentralized, pegged bit.USD (or any fiat) implementation. Something that the govt. would need to shut the internet down to stop its services.

Save us Cody Wilson, Amir Taaki, Peter Todd.

Decentralization is coming. Just have patience and soon everything will be this way: markets, exchanges, social networks. It's the way forward and safest from scams and thefts and law enforcement interfering.
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