Proof of Brain has Moved
It's as if I had been evicted from my home and my baby had to starve inside. The decided to pull the plug on my domain registration. I was given a link to 'confirm' my email. This link never did work when I clicked on it though. So update your browsers and bookmarks to www.proofofbrain.blog. I thought this one is even more appropriate a name than the .org one. What was I thinking?
I'm Using the Testnet at home
When I'm at home, I run a copy of the site on my local computer but I run it using the Hive testnet. This allows me to be more adventurous. Of course the real site will always work on the main net.
This is a screenshot of part of my wallet, it is showing that I am converting TESTS to TBD. Which are the testnet equivalents to HIVE and HBD respectively.
Reworking of "Collaterialized Convert" Transactions
Digging through the C++ code of Hive, I discovered the subtleties of the "collateralized conversion" operation. According to the documentation. When you use this operation the cost of conversion is 5% and a special rate that gives you less is used to get the immediate amount of dollars. To make matters seem worse you have to put up twice the collateral of that number to do this.
For example, suppose Hive is trading at $0.24 but the minimum price is $0.21, the value used is going to be $0.21. Then they take off 5% (-$0.01), and then the cut it in half (-$0.10).
So if do this "collateralized conversion" of 1 Hive, you'll immediately get $0.10 HBD. After 3.5 days however, things change. The worth of the 1 Hive is recalculated using the median market price, which could be higher or lower after three days. Suppose it is $0.24 USD/Hive and then it is calculated how much Hive should be charged for $0.10 USD. Including the 5% fee, the rate is $0.229 USD/Hive and so this means that the $0.10 HBD is retroactively is assessed as worth 0.437 Hive. So here 0.563 Hive is returned to the user. In a way you in this scenario you get $0.229 HBD/Hive when you could have just traded it for $0.24 USD/Hive?
So what price should you do this operation? You have to consider distance between the best price to sell and the best for buying; and transaction and trading fees if you're going to use an centralized exchange other than Hive Dex. If you have HBD and you want to get Hive anyway, it might make sense if it HBD is above $1.00, because it could easily beat the market. If you want to cycle from HBD to Hive and the use the market to get back into HBD again, you may run into too much friction to make a profit this way.
Yeah …. The dot.blog does make more sense.
hi @leprechaun, could you perhaps explain to those of us who are newish on here, what proofofbrain.blog is and how it differs to proofofbrain.io (POB)? I have followed your link and see the blue brain logo which I've seen on other posts of yours, but not sure how this is all relates. Is it a separate blogging site to proofofbrain.io on the Hive? ie: to here where we are posting now. Sorry, thought I was starting to get the hang of the Hive and it's communities, slowly but surely, but this has thrown me again lol. Appreciate it if you could spare the time to provide a quick summary of what it is. thanks.
Hi Sam @leprechaun is building the new and improved POB front end community using open source code from the ecency front end
Thanks for the clarification Jaxson. I assume this is in BETA at the moment and for now we carry on at proofofbrain.io then?
Yes I believe it's still in developement I personally still use the main site for now
ecency is a really sexy front end
@leprechaun i have logged in to the site i must say that it is indeed a great site and it easy to upload any multimedia. But the only challenge i have when i was typing in the site is the use of tag. I could not find football and some other tags.
I must confess that it is a great site especially with the pop out fixture use in the tag section i think a little bit of work still need to be done.
Thanks.
This reminds me, l haven't really tried to use the conversion section of Hive. The 3.5 days waiting period scares me off whenever l think of it. But the, the market section has been a pretty good angel for me and l do all wallet transaction through Peakd wallet Section.
I would have to do a mini wallet transaction to know if the recent fork had an effect on it.
Thanks for this insightful post
This is wonderful @leprechaun. Great work. I can't believe it's here.
Great news @leprechaun looking forward to giving the finished product a try out, you have done a great job, I looked it up and can't wait until it is completed
Keep up the good work!
Oh no!! Any site with "blog" in the domain here is usually blocked. I'll try to get around it.
Ha... this site https://proofofbrain.blog/ is not blocked. Probably because they saw "brain" they thought it was an educational blog.
Finally I knew u LL come out with sth good . The CCT idea is awesome and the .blog but I hope you are not changing the pink brain to a blue one. I think I prefer 🧠
This comment was made in https://proofofbrain.blog/
I already used https://proofofbrain.org since 2 weeks and will change to https://proofofbrain.blog/
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STOPI have followed through the process and login to the .blog site. Just wanna know is there is any difference between it and proofofbrain.io.
I will admit the look in the other site proofofbrain.blog is cool but what's the difference?
The differences are detailed here:
https://proofofbrain.org/hive-150329/@leprechaun/making-an-ecency-like-proof
Although there are still issues to work out.
Okay sir.
Thank you.
That's why I prefer to use the Hive.blog market to swap immediately. Thanks for breaking that down and explaining what that 3day conversion is doing. It seems if there was a more profitable way for users to swap HBD/HIVE instantly, I would use that instead. I just want to be able to swap HBD and HIVE quickly so I can increase the amount I have of each. 3 days is too long.
The HBD savings is a nice place to park my Hive Dollars now. The real question I have is How do we get HIVE over 1 HBD, and is a higher valuation being hindered by the way the system works now? Will HIVE always sell off when it rises to $1+ or can we get it up the hill to get the ball rolling? The price of Bitcoin takes off and Hive rises, happens all the time. What will it take to get HIVE over $1?
My thought is that it is just a matter of time and increasing adoption. The more users looking for Hive to power up, the higher the price will eventually go. I am still uncertain how HBD will work in the inverse situation. How will Hive look if/when HIVE is $5 and HBD is $1? STEEM went to about $10 and SBD hit $18 around Jan 2018. Could this type of price rise happen again to HIVE sometime after the next BTC halving, if we grow to over 150k+ active users? Assuming the HBD peg has been 'fixed' then HBD shouldn't rise to $18 or even $4 again. This is potentially a good thing, right?
We could see goods and services priced in HBD. The sites that use it for that treat it like just like any other cryptocurrency. You get a price in dollars and then converted into HBD. Right now, the difference isn't very much.
That would be a very ideal outcome.
Also, https://proofofbrain.blog/hive-150329/@hivecoffee/qvzs6u looks good.
Really great work on this improved front end.
When I looked at my wallet on http://www.proofofbrain.blog, I had 74.5 million POB...that's amazing! :)
The bad news is the most far left comma isn't a comma. That's the decimal place. 😁
; ) I know lol... it wouldn't let me stake 70 million of it... haha