Bullion (CBX) 'the Digital Precious Metal' | 2019 Roadmap published

[FiniteRed]

Evening all, would be good to get CBX on a few more exchanges, has anyone submitted this form to Poloniex before? (love this exchange!)

FR

https://poloniex.com/coinRequest

[BTCat]

Evening all, would be good to get CBX on a few more exchanges, has anyone submitted this form to Poloniex before? (love this exchange!)

FR

https://poloniex.com/coinRequest

Poloniex is nice. Feel free to submit id say.


Bittrex just changed the way coins get listed it seems.

Submitting A Coin To Bittrex - Updated 07/20/15
https://bittrex.zendesk.com/hc/en-us/articles/202583854-Submitting-a-Coin-to-Bittrex-Updated-07-20-15

[elambert]

CBX Proof-of-Value Network Certification - Building a Decentralized Value Network using the CBX blockchain.

CBX Wallet Address:

Code:

5ZD5K59kfWk2c9V1MGbSxJLDSgGwXfXKZx

Message:

Code:

I elambert hereby back 1000 CBX with 1.0001 troy ounce of .9999 Fine Gold (2006 American Buffalo One Ounce Gold Proof Coin).

Should I divest either my CBX and/or physical bullion holding then this statement is automatically considered null and void within the CBX Value Network.

I hereby endeavour to provide a separate notification should I divest this personal holding.

Verify Message:

Code:

Hym8ugHrcOtFj7ugaBedf6+2RBD3PRytEmT0/YiP3iCrtNqoWTLqvCuUXw8XMYMoYc1JqHXpmqz2O7olTwnZ0dQ=

Count me in!

[BitcoinFX]

Good one elambert.

You have placed an extra space before the (I) in the message field above (currently).

However, the message will verify properly when the additional space is deleted, 'as is'.

Looks like you may have done this in a similar way to FiniteByDesign (using the document template provided) and probably copied the text over from the document directly into the CBX software message field, for convenience. Hence the extra paragraph settings.

It will be best to try and format the messages in plain text (with say notepad) without extra paragraphs, indents or spaces etc., anyway as long as the messages match the printed text and can be verified then we are good. No need to re-do at this stage, however when this starts to be done on mass and/or the data is being machine read and verified then this might well become more relevant. At least this helps to highlight some eventualities.

It will be best to start verifying posted messages with return screen shots of the verified message from the CBX software. So, Proof-of-Value Network Verification.

Anyway, once we have at least one more participant in the CBX Proof-of-Value Network Certification then I think we have the start of our fully decentralized network and thus can commence with Phase 2.   

[elambert]

Good one elambert.

You have placed an extra space before the (I) in the message field above (currently).

However, the message will verify properly when the additional space is deleted, 'as is'.

Looks like you may have done this in a similar way to FiniteByDesign (using the document template provided) and probably copied the text over from the document directly into the CBX software message field, for convenience. Hence the extra paragraph settings.

It will be best to try and format the messages in plain text (with say notepad) without extra paragraphs, indents or spaces etc., anyway as long as the messages match the printed text and can be verified then we are good. No need to re-do at this stage, however when this starts to be done on mass and/or the data is being machine read and verified then this might well become more relevant. At least this helps to highlight some eventualities.

It will be best to start verifying posted messages with return screen shots of the verified message from the CBX software. So, Proof-of-Value Network Verification.

Anyway, once we have at least one more participant in the CBX Proof-of-Value Network Certification then I think we have the start of our fully decentralized network and thus can commence with Phase 2.   

Thanks for the feedback. We will have to look into automating as much of this as possible but nonetheless, this is extremely exciting and promising!

Great work and thanks for leading the charge!

[snatchmonkey]

CBX Proof-of-Value Network Certification - Building a Decentralized Value Network using the CBX blockchain.

CBX Wallet Address:

Code:

5dG7rGUqejEVSnqBrKiQT743P4QrqbN3s6

Message:

Code:

I snatchmonkey hereby back 1000 CBX with 5 Troy Oz of .999 Fine Silver.

Should I divest either my CBX and/or physical bullion holding then this statement is automatically considered null and void within the CBX value network.

I hereby endeavour to provide a separate notification should I divest this personal holding.

Verify Message:

Code:

ILhnyDoSw6sqxQKXEKs0OfFbpnIIjI48h58cC5B4K2A+tu5a2nO1of6FSxJ+PzVbdjCIvw0kyH5zNNtlI2ZOaHI=

[snatchmonkey]

Haha, I just realised I used less silver to back my CBX than you guys, sorry!

