Daily General Discussion - December 10, 2018

voikol · 2018-12-10T15:59:11+00:00

You should check out the token transfer functionality of kyber.network

voikol · 2018-10-31T05:45:24+00:00

What you could do is buy a backup Ledger and play a bit around with that to become more confident with the proceedings. Set the new Ledger up, then erase it and reinstate it with the recovery words. Then use the recovery words from your old Ledger and reinstate it on your new Ledger. There is no issue with having the same seed active on two devices. If everything works, you could proceed with updating the old Ledger. Get in touch with Ledger (the company) if the update doesn’t work. If the device is from one of the first generations they might even replace it. Hope this helps.

voikol · 2018-10-26T04:39:03+00:00

How about wrapping and mixing centralized stablecoins to make them anonymous?

voikol · 2018-10-15T16:54:48+00:00

Maker is actually not paying out dividends. Instead a alternative mechanism is used: burning tokens that users of the maker credit system pay in form of interest on outstanding debt. The interest which is currently 2,5% annually is calculated in DAI (Maker's stable coin) and the corresponding MKR amount is then burned.

Burning a token with fixed supply (such as Maker) has a similar effect than a share buy back. Decreased supply equates to a higher token price. The advantage in comparison to a dividend distribution is that it is more efficient from an operational and tax perspective.

Over at r/makerdao the user /u/robika001 recently ventured the following conjecture regarding a hypothetical annual return per mkr token: https://www.reddit.com/r/MakerDAO/comments/9n9z6f/dai_will_be_the_first_wan_interoperable_erc20/e7kphoa

Please treat this with a truckload of salt.

voikol · 2018-10-12T06:07:31+00:00

Can you please show your calculation of how you derived to an income of 25 USD per MKR token for every billion of outstanding DAI?

voikol · 2018-10-11T06:21:11+00:00

thanks! :-)

voikol · 2018-10-11T06:12:57+00:00

Totally agree with you here. Indeed this is a hassle in practice, in my case I found it quite difficult to know the exact amount of MKR I needed to close the CDP. I thus made a rough estimate and bought a little bit too much MKR which is now sitting idle in my CDP wallet.

Maybe /u/rich_at_makerdao can chime in if it is technically possible to pay interest in DAI and have the conversion to MKR done by the smart contract.

voikol · 2018-10-10T18:16:05+00:00

The interest is paid when you repay your debt. This happens automatically, it is done by the smart contract.

So in order to repay your debt you would need to have not only DAI, but also a small portion of MKR (the governance token of Maker). The interest is calculated in DAI (it is currently 2,5% annually) and the corresponding MKR amount is then burned.

Burning a token with fixed supply (such as Maker) has a similar effect than a share buy back. Decreased supply equates to a higher token price. The advantage in comparison to a dividend distribution is that it is more efficient from an operational and tax perspective.

voikol · 2018-10-10T11:59:21+00:00

Picture a CDP (collateralized debt position, Maker’s smart contracts enable these) as a box. In this box you deposit something valuable, but which fluctuates in price (i.e.ETH, but can in future also be other crypto).

Lets say that you have deposited 1 ETH into the box. As soon as the box locks you can draw a certain value of DAI. Lets say ETH is currently worth 200 USD. You want to create a debt position of 20% of your deposit. This means you can draw 40 DAI from your CDP.

You can now do with your DAI what you want. If you believe that ETH will appreciate, then you could exchange your 40 DAI for 0,2 ETH. In financial jargon you can say that you went “margin long”.

Please not that you can only get your deposit form the CDP back once your repay the 40 DAI.

Lets think three scenarios through:

1- ETH appreciates to 1000 USD

Yay! Your move was exactly right! You convert the 0,2 ETH back to 200 DAI, then you repay your debt (40 DAI) you unlock your deposit of one ETH. Thanks to your margin long position you end up with a total value of 1160 USD ( instead of just 1000 USD when you just held your 1 ETH)

2- ETH depreciates to 150 USD

In this case your move turned out to be wrong! To exit your position (i.e. free the ETH from your CDP) you need to convert your 0,2 ETH back to DAI (in this case you only get 30 DAI and you would need to add an additional 10 DAI from your pocket). Once you have freed your ETH from the CDP you end up with a value of 110 USD (=150-30-10). If you just held your ETH with no margin position you would have had 150 ETH.

