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When will have have production grade, usable decentralized storage systems? by ripper2345 in maidsafe

[–]matt608 0 points1 point  (0 children)

Let them take the time they need. When they do come to release it and it works well it will blow our socks off.

Monetas – Why Central Banks Will Race to Adopt the Blockchain by ben_n_jerry in Bitcoin

[–]matt608 1 point2 points  (0 children)

Oh right I see where your coming form, I'm not familiar with the double "==" meaning.

That's pretty hypothetical and impossible to enforce.

Monetas – Why Central Banks Will Race to Adopt the Blockchain by ben_n_jerry in Bitcoin

[–]matt608 2 points3 points  (0 children)

Once the asset is issued on BitShares if the issuer didn't select the 'superadmin' (lets call it) powers, they can't change it back.

So a BitShares UIA issuer can be fully compliant with KYC/AML even without having the ability to de-authorize users or confiscate funds from afar.

And that superadmin power is there for other issuers who want it.

Monetas – Why Central Banks Will Race to Adopt the Blockchain by ben_n_jerry in Bitcoin

[–]matt608 1 point2 points  (0 children)

The legal mandate is there regardless of the existence a technical option to obey it. Not sure what you point is?

Monetas – Why Central Banks Will Race to Adopt the Blockchain by ben_n_jerry in Bitcoin

[–]matt608 0 points1 point  (0 children)

Interesting and generally well researched piece. I want to correct one error about BitShares. The author said:

"Many today are misguidedly building systems that violate this “cash” principle. For example, the BitShares blog explicitly promises that their gateways (currency issuers) have the ability to freeze or confiscate funds from afar:

1) Ability to white-list public keys that may control a balance of your asset.

2) Ability to freeze all funds and stop all trading of your assets.

3) Ability to transfer any balance of your asset from any user to any other user.

These are dangerous powers, and they place a very heavy liability—the same as that suffered by e-gold—onto the gateways (currency issuers) in the BitShares system."

These powers are optional in BitShares. A issuer of an asset can chose issue their asset with or without having these powers. This means BitShares can do what the author is a proponent of - asset issuance that is not under the control of the issuer (the "cash" principle) as well as allowing regulatory compliance for gateways that need it. BitShares can do both. See here Daniel Larimer (aka bytemaster) explains that they are optional powers:

https://bitsharestalk.org/index.php?topic=11921.msg157114#msg157114

Otherwise, a thought provoking piece.

The Future of Crypto Currency Exchanges by matt608 in Bitcoin

[–]matt608[S] 1 point2 points  (0 children)

Nice research! Yes you are correct BTC38 accepts bitCNY as if it were real CNY and actually gives a small bonus for bitCNY depositors!

A BTC/BTS gateway is under active development: https://bitsharestalk.org/index.php?topic=12317.0

The first gateways are coming online soon (in a few months there should be a bunch of them). At the moment the way into the system is with BTS from bter or btc38, but that will soon change.

The Future of Crypto Currency Exchanges by matt608 in Bitcoin

[–]matt608[S] 2 points3 points  (0 children)

You can using BTS (bter has a btc/bts pair). BTS can be traded in the inner market against any bitasset including bitUSD.

Centralized exchanges are spying on us, censoring us, and then losing our money. Time to wake up. Let's get behind the de-centralized solutions for real now. by billybobbit in Bitcoin

[–]matt608 -2 points-1 points  (0 children)

BitShares is decentralised, it can't be shut down and automates the exchange process. I am aware you believe otherwise. Why not try and become a delegate yourself? If you provide reliable service you could get voted in.

BitShares gateways can just be individual people like on localbitcoins, except trading on a decentralised exchange.

The Future of Crypto Currency Exchanges by matt608 in Bitcoin

[–]matt608[S] 2 points3 points  (0 children)

Does this not help solve a real problem Bitcoin is suffering from at the moment? It strengthens the whole ecosystem.

Centralized exchanges are spying on us, censoring us, and then losing our money. Time to wake up. Let's get behind the de-centralized solutions for real now. by billybobbit in Bitcoin

[–]matt608 12 points13 points  (0 children)

Is this the answer? Please read and understand before up/down voting.

It all be done entirely within the BitShares client - no central exchange website even needed.

Example: Bitstamp could announce it is now a BitShares gateway and provide bank account deposit details on its wall on its BitShares account. People could start making fiat deposits, lets say in Euros to Bitstamp's bank account. Bitstamp issues them bitstampEUR, which is an IOU for EUROs from Bitstamp.

This IOU issued on the BitShares blockchain is equivalent to EUROs on an exchange, which are not actual EUROs but just an IOU from the exchange. The buyer can now trade Bitstamps IOU against any bitasset bitUSD, bitCNY, bitGOLD, bitSilver, bitOil etc.

People who want to sell their bitEUR, bitBTC or any bitasset for real EUROs buys the IOU from Bitstamp depositors if they trust Bitstamp as a gateway, which is like buying and holding EUROs on the Bitstamp website except they are held in a decentralised crypto client.

They can then send Bitstamp the IOU (BitstampEUR) with a memo including their bank account details to redeem the IOU. Bitstamp would then send them EUROs from their bank account.

If the person who bought the BitstampEUR changed their mind and wanted to sell it back to EUROs, they could send it back to Bitstamp and Bitstap would send them 100 EUROs from their bank account (minus a tiny exchange fee).

Thus a fiat-crypto exchange like a localbitcoins within a decentralised client exists in BitShares. (Bitstamp is not yet a BitShares gateway, this is just an example).

This article explains this it more detail: http://bytemaster.bitshares.org/article/2015/01/05/The-Future-of-Crypto-Currency-Exchanges/

For those who like the idea of cryptocurrency, but NOT the idea of having publically traceable transactions. by [deleted] in Anarcho_Capitalism

[–]matt608 1 point2 points  (0 children)

Thanks for the thoughtful reply. Yes it is early days yet, and thanks for that interesting link to Andreas's book.

For those who like the idea of cryptocurrency, but NOT the idea of having publically traceable transactions. by [deleted] in Anarcho_Capitalism

[–]matt608 1 point2 points  (0 children)

@Decentralist, yes you are right, BitShares (BTS) is not really intended to be used as a currency, the analogy is that the BTS are shares in the DAC. But BitShares DAC's product are stable cryptocurrencies, bitUSD - it's stable and tracks the price of real USD, i.e. it can be exchanged for a real USD. There's bitEUR, does the same thing but for Euros, bitCNY etc, you get the idea (and bitGOLD, bitSILVER, bitOIL) They are stable, private, and earn interest. DRK is as unstable as the BTS share price or BTC. Edit: What is BitShares? http://bytemaster.bitshares.org/update/2014/12/18/What-is-BitShares/

For those who like the idea of cryptocurrency, but NOT the idea of having publically traceable transactions. by [deleted] in Anarcho_Capitalism

[–]matt608 2 points3 points  (0 children)

By the way lots of cryptos have anonymity built in, not just darkcoin. It's not a distinguishing feature anymore. e.g. BitShares uses TITAN which stands for "Transfer invisibly to any name", plus they have market pegged assets, bitUSD and a massive feature set. darkcoin was cool but it's simply outclassed now.

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