Topic: The Holy Grail! I wish I could kiss the author of Bitmessage on his face. - page 17. (Read 92719 times)
May 22, 2013, 02:05:05 AM
Would love to not turn this into a discussion about Ripple.
May 22, 2013, 02:02:42 AM
Excellent. Now how long before the XRP bubble pops...
See, this demonstrates the only thing people dislike about Ripple is that there is a risk it may make their bitcoins and mining rigs worthless. Ripple is more decentralised than OT! I think Bitmessage is great, and I've been running it for a while and advocating greater integration with Bitcoin. All these systems are partially synergetic and partially in competition with each other and both are great. OT can offer real untraceability, just like Zerocoin on top of Bitcoin.
May 22, 2013, 01:50:49 AM
This is very exciting! Yes author of Bitmessage got another little/big breakthrough and pushed crypto currencies to another cycle of development. Such a simple improvement or variation and with so important implications. When you get it you think like "why the hell did I not think of it myself", it is so simple! Kudos to Bitmessage inventors!
Ummm, it is the Open Transactions 'people' that came up with idea to use Bitmessage as secured P2P price/trade discovery mechanism ... which is actually the only part of a fully integrated P2P decentralised exchange that really needs to be P2P ... the settlement is taken care of by the Federation of OT servers (distributed semi-trusted nodes) perhaps localised also ... and potentially strong anonymity off-chain transactions (by notary mechanism only).
But who's counting precedence of ideas eh?
May 22, 2013, 01:47:57 AM
Possible to link to an ATM?(as well)
Excellent idea. The ease of use factor should be considered from the start. Bitmessage could even be integrated into forums like these if handled right. Maybe similar to how Bittorrent spread, we'd have to create a .exchange or something similar or a bit:// or something.
May 22, 2013, 01:45:38 AM
Just learned about Bitmessage. I suggest people go read the white paper on their wiki - short and to the point. It has the potential to upset email because of the increased privacy, built-in mailing-list functionality, and anti-spam measures (proof of work makes it hard to create lots of messages fast). This Open Transaction use case is a perfect example of the innovation possible with it.
It's not going to replace email. I've been looking at the code and it's not quite the work of art yet but it's more a hobby project. That said it fills an important niche at an important time.
May 22, 2013, 01:44:02 AM
Excellent. Now how long before the XRP bubble pops...
May 22, 2013, 01:43:18 AM
So, if I understand this correctly...
Bitcoin turns the whole internet into your personal checking/savings account, while BT+OP turns the whole internet into your personal clearinghouse and loan settlement network
Or, said another way:
You use Bitcoin like an equity network, i.e. to store, transmit, and settle value, and BT+OP like a liability network, i.e. to store, transmit, and settle debt.
Is this right?
Bitcoin turns the whole internet into your personal checking/savings account, while BT+OP turns the whole internet into your personal clearinghouse and loan settlement network
Or, said another way:
You use Bitcoin like an equity network, i.e. to store, transmit, and settle value, and BT+OP like a liability network, i.e. to store, transmit, and settle debt.
Is this right?
It's not OP, it's OT......
also, its not BT it's BM.
lets just call it BMOT.
Actually cypherdoc, I think OTBM works better: "Off Topic Shit"
May 22, 2013, 01:42:24 AM
May 22, 2013, 01:35:11 AM
lets just call it BMOT.
Agreed. BMOT!
When you get it you think like "why the hell did I not think of it myself", it is so simple! Kudos to Bitmessage inventors!
I know why I didn't... reading about the stream stuff, there's no way I would have been able to code that!
May 22, 2013, 01:32:18 AM
Possible to link to an ATM?(as well)
May 22, 2013, 01:31:18 AM
So, if I understand this correctly...
Bitcoin turns the whole internet into your personal checking/savings account, while BT+OP turns the whole internet into your personal clearinghouse and loan settlement network
Or, said another way:
You use Bitcoin like an equity network, i.e. to store, transmit, and settle value, and BT+OP like a liability network, i.e. to store, transmit, and settle debt.
Is this right?
Bitcoin turns the whole internet into your personal checking/savings account, while BT+OP turns the whole internet into your personal clearinghouse and loan settlement network
Or, said another way:
You use Bitcoin like an equity network, i.e. to store, transmit, and settle value, and BT+OP like a liability network, i.e. to store, transmit, and settle debt.
Is this right?
It's not OP, it's OT......
also, its not BT it's BM.
lets just call it BMOT.
May 22, 2013, 01:29:14 AM
It's not OP, it's OT......
It's 2:30am. I'm so excited by this I can't sleep. Or apparently think straight
AFAIK it's not stritcly personal, you need a transaction server, or as OP proposed, something backed by a multi-sig escrowed Bitcoin address with enough reserve which many people act as escrowers, so another user can withdraw his cash(a blind token) and give it to you, to allow you to withdraw from this big money pool.
Can't users run their own servers to issue their own IOUs, too?
Yes, they can, but it has to be a somehow large pool, so you will need to process many tokens(think of it like a bank processing cash withdrawals/deposits) that you can't figure out who gives the token to whom, think about it, if a bankster only ever process cash withdrawals for one person, next time when he receives an identical banknote that he once gave away from another person, he can establish a connection between this person and his old customer, the whole point of unlinkability, and the unregulability as MSB(you can't ask me to record who gives money to whom because I don't know), is defeated.
