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if the transfer is stuck in temp addresses, it means that one party has closed the client. The other party's client will broadcast the info the network and everyone will know the address owner is not trustable.
if the amount is not the same, then after the expire time (maybe 1H), the fund will be returned to the original addresses.
Who is providing reverting mechanism?if the amount is not the same, then after the expire time (maybe 1H), the fund will be returned to the original addresses.
5. A transfers BTC to Temp_BTC and B transfers LTC to Temp_LTC.
If the transfer will stuck in temp addresses?Quote
7. If the amounts are exactly the same as inputed in step2, the A will send A_codes again to B client and B client will make the transfer from Temp_LTC to A_LTC. B will send B_codes again to A Client and A client will make the transfer from Temp_BTC to B_BTC.
If the amount is not the same?if the transfer is stuck in temp addresses, it means that one party has closed the client. The other party's client will broadcast the info the network and everyone will know the address owner is not trustable.
if the amount is not the same, then after the expire time (maybe 1H), the fund will be returned to the original addresses.
P2P digital currency exchange system
Component: Client+Plugins
Client is used for connencting to other clients and calling. Client will connenct to a network like ed2k for information sharing and build a fair price.
Plugin is digital currency specific, meaning different digital currencies will need different plugin to support. The plugin is used for transfering and inquiry currencies.
How does it work?
A: A_BTC->Temp_BTC->B_BTC
B: B_LTC->Temp_LTC->A_LTC
Let's suppose A wants to change 1BTC to 100LTC and B wants to change 100LTC to 1BTC.
A initiates the transaction.
1a. A inputs B's IP address in client and connects to B. A and B clients will send its own MD5 or whatever info to each other to verify that it is not modified.
1b. A and B can search for the bid and ask in the client network.
2. A inputs his BTC address (A_BTC) and his LTC address(A_LTC) and BTC amount and LTC amount, B inputs his LTC address (B_LTC) and his BTC address (B_BTC) and BTC amount and LTC amount. The clients exchange data and lock the transaction.
3. A inputs codes(A_code) in the client and B inputs codes(B_code) in the client.
4. A clients generates temporary BTC address for A to transfer BTC to. B clients generates temporary LTC address for B to transfer LTC to. The private keys of the address are encrypted by the opponent's codes.
5. A transfers BTC to Temp_BTC and B transfers LTC to Temp_LTC.
6. The clients call the plugin to check the amount in the addresses.
7. If the amounts are exactly the same as inputed in step2, the A will send A_codes again to B client and B client will make the transfer from Temp_LTC to A_LTC. B will send B_codes again to A Client and A client will make the transfer from Temp_BTC to B_BTC.
8. After the transaction, A and B client will broadcast the transaction to the client network. Each client received the information will add it to the previous data and form the fair price.
Component: Client+Plugins
Client is used for connencting to other clients and calling. Client will connenct to a network like ed2k for information sharing and build a fair price.
Plugin is digital currency specific, meaning different digital currencies will need different plugin to support. The plugin is used for transfering and inquiry currencies.
How does it work?
A: A_BTC->Temp_BTC->B_BTC
B: B_LTC->Temp_LTC->A_LTC
Let's suppose A wants to change 1BTC to 100LTC and B wants to change 100LTC to 1BTC.
A initiates the transaction.
1a. A inputs B's IP address in client and connects to B. A and B clients will send its own MD5 or whatever info to each other to verify that it is not modified.
1b. A and B can search for the bid and ask in the client network.
2. A inputs his BTC address (A_BTC) and his LTC address(A_LTC) and BTC amount and LTC amount, B inputs his LTC address (B_LTC) and his BTC address (B_BTC) and BTC amount and LTC amount. The clients exchange data and lock the transaction.
3. A inputs codes(A_code) in the client and B inputs codes(B_code) in the client.
4. A clients generates temporary BTC address for A to transfer BTC to. B clients generates temporary LTC address for B to transfer LTC to. The private keys of the address are encrypted by the opponent's codes.
5. A transfers BTC to Temp_BTC and B transfers LTC to Temp_LTC.
6. The clients call the plugin to check the amount in the addresses.
7. If the amounts are exactly the same as inputed in step2, the A will send A_codes again to B client and B client will make the transfer from Temp_LTC to A_LTC. B will send B_codes again to A Client and A client will make the transfer from Temp_BTC to B_BTC.
8. After the transaction, A and B client will broadcast the transaction to the client network. Each client received the information will add it to the previous data and form the fair price.
Either.
You don't get my point. I know Long. My point is : What is the Long process in BitUSD? You buy BitUSD by what? Flat money or BitShare?
