Topic: [ANN][MSK]MaskNetwork - the decentralized social network that pay users to post - page 7. (Read 16038 times)

A silk road with a coin.

On an unsecured, public website and zero commmunity. Seems legit.

I remember seeing the ICO price.

I was like, seriously? They expect people to pay that much?

I see 500 coins have been sold.

The website claims the market will be live on "Mars 20th"

If there is a data feed and a market you can trade anything. This data feed (http://hiddenwallet.org/pages/assets/feeds/feed.php?symbol=CRYPTO) will add 20 more coins today. If someone starts a market around one of the feed branches then you will be able to trade a new coin.

In the next days more data feeds will be available for FOREX pairs, commodities and stocks. There is no limit on what you can trade.

Also markets can use not only MSK as currency. They can use any other asset as currency.

Website is not fully working right ?
Description bar is showing http address.

would be possible to use any coin or will be used only coin already on exchanges like bittrex , poloniex or bter ?
how can a coin be chosen to be traded , i'm very interested .

Keep up the good work.  Can't wait for the finished version.

Ok. We have just launched new sections :

- Margin markets
- Market pegged assets
- Regular assets markets
- Assets Exchangers
- Escrowers

On 20 Mars we will implement the last remaining section (the Marketplace). It's the last because it uses a lot of other sections like escrowers and assets. I will talk about those new sections in the following days. Today i will explain what a margin market is.

MArgin Markets
A margin market is a market where users can trade a real world asset on leverage but without borrowing any amount of money. Because it's something 100% new in crypto world, i  will explai the concept by giving an example.

Let's say, you have some 10000 MSK and want to make a profit. You know that over 80% of traders loose money on long term and you think that trading it's too risky for you. So you open a margin market over Masknetwork and allow others to trade. You choose NXT because it's popular cryptocoin that can't be traded on margin anywhere else. You want to allow others to trade MSK on margin using a x500 leverage. So :

- You choose a data feed CRYPTO/NXTUSD (http://hiddenwallet.org/pages/assets/feeds/branch.php?feed=CRYPTO&symbol=NXTUSD)

- You go here and setup your market. http://hiddenmarket.info/pages/assets/margin_mkts/my_mkts.php?act=show_new_mkt_panel. There are a tons of settings but the most important are  maximum leverage, collateral and the spread. Your collateral will be 10.000 MSK (but it can be any other asset also)

- The new market packet is broadcasted and once included in a block, all nodes will create your market. And here it is :  http://hiddenmarket.info/pages/assets/margin_mkts/market.php?ID=4173675322 waiting for traders.

- An user launch a position on your market. The position will start on red because of the spread. The user will specify the open price, stop loss, take profit, the leverage and NXT qty to buy or sell. He / she will pay the margin. The margin will go to the market balance.
And here is the position. A buy order of 1000 NXT at x100 leverage using a margin of only 1.3809 MSK : http://hiddenmarket.info/pages/assets/margin_mkts/story.php?posID=7345434357

- After each feed tick, all nodes will update all positions PL. When a position touch the TP or SL, the network will close the position.

How the trade can end :

- The trade is closed manually on red. In this case the user will receive back the remaining margin. The rest is the market profit.
- The trade hits stop loss. The user will receive nothing back. The margin is the market profit.
- The trade is closed manually on green. In this case the user will receive back the margin plus the profit. The profit is paid by market. In this case the market looses money.
- The trade hits take profit. In this case the user will receive back the margin plus the profit. The profit is paid by market. In this case the market looses money.

Basically the traders profits are the margin market's looses and vice versa. But because over 80% of traders loose money on long term, the margin markets have bright future )

General Benefits :

- No broker is involved

- Because there is no broker there is no regulation regarding positions sizes or maximum leverage. Right now regulated US forex brokers can offer up to x50 leverage.

- No central server, no AML or other bullshit.

- 100% transparency. Margin markets are 100% driven by open source software.


Benefits for margin markets owners :

- When it comes to leveraged trading, traders usually loose a lot and they loose fast. And all that traders loose, is the market gain. There is a rule saying 90% of traders loose 90% of their capital in the first 90 days...

- No regulation. You are free to choose what to offer for trading and how. Nobody knows who you are or where you live.


Benefits for traders :

- You can trade in insane ways. You can buy or sell any qty that market allows using huge leverages. You choose how much you want to trade and at what leverage. Imagine buying 0.01 Apple shares at x1000 leverage. Sky is the limit.

- You can't be cheated and the broker can't say i will not pay you. Once you open a position, the whole process will be managed by the network.  



Of course there are tons of details regarding the margin markets. This was just a short introduction. Stay tuned.

On Mars, 7 we will release a major update.

so no more info ... ?

I have two tester accounts but did not use for a period of time. After that, I tried to login and found the accounts suspended. Is it normal?

Do you have these?

Generally speaking, advertising an unstable testnet is a really bad ideea.

Masknetwork is the most easy to use crypto network out there. We can easily inject 100.000-200.000 clicks / day, retain 500-600 new users and start building the community from there. It's a fast process once we start it.

End users will come. They will start to use the first decentralized social trading network and they will be amazed....for 2-3 days, until they will find that :

- Maskcoins have no values
- The testent is reset once every 2-3 weeks.
- The network is unstable.
- They is very difficult for anyone to run a web node
.
.
.

and a list of another 20-30 issues.

We don't need end-users right now. We need EXPERIENCED TESTERS THAT UNDERSTAND DECENTRALIZED NETWORKS. This is why we are here. If we wanted regular end users we could already have 10000 - 20000 actives  / day on all web nodes.

In the "real life" we make real cash economic simulators and have a huge user base to start from. Only goldentowns.com has over 1.000.000 verified active / inactive accounts that have no ideea that we are behind MaskNetwork.

Trust me. The easiest part is to build a strong comunity around Masknetwork once everything is in place...)

To answer your question, starting June, 1 when the real net goes live, we will start to bring regular end users  / traders. Until then, we build, test, build, retest and so on...

 

Thanks for the update. My question is when and how are you going to start marketing this? There doesn't seem to be any community at this time. Unless there is a Slack or a Ryver that I am not aware of.

In finance, a binary option is a type of option in which the payoff can take only two possible outcomes, either some fixed monetary amount or nothing at all, in contrast to ordinary financial options that typically have a continuous spectrum of payoff. Binary options pay some fixed amount of cash if some conditions are met in a specified time interval.

Right now the binary option market is dominated by huge players like 24option where you stand no chance to win on the long term, because you are betting against the house and the house always wins. Also, many websites are enforcing big minimum bets / identity verification. We have implemented over MaskNetwork a decentralized p2p betting mechanism where regular users can anonymous bet against others with no central entity.

Because this is something new in crypto world, the best way to understand the concept is to give you an example of how a binary option / bet is launched and how the software is processing the whole process with no 3rd party risk.

Suppose you think that the price of bitcoin will NOT hit $400 in the next days and you want to make some money on this so you launch a bet. In case the price hits $400 you will loose the bet and the buyers will win. The first step is to find a suitable data feed. Using the data from the data feed the network will decide who will win.

Step by step:

- You choose a data feed (http://coincenter.info/pages/assets/feeds/branch.php?feed=CRYPTO&symbol=BTCUSD)

- You launch a binary option based on this feed and setup the winning conditions. In our example the binary option will be won by buyers in case the price of bitcoin hits $400 in the next 2 days for example. But you can specify a lot of other details. (http://hiddenwallet.org/pages/assets/options/issued.php?act=show_modal&feed=CRYPTO&branch=BTCUSD)

- Because you are betting against other anonymous users, a collateral is required. In case you loose the option, the collateral will be used to pay the buyers. You have to specify how much maskcoins / assets are you going to risk on this bet. The coins / assets will be deducted from your account.

- The packet describing the binary option is broadcasted and once included in a block nothing can be changed until the option expire. The option will be available to investors (http://hiddenwallet.org/pages/assets/options/bet.php?uid=125305476952). You can not access the collateral in this time.

- Buyers check the winning conditions and if they think the option can be won, they invest maskcoins / assets to buy your option. The bets amount is limited only by the collateral. If the collateral is for exampe 100 msk and the buyers will win 100% of their investment, then only 50 msk can be invested into your option.

- Once an investor buys a piece of your option his / her coins / assets are frozen. The investor will not be able to access those funds until the option expire or it ends because it meets the winning / loosing condition.

- After each feed update, all nodes will check active options. Based on the values provided by data feed, the network will decide which options are won or lost and will automatically pay the winners.

The whole process is managed by software and nobody can change anything once an option is launched.

In the next 2 weeks we will move to our next goal (Decentralize online trading). Stay tuned.

New feature - data feeds :

A data feeds can be created by any address. A data feed "injects" data into the network at regular intervals. The data can be anything, from stock quotes to outside temperature in London. On to of data feeds some very interesting decentralized applications can be built.

For example this data feed is presenting live quotes of major cryptocoins : http://hiddenwallet.org/pages/assets/feeds/feed.php?symbol=CRYPTO

Suppose you have access to a data feed and you want to make it public for MaskNetwork users, for a fee. Data feed owners can specify a small fee that will be paid by those who want to use this data for their own applications (binary options / speculative markets….). This is what you have to do :

1. You start a new data feed and specify what kind of data will make available. It can be any kind of data. (check one of web nodes for details). You also have to specify where the data will come from (a web link)

2. The packet cotaining the feed details will be broadcasted into the network and once included in a block, every node will know that your address has some data to provide (http://hiddenwallet.org/pages/assets/feeds/feed.php?symbol=CRYPTO).

3. From now on, the your web wallet will ping the link you have provided and gather the data every minute.

4. Once it gets the data, the web node will pack it and broadcast it. Once included in a block, the feed will be updated and the whole network will know the new values / prices.

As i have mentioned, on top of those data feeds, a lot of applications can be built. The first one is decentralized betting / binary options and i will talk in a future post about how you can write or buy binary options (based on data feeds) with no central server / authorithy.

We have just introduced user issued assets:

User Issued Assets (UIA) :  User issued assets are a type of custom token registered over MaskNetwork, which users can hold and trade.

The creator of such an asset publically names, describes, and distributes its tokens, and can specify customized requirements, such as daily interest, or the associated trading and transfer fees.

Sample asset : http://hiddenwallet.org/pages/assets/options/bet.php?uid=125305476952

Keep in mind that assets are different from assets markets. In the next weeks users will be able to launch assets markets between any two assets. On an asset market, users will be able to post buy / sell orders to buy an asset using another asset as a currency.

For example on NXT asset exchange (the biggest ae market) when you launch an asset, a market between that asset and NXT is automatically launched. Over MaskNetwork a market like this can be launched between any two assets or between an asset and MSK.

Other features :

- You can specify a per-transaction transaction fee. Users will pay you a small fee after each transaction involving your asset.

- You can specify an interest. If you specify an interest, assset holders will receive a hourly / daily / weekly / monthly  interest.

-  User issued assets enjoy the same security levels as maskcoins. For example from a frozen address, you can't spend assets. You can send assets as easy as maskcoins using the same send dialog.

Hi, Mask Network
I found a bug in regards to the Receiving Daily Interest option on your Maskwallet.com website, although i have enough mask coin to start receiving daily interest, it does not for some reason hand out the daily interest even though i signed up for it and the website verifies it, i also noticed that right next to the Title "receive Daily Interest" it says (not receiving) even though i opted in for the option.
I hope this Helps.

Dexter Daxter

So you are not only attempting to sell us very overpriced coins but also expecting us to test your alpha software and report bugs, suggestions and participate in all this for free? Funny guy!  

What happened to weekly updates?

Ok :

1. On the first page of MaskNetwork presale, the first words are : "In total there will be a maximum of 100 million coins in circulation...". So, bitcoin has a maximum of 21 mil and MaskNetwork 100 mil. The max limit is hard-coded.

2. Each ear a maximum of 1.000.000 coins are generated. Half of this amount is generated by interest and half by miners. And for the next 100 years the software (not us) will generate 1.000.000 coins / year.

Right now the market cap of MaskCoin is $400.000.

MaskNetwork is the first and only web-based decentralized social network and in 1-2 weeks will become the first decentralized trading social network. We are alpha over testnet and we are uploading new features every 1-2 weeks.

Right now making price predictions is way too early....

They are currently selling 1 Million coins by 10k bandwidth with a 0.1 increase at each level, starting at 0.1$.
So the 1 000 000th coin should "theorically" be sold for 10$ !!! (if they are all sold haha)
And each year for 9 more years they will put 1 million new coins in the system. Why? idk. Interest rates? New crowdsales?
Will they really stop putting new coins after 10 millions coins in the system? idk either. Why would they stop...
They can edit how many coins they want, I did not read it is a fixed number like the bitcoin.
So in the long run how is it interesting to invest currently 0.4$ / MSK coins it is too much indeed