Topic: [Announce] Project Quixote - BitShares, BitNames and 'BitMessage' - page 6. (Read 48297 times)

Lol, considering he's dead one would expect such. The book I was referring to was Survey on Diophantine Geometry which came out in 1997. Have you ever read Nathanson's books on additive number theory?

Also if you're up for the challenge:

http://www.stanford.edu/~zvika/localpapers/IdealHom.pdf

Serge Lang book is a bit out of date, there are much better books like Cassels and Frohlich one (as editors)
Analytic methods are used and play a crucial rule in Algebraic Number Theory as well, for me algebraic means a framework to search into things more systematized.
I used to work a bit in Langlands and also a bit in class field theory in general, but had a small project in elliptic curves as well.
Cryptography I didn't like much before (preferred more pure proof-based theoretical stuffs) but since I got more time and also got familiar with bitcoin, I get more interests in the field everyday.

Analytic and Additive Number Theory out of CU Boulder and then moved into cryptography first studying public key cryptosystems and eventually fully homomorphic encryption. I've done some Galois theory and spent a great deal of time dealing with integer factorization.

I really admire the algebra in some of the fermat stuff dealing with semistable elliptic curves. I have this book written by Serge Lang that looks like a roadmap to hell. What was your specialty?

 

I heard you are a math guy, curious to know which field of math? 
I, myself, specialized in Algebraic Number Theory and nice to see math people around!

This is what makes our company so innovative. We've found ways of doing completely open source software and still making money. Once the model becomes known, we hope that it will spread across the Bitcoin and OS communities helping hundreds of small projects grow.

We have very creative monetization strategies that go far beyond just BitShares, but these are trade secrets for now.   More will become clear at C3.

bytemaster, I have got a question:
If value of the system belongs to bitshares and these bitshares will be mining from 0 (no-premine) then,
how will you get back some value (or bitshares) in compensation for you idea-design and coding-effort-time that you've invested and contributed to this project?  

We have been incredibly transparent in everything we are attempting to do.   Unfortunately, the arguments presented by cunicula are attacking a straw-man.   If you are going to attack what we are doing you must first understand what we are doing.  I would hope that before you go around calling us scammers you would take some time to talk with us via Skype.

So here are the questions for you:
1) What money have we taken from the public?  0.
2) How are we using new investor money to payout early investors?
3) How are we using the investors own money to pay out returns? 
4) Are we doing any pre-mining?  No.

Lacking any evidence on those three items, you cannot call us a ponzi scheme and doing so is intellectually dishonest. 

What remains is whether or not the economics of the system we have designed work and are sustainable.  This has several layers, so lets deal with the BitShares themselves and not any derivatives based upon them.   The dividend system pays people a real return from the transaction fees and the stock-split process is just a means of gradually increasing the number of units in circulation without diluting anyones position.  As a result, BitShares as a 'currency' is less inflationary than Bitcoin.

At this point I have done nothing but create a less inflationary crytpo-currency than bitcoin, it could be called an alt-coin if that is all the system allowed.   This is no more ponzi than bitcoin and no more 'pump and dump' than Litecoin which was launched to address centralization in bitcoin and represents significant innovation in the space.

Then I add one very simple instrument on top of a legitimate crypto-coin.  I allow two people to create a transaction that are equal and opposite sides of a bet.  The strike-price on the bet is the current estimated exchange rate between BitShares and some other asset.    The terms of the bet are that the Long side must voluntarily sell their position.  The Short side must pay their dividends to the long side.   And that a miner may force the short-side to accept the lowest ask in order to cover the position if the lowest ask would result in less than 50% margin.     I am not one of these parties, and both parties agree to the terms.

Our theory is that such a contract, enforced by the blockchain, will result in a market-based price discovery system.  If our theory is wrong then the test network which will be used to validate the economics of the system will discover the flaw and no one will make or lose any money. 

You can surmise that the result of this game theory will not result in price stability, but to make that assumption you must pick one of three potential outcomes:

1) BitAsset goes to 0 thus scamming the holder to benefit the short which would profit.
2) BitAsset maintains the value of the collateral and is thus no different than BitShares in terms of volatility.
3) BitAsset will deviate in some non-deterministic manner from the intended market peg.. this is a serious claim and requires proof.

All we are doing is creating a market for people to speculate and we are providing a means to test it prior to anyone investing significant money. 

Good luck raising your own funds, your system is complex, flawed in fundamental ways, and yet you are attempting to raise money directly from the public which has no way to evaluate your ideas.   I would call your system a scam, but that would involve making a judgement about your intentions which I am smart enough to realize I have no ability to know or judge.

Bitshares is a ponzi scheme. Plain and simple. Read the following thread thoroughly before you consider giving them money.

https://bitcointalksearch.org/topic/pirate-v20-unravelling-the-bitshares-ponzi-298677

I played three card monte on a corner in the tenderloin once with a random acquaintance.
I won on paper. (I picked the correct card.)
They had already won as soon as I took my money out of my pocket. The game was a distraction.

This is no different.

but there's the time cost of managing it and maintaining the community.

that's nice and all, but it takes less than a minute to open a subreddit...

patience, lot of stuff to do. Reddit coming soon and we'll even have one of those media directors that companies are suppose to have . We'll post a large update over the coming weeks including a newsletter announcement. Invictus has been innovating at an astounding pace.

still no reddit? okayface.jpg

That's what Quant is saying. P2P crosschain trading has the advantage of greatly reducing the fees, but sooner or later a trader is going to hit an extended losing streak (Gambler's Ruin) or a market collapse (Black Swan Event). I'm curious how Quant makes a living off of it, though, if it is a losing proposition.

Don't put your money into trading. You will lose it. Period. I speak from experience. Listen to Quant.

Apologies for continuing the off-topic issue.

Back on topic, when you release your altcoin, if it has useful innovative features, then you should not have trouble gaining adoption.

Thanks Quant, you confirm my observations, though #2 needs some research, still studying to understand the different kinds of markets and instruments.

Hi, I just saw this... off the top of my head:

(1)  Taleb's "Fooled By Randomness" should be 2nd nature...
What that means is you understand Gambling Stats/Zero Sum Game Stats on an instinctive level.

(2)  Specialize in something complicated/esoteric/obscure. BECOME AN EXPERT IN SOMETHING = 10,000 hours.

(3)  Tech Infrastructure is very important... but human expertise must run it (see #2).

(3)  Virtually all $$$ in financial markets is made by Market Makers and people who charge fees...
In other words, large volume of small risks generate a steady return of small rewards that add up.

(4)  About 99% of what you hear/read/see in Financial Media is bullshit...
The Financial Media is owned by Wall Street = their job is to transfer your $$$ to Wall Street.

Gotta go

Any update?

Quant we are vc funded

Hi QuantPlus,

Glad to see you here. I enjoyed your posts over on the Ripple forum. I'm studying trading, with a preference for Nassim Taleb, Benoit Mandelbrot, and Edgar Peters, currently reading Taleb's Dynamic Hedging.

The Fractal Market Hypothesis and Cauchy Distribution make a lot more sense to me than the Efficient Market Hypothesis, which relies on Normal Distribution (a special case) Adding GARCH to EMH to try to make it work seems Ptolemaic, like adding retrograde orbits to explain observed planetary motion in an Earth centered model of the solar system.

Do you have any suggestions on books for trading? Also, what's your take on Taleb's approach.
I'm interested in automated bot trading.

Sorry if this post is drifting OT but thought the thread could use a bump to "keep it on the front page".