OK, Let discuss the two cases:
1. You buy BitUSD by USD.
Where is your BitUSD ? You have to generate them first, right? And in order to generate them someone else has to short BitUSD. Is that correct? If so, and there is no market-maker, if everyone thinks BitUSD will rocket into sky and no one short BitUSD, you can not generate BitUSD !
2. You buy BitUSD by Bitshare.
What will happen to the Bitshare?
Well, if there is demand for BitUSD then the value of BitUSD will rise VS the value of BitShares. Demand for BitUSD creates demand for BitShares and the ultimate result of demand for BitUSD is to drive the value of BitShares up and this is why someone would Short BitUSD. Comments: I really cannot follow you. If BitUSD has a higher value than BitShares, why would I buy BitShares?. So the situation you are concerned about cannot happen.
When you buy BitUSD with BitShares... you simply trade with someone.
If the person you are buying BitUSD from is Short Selling it, then the BitShares go into escrow/collateral until the short is covered.
So you lock 2x the seller's BitCoin and transfer 1x to the buyer? Remember you told us BitUSD is a kind of contract.
No Reply?
Either.
You don't get my point. I know Long. My point is : What is the Long process in BitUSD? You buy BitUSD by what? Flat money or BitShare?
OK, Let discuss the two cases:
1. You buy BitUSD by USD.
Where is your BitUSD ? You have to generate them first, right? And in order to generate them someone else has to short BitUSD. Is that correct? If so, and there is no market-maker, if everyone thinks BitUSD will rocket into sky and no one short BitUSD, you can not generate BitUSD !
2. You buy BitUSD by Bitshare.
What will happen to the Bitshare?
No Reply?
Either.
You don't get my point. I know Long. My point is : What is the Long process in BitUSD? You buy BitUSD by what? Flat money or BitShare?
OK, Let discuss the two cases:
1. You buy BitUSD by USD.
Where is your BitUSD ? You have to generate them first, right? And in order to generate them someone else has to short BitUSD. Is that correct? If so, and there is no market-maker, if everyone thinks BitUSD will rocket into sky and no one short BitUSD, you can not generate BitUSD !
2. You buy BitUSD by Bitshare.
What will happen to the Bitshare?
The Long position is always paired with a short position.
To Short BitGold you borrow it like the prior example, and then sell the BitGold you receive to the individual who goes long. Now to cover your short position you must repurchase it from the Long.
To Short BitGold you borrow it like the prior example, and then sell the BitGold you receive to the individual who goes long. Now to cover your short position you must repurchase it from the Long.
Can you describe the long process just like the short process? It won't take you a long time and I believe it will clear the mist for many people.
The Long and Short process are the SAME the person who borrows BitGold into existence is LONG BitGold until he sells the BitGold at which point he becomes SHORT.
Example: If I borrow $100 from you and keep it then I have $100 in my bank and a $100 debt to you on my books. I am long and short and thus neutral. If I then spend that $100 I am now short because I no longer have $100 in my bank, but I still owe you $100. The person who holds the $100 with no debt is LONG USD.
You don't get my point. I know Long. My point is : What is the Long process in BitUSD? You buy BitUSD by what? Flat money or BitShare?
The Long position is always paired with a short position.
To Short BitGold you borrow it like the prior example, and then sell the BitGold you receive to the individual who goes long. Now to cover your short position you must repurchase it from the Long.
To Short BitGold you borrow it like the prior example, and then sell the BitGold you receive to the individual who goes long. Now to cover your short position you must repurchase it from the Long.
Can you describe the long process just like the short process? It won't take you a long time and I believe it will clear the mist for many people.
Quote
So you mean buying BitShares equals short BitAsset?
If so, assume there are 32 kinds of BitAssets and each is pegged to different asset, then what is the rate?
If so, assume there are 32 kinds of BitAssets and each is pegged to different asset, then what is the rate?
They are market pegged each BitAsset class floats against BitShares based upon supply and demand factors alone. Of course BitUSD can only be borrowed into existence and is destroyed when the loan is repaid to the blockchain.
The total bitshare is LIMITED, so I wonder your backup will be insufficient unless 1 BitShare can support multiple BitAssets.
Suppose a BitShare has value worth $100
1oz of Gold is $1000
You can borrow 1 BitGold from the blockchain provided you post 20 BitShares (worth $2000) as collateral on your loan. This will create new BitGold and you will be unable to spend your 20 BitShares or receive dividends on them until you pay off your loan. If the value of 1 BitGold rises relative to BitShares then your collateral will be used to repurchase 1 BitGold and pay off your loan and give you back what ever BitShares are left over... likely 5 BitShares. When the loan is repaid the 1 BitGold is destroyed.
