NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs - page 1571.

rockethead

legendary

Activity: 1059

Merit: 1016

Quote from: KingCole on November 03, 2014, 02:03:13 AM

Quote from: solix on November 03, 2014, 01:56:58 AM

Quote from: patmast3r on November 01, 2014, 08:55:45 AM

PHASE 2 FOR BTT HAS STARTED
We'll update OPs here and on forum.nemcoin.com soon but i didn't want to let you guys wait.

register address and token here -> chain.nem.ninja/stakes
chain.nem.ninja/stakes/registered shows all registered with address AND token + all received NEMStake assets from the NXT AE. Everyone please check if your are there after you've registered or sent your asset

Remember to read up on how to create a REAL address https://forum.nemcoin.com/index.php?topic=2488.0 and in other threads on that forum.

You know... a lot of people here take the time to rake all of you folks that burn your time over the coals, but not enough people stop to say "thanks". Thanks Pat, nice work. You did a good job dealing with a lot of coordination.

Well said, thanks Pat

KC

The most unfortunate thing is that this world is besieged with so many people with selfish and bad intentions that it will be hard to come by to hear anyone who'd say thank you. They feel that the world owes them and it is their right and not a privilege that they have from the services of volunteers like Pat.

NxtSwag

full member

Activity: 121

Merit: 100

Hi I've deleted my token message after I entered it phase 1. Is it still needed for phase 2? Is there a list of usernames and tokens. Cheers

Loosoogooso

newbie

Activity: 5

Merit: 0

A big thank you to Pat.

A big thank you to all who made NEM possible.

It's a great achievement. Few can program and deliver a product at this level.

Pat, the various freaks who will come out of nowhere to attack is part of the game. I hope you hold onto this fact when you're being inundated by the tossers in the following weeks post launch.

Instead of dwelling on these matters, I know you will turn to the works you have achieved and recall all of us out here who appreciate and support.

patmast3r

hero member

Activity: 980

Merit: 1001

Quote from: KingCole on November 03, 2014, 02:03:13 AM

Quote from: solix on November 03, 2014, 01:56:58 AM

Quote from: patmast3r on November 01, 2014, 08:55:45 AM

PHASE 2 FOR BTT HAS STARTED
We'll update OPs here and on forum.nemcoin.com soon but i didn't want to let you guys wait.

register address and token here -> chain.nem.ninja/stakes
chain.nem.ninja/stakes/registered shows all registered with address AND token + all received NEMStake assets from the NXT AE. Everyone please check if your are there after you've registered or sent your asset

Remember to read up on how to create a REAL address https://forum.nemcoin.com/index.php?topic=2488.0 and in other threads on that forum.

You know... a lot of people here take the time to rake all of you folks that burn your time over the coals, but not enough people stop to say "thanks". Thanks Pat, nice work. You did a good job dealing with a lot of coordination.

Well said, thanks Pat

KC

Much appreciated !

KingCole

sr. member

Activity: 348

Merit: 250

Quote from: solix on November 03, 2014, 01:56:58 AM

Quote from: patmast3r on November 01, 2014, 08:55:45 AM

PHASE 2 FOR BTT HAS STARTED
We'll update OPs here and on forum.nemcoin.com soon but i didn't want to let you guys wait.

register address and token here -> chain.nem.ninja/stakes
chain.nem.ninja/stakes/registered shows all registered with address AND token + all received NEMStake assets from the NXT AE. Everyone please check if your are there after you've registered or sent your asset

Remember to read up on how to create a REAL address https://forum.nemcoin.com/index.php?topic=2488.0 and in other threads on that forum.

You know... a lot of people here take the time to rake all of you folks that burn your time over the coals, but not enough people stop to say "thanks". Thanks Pat, nice work. You did a good job dealing with a lot of coordination.

Well said, thanks Pat

KC

solix

full member

Activity: 180

Merit: 100

Quote from: patmast3r on November 01, 2014, 08:55:45 AM

PHASE 2 FOR BTT HAS STARTED
We'll update OPs here and on forum.nemcoin.com soon but i didn't want to let you guys wait.

register address and token here -> chain.nem.ninja/stakes
chain.nem.ninja/stakes/registered shows all registered with address AND token + all received NEMStake assets from the NXT AE. Everyone please check if your are there after you've registered or sent your asset

Remember to read up on how to create a REAL address https://forum.nemcoin.com/index.php?topic=2488.0 and in other threads on that forum.

You know... a lot of people here take the time to rake all of you folks that burn your time over the coals, but not enough people stop to say "thanks". Thanks Pat, nice work. You did a good job dealing with a lot of coordination.

rockethead

legendary

Activity: 1059

Merit: 1016

Quote from: makoto1337 on November 03, 2014, 01:14:53 AM

Quote from: LemonAndFries on November 02, 2014, 09:44:15 PM

On a different note:

This is from one of the skycoin devs, it was such a good read I had to share it with other people (if you like it, share it and spread the knowledge):

(out of context)

Quote from: skycoin on October 31, 2014, 03:50:28 AM

.................

Bitcoin took the form it did (a single large, global world internet currency) because of mining. Only the coin with the most hashing power can be secure. Bitcoin ended up being radically different than the intention many people had for cryptocurrencies. Bitcoin is still a stepping stone to the next stage. Bitcoin is priming the pump. Almost all the mined coins are pump and dumps. A very few of them are very innovative however.

There are groups of people of various sizes and they want to start their own digital currencies. They have looked at Bitcoin, but they cannot afford enough mining equipment to make it work. As soon as mining is eliminated and unnecessary, the landscape will change. You will see a lot of "community currencies", towns, websites and smaller groups like American Indians on reservations issuing their own coins. Every private Bitorrent tracker will have their own coin. You may even see companies begin to issues currencies to customers and suppliers.

These coins will be more local and relevant. Most of them will fail, but a few will make it. These coins are going to be inter-operable from day one. It wont matter if a merchant accepts Dogecoin or Litecoin or Bitcoin, whatever you have in your wallet will convert over at the spot price and users will not even think about it. Merchants may choose to hold profits in one currency and users may have a completely different set of currencies they hold. It will be a two-sided market.

There will not be a "litecoin ATM" or a "Bitcoin ATM", it will just be called an ATM. As routine transactions become automated, income, debt and credit will start to creep in. Very few people right now have income in Bitcoin and the things you can buy with Bitcoin are still limited, but that will change as we go into stage two.

Stage three will probably be an attack on the idea of currency itself. Bitcoin is a small technical achievement. Regulators can handle it. Libertarians were screaming and making scary noises about how "revolutionary" and "threatening" Bitcoin was and the regulators calmed down when they realized that Bitcoin is same as cash or gold. Its just another commodity. Bitcoin is not any more "threatening" than someone trading a gold ETF back and forth between two accounts. Governments will just put some reporting requirements on it and make sure they get their tax money when you buy anything.

Stage three is already laying the technical foundation for computer mediated systems of exchange that are radically and conceptually different than anything that has existed. Look at Ripplepay and the idea that money itself is just credit and debt. In Ripplepay money transcends its origin as a commodity and becomes a system of contracts and relations in a network. The role of money as a commodity inevitably becomes separated from the role of money as a unit of account.

Technology is enabling the creation of new objects, with new properties and relations that no previous object had. To own a gold bar is to possess it. To transfer ownership you physical move the bar into the possession of someone. In Bitcoin, "ownership" was transformed from its physical form, to knowledge. The "owner" of the Bitcoin is the one who "knows" the private key to authorize transfer of the Bitcoin.

If a coin is secured by two public keys, held by two parties and one party publishes the private key for their public key, the other person and now only that person can authorize the transfer of the coins. The "ownership" has changed without the coin having even moved. Merely the state of knowledge in the world has changed, without even touching the blockchain and yet the Bitcoin has changed hands.

Bitcoin would need a 2 trillion dollar marketcap to even represent one percentage point of global wealth (the foundation of security provided by the mining process will be severely threatened before we get there) . The end game is not 2 million dollar clone-coin pump and dumps. It is systems of exchange that will represent single or double percentage points of global assets and financial wealth. The correct investment horizon is probably five to twenty years. In the excitement of two new coins launching every day, people are forgetting how far off the end goal is and underestimate the sacrifices required to get there.

It's a pretty big wall of text, but it is a good read. This is exactly why everyone needs to take the long-term perspective when deciding what to use funds for and decide what is best for NEM.

And this is exactly what I meant by the three stages of a chess game! The end game is all it matters in the game. The objective is to put the financial industry substantially onto the block chain and everything will automatically re-align and the ideals will finally be realized for blockchain is decentralization. It is now no point to fight so hard against regulators.

Mathama Gandhi will say, "First they ignore you, then they laugh at you, then they fight you, then you win."

makoto1337

legendary

Activity: 1596

Merit: 1000

I am not Dorian Nakamoto.

Quote from: LemonAndFries on November 02, 2014, 09:44:15 PM

On a different note:

This is from one of the skycoin devs, it was such a good read I had to share it with other people (if you like it, share it and spread the knowledge):

(out of context)

Quote from: skycoin on October 31, 2014, 03:50:28 AM

.................

Bitcoin took the form it did (a single large, global world internet currency) because of mining. Only the coin with the most hashing power can be secure. Bitcoin ended up being radically different than the intention many people had for cryptocurrencies. Bitcoin is still a stepping stone to the next stage. Bitcoin is priming the pump. Almost all the mined coins are pump and dumps. A very few of them are very innovative however.

There are groups of people of various sizes and they want to start their own digital currencies. They have looked at Bitcoin, but they cannot afford enough mining equipment to make it work. As soon as mining is eliminated and unnecessary, the landscape will change. You will see a lot of "community currencies", towns, websites and smaller groups like American Indians on reservations issuing their own coins. Every private Bitorrent tracker will have their own coin. You may even see companies begin to issues currencies to customers and suppliers.

These coins will be more local and relevant. Most of them will fail, but a few will make it. These coins are going to be inter-operable from day one. It wont matter if a merchant accepts Dogecoin or Litecoin or Bitcoin, whatever you have in your wallet will convert over at the spot price and users will not even think about it. Merchants may choose to hold profits in one currency and users may have a completely different set of currencies they hold. It will be a two-sided market.

There will not be a "litecoin ATM" or a "Bitcoin ATM", it will just be called an ATM. As routine transactions become automated, income, debt and credit will start to creep in. Very few people right now have income in Bitcoin and the things you can buy with Bitcoin are still limited, but that will change as we go into stage two.

Stage three will probably be an attack on the idea of currency itself. Bitcoin is a small technical achievement. Regulators can handle it. Libertarians were screaming and making scary noises about how "revolutionary" and "threatening" Bitcoin was and the regulators calmed down when they realized that Bitcoin is same as cash or gold. Its just another commodity. Bitcoin is not any more "threatening" than someone trading a gold ETF back and forth between two accounts. Governments will just put some reporting requirements on it and make sure they get their tax money when you buy anything.

Stage three is already laying the technical foundation for computer mediated systems of exchange that are radically and conceptually different than anything that has existed. Look at Ripplepay and the idea that money itself is just credit and debt. In Ripplepay money transcends its origin as a commodity and becomes a system of contracts and relations in a network. The role of money as a commodity inevitably becomes separated from the role of money as a unit of account.

Technology is enabling the creation of new objects, with new properties and relations that no previous object had. To own a gold bar is to possess it. To transfer ownership you physical move the bar into the possession of someone. In Bitcoin, "ownership" was transformed from its physical form, to knowledge. The "owner" of the Bitcoin is the one who "knows" the private key to authorize transfer of the Bitcoin.

If a coin is secured by two public keys, held by two parties and one party publishes the private key for their public key, the other person and now only that person can authorize the transfer of the coins. The "ownership" has changed without the coin having even moved. Merely the state of knowledge in the world has changed, without even touching the blockchain and yet the Bitcoin has changed hands.

Bitcoin would need a 2 trillion dollar marketcap to even represent one percentage point of global wealth (the foundation of security provided by the mining process will be severely threatened before we get there) . The end game is not 2 million dollar clone-coin pump and dumps. It is systems of exchange that will represent single or double percentage points of global assets and financial wealth. The correct investment horizon is probably five to twenty years. In the excitement of two new coins launching every day, people are forgetting how far off the end goal is and underestimate the sacrifices required to get there.

It's a pretty big wall of text, but it is a good read. This is exactly why everyone needs to take the long-term perspective when deciding what to use funds for and decide what is best for NEM.

makoto1337

legendary

Activity: 1596

Merit: 1000

I am not Dorian Nakamoto.

Quote from: rockethead on November 02, 2014, 09:37:17 PM

Quote from: Kmonk on November 02, 2014, 05:27:45 PM

Theoretically Cypto's can't be produced from thin air like fiat currencies can, so "fractional reserve banking" isn't possible.

It is possible. Issue IOU in the form of colored coins. That is the very basis of banking!

Quote from: Kmonk on November 02, 2014, 05:27:45 PM

Aren't Cyptp-currencies supposed to be about not needing centralised banks anymore?

Yes it is, but who is to stop anyone from attempting to centralize? That is the price for decentralization. You get freedom of will to do anything you want to do. Whether people will support is another story. As it is now, 7 B people support centralization while a miserable 2 million don't. It appears based on the very premise of 51% consensus, the name of the game for decentralized consensus, decentralization appears to be a great ideal at this point in time.

Quote from: Kmonk on November 02, 2014, 05:27:45 PM

What could this proposed Bank do that a individual NEM client couldn't?

I believe they are two different classes. One is a service provider and the other is a user. Not sure what you mean here.

Quote from: Kmonk on November 02, 2014, 05:27:45 PM

Here's Fidor's published strategy statement:

We are a rule-setting, agnostic service leader audited by a federal regulation providing a banking home for the providers and clients of cryptocurrency related services.

"Agnostic service leader"?

Who's "federal" regulating body?

They claim they want to deal with cryptos, doesn't matter whether it is Bitcoin or shitcoin. That will be left to be seen.

Federal regulating body - They are based in Germany. So, it is Germany, I guess.

The Federal Republic of Germany

makoto1337

legendary

Activity: 1596

Merit: 1000

I am not Dorian Nakamoto.

Quote from: TaunSew on November 02, 2014, 08:53:38 PM

Quote from: EFFV on November 02, 2014, 08:34:46 PM

Quote from: patmast3r on November 02, 2014, 02:08:38 PM

Quote from: randombit on November 02, 2014, 02:05:29 PM

Hi,

i dont want so start to talk again - what to do with unclaimed stakes - but what do you think about this project?

https://www.cryptocurrency-bank.com/

We could invest with that fund into the 1st cryptocurrency-bank, this could be a huge thing in future and NEM would recieve constantly dividend, with this dividend could stabilize the NEM system. The Fidor Bank is a good known Bank in Germany, couse it is a partner from the exchange bitcoin.de the majority of Bitcoin user in Germany has a Fidor account. It is a trustful bank, and Kraken as exchange is also known for the most of the community.

Nem could be a big supporter for the first cryptocurrency bank ever and the CCbank for NEM, and its a real big promotion as well.

Lets think about the potencial in the future.

I suggested that as well

My idea was to become one of the partners and distribute the unclaimed to new customers of the first crypto oriented bank. That'd be quite awesome. Many new, real people that are obviously crypto interested. Won't get any better than that.

I agree, this is a great opportunity.

I'm waiting until we have crypto banks as I would like to use them. Real world credit is no different, they can't throw you into prison or chop your arm off just because you made a bad decision. Now if you borrowed from the mafia they can certainty cement your feet and toss you into the river.

A good example here in cryptos is there is a lot of IPOs and assets, so starting a credit limit of say $50 or $100 would allow someone to invest into assets on asset exchanges or in IPOs and possibly make a good return and be able to pay off the interest. This would allow the person to acquire a better credit score so they can borrow more and continue making those returns and everybody (the bank and the account holders at the bank) would make money from this.

Eventually as the bank gets bigger then so would the available credit. As for people who can't pay their credit off - that's called bad debt and it's commonplace in this world.

To be honest, I fail to understand pat's suggestion. Is it to try to partner with the bank or to just put money in there?

I don't really understand why people want to just duplicate existing fiat systems here in the crypto world. Shouldn't we be trying to thinking of better systems that won't enslave all of humanity?

jubalix

legendary

Activity: 2632

Merit: 1023

Quote from: rigel on November 02, 2014, 11:59:42 PM

Quote from: jubalix on November 02, 2014, 10:23:49 PM

hi I have created the "wallet" and got a priv key.

What I dont get is this.

it the "wallet" just a hash of the name and password, or some function thereof.

or does it also store as a wallet.dat or similar somewhere on my computer.

