Cross post regarding escrow of IPO funds:
I am working with HumanFractal and DomP on a distributed solution. The basic idea would be as follows:
using 2 of 3 (in reality probably bigger numbers will be used)
I would have the emergency backup key, I dont want to be needed for every tx!
freeworm would have one of the keys needed
there will be a pool of N trusted people from the NXT, BTC and BTCD communities who have the third key
Each block of X BTC would be put into a multisig acct
so X would be approx net BTC / N, where net BTC is after the 1% for costs, 10% for supertraders and some amount that is not an issue for bter to hold and I like the looks of Xapo and even Coinbase for some 10% level amounts. All tx will be publicly documented.
I posted the disbursement procedure a few pages back (I hope noashh will make a convenient page with all such things in one place) so when there is a disbursement needed, the approval is posted and the first of the N trustees who is available would do the payment tx.
If I appear to be taken over by aliens or appearing to be a monkey, then the community can raise an objection before disbursement is completed. However if it is a disbursement within the prescribed authority, the trustees are honor bound to release payment.
Now I know people from NXT and BTCD communities, but not so many from the BTC world itself, so I really need some help in getting this list of trusted members. I cant be the one to coordinate this list as there needs to be arms length between me and the trustees, so somebody else has to step up to coordinate this effort. The list will be vetted by the community and if there are any credible objections, then that would probably be enough for rejection.
Anyway, this is something I just started today so I apologize for its rough state, but the key is the selection of the trustees. I think people would feel much better if the trustees are significant stakeholders in SuperNET, but this is no requirement. We might need quite a few so, the sooner we can start this selection process the better.
First we need a responsible hard working person to coordinate this that is not currently already saturated.
James
P.S. if you are not comfortable with bter holding the funds for 2 to 4 weeks, just buy in the last hour it will be well know what the expiration hour is and we can make much larger volumes available the last hours if this is an issue
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If the community is OK with me hodling the BTCD funds, this would simply things, but if not we can also treat the BTCD the same way
BTCD has less than 1,200,000 coins. We're at over 20 million here, so yeah...we won't be seeing those prices anytime soon.
BTCD's price at the moment is a pump. IMO, I think it's like Cloak...just smoke and mirrors. At the end of the day, all of those ideas sound really good...but they won't come to be.
XST has a good chance of being used in markets, which will give it more than just speculative value. I've yet to see a more professional...down to earth...goal driven team...then what I see here.
I'm not hating on BTCD, and wish it well, but we'll talk about how awesome it is after everything is implemented.
where is the coding?
and the scam continue on...
