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Old 04-20-2017, 11:57 PM   #1251
iloveny161
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Re: Virtual Currency - Alt Coin Discussion Thread

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Originally Posted by SaveTheWhales View Post
Insofar as there's no legal claim, true for all tokens. But look again at the whitepaper page 12

https://gnosis.pm/resources/default/...whitepaper.pdf

Its hazy and I had to enquire further with the team. What happens is users typically load up their account with fiat which is converted to stablecoin/WIZ behind the scenes and their fees are eventually paid in WIZ. Again, the user doesn't notice the conversion. Hence the claim that the vast majority will pay in WIZ i.e. non crypto geeks are (edit: not) the target market.

Any bitcoin / ether used for fees is auctioned to anyone that wants to burn GNO for it, reducing GNO supply long term. Idk why they wouldn't just convert the bitcoin or ether to WIZ but whatever.

Far from tokenholders getting no income, *all* the income in fees the platform receives is passed on to GNO holders.

You have to have the mindset that we are in a post-adoption scenario where web3 browsers / extensions / (d)apps / uPort / makerdao are understood OR the third party front end implementations on Gnosis are effectively masking the need for users to understand same.
I missed this part completely when I skimmed through the whitepaper. I suck. Thanks for highlighting this.
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Old 04-21-2017, 11:08 AM   #1252
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Re: Virtual Currency - Alt Coin Discussion Thread

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Originally Posted by SaveTheWhales View Post
Haha true that



Here's Koeppelman from Gnosis slack:

"we expect that most users "home fiat currency" will be available as tokens on the blockchain. Could be as something like the Santander $ (fiat backed) or with some stable coin mechanism with other crypto tokens as collateral (StabL or DAI)
So - yes - we expect that a user does not even need to know that they use crypto$/€ whatever - like you today do not necessarily realise that the $ on bank X is different than a $ on bank Y.
I don't know if I still understand how fiat makes it there. There will most likely be stable coins, but buying stable coins with fiat is just as hard as buying cryptos. Need to go through massive KYC and what not.

Then on an even bigger note, stable coins haven't even been proven to really work yet. I think tether is probably the biggest one and it is failing right now. Been on a downtrend since the owner bitfinex is having banking issues. Traded as low as 90 cents on the dollar recently, with no signs of turning around until bitfinex banking issues get solved.

I don't like how tether is so centralized. Don't know if it's possible to back any currency in a decentralized fashion though. Somebody's got to hold the cash. There also has to be some sort of fees, so there will have to be some decay that is realized.
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Old 04-21-2017, 12:00 PM   #1253
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Re: Virtual Currency - Alt Coin Discussion Thread

https://medium.com/@Cryptokeeper/a-t...co-7f4f972b0e7
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Old 04-21-2017, 03:43 PM   #1254
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Re: Virtual Currency - Alt Coin Discussion Thread

Ltc had meeting and they will activate segwit
To the moooooooooooon boys
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Old 04-24-2017, 12:22 AM   #1255
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Re: Virtual Currency - Alt Coin Discussion Thread

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Ltc had meeting and they will activate segwit
To the moooooooooooon boys
Big bull market in cryptos, can't believe ****coin isn't hitting ATH. What exactly does segwit do for LTC that couldn't be handled before? Thought segwit was for scaling. Nobody uses LTC so it didn't even need to scale.
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Old 04-24-2017, 08:07 AM   #1256
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Re: Virtual Currency - Alt Coin Discussion Thread

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Big bull market in cryptos, can't believe ****coin isn't hitting ATH. What exactly does segwit do for LTC that couldn't be handled before? Thought segwit was for scaling. Nobody uses LTC so it didn't even need to scale.
Segwit is a backwards compatible malleability fix. With the parameters it's configured with in the implementation proposals in Litecoin and Bitcoin, it is also an increase in effective maximum block size.

The capacity increase isn't necessary at all in Litecoin, with the usage they see now. But if the use cases that are possible after a malleability fix drives a lot of adoption, then that capacity increase might be necessary sooner rather than later.
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Old 04-24-2017, 01:16 PM   #1257
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Re: Virtual Currency - Alt Coin Discussion Thread

Sooooo that was fast
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Old 04-24-2017, 02:49 PM   #1258
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Re: Virtual Currency - Alt Coin Discussion Thread

Lol Gnosis buyers
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Old 04-24-2017, 03:25 PM   #1259
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Re: Virtual Currency - Alt Coin Discussion Thread

Is my math right. They stopped after 250k ETH raised, so at $30/piece they sold 416k GNO and are keeping 9.5 mil GNO for themselves?????
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Old 04-24-2017, 03:39 PM   #1260
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Re: Virtual Currency - Alt Coin Discussion Thread

