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Topic: The Holy Grail! I wish I could kiss the author of Bitmessage on his face. - page 18. (Read 92719 times)

legendary
Activity: 1680
Merit: 1035
what's interesting is that in the Angels Meeting on Sunday i brought up BitMessage as an investment idea.  i've been following them for a while and planning on trying it out but wanted to get more feedback from users.  i think they have a brilliant idea as pgp is too hard for most ppl.

anyone have some good experiences?

Yes. I have been using them for a few weeks, and they seem to be very actively developed, with bugs patched and new features released very quickly. The actual development discussion goes on through BitMessage itself on their general mailing list. It's still missing some features (like organizing messages by sent-date as opposed to when you downloaded them), but it's very very promising. Had a large influx of Chinese users recently, too  Wink

DiThi is planning on using the code for messages within his SecondLife-like virtual world, too, and I imagine it can be adopted for other games and services as well. It's basically a decentralized, serverless, encrypted, private/anonymous P2P messaging system for everything.
sr. member
Activity: 434
Merit: 250
So unlike a RIpple IOU, a open transaction cash token can be backed up.

If this works, this is a huge deal.
member
Activity: 80
Merit: 10
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
hero member
Activity: 784
Merit: 1000
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. As it's said in their FAQ, OT server merely provides receipt to be used as evidence, any redemption is between the users.

The difference with Ripple: it's open source, its author is very honest about everything(centralized as federated servers), it doesn't have a premined currency(no currency has a special status in the system), and it serves a purpose(anonymity).

EDIT: OP also proposed that, with Bitcoin's multi-sig escrowing, whenever an OT server signs something it can always be checked if it has enough reserve to back it up.  to quote OP from here: http://bitcoin.stackexchange.com/questions/517/how-can-a-single-person-operation-keep-a-collection-of-online-wallets-secure/834#834

Quote
My proposal was, whenever she wants to bail back OUT again, she sends a signed request to the server, and then she forwards the server's signed reply to the members of the pool. IF the pool members have a record/audit of Alice's account (which must be in a DHT they share) and IF the two signatures both verify on the receipt, and IF the request is within the allocation for that server and its maximum bailout-per-day, then the pool members vote ON THE BLOCKCHAIN to release the funds back to Alice.

and:

Quote
s long as the pool members make audit information available to each other (preferably in real time), then they will always know whether/when a server exceeds the amount of funds in circulation than it actually has in the pool. An OT server cannot normally change your balance, or forge any of your transactions, since it cannot forge your signature on the receipt. But the server COULD potentially create a "dummy" account (that it controls) and then sign FALSE RECEIPTS with that account, thus inflating the currency. BUT--this could NOT escape notice of the afore-mentioned audit protocol.

So unlike a RIpple IOU, a open transaction cash token can be backed up.
legendary
Activity: 1652
Merit: 1000
hero member
Activity: 728
Merit: 500
This is awesome.  Goodbye Ripple!!!
legendary
Activity: 1764
Merit: 1002
what's interesting is that in the Angels Meeting on Sunday i brought up BitMessage as an investment idea.  i've been following them for a while and planning on trying it out but wanted to get more feedback from users.  i think they have a brilliant idea as pgp is too hard for most ppl.

anyone have some good experiences?
full member
Activity: 238
Merit: 100
Meanwhile at Tradefortess' house......














legendary
Activity: 1764
Merit: 1002
Duuuuude! Holy shit! I only got OP when you explained it to me at the Tradehill thing, but this just takes it to a whole other level! Doesn't this basically allow for "Ripple," but in a fully decentralized way, and without XRP?

this is a very good thing.
full member
Activity: 174
Merit: 101
Ok, so the point of bitmessage is to be the network, while Open Transaction is the notary.

Correct?

Bitmessage should allow for communication to create an updated and shared 'order book' across OT server users, if I understand correctly. Although the 'order book' would include all types of transactions, not just currency conversions.
legendary
Activity: 1680
Merit: 1035
Duuuuude! Holy shit! I only got OP when you explained it to me at the Tradehill thing, but this just takes it to a whole other level! Doesn't this basically allow for "Ripple," but in a fully decentralized way, and without XRP?
newbie
Activity: 13
Merit: 0
Ok, so the point of bitmessage is to be the network, while Open Transaction is the notary.

Correct?

I'm still reading up OT but you're right about BM
sr. member
Activity: 434
Merit: 250
Ok, so the point of bitmessage is to be the network, while Open Transaction is the notary.

Correct?
newbie
Activity: 13
Merit: 0
Sounds like a far superior alternative to Ripple. One that the community can get behind.

What's the important difference with Ripple?
It still seems to be IOUs.

Hello FL! Nice to see you here too!

Reading through it, it looks like a huge difference is the absence of XRP facility. Bitmessages handle spamming by adding a proof-of-work load to a computer sending an outbound message, and having a great many possible recipient addresses for an individual all of which respond normally, but actually silently drop the spam. The whitepaper includes additional suggestions for handling it.
sr. member
Activity: 434
Merit: 250
Well sure, OT doesn't need them, there doesn't seem to be a "network" per se.
(You can't spam the network.)

---> As far as I understand. I'm still in my bitmessage/Open Transactions reading.
full member
Activity: 238
Merit: 100
Sounds like a far superior alternative to Ripple. One that the community can get behind.

What's the important difference with Ripple?
It still seems to be IOUs.

No sketchy pre-mined 100 billion XRP non-currency (currency)?
sr. member
Activity: 434
Merit: 250
Sounds like a far superior alternative to Ripple. One that the community can get behind.

What's the important difference with Ripple?
It still seems to be IOUs.
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
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?
full member
Activity: 174
Merit: 101
Sounds like a far superior alternative to Ripple. One that the community can get behind.
legendary
Activity: 1330
Merit: 1003
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