As to having the money tied up, i kind of like that idea, though I guess payments would not go out every month? WHen would you expect to see payments like in a quarterly POS voting system or something? I guess I don't follow that part as much.
I'm imagining something like:
- PoS voting goes from Feb 1 - Feb 7. Assume the result of the vote is "issue 100 BCI with a duration of 3 months".
- From Feb 7-28, people can stick their BCI into the interest pool created by the above vote. (You could also optionally do on-chain limit bids so that people only add their BCI to the pool if there will be less than ___ BCI in the pool at the end.)
- Everyone who put their BCI in the pool before Feb 28 has their BCI in the pool locked up for the voted-on period of 3 months. At the end, everyone gets their BCI back plus their proportional share of the 100 BCI that was created.
- PoS voting for the next pool round goes from Mar 1 - Mar 7. And so on for every month. So there can be multiple ongoing pool rounds of different durations. It's like bond auctions.
Tech-wise, you'd probably do this by having:
1. On-chain transactions with inputs but no outputs, voting on a pool round's parameters. Each pool round would be identified with a number.
2. On-chain transactions which look like normal, but each output would have an an extra integer field (or script ops) saying, "this output belongs to the specified pool round, and will not be spendable until that round has matured". Such outputs would have undefined value until the round is over, since you don't know in advance how many people are going to join it.
(This sort of on-chain voting is horribly inefficient and can also be manipulated by miners, BTW, but it's the easiest way to do it.)
I don't think that there's any particular need for miners to explicitly send/dedicate BCI to the interest pools, since everyone knows everything about the pools and what they should be paying anyway.
For the PoS voting, you could instead have people vote on the values of facts like "what is the current BCI price?" and then use an algorithm to translate that into appropriate round parameters, like Milton Friedman's idea of computer-controlled inflation. Maybe you could even have a mechanism for punishing people who lie about such facts. But this all gets very complicated, especially in an adversarial environment.
Hello Theymos,
I am Aaron, the developer for BCI.
These are all definitely some interesting approaches and ideas on how to approach the pool. I think one of our biggest things was we did not want people to have to put trust in the pooling process. We wanted to decentralize that and allow users to keep coins in whatever wallet, exchange, etc. of their choice and still be able to stake those coins, or a certain amount, and be able to take from a pool of funds. The pool does change from month to month. With so many hypes, scams, and ponzi's we wanted to give people a fresh breath of air knowing that their coins are safe and just like fiat I have the choice to keep it in my mattress or a bank (neither great choices imo
lol )
I do like the idea of voting period and what not, and that is something after launch I will definitely look into and see if that is something that would benefit everyone. The thought on miners not needing to send/dedicate BCI to pool is a little off. Miners don't send anything. The address that mined coins goes to could be their staking address and it will grow every month, plus whatever they mine which is more built for the long term miner wanting to hold for longer. Most of those things are more scenarios, and like you need there is no need for a miner to do this, but of course they have no reason not to also.
I think the idea of restricting and give users a choice on how much of the pool to be used is a fun and interesting idea. Obviously we want this savings community, as we put it, to be as decentralized as possible. and I think that would help a lot.
I think right now there are a lot of potential use cases for how we can do this, and our approach I think from here will be heavily dictated by the community, as I have said we want to keep as much decentralized, or at the very least allow the needs of the community to drive some of those choices.
As to the name, and before I start off let me say I respect your stance on it and understand it completely and I hope nothing I say next comes across as rude or disrespectful as it is not my intentions. Its my personal belief that Satoshi envisioned a world of not just one Bitcoin, but many and each serving a purpose and it part of the reason the name itself does not belong to anyone, as he wanted everyone to be a part of it. By no means do we intend, nor are we trying to be deceitful and I hope that point has been made and known to be our honest and truthful stance. We think we have a great idea (as most do lol) and that this being the first attempt we are going to be more than open to criticism and more importantly recommendations like you have given. I do understand that Bitcoin is the holy grail in this industry and by no means are we trying to pretend to be them, but rather we are using the bitcoin source, and felt it to be appropriate to pay that respect to the creator and keep that in the name. I think by now people know who the real Bitcoin is, but I understand your second point on the idea of deceit. Allow me to open up and say by no means will you ever hear from us, or ever see us try to pull a roger and try to "become bitcoin" and call the real bitcoin, legacy or any nonsense like that. I know you don't know me, but I couldn't be more sincere about showing nothing but respect and credit to bitcoin and Satoshi's dream of what it could become.
You have some really great ideas and it would be really awesome to maybe have a conversation with you on some of them and go into more details as you definitely know what you are talking about. Think that would be possible to maybe have a skype call or something one of these days? I love to get some ideas and recommendations to better align this with a project you might considering buying into some day. If so PM and I can get you my skype address or phone
Thank you,
Aaron M.
