Contacting Patrick Byrne (Overstock CEO) About Peershares?

Jordan, I’m not sure if you’ve seen this yet. It’s from Patrick Byrne’s (Overstock CEO) Reddit AMA…

http://www.reddit.com/r/IAmA/comments/24kbc0/im_patrick_byrne_a_profreedom_supporter_of/ch7y91b

I do not know NXT, but I am interested in finding (and even potentially investing in) efforts to create a peer-to-peer capital market. In fact, if a good solution emerges, you might even see Overstock be the first issuer of a stock or bond in such a market, just to help things get going! (Incidentally, we were the first to do a Dutch auction IPO, for precisely that reason.)

It seems NXT has reached out to Patrick and he sounded interested enough to provide them his email address for more information. I’m not sure if you’re at a stage where you want to be contacting high up people about Peershares, but you might want to think about it. He posted his email address in the Reddit thread in case you want to get in touch with him. I can only imagine Overstock using Peershares to issue stock in their company.

[quote=“Sentinelrv, post:1, topic:2310”]Jordan, I’m not sure if you’ve seen this yet. It’s from Patrick Byrne’s (Overstock CEO) Reddit AMA…

http://www.reddit.com/r/IAmA/comments/24kbc0/im_patrick_byrne_a_profreedom_supporter_of/ch7y91b

I do not know NXT, but I am interested in finding (and even potentially investing in) efforts to create a peer-to-peer capital market. In fact, if a good solution emerges, you might even see Overstock be the first issuer of a stock or bond in such a market, just to help things get going! (Incidentally, we were the first to do a Dutch auction IPO, for precisely that reason.)

It seems NXT has reached out to Patrick and he sounded interested enough to provide them his email address for more information. I’m not sure if you’re at a stage where you want to be contacting high up people about Peershares, but you might want to think about it. He posted his email address in the Reddit thread in case you want to get in touch with him. I can only imagine Overstock using Peershares to issue stock in their company.[/quote]
+1 Good one Sentinelrv, act when the iron is hot. Hope Peershares is ready for it. It might be too early for them. Hope not.

Interesting tidbit from one exchange:

From www.bittrex.com as of April 30, 2014 https://www.bittrex.com/News

Deleting NXT Markets - please withdraw your funds

We spent a lot of time and effort getting the wallet online but unfortunately, the cost of maintaining this one off currency is too costly given the volume. We will leave the wallet opened for 30 days for withdrawals. Thank you.

Why does it cost so much to maintain the NXT wallet?

As a joke and also a serious response:

[b]Lots of JAVA security updates. Lots of CPU and RAM memory to load the java runtime and interpret the java code. Frequent incoming / outgoing transactions in Java has to be a resource waste as compared to other coins.

Lots of sleepless nights doing that and hope the new Java code is 100% secure.[/b]

Also a special server to handle it. 95% of all coins are C++ / bitcoin forks. This one wants to be JAVA. It’s just not worth the trouble.

[quote=“ppcman, post:3, topic:2310”]Interesting tidbit from one exchange:

From www.bittrex.com as of April 30, 2014 https://www.bittrex.com/News

Deleting NXT Markets - please withdraw your funds

We spent a lot of time and effort getting the wallet online but unfortunately, the cost of maintaining this one off currency is too costly given the volume. We will leave the wallet opened for 30 days for withdrawals. Thank you.[/quote]
How ironic now they have what they call an 1.0 wallet and their soon to be launched asset exchange. However we don’t have to underestimate them. They made a lot of progress in the last 4-5 months. It is good that we finally have Peerunity.

As a joke and also a serious response:

[b]Lots of JAVA security updates. Lots of CPU and RAM memory to load the java runtime and interpret the java code. Frequent incoming / outgoing transactions in Java has to be a resource waste as compared to other coins.

Lots of sleepless nights doing that and hope the new Java code is 100% secure.[/b]

Also a special server to handle it. 95% of all coins are C++ / bitcoin forks. This one wants to be JAVA. It’s just not worth the trouble.[/quote]

Can we somehow forward this to overstock without being thought as… I dont know?! Would be good if they knew anyway.

I think that there will be many companies rushing into Peershares to issue their stocks or bonds. Peershares should select some well-known companies from them.

In the end choice of language isn’t that important. But don’t write off java easily. I was a C evangelist more than 10 years ago. But after working with Java in large, long term, high-reliability projects I see java has its advantage in development time (including debugging times), how easy to find developers to do an OK job, being cross platform, togetherness of javadoc and code. Security updates are trivial. There are so many patches to do on the OS anyway. Moore’s Law eventually has the resource issue covered. Oh, actually I think a baseline wallet should mostly be written in python. :wink:

I guess removing NXT market might has something to do with that NXT evolves too fast (hard forks).

I hope peershares has a slow, solid, and organic growth. But so be it if it turns out to be fast and furious.

I am happy to reach out to Patrick Byrne where he is searching for a solution Peershares can provide. His response (if any) is something that wouldn’t be prudent to share though. I have had a number of entrepreneurs approach me about using Peershares and it is always up to them to release whatever information they like about their consideration of Peershares.

By the way, where Patrick mentioned an interest in issuing a bond, I will point out to this audience that Peershares are well adapted for use in administering bonds as well as shares. It is a use for Peershares that has not been discussed until now.

Excellent. Would be good to have an interface for bond-specific functionalities. And the name Peershares might have to be changed…

As a joke and also a serious response:

[b]Lots of JAVA security updates. Lots of CPU and RAM memory to load the java runtime and interpret the java code. Frequent incoming / outgoing transactions in Java has to be a resource waste as compared to other coins.

Lots of sleepless nights doing that and hope the new Java code is 100% secure.[/b]

Also a special server to handle it. 95% of all coins are C++ / bitcoin forks. This one wants to be JAVA. It’s just not worth the trouble.[/quote]

Can we somehow forward this to overstock without being thought as… I dont know?! Would be good if they knew anyway.[/quote]

I don’t think we should risk it. If we criticise another coin, it sounds like we are underhand. Obviously, if someone asks us our view, then that frees us to give an opinion - but, even then, criticism needs to be worded carefully and constructively

Otherwise, our best policy is to promote peercoin and peershares on their own merits