Topic: ◈◈Bitcredit ◈◈ Migrating to UniQredit◈◈ - page 12. (Read 284539 times)

Subtle difference:

1 BCR = 1 nominal share

1 BCR Masternode = Total Shares / (Total Masternodes * Masternode Collateral)

Then you can use the DAPP with the masternode voting mechanism to implement real world (quasi-)share voting

So:

1. Incorporate as outlined by Coins101, 1 BCR = 1 nominal share
2. Concentrate all efforts on getting asset management and asseteer/customer interaction functional and easy to use
3. Demonstrate it working to a bunch of VC firms / ICO it in the real world*
4. BCR share price goes from 0.000004 BTC  to $1 in very short order.
5. Use new found $$$ to hone and polish product

Really, the potential upside is ridiculous.



*From zerohedge yesterday: http://www.zerohedge.com/news/2016-03-29/top-silicon-valley-vc-laments-startups-being-funded-are-mostly-crap-largely-worthles

VC's are desperate for projects that aren't crap, that actually provide a real service and have a viable revenue stream.

This raises a really interesting point related to the algo.

When you get to a certain level of maturity, you can think about becoming a bitcoin sidechain. That means you can do away with mining, because it comes from Bitcoin.  BCR then becomes a bitcoin project, effectively. So the purple logo works great 

I don't like infinite supply. Fixed supply works for me. Maybe rebase around a number everyone is happy with?

How is infinite supply better than finite supply that's (for all practical purposes for the forseeable future - and we can add more zeroes as needed) infinitely divisible?

I'm not overly concerned with the current market price of BCR, but reducing the total issuance to 70 million from 220 million would have a more positive impact I think than going from 220 million to infinity.

Burning BN collateral would have a further deflationary effect, but would reduce BN numbers greatly perhaps. If BNs are to be proactive businesses rather than network-crucial infrastructure collecting passive block reward then why not? At that point, do we need a masternode-type overlay network at all? Concentrate on making asset creation and management as simple as possible and give asseteers and their customers the tools in-wallet to communicate, contract and transact painlessly.

edit: If all wallet users with a balance > 0 were nominal proportional shareholders that got a quarterly dividend in whatever the currency the parent company used natively (fiat, crypto, cans of beans) then at some point the BCR token itself becomes almost irrelevant... well except as being one's def-facto share ownership of BCR Pan Galactic Inc.

Nice idea.

In the same way that banks have jumped on the blockchain train, you might get a situation where BCR becomes a model that existing peer-to-peer firms want to copy. In that instance, the BCR company can charge consulting fees and then charge again for migrating into BCR - from which masternodes get paid a proportion, I guess.

I learned this the hard way, so it's what I think should be done.

* Tick the regulatory boxes.
* Tick the KISS users experience boxes.

Everything else is down to what BCR community wants.

To get recognised by the peer-to-peer associations that we should be looking to join, we need all the things I posted recently, which includes: a real company, a bank account, the various annual reports, KYC and a strategy for chasing non-paying borrowers.

I like this idea, we can mix it with tlc's

However i have a question....shall we make it such that the collateral to start a Bn is burnt? As you have seen in the client, we are capable of providing real-time monetary stats on demand.

This sits beautifully with the concept of unlimited money supply, new money is introduced at a calculated steady rate, while a lot is converted from coin to infrastructure, creating the possibility of a true economy

Not yet.

Companies House (the UK version or any version around the world) won't recognize the currency units as shares.


Maxcoin supply and issuing a similar number of shares in a company will achieve what is required. Then its just about creating a legal document between the network and who the shares are listed against on paper.  The document can be really simple:


Wow. That's an international corporation, whose shares are listed in the UK. All you need to become a shareholder (well, you never actually become a shareholder, you just have the benefits of voting and dividends) is a masternode.

Can BCR itself not be viewed as shares? 1 BCR = 1 share. Really the block reward each block is in principle no different to an ongoing share allocation process.

And I don't think BCR's native matketcap needs to be a limiting factor. Lender establishes blockchain asset, operates whatever business they like via BCR's chain. BCR infrastructure just hooks up lenders/borrowers etc. BCR 'shareholders' get their proportional cut of whatever the network charges for asset hosting.

An easy way of doing BTC/BCR exchange in-wallet would be to have a Buy BCR Now BTC address in addition to the existing bidding address. BTC sent to that address get added to the backing fund, and the buyer gets a chunk of freshly minted BCR (subtracted from the eventual total mintage) in the next block @ for example current market price + 10%. Or have a sliding scale, or do a quick calc of what X BCR would cost if bought via exchange then add some margin for saving the buyer the hassle. Most of the code to achieve this is already there.

Sounds good.

A lot of this stuff is interacting with the real world.

For example.

* If you created a company and issued the same number of shares as the max coin supply, those shares would technically be in your name on the documents held by Companies House, but you would want masternodes to have effective ownership.

Even if the client / blockchain says how the ownership is divided, they would still be in your name according to the books.

* The client could handle loans in BTC, but it can't deal with fiat. That needs the blockchain to generate an transaction log for someone to then sit at a computer and execute the deals. I'm sure there could be some level of automation (exchanges do this stuff all the time).

Have you ever looked at https://github.com/Coinffeine? They built a working BTC <> Fiat decentralized exchange, but decided to go down the closed source route because of funding they got from banks.

There does seem to be quite a bit of work needed on the GUI side.  But if the services are there, then its mostly about thinking how non-crypto users can interact with BCR (and slowly become crypto users).

If you were not aware...BCR v 1.0 already supports Assets ie shares, you can issue some as a test if you want 

Most of the components are already written into the code, this include code for cross-chain basenodes. What we are doing now is cherry picking and expanding on what we know works. As for the actual project, Lending is just one application we already have a general idea how to do Insurance , Micro banking , and a decentralized ebay.

All we need is for two guys i know to hop aboard the dev team for two to three months.

@OP - Thanks for the note about a whitepaper.

I've got an alternative suggestion. But I'll keep it a little secret for a few weeks. I think it will go down well. I'm keeping it under wraps because I reckon it can generate some great PR.

Masternodes being allocated real shares in a real organisation / company.

Wow.

I'm lovin it.

Every time a masternode is created, the shares are split according to the number of shares in issue. You don't actually need to physically issue any shares to anyone - the BCR organisation can hold them and vote them in trust for Masternodes.

Running a masternode just gives you the rights to vote the number of shares and get the benefit of the dividends.

That way, the DAPP can run on pretty much standard company law and voting principles, which are well established. And if the company were to ever be floated on a stock exchange - bloody hell. World first, incoming.

In terms of mining, Sir Crouton has some very specific ideas about getting rid of miners. I think they are needed, so it is mainly about the algo. There are plenty of SHA ASICs and you might find an attack very easy at the moment. Needs some thought, but I think focusing on the financial services aspect is probably the thing to do, as suggested above, for now.

Around this time last year I was thinking about how to make the end user experience much easier than it currently is, in terms of running a client where you get all the benefits of decentralization.

I started thinking about a hybrid version of Blockchain.info and a full client.  Then it struck me that what you needed was a Decentralized version of Coinbase running on Masternodes.  Several months later, Evan @DASH came out with Evolution, a version of PayPal.

So I'd think about going down that direction - decentralized Coinbase or Evolution type of accounts. That would mean masternodes running several services.  DAPP is then a different issue to what services masternodes run for profit.

Right now P2P is hardly regulated. The authorities will eventually move in, but for now they want to encourage this sector because it creates an alternative to lending via banks.

You don't actually need an organisation or company at the moment, but I think it's essential for growth as there needs to be an interaction with Fiat to achieve explosive growth and benefit from the recent (last year or two) interest in P2P finance.

BCR already has a .org address. The organisation needs to be able to open a bank account and that will mean lenders can deposit fiat funds and borrowers can be paid out in Fiat from the lenders cash.  The monthly repayments can be paid back to that bank account and interest payments plus loan repayments paid back to lenders.

The BCR blockchain can generate the banking reconciliation reports and the clients / blockchain can handle the instructions on who needs to pay whom and when.

I don't think BCR needs to be a company (there are several types of organisations that can be formed, eg a charity), although probably BCR should consider creating a company of some type. Masternodes could probably be issued with shares in that company (shares are now all pretty much fully automated). Now that would be interesting. DAPP could then be used as a way to do shareholder voting.

With so many things to do in terms of generating the right P2P financial experience, messing around with the algo now might be a distraction - actually, the algo details and the max coin supply aren't in the OP.

anything that doesnt require bootstraps on restart or "reconsider block" will be more than ideal.

using sha256d allows you to leverage the latest bitcoin client codebase so thats helpful.

using sha256d gets rid of the "low powered mining approach" that was a long term goal which unfortunately led to the chain issues BCR had for the past many months. while forcing momentum mining onto balances over 50k, and again to balances over 50k and not within last 40 blocks sounded great on paper, it didnt really work out.

I remember you saying "sha with birthdays" or other algos to keep it cpu based. but i think with the innovation for the p2p lending side of things its likely worthwhile to focus on that featureset than "reinventing the wheel" as far as mining is concerned. as long as the chain is bulletproof no ones going to care what algo it is.

PS: just for shits n giggles idea, if you want to go the company route and get registered as coins101 mentions, maybe its worth looking into a DAPP or app on Ethereum or Maidsafe or Lisk or Bitshares. Leverage their new networks in some novel way as an organization. Im sure Maidsafe could accomodate a p2p service being built on top of its internet 2.0 offering once thats completed.
(dont flame me for this addon suggestions)

mundane but serious issue, shall we go the sha256d route or something else?

Actually, it doesn't compete with SPR and, well, waiting for SNs  

Been keeping tabs on BCR for a long time now and the peer to peer lending market is just about ripe to pop.

Can confirm. Though, it's not out quite yet. Perhaps in their next update?

Came here because I noticed a frenzy of coins101 activity. I might invest a little into this; looks like a neat idea.

The SDC wallet is pretty slick. The new one due out (or it might already be out) should be even better.

The DASH wallet is good too.

edit

The OpenBazaar GUI is supposed to be really, really good, too. Try that. It has a market which might suit a lend/borrow experience as it also has a rating system.

Suggestions are welcomed for what the v2.0 wallet should look like GUI wise.

Know a website or blog or other piece of software that looks great and makes a user's experience more pleasant? Point me at it please.

(Simple and slick beats complex flashery IMO.)