May 22, 2013, 01:21:41 AM
This sounds very promising, but we need this like yesterday. How can this be fast-tracked?
Also, can this be used for insurance policies and futures exchange?
Finally, is it just me or do we go back and forth between price surges and innovation? Just a few weeks of price stability and discussion on building stuff seems to have become fascinating again. We humans have a one-track mind, I guess.
Also, can this be used for insurance policies and futures exchange?
Finally, is it just me or do we go back and forth between price surges and innovation? Just a few weeks of price stability and discussion on building stuff seems to have become fascinating again. We humans have a one-track mind, I guess.
May 22, 2013, 01:20:48 AM
It's not OP, it's OT......
It's 2:30am. I'm so excited by this I can't sleep. Or apparently think straight
AFAIK it's not stritcly personal, you need a transaction server, or as OP proposed, something backed by a multi-sig escrowed Bitcoin address with enough reserve which many people act as escrowers, so another user can withdraw his cash(a blind token) and give it to you, to allow you to withdraw from this big money pool.
Can't users run their own servers to issue their own IOUs, too?
May 22, 2013, 01:18:12 AM
So, if I understand this correctly...
Bitcoin turns the whole internet into your personal checking/savings account, while BT+OP turns the whole internet into your personal clearinghouse and loan settlement network
Or, said another way:
You use Bitcoin like an equity network, i.e. to store, transmit, and settle value, and BT+OP like a liability network, i.e. to store, transmit, and settle debt.
Is this right?
Bitcoin turns the whole internet into your personal checking/savings account, while BT+OP turns the whole internet into your personal clearinghouse and loan settlement network
Or, said another way:
You use Bitcoin like an equity network, i.e. to store, transmit, and settle value, and BT+OP like a liability network, i.e. to store, transmit, and settle debt.
Is this right?
It's not OP, it's OT......
AFAIK it's not stritcly personal, you need a transaction server, or as OP proposed, something backed by a multi-sig escrowed Bitcoin address with enough reserve which many people act as escrowers, so another user can withdraw his cash(a blind token) and give it to you, to allow you to withdraw from this big money pool. The whole point of OT, at its minimum, is that by using Chaumian blinding, neither the transaction server nor the escrowers can figure out the link between you and the person giving you the token, so the transaction can be carried out anonymously. Based on this form of anonymous transfer of cash, you can build instruments like cheques, IOUs, etc.
It may sound a bit centralized, but in fact its unanonymous form, the mixers, is already widely in use, OT just adds the anonymity to the mixers, in its bare minimum of course.
May 22, 2013, 01:15:23 AM
Whoa...
so, in theory, you can have a zero balance bank account and whenever you go to buy something you load your debit card with just enough to pay the bill by paying with Bitcoins...correct?
And someone can just write up a program to quickly exchange dollars for bitcoins just for that purpose...
Bitcoin debit card...
Or is there still a delay?
so, in theory, you can have a zero balance bank account and whenever you go to buy something you load your debit card with just enough to pay the bill by paying with Bitcoins...correct?
And someone can just write up a program to quickly exchange dollars for bitcoins just for that purpose...
Bitcoin debit card...
Or is there still a delay?
I like that, it would break the silo there is between real cash and btc.
May 22, 2013, 01:07:57 AM
So, if I understand this correctly...
Bitcoin turns the whole internet into your personal checking/savings account, while BT+OT turns the whole internet into your personal clearinghouse and loan settlement network
Or, said another way:
You use Bitcoin like an equity network, i.e. to store, transmit, and settle value, and BT+OT like a liability network, i.e. to store, transmit, and settle debt.
Is this right?
Bitcoin turns the whole internet into your personal checking/savings account, while BT+OT turns the whole internet into your personal clearinghouse and loan settlement network
Or, said another way:
You use Bitcoin like an equity network, i.e. to store, transmit, and settle value, and BT+OT like a liability network, i.e. to store, transmit, and settle debt.
Is this right?
May 22, 2013, 01:07:35 AM
Not sure why but this thread reminded me of this video:
MOD EDIT: NSFW VIDEO
http://www.youtube.com/watch?v=LJMqn2p0Q48
MOD EDIT: NSFW VIDEO
http://www.youtube.com/watch?v=LJMqn2p0Q48
Say no to drugs!
May 22, 2013, 01:03:29 AM
I guess we will also need a few people as multi-sig escrowers, I will volunteer as one of the members of the voting pool.
May 22, 2013, 01:00:07 AM
What Open Transaction is trying to do is to provide a transfer mechanism, rather than issuing a currency, they use the word "cash" in this sense. If you want to hide your Bitcoin transfer, you can choose to use an OT server, which provably cannot see the link between two accounts involved in a transaction.
Fellowtraveler-- if you're willing to do some hand-holding I'd be really interested in making a Chaumian cash transaction through an OT server.
I only ever understand about 30% of your posts. It doesn't make sense to me how Bitmessage could possibly be a missing link for OT, but I'd rather just go through the motions of making a few transactions and see how it works.
PM me
me too.
Jump to: