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Survivors of market disasters: In this disaster, some people actually made money

There is no need to repeat the tragic market. Various historical figures are present, and they all reveal a signal: this disaster is like an earthquake with no warning signs. The victims are everywhere, and the survival is a fluke.
But in this disaster, there are still people who make money.
If you still have the impression, on August 23 of last year, there was a problem with Amazon AWS 'server in Japan, which caused the products using the region's services to be affected to varying degrees, including the cryptocurrency trading platform. After discovering a problem with Binance using AWS, the user's deposit and withdrawal were suspended, but the trading platform using the Binance Quotation API failed to take timely measures, resulting in loopholes in market makers' strategies.
That day, while Bitcoin was still steadily maintained at 10,000 USD, some users bought Bitcoin at a unit price of 0.32 USD, and when there was almost no fluctuation in the market, they used the mistake of the server to add western food for the night. A bottle of champagne.
In this disaster after 5 months, some people still use the environment to find a way to survive.
Ethereum 0 dollar purchase?
A $ 0 purchase of Ethereum happened on March 13. The market plummeted, many mortgagors' positions were exploded, and ETH fell from $ 180 to less than $ 100 without resistance. The decentralized Defi market that depends on the value of ETH is naturally not immune, such as the MakerDAO platform. MakerDAO's borrowing logic is that users over-collateralize ETH to lend USD stablecoin DAI, but when the value of ETH fell rapidly, a large number of loans fell below the threshold and the system had to be liquidated. In other words, the user's loan was not repaid. Mortgage of ETH is also not available.
So MakerDAO has a bad debt, the amount exceeds USD 4 million. In order to repay this bad debt, MakerDAO chooses to auction the collateral, that is, ETH, BAT, etc., and uses the stable currency DAI to bid. They need to use the auction proceeds to obtain repay loan.
Under normal circumstances, such auctions are not too accidental. The feeding system reports the current price of ETH, and the bidders will probably trade at a price slightly lower than the market price.
However, the background of this auction is the market's plunge. The transaction caused investors to intensive operations, which blocked the Ethereum network. It takes far more than usual gas fees to allow the miners to confirm the transfer as soon as possible.
According to the browser, on the morning of the 13th, if only 44 gwei is used, the transfer confirmation time on the Ethereum network will take 72958 seconds, which is 20 hours.
The MakerDAO debt auction on the Ethereum network has also been affected. The blockage of the network has prevented bidders with low gas costs from bidding in time, which caused participants to bid 0 DAI / ETH to drop the hammer.
It can also be seen from the transaction records that the auction of 0 DAI was indeed successful. These lucky bidders only paid a transfer fee of US $ 1 and transferred 0 amount to obtain an ETH worth US $ 122 at the time.
These people are undoubtedly fortunate. The external environment helped them to become the only game participants. The exchange of $ 1 for $ 120 and a profit of 11900% was much higher than the odds of players who risked bottom-swinging in fluctuations.
However, from another perspective, MakerDAO's auction is to use the DAI obtained from the auction to pay off debts. However, due to network congestion, this situation has caused several free gifts, and MakerDAO's debt repayment is even worse.
Pick up goods by luck
If it is said that MakerDAO launches the auction, it is a helpless action of the team under extreme conditions. Bidders still need a bit of technical barriers to participate, but there is nothing to worry about, and there is almost no difficulty and cost.
On the evening of March 12, investors discovered that the LINK / USDT trading pair of the Binance trading platform experienced a short-term flash collapse and once fell to the bottom 0.0001 USD. What's going on?
Twitter netizens then asked Zhao Changpeng about the matter, and the latter's response was a shock. It turned out that someone had already launched the LINK trading pair as early as Binance, that is, on January 16 last year, a low was hung within 8 seconds after the real-time trading was opened. Price list, but it has not been closed because no fool will sell it at this price.
Unexpectedly, more than a year later, this pending order was sold "strangely". "At that time we had no price range restrictions. We will not cancel user orders." Zhao Changpeng said that the platform will not deny this order because the operation is completely reasonable.
It will not be rolled back for various reasons. In other words, even if LINK has experienced a large decline recently, at the current price of 2.3 US dollars, the profit of this transaction will exceed 2 million US dollars. US dollars, then he instantly won nearly 5 million US dollars.
The cost of 100 dollars, the income of 2.4 million dollars, a real profit.
In fact, similar examples of this kind of luck are not rare in the crypto industry. Except for Binance and the previous examples, BitMex and OKEx have also experienced similar situations, and more than once.
For example, on December 6, 2017, Binance's XRP / BTC trading pair experienced a breakdown of the list. In a very short period of time, the XRP price was oversold to 0.0000002 BTC, which is basically negligible. On January 29, 2018, the price of the ADA contract on BitMEX also fell to 0.00000005 US dollars, which was also nearly 0; another trading platform, OKEx, also saw a large amount of 0.002 USD on January 14, 2018. Case, according to the official statement at that time, "a certain trader" quickly sold a large amount of ETH through market orders within 12 minutes. Interestingly, at the time, some people analyzed that "a certain trader" was actually an official market-making robot, and "a large amount" of 100 million Ethereum was eventually sold for 20 dollars.
However, for ordinary people, if you want to encounter this kind of opportunity for leak detection, unless you are bored and place an order in advance, such a price is fleeting, and you ca n’t seize the opportunity simply by hand speed. In fact, at present, many trading platforms have actually adopted corresponding price amplitude filters, which specify the maximum / minimum price range of pending order prices. Oolong trading is very rare. Even if luck hits and catches up, it is very likely that the platform will intervene and the transaction will be rolled back. This situation has not happened before.
Only this time, the trader who had placed an order on Binance for more than a year, even if he successfully leaked and successfully withdrew the coin, it can only be said that he hit the Grand Canal.
Safe moving of bricks
Buying a certain kind of token on a crypto trading platform, and then selling the token to another trading platform, earning the price difference is a moving brick in the crypto circle. Moving bricks has been an arbitrage behavior since the birth of the transaction. It belongs to a very old business. Arthur, the founder of BitMex, who now operates a trading platform, and Xu Mingxing of OKEx, were once members of the army of moving bricks. . This kind of brick moving was the most prosperous at the end of 2017. At that time, trading platforms such as Bithumb in South Korea also called the "Kimchi premium" due to the price difference between other platforms. Moving bricks is a kind of risk-free arbitrage. Players use energy to gain profits, although the single profit is not much. However, with the maturity of trading robots and quantitative trading teams, the spread of tokens between multiple regions or platforms is often wiped out in a matter of seconds. Therefore, the profit margin of manually moving bricks is now very small.
Of course, it is not to say that there is no opportunity. Such an opportunity to make money is indeed hidden under the volatile market.
"Buy at a low price and sell at a high price, this is simply the most secure way to make money in a plunging market!" Investors are excited about cryptography. Starting at 6:30 pm on March 12, cryptocurrencies have experienced sharp fluctuations, while Binance and Huobi When the bitcoin spread between the three trading platforms and OKEx was the largest, it even reached more than 700 US dollars. The discerning player quickly discovered the opportunity, "For half an hour, I made more than 10,000 with a principal of 20,000 yuan. Such an opportunity is usually not available."
Buy and sell orders executed by the above investors at almost the same time, with a spread of nearly $ 450
When it comes to moving bricks, time is money. It is definitely too late to shuttle between multiple trading platforms. Many investors have now transferred the "battlefield" to the platform that focuses on aggregated trading. "The aggregated trading platform integrates the depth of multiple platforms. As long as there is a price difference between supported platforms, users only use One account can be bought and sold on multiple platforms, and it can be operated in a few seconds. "Wu Ling, who seized the opportunity from the extreme market in these two days, made nearly 50,000 by moving bricks in just a few hours. Yuan, the principal is no more than tens of thousands of yuan.
It is understood that there are already multiple platforms targeting the aggregate trading business on the market, and the opportunity to move bricks does not often appear, unless similar to the extreme market appearing in the past few days, or some unique tokens, there may be soaring and plunging. Opportunities, as a whole, are not met a few times a year, and they are fleeting.
However, whether it is MakerDAO auctions, ultra-low-priced pending order transactions, or arbitrage moving bricks under the new situation, these opportunities to make money are actually small probability and cannot be used as conventional investment methods.
These seemingly easy profits are in the end a few people. Many people are trapped in extreme quotes in stuns. Most investors have no assets left on the trading platform overnight.
Maybe this also makes many investors lose confidence in the industry, but in fact, in the face of such a market, after finishing our mood, we are more learning from changes.
Learn the reasons for this disaster, learn the logic of the main control panel, learn what signals were ignored before the disaster, and prepare for the next time. At the same time, we can also see the development of the industry. For example, when all centralized trading platforms are down, DEX can still be implemented despite various problems.
I hope that everyone still has confidence in the blockchain and cryptocurrency industries. Finally, I would like to remind everyone that the recent market changes are unpredictable. Please pay attention to risks and exercise caution.
submitted by FmzQuant to u/FmzQuant [link] [comments]

I started working with bitcoin when I was 21, left my Masters in CS from ETH Zurich and today I have a small crypto hardware company whose only goal is to truly enable mass adoption!

A couple years ago being just another computer geek, I earned my way into ETH Zurich to pursue an MS in CS and at this time was working simultaneously with a Swiss FinTech company that was using "blockchain" technology for their product. Long story short, falling down the crypto rabbit hole, I eventually left this job and my position as an AI research assistant and started working on this little device that is literally the next logical step in the bitcoin payments lifecycle.

If mass adoption is to happen -
  1. Anybody in the world, tech savvy or not needs to be able to use crypto as easy as using fiat currency, i.e. instantly and safely.
  2. Stay in control of your funds at all times - not a bank, not an exchange and not some intermediary.

Hardware wallets solve point #2. I loved watching the development of the trezor and their success over the years but funnily enough I was also a drummer touring around Europe with a german band during this time and while going to a bunch of different countries that all had different currencies, me being from a "third-party" country had to convert money from my home country to whatever currency I needed and the rates/deposit time for this was ridiculous. Being an early adopter I still couldn't use crypto as a currency anywhere! My trezor just sat at "home?" keeping my crypto safe.

This is exactly why I started working on lastbit. What started off as a simple hobby quickly turned into an elaborate plan and I left my Masters mid-way (Background: I'm Indian - trained to get straight A's all the time but never actually use any of that knowledge. Best decision ever, leaving uni) to work on this full time and over the last year built a few generations of prototypes, learnt how to do business and raised capital (The hard way)! (Building a company is hard, building a hardware company is exponentially harder!)

All in all, I worked my ass off to build this little company, team, raise funds and now we're ready to slowly start rolling this out (lastbit.io). I've spent countless hours on crypto subs and it's about time the community started getting involved. No shitcoin, no bullshit, just pure love for all things complex.

A very very very short example of the thought process behind this

Example:

I own 100 BTC. I store it on my ledgetrezor -

1.1 I would never take my ledger out with me casually for a stroll to the coffee shop, it's way too much of a risk. Instead my ledger sits in my drawer collecting dust but I trust my coins are safe at home.

(lastbit - Leave your cold wallet long term storage funds at home on a secure encrypted micro-SD card. Take your "hot" but secure spending wallet anywhere - Hodler works wirelessly with a mobile app. NB: Both wallets are on secure elements! Example: Leave 99 BTC at home and take 1 BTC out with you. Worst case, lost your wallet? No problem, backup is at home or 6 different places around the world and nobody can crack your device).

1.1.1 Plus, why would you even take it out? Merchants are never going to buy a new POS terminal to accept bitcoin. Who accepts crypto? *(With this solution - Everyone. The Hodlers' aim is to work with ANY credit card machine in the world and you can pay with crypto without the merchant even realizing you paid with crypto.)*

1.1.1.1 Even if someone did accept crypto, is it feasible to pay with bitcoin today? Waiting 1 hour in line to buy coffee? *(With this solution - Instant transactions over LN)*

Leave a comment or PM if you would want to support this, work with us or be a bigger part of this.

Any help/feedback is appreciated.

TLDR: Left prestigious Masters program to work on crypto project. Turned into company (lastbit.io). Can use help from the community to take this further.
EDIT: Thanks for all the comments everyone, that was really quite an overwhelming response. Way more than I expected and a ton of constructive useful feedback from everyone here. Yes we need to work on branding, logo, explaining the project in simpler terms and the name of the device - Hodler clearly isn't the best idea. Some pretty cool suggestions, thanks again! Will continue to keep everyone who signed up, in the loop. As far as everybody asking about jobs/open positions go, we could use an experienced hardware/embedded systems engineer and/or a digital marketing person - We are exploring the possibility of a kickstarter to fund this after the minimal beta and I suppose marketing is imperative for a successful campaign.
submitted by shadow12348 to CryptoCurrency [link] [comments]

⚡ Lightning Network Megathread ⚡

Last updated 2018-01-29
This post is a collaboration with the Bitcoin community to create a one-stop source for Lightning Network information.
There are still questions in the FAQ that are unanswered, if you know the answer and can provide a source please do so!

⚡What is the Lightning Network? ⚡

Explanations:

Image Explanations:

Specifications / White Papers

Videos

Lightning Network Experts on Reddit

  • starkbot - (Elizabeth Stark - Lightning Labs)
  • roasbeef - (Olaoluwa Osuntokun - Lightning Labs)
  • stile65 - (Alex Akselrod - Lightning Labs)
  • cfromknecht - (Conner Fromknecht - Lightning Labs)
  • RustyReddit - (Rusty Russell - Blockstream)
  • cdecker - (Christian Decker - Blockstream)
  • Dryja - (Tadge Dryja - Digital Currency Initiative)
  • josephpoon - (Joseph Poon)
  • fdrn - (Fabrice Drouin - ACINQ )
  • pmpadiou - (Pierre-Marie Padiou - ACINQ)

Lightning Network Experts on Twitter

  • @starkness - (Elizabeth Stark - Lightning Labs)
  • @roasbeef - (Olaoluwa Osuntokun - Lightning Labs)
  • @stile65 - (Alex Akselrod - Lightning Labs)
  • @bitconner - (Conner Fromknecht - Lightning Labs)
  • @johanth - (Johan Halseth - Lightning Labs)
  • @bvu - (Bryan Vu - Lightning Labs)
  • @rusty_twit - (Rusty Russell - Blockstream)
  • @snyke - (Christian Decker - Blockstream)
  • @JackMallers - (Jack Mallers - Zap)
  • @tdryja - (Tadge Dryja - Digital Currency Initiative)
  • @jcp - (Joseph Poon)
  • @alexbosworth - (Alex Bosworth - yalls.org)

Medium Posts

Learning Resources

Books

Desktop Interfaces

Web Interfaces

Tutorials and resources

Lightning on Testnet

Lightning Wallets

Place a testnet transaction

Altcoin Trading using Lightning

  • ZigZag - Disclaimer You must trust ZigZag to send to Target Address

Lightning on Mainnet

Warning - Testing should be done on Testnet

Atomic Swaps

Developer Documentation and Resources

Lightning implementations

  • LND - Lightning Network Daemon (Golang)
  • eclair - A Scala implementation of the Lightning Network (Scala)
  • c-lightning - A Lightning Network implementation in C
  • lit - Lightning Network node software (Golang)
  • lightning-onion - Onion Routed Micropayments for the Lightning Network (Golang)
  • lightning-integration - Lightning Integration Testing Framework
  • ptarmigan - C++ BOLT-Compliant Lightning Network Implementation [Incomplete]

Libraries

Lightning Network Visualizers/Explorers

Testnet

Mainnet

Payment Processors

  • BTCPay - Next stable version will include Lightning Network

Community

Slack

IRC

Slack Channel

Discord Channel

Miscellaneous

⚡ Lightning FAQs ⚡

If you can answer please PM me and include source if possible. Feel free to help keep these answers up to date and as brief but correct as possible
Is Lightning Bitcoin?
Yes. You pick a peer and after some setup, create a bitcoin transaction to fund the lightning channel; it’ll then take another transaction to close it and release your funds. You and your peer always hold a bitcoin transaction to get your funds whenever you want: just broadcast to the blockchain like normal. In other words, you and your peer create a shared account, and then use Lightning to securely negotiate who gets how much from that shared account, without waiting for the bitcoin blockchain.
Is the Lightning Network open source?
Yes, Lightning is open source. Anyone can review the code (in the same way as the bitcoin code)
Who owns and controls the Lightning Network?
Similar to the bitcoin network, no one will ever own or control the Lightning Network. The code is open source and free for anyone to download and review. Anyone can run a node and be part of the network.
I’ve heard that Lightning transactions are happening “off-chain”…Does that mean that my bitcoin will be removed from the blockchain?
No, your bitcoin will never leave the blockchain. Instead your bitcoin will be held in a multi-signature address as long as your channel stays open. When the channel is closed; the final transaction will be added to the blockchain. “Off-chain” is not a perfect term, but it is used due to the fact that the transfer of ownership is no longer reflected on the blockchain until the channel is closed.
Do I need a constant connection to run a lightning node?
Not necessarily,
Example: A and B have a channel. 1 BTC each. A sends B 0.5 BTC. B sends back 0.25 BTC. Balance should be A = 0.75, B = 1.25. If A gets disconnected, B can publish the first Tx where the balance was A = 0.5 and B = 1.5. If the node B does in fact attempt to cheat by publishing an old state (such as the A=0.5 and B=1.5 state), this cheat can then be detected on-chain and used to steal the cheaters funds, i.e., A can see the closing transaction, notice it's an old one and grab all funds in the channel (A=2, B=0). The time that A has in order to react to the cheating counterparty is given by the CheckLockTimeVerify (CLTV) in the cheating transaction, which is adjustable. So if A foresees that it'll be able to check in about once every 24 hours it'll require that the CLTV is at least that large, if it's once a week then that's fine too. You definitely do not need to be online and watching the chain 24/7, just make sure to check in once in a while before the CLTV expires. Alternatively you can outsource the watch duties, in order to keep the CLTV timeouts low. This can be achieved both with trusted third parties or untrusted ones (watchtowers). In the case of a unilateral close, e.g., you just go offline and never come back, the other endpoint will have to wait for that timeout to expire to get its funds back. So peers might not accept channels with extremely high CLTV timeouts. -- Source
What Are Lightning’s Advantages?
Tiny payments are possible: since fees are proportional to the payment amount, you can pay a fraction of a cent; accounting is even done in thousandths of a satoshi. Payments are settled instantly: the money is sent in the time it takes to cross the network to your destination and back, typically a fraction of a second.
Does Lightning require Segregated Witness?
Yes, but not in theory. You could make a poorer lightning network without it, which has higher risks when establishing channels (you might have to wait a month if things go wrong!), has limited channel lifetime, longer minimum payment expiry times on each hop, is less efficient and has less robust outsourcing. The entire spec as written today assumes segregated witness, as it solves all these problems.
Can I Send Funds From Lightning to a Normal Bitcoin Address?
No, for now. For the first version of the protocol, if you wanted to send a normal bitcoin transaction using your channel, you have to close it, send the funds, then reopen the channel (3 transactions). In future versions, you and your peer would agree to spend out of your lightning channel funds just like a normal bitcoin payment, allowing you to use your lightning wallet like a normal bitcoin wallet.
Can I Make Money Running a Lightning Node?
Not really. Anyone can set up a node, and so it’s a race to the bottom on fees. In practice, we may see the network use a nominal fee and not change very much, which only provides an incremental incentive to route on a node you’re going to use yourself, and not enough to run one merely for fees. Having clients use criteria other than fees (e.g. randomness, diversity) in route selection will also help this.
What is the release date for Lightning on Mainnet?
Lightning is already being tested on the Mainnet Twitter Link but as for a specific date, Jameson Lopp says it best
Would there be any KYC/AML issues with certain nodes?
Nope, because there is no custody ever involved. It's just like forwarding packets. -- Source
What is the delay time for the recipient of a transaction receiving confirmation?
Furthermore, the Lightning Network scales not with the transaction throughput of the underlying blockchain, but with modern data processing and latency limits - payments can be made nearly as quickly as packets can be sent. -- Source
How does the lightning network prevent centralization?
Bitcoin Stack Exchange Answer
What are Channel Factories and how do they work?
Bitcoin Stack Exchange Answer
How does the Lightning network work in simple terms?
Bitcoin Stack Exchange Answer
How are paths found in Lightning Network?
Bitcoin Stack Exchange Answer
How would the lightning network work between exchanges?
Each exchange will get to decide and need to implement the software into their system, but some ideas have been outlined here: Google Doc - Lightning Exchanges
Note that by virtue of the usual benefits of cost-less, instantaneous transactions, lightning will make arbitrage between exchanges much more efficient and thus lead to consistent pricing across exchange that adopt it. -- Source
How do lightning nodes find other lightning nodes?
Stack Exchange Answer
Does every user need to store the state of the complete Lightning Network?
According to Rusty's calculations we should be able to store 1 million nodes in about 100 MB, so that should work even for mobile phones. Beyond that we have some proposals ready to lighten the load on endpoints, but we'll cross that bridge when we get there. -- Source
Would I need to download the complete state every time I open the App and make a payment?
No you'd remember the information from the last time you started the app and only sync the differences. This is not yet implemented, but it shouldn't be too hard to get a preliminary protocol working if that turns out to be a problem. -- Source
What needs to happen for the Lightning Network to be deployed and what can I do as a user to help?
Lightning is based on participants in the network running lightning node software that enables them to interact with other nodes. This does not require being a full bitcoin node, but you will have to run "lnd", "eclair", or one of the other node softwares listed above.
All lightning wallets have node software integrated into them, because that is necessary to create payment channels and conduct payments on the network, but you can also intentionally run lnd or similar for public benefit - e.g. you can hold open payment channels or channels with higher volume, than you need for your own transactions. You would be compensated in modest fees by those who transact across your node with multi-hop payments. -- Source
Is there anyway for someone who isn't a developer to meaningfully contribute?
Sure, you can help write up educational material. You can learn and read more about the tech at http://dev.lightning.community/resources. You can test the various desktop and mobile apps out there (Lightning Desktop, Zap, Eclair apps). -- Source
Do I need to be a miner to be a Lightning Network node?
No -- Source
Do I need to run a full Bitcoin node to run a lightning node?
lit doesn't depend on having your own full node -- it automatically connects to full nodes on the network. -- Source
LND uses a light client mode, so it doesn't require a full node. The name of the light client it uses is called neutrino
How does the lightning network stop "Cheating" (Someone broadcasting an old transaction)?
Upon opening a channel, the two endpoints first agree on a reserve value, below which the channel balance may not drop. This is to make sure that both endpoints always have some skin in the game as rustyreddit puts it :-)
For a cheat to become worth it, the opponent has to be absolutely sure that you cannot retaliate against him during the timeout. So he has to make sure you never ever get network connectivity during that time. Having someone else also watching for channel closures and notifying you, or releasing a canned retaliation, makes this even harder for the attacker. This is because if he misjudged you being truly offline you can retaliate by grabbing all of its funds. Spotty connections, DDoS, and similar will not provide the attacker the necessary guarantees to make cheating worthwhile. Any form of uncertainty about your online status acts as a deterrent to the other endpoint. -- Source
How many times would someone need to open and close their lightning channels?
You typically want to have more than one channel open at any given time for redundancy's sake. And we imagine open and close will probably be automated for the most part. In fact we already have a feature in LND called autopilot that can automatically open channels for a user.
Frequency will depend whether the funds are needed on-chain or more useful on LN. -- Source
Will the lightning network reduce BTC Liquidity due to "locking-up" funds in channels?
Stack Exchange Answer
Can the Lightning Network work on any other cryptocurrency? How?
Stack Exchange Answer
When setting up a Lightning Network Node are fees set for the entire node, or each channel when opened?
You don't really set up a "node" in the sense that anyone with more than one channel can automatically be a node and route payments. Fees on LN can be set by the node, and can change dynamically on the network. -- Source
Can Lightning routing fees be changed dynamically, without closing channels?
Yes but it has to be implemented in the Lightning software being used. -- Source
How can you make sure that there will be routes with large enough balances to handle transactions?
You won't have to do anything. With autopilot enabled, it'll automatically open and close channels based on the availability of the network. -- Source
How does the Lightning Network stop flooding nodes (DDoS) with micro transactions? Is this even an issue?
Stack Exchange Answer

Unanswered Questions

How do on-chain fees work when opening and closing channels? Who pays the fee?
How does the Lightning Network work for mobile users?
What are the best practices for securing a lightning node?
What is a lightning "hub"?
How does lightning handle cross chain (Atomic) swaps?

Special Thanks and Notes

  • Many links found from awesome-lightning-network github
  • Everyone who submitted a question or concern!
  • I'm continuing to format for an easier Mobile experience!
submitted by codedaway to Bitcoin [link] [comments]

Nano For Good: FAQ

I was tipped Nano, what's next?
Congrats on receiving your first Nano tip! The first thing you should do is move your Nano to your own, secure wallet for safe keeping. This will only take 5-10 minutes.

-- Setting up your wallet
There is a number of wallets available that support Nano but we recommend:
IOS: Natrium or Canoe
Android: Natrium or Canoe
PC/Web: Brainblocks Wallet
Remember to carefully store your seed phrase during the wallet signup process. If you lose this seed you may lose access to your Nano. We recommend writing it down in multiple locations for additional peace of mind.

-- Withdrawing your Nano from the Tip-bot
Now that you have your wallet set-up you will need to PM the tip bot, u/nano_tipper to instruct it on where to send your funds. To withdraw your Nano, you should PM the bot the following:
send [amount of Nano] [your address] 
Where the amount is the total value of the tips you have received ( You can PM the bot, "balance" if you do not know this) and the address is your wallet address, which you can find in the wallet app you have just downloaded, usually under "Receive" or "My Account" pages. e.g:
send 1 nano_xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx 
If you have any problems with this step, leave a comment below, visit the tip-bot documentation or official subreddit.

-- What to do with your Nano
Once you have your Nano in your own wallet, it's up to you what you want to do with it. Like any currency, you can save it, spend it or sell it:

---- > Spending Nano
Like any currency, Nano is meant to be spent! and with zero fees & instantaneous transactions there is no better method to buy the products / services you love. Currently there are a number of things you can purchase with Nano, including: Games, gift-cards, hotel stays, in-game currency, gambling, takeaway food and even pay in-store in certain locations.
List of stores accepting Nano
Alternatively you can signup for Wirex and within 3-5 days receive a Visa debit card capable of spending Nano at any of millions of physical locations or online stores worldwide in which Visa is accepted.

How does paying with Nano compare to other popular payment methods?
Payment Method Fees Who pays the fee Payment Time
Credit Card 2-5% + 20-35c per transaction Merchant Instant
PayPal 2.9% + 30c per transaction Merchant / Customer Instant
Bitcoin $4 per transaction (18/05/2019) Customer 10 minutes+
Nano None N/A Instant

---- > Selling Nano
You may wish to sell your Nano for your local currency (USD/EUGBP etc.) or exchange it for another cryptocurrency such as Bitcoin. This is easy to do and should only take an hour even for someone new to Nano.

To sell your Nano for a local / fiat currency, there are a number of services you can use, such as the following:
Sell to USD: Kraken, Coingate
Sell to EUR: Wirex, Kraken, Bitvavo, Coingate
Sell to GBP: Wirex
Other: Wirex (AUD, HKD, JPY, CAD)

To sell your Nano in exchange for a cryptocurrency such as Bitcoin or Ethereum, we recommend the following:
BTC: Binance, Kucoin
ETH: Binance, Kucoin
USDT: Binance
Nollar: Txbit
Full list of exchanges

-- More information / Need help?
For more information and/or help on moving/using/selling Nano, you can turn to the helpful folks on the official subreddit, nanocurrency or the official Nano Discord.

--- --- ---

What is Nano worth?
At the time of posting, 1 Nano = $1.02 USD but you can check the current price here as it will fluctuate over time.

--- --- ---

What is Nano?
Nano is a digital currency for the real world - the fast and free way to pay for everything in life. It features instant transactions, zero fees and is infinitely scalable. Gone are the days of complicated and energy-inefficient transactions - Nano is green and easy to use.

--- --- ---

What is Nano For Good?
Nano For Good is a community-run (initially by three community members) initiative to help better promote Nano, fund Nano-based projects and support helpful community posts. With 45,000 Nano in our fund and over 18,000 Nano distributed & tipped to date. Follow our progress here: https://nanocrawler.cc/exploreaccount/xrb_3cnhdppkx46f9jnagbizhxo84zjfp17tznpcf6x9q47jkujjqbq48aag5fid
submitted by nanillionaire to u/nanillionaire [link] [comments]

Yazom partners with parachute project. Now you can tip or trade ZOM using Parjar tipping bot.

We have Parjar tipping bot added to Yazom telgram channel. It could be used for an instant tipping of ZOM and token exchange between group members. It can be exchanged with any of the following tokens BTC: Bitcoin, BCH: BitcoinCash DOGE: Dogecoin, ERC20s: PAR: Parachute Token 1UP: Uptrennd 2GB: 2GetherBounty AERGO: Aergo AXPR: aXpire BAT: Basic Attention Token BIRD: BirdCoin BNB: Binance Coin BNTY: Bounty0x BOMB: The BOMB BPT: Blockport BTMX: BitMax CVC: Civic DAG: Constellation DGTX: DigitexFutures DNT: district0x ENJ: EnjinCoin ESH: Switch ETHOS: Ethos FTM: Fantom Token HST: Decision Token HYDRO: Hydro KEY: SelfKey MANA: Decentraland METM: MetaMorph MITX: Morpheus Infrastructure Token MYO: Mycro Token NKN: NKN OMG: OmiseGo OPQ: Opacity OST: OST Platform REQ: Request Network RSR: Reserve Rights SNTR: Silent Notary SNTVT: Sentivate SPF: SportyCo USDC: USDCoin WAND: Wand Token WED: WednesdayCoin WYS: Wysker ZRX: 0x YAZOM:ZOM ETH: EthereumLTC: Litecoin
#FAQ #WhatIsParJarWhat is ParJar?
ParJar is a Telegram wallet and tip bot that works with /tip messages. All tips happen off-chain. All deposits and withdrawals happen on-chain. The bot is entirely fee less. So ParJar takes no fees for tipping, depositing or withdrawing. Normal gas fees (on-chain mining/transaction fees) are charged by the blockchain for withdrawing crypto from ParJar to another wallet since they are on-chain transactions.
Make sure to PM @parjar_bot to check out your own wallet on Telegram. There will be buttons in there to check balance, to deposit crypto to your ParJar wallet, to withdraw to another wallet etc.
To tip someone, you simply reply to them with “/tip ” to tip them from your own ParJar wallet balance to theirs. For example, "/tip 100 ZOM".Please note, the tip command only works in groups that already have the ParJar bot added.
You can see the list of ParJar supported coins/tokens in PM with the bot (@parjar_bot)
You can also check price of ZOM in PM with the bot with the following commands: "/price ZOM" (for price in USD) OR "/price ZOM" followed by BTC/ETH/LTC/XLM/XRP/BCH/CAD/EUGBP/PLN/RUB (for price in one of these currencies and this feature is not available yet)
To find value of, say, 10000 ZOM in ETH, use the command: "/convert 10000 ZOM ETH" in PM with the botTo find value of, say, 10 USD in ZOM, use the command: "/convert 10 USD ZOM" in PM with the bot
When depositing ZOM to your ParJar wallet, make sure to initiate a deposit each time in your ParJar (@parjar_bot) and follow instructions. The ZOM should be sent from a wallet to which you own private keys and not from an exchange.
JOIN YAZOM CHANNEL https://t.me/joinchat/FycfwlI1-ZPCUZSjUJXOsg
JOIN ZOM OTC CHANNEL https://t.me/otc_zom
submitted by crypto_psych to zom [link] [comments]

Tipping Tuesday! (Free Magic Internet Money) Bitcoin Cash is fast and inexpensive.

"We all see and suffer from the recurring global financial crises. If we look at them, they are actually systemic - and fiat is what causes them."
"The simple fact that we continuously face so many problems in financial systems - globally and nationally - should be a wake up call."
"Some problems of money flows today: rent-seeking through high tx fees, financial censorship (e.g. Wikileaks), cash-in-transit robberies (problem with physical cash), ubiquitous surveillance and loss of financial privacy"
"Bitcoin was the result of deep thought on how to improve money"
"Bitcoin solves the sound money problem and puts the money back in your pocket in a form that is more real than numbers in an online bank account. As long as you hold they keys, you actually control the money. Not someone else who can change the numbers in your bank account or deny you the ability to earn and spend."
"Bitcoin is peer-to-peer money so your money goes directly to the recipient and no middleman can stop that transaction. And most importantly, you are in total control of your own money. The banks can't steal this new form of money from you. For the first time in the history, Bitcoin puts total control of money in the hands of the people."
"Bitcoin allows anybody anywhere in the world to send and receive any amount of money with anyone anywhere instantly, basically for free, and it's impossible for your transaction to be blocked or censored or controlled by any bank or government or corporation..."
"Bitcoin Cash is Bitcoin. Bitcoin Cash sticks to the original white paper and fulfils Satoshi's vision the best."
"Bitcoin Cash can be used by every single person on the planet, 100 times per day, and still cost less than 1 penny each time. And with estimated over 95,000 businesses accepting Bitcoin Cash this year and growing, you can be sure that Bitcoin Cash will become the best form of global money this coming century"
It's digital money, and it works really well. If you install a wallet on your phone I can send you some to play around with via the tipping bot.
Exchange for Bitcoin Cash
Bitcoin Cash personal wallet
200 bits tips with a brand new tipping bot. I love it, so far. BCH Tips
EDIT : You need to add your BCH address in your profil or you need to send a pm to bchtips to receive the tip in your personal wallet
submitted by CityBusDriverBitcoin to btc [link] [comments]