That is do I need to save a wallet file, or just the privkey, or my new name and password or all.

also does some one want to send test nem to

TD5J5V-ISSCBQ-27ECV4-XP4YLV-WUMRXY-A6C6DC-CBYV

Wallet file contains private key encrypted by your password.

Current software doesn't save real private keys in wallet (only test ones) so you have to do it manually.

Sent some test NEM.

thanks....where is the wallet file, and what is it format?

also how big is the block chain, mine seems to be stuck 7 days behind @ 10081?

rockethead

legendary

Activity: 1059

Merit: 1016

Quote from: Kmonk on November 02, 2014, 10:15:38 PM

Quote from: rockethead on November 02, 2014, 09:37:17 PM

It is possible. Issue IOU in the form of colored coins. That is the very basis of banking!

Point taken, but are there any colored coins in use now that can be traded for fiat?

Quote from: rockethead on November 02, 2014, 09:37:17 PM

I believe they are two different classes. One is a service provider and the other is a user. Not sure what you mean here.

Banks aren't needed to store Cypto's, surly all that's left is credit, which I'm sure can be organized privately by individuals once contracts are attached to transactions/blockchains.

Quote from: rockethead on November 02, 2014, 09:37:17 PM

Federal regulating body - They are based in Germany. So, it is Germany, I guess.

Deutsche bank: fifteen shades of fraud

Quote from: LemonAndFries on November 02, 2014, 09:44:15 PM

On a different note:

Good read, thanks.

I thought we were talking about cryptos, i.e., fractional reserve for BTCs for example. Issue IOU is what I meant.

Banks can offer more (for peace of mind, whatever) because they are regulated and have a license to offer services including fiat. Credit by organized private crypto individuals is not legal. That's what they are implying. I note your sentiments. But I am just saying they are making things legit for the 7B. The two million can do what they want to do, legit or not. They (as in the banks and financial institutions) won't care and they don't give a damn. If I were to be in their shoes, I will not give a damn on what the 2 million have to say either. After all, as a profit making bank, I will want to capitalize on a crypto opportunity and make money.

As for Deutsche bank, 7 B don't give two hoots about it even if it has 50 shades of fraud.

Point I am making is, who gives a damn about the ideals of the 2 million wish to decentralize. It is about the 7B people. Hence, whatever points you make, while they may be valid will not affect the lives of 7 B people. All they will get at the end of the day is crypto in a legit manner which will be popularized by these banksters.

In my opinion, NEM should not sit around and watch other people eat their share of the cake. It should just go forth and work with the regulated industry. If one sees the forest instead of the leaves in front of their feet, they will know where I am coming from. In Chess, there are three stages to the game. Opening, middle and end game. End game is what we should be working towards. Let those boys slaughter you and regulate you in the opening game. It is ok if the strategy is right for end game. The end game is full adoption of the block chain technology. When that happens, the financial industry will re-align itself and fiat will see the beginning of the end with 7B people naturally pushing it along.

rigel

legendary

Activity: 1240

Merit: 1001

Thank God I'm an atheist

Quote from: jubalix on November 02, 2014, 10:23:49 PM

hi I have created the "wallet" and got a priv key.

What I dont get is this.

it the "wallet" just a hash of the name and password, or some function thereof.

or does it also store as a wallet.dat or similar somewhere on my computer.

That is do I need to save a wallet file, or just the privkey, or my new name and password or all.

also does some one want to send test nem to

TD5J5V-ISSCBQ-27ECV4-XP4YLV-WUMRXY-A6C6DC-CBYV

Wallet file contains private key encrypted by your password.

Current software doesn't save real private keys in wallet (only test ones) so you have to do it manually.

Sent some test NEM.

gsxrl3oi

sr. member

Activity: 315

Merit: 250

I say we jump at this opportunity. I mean it's up to the individual anyway how much they should put in the bank. I wonder what limitations they will impose on the people using them.

jubalix

legendary

Activity: 2632

Merit: 1023

hi I have created the "wallet" and got a priv key.

What I dont get is this.

it the "wallet" just a hash of the name and password, or some function thereof.

or does it also store as a wallet.dat or similar somewhere on my computer.

