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/r/BitShares · · FAQ · · Newcomers please read!

What is BitShares, and how it is different from BitShares-PTS

BitShares was originally an experiment to test the economic theory behind a new kind of prediction market. This experiment creates a decentralized bank and exchange that uses a decentralized transaction ledger secured by DPOS to create fungible digital assets that are market-pegged to the value of anything from dollars, to gold, to gallons of gasoline.
Using the DAC metaphor, if BitShares is the "company" then bitUSD is the "product". BitUSD is created when two people taking opposite positions on the long-term relative directions of the USD/BTS feed (see more below)
Some other metaphors relate BitShares to Consensus, Community, Cooperation, ... (read more)
BitShares PTS is an investment vehicle for future DACs and has it's own blockchain and software:
For historical reasons you will often also find the term "BitShares X" which is the old name for BitShares which had economical and technological disadvantages that have been resolved with BitShares. The transition from BTSX to BTS went smooth and most users did not even notice, except the name change, of course.

Where do I get the Software?

You can find the official releases at
Linux users currently have to build from Source (which is very easy). Find the build instructions over here:

How To Register a BitShares Account

The passphrase is a brainwallet?

No, the passphrase alone does not enable you to access your funds. In contrast to NXT, the passphrase is not a brainwallet but solely used to encrypt a randomly chosen private key. You need to make a backup of your wallet. To do so, we recommend to use the in-app functionality.
Make sure you remember your passphrase and make a backup of your wallet (available from within the wallet).

What's all about the account name being "registered"?

In BitShares you can (and should) register your name on the blockchain. Thus, everyone can send funds to you buy just sending to your account name. No need to copy/paste ugly addresses which are hashes of hashes of public keys. The BitShares Software let's you simple chose an account name instead. Make sure not to use a "." in the account name because it indicates a subaccount. Read more:

What are the first steps with the Software?

First steps for you are listed in our Wiki:

What should I do to secure my funds

You can do a backup from within the GUI and obviously should do so. Whenever you create a new acount, you should also do a bckup. The backup file is in JSON format which makes it inter-system operable. You can use that JSON file to reimport you account (in-GUI option) on a Windows PC, a MAC, or in Linux.
Make sure you remember your passphrase, because the private keys in the backup file are ENCRYPTED

Where can I get BitShares

Currently, Bter, BTC38, and Poloniex are the main exchanges where you can purchase it. The assets (BitUSD, BitGLD, etc.) are being introduced within days or weeks (currently, being bug-tested). The Poloniex exchange offers their users the feature to easily register a new account from within the exchange, while the others require a registered account to withdraw funds.

What are bitAssets and UIA

The blockchain can handle two different kinds of assets:

I'm intrigued by the idea of BitUSD and BitGLD and want to know a bit more.

The '''market peg''' is one of the core features of the BitShares system. It is a highly discussed and experimental goals that we want to achieve on the blockchain and a FAQ is probably not the right place to understand all of the market dynamics. Let me instead point you towards some very interesting reads about it:

What are the rules for the bitAsset markets?

All rules are nicely summarized in the wiki:

I read about interest on bitAssets. Tell me more!

If you tumbled over the term interest, you probably read an outdated posted. Sorry to tell you but there is no interest on your bitUSD ... for legal reasons ... thus the community decided to call it a yield :-). That yield is payed out every time you transfer bitUSD (that are older than 24h). This effectively is an interest, but has an other name. Check out the our info graphic about is:

How about anonymity in transactions? Can you tell me more about TITAN?

Knowing about stealth addresses and the magic behind ECC (ellyptic curve crypto) our developers came up with a very sophisticated and well tested implementation of mentioned stealth addresses. In BitShares every transaction is protected by TITAN, the underlying technology that make it impossible to connect any input or output with an account name. You can read more about it here:

What is security achieve on the blockchain

BitShares is based on Delegated Proof of Stake (DPOS). In short: You vote for your favorite delegate (a board of execution), which in turn get the permission to generate (i.e., sign) blocks. In return the delegate (101 in total) earns the transactions fees. In contrast to Bitcoin and most alt coins, the total supply is already distributed. Thus, no new coins (i.e., shares) are generated. You can read more about why DPOS is superior to most known security schemes in crypto currencies here:
submitted by xeroc to BitShares [link] [comments]

I'm getting excited about Monero, and going to move 25% of my Crypto holdings into it.

