450800+ entries in 0.21s
mircea_popescu: Luke-Jr do you know of that guy that renounced us citizenship to be able to do cryptography in peace ?
mircea_popescu: especially not if they're going to whine about their families then.
mircea_popescu: people with families have no business dicking around the fronteer.
mircea_popescu: ikr ? less bitches rubbing into me while im trying to type, more predictable schedule...
mircea_popescu: people keep whining about jail ? fuck it, i see little problem in going to jail for bitcoin. i'm a bitcoin patriot.
mircea_popescu: there are no more than 21`000`000`0000`0000 bitcoin units.
mircea_popescu: so prolly this idea is no good simply on the grounds that it has nop way to guarantee it.
mircea_popescu: can you get a little over the procedural issues and just discuss on the merits ?
mircea_popescu: whoever wants to issue shares has to buy the blanks from a miner that has them blank
mircea_popescu: this could work as a support for a p2p stocks accounting system
mircea_popescu: miners get 1bn coins per block mined, and coins are perma-tained.
mircea_popescu: so proposed is a paralel blockchain which can be mergedmined with btc and shares the same address space (ie, same key signatures as btc addresses)
mircea_popescu: and there's no reward reduction, you just keep getting 1 bn new coins each block
mircea_popescu: to make it purely uncentralised would really require some hm
mircea_popescu: maybe fixed btc payment per block could work, if the entire thing is administered by some sort of central authority like a professional association of the stock exchanges
mircea_popescu: something like, 1 share of each type existant per block mined ?
mircea_popescu: cellofellow tbh this would be a huge effort, nothing for 1 person. we're still playing around the outskirts of specifying it yet anyway.
mircea_popescu: BTC-Mining actually with a little help the main client could have a stocks tab
mircea_popescu: have a 2ndary chain, which a. can be mergedmined with btc ; b. uses identical addressspace to btc ; has infinite number of coins.
mircea_popescu: rather than put each egg on top of a traffic light, you might be better off putting all eggs in one basket and watching that basket.
mircea_popescu: BTC-Mining the costs of maintaining this are non trivial.
mircea_popescu: there's any number of ways to implement a p2p exchange, this one's pretty much a hack.
mircea_popescu: this may be a good point, but the problems are technical not political atm.
mircea_popescu: (there's the problem of chainbloat, if you have 100 chains of 2gb each going on your hdd)
mircea_popescu: and then those mgiht want to only run 1 chain for all the assets they manage
mircea_popescu: tho it's quite the barrier to entry to new issuers, so there would be requirement for specialised issuers to service them
mircea_popescu: BTC-Mining this may work, especially with merged mining
mircea_popescu: if i thought the idea has any merit i could go in and dominate the lot of you lol.
mircea_popescu: dude you can't be creating medieval-style tokens of indivisible ownership
mircea_popescu: now a guy holding that double colored coin can't get rid of only one of the two
mircea_popescu: BTC-Mining so then i could color some active companie's coins with my own colors, arbitrarily
mircea_popescu: BTC-Mining i was just envisaging a sort of ICANN mess for satoshi-colored property.
mircea_popescu: matthewh3 that's nonsense. bitcoin is bitcoin, not stock exchange.
mircea_popescu: otherwise i inject shareholders into my new company that have no relation to it (provided they kept their original PPT.A colored coins)
mircea_popescu: can i use those satoshis for my new company ? no, i can not, they have to be dead forever.
mircea_popescu: suppose PPT.A issued colored coins, that's some satoshis colored with PPT.A
mircea_popescu: this means there will never be more than 21`000`000`0000`0000 shares in total, of everything.
mircea_popescu: tieing total float to total satoshi float is impossible.'
mircea_popescu: not only that, but here's a problem : if someone makes 1bn shares of something, this means 1bn satoshi are now out of circulation
mircea_popescu: while this is in principle a good ideea, the implementation is awful.
mircea_popescu: . It will be paid to the same address which is registered as the owner of the colored coins - but the receiver will need to be careful when spending the dividends, so it doesn't accidentally spend the transaction that represents the share.
mircea_popescu: hm. this may not be such a good ideea with a live company
mircea_popescu: There are other approaches, and the one I have taken is very simple, but it is a working solution (primitively duct-taped and glued together).