That is do I need to save a wallet file, or just the privkey, or my new name and password or all.

also does some one want to send test nem to

TD5J5V-ISSCBQ-27ECV4-XP4YLV-WUMRXY-A6C6DC-CBYV

Kmonk

member

Activity: 91

Merit: 10

Quote from: rockethead on November 02, 2014, 09:37:17 PM

It is possible. Issue IOU in the form of colored coins. That is the very basis of banking!

Point taken, but are there any colored coins in use now that can be traded for fiat?

Quote from: rockethead on November 02, 2014, 09:37:17 PM

I believe they are two different classes. One is a service provider and the other is a user. Not sure what you mean here.

Banks aren't needed to store Cypto's, surly all that's left is credit, which I'm sure can be organized privately by individuals once contracts are attached to transactions/blockchains.

Quote from: rockethead on November 02, 2014, 09:37:17 PM

Federal regulating body - They are based in Germany. So, it is Germany, I guess.

Deutsche bank: fifteen shades of fraud

Quote from: LemonAndFries on November 02, 2014, 09:44:15 PM

On a different note:

Good read, thanks.

LemonAndFries

sr. member

Activity: 462

Merit: 250

On a different note:

This is from one of the skycoin devs, it was such a good read I had to share it with other people (if you like it, share it and spread the knowledge):

(out of context)

Quote from: skycoin on October 31, 2014, 03:50:28 AM

.................

Bitcoin took the form it did (a single large, global world internet currency) because of mining. Only the coin with the most hashing power can be secure. Bitcoin ended up being radically different than the intention many people had for cryptocurrencies. Bitcoin is still a stepping stone to the next stage. Bitcoin is priming the pump. Almost all the mined coins are pump and dumps. A very few of them are very innovative however.

There are groups of people of various sizes and they want to start their own digital currencies. They have looked at Bitcoin, but they cannot afford enough mining equipment to make it work. As soon as mining is eliminated and unnecessary, the landscape will change. You will see a lot of "community currencies", towns, websites and smaller groups like American Indians on reservations issuing their own coins. Every private Bitorrent tracker will have their own coin. You may even see companies begin to issues currencies to customers and suppliers.

These coins will be more local and relevant. Most of them will fail, but a few will make it. These coins are going to be inter-operable from day one. It wont matter if a merchant accepts Dogecoin or Litecoin or Bitcoin, whatever you have in your wallet will convert over at the spot price and users will not even think about it. Merchants may choose to hold profits in one currency and users may have a completely different set of currencies they hold. It will be a two-sided market.

There will not be a "litecoin ATM" or a "Bitcoin ATM", it will just be called an ATM. As routine transactions become automated, income, debt and credit will start to creep in. Very few people right now have income in Bitcoin and the things you can buy with Bitcoin are still limited, but that will change as we go into stage two.

Stage three will probably be an attack on the idea of currency itself. Bitcoin is a small technical achievement. Regulators can handle it. Libertarians were screaming and making scary noises about how "revolutionary" and "threatening" Bitcoin was and the regulators calmed down when they realized that Bitcoin is same as cash or gold. Its just another commodity. Bitcoin is not any more "threatening" than someone trading a gold ETF back and forth between two accounts. Governments will just put some reporting requirements on it and make sure they get their tax money when you buy anything.

Stage three is already laying the technical foundation for computer mediated systems of exchange that are radically and conceptually different than anything that has existed. Look at Ripplepay and the idea that money itself is just credit and debt. In Ripplepay money transcends its origin as a commodity and becomes a system of contracts and relations in a network. The role of money as a commodity inevitably becomes separated from the role of money as a unit of account.

Technology is enabling the creation of new objects, with new properties and relations that no previous object had. To own a gold bar is to possess it. To transfer ownership you physical move the bar into the possession of someone. In Bitcoin, "ownership" was transformed from its physical form, to knowledge. The "owner" of the Bitcoin is the one who "knows" the private key to authorize transfer of the Bitcoin.

If a coin is secured by two public keys, held by two parties and one party publishes the private key for their public key, the other person and now only that person can authorize the transfer of the coins. The "ownership" has changed without the coin having even moved. Merely the state of knowledge in the world has changed, without even touching the blockchain and yet the Bitcoin has changed hands.