From now on you can assume I'm 70% bitcoin, 25% Monero, and 5% other crypto-gambles (I still love you Nyan & Doge, but a nod towards MaidSafe).
After bothering to learn about Cryptography, Monero has won me over despite the ridiculously silly name. It honestly does have the best cryptographic profile of any alt coin today, and boasts a very respectable development team that seems honest and upfront about their goals.
Ring signatures + Stealth addresses do feel like the "bitcoin 2.0" that idiots blather about without even knowing what that means. I'm not saying that I think bitcoin can be dethroned, but it won't hurt to hedge my investments with a foray into Monero.
I'll copy some of their editorial, "What's So Special About Monero" here, but as always, you are responsible for your own decisions and should never buy anything without doing a lot of your own research.

CryptoNote

It uses CryptoNote technology, which, compared to most other coins, means:
Remarks:
- Some altcoins exhibit one technology that Monero has: Shadowcash has cryptonote-like privacy (but only on exceptional situation called Shadow-to-Shadow), Vertcoin and some others have stealth addresses, etc.
Improper implementation could lead to no actual privacy. Best example is Bytecoin, where 80%+ of the outputs are owned by unknown parties; so unmasking which signature in a ring is the real one is trivial for the said unknown parties.

Leader

The undisputed leader in Cryptonote-based coins:

Specific development

Monero has its own improvements that other CryptoNote-based coins ("altnotes") do not have:
https://forum.getmonero.org/1/news-announcements-and-editorials/209/editorial-what-s-so-special-about-monero
I welcome all criticisms of my idea, but really believe that if you are going to bother speculating in any alt-coin that this one seems like the best bet.
After all, in 2008 bitcoin seemed like a scam that was unlikely to succeed to the casual eye.
Now in 2015, most altcoins seem like scams that are unlikely to succeed.
Maybe Monero can prove them wrong.
In any case, it's worth 25% of my army.
submitted by americanpegasus to AmericanPegasus [link] [comments]

How do you recommend I setup the offline wallet?

Just reading this wiki. I do have an old computer but it sounds extreme that the writer says the computer must never ever even once access the internet again.
I have used it in the past for work as a second computer so I can't say that I will never ever want to access the internet with it again.
I only want to put funds in the wallet between like 20-40 dollars at a time to pay for single items online. I planned to buy them at my local (bitcoin) atm and pay for the items straight away.
So is this heavy security really necessary in that case?
I still do not like the idea of my computer becoming a target for hackers though if it contains a bitcoin wallet. I mean they won't know how much is in there will they till it's been hacked so they might constantly be targeting it? not sure how it works?
I mean for just having a wallet on my desktop machine (linux btw) does it become a 'beacon' for hackers?
Can I not install on a usb device without it having to be a live boot cd? I don't need it to be bootable since I don't plan on using it anywhere but my home so can I not just install electrum on there normally (rather than a livecd as tutorials suggest) and then once it's unplugged there won't be any trace of bitcoin type activity on my computer for hackers to sniff out? and those rare times it is connected isn't a big deal if it is only small amounts as mentioned above? or would the hackers if they got a scent one time would constantly be hammering down the door trying to usurp my machine?
advise please given my desired use case.
submitted by Qwoiuroiy to BitcoinBeginners [link] [comments]

safe offline key generating bitcoin wallet?

It really should not be that hard to have a device like the trezor that has no network capabilities that is a safe alternative to mastering electronic encryption. My goal is to find a device that can generate a valid key from your three inputs: your private key that you obtain from your paper wallet, the public key that you want to send an amount to and the amount you want to send. It then spits out the key you can publish to get integrated into the block chain. This would ensure you need physical access to the wallet to use it and with some moderate password protection (which one would be the best alternative here??) impenetrable.
Is there some solution already out there that I can not find?
EDIT: This is obviously a wallet for longer term storage, not for everyday payment for which I would still use a low-quantity wallet on my smartphone.
EDIT2: this Guide describes what I am seeking but I still want to be able to make transactions eithout the use of a USB device
submitted by JWGhetto to BitcoinWallet [link] [comments]

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