So, the only way for X value worth of BitGold to exist is if 2x value worth of BitShares already exist. The only way to increase the supply of BitGold is for the value of BitShares to rise enough to provide the proper backing.
This is exactly how 99% of real USD is created. First there must exist 1.2x value worth of House. Then X USD is lent into existence. When the loan is paid off, X USD is destroyed.
In your example you short BitGold
What if you long BitGold?
Quote
what will happen after all bitshares has been mined?
Transaction fees will pay the miners and dividends.
Then your transaction fee will be very high....
Your economy will be inefficient.
Quote
So you mean buying BitShares equals short BitAsset?
If so, assume there are 32 kinds of BitAssets and each is pegged to different asset, then what is the rate?
If so, assume there are 32 kinds of BitAssets and each is pegged to different asset, then what is the rate?
They are market pegged each BitAsset class floats against BitShares based upon supply and demand factors alone. Of course BitUSD can only be borrowed into existence and is destroyed when the loan is repaid to the blockchain.
The total bitshare is LIMITED, so I wonder your backup will be insufficient unless 1 BitShare can support multiple BitAssets.
Quote
Well, can you answer my following questions?
1. How can you guarantee 1BitUSD ≈ 1USD?
Prediction Market dynamics long and short have to agree on the price and have opposing incentives which force an accurate price. After all the short has to repurchase in the future from someone to free his collateral and the long has to agree to the new price or he will sell to someone else.1. How can you guarantee 1BitUSD ≈ 1USD?
And Then? You said 1BitUSD≈ 1USD and everyone will accept that? If Fed prints mroe money, the number of BitUSD will automatically increase?
Quote
2. If I buy 1 BitUSD by USD, I can receive BitShare Dividend, and as a dividend, the value of my BitUSD will become say 1.1 BitUSD, then I can get 1.1 USD, am I right?
If you buy 1 BitUSD then you will accrue additional BitShares as dividends like earning interest at a bank. You can sell your dividends for more BitUSD and end up with 1.1 BitUSD or you can sell your 1 BitUSD for BTS and end up with 1.1 dollars worth of BitShares.what will happen after all bitshares has been mined?
Quote
3. Why not people choose to by BitUSD rather than BitShares?
Why do people go short rather than long? People disagree about which way the price of BitUSD vs BitShares will move in the future. If there is high demand for BitUSD then it will cause the value of BitShares to rise in order to meet the demand for BitUSD. Anyone who expects there to be high demand for BitUSD due to price stability and ROI will want to short BitUSD relative to BitShares. Demand for BitUSD causes the price to rise above parity with USD until someone decides to create more by shorting it. At nearly all times there is 1.5 to 2.5x the value in BitShares relative to BitUSD.
Me personally, I would short BitUSD and go long BitShares to maximize my return.
So you mean buying BitShares equals short BitAsset?
If so, assume there are 32 kinds of BitAssets and each is pegged to different asset, then what is the rate?
Sure, you can distribute mining rewards as interest to holders of bitshares. This is bitshares monetary policy. You can choose whatever you want.
Sure, it is possible to maintain a peg to the USD or BTC or whatever.
Sure, it is possible to have free markets in your currency. Currency pairs, etc.
You cannot do all three simultaneously.
http://en.wikipedia.org/wiki/Impossible_trinity
There is a reason why they put the word impossible before the word trinity in the phrase.
You are claiming to be able to violate the impossible trinity in the press. You must know that you cannot do this.
You are using your claim to solicit investment.
This is equivalent to a ponzi. You have tried to cleverly disguise it.
Anyways, aren't you supposed to be sending me a bounty for exposing a flaw in your scheme:
1HxNKmUd1YgR9Metop4mHZdGNGEhUfEvcP
Sure, it is possible to maintain a peg to the USD or BTC or whatever.
Sure, it is possible to have free markets in your currency. Currency pairs, etc.
You cannot do all three simultaneously.
http://en.wikipedia.org/wiki/Impossible_trinity
There is a reason why they put the word impossible before the word trinity in the phrase.
You are claiming to be able to violate the impossible trinity in the press. You must know that you cannot do this.
You are using your claim to solicit investment.
This is equivalent to a ponzi. You have tried to cleverly disguise it.
Anyways, aren't you supposed to be sending me a bounty for exposing a flaw in your scheme:
1HxNKmUd1YgR9Metop4mHZdGNGEhUfEvcP
Excellent Work！I feel something is wrong with bitshare but I cannot figure it out. You have reminded me of one important point!
Bitshare is definitely impossible.