Bitcoin would need a 2 trillion dollar marketcap to even represent one percentage point of global wealth (the foundation of security provided by the mining process will be severely threatened before we get there) . The end game is not 2 million dollar clone-coin pump and dumps. It is systems of exchange that will represent single or double percentage points of global assets and financial wealth. The correct investment horizon is probably five to twenty years. In the excitement of two new coins launching every day, people are forgetting how far off the end goal is and underestimate the sacrifices required to get there.

rockethead

legendary

Activity: 1059

Merit: 1016

Quote from: Kmonk on November 02, 2014, 05:27:45 PM

Theoretically Cypto's can't be produced from thin air like fiat currencies can, so "fractional reserve banking" isn't possible.

It is possible. Issue IOU in the form of colored coins. That is the very basis of banking!

Quote from: Kmonk on November 02, 2014, 05:27:45 PM

Aren't Cyptp-currencies supposed to be about not needing centralised banks anymore?

Yes it is, but who is to stop anyone from attempting to centralize? That is the price for decentralization. You get freedom of will to do anything you want to do. Whether people will support is another story. As it is now, 7 B people support centralization while a miserable 2 million don't. It appears based on the very premise of 51% consensus, the name of the game for decentralized consensus, decentralization appears to be a great ideal at this point in time.

Quote from: Kmonk on November 02, 2014, 05:27:45 PM

What could this proposed Bank do that a individual NEM client couldn't?

I believe they are two different classes. One is a service provider and the other is a user. Not sure what you mean here.

Quote from: Kmonk on November 02, 2014, 05:27:45 PM

Here's Fidor's published strategy statement:

We are a rule-setting, agnostic service leader audited by a federal regulation providing a banking home for the providers and clients of cryptocurrency related services.

"Agnostic service leader"?

Who's "federal" regulating body?

They claim they want to deal with cryptos, doesn't matter whether it is Bitcoin or shitcoin. That will be left to be seen.

Federal regulating body - They are based in Germany. So, it is Germany, I guess.

Kmonk

member

Activity: 91

Merit: 10

Quote from: TaunSew on November 02, 2014, 08:43:27 PM

Best way to answer it is for you to deposit funds into multiple exchanges and try following it on the block explorer. They use scripts to break up deposits, have their own mixers, move them into multiple cold storage wallets, et cetera - but none of this is actually mentioned on the interface at the exchange's URL.

They can also sell Bitcoin for $Fiat and other coins without necessarily proving they have those funds (beyond putting forward an address to one of their cold wallets which is no different than the local teller at your bank showing they have $100K in cash on site despite accounts numbering in the millions).

This has nothing to do with what I asked and you're failing miserably at trying to distract away from being incapable of explaining your earlier statements!

What times lights out in your basement?

rockethead

legendary

Activity: 1059

Merit: 1016

Quote from: TaunSew on November 02, 2014, 08:43:27 PM

Quote from: Kmonk on November 02, 2014, 08:31:37 PM

Quote from: TaunSew on November 02, 2014, 08:11:46 PM

FRB succeeds because these institutions accept each other's IOUs, withdrawal panics can be stopped with banking holidays, big banks will bail in each other to advert a crisis and then bail outs from the government who consider these banks too big to fail.

MtGox wasn't a bank but imagine if there were other MtGoxes and they were chummy with each other? They would had rescued MtGox and there may had been no Bitcoin bust in 2014.

Impressive edit, my question still stands if you're able to answer it?

Best way to answer it is for you to deposit funds into multiple exchanges and try following it on the block explorer. They use scripts to break up deposits, have their own mixers, move them into multiple cold storage wallets, et cetera - but none of this is actually mentioned on the interface at the exchange's URL.

They can also sell Bitcoin for $Fiat and other coins without necessarily proving they have those funds (beyond putting forward an address to one of their cold wallets which is no different than the local teller at your bank showing they have $100K in cash on site despite accounts numbering in the millions).

Although it is slightly dissimilar to fiat fractional reserve, yes the above is one way they can do "some fractional activities". But they can go full blown fractional reserve by issuing you an IOU which they can claim to be fully fungible with Bitcoin. This IOU can be a colored coin which can be transacted just like another crypto. NEM AE will be able to offer that. That will revolutinize crypto banking, for better or for worse!

Topic: NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs - page 1571. (Read 2985369 times)