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  • Jun 05 2016 10:31
    @alexvandesande banned @adamskee
  • Mar 16 2016 01:12
    @alexvandesande banned @scbosse
Alfred Jordan
@oneofthefreds_twitter
Thanks Bob.
MMPRuser
@mmpruser_twitter
Can a stakeholder association own real world securities and money. Like dollars or shares in IBM?
can dollars and shares of IBM be transferable to tokens? I am not quite sure I understand this technology but it seem really interesting
It’s a company bridging the gap between real companies and blockchain dao's
Leonel Castañeda
@leodc
Hello Ethereum :)!, my name is Leonel, I'm from Mexico and I'm really interested on using ethereum, I have read a few articles in ethereum.org but I just can't understand how the ether coin can be anything, I mean how I assure to other people that my token value is 2 bars of gold or some physical asset?
Alex Van de Sande
@alexvandesande
Hi @leodc
Ether value isn't related to real world assets, but you can use to create tokens and then it's up to you how you link the value of these tokens to the commodity prices.
If you're asking about where does the value of ether itself comes from, then it's an economic question and you are going into the deep rabbit hole of where value itself comes from
Pi Delport
@PiDelport
@leodc: If you issue tokens, they only have the value that your reputation gives them.
@leodc: So if you want to assure people that your tokens are backed by gold, then you have to provide enough proof to convince people that you actually own the gold, and that you're trustworthy enough for them to redeem their tokens for gold.
https://dgx.io/ is an example of a company that does this for real gold: you can look at how they do it.
They have regularly-scheduled independent audits by trusted financial auditors of all their physical gold, and so on.
There's a whole process to it: they do a lot of work to establish their trust.
Leonel Castañeda
@leodc
Hello @alexvandesande and @pjdelport , ok i get it know, the token is the digital representation of the asset and the link between the token and their physical value is up to me. Thank you for the responses ! and sorry for my bad english :P!
Pi Delport
@PiDelport
Yup.
The token represents a cryptographic proof that it was actually uniquely issued by the issuer, and not someone else.
So it assures you that you're not holding a false token from some impersonator.
But the issuer is a separate link to the real world.
They can give the token any meaning, or no meaning at all.
So someone can give you a token and claim that you can redeem it for a hug, but then that's all it's worth. :)
Or they can tell you it's worth a bar of gold without actually having gold, but you'd be a fool to trust them without independent verification that they actually own the gold, and are trustworthy enough to redeem it for the token.
Alex Van de Sande
@alexvandesande
Great explanation @pjdelport
Pi Delport
@PiDelport
Another example of how the issuer can decide any arbitrary meaning for a token is a lottery.
Instead of each token being worth a set amount, the issuer can issue say a thousand tokens, and say that at a given time, one random token will be redeemable for some reward (and the other tokens will be worth nothing).
So before the prize, you might want to obtain as many tokens as possible, to increase your chances, or even sell the tokens for high values, depending on demand by others.
But after the prize is claimed, the tokens become worthless, and no one will want them.
So the value of a token can be based on time and conditions too.
(Again, you have to trust the issuer to actually give out the prize.)
Leonel Castañeda
@leodc
Wow, tokens are really cool
Leonel Castañeda
@leodc
Thanks for the explination @pjdelport i can see now xD, and great presentation at DEVCON1 @alexvandesande , I'm going to experiment with ethereum :)!
Alex Van de Sande
@alexvandesande
thanks!
Sriram Kumar
@batteringram01
That was a pretty good explanation on token. I came to the very same room to ask about it
:)
Sriram Kumar
@batteringram01
Just clearing things up, so a smart contract is nothing but a simple script that is uploaded to the blockchain network for some gas price(ethers) and then you could call the script, run it and execute it? Am I right? Miners will help you load the particular TX(execution of the contract) on the block for a reward
Sriram Kumar
@batteringram01
2 . And token is a digital representation of some assets, so I could use token to quantify a physical asset like gold, diamond , iron or even services like software or music classes lol. But the only catch is that, you need to trust the issuer - thats it? so tokens are mechanisms provided by ethereum blockchain to issue your own currency.
  1. Isnt it sort off like a centralized system? You still depend on the token created by a particular issuer?
Alex Van de Sande
@alexvandesande
@batteringram01 tokens are themselves also just scripts
Sriram Kumar
@batteringram01
so lets say I buy a single token from digix which is say 10g of gold, now its obvious that digix tokens will have to be accepted by various entities, similar to how bitcoins will have to be accepted as a payment method. So essentially you are just creating your own cryptocurrency called tokens and give it a value.
@alexvandesande - is there any other usecases used by financial firms?
Makoto Inoue
@makoto
@batteringram01 you can write escrow service using Ethereum
Sriram Kumar
@batteringram01
Right. I am building a simple usecase, 3 node setup with two accounts and one DAO contract(bank) which will hold some $ for each of the account, now the user can withdraw the dollars as ethers(wei) into their account. Thats do-able right? @makoto - doing this just to get a hang of things . i m super new :D
Makoto Inoue
@makoto
@batteringram01 I am not sure how you can programmatically send $ to contract. you may be able to do it BTC -> ETHER via http://btcrelay.org/ though I've never tried
Pi Delport
@PiDelport
@batteringram01: That's the gist of it. You always have to trust the issuer of any token to give it meaning, in any system: a block chain / consensus system is just a way to communicate and exchange those tokens in a secure and decentralized fashion.
Sriram Kumar
@batteringram01
Got it @pjdelport
Makoto Inoue
@makoto

Hello.

I have a question about general strategy of writing multiple contracts.

Something like http://ethereum.org/token tutorial assumes that you have one contract which manages all the available tokens.
What if you want to create multiple contracts that have same functions but different initializer values?

For example, A 101 Noob Intro to Programming Smart Contracts on Ethereum,
has a contract example called Conference which manages buying/refunding tickets of one conference.
The contract is like https://gist.github.com/makoto/1be1b1b6dc5c5dcf1e48e734d69053a8 .

What if I want to write a service like meetup.com or eventbrite on top of blockchain so that I can let organisers to create conference contract which has same functions but different ticket prices, venue capacities, and so on?
Do I need to compile/deploy new contract every time new conference is organised, or is it possible to create some sort of master contract which can fork multiple conference contracts?

An advise is appreciated.

PS: Apologies for cross post across multiple channels.
Sriram Kumar
@batteringram01
guys, have a doubt, Like i said, I have a 3 node private setup with one node exclusively for mining. Its all set and works. Now I am using truffle to write a token, I make the msg.sender get 10k coins, now how do I add the coin to the receivers wallet as I need to send and it must reflect there
when I check balance with "" on the unit place, it returns all the units, so will it be listed there?
(pardon me if I am getting my fundamental concepts wrong)