You keep thinking that. But this is not how BitShares works. BitShares create USD the same way banks do, by lending it into existence against a collateralized loan. BitUSD is just an IOU for one dollar worth of BitShares. The block chain is able to honor that request.
BitBTC is an IOU one BTC in BitShares. The IOU is collateralized with 2 BTC worth of BitShares and is automatically enforced when the collateral falls to 1.5 BTC worth of BitShares
If you set up a straw man, then of course it would never work, but what you describe is NOT how this works. I am not maintaing a peg by controlling supply of the currency.
Well, can you answer my following questions?
1. How can you guarantee 1BitUSD ≈ 1USD?
2. If I buy 1 BitUSD by USD, I can receive BitShare Dividend, and as a dividend, the value of my BitUSD will become say 1.1 BitUSD, then I can get 1.1 USD, am I right?
3. Why not people choose to by BitUSD rather than BitShares?
Sure, you can distribute mining rewards as interest to holders of bitshares. This is bitshares monetary policy. You can choose whatever you want.
Sure, it is possible to maintain a peg to the USD or BTC or whatever.
Sure, it is possible to have free markets in your currency. Currency pairs, etc.
You cannot do all three simultaneously.
http://en.wikipedia.org/wiki/Impossible_trinity
There is a reason why they put the word impossible before the word trinity in the phrase.
You are claiming to be able to violate the impossible trinity in the press. You must know that you cannot do this.
You are using your claim to solicit investment.
This is equivalent to a ponzi. You have tried to cleverly disguise it.
Anyways, aren't you supposed to be sending me a bounty for exposing a flaw in your scheme:
1HxNKmUd1YgR9Metop4mHZdGNGEhUfEvcP
Sure, it is possible to maintain a peg to the USD or BTC or whatever.
Sure, it is possible to have free markets in your currency. Currency pairs, etc.
You cannot do all three simultaneously.
http://en.wikipedia.org/wiki/Impossible_trinity
There is a reason why they put the word impossible before the word trinity in the phrase.
You are claiming to be able to violate the impossible trinity in the press. You must know that you cannot do this.
You are using your claim to solicit investment.
This is equivalent to a ponzi. You have tried to cleverly disguise it.
Anyways, aren't you supposed to be sending me a bounty for exposing a flaw in your scheme:
1HxNKmUd1YgR9Metop4mHZdGNGEhUfEvcP
Excellent Work！I feel something is wrong with bitshare but I cannot figure it out. You have reminded me of one important point!
Bitshare is definitely impossible.
最近有一个朋友可以提供内幕消息，消息非常准确。
如果有内部消息，你自己投资就能发大财了。为什么要组团跟别人分享收益？
现在公布我们的第一支股票 000719 大地传媒，9月25日开盘买入，买入价格12.75元。
我们没有百分百的把握，只有90%的把握。
持有多长时间，涨多少算预测成功？
如果你预测失败了，换个马甲继续预测？
nice！
矿机会对比特币生态系统造成负面影响，可以预计到后来比特币挖矿就是寡头垄断。别说啥用户人手一台矿机会怎么怎么样，首先，会买矿机的人不多，甚至可以说很少；其次，买矿机未必能够回本（不论用bitcoin计价还是CNY）。很多时候你买的矿机商家已经用过一阵子了。
比特币被寡头垄断之后，寡头就可以扮演央行的角色了，这与比特币的去中心化的角色是相违背的。而且，垄断后比特币的价格由于单位产量成本的下降会继续下降。为了吸引有人用法币来买（人民群众接受比特币的速度很慢，而商家要生活，要研发，我不信台积电会接受比特币，所以你会需要法币），肯定寡头要兑换成法币，这也会造成比特币的价格下降。
有人会拿CPU向显卡的进化举例子。我想说，CPU是木棍，显卡是火枪，而矿机是坦克。
木棍V木棍互有输赢，军用枪械对自制手枪胜率是大得多，但也未必不是打不过，但请问哪位用木棍和火枪打赢坦克的？
比特币被寡头垄断之后，寡头就可以扮演央行的角色了，这与比特币的去中心化的角色是相违背的。而且，垄断后比特币的价格由于单位产量成本的下降会继续下降。为了吸引有人用法币来买（人民群众接受比特币的速度很慢，而商家要生活，要研发，我不信台积电会接受比特币，所以你会需要法币），肯定寡头要兑换成法币，这也会造成比特币的价格下降。
有人会拿CPU向显卡的进化举例子。我想说，CPU是木棍，显卡是火枪，而矿机是坦克。
木棍V木棍互有输赢，军用枪械对自制手枪胜率是大得多，但也未必不是打不过，但请问哪位用木棍和火枪打赢坦克的？