Certainly wouldn't want to be a poster child for off-blockchain stuff. I can go along with a supermajority decision, but not as a poster child on this one.
Thanks for your thoughts, Benefactor. I have no emotional investment in keeping a DVC ledger on the Trade Tracker. However, here are the pros and cons (as I see them) that led me to suggest keeping it all on the trade tracker. Have a read and tell me what you think (along with anyone else, of course):
DVC on the blockchain (NXT, Coinspark, others):
+ Accurate: all asset issue, holding and transfer is recorded on the blockchain, giving fast and reliable totals and trade history.
+ More tangible: you can see your asset on the blockchain and feel like it's locked in your own safe (ie. "[it is] 'real' DVC to hold", as sirsmokes said).
- Inconvenient: you can't easily see who is holding what DVC without the wallet unless you check a manually-maintained register (indiamikezulu.com)
- NXT-specific: the NXT wallet's nifty features are overshadowed by a high technical barrier to entry.
- NXT-specific: frequent updates indicate ongoing development (which is good) but it's a PITA to manage as an end-user, particularly for those of us solely using the wallet for DVC.
- Confusing: Un-Ex newcomers may be confused by needing two wallets.
- Diluted brand: An unrelated wallet to manage an in-house asset is not intuitive (think outside the tech, like a newcomer); having to install and learn about NXT or Coinspark as part of the 'getting started' process may dilute the psychological 'value' of the idea of the greater project, which may hinder uptake and project momentum. (The more people are involved, the greater power such financial instruments as DVC and Equity DVC can wield, benefiting all who are involved).
- Reliant on 3rd Party: DVC trading is dependent upon the continued project and software support of the wallet; if it breaks for whatever reason, trading halts and even balances may be in question.
- Too Complicated? Blockchain management of a non-cryptographic asset may be needlessly complicated (trusted traders pledge silver which guarantees the value of the coin, so a hack that steals DVC assets is actually stealing nothing- the thief cannot sell the DVC, it's exclusive and in-house; the register is kept current on the Trade Tracker anyway, so we'd just pick up from where we left off with the current register balance).
- Pointless Security? Anyone can do a dodgy trade with DVC. Everyone gets ONE chance to steal someone's money whether you do it with a blockchain register or a spreadsheet. If you trade with someone and send them UNO in exchange for their DVC, they can steal your crypto but that's all they get. A DVC ledger on the blockchain isn't going to stop them! Once you steal, you're no longer a trusted trader.
Manual administration of the DVC register (such as on the indiamikezulu.com blog page):
+ Easy: all assets issued and held can be seen at a glance.
+ Redundant: anyone can calculate current balances from trade history to check the current totals are correct.
+ Trust is Incentive: it's low-risk to trust a manual register: you trust the DVC bursar, you trust your fellow traders when trading DVC and they trust that you hold the silver that you pledged, so it benefits everyone for the register-keeper (IMZ for now) to keep current and correct records.
+ Transparent: anyone can make a copy of the register at any time and keep their own records as a check to ensure user holders match the register's list.
+ Simple! 'less is more' - it's really simple to get started once you're a Trusted Trader: your issued DVC appears on the Members tab and you can trade immediately on the Un-Ex!
- Time-Consuming: manual DVC register administration is burdensome to accurately maintain in a timely manner.
- Mistakes: human error is an ever-present possibility.
- Multiple Points of Failure: availability of the register's online location (IMZ's blog) is crucial for ongoing use of the system.
- Inconvenience: an interim point while we're using a spreadsheet for trades: having to visit an online location that is not the main Un-Ex sheet is another detail that can add needless complexity, especially for newcomers.
Automated DVC register administration (per the proposed Trade Tracker change):
+ Easy: quickly view assets issued and held by trusted traders.
+ Reliable: excellent availability, as the Trade Tracker runs on Google's redundant and secure servers (data is encrypted between your browser and the server, if you hadn't noticed)
+ Low-risk: the trade tracker is transparently administered by a trusted trader (as opposed to relying on wallet code from an unrelated 3rd party) and you can see the code behind all calculations if you care to explore.
+ Simple! very easy to use, as above: once you're a Trusted Trader: your issued DVC appears on the Members tab and you can trade immediately on the Un-Ex!
+ Instant: and automatic - once a DVC trade is marked 'Complete', the DVC register balances will update.
+ Hack-resistant: if you didn't know, Google Sheets keeps a change log of every modification ever made, so we can undo any malicious changes made by anyone.
+ Error-resistant: no lost DVC or other passphrase issues (guyinanutshell entered the wrong passphrase last week in the NXT wallet and now has a DVC and some NXT sitting on the blockchain that he can't access, for example).
+ No Extra Software: no extra bl**dy wallet software to download, update, remember (yet another) password for, etc. This is lightweight, instant and hassle-free.
+ One-Stop Shop: Un-Ex trading, member list, DVC trades and balances, FAQs and so on are all right there on the Un-Ex, so newcomers can come to the one place to do everything.
- Trust rather than 'Trustless': you rely on trust rather than a blockchain for this digital asset (there's "no 'real' DVC to hold" -sirsmokes) - although we're all holding pledged silver that backs the coin so this may be a Pro rather than a Con for some).
I'm trying to be objective here in my list but probably missed a few points. Thoughts and discussion welcome.