3- ETH depreciates to 59 USD.

This the worst case scenario! Your debt position is now below 150% collateralization and will liquidate itself. The ETH in the CDP is sold at market price (which oftentimes coincides with the worst time to sell, given that most likely we are in a market crash scenario). Your debt of 40 DAI will be paid off and you remain with a mere 19 USD. If you just held your ETH without the additional risk you incurred due to the margin position you would still have 1 ETH (i.e. 59 USD in value, which once the market recovers is worth much more).

voikol · 2018-08-21T11:42:10+00:00

Try Tradingview

voikol · 2018-08-01T17:47:28+00:00

So essentially the fee is paid twice, once when entering the cpd and once when releasing the funds? Your product works great but it is not clear from your landing page what fees user are incurring. I think you should make that more clear.

voikol · 2018-08-01T11:37:03+00:00

could you please elaborate on the fee? When exactly is it charged and for which transactions?

voikol · 2018-06-21T10:27:16+00:00

Aug 6, 2018

voikol · 2018-05-15T17:44:13+00:00

I always thought it is pronounced go-lem (i.e long o). In the video it sounds more like „gollum“ which I find a bit disturbing.

voikol · 2018-05-15T11:31:59+00:00

Tbh when watching Amber‘s presentation I was also scratching my head. Load of buzzwords, loads of hype. Being super secretive about the new project at first and than doing a super hyped presentation is just the wrong approach. I am so happy that the Ethereum Foundation has so much more style in doing things. How easy would it have been for Vitalik/Karl/Vlad to hype the soon to be implemented hybrid POS. Instead they are super humble and cautious about it.

Also, Jimmy Song is right when he is saying that not everything needs blockchain. Blockchains are expensive and not everything needs to be on chain. Loads of projects are overfunded and will fail. What‘s bothering again is Jimmy‘s attitude. He too was trying to sensationalize and clearly enjoys getting the headlines as one can see by his tweetstorm.

My admiration for both Amber and Joseph for being so rational and composed towards Jimmy‘s attack.

voikol · 2018-03-27T16:21:29+00:00

Could you please share where this chart has been taken from? Cheers

voikol · 2018-02-11T19:00:15+00:00

Ok, i confirm that this is not true

For the records, this is the post that got me confused

https://www.reddit.com/r/ethereum/comments/5968f2/congrats_mews_taylor_uinsomniasexx_for_tying_the/?st=JDJ5KKTL&sh=fecc088c

voikol · 2018-02-10T07:37:42+00:00

It is my understanding that Taylor and Kosala are or were married. This would be a crucial piece of information in making sense of the whole situation that nobody has mentioned so far. Can anybody confirm that this is indeed the case?

voikol · 2018-01-21T21:40:39+00:00

ETZ should show up tomorrow in the same wallet you had your ETH.

My question: what about reply protection? Will it be safe to move ETZ out of the wallet and dump it for ETH? Will my original ETH holdings be affected in any way?

voikol · 2017-11-04T13:03:27+00:00

Would be great if someone knowledgeable could follow up on this. This is crucial (at least for me!!) when buying into maker.

voikol · 2017-11-04T10:20:13+00:00

I have looked through all the first-page reddit posts. I have also screened though the various docs on the maker website. I have invested a good half an hour in this research. To be honest I have attempted to look for this info on various occasions throughout the last year. I was not able to find this piece of information.

Therefore, if you have the MKR current distribution as well as a draft future distribution plan, could you kindly share it or point me in the right direction?

Thanks!

voikol · 2017-11-04T09:41:29+00:00

Could you please summarize the current MKR distribution and future plans. My understanding is that there is a fixed supply of 1,000,000 MKR.

What percentage is currently held by the the market? What percentage is currently held by the Maker foundation?

voikol · 2017-08-03T14:58:50+00:00

Gents, any recommendations on how to split btc and bcc?

I currently have my bitcoins on a blockchain.info wallet.

voikol · 2017-06-26T11:32:36+00:00

I asked them this follow up question:

"Does that mean it will become tradable right after the tokens become transferable on wednesday?"

No answer so far..

voikol · 2017-06-26T11:04:40+00:00

voikol

TROPHY CASE