Unfortunately these 5 poor little maple leafs are the only precious metals I own (besides my treasured Finite by Design Cryptogenic Bullion Bar). I hereby endeavour to correct this sorry state of affairs next time the opportunity arises.

Anyway, all done and correct?

[elambert]

Haha, I just realised I used less silver to back my CBX than you guys, sorry!

Unfortunately these 5 poor little maple leafs are the only precious metals I own (besides my treasured Finite by Design Cryptogenic Bullion Bar). I hereby endeavour to correct this sorry state of affairs next time the opportunity arises.

Anyway, all done and correct?

Verified!

[BitcoinFX]

Haha, I just realised I used less silver to back my CBX than you guys, sorry!

Unfortunately these 5 poor little maple leafs are the only precious metals I own (besides my treasured Finite by Design Cryptogenic Bullion Bar). I hereby endeavour to correct this sorry state of affairs next time the opportunity arises.

Anyway, all done and correct?

Perfect snatchmonkey - verified.

It really does not matter if people choose to back with less or more bullion than others.

As we progress with this we will reach some sort of price equilibrium from the data https://wikipedia.org/wiki/Economic_equilibrium

The actual total backed CBX precious metal 'value' amalgamated could eventually hold a higher value over the exchange price of CBX to Bitcoin or Litecoin, for example.

For now, anyone could back 1000 CBX with just a gram of copper or even 0.001 CBX with a 1 Kilo gold bar (if they can fit it on the A4 page)  

If / when we start to reach a critical mass of backed CBX against the CBX remaining in circulation then this could get very interesting.  

EDIT: The reference to price equilibrium is probably more accurately described as; "competitive quantity" or market clearing quantity - in relation to the economic principals of supply and demand.

"Properties of equilibrium

...

Equilibrium property P1: The behavior of agents is consistent.

Equilibrium property P2: No agent has an incentive to change its behavior.

Equilibrium Property P3: Equilibrium is the outcome of some dynamic process (stability)."

Thus, the CBX Proof-of-Value Network is a dynamic process to find price stability against precious metals and relative to Bitcoin (markets).

[raizor]

CBX Proof-of-Value Network Certification - Building a Decentralized Value Network using the CBX blockchain.

CBX Wallet Address:

Code:

5WqSTfYrhL4j69XtCouMZtDM1QjeExwbH3

Message:

Code:

I raizor hereby back 100 CBX with 1 Troy Oz of .999 Fine Silver.

Should I divest either my CBX and/or physical bullion holding then this statement is automatically considered null and void within the CBX Value Network.

I hereby endeavour to provide a separate notification should I divest this personal holding.

Verify Message:

Code:

H9yVyldMkA7iRabSLnetX8k73olRJeCExSNti66pW7TtihmMMC9TM1Jo77dGdZZnbL2FemxRxKeygEcX4IBWiKQ=

Here's mine guys.

I've used my (1oz) silver CGB bullion bar and backed 100 CBX with that. Having just been through the process, it's given me a few ideas on adding some related functionality to the wallet. I think we should be able to auto-generate and print the certificates within the wallet. We could even have a 'create backing' function, that we could make available from a context menu when clicking one of your own addresses in the wallet. Something along the lines of 'back this address', perhaps. We could also have a 'create backing' menu item in the main wallet menu that takes you through the process. As I think about this, it becomes clear that we need to be able to lock the coins within the local wallet. Anyone not using Coin Control to send funds may inadvertently transfer their 'backed' funds without realising it and void the backing. I think we should be able to mark wallets as in use for backing and avoid them being selected for transactions. If we add a 'create backing' option, this could create a new named address in the local wallet and transfer the backing amount to the new address without excessive user interaction.

It feels good to have done this though. I think this is going to be very interesting as it unfolds. Thanks again BitcoinFX

raizor

[BTCat]

At what point becomes a coin a 'security', needing to comply with regulations, Fincen Sec etc.

I guess there must be at least two parties involved and backing your own coins is harmless  

[BitcoinFX]

At what point becomes a coin a 'security', needing to comply with regulations, Fincen Sec etc.

I guess there must be at least two parties involved and backing your own coins is harmless  

Indeed. It is perhaps only possible (or worthwhile) to issue yourself with a personal asset-backed security using block chain technology, as you are the holder of both the asset and the certificate.

