Topic: Bitcoins, or the ultimate proof of ownership - page 2. (Read 2614 times)

I was too. The private key is everything in Bitcoins.

Yes I thought of the same thing yesterday.

It makes the whole a little less elegant.
I suppose you should check if more than the master BTC part is the product of the transaction, than it's "destroyed".

For example:
0.1 + 0.0001 (fee) = 0.1 Valid
0.1 + 1.0 + 0.0001 (fee) = Invalid

i was considering theft.

How do you prevent it being mixed with other coins?

@ Karmicads

From what I understand of your proposal, you want to create an alternate network. Perhaps even more?

That is the opposite of what I'm saying: That's the current blockchain that will be used, because nothing is more secure.
If I'm a company and want to sell some stock, I will never start a new blockchain only for it, because I know a big miner could single handedly take over the network.  

@ indio007

The first to spend the Bitcoins associated with a private key is the owner, like for normal Bitcoins.
Don't share your private keys.  

Problem: 2 people or more people with the same private key. How do you prove true ownership of the key?

I fully agree with the posabilities of taking the bitcoin concept to the level of stock trading. In fact, I have already proposed a complete stock exchange model, based on a modification of the bitcoin protocol and netrwork. The difference would be that a complete new network and protocol would be writen, so that all stocks, comodities or bonds, would have their own blockchain, as an independent means to float freely. Bitcoin would remain an entirely independant network, so that BTC traded for one would simply change hands and no bitcoins would ever be gained or lost by trading across this independent 'bitstock' network.

No.

The same blockchain is used. All they do is to publicly declare, for example, this Bitcoin from this transaction to be the master BTC.

So every company would have their own block chain?

i had the same idea about voting systems including the exact same details quite a while ago. but the idea to use it in this more general way is really cool 

btw besides spending them for sandwiches you also have to protect the master coin parts of being used for transaction fees.

Update (2011-08-26):
I wrote an article in order to clarify my thoughts, with some proposed rules for any future implementation.
https://bitcointalksearch.org/topic/master-bitcoin-the-proof-of-ownership-39433
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As discussed before in How Bitcoin will change the voting systems, the power of the blockchain enable us to do much more than simply exchanging bitcoins.

I think dacoinminster has somewhat grasped this power (see [PROPOSAL] The ticker and the hole (path to bitcoins worth $1M each)) but try to use it in sub-optimal application. (Or I didn't quite understand it, which is more than probable.)


Proof of ownership, such as the stock market, is probably the most fertile ground for the blockchain power.

With my broker, it costs me 30$ per stock related transaction. That's per transaction, so 60$ to buy and sell. Even by doing so, I don't ever see any proof of ownership of any company. I have to trust that my broker didn't simply write a bogus number in my account. [tangent = on] Bitcoins make you realize how much you trust everyone around you. [tangent = off]

Can I sell directly to a friend? No sir, I must contact my broker who will then sell - and I don't even think I can decide to whom he is going to sell, not in the usual web interface for sure.

What Bitcoin offers is a way to avoid all that, and in addition make it even more secure - by a wide margin.

My company, Acme inc, wants to go public to finance a big project. We organize a big press conference and publicly announce a master BTC. (see How Bitcoin will change the voting systems)
When someone buy a part of the company, we send him a part of the master BTC. (100% ownership = the whole master BTC).

What's the point?

• The ownership is publicly announced and protected by the blockchain;
• The "stock" is transferable. It's as simple as sending a BTC;
• Dividends can be send to the current owners of a part of the master BTC (send to public key);
• Owners can be anonymous;
• Every stock holder can now easily vote in company decision
• Where you live is irrelevant (I can buy chinese stock if I want to, it's MY money!);

All this is possible without a single modification to the Bitcoin protocol. Some client-side modifications perhaps (don't spend my "proof of ownership" to buy a sandwhich!) and only for the bitcoin-stocks users.

The next stock market will be worldwide, anonymous, inexpensive and available to all.