Your math is close enough

Seems like they should have a plan for this? Utilizing the currency functionality to vote on something would be a smart play.
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Old 04-24-2017, 04:32 PM   #1261
iloveny161
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Re: Virtual Currency - Alt Coin Discussion Thread

That was incredible to watch. Didn't get in but good luck to everyone who bought!
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Old 04-24-2017, 06:12 PM   #1262
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Re: Virtual Currency - Alt Coin Discussion Thread

Quote:
Originally Posted by SaveTheWhales View Post
Insofar as there's no legal claim, true for all tokens. But look again at the whitepaper page 12

https://gnosis.pm/resources/default/...whitepaper.pdf

Its hazy and I had to enquire further with the team. What happens is users typically load up their account with fiat which is converted to stablecoin/WIZ behind the scenes and their fees are eventually paid in WIZ. Again, the user doesn't notice the conversion. Hence the claim that the vast majority will pay in WIZ i.e. non crypto geeks are (edit: not) the target market.

Any bitcoin / ether used for fees is auctioned to anyone that wants to burn GNO for it, reducing GNO supply long term. Idk why they wouldn't just convert the bitcoin or ether to WIZ but whatever.

Far from tokenholders getting no income, *all* the income in fees the platform receives is passed on to GNO holders.

You have to have the mindset that we are in a post-adoption scenario where web3 browsers / extensions / (d)apps / uPort / makerdao are understood OR the third party front end implementations on Gnosis are effectively masking the need for users to understand same.

When I wrote this, i specifically meant that i had issues with the way bets are settled on Gnosis through their "oracle" method. I think their system is probably more reliable than Augur's by virtue of the fact that there will be centralized entities, but centralized oracles & ultimate oracle where anyone with Eth can go in and change the outcome really opens them to attacks on outcomes. This is why I wrote that it was a scam, anyone in the "ultimate oracle" phase can go in and basically rekt the entire market just because they own a **** ton of ether.

In REP/Augur this would be so hard to do because REP holders are anonymous and distributed and completely randomized as to what markets they are reporting on. They cannot be bought out in the 2nd market to "change this outcome".

I also want to say that I am EXTREMELY skeptical that Augur/Gnosis have constructed sound and correct economic incentives to ensure that markets consistently settle "correctly", even if the majority of markets settle themselves before the reporting period opens.

The fact that anyone bought into this token sale where an outcome exists for devs to own 95% of tokens is a complete joke. I dont feel sorry for anyone who bought in and I hope it completely collapses on itself. The community needs another DAO/wakeup call on these ICOs, and I hope Gnosis is this tale.
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Old 04-24-2017, 06:36 PM   #1263
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Re: Virtual Currency - Alt Coin Discussion Thread

Seems very easy to rek Gnosis ultimate oracle.

Doing so with rep would require the bad actor to gain > 50% of rep and then report incorrectly on appeal. This would succeed in rekking the market and incorrectly paying out, but after than REP would be forked and the REP of the bad actor would be worthless.
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Old 04-25-2017, 05:08 PM   #1264
SaveTheWhales
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Re: Virtual Currency - Alt Coin Discussion Thread

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Originally Posted by housenuts View Post
Seems very easy to rek Gnosis ultimate oracle.

Doing so with rep would require the bad actor to gain > 50% of rep and then report incorrectly on appeal. This would succeed in rekking the market and incorrectly paying out, but after than REP would be forked and the REP of the bad actor would be worthless.
I plain out hate the Gnosis ultimate oracle structure. I think it totally fails in illiquid markets and goes against the philosophy of what they are trying to do. When I place a wager I expect the system to reward winners, not have to put up a bond (which I may not even have) to raise a complaint.

After the ICO balls-up everything in their plans has to be reviewed more closely for nerd hubris. However it will unfold will be fascinating to watch. I'll be looking into ways to use the platform as a market creator for sure.
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Old 04-25-2017, 05:17 PM   #1265
SaveTheWhales
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Re: Virtual Currency - Alt Coin Discussion Thread

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I don't know if I still understand how fiat makes it there. There will most likely be stable coins, but buying stable coins with fiat is just as hard as buying cryptos. Need to go through massive KYC and what not.

Then on an even bigger note, stable coins haven't even been proven to really work yet. I think tether is probably the biggest one and it is failing right now.
Tether isn't a stablecoin, its a promise from the exchange to redeem for USD. There isn't any contractual obligation for them to do this however and the market isn't confident that they are covered hence the discount.

Digix is backed 1 for 1 to audited gold so their token is more of a true stablecoin and may get used widely.

Maker's dai is probably the other big contender for top stablecoin. They have a DAO incentivised to peg the dai to a currency basket.

