How to join the HERO Challenge as Leader and Participant

in bitshares •  6 months ago

Learn more about the HERO challenge by reading @stan -http://www.sovereignhero.com/ - Telegram: https://t.me/sovereignhero

This guide is aimed for newbies and covers Leaders and Participants.

Setup

Open your BitShares Account, this is where the challenge begins.

  1. Click Here to Open your Account
  2. use Account Model
  3. Sign-Up
    IMPORTANT: you can NOT lose your account name and password. make sure to use LastPass Browser addon or any other password vault to store your user credentials!

Buy

The common way to get to HERO is FIAT (USD, EURO) > Bitcoin > BitShares > HERO

Fastest, most expensive way (Difficulty: Newbie)

Paypal.

  1. Click Here to Sign-Up
  2. Verify Account
  3. Buy Bitcoin

Withdraw: https://xcoins.io/client/withdraw

  1. Enter Amount to Send
  2. Enter Bitcoin Adr (see Convert to BitShares)

Convert to BitShares

After your purchased Bitcoin, there are two easy ways to convert to BitShares

BlockTrades

In your BitShares Wallet visit: https://openledger.io/deposit-withdraw/

  1. Select BlockTrades
  2. Copy Bitcoin Address
  3. Follow up above on Withdraw Bitcoin

ShapeShift

Visit: https://shapeshift.io/#/coins

  1. Select Bitcoin and BitShares
  2. Click Continue

Input Screen:

  1. Enter your BitShares Account Name (= it's your Address)
  2. Click Agree to Terms
  3. Click Start Transaction

2017-06-16 13_14_12-ShapeShift _ Cryptocurrency Exchange _ Simple Coin Conversion.png

Copy Paste the Bitcoin Address and follow up above on Withdraw Bitcoin

Fast, Fees (Difficulty: Newbie)

Credit Card.

Visit: https://rebrand.ly/ccbtc

Note:

LIMITATIONS ON PURCHASES
USA, Canada and Australia - $50 limit for the first transaction, the next purchase could be made in 4 days (100$ limit), $500 after 7 days of the first buy. No more than 3 payments within the first week. No limits in one month at all.

  1. Enter Amount
  2. Click Exchange

Now we need to use the BlockTrades Bitcoin Address.

BlockTrades

In your BitShares Wallet visit: https://openledger.io/deposit-withdraw/

  1. Select BlockTrades
  2. Copy Bitcoin Address

  1. Enter BTC Address and Click NEXT

Via Exchanges, cheaper (Difficulty: Medium)

Visit: Uphold.com or Coinbase

Open an account and purchase Bitcoin. Then convert Bitcoin to BitShares via BlockTrades/Shapeshift or send Bitcoin to exchanges like Poloniex - if you know what you're doing!

BlockTrades

In your BitShares Wallet visit: https://openledger.io/deposit-withdraw/

  1. Select BlockTrades
  2. Copy Bitcoin Address
  3. Follow up above on Withdraw Bitcoin

ShapeShift

Visit: https://shapeshift.io/#/coins

  1. