How to join the HERO Challenge as Leader and Participant

arhag (67) · 7 years ago

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Is BitShares going to have to learn the hard way to not allow users to choose their own password?

Please, please, please... to BitShares users who decide to use the account model: use machine-generated, high-entropy (256 bit) passwords. Otherwise you will get hacked. See this post for more information (although it is about Steem and steemit.com, the same concept applies to BitShares when using the account model rather than the wallet model to create an account.)

$10.68

7 votes

ash (73) · 7 years ago

yup, this should work like steem/peerplays, how much work is it to implement?

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aguayojoshua (49) · 7 years ago

Just curious, would you say that the loss of convenience with a random strong power is worth the extra security? I read your the other post you linked and I understand how vulnerable weak passwords are when on the Steem blockchain, but do you think there is a middlepoint between accesibility and security?

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arhag (67) · 7 years ago

Just curious, would you say that the loss of convenience with a random strong power is worth the extra security?

Yes. 100% yes.

but do you think there is a middlepoint between accesibility and security?

Yes, there is always a trade-off. But in this case, based on actual practical experience dealing with real world users, the trade-off seems clear to me. The choice basically comes down to one of the following two options:

force users to learn how to use a password manager to securely use these blockchain systems, possibly scaring some of them away initially; or,
make it slightly easier for them to start using the system and then piss them off and likely permanently drive them away from the system when they get hacked and all their money is stolen because of their insecure password.

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aguayojoshua (49) · 7 years ago

I hadn't thught of #2, but now that you mention it, it makes sense. Perhaps education for the user is the key, but wouldn't you say that's a rather difficult task? Not everyone is willing to learn, for they own reasons, I guess.

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arhag (67) · 7 years ago

It isn't very easy. But I think there are enough well designed tools (password manager services with automatic synchronization and convenient browser plugins) that make it not too difficult to use either. Education absolutely is key; and the guides and tools to help with that can likely always get better. But the biggest factor to teaching new users how to use these tools and why it is important to do so is motivation. With sufficient motivation I don't think learning these things is that big of a barrier.

That motivation comes in the form of money. Sure if the user is just dealing with data that they don't care much about (maybe they just don't value their privacy all that much) then the motivation isn't very strong to learn how to properly secure your account. But when we are talking about people protecting their hard earned money, that motivation shouldn't be that difficult to find.

That is one of the beautiful things about Steem. There is a financial incentive to motivate people to jump through various hoops to learn these new and difficult things that people in the blockchain space are forced to deal with (things like securing passwords / private keys and using cryptocurrency exchanges). If you want to actually get this money in a usable form to spend it on things you need like rent and food, you have to spend some time and effort to learn these new processes and tools. (But hey, you normally need to spend time and effort to earn money from your job anyway.) And when these things are learned once, it becomes easy to transfer those new skills to other applications/services in the blockchain space.

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aguayojoshua (49) · 7 years ago

I see. Do you have a specific example of an app or tool that would make it easier to manage passwords? I definetely agree with the idea of motivation, and I think that's a great entry point when explaning to other people why difficult passwords are important.

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arhag (67) · 7 years ago (edited)

I've seen various posts on Steem of people recommending various password managers that they like (you can try searching for those). My preferred password manager would probably not be ideal in this case because it doesn't have a browser plugin and automatic synchronization (but I am more techy so I don't mind giving up a little convenience for other things I value more such as using a free open source tool I can trust).

For regular users, they should probably use a tool that does the synchronization/backups automatically and has convenient browser plugins that will autofill their passwords for them. Some common options include 1Password and LastPass. But I can't really speak to how good these actually are since I don't personally use them.

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aguayojoshua (49) · 7 years ago

I appreciate the suggestion regardless. Thanks for taking the time to answer all of my questions. ^^ You seem like a pretty savvy guy, I'll follow you. Thanks a lot for yout help.

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gamer00 (67) · 7 years ago (edited)

Passwords that are hard to remember are generally a bad idea. That way you need to have them written down somewhere and always carry them around, and that's not safe either.

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markkujantunen (74) · 7 years ago

What I've seen recommended is memorizing an arbitrary phrase made out of a string of words.

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hossary (61) · 7 years ago

Could anybody explain hero currency in a couple of words ?

$4.52

4 votes

ash (73) · 7 years ago

cool experiment.

$4.52

5 votes

hossary (61) · 7 years ago

Thanks for the tip, I am going to join the challenge. :)

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stan (71) · 7 years ago (edited)

Honest Money. The hero is a stable, fast, appreciating market pegged asset that is backed by the equity of the platform which manages it. No counter party risk like other currencies backed by government debt or gold that may or may not be in a vault. And it grows, by definition, by 5% APR against the dollar.

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7 votes

lukestokes (75) · 7 years ago

I was reading up about it last night and borrowed 50 into existence, but I'm still not clear on what to do with them. Like bitUSD, it makes sense to sell them for BitShares and as the price of BitShares increases, buy them back cheaper later to close out the position. What I'm still confused on is why I would do this with HERO instead of bitUSD? The document I read makes it sound like you take a 5% haircut for the days you were shorting it. Who does that 5% go to? If HERO doesn't pay interest or dividends, I'm confused on how holders of HERO gain 5%? Is that just built into the settlement smart contract and only materializes if they settle back to BTS? I'm still reading and learning, but it's quite confusing.

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stan (71) · 7 years ago

The HERO price feeds simply grows by 5% against the USD annually. The HERO will get adopted faster than bitUSD because of this. It's better to not give up the 5% as a shorter, but the market will determine what you can sell bitUSD for if the HERO is available.

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lukestokes (75) · 7 years ago (edited)

So when I run the python script, I get 155.834857014 today. Is this something where I have to run a script each time I want to know what the price should be on a given day? If that's what the price feed / smart contract is based on, then selling HERO for BitShares below that means I'm starting at a loss until the price of BitShares rises high enough to re-buy the HERO I need to close out my margin and selling above that means I'm all good. As of this moment, there's a buy order for 1 HERO at 493.80000 (roughly $150.41148) so that's below the theoretical ideal price. I've written four different posts about shorting USD via bitUSD, but this seems to add another level of complexity that I'm still trying to wrap my head around. I'll keep reading and learning and maybe just put in some sell orders near the price feed to see if there's any takers.

I'm still a little confused on how the settlement works as well. That essentially guarantees you can convert HERO to BitShares at the feed price, correct? Or is that not how it works? I have yet to do a settlement with bitUSD before, so I'm not quite familiar with it.

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biophil (66) · 7 years ago

I wrote some about the theory of HERO recently; my first post suggests that HERO isn't going to work how Stan and company expect, my second digs a bit deeper into why.

Basically, if you're shorting HERO, you need to be aware of the likelihood that HERO should trade on average above its price feed.

$21.75

7 votes

lukestokes (75) · 7 years ago

Thank you! I'll do some further reading.

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biophil (66) · 7 years ago

I think the HERO concept is interesting, but it contains some weird little hidden risks that stan never mentions.

lukestokes (75) · 7 years ago

More questions, if you're willing:

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michaelx (61) · 7 years ago

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5 votes

lukestokes (75) · 7 years ago

Thank you! So if someone does pay fees using HERO, the issuer gets a portion of those fees? Many of the user created assets (like the OPEN stuff) have transaction fee percentages assigned, but I don't see that here. That means there are none, I assume? I'm still a little confused about what the 72k BTS is, but I'm figuring things out slowly but surely. Thanks again for your help!

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stan (71) · 7 years ago

No - fees go to referral system and reserve pool.

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Show 1 more reply

tonypeacock (57) · 7 years ago

Thanks Stan for what you are doing :)

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stan (71) · 7 years ago

Thank you for an excellent and much needed post!
I'll be sharing this everywhere.

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3 votes

rangertx (65) · 7 years ago

Thanks for the information and for all of the links. You just answered quite a few questions for me.

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solarguy (68) · 7 years ago (edited)

Chinese whales think this is scam to get donations to support a token.

Where else is this being promoted?

Just asking? Got info for it other than @stan first post?

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stan (71) · 7 years ago

There are three such links in the very first paragraph:

In Hollywood last month we described our plans to turn the HERO into a mainstream adopted currency. Today, with the publication of the physical copy of the June edition of Avant Garde Magazine at a mega-whale gathering in Indianapolis, the contest to win a Billion Dollars worth of BitShares (BTS) begins in earnest. Teams are forming. Anyone can play. Read more about the HERO in The Hero from BitShares Island

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solarguy (68) · 7 years ago

Dear Stan. I want to say sorry for how I spoke earlier.

BUT

MY TEAM IS GONNA BE IN THE TOP 20

I am gonna sell the shit out of HERO

You will see!!!

$7.21

6 votes

michaelx (61) · 7 years ago (edited)

Donations are not to pump the coin or to cash out anything. This is to educate people on how to use a derivative like the HERO to hedge inflation. We hope others make other smart coins with other properties after realizing what they can do with this. In the meantime, to spur growth and awareness, and HERO contest is in place to do just that.

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solarguy (68) · 7 years ago

I'm trying to sell it but you guys dislike me so much its not easy.

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ash (73) · 7 years ago

chinese whales either play a role in it or not, it's not setup to be reliant on whales. But for critical questions better head to https://steemit.com/hero/@stan/the-billion-hero-challenge or https://bitsharestalk.org/index.php/topic,24446.0.html

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solarguy (68) · 7 years ago

i shared that exact link with them and the wording in it got me questions I can't answer. ah well. I tried

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solarguy (68) · 7 years ago

seriously.

They said

"Selling the idea of owning a catamaran by a private island" had them running.

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solarguy (68) · 7 years ago (edited)

I brought over $6,000US in steem investments this past week with short conversations.

I can back that up!

And now Hero dev can't reply to me. not looking good. sorry. I Own Hero I want it to be a success I want them to buy it. But... not easy.

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solarguy (68) · 7 years ago (edited)

Steemit favourtism flowing into Hero coin is not good for crypto.
I get why Seem dev hate me but they dont want to be apart of that game. I like it here even if i make 20 cents, I can prove that too.

They dont care.

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sols (54) · 7 years ago

hey bro this how i understood it,

right now, we have, in a sense, already relied on a private island to hold our catamaran, we just don't have any way of checking if our catamaran is real and at some stage they stopped giving it out and selling plenty more on paper, im using your metaphor but remember the USD was a reserve currency before, backed by gold, by the reserve bank.
now bitshares are setting up a trustless version, where the gold is the BTS behind the HERO, and how can u trust it, well the blockchain doesn't lie, we know its going to take 2*the BTS to back it each time its borrowed, i believe you can audit this anytime with the different analysis tools for the blockchain and the github for the code
hopefully the guys will correct me here where ever im wrong

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solarguy (68) · 7 years ago

Hey man. I'm banking on it in several accounts but this is a hard sell and their replies to my comments aren't helping them.

Doesn't matter what is backing what. Gold backing the dollar or BTS backing the Hero.

This is not an easy sell. And I've tried hard. they read these comments and big investors still not sold. At this rate they will need millions of small noob investments, which will take years.

I am truly hoping it works out (got lots in it now) but at this rate it's a very long game but my TEAM WILL B TOP 20 without a doubt. I'm in Dalian where 3% of of the worlds BTC are mined in a single farm. It's not small amount in global terms.

Just something irks them. They don't believe it true. they think its donating without holding. Even though Stans post said otherwise these guys are skeptic.

Too many ICO's coming out these days and Hero coin is only popular on Steemit. If your not here most never heard of it.

They tell me it's a cash grab for BTS whales knowing it will never reach 1 billion.

Just saying.

I got lots invested in BTS and some in Hero. I need it to succeed. Really!!

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stan (71) · 7 years ago (edited)

The entire concept is based on giving. No money flows our way. We do benefit from the growth of our own accounts in synchrony with the billion-hero-prize - just like every other account does.

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michaelx (61) · 7 years ago

Donations are not to pump the coin or to cash out anything. This is to educate people on how to use a derivative like the HERO to hedge inflation. We hope others make other smart coins with other properties after realizing what they can do with this. In t he meantime, to spur growth and awareness, and HERO contest is in place to do just that.

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konelectric (59) · 7 years ago (edited)

The island is virtual. It dosent real exsit. Or maybe soom day when BTS hits $100.

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ash (73) · 7 years ago

ask your questions there :)

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solarguy (68) · 7 years ago

Could be a short trip or long trip.

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stan (71) · 7 years ago

No need to worry about the typical first reactions. It will grow on them. Like moss on a rolling stone.

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solarguy (68) · 7 years ago

dont let steemit games take hero coin!! eh you r above it no?
I got faith in this platform and Hero coin.

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solarguy (68) · 7 years ago

I really want it to be a success really. really really. I believe in you guys!!!

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superskillz (42) · 7 years ago

Wow! This is so easy and straightforward that I am sure it will garner mass adoption. /s

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herman2141 (42) · 7 years ago

Hi fella steemit friends from aceh. Long ureung aceh want to follow @herman2141 the same steemit aceh friends

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bitshares101 (49) · 7 years ago

Why do we need to borrow HERO's? Can't we accomplish the same if they are purchased? If they price of HERO goes up to what it was at the end of May there will be a lot of margin calls.

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stan (71) · 7 years ago

If you buy HEROs you are just lending your money to the borrower at 5%.
If you borrow HEROs you are agreeing to pay 5% and locking up collateral to back the loan.
Simple as that.

Why do people take out home equity loans and use their house as collateral to back it?
Same thought process and motivation.

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full-steem-ahead (65) · 7 years ago

Well put @Stan, can't make it any easier to understand than that.

Of course a simple explanation always leads to secondary questions, such as how do I claim or access the 5% interest on the loan if I BUY HEROS? Or, what if the price of BTS stagnates (doesn't move up or down significantly as months go by)? These are valid questions, but they are SECONDARY and don't address the MAIN CONCEPTS of what the HERO promotion is trying to achieve or the ESSESNTIALS,

Your comment here PERFECTLY describes the ESSENTIALS.

Thanks for your efforts Grandad! :)

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eric-boucher (68) · 7 years ago

Thanks for sharing these information and opportunity for a challenge as well. Namaste :)

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tonypeacock (57) · 7 years ago (edited)

This is excellent. Appreciate the step by step as well. Thanks @ash :)

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iqbaliq (43) · 7 years ago

Nice post

Hi there I just upvoted you
If you like me then please
Follow,upvote my posts and also feel free to reestem

Thanks

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rooby (51) · 7 years ago

Why there are soo many steps to archive it? Is it worthed?

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mirhimayun (55) · 7 years ago

An Easy guide...defnitely a difficulty level of Newbie like me is much appreciated...Thanks....Upvoted already...kindly upvote my posts to give me a headstart...much appreciated if done...

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