~ No one bought or sold anything in relation to the contract with oneself. There is no company to issue anything. All holdings are fully decentralized and remain in individual ownership.  

- https://wikipedia.org/wiki/Security_(finance)

- https://wikipedia.org/wiki/Asset-backed_security


Bitcoins are worthless because they aren't backed by anything

- https://bitcoin.it/wiki/Myths#Bitcoins_are_worthless_because_they_aren.27t_backed_by_anything

Bitcoin is Not Backed by Anything (And That’s OK!)

- https://bitcoinmagazine.com/17392/bitcoin-is-not-backed-by-anything-and-thats-ok/

Vladimir Putin Addresses Digital Currencies on Russian National TV

- https://bitcoinmagazine.com/21237/vladimir-putin-addresses-digital-currencies-russian-national-tv/

- “Bitcoins are backed by nothing, and this is the major problem.”


- https://wikipedia.org/wiki/Subjective_theory_of_value  and  https://wikipedia.org/wiki/Paradox_of_value

 

[BTCat]

Evening all, would be good to get CBX on a few more exchanges, has anyone submitted this form to Poloniex before? (love this exchange!)

FR

https://poloniex.com/coinRequest

btw. If someone contacted you in some way to get listed there it was likely a fake, someone on twitter asking for BTC to get listed.

[raizor]

Evening all, would be good to get CBX on a few more exchanges, has anyone submitted this form to Poloniex before? (love this exchange!)

FR

https://poloniex.com/coinRequest

btw. If someone contacted you in some way to get listed there it was likely a fake, someone on twitter asking for BTC to get listed.

Great idea guys! I did it just now. I also stated on the form that I was a developer of the coin and listed some of the things we are currently working on. I'm quite keen on Poloneix as the interface is pretty good - Fingers crossed!

When I submit the form, I get redirected to a plain page with diagonal grey stripes. Is this expected behaviour?

cheers,

raizor

[elambert]

Having just been through the process, it's given me a few ideas on adding some related functionality to the wallet. I think we should be able to auto-generate and print the certificates within the wallet. We could even have a 'create backing' function, that we could make available from a context menu when clicking one of your own addresses in the wallet. Something along the lines of 'back this address', perhaps. We could also have a 'create backing' menu item in the main wallet menu that takes you through the process. As I think about this, it becomes clear that we need to be able to lock the coins within the local wallet. Anyone not using Coin Control to send funds may inadvertently transfer their 'backed' funds without realizing it and void the backing. I think we should be able to mark wallets as in use for backing and avoid them being selected for transactions. If we add a 'create backing' option, this could create a new named address in the local wallet and transfer the backing amount to the new address without excessive user interaction.

raizor

I couldn't agree more raizor! The success of this to a certain extent will be reflective of how simple and easy to use we can make this process. It is not difficult as is, however requires some steps that could certainly be automated. Great thinking!

[raizor]

I couldn't agree more raizor! The success of this to a certain extent will be reflective of how simple and easy to use we can make this process. It is not difficult as is, however requires some steps that could certainly be automated. Great thinking!

Thanks Elambert!

I had another thought related to this too, in relation to auto-detecting if a backed wallet address is used to send funds and therefore the backing is effectively voided. If we retain a list of all the CBX addresses currently backing metals, we could periodically scan this list to detected new sends from those addresses and discover any 'voided' backings. This would work with the data in a centralized database for the first iteration (database on a server rather than a decentralized blockchain). This opens us some extra functionality such as automatically voiding invalid backings (that have had funds removed) and updating the central list. We could even notify the associated backer or even a mailing list of all backers. A weekly/monthly summary email to everyone currently backing would be pretty neat. This could contain some statistics and graphs for the month and other information that backers may be interested. Still thinking this over and seeing what sticks, but I think any automation/ease-of-use changes we can make would be very useful.

raizor

[elambert]

I couldn't agree more raizor! The success of this to a certain extent will be reflective of how simple and easy to use we can make this process. It is not difficult as is, however requires some steps that could certainly be automated. Great thinking!

Thanks Elambert!