Longer term Bancor is promising. Could be a first movers advantage type of market though.
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Old 04-25-2017, 08:35 PM   #1266
onemoretimes
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Re: Virtual Currency - Alt Coin Discussion Thread

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Originally Posted by SaveTheWhales View Post
Tether isn't a stablecoin, its a promise from the exchange to redeem for USD. There isn't any contractual obligation for them to do this however and the market isn't confident that they are covered hence the discount.

Digix is backed 1 for 1 to audited gold so their token is more of a true stablecoin and may get used widely.

Maker's dai is probably the other big contender for top stablecoin. They have a DAO incentivised to peg the dai to a currency basket.

Longer term Bancor is promising. Could be a first movers advantage type of market though.
Tether is backed 1-1 USD, supposedly. Your also suppose to be able to cash out 1-1, but bitfinex owns it and now that they have banking issues, it can't be cashed out.

Last edited by onemoretimes; 04-25-2017 at 08:55 PM.
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Old 04-26-2017, 08:59 PM   #1267
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Re: Virtual Currency - Alt Coin Discussion Thread

The different in market sentiment is pretty telling imo:

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Old 04-27-2017, 04:39 AM   #1268
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Re: Virtual Currency - Alt Coin Discussion Thread

Just got a Nano S. If I understand correctly I can transfer all tokens to my Nano address and put the seed words in a safe deposit box, and I'm 100% unhackable and I can recover everything in case my house burns down? Just want to be 100% sure on this.
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Old 04-27-2017, 06:39 AM   #1269
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Re: Virtual Currency - Alt Coin Discussion Thread

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Just got a Nano S. If I understand correctly I can transfer all tokens to my Nano address and put the seed words in a safe deposit box, and I'm 100% unhackable and I can recover everything in case my house burns down? Just want to be 100% sure on this.
Yes. But nothing is 100%. If someone finds your words, they can steal your stuff.
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Old 04-27-2017, 07:50 AM   #1270
onemoretimes
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Re: Virtual Currency - Alt Coin Discussion Thread

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Yes. But nothing is 100%. If someone finds your words, they can steal your stuff.
They are supposed to make an update where there is also a pin, so if they find your words they still can't steal your stuff.

Maybe hiding half the words in one spot and half in another spot isn't bad idea.
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Old 04-27-2017, 07:56 AM   #1271
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Re: Virtual Currency - Alt Coin Discussion Thread

You can make the words yourself anyway. Just write down 23 of them and leave the last word blank and make it only something you know. And make it a non-word with numbers/symbols too so the whole thing can't be brute forced.

Maybe tell a loved one, if I ever die, just remember Final24Word@DED

You'll figure out what it means when the time comes. Or in your safety deposit box provide instructions on how to recover. These words + the one I told you.
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Old 04-28-2017, 02:26 AM   #1272
bernie68
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Re: Virtual Currency - Alt Coin Discussion Thread

https://coinidol.com/altcoins-delist...-are-not-dead/

From the coins being delisted; is anyone close to some project that seems wortwhile enough to add on now?

It may be a good time to diversify with the present pricing situation

any other site than bitcointalk.org to confirm some consensus on MYR , QORA and some others not being ****coins?
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Old 04-28-2017, 03:21 AM   #1273
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Re: Virtual Currency - Alt Coin Discussion Thread

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Originally Posted by bernie68 View Post
https://coinidol.com/altcoins-delist...-are-not-dead/

From the coins being delisted; is anyone close to some project that seems wortwhile enough to add on now?

It may be a good time to diversify with the present pricing situation

any other site than bitcointalk.org to confirm some consensus on MYR , QORA and some others not being ****coins?
First off, stay away from bitcointalk. I used to go there and it's a bunch of peons.

As far as any coin being delisted from poloniex. I'd say if you get delisted from poloniex your not doing bad, your doing beyond ****ing horrible. If you get delisted your ****ing done for ****s sake.
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Old 04-28-2017, 04:03 AM   #1274
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Re: Virtual Currency - Alt Coin Discussion Thread

How can I reset/wipe my nano S and practice the recovery process? If I understand correctly, if I enter the wrong pin a few times it will be reset and then I can start the recovery? Obviously doing it with negligible eth.
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Old 04-28-2017, 06:53 AM   #1275
bernie68
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Re: Virtual Currency - Alt Coin Discussion Thread

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Originally Posted by onemoretimes View Post
First off, stay away from bitcointalk. I used to go there and it's a bunch of peons.

As far as any coin being delisted from poloniex. I'd say if you get delisted from poloniex your not doing bad, your doing beyond ****ing horrible. If you get delisted your ****ing done for ****s sake.
any ****ing positiveness of a good ****ing forum on those coins or just ****ing hate ? if you are in a ****ing 9 to 5 in the US / UK, I ll show compassion
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