Topic: [ActiveMining] The Official Active Mining Discussion Thread [Self-Moderated] - page 473. (Read 771302 times)

That actually would not be too difficult. The easiest way would be to convert everyone's (US users and anyone else who wants to use CC instead of Bitfunder or whatever else) shares into Direct Shares.  Assuming there are then say 8M direct shares outstanding, then Ken would issue 8M ActM Colored Coins and tender them to each users address.  Now, the thing I am unsure of is whether an issuer can go back and issue more CC's on top of the existing ones.  This would be essential, seeing as you will likely run into latecomers or say another exchange (Bitfunder for example) decides to close their doors completely.


Edit: To be clear, Color Coins are not out of development yet.  Hopefully though, there is enough demand from the community for the protocol to be released relatively soon though.

The question I have is who is hosting the bitcoinx site, and where is it hosted?  I think that P2P is a little more full proof.  Still, I hope that this is a clear sign that Ken & Co. are looking at Color Coin implementation, and understand that it is the most logical step forward (even though it's not quite ready yet).

so how do you convert an activemining share into a colored coin active mining share? how does this work? and thanks for the link!

Could be a troll, but i definitely love the idea of Activemining being on there. Also a Asicminer name listed as well.

That's BitcoinX's colored coin wallet implementation and I would venture to guess that Ken created the ActiveMining_Test...

Things are looking interesting.

+1

what about this?

someone already created ActiveMining_Test. It's still Beta and runs testnet, but looks promising.

Another alternative is Ripple. Word is there are already securities being traded and paying div's on there.

This was from Aug. 28th. Let's say "some time ago" means ~two weeks. That puts chip production start @ somewhere between Aug. 7th and 14th - eASIC has an 8-10 week process from RTL to tapeout (http://www.easic.com/high-speed-transceivers-low-cost-power-fpga-nre-asic-45nm-easic-nextreme-2/easic-nextreme-2-overview/) which puts us, by these estimations, at around week 8 today. If tapeout hasn't happened yet, it ought to be soon.

I don't have any reasonable way to estimate progress on the board design/fabrication. The boards aren't under NRE so Ken could speak up on that front. What do you say, Ken? Care to give us some information on board progress?

@Kleeck

Colored Coin are the way to go, but they just aren't ready for showtime yet. I imagine there will be a bigger push with all these shut downs happening. I believe there is a currant bounty of BTC200 for the team that gets it ready for implementation.

On another note, does anyone know the earliest we are meant to be getting the prototype miners up and running? I can't wait for some meaty dividends.

I love it.

What about creating an exchange that uses this method? In order to list you have to either IPO with the exchange, creating your new altcoin or convert your current public offering into the appropriate altcoin. Would this completely mitigate the SEC's ability to intervene? Companies would be offering cryptocoins, not shares, but those coins would be tied to company profits as well...

Also, what are the technical details of this scenario? This sounds like it would take a highly modified protocol to accomplish. It would be ideal to have a template protocol in place for each security that would want to convert to this method. Interesting thoughts, fawkesy.

Edit:


I don't think this coin would be able be mined. I'm not sure how exactly that works out, but it obviously couldn't allow users to effectively mine shares.

I'm told that what we're describing is colored coins. I need to look into that concept more.

Edit 2:

Yup. Colored Coins is our solution: http://vimeo.com/71507400

AFAICS, this is basically the same idea as colored coins. But disguising a company share as a coin isnt going to solve the problem. Sure it would make the exchange distributed and difficult to close down, in that sense its a good idea, but the coin will still have all the properties of a security, therefore be considered a security and therefore, the legal liabilities for the issuer remain the same. It might fool some folks at the security commissions for a while, but eventually they will understand it too (and perhaps before most posters on this forum)

@girlfawkesy

First problem: how do you avoid a 51% attack?

I think this is where something like colored coins shows it's value - using the strength of the already well established Bitcoin network.

Edit: It might be possible to avoid Blockchain manipulation be keeping the difficulty low, and some how privately mine it in house. But, that's not quite decentralized, is it.

This has been brought up, and is one of the many options being considered. There are a few problems with the idea though.

I have an idea but I"m not sure if its a good one. I woke up with it. Sometimes those are bad. I've been reading a lot of suggestions on various sites and this is sort of my amalgam of a lot of other people's ideas.

Why not have ken create an altcoin "Activeminingcoin" that he sets the parameters for. 25 million coins generated on the genesis block (like the initial shares).

Then, after that, only transaction fees per block (which are set to be very low). The coin can be a simple sha256 and set so that blocktimes are every 2 minutes or so. It wouldn't matter if people mined it as long as someone did (probably ken).

Everyone with ActM stock tenders the stock to ken. They download the client, and set up a wallet. Ken transfers coins to those people based on how much stock they've tendered 1:1

Then, ken sets up a website where people can register their addresses. You make a signed message with both your BTC address and also your ActM coin address. This proves you own both.

When it comes to dividends a simple scrypt can be run to check the balance of any ActM coin address and send the corresponding amount to the registered BTC address.

Want to sell your stock? No problem. I would wager money Big Vern would put it on cryptsy as this is a "coin" and not a stock and exchange operators would gradually accrue these coins through fees. If I ran cryptsy I'd put every shitcoin on there that had sufficient volume to make it worth the bandwidth cost. Why not add stock coins?  This allows liquidity in the stock and people to sell and buy shares as they see fit. If a major exchange goes down, who cares, you withdraw your coins and can trade directly on bitcointalk or reddit or any other means.

Thoughts?

Then we'll find another solution. =)

Even if people move to havelock what happens when this all happens again?

Yes, I'm also trying to get those moved over. I think TAT has indicated that they're doing it, but no word yet from Ukyo about G.Asicminer-Pt as far as I know =(

I'm sure Ukyo is quite aware.