I'm looking forward to the day of b&c success

crypto_coiner 2016-02-25 00:32:15 UTC #4

In which ways?
Who will be the customers?
If there are clear financial incentives, business parties and users could jump on it.
Perhaps there are things to copy from ethereum – not sure exactly what

dedege 2016-02-25 01:23:56 UTC #5

Although now are great research, but specific schedule, we don’t know! Bitcoins production halved this year, it will be a bull market opportunity, if b&c exchange can be developed earlier, this will benefit nubits and nushares!!! This is a community club all the people will be happy to see!

dedege 2016-02-25 01:31:47 UTC #6

I don’t know! Practical application than those duoduocoin life, I’m more bullish on b&c and NBT cooperation! In the stable value of currency, our nubits currency better properties than the NXT and BTS, b&c need now is a simple operation and beautiful picture! Exchange interface language in several major countries, we have the market, with liquidity, this is the comprehensive nubits victory!

crypto_coiner 2016-02-25 01:42:53 UTC #7

SO NBT-CNY a must?

dedege 2016-02-25 02:16:11 UTC #8

Yes, but we need a good Chinese people are in and out of the gold channel. Bter very unsafe, for we have a huge impact for cny

mhps 2016-02-25 02:34:45 UTC #9

Are you interested in supporting @redlee’s inintiative

Sabreiib 2016-02-25 02:48:27 UTC #10

Right now, there is no alt-coin exchange I can trust.

EVERY OWNER OF CENTRALIZED EXCHANGE IS A POTENTIAL THIEF.

crypto_coiner 2016-02-25 03:33:29 UTC #11

I concur –
Do you “trust” (is it trust?) already FLOT to hold the bitcoin funds within Nu?

dedege 2016-02-25 03:36:39 UTC #12

Ha ha, you say very image!

dedege 2016-02-25 03:54:03 UTC #13

Miner is PPC QQ group manager of China, we all know each other. But I don’t think the simple propaganda effect, more Chinese people pursuit of the hype and practical! The best way is to the community and btc38 cooperation, there has been very good so nubits discrepancy jintong road, this is very helpful for b&c exchange docking fiat! Active NBT - cny, at least in the Chinese market, btc38 is to do the best!

Sabreiib 2016-02-25 05:14:34 UTC #14

Sorry, what’s FLOT? I can only trust multisignatured wallet with 500$ and below in long term.

crypto_coiner 2016-02-25 06:11:59 UTC #15

A team of several nu members that hold or control nu funds in nbt, nsr or btc, via multi-sig wallet.
Operational and now crucial for NuBits.
These members are signers of strategic wallets, so we can have a feeling of how bcex will operate if one imagine that we can vote for many signers to hold much more fund, more fluidly.
About FLOT: Can someone explain me what FLOT and FSRT are?

Nagalim 2016-02-25 12:51:33 UTC #16

Heh, so that’s a no. Won’t B&C have multisig wallets with > $500 in them?

dysconnect 2016-02-25 13:56:52 UTC #17

I guess there will be multiple multisig addresses with different combinations of signers, with possibly a small amount in each address. Though funds will tend to gravitate to the few hands with the largest amount of trust.

At a higher level, perhaps multisig is the best security one can get, when you need to support at a protocol level the trading of non-native blockchain assets. As far as I know even the magical “smart contracts” that purport to hold collateral require some kind of multisig. To get rid of multisig you need to explicitly open up an interface in blockchains to get them to book-keep and trust each other. Or you can keep multisig but put all book-keeping into one blockchain, which is BCE.

Sentinelrv 2016-02-25 19:10:53 UTC #18

I think you’ve pretty much summed up here how important B&C Exchange will be to the larger crypto ecosystem, and NuBits will be there to fulfill its role of intermediary currency for crypto asset trading.

Sabreiib 2016-02-26 01:44:05 UTC #19

It depends on the duration of multi-sig holding, the longer, the less money I can trust.

For B&C exchange, I don’t mind reputed signers holding my $50,000 value BTC temporarily, because I’ll retrive my money within several minutes after order completed.

For one year multi-sig holding by top 12 reputed signers, I can put $10,000 into it.

For one year multi-sig holding by random 12 signers among 1000 signers, I choose only $500, because I can still fall asleep if I lose that money. And I belive $500 deposite B&C account is enough for my daily life, when money used up, just requires me to deposite more from my wallet monthly. So B&C escrow/multi-sig acount could become another Paypal.

Since our signers pool can be as big as 10,000 signers, this system can handle a mount of transaction as long as each signer is required to park some BKS in blockchain to avoid bad things. For example, one man pretents to be hundreds of signers, attackers counterfeit lots of signers.

Nagalim 2016-02-26 04:58:47 UTC #20

But then an attacker can just buy signer identity. If the signer has to do some work it would be better. But then again, a person can just buy a billion raspberry pi’s and be a very trustworthy signer a kajillion times over right from the beginning. What’s more likely to happen is that signers get into an arms race over who can have more nodes.

I suppose pushing the arms race into buying bks instead of nodes is a good transition. Anyway, either way and no matter what an attacker can buy a large portion of the signer power to fully control a random smattering of addresses. If the attacker is patient, they can just wait till they fully control an address with a good payout and they can nab it. What’s more, they won’t even have to sacrifice all their accounts (and locked bks), just the ones involved in the heist. By starting say 100 nodes on day 1 and racking up some good reputation, you could carry out this attack a number of times with a good payout each time.

Actually, when you think about it, the best way to achieve this would be to know ahead of time what the reputation rules are and to set yourself up to take advantage of them. This would of course best be done by the devs themselves. Something like a reputation premine.

Sabreiib 2016-02-26 05:18:30 UTC #21

If an attacker buy lots BKS, he/she has less incentive to attack. Just like how PPC this kind of PoS deals with 51% attack. There is a concept “long con”, : a man does well for 10 years and suddenly become evil. Reputation is important but not sufficient.

Nagalim 2016-02-26 05:24:14 UTC #23

I agree that BKS collateral is more theoretically sound than no collateral. Also, with a BKS collateral there would be a minimum amount you can deposit without fear = the sum of the required signers collateral. The assumption being that if the signers act without the blockchain telling them to then their collateral is destroyed.

Sabreiib 2016-02-26 05:56:32 UTC #24

Reputation + Collateral, plus the future profit/income as a signer.