[ANN] SpreadCoin | True Decentralization (No Pools) | Testing New Masternodes - page 55.

njs811

sr. member

Activity: 406

Merit: 250

Quote from: coins101 on March 19, 2015, 05:22:03 PM

Bloody hell, I never knew Escrow was so big or so profitable.

JPMorgan do a roaring trade in Escrow.

http://www.mmmtechlaw.com/wp-content/uploads/2010/09/2010-MA-Holdback-Escrow-Report2.pdf-Adobe-Acrobat-Professional2.pdf

This market is not worth $billions each year. Its worth bloody $trillions, each day.

The most popular transactions, given what JPMorgan do, are below $1m and the average life of an escrow is 18months. We need to be adding interest and fees. lol.

Talk about money for old rope.

ServiceNodes could be turning over $100m/month. That's $1,200 / month in fees and interest for each servicenode. Sod digital cash.

Rich I tell you. We could all be stinking rich.

Make it so. Please make it so.

That's what I'm talking about!

coins101

legendary

Activity: 1456

Merit: 1000

WTB 500k SPR

PM

Grin

coins101

legendary

Activity: 1456

Merit: 1000

Quote from: minerpage on March 19, 2015, 05:21:33 PM

-snip-

I voted for Escrow simply because I could use it for about every other transaction I'm doing... if this could be made simple and integrated in the wallet, no problem paying fees whatsoever...

Clearly, you're much smarter than me. Voting on the basis of need, rather than guessing what the market might want. Props to you.

I've changed my vote, even if I can't technically change it without resetting the survey.

coins101

legendary

Activity: 1456

Merit: 1000

Bloody hell, I never knew Escrow was so big or so profitable.

JPMorgan do a roaring trade in Escrow.

http://www.mmmtechlaw.com/wp-content/uploads/2010/09/2010-MA-Holdback-Escrow-Report2.pdf-Adobe-Acrobat-Professional2.pdf

This market is not worth $billions each year. Its worth bloody $trillions, each day.

The most popular transactions, given what JPMorgan do, are below $1m and the average life of an escrow is 18months. We need to be adding interest and fees. lol.

Talk about money for old rope.

ServiceNodes could be turning over $100m/month. That's $1,200 / month in fees and interest for each servicenode. Sod digital cash.

Rich I tell you. We could all be stinking rich.

Make it so. Please make it so.

minerpage

sr. member

Activity: 268

Merit: 250

Quote from: coins101 on March 19, 2015, 02:37:48 PM

It's real interesting that escrow is so popular

https://bitcointalksearch.org/topic/m.10656234

How would ServiceNodes deal with dispute resolution? Would they need to?

How would an escrow transaction be finalised?

Seems to me that ServiceNodes get to vote on releasing funds....with the multi-sig feature (up thread). It also sounds like (to me) ServiceNodes offering Escrow is a relatively easy win. Perhaps all they have to do is be a third party to a multi-sig transaction. Not bad for a 0.5%-2% fee.

Perhaps those guys that got scammed on Evolution for 130k BTC could have been saved if SPR ServiceNode Escrow was available.

http://www.deepdotweb.com/2015/03/18/interview-with-nswgreat-evolution-staff-member/

or

http://cointelegraph.com/news/113744/an-estimated-12-million-in-bitcoin-disappears-in-dark-market-scam

I voted for Escrow simply because I could use it for about every other transaction I'm doing... if this could be made simple and integrated in the wallet, no problem paying fees whatsoever...

coins101

legendary

Activity: 1456

Merit: 1000

Quote from: gjhiggins on March 19, 2015, 04:21:50 PM

Quote from: coins101 on March 19, 2015, 02:37:48 PM

It's real interesting that escrow is so popular
...
Seems to me that ServiceNodes get to vote on releasing funds....with the multi-sig feature (up thread).

Looks like it might be low-hanging fruit.

https://curiosity-driven.org/bitcoin-contracts

hacker news discussion of above: https://news.ycombinator.com/item?id=8121193

backed up by:

https://curiosity-driven.org/low-level-bitcoin

is where I'm currently at.

Cheers

Graham

Quote

hacker news discussion of above: https://news.ycombinator.com/item?id=8121193

Very interesting discussion.

Seems like ServiceNodes could be an impartial third party to an escrow. You could do a fall back to an arbitration service if sellers and buyers do not agree on something.

Either way, buyers and sellers pay ServiceNodes for the service. Add a little obfuscation for the IP addresses and it could be a relatively easy win.

Maybe add a shapeshift type service to allow escrow between crypto currencies, crypto and fiat and even just fiat to fiat transactions.

If they could ramp up over 2-3 years to do $10m per month, at an average of 0.25% in fees, the network could earn $300,000 / month or $3m-$4m/year. The network is currently worth $30k!

1,400 ServiceNodes in the network would each earn $200 / month. If you had 20 servicenodes, that could be your full time job Wink

The value of the global escrow service must run into $billions. We are only talking about a rounding error in that market and you still get a highly profitable use case.

gjhiggins

legendary

Activity: 2254

Merit: 1290

Quote from: coins101 on March 19, 2015, 02:37:48 PM

It's real interesting that escrow is so popular
...
Seems to me that ServiceNodes get to vote on releasing funds....with the multi-sig feature (up thread).

Looks like it might be low-hanging fruit.

https://curiosity-driven.org/bitcoin-contracts

hacker news discussion of above: https://news.ycombinator.com/item?id=8121193

backed up by:

https://curiosity-driven.org/low-level-bitcoin

is where I'm currently at.

Cheers

Graham

coins101

legendary

Activity: 1456

Merit: 1000

It's real interesting that escrow is so popular

https://bitcointalksearch.org/topic/m.10656234

How would ServiceNodes deal with dispute resolution? Would they need to?

How would an escrow transaction be finalised?

Seems to me that ServiceNodes get to vote on releasing funds....with the multi-sig feature (up thread). It also sounds like (to me) ServiceNodes offering Escrow is a relatively easy win. Perhaps all they have to do is be a third party to a multi-sig transaction. Not bad for a 0.5%-2% fee.

Perhaps those guys that got scammed on Evolution for 130k BTC could have been saved if SPR ServiceNode Escrow was available.

http://www.deepdotweb.com/2015/03/18/interview-with-nswgreat-evolution-staff-member/

or

http://cointelegraph.com/news/113744/an-estimated-12-million-in-bitcoin-disappears-in-dark-market-scam

coins101

legendary

Activity: 1456

Merit: 1000

He put in just about 6 months worth of effort, not counting any pre commencement work.

Huh

gjhiggins

legendary

Activity: 2254

Merit: 1290

Quote from: defunctec on March 19, 2015, 12:31:47 PM

Before MrSpread "left", did he get multisig to work on SPR?

I saw this earlier

https://github.com/spreadcoin-project/spreadcoin/commit/651a520d03a827adfcff6689affce57a90b11ed6

The presence of multisig_tests.cpp in the test suite is somewhat suggestive, I feel.

Not yet tried it, here's the Darkcoin HOW-TO: http://wiki.darkcoin.qa/display/DRK/Multisignature+example

Cheers

Graham

defunctec

legendary

Activity: 1092

Merit: 1000

Before MrSpread "left", did he get multisig to work on SPR?

I saw this earlier

https://github.com/spreadcoin-project/spreadcoin/commit/651a520d03a827adfcff6689affce57a90b11ed6

gjhiggins

legendary

Activity: 2254

Merit: 1290

Quote from: e1ghtSpace on March 18, 2015, 09:17:58 PM

C'mon whats wrong with it this time?

Dunno yet, but please add it as an issue ticket to the spreadcoin github repos: https://github.com/spreadcoin/spreadcoin/issues so that any consequent technical discussion has a half-decent chance of remaining coherent.

Cheers

Graham

e1ghtSpace

legendary

Activity: 1540

Merit: 1001

Crypto since 2014

Quote from: e1ghtSpace on March 17, 2015, 04:51:07 AM

I am going to say this again but very simply... (how to remove pools)

We make it so that block is just a hash and does not relate to a mining address at all.

Then once a miner finds a valid block, we somehow get masternodes to confirm that a specific address mined it. (the miner submits his address to the masternodes with the block data)

This means that when a pool's miners finds a block, the block finder can swap out the pool's address with his address when he submits it to the masternodes. No one will know if he was mining as part of the pool or not because the submitted block has no information that relates it to the pool.

C'mon whats wrong with it this time?

coins101

legendary

Activity: 1456

Merit: 1000

ah, mobile payments by social media. what if servicenodes could.........

http://cointelegraph.com/news/113726/facebook-launches-p2p-payments-denies-building-payments-business

coins101

legendary

Activity: 1456

Merit: 1000

Pretty good interview with Evan @ DASH.

Master Nodes are pretty much open ended in what they can do.

https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-196-distortions-towards-privacy-or-many-hands-makes-light-work

zmija

hero member

Activity: 676

Merit: 500

Quote from: coins101 on March 18, 2015, 02:50:15 PM

Quote from: gjhiggins on March 18, 2015, 02:36:27 PM

Quote from: coins101 on March 18, 2015, 11:00:28 AM

Lets launch a crypto symbol standard, rather than having to work to the existing international currency standards (fuck'em).

Done. See the repos maintained by github org DOACC.
-snip-

Cheers

Graham

Now that really is cool.

Community permission / input to get some PR done?

Go ahead

coins101

legendary

Activity: 1456

Merit: 1000

Quote from: gjhiggins on March 18, 2015, 02:36:27 PM

Quote from: coins101 on March 18, 2015, 11:00:28 AM

Lets launch a crypto symbol standard, rather than having to work to the existing international currency standards (fuck'em).

Done. See the repos maintained by github org DOACC.
-snip-

Cheers

Graham

Now that really is cool.

Community permission / input to get some PR done?

gjhiggins

legendary

Activity: 2254

Merit: 1290

Quote from: coins101 on March 18, 2015, 11:00:28 AM

Lets launch a crypto symbol standard, rather than having to work to the existing international currency standards (fuck'em).

Done. See the repos maintained by github org DOACC.

To set the context: this is the core of the existing international currency standard 4217:
ISO 4217

Quote

ISO 4217:2008 specifies the structure for a three-letter alphabetic code and an equivalent three-digit numeric code for the representation of currencies and funds. For those currencies having minor units, it also shows the decimal relationship between such units and the currency itself.

fragment of XML rendering:

Code:


  
    
      AFGHANISTAN
      Afghani
      AFN
      971
      2
    
    
      ÅLAND ISLANDS
      Euro
      EUR
      978
      2
    
...

DOACC
The cryptocurrency domain has DOACC (Description of a Cryptocurrency), an exhaustive collection of metadata about cryptocurrency (incl trading symbol) supported by a couple of accompanying ontologies (DOACC and CCY) that precisely define the metadata terms (e.g. “symbol”) using a computationally-tractable representation (OWL). The project maintains an RDF graph representation of the metadata for over 2000 altcoins.

The metadata description and the collection are under an open source licence and use a purl.org URL (group-owned eventually, if'n'when purl.org admins allow).

Minkiz presents the DOACC graph as a Linked Open Data that is both browsable:

https://minkiz.co/page/Repository/Da0770ce7-0c77-4295-b225-a54a277a7828

and queryable as a SPARQL endpoint.

Try pasting the query below into the text box on https://minkiz.co/sparql, it'll return the DOACC URI, name and symbol for the first 25 coins, ordered by symbol:

Code:

PREFIX skos: 
PREFIX doacc: 

SELECT ?node ?label ?symbol WHERE 
{ ?node skos:prefLabel ?label . 
  ?node doacc:symbol ?symbol . 
}
ORDER BY ?symbol 
LIMIT 25

or use this canned query link

Cheers

Graham

coins101

legendary

Activity: 1456

Merit: 1000

Quote from: Gladimor on March 18, 2015, 12:01:02 PM

Quote from: coins101 on March 18, 2015, 11:00:28 AM

Lets launch a crypto symbol standard, rather than having to work to the existing international currency standards (fuck'em).

http://www.iso.org/iso/home/store/catalogue_tc/catalogue_detail.htm?csnumber=46121

ServiceNodes can be the guardians of the universal crypto standards and people would need to make an application for inclusion based on simple rules, like: 'well, no one else is using it'

Why?

Well, partly because its an international club and you have to be approved by someone in a suit who imposes too many complex and self grandiose rules. Fuck'em.
Partly because it costs a lot. Fuck'em.
Partly because crypto is about more than currency. Oh, yeah baby. still, fuck'em.
Partly, just because and they didn't reach out to crypto. So, fuck'em.

Grats on Hero member Cheesy

Cool.

Now waiting for the call from Marvel, or maybe Lego.

Gladimor

legendary

Activity: 1050

Merit: 1000

Quote from: coins101 on March 18, 2015, 11:00:28 AM

Lets launch a crypto symbol standard, rather than having to work to the existing international currency standards (fuck'em).

http://www.iso.org/iso/home/store/catalogue_tc/catalogue_detail.htm?csnumber=46121

ServiceNodes can be the guardians of the universal crypto standards and people would need to make an application for inclusion based on simple rules, like: 'well, no one else is using it'

Why?

Well, partly because its an international club and you have to be approved by someone in a suit who imposes too many complex and self grandiose rules. Fuck'em.
Partly because it costs a lot. Fuck'em.
Partly because crypto is about more than currency. Oh, yeah baby. still, fuck'em.
Partly, just because and they didn't reach out to crypto. So, fuck'em.

Grats on Hero member Cheesy

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