I had another thought related to this too, in relation to auto-detecting if a backed wallet address is used to send funds and therefore the backing is effectively voided. If we retain a list of all the CBX addresses currently backing metals, we could periodically scan this list to detected new sends from those addresses and discover any 'voided' backings. This would work with the data in a centralized database for the first iteration (database on a server rather than a decentralized blockchain). This opens us some extra functionality such as automatically voiding invalid backings (that have had funds removed) and updating the central list. We could even notify the associated backer or even a mailing list of all backers. A weekly/monthly summary email to everyone currently backing would be pretty neat. This could contain some statistics and graphs for the month and other information that backers may be interested. Still thinking this over and seeing what sticks, but I think any automation/ease-of-use changes we can make would be very useful.

raizor

Nice, I like it. Rather than an email though may I suggest perhaps a notification to the address via the Vault?

[raizor]

I couldn't agree more raizor! The success of this to a certain extent will be reflective of how simple and easy to use we can make this process. It is not difficult as is, however requires some steps that could certainly be automated. Great thinking!

Thanks Elambert!

I had another thought related to this too, in relation to auto-detecting if a backed wallet address is used to send funds and therefore the backing is effectively voided. If we retain a list of all the CBX addresses currently backing metals, we could periodically scan this list to detected new sends from those addresses and discover any 'voided' backings. This would work with the data in a centralized database for the first iteration (database on a server rather than a decentralized blockchain). This opens us some extra functionality such as automatically voiding invalid backings (that have had funds removed) and updating the central list. We could even notify the associated backer or even a mailing list of all backers. A weekly/monthly summary email to everyone currently backing would be pretty neat. This could contain some statistics and graphs for the month and other information that backers may be interested. Still thinking this over and seeing what sticks, but I think any automation/ease-of-use changes we can make would be very useful.

raizor

Nice, I like it. Rather than an email though may I suggest perhaps a notification to the address via the Vault?

That's much better

[cryptobullion.io]

Proof-of-Concept - Back-to-Basics - Phase 1

CBX Proof-of-Value Network Certification - Building a Decentralized Value Network using the CBX blockchain.

CBX Wallet Address:

Code:

5aPRwXQXXBaZF9WDv3FWD8fRc9fxgQsQCh

http://blockexplorer.cryptobullion.io/a/5aPRwXQXXB

Message:

Code:

I BitcoinFX hereby back 1000 CBX with 10 Troy Oz of .999 Fine Silver.

Should I divest either my CBX and/or physical bullion holding then this statement is automatically considered null and void within the CBX Value Network.

I hereby endeavour to provide a separate notification should I divest this personal holding.

Verify Message:

Code:

IMUhmkIFFnWEJ9APS+CXnEFCEN3P42N6puqZlQzEqVsg3vBilnpeAa+svSMsQcAYbs3lSo4xRTafd2pPh9HBR24=

Official Verification:

[cryptobullion.io]

Proof-of-Concept - Back-to-Basics - 2nd Backing

- https://bitcointalk.org/index.php?topic=951753.msg11844494#msg11844494

CBX Proof-of-Value Network Certification - Building a Decentralized Value Network using the CBX blockchain.

Entitled: Shield and Spear Paradox - "What happens when an unstoppable force meets an immovable object?" - https://wikipedia.org/wiki/Irresistible_force_paradox

CBX Wallet Address:

Code:

5jSNbAr8WwZfokPwoARez5gkt6rQVcxFvX

http://blockexplorer.cryptobullion.io/a/5jSNbAr8Ww

Message:

Code:

I BitcoinFX hereby back 0.000001 CBX with 1/10 Gram 24K Pure .9999 Gold Maple Leaf Wafer Aurum ZZ53550.

Should I divest either my CBX and/or physical bullion holding then this statement is automatically considered null and void within the CBX Value Network.

I hereby endeavour to provide a separate notification should I divest this personal holding.

Verify Message:

Code:

ILCxgAOTn2f91qLbKVvQynElQ8UYs8iMzbuCZl7op2jZZLKZdz9ILGn/oHGpDxm5pCHpc4d7qaXZSXSWpklVmxQ=

N.B. This now 'backed' wallet address currently holds 0.001001 CBX. As 0.001 CBX is the minimum transaction fee the backed 0.000001 CBX is most likely absorbed as an 'Over Limit Transaction Fee' if spending from this address, ofc without receipt of additional funds to the address. Hence it remains an 'immovable object'?  

1/10 Gram 24K Pure .9999 Gold Maple Leaf Wafer Aurum is the lowest weight (certified) physical bullion that I could find to back the 'lowest' (common) denomination of CBX with.  
 

Official Verification: