Topic: How to clone Bitcoin to create your own crypto currency / crypto shares system - page 5. (Read 48099 times)

Here's the solution, I think:

-Fork or clone the Bitcoin software
-Change parameters so all the new currency/share units are mined/created in a few days, rather than 20-30 years
-The first miner(s) now holds all the bitshares, just like in an IPO. They can then do whatever they like with them. Offer them to investors, developers, entrepreneurs etc.

Am I in the wrong about something? I think this should be doable if we put our heads together. Mind you, once anyone on earth can create a cryptocurrency/share program of their own, things will really start moving. Probably a new world order.

Thing is, if we make it easy to clone the Bitcoin software then anyone can easily create bitshares (crypto shares).

Bitshares have many advantages over regular shares: they don't require a central exchange platform, anyone can trade them with anyone and if someone is interested you could even use them as payment for goods and services, just like bitcoins.

Please help me to create instructions or even software for making it easy for anyone to clone the bitcoin software.

Mark, did you build this open transactions thing? If so, when? And is anyone using the service?

There is no point trading shares when the company they are shares of has run off with the loot.

Anyone can create assets on loom servers or on truledger servers or on the default configuration of an Open Transactions server (I deliberately turned off people's ability to do it on my server).

So just open an account on such a server, create your assets, and start pumping them.

If the server goes down just issue them elsewhere and tell your customers where that is.

When you run with the loot it won't matter which server you used to sell the things.

-MarkM-

You should name it "pump and dump generator"!

Correct me if I'm wrong but I believe a bitcoin chain cannot just vanish like that. Also, if one exchange website is shut down, nothing prevents other entrepreneurs from opening new ones. In fact, it would be unlikely that only one exchange platform would exist. Where there is profit to be made, there are entrepreneurs willing to take risk.

Cloning bitcoin you run into "51% attack" problems; securing a blockchain is not easy.

The missing function really seems to be offer matching.

You can technically issue and exchange assets using any number of existing free open source solutions, from online banking site type solutions to the Truledger system; the missing piece since when I went searching two years or more ago is the order-matching engine. The "market".

It is for that that I have been working with Open Transactions, however if you are willing to risk the seemingly vastly oversized attack surface you get by using the web, there are also at least a couple of free open source "bitcoin exchange" packages available now. YOu could cross out fiat and write your asset name in in crayon (so to speak) and presto, an exchange for your newfangled asset.

I have even looked at MUDs and other games for this functionality, since in many such games it is trivially easy for a gamemaster to create objects people can carry around, give to each other, buy and sell in shops and so on. But usually no "offer matching engine". (Though CoffeeMUD does have auctions, both in a form you can attach to a room or shopkeeper-creature and in free roaming form whereby at any moment one (and only one) auction can be taking place that anyone in the MUD can participate in. The problem with software intended for playing games though tends to be that things vanish; it tends not to take good care of balances. Easy come, easy go. Oh the MUD crashed and your million gold is gone, no problem, just go out and dig up more or kill more monsters or whatever to get more. Not good for preserving inventory records that you really care about.

I installed a full banking site system a while ago called Cyclos, but some kind of javascript problem or something tirvial like that made it un-useable from my (FIrefox on Fedora Linux) browser so I don't even know whether it would have worked to securely record balances robustly like Open Transactions has been doing for me for so long now, and of course again the missing piece was markets: order-matching.

Secure storage of ownership data is easy, you can even create one dot-bit name per share to have individual items/shares that can be traded on the namecoin network. Finding the best price anyone is willing to buy or sell for is again the missing piece with that approach too, though maybe the fact people can trade them directly without an intermediary does at least open the possiblity of using any platform they want to try to find buyers or sellers on, simply by placing ads anywhere they think they might find a trading partner.

What I was actually searching for when I came across bitcoin and Open Transactions was simply a generic marketplace system, something that would record who has what, where, at what price, maybe with optionally a shipping info handler to figure out how much it would cost to move the thing offered to somewhere else so it could change in location as well as in ownership and part of buyer preference could be where the thing offered is as well as what it is and what price it is available at in what quantity. I still have not found that; Open Transactions lets anyone trade anything for anything else but does not handle where the things are located and what it would take to move it from one location to another.

(I could create separate asset tokens for grams of gold on Earth, grams of gold on Mars, etcetera but it has no move the Earth ones to Mars or the Mars ones to Earth type of stuff in it.)

So overall yeah there is a huge gap in what is out there in the way of free open source software for trading stuff. I never did come across a decent general purpose auction site system yet for example.

So far I am still using Open Transactions.

-MarkM-

+1. As a shareholder, how can you be sure your "exchange" website won't shutdown overnight, with the cloned bitcoin chain vanishing at the same time?

where does the trust come from?

and ... port number .... I'd like to reserve port 80 for my exchange please...