Slack log for Ark token's value proposition discussion 16-07-18

Please find below a log of the discussion we had in slack regarding the ark token's value proposition. Some of the community members who happen to be long term holders of ark feel that the ark token's value proposition isn't clearly communicated by the team so they asked about it. I'm posting the entire discussion it here to make a permanent record since slack wipes messages after a while.
--------------------------------------------------------------------------------------------
arigard [7:21 PM]
Hey team, so I'm curious. Is there any update on a new white paper at all that was being mentioned? I've been holding Ark since it hit Bittrex and I personally don't really have a clear idea about how the token is going to work in the overall picture, or what really the direction is for the project once v2 is out. It feels like things have gone a bit flat recently, are there any updates on direction and what the plan is once V2 is live? Is there any idea about when it might go live? Or how the Ark token will fit into the economy (will it be a gas?). I see a lot of other projects i'm invested in coming up with very clear roadmaps/dates and direction about what they want to be and I still personally feel Ark's message is a little confused and hard to read especially for people who are not coders/developers.
rob [ Ark Labs ] [7:22 PM]
the roadmap is on the site, arkdirectory.com/kits has nice presentations and other goodies
roks0n (deadlock) [7:23 PM]
@Matthew_DC mentioned a couple of days ago that he’s preparing several blog posts which should explain most of these @arigard
rob [ Ark Labs ] [7:23 PM]
the Blog also goes into lots of v2 details
Djenny Floro (Ark Tribe) [7:24 PM]
Hi everyone.
rob [ Ark Labs ] [7:24 PM]
Ark is Ark, not like Eth with gas, hence no gas.
Hey @Djenny Floro (Ark Tribe) welcome back
Djenny Floro (Ark Tribe) [7:24 PM]
Hey rob, hi Rok :slightly_smiling_face:
roks0n (deadlock) [7:25 PM]
Rob, I think he means how everything will be connected with ArkVM etc.
similar conversation as the one few days ago (edited)
Djenny Floro (Ark Tribe) [7:25 PM]
It's been a while, but I was head on in the project, sorry for not showing more often.
arigard [7:25 PM]
Yeah my main question is really I still don't know what will give the actual Ark token value .
goldenpepe [7:25 PM]
we dont know how the arkvm will work
All we can do is wait
Doubled1c3 (ArkStickers.com) [7:26 PM]
uploaded and commented on this image: bucket.jpg
@Djenny Floro (Ark Tribe)
goldenpepe [7:26 PM]
We can make assumptions but that's all they'll be
roks0n (deadlock) [7:26 PM]
@arigard this was the discussion: https://arkecosystem.slack.com/archives/C2ABRLZB8/p1531422791000216
roks0n (deadlock)
definitely, I’m not blaming anyone :slightly_smiling_face: Was just curious if there were any developments in terms of the updated whitepaper because I was reading one of the threads on reddit from 6 months ago where it was mentioned you’re looking to hire someone write it up.
Posted in #generalJul 12th
arigard [7:26 PM]
And I kind of feel this is such a big elephant in the room for people in the long run.
roks0n (deadlock) [7:26 PM]
click on the link and read from that post on (edited)
arigard [7:26 PM]
ok
Djenny Floro (Ark Tribe) [7:27 PM]
I saw that there has been some drawbacks with the V2 ?
(Not sure if it's exact, I only came a few times and seemed to understand it was so)
goldenpepe [7:28 PM]
There are just some incompatibilities between v1 and v2 in devnet
which is why devnet is currently down
rob [ Ark Labs ] [7:28 PM]
ArkVM may be unnecessary as more modern approaches to handling contracts are available, one of the main issue is having them be distributed just like the tokens.
goldenpepe [7:28 PM]
There's a community run v2-only devnet though #devnet_unofficial
rob [ Ark Labs ] [7:28 PM]
it's more like drawback with v1
arigard [7:30 PM]
I mean I've seen a lot of stuff in that discussion discussed over the past year and there still seems to be no concrete answers coming out and that is a bit of worry to me personally. It makes it look like the team doesn't even know. I think most that know of Ark understand it wants to create an easy way to deploy blockchains and work as a platform and have some inoperability options. But the fundamentals of how that work right now seems to be up in the air. In other projects I know what gives those tokens value, but in Ark I don't, so it's hard for me as an investor to really sell to someone else the benefits of the token when there is a big question mark still on it.
rob [ Ark Labs ] [7:33 PM]
do you know that Ark Deployer has been available for quite some time?
arigard [7:34 PM]
Yes, that doesn't really answer any questions though.
mak [7:34 PM]
Ark deployer helps the main chain's business case somehow?
arigard [7:35 PM]
What gives Ark token actual value? Like what is the reason people need to buy and hold the Ark token? That is my question.
Djenny Floro (Ark Tribe) [7:36 PM]
@mak what you're saying is kinda like answering you can use a hammer when asked what a nail do.
arigard [7:36 PM]
You don't need to buy the Ark token to deploy a chain. You can just do it.
Djenny Floro (Ark Tribe) [7:36 PM]
I mean, the Ark Deployer doesn't answer what's the Ark.
mak [7:36 PM]
@Djenny Floro (Ark Tribe) my point was directed towards rob's comment. I think you misunderstood it.
Djenny Floro (Ark Tribe) [7:37 PM]
@mak My bad then. I apologize.
Blockhunter [7:38 PM]
:boogieark9:
rob [ Ark Labs ] [7:38 PM]
" I think most that know of Ark understand it wants to create an easy way to deploy blockchains and work as a platform and have some inoperability options. But the fundamentals of how that work right now seems to be up in the air."
This is why I wrote that.. there is no mystery of how that works. You are mistaken or uninformed.
arkenstone [7:38 PM]
That's the problem here because team is programming orientated but there hasn't been alot done on business aspect of the token and marketing investor point big view
mak [7:38 PM]
That only explains the value of the ark codebase not the blockchain though
arigard [7:38 PM]
I think you seem to be trying to turn the argument in a seperate direction.
It's a simple question.
What gives the Ark token value.
rob [ Ark Labs ] [7:39 PM]
The market does. It's on 19 different exchanges.
arigard [7:39 PM]
Seems like you are being unhelpfully obtuse. I'll rephrase.
roks0n (deadlock) [7:39 PM]
so one thing that is clear to me is interoperability using ACES, where ARK is used as a “middleman” between two different chains, so if there’s high volume between those chains, it means the volume of ark increases as well .. what I’d like to know is how things will work with arkvm and how it will all work with sidechains (on eth, all the side chains will basically link back to the main chain which will be the one responsible for security afaik?)
arigard [7:39 PM]
What gives the Ark token value in the Ark ecosystem.
Blockhunter [7:40 PM]
Vote for Pedro he will make all your dreams come true
arigard [7:40 PM]
Eth is a gas, Waves is a gas. Ark is... what?
mak [7:40 PM]
ACES can work with any chains though. Doesn't have to be ark main chain. So I guess tomorrow persona can become the settlement layer for the Ark ecosystem and there's no incentive to stop it from happening.
arigard [7:40 PM]
^
roks0n (deadlock) [7:41 PM]
Mak, correct but if there are already lots of chains connected between ARK, it will be more appealing to link it through ARK directly
Djenny Floro (Ark Tribe) [7:41 PM]
As I understand it, ACES could be using any given blockchain as the middle man...
roks0n (deadlock) [7:41 PM]
it doesn’t mean that it can’t be copied tho
arigard [7:41 PM]
But there are no chains connected through Ark atm
That have any real value anyway
roks0n (deadlock) [7:41 PM]
eth and btc are
arigard [7:41 PM]
And they can be connected through any Ark clone.
bangomatic [7:41 PM]
I'd love to hear the Ark team chime in on this discussion
arigard [7:42 PM]
So anyone can come along and make another chain that can instantly overtake Ark at this present time if there isn't a failsafe reason for Ark to be the defacto currency.
rob [ Ark Labs ] [7:42 PM]
https://arkecosystem.slack.com/archives/C2ABRLZB8/p1531762883000422 you can't keep saying things like this as if they are true.
arigard
That have any real value anyway
Posted in #generalToday at 7:41 PM
Blockhunter [7:42 PM]
Interoperability to the moon
mak [7:42 PM]
"it will be more appealing to link it through ARK directly"
Currently Ark is the only mature chain because it's been around longer but the moment persona or some other bridge chain gets listed on an exchange that dynamic is no longer there. So why would you prefer Ark over persona when that happens. That's the question as far as I understand it. (edited)
rob [ Ark Labs ] [7:43 PM]
Persona has other goals, not duplicating Ark goals
Djenny Floro (Ark Tribe) [7:43 PM]
@bangomatic Hi!
arigard [7:43 PM]
What current sidechain of Ark has real value/position in the crypto market? Persona?
bangomatic [7:43 PM]
hey @Djenny Floro (Ark Tribe)!
mak [7:43 PM]
The blockchain as a transaction medium doesn't care about secondary goals.
It still has all the capabilities that Ark has.
Colby [7:43 PM]
What has value right now? :thinking_face:
rob [ Ark Labs ]
https://arkecosystem.slack.com/archives/C2ABRLZB8/p1531762883000422 you can't keep saying things like this as if they are true.
https://arkecosystem.slack.com/archives/C2ABRLZB8/p1531762883000422
Posted in #generalToday at 7:42 PM
arigard [7:43 PM]
Ark's ecosystem at present is not big enough to be a reason not to just take the tech and start your own.
To think otherwise is ludicrous.
rob [ Ark Labs ] [7:44 PM]
that's a fine opinion
Jarunik [7:44 PM]
it is harder than you think :slightly_smiling_face:
arigard [7:44 PM]
We aren't Eth with multi $100mn + start ups and even if we were, what's currently to stop one of those just overtaking Ark and leaving it behind?
Jarunik [7:45 PM]
i hope some ark clones get really sucessful to be honest :slightly_smiling_face:
Colby [7:45 PM]
Same here!
Jarunik
i hope some ark clones get really sucessful to be honest :slightly_smiling_face:
Posted in #generalToday at 7:45 PM
Blockhunter [7:45 PM]
HODL ROCKET TECHNOLOGY
mak [7:45 PM]
Same here but then there's no reason to hold Ark over something else
arigard [7:45 PM]
i hope so too if there is some reason for Ark to always be there at the top considering it's the Ark platform.
Colby [7:45 PM]
But the thing is that I am wondering, if ark clones get successful, what benefits does it give back to ark
Djenny Floro (Ark Tribe) [7:45 PM]
@Jarunik to create an ecosystem?
mak [7:45 PM]
Right now we have to consider Ark's value not the other bridge chains
arigard [7:45 PM]
But if there isn't a reason for Ark to exist at the top, why are we all holding it?
Colby [7:45 PM]
Haha I think we are all thinking the same :slightly_smiling_face:
arigard [7:45 PM]
It's a terrible business plan
rob [ Ark Labs ] [7:46 PM]
the point of BridgeChains is to allow new projects with no access the market a path to them through Ark, and hence gain value.
Other blockchains connections are through ACES, such as BTC, LTC, ETH, and more coming..
Persona has a way to trade Ark <> Prs
arigard [7:47 PM]
What is to stop them from getting their own exchanges in the future and just using Ark as a stepping stone to becoming their own platform operator?
mak [7:47 PM]
Sure rob, but there's now 10 different projects doing the same and they are faster in development than the ark team is
arigard [7:47 PM]
^
Blockhunter [7:47 PM]
Ark is the Yoda of blockchain and they need a better catchphrase. Better than ark gives no dates or point click blockchain
arigard [7:48 PM]
This attitude seems horribly naive if this is the value proposition.
mak [7:48 PM]
All of us believe in the vision that Ark brought us but I personally am not sure if Ark is the best option to execute that vision in time
arigard [7:48 PM]
The issue is, we don't know what the value proposition is.
mak [7:48 PM]
Other projects seem much faster
rob [ Ark Labs ] [7:48 PM]
if you are into speculation, which it seems you are, then on paper all of your projects with no code are better and have more value than Ark
arigard [7:48 PM]
That's not true at all. lol.
Matthew_DC [7:49 PM]
At the most base level, ARK is a common currency token that is essentially automatically compatible with every bridge chain that is built based on ARK and is optimized for transaction volume and throughput to avoid bloat of other mechanisms introduced by the other chains. That is at the most basic level. By holding the ARK token itself, you will be able to enact the functions of multiple bridged chains both issued by our team and others. You will also be able to utilize the ARK chain as a pegged token to many bridged chains but that process will be transparent to users as it will be done behind the scenes without the user needing to do any functions. To think that someone will fork the code and generate a more effective ARK main chain means you have no confidence in the ARK team as the primary developer of the technology itself. In this case, if we are not and someone pushes a better version of the network, then I would argue maybe they SHOULD be chosen. That is the point of a free and open market. Not to mention the potential for registering and providing snapshot hashes to the main ARK blockchain to provide added security measures to a bridge chain with lower security due to lower market share etc, those are just baseline reasons.
As I mentioned the other day, at face value, consider this. What brings value to Litecoin or Bitcoin or Doge? In essence, ARK is a more effective currency and base network than all of these aforementioned networks with all of the added benefits being added for additional use cases.
roks0n (deadlock) [7:50 PM]
will ark based chains be bridged via arkvm?
goldenpepe [7:50 PM]
They cant be
You'd need the VM on both sides
Matthew_DC [7:50 PM]
I am currently on a conference call and have a lot going on so I can't respond too much.
goldenpepe [7:50 PM]
You can use AIP11's new tx types to do a sort of escrow between chains though i think
mak [7:50 PM]
@Matthew_DC Are you saying that the bridgechains deployed by ark-deployer don't have the same features?
rob [ Ark Labs ] [7:50 PM]
ArkVM is not for bridging chains
goldenpepe [7:51 PM]
It can be
Coinme [7:51 PM]
And ICO's that will join Ark in the future will use it for buying their token.
goldenpepe [7:51 PM]
But both chains will need to be running the VM
Matthew_DC [7:51 PM]
The ARK main chain will have specific methods of allowing token transfer and utilization between chains to include quasi-centralized methods through aces, decentralized aces based intermediary networks, Time locked transfers, among custom built smart contract like logic built into the core technology itself that doesn't make the network susceptible to the bloat and mis-utilization an vulnerabilities of full VM use.
goldenpepe [7:51 PM]
(which the main ark chain wont be)
mak [7:51 PM]
"ICO's that will join Ark in the future will use it for buying their token"
Or any other bridgechain that's listed on exchanges
@Matthew_DC So will all of the bridgechains, no? I could start an ACES node today for persona and it will have no difference from what you describe.
Matthew_DC [7:52 PM]
@mak no, we promised ARK would be open source and everything we build for the core ARK blockchain will be open source.
arigard [7:53 PM]
You can be open source and still protect your value..
Matthew_DC [7:54 PM]
The point of ARK from day 1 has been to create a better base layer blockchain technology and protocol for everyone everywhere to be able to use to create anything they can dream up.
The ARK token is a core payment layer for the ecosystem including any applications we build ourselves, sponsor, partner with, or support.
mak [7:54 PM]
It seems like the team's vision for Ark is as a software product only and there's no business plan for the main chain. Which is fine but it's not explained as such. (edited)
Blockhunter [7:55 PM]
Great to see such active discussions
goldenpepe [7:55 PM]
I think what Matt is trying to portray is this:
A single universal Ark Ecosystem wallet holding ARK that has a nice UI with a list of dapps in the ecosystem
You select a dapp
You send a tx from the wallet using Ark
----------------Everything below this line is transparent to the user-----------------
The Ark transaction has instructions in the smartbridge field
The Ark gets converted to dappCoin via an intermediary like ACES (trustful) or a trustless escrow smart contract
The intermediary received Ark and uses the dappCoin on the dapp chain to do whatever it is the user wanted to do using the instructions in the smartbridge field
The dappchain responds to the request to the intermediary
Intermediary sends an Ark tx with the results of the dapp computation/action in the smartbridge field
---------------Everything above this line is transparent to the user-------------------
After 8+ seconds, user's wallet shows them the result of their interaction with the dapp bridgechain
That's where the value of Ark will come from
The Ark coin will be a universal "omni-coin"
Matthew_DC [7:56 PM]
:this: This
goldenpepe [7:56 PM]
That will instantly shapeshift into bridgechain coins to interact with the bridgechain dapp
mak [7:58 PM]
I understand what your point is and I agree it will work but only as long as none of the bridge chains are on an exchange
when for example persona gets listed on binance the scenario changes
and now either chain can become the backbone of the ark ecosystem
arigard [7:58 PM]
Yes. We see that. But hypothetically what is to stop a bridged Ark chain from becoming bigger than Ark and then going on to become that gateway? At this point it just seems to be hopium that the Ark network will always be the one people look to. But in one year, or two, or five, it might not be the case. What is to stop Ark being just sidelined if another team come along with develop on what Ark has built and propel it forward and take the mantle?
goldenpepe [7:58 PM]
What you say will be a problem only if the utility of the dapp coin is greater than the utility of the ark omnicoin
Would you rather hold a coin that can do one thing and is forever tied to a single chain
arigard [7:59 PM]
But in other crypto's an app becoming sucessfull is a benefit. In Ark's network it could be a negative.
goldenpepe [7:59 PM]
Or would you rather hold a coin that can interact with that single chain and 3232523432 others
arigard [7:59 PM]
But why can't another coin become an omnicoin?
If there are no limitations against it
goldenpepe [7:59 PM]
Why can't another coin become ethereum?
mak [7:59 PM]
"What you say will be a problem only if the utility of the dapp coin is greater than the utility of the ark omnicoin"
Or if it gives out better staking returns etc like persona because of higher inflation rate
goldenpepe [7:59 PM]
if there are no limitations against it
You can literally go on AWS right now and deploy an ethereum clone chain
arigard [7:59 PM]
It can, but an ETH token can't oust ETH
That's the difference. We are giving people an easy route here.
rob [ Ark Labs ] [7:59 PM]
do you often think your children should not surpass you? Or is that the hope?
Matthew_DC [8:00 PM]
Well it's about security, trust, potential vulnerabilities due to added functionality, the ability of the bridgechain team to create interactions and focus on use cases for their token outside of their core use, etc.
But that's the point of open and free markets
goldenpepe [8:00 PM]
There is a solution to your concern @arigard
Matthew_DC [8:00 PM]
What is to stop someone from being better than Bitcoin?
arigard [8:01 PM]
I think all these strawman arguments are fun, but they still aren't adressing the issuel
goldenpepe [8:01 PM]
Instead of having Ark Deployer literally cloning the ark codebase, have it be a turnkey solution to run a layer 2 chain
Matthew_DC [8:01 PM]
You could go fork Ethereum right now and have an exact copy of the capability of the main Eth chain.
goldenpepe [8:01 PM]
bridgechain dapps can be "colored coins"
that are forever tied to the main chain
arigard [8:01 PM]
Yeah but you wouldn't have those businesses on the chain.
goldenpepe [8:01 PM]
but that would introduce bloat
Matthew_DC [8:01 PM]
So you are saying the utility of Ethereum is adoption.
arigard [8:01 PM]
And those businesses won't have the potential to become the main ETH.
Matthew_DC [8:01 PM]
Which is the case for the value of any token.
goldenpepe [8:01 PM]
@arigard It sounds like you want ark to become Ethereum Plasma
arigard [8:02 PM]
I just want an answer.
Matthew_DC [8:02 PM]
How many companies are pulling their ERC20 tokens off of Ethereum because of the issues?
Colby [8:02 PM]
Yeah but correct me if im wrong
goldenpepe [8:02 PM]
There is no answer that will satisfy what you are asking
arigard [8:02 PM]
And i keep getting strawmanned.
Colby [8:02 PM]
Ethereum projects NEED eth for gas
Matthew_DC [8:02 PM]
We talk to people almost every day that are looking to leave Ethereum.
Colby [8:02 PM]
Ark is needed for?
arigard [8:02 PM]
^
Colby [8:02 PM]
This is all I am wondering, where does the ark coin fit into it
I love the idea
goldenpepe [8:02 PM]
@arigard You want ark-based coins to rely on Ark
The team wants the Ark chain to not be bloated
The solution to this is unironically ethereum plasma and sharding
Colby [8:02 PM]
but have been waiting for a while to know how the Ark coin will actually be used
goldenpepe [8:03 PM]
Shards in ethereum are basically "bridgechains"
arigard [8:03 PM]
Ok, and those teams might be big enough and clued up enough to eventually knock Ark from being the de facto omni coin. That's the worry.
If this is in fact the possibility.
Then it should be clear.
mak [8:03 PM]
"You could go fork Ethereum right now and have an exact copy of the capability of the main Eth chain."
@Matthew_DC Ethereum has value because all the dapps live on it which is not true for ark
arigard [8:03 PM]
Because as an investor it worries me, a lot.
I don't know where the value of Ark as an investment is 100% right now.
Jarunik [8:03 PM]
Ark is basically the inverse approach to Ethereum. Eth goes for big one-fits all first and tries to shard ... Ark is creating shards and then combines them
goldenpepe [8:03 PM]
There is no solution to what @arigard and @mak are saying right now
Literally no existing solution
Only proposals like sharding
arigard [8:04 PM]
And all this noise about defensiveness doesn't help. These are legit concerns.
Matthew_DC [8:04 PM]
When was it not clear that if a company comes along and builds a better more used product it could potentially take over market share?
That's how all free markets work.
You can't believe in open source and build and open source product without that risk.
arigard [8:04 PM]
But that isn't the same thing. Ark is literally building THE tools for people to then do that.
mak [8:04 PM]
@Matthew_DC Just to clarify I appreciate the work you guys are doing but I want to make an informed investment decision about holding the ark token
arigard [8:04 PM]
As a platform.
Jarunik [8:04 PM]
yes ... that is the idea how to grow
arigard [8:04 PM]
if you cloned Bitcoin back in the day you were a seperate currency.
Jarunik [8:04 PM]
provide good tools for others to create chains
arigard [8:04 PM]
This is a platform, its totally different.
And what we are discuswsing here is who runs that platform.
Matthew_DC [8:05 PM]
If someone launched an Ethereum chain right now and gained adoption there is a huge potential that all tokens decide to move their ERC20 tokens to the new chain and it becomes the new Ethereum and you have in essence lost all value because Ethereum is not capable of being used on the bridge chain as a currency.
ARK maintains it's value if for no other reason than the pegged value to any chain we personally create to include VM chain, token issuance chain, etc.
arigard [8:05 PM]
If it's built by Ark, does Ark always retain control? if not, why? What happens if Ark ends up building tools for a subsidary project that propels itself above them. Investors will just move to that coin.
Matthew_DC [8:05 PM]
Because it's an open decentralized system.
The problem is people don't actually believe in decentralization if it possibly harms their potential for monetary gain.
rob [ Ark Labs ] [8:06 PM]
we hope bridgechains get popular because that also means more for Ark in many ways.
arigard [8:06 PM]
You can be decentralized without being 100% altruistic. It's not mutually exclusive.
mak [8:06 PM]
@goldenpepe Since you guys claim that there's no solution for this how about I present one which @Matthew_DC can decide if it's useful or not. Make delegate voting for the ArkVM happen on the main chain. So anyone who wants to become a delegate for the VM needs to hold money on the main chain.
arigard [8:07 PM]
It just seems people are being dogmatic about this.
And if this isn't about investment. Why have an ICO?
Matthew_DC [8:07 PM]
Ethereum being the core chain for all ERC20 token based businesses centralizes the industry in a massive way. Not only is Ethereum itself centralized in the way it's mining structure was developed, but it also is centralized in that if the Ethereum network is compromised, thousands of companies assets and business are now compromised.
We don't believe that is the future.
mak [8:07 PM]
I'm not saying that this should be done for all sidechains. Just for the VM and it will be a special case.
Matthew_DC [8:07 PM]
We believe in a different business model.
That has been at the core of every description and explanation I have given from day 1.
arigard [8:07 PM]
Ok and that's fine, but my point is this should be made very clear if it's the case.
From the team officially.
goldenpepe [8:07 PM]
@mak now you're strawmanning me
Matthew_DC [8:07 PM]
Where is it not clear?
goldenpepe [8:08 PM]
I was addressing the fact that the idea that bridgechains shouldnt be independent and should be tied to Ark being in conflict with the Ark team's idea that the main chain should not be bloated with dapps
The only plausible solution to that right now
is Ethereum Plasma
Sharding
yokoama (thefoundry Delegate) [8:09 PM]
Sharting
mak [8:09 PM]
"We believe in a different business model."
I respect that. But it changes the ark's value proposition to just being a source of funding to the ark team and a means of speculation.
goldenpepe [8:09 PM]
Shards in ethereum are like bridgechains but the coins are all erc20s that rely on ethereum
Matthew_DC [8:09 PM]
People said ARK's DPoS mechanism would be a failure when we changed the voting structure because they said it wouldn't be secure enough. It has turned out to be massively secure compared to the centralized cartel run solutions of other DPoS chains. This is another fundamental issue where we believe we have a model that will work and will create value and thousands of use cases for the ARK token in a seamless way for the average user.
goldenpepe [8:09 PM]
and the shard blocks dont interfere or bloat up the "main" eth chain
mak [8:09 PM]
@goldenpepe I'm not suggesting deploying dapps on main chain. Just that the voting should take place there so there is always incentive to keep money on the main chain.
Matthew_DC [8:10 PM]
At no point did we say ARK was gas and have constantly made sure to outline the differences between ARK and Ethereum.
I believe the Eth model is flawed.
goldenpepe [8:11 PM]
The current ethereum model is flawed
If sharding works then it's going to solve a lot of its issues
(i dont hold any ethereum btw)
arigard [8:12 PM]
At no point have we actually had an updated white paper discussing this question in detail, clearly. It's not on the website and if it is it's buried somewhere in a blog post. The fact these discussions keep cropping up is proof of this.
nukacolaplease [8:12 PM]
I think we don't understand clearly what makes Ark important after the launch of the sidechains, Ark will be only an "exchange token"? The sidechain doesn't need Ark for operating
goldenpepe [8:12 PM]
+1 on needing a new whitepaper
Matthew_DC [8:12 PM]
replied to a thread:
This is a means of centralization of the network. Instead, by utilizing a form of pegged bridge chains, we can maintain a similar effect without creating centralization and reliance on 1 chain for others to properly function.
arkenstone [8:12 PM]
I think these things should be clearly written in a new WB and officially made public and promoted
goldenpepe [8:12 PM]
A new whitepaper would clear up so much FUD
pieface [8:13 PM]
Yeah I think a new WP is needed for sure
arigard [8:13 PM]
So don't start going "Oh everybody knows this, it's clear" Show me where on the front page of the website it tells you how the token mechanics will work in the ecosystem? It's not good it being on some powerpoint on a google drive, or hidden in comments in the slack.
mak [8:13 PM]
I though there wasn't going to be a new whitepaper.
arigard [8:13 PM]
It needs to be clear to investors how it works, exactly.
goldenpepe [8:13 PM]
I agree with arigard here
I only know what I know because I live on slack
Matthew_DC [8:13 PM]
The solutions are still in development and there are always opportunities to continue to adapt the model, that's why I have these conversations and ask for feedback regularly, but the core fundamental belief of how open and free decentralized markets should work most likely won't change.
arkenstone [8:13 PM]
Same here
goldenpepe [8:14 PM]
The vast majority of ark holders have no idea
they just bought bc of the cool red triangle
arigard [8:14 PM]
Stop playing cute, this is people's money you are asking for. So at least give them the benefit of being honest that there is no inherent business model reason why Ark will be necessary in the future.
And let them make their decisions.
roks0n (deadlock) [8:14 PM]
I agree, it took me months of following discussion on slack and digging around reddit to get information
arigard [8:14 PM]
With proper information.
mak [8:14 PM]
replied to a thread:
It's centralizing value onto one chain but doesn't bottleneck the ecosystem so I don't see anything being wrong with that.
Matthew_DC [8:15 PM]
replied to a thread:
I'm not arguing with you and I made a clear post here within the last 2 days that our website messaging is shit and needs completely redone.
If the ARK network is compromised or the consensus mechanism of the ARK main net is compromised then all subsequent networks reliant on that consensus would be compromised as well.
mad4thrash [8:15 PM]
In my opinion Ark's value come from (in the future) the fact that by holding one coin I can interact with every bridgechain plus any ACES services
Matthew_DC [8:16 PM]
So what I am saying is that we have to be cautious of these kinds of decisions and ensure that we aren't inadvertently creating attack vectors to take down partners, businesses, and other industries using the technology.
I'm sorry guys, I have to go, but I would love to continue this conversation on Reddit or here at a later time.
mak [8:16 PM]
"all subsequent networks reliant on that consensus would be compromised as well"
^ Correction: only the VM chain will be compromised since I'm not advocating that all bridgechains should vote on the main chain.
Matthew_DC [8:19 PM]
In an isolated case, if we can map it out and vet the concept, I'm more than happy to hear it out and have the conversation.
Solowatch [8:19 PM]
So I think we can all agree an updated Whitepaper is due
Matthew_DC [8:20 PM]
This is a community project and we are shaping pieces of it together as we continue to build. We have already made changes based on community feedback on many occasions.
So I would love to see someone post a proposal to reddit or even as an AIP at some point that we could discuss.
Jarunik [8:20 PM]
If you write a white paper it will be outdated soon :smile:
Solowatch [8:21 PM]
Well a V2 whitepaper shouldn’t be outdated soon
I don’t care about a V1 or V1.5 whitepaper lol
I want a whitepaper for V2 that’s clearly explaining all these concerns that the community has
arkenstone [8:22 PM]
:this:
Solowatch [8:23 PM]
I wrote a few questions down that I’ll post in here later today that @rob [ Ark Labs ] asked for. Please add to it if I missed anything once I do.
arkenstone [8:23 PM]
And I think now it's the time do it. Present it with full package on mainet launch.. (edited)
Solowatch [8:23 PM]
Or PM and I’ll add them before posting
mak [8:25 PM]
Anyways thanks for listening and responding @Matthew_DC. Some of us have been trying to discuss this with the ark team but didn't get much feedback until today.
arigard [8:25 PM]
Yeah +1
arkenstone [8:28 PM]
Alot of early investors are getting worried
submitted by moazzam2k to ArkEcosystem [link] [comments]

Withdrawing tipped NANO to your own wallet!

I was tipped Nano on Twitter, what's next?
Congrats on receiving your first Nano tip! The first thing you should do is move your Nano to your own, secure wallet for safe keeping. This will only take 5-10 minutes.

-- Setting up your wallet
There is a number of wallets available that support Nano but we recommend:
IOS: Natrium or Canoe
Android: Natrium or Canoe
Web: Nanowallet.io
PC/Mac/Linux: Canoe
Remember to carefully store your seed phrase during the wallet signup process. If you lose this seed you may lose access to your Nano. We recommend writing it down in multiple locations for additional peace of mind.

-- Withdrawing your Nano from the Tip-bot
Now that you have your wallet set-up, you need to copy your wallet address and PM @NanoTipBot on twitter with following command :
!withdraw [your address] 
Check out this youtube video more details : https://www.youtube.com/watch?v=YZPtiXWeMH0
NanoTipBot website: https://nanotipbot.com/

-- What to do with your Nano
Once you have your Nano in your own wallet, it's up to you what you want to do with it. Like any currency, you can save it, spend it or sell it:

---- > Holding Nano
If you think NANO has awesome technology and might be more valuable in future, you can hold NANO in your wallet.

---- > Spending Nano
Like any currency, Nano is meant to be spent! and with zero fees & instantaneous transactions there is no better method to buy the products / services you love. Currently there are a number of things you can purchase with Nano, including: Games, gift-cards, in-game currency, gambling, takeaway food and even pay in-store in certain locations.
List of stores accepting Nano
Alternatively you can signup for Wirex and within 3-5 days receive a Visa debit card capable of spending Nano at any of millions of physical locations or online stores worldwide in which Visa is accepted.

---- > Selling Nano
You may wish to sell your Nano for your local currency (USD/EUGBP etc.) or exchange it for another cryptocurrency such as Bitcoin. This is easy to do and should only take an hour even for someone new to Nano.

To sell your Nano for a local / fiat currency, there are a number of services you can use, such as the following:
Sell to USD: Wirex, Coingate
Sell to EUR: Wirex, CoinFalcon, Bitvavo, Coingate
Sell to GBP: Wirex, LBX
Other: Wirex (AUD, HKD, JPY)

To sell your Nano in exchange for a cryptocurrency such as Bitcoin or Ethereum, we recommend the following:
BTC: Binance, Kucoin
ETH: Binance, Kucoin
USDT: Binance
Nollar: Txbit
Full list of exchanges

-- More information / Need help?
For more information and/or help on moving/using/selling Nano, you can turn to the helpful folks on the official subreddit, nanocurrency or the official Nano Discord.
--- --- ---

What is Nano worth?
At the time of posting, 1 Nano = $1.80 USD but you can check the current price here as it will fluctuate over time.
--- --- ---

What is Nano?
Nano is a digital currency for the real world - the fast and free way to pay for everything in life. It features instant transactions, zero fees and is infinitely scalable. Gone are the days of complicated and energy-inefficient transactions - Nano is green and easy to use.
submitted by IdealFog to u/IdealFog [link] [comments]

[Giveaway] FreeBits: Lets Increase User Adoption Together. Free Bitcoin For Everybody!

Post any comment below, and I will send you some free bitcoin.
Tips have been given to 125 new bitcoiners already before this thread. The thread is located here.
If you have any bits, feel free to jump in and help tip people.
If anybody has any more info for new bitcoiners, please PM me and I'll be happy to add it.
Who am I?
B itcoin advocate who wants to help spread love to the community. Currently working near a project called Gems, a social messaging application with a similar goal, to increase user adoption through easy and fluid processes. When I saw this campaign; I couldn't resist supporting the movement.
New to Bitcoin?
New to ChangeTip?
How does this work?
  • You can post any comment you want, and I will reply with ChangeTip. ChangeTip will then comment as well, with directions step by step on how to claim your tip.
Choose A Wallet
Choose from a client side (located locally on your computephone) or web based (a provider holds your private key). Client side you hold your pirvate keys, giving you full control over your money. Web based wallets can fall victim to being goxxed. Listed are trusted and safe options for a bitcoin wallet.
Want to buy more bits?
You can buy bitcoin from direct exchangers, who buy/sell bitcoin directly. Most accept bank transfer, and more recently CC's. You can also use LocalBitcoins to buy bitcoins with cash in person around your location, or cash bank deposits from banks worldwide.
  • > Circle - Instant, accept Visa & Master, a bank transfer.
  • > Coinbase - Verification & delay, bank transfer and Visa in further verification.
  • > LocalBitcoins - Meet in person, or bank deposit (go walk to nearest BoA, etc).
Not new to Bitcoin?
  • I still have bits for you. Feel free to please leave a joke, comment, insult, burritos, whatever you'd like. Bits are awesome as well, as they will go right back out to the community if you'd like to support that way.
Why am I doing this?
To increase user adoption through ChangeTip, and the social platform Gems. I want to give back to the community that helped me and I am apart of, and help others in return. I believe I have aligned goals and visions for adoption between Gems and ChangeTip.
This is really to get bitcoin to new people who are interested. Never has it been this easy to ping someone over a few cents. Never has this really been possible on this level. It's very powerful.
  • > Give back to a great community, and introduce new people to the magical internet funny money we all know and love.
  • > Check out more information on Gems | Video @ Koinify.
  • > Sign up w/ email to stay updated.
What to do with your bits?
  • Tip them, save them, spend them, send them -- whatever you want!
  • Feel free to ask any questions you have about bitcoin.
Want to help out more?
  • Get more people introduced. Share the link. invite your friends, no experience, all experience, everybody deserves some free bits in their day. Crosspost and let others get the bits they need to start tipping!
  • I will be tipping one ‘gem’ worth $0.05, or 147 bits. You are being tipped the bits, in bitcoin, these are not the actual Gems tokens.
  • EDIT: Explanation, this is not an actual 'gem', I should have been more clear. You are being tipped 147 bits, or $0.05 in BTC. I simply assigned the term "gem/gems' to trigger a $0.05 tip, as another creative method of tipping. This price in no way reflects the Gems project or real Gems tokens.
This offer does not expire. Keep em’ comin new bitcoiners.
Please upvote so more people have exposure and can get their bits. Please let me know what you'd like to see added.
Yes, this will not expire.
submitted by kysarkoin to FreeBits [link] [comments]

Slack log of AIP19 discussion - 16-08-18

Please find below the slack log for discussion relating AIP19 as presented here https://github.com/ArkEcosystem/AIPs/issues/26
I will try to write a blog post explaining in further detail the AIP19 for non-technical individuals however due to current obligations it will be delayed and finish some time in September.
------------------------------------------------------------------------------------------
Matthew_DC [3:43 PM]
I think AIP 18/19 has some merit and I had a chance to look at it before he published. He gave Francois and I a chance to review the idea as he was hesitant to post it publicly in fear that a competitor might steal it, which I can appreciate. There are a lot of things in there that I find interesting. The proposal in AIP18 makes a lot of sense and would solidify the price discovery and help create a streamlined system for the wallet for token swaps. We can make it intuitive and easy to use. The AIP19 proposal is where I think we all need to slow down and seriously consider both the impact it would have on ARK and what ARK is trying to accomplish, as well as the complications that might arise from the system. For starters, AIP19 turns ARK into a decentralized delegate services network. In other words, Consensus-As-A-Service (CAAS). This is something we actually discussed at Crypti and had a model for, which I believe Lisk is still planning on implementing. That model looks very similar to what Komodo has already tried to implement in regards to storing data on the main chain (hashes) relevant to the sidechain as an added security layer. I'm not sure that solution is the best model and I think there is a major problem that needs solved, which AIP19 is partially trying to address. That problem is the security of early stage bridge chains who have yet to build a strong following. Finding a way to use the "hash power", or in this case, vote based security, of the main chain, is something I've been very interested in and would love to find a proper solution for. What needs to be considered is the impact that the system has on up-time and reliability of the network (for starters). Let's say I'm an attacker and I want to just really hose up the works. If I create a script that moves large chunks of voting wait all over the place consistently for multiple blocks or rounds, how will that impact the delegates assignments, will they all switch to the appropriate network in time, will blocks be missed as the transition occurs, etc. Consider that every 1-2 cent change in price could drastically move delegates between networks and if you couple that with voter swings, you are looking at a lot of moving parts. For all of that complexity, what added security do you really gain? New bridge chains will still be very low on the list for delegates due to price which makes them easy targets. However, for an attacker, it would potentially randomize the order of delegates to a point where it would make it very hard to put yourself in position to take over a network which would add a lot of difficulty to an attack. To try and gauge exactly the amount of votes, the price of the token, and what 27 spots you would need to control would be almost impossible.
The complicated part would be smoothing out the delegate transitions in a way that doesn't cause total constant chaos among delegates as votes, prices, and registrations are constantly changing. Imagine 5 years from now if there are 100 bridge chains, some with 101 delegates, some with 501, some with 51, etc. What if someone comes in and registers a network with 1,000,000,000 delegates, does it shut down the system? How does it react? There are a lot of things like that which have to be considered before you can move forward with something like this.
I'm not saying it's a bad idea and I think it's a really intriguing use of the system, especially for DPoS, but there is a lot that has to be mapped out.
You can't just start coding it and hope for the best.
cj (azek) [3:55 PM]
@Matthew_DC ++
Matthew_DC [4:12 PM]
On a side note, I think that the CAAS model fits directly with the desire to have the ARK core technology power startups and enterprises blockchain solutions while providing a strong avenue for the public decentralized applications to take hold and grow. By keying their consensus and security into one main chain, it does provide added security and allow for a use case other than "currency" for the main net, but it does do it at the cost of some decentralization. Part of why ARK is being developed to allow bridged but separate chains is to avoid one central point of failure (the point of all of this). By making so many systems globally dependent on the ARK main chain for their consensus mechanism to function, you do sacrifice decentralization for security in this case. If the ARK network were to end up with a critical bug or suffer from some kind of attack, etc, it could cause all subsequent reliant network to stop forging as well. This is something we are always thinking about.
vdeurzen (blockport) [4:20 PM]
joined #trading_altcoins.
bangomatic [4:23 PM]
order books finally on Delta.
:allthethings:
Jarunik [4:38 PM]
For AIP18 I have my doubts concerning price finding. Free market will likely beat a stable coin formula. I would rather see each token valued individually. Didn‘t analyse the formulas in detail but looks like a weak point. A market based pricing would be more interesting.
Blazeron [4:39 PM]
why wouldn't it just use the market value automatically?
Jarunik [4:39 PM]
Because there is none
Check persona as example
Whats the Ark-Prs market rate?
tk0n (thefoundry) [4:43 PM]
price is also susceptible to manipulation
bangomatic [4:43 PM]
polymath making some BIG announcements today. www.twitter.com/polymathnetwork
Blazeron [4:48 PM]
hmm true, it wouldn't work with very small tokens that aren't widely listed
Matthew_DC [5:11 PM]
That's the same problem you have right now with any exchange. There are hundreds of tokens you could spike by 200% in 5 mins for like $200
The point isn't whether or not all of his math is perfect or whether or not his formula is even the one that gets used, its about whether or not it is a good idea to create "liquidity gates" for atomic swaps and separately, should they be used for price discovery
even if an AIP isn't taken and implemented wholesale, it may provide value through some of the ideas involved
Obviously, the system he proposes in AIP19 doesn't work without proper price discovery and some kind of oracle
Keep in mind, he specifically proposes a stable coin formula as an example as well as an exponential priced ICO token wherein the creator would be using it as a system to fund an ICO, but that doesn't mean you wouldn't have free market price discovery through some form of order book function.
pieface [5:19 PM]
Would AIP19 deem the ArkVM chain as not needed anymore?
Matthew_DC [5:20 PM]
To avoid major shuffling issues it almost makes sense to have a superblock either every round or x number of rounds with a longer block time to allow the delegate system to perform averages on price/position of bridge chains for delegate assignment and allow a longer period of adjustment
pieface [5:20 PM]
One of the benefits of the ArkVM chain is that you don't have to find delegates to run your chain, AIP19 sounds like it solves the same problem in a different way
Matthew_DC [5:21 PM]
It would be a completely separate consideration from VM and VM would still be something we want/need
Jarunik [5:22 PM]
If we need super blocks ... then it will slow down the mainnet the more sidechains we have. Wouldn't it be better to use decentralized ACES?
Matthew_DC [5:25 PM]
You could probably do it with 1 longer block at the end of each round to allow time for the shuffling. So one longer block every 7 mins or so. That's just a random thought and is something that would have to be tested. In some sense, this system IS ACES, just upgraded to take into account the added features of v2/AIP11 like webhooks, multi-sig, time locks, etc
just re-organized into a dex with some form of order book and then used for price discovery
Jarunik [5:26 PM]
yes ... but it should run outside of the Ark mainnet and just connect to it
Matthew_DC [5:26 PM]
Well, like I said above, in his proposal, you exchange decentralization for security/valuation
Which is one of the considerations (edited)
It's the same argument we've been having all along
brodinson [5:27 PM]
I'd like some extra security and valuation :evil:
Matthew_DC [5:27 PM]
Do you potentially sacrifice principal for token valuation?
Security would be for bridge chains
Jarunik [5:28 PM]
it will increase the risk for the main chain ...
brodinson [5:28 PM]
That's fine too right
Matthew_DC [5:28 PM]
At some point, you have to ask are you just recreating the current financial system with you as the central bank
brodinson [5:28 PM]
I mean ark being an ecosystem and all
Want all that good security stuffs for the bridgechains
Jarunik [5:29 PM]
I am against Ark being the "master" chain. :slightly_smiling_face:
brodinson [5:29 PM]
Also extra reasons for a higher valuation can only attract more investors and thus more attention.
Matthew_DC [5:29 PM]
The more bridge chains that rely on the ARK main chain for security and in order for their applications to work, the more you risk incentivizing collusion and extortion by the delegates and increase their personal power over people's money (edited)
Jarunik [5:30 PM]
If you do something directly for "high valuation" ... then you will take that profit from someone else ...
Who will lose ?
brodinson [5:30 PM]
Find countermeasures to possible collusion?
Jarunik [5:30 PM]
Unlikely to work.
brodinson [5:30 PM]
Maybe some random factors?
Jarunik [5:30 PM]
Power corrupts
Matthew_DC [5:30 PM]
I mean, at the end of the day, what he is suggesting, and what AIP19 boils down to, is turning the ARK Main Chain into a decentralized Delegate Marketplace for ARK Bridge Chains.
It's a pivot for the purpose of the main chain for sure.
Jarunik [5:31 PM]
And my point is that a bridgechain not good enough to create a delegate incentive and market is not good enough anyway.
Matthew_DC [5:32 PM]
The delegate marketplace was always meant to be a completely open free market system where people could find delegates for their bridge chains and make offers/promote their chains, but never force tie-in to the ARK main chain and 100% exclusively rely on it for security and validation.
Jarunik [5:32 PM]
If the bridge chain does offer utility and functionality ... then it will be no problem to pay the delegates.
Matthew_DC [5:33 PM]
He doesn't shy away from it in the proposal and outright says that a large motivating factor for the proposal is to create valuation for the ARK token and a use case.
Jarunik [5:33 PM]
So this kind of ark mainchain market place sounds like a concept to push up "unhealthy" sidechains for higher valuation (similar like shittokens of eth)
spghtzzz(ark.party is not a website) [5:33 PM]
ARK already has those
Matthew_DC [5:34 PM]
If it were me personally and only me and I wasn't relying on the ARK token to make me rich and I could make decisions based on my fundamentals and what was right in staying true to the nature of ARK and decentralization, I would whole heartedly say no way.
But the delegates decide what happens to the network in the end, not me.
vela_nova [5:34 PM]
No it sound like a way to incentivize adoption
Matthew_DC [5:34 PM]
There are lots of driving forces and for many, that driving force is token valuation, whether we like it or not.
Having every delegate for every bridge chain be required to register and receive payment on the main chain isn't really adoption in the way we want it. (edited)
spghtzzz(ark.party is not a website) [5:35 PM]
Marketplaces seem like a good idea, but I think ARKVM will probably stop people from having to delegate every single function they want to create, using tokens and leveraging someone elses blockchain as a service.
Jarunik [5:36 PM]
we already have a delegate market place ... if you offer good enough incentives and a convincing project ... easy to find dpos delegates.
pieface [5:38 PM]
Couldn't there be a compromise somewhere?
Continue with the Ark Mainchain like now.
An ArkVM chain which the Arkcoin is pegged to
An ArkDM (Ark delegate marketplace) chain which the Ark coin is also pegged to. (edited)
Matthew_DC [5:38 PM]
The truth is, a large part of the valuation and use of the token relies on our ability to create easy swapping mechanisms for ARK->Bridge Chains so that we can incorporate easy, simple to use, GUI driven interaction with bridge chains without anyone ever needing to own the other token. That involves ACES or something like AIP18, it involves creating multi-sig and time lock style transactions, that allow the network to use something