So does colored bitcoins. The underlying share system is more or less irrelevant. What matters is the fact that the share can be moved from market place to market place without friction.

You could always put the market on an .onion site.

If we use a bitcoin clone the market place doesn't really have to support anything. Anyone would be able to set up a website on the internet or deep web and offer to exchange bitcoins for bitshares.

Know that a distributed share system only mitigates the risk of the market place not the asset issuer... There still needs to be a market place. And that market place has to support the underlying share system.

Interesting.

I think there are different ways of creating Bitcoin shares:

-Through a crypto stock exchange like glbse.com
-By cloning the bitcoin code and changing some parameters.
-Colored coins

Anything else I have missed?

The first person who shows me how I can create my own crypto shares system for free without going through glbse.com will receive 0.05% of the shares from the first IPO. (It has to be a system that I like and actually will use). I will try to upload the instructions to everyone else, so that we can get things going. There are millions of website owners out there, I want every single one to get involved with crypto shares and change the world forever.

How to clone Bitcoin to create your own crypto currency or crypto shares system

Hi there,

Yesterday I had a vision. Nothing religious but more like a clear idea of how we can solve the crypto stock dilemma. What's the problem? Crypto stock exchanges like cryptostocks.com and GLBSE are owned privately by small centralized entities and business owners. They are vulnerable to attacks by hackers, government agencies or even lynch mobs if something goes wrong. If you ask me, GLBSE is likely to run into problems within a year. See this thread for instance [], and know just how many people hold the GLBSE owner and specific site asset creators personally responsible for their losses with regard to the Pirate ponzi. Even if the current crypto stock exchanges have nothing to do with fraudsters who create IPO's on these sites, try telling that to a lynch mob consisting of unsophisticated investors who have lost their life savings.

How can we solve this?

We could make it as easy to clone the bitcoin code and create modified digital currency/crypto shares as it is to fill out a form. Please don't be too protective about the uniqueness of bitcoin, we need as many good derivates and clones as possible, it benefits the bitcoin too.

You see, a bitcoin clone can be used as a crypto share. Let's say you create a new bitcoin clone and call it [random name]. You can then create a website where you define the contract (the type of contract that you find on GLBSE now or in the legal paperwork which constitues a real world company), namely how and if dividends will be paid out, how much influence the shareholders have etc.

If anyone wants to claim a dividend, they just send x amount of this new currency/share to your account after which you send them back the currency/share unit plus dividend (in bitcoins). By receiving the unit, you will know for certain that the account holder actually owns it. Using the bitcoin framework will also make it possible for anyone to trade their currency/share with anyone else, without having to go through a clunky third party platform with extorbant fees set by only a handful of crypto stock platform owners.

A system like this cannot be taken down by the authorities, just as little as bitcoin can be taken down. GLBSE and cryptostocks.com on the other hand could perhaps be taken down one way or another.



Why am I sharing this idea?

Because I cannot do this on my own. Clones of bitcoin already exist (devcoin, litecoin) and an exchange platform too (https://vircurex.com/). However, we need to make it as easy as possible to create a clone. Anyone should be able to do it by just defining the parameters, perhaps forking the code and releasing it under a new name.

Defining parameters before launch

When creating a new clone it should be possible to easily define:

- How many currency/share units will be produced through mining
- How long the mining will take place for

Now, if I want to create a new currency and use it as a stock, I should be able to create say only a 1000 units in a very short time and keep them all to myself. They can then be offered against bitcoins, dollars, work hours or whatnot to investors, entrepreneurs, developers or just about anyone who wishes to get involved in your company and share an interest in your project.

The aim of this thread is to create instructions for how to create your own clone of bitcoin [bitoin github link] and defining the parameters. The instructions will be uploaded to this website [insert link].

Bitcoin is already an indestructible piece of software due to its open source and peer to peer nature. Why painstakingly create crypto stock exchanges with all the risks and coding it involves, when we can use the bitcoin source code to create new currencies/shares with ease?

Let's say anyone in the world can create a bitcoin clone. They can just define the contract on their website and start their own exchange. Do you grasp the implications of this? We are talking a whole new world order.

Bitcoin is great, but it needs more good clones and derivate products, now! Let's procreate and clone the source code like rabid but earnest monkeys, let the bitcoin cell multiply into a myriad of units and create a new universal body of free commerce and a haven for investors and entrepreneurs.

Future vision for software:

A client which can be used not only to trade bitcoins but any bitcoin clone too and perhaps also  to create your own clone in five minutes. I cannot emphasize enough how useful and powerful a financial and entrepreneurial tool a client like that would be.

This thread and original post will be updated continously. Originally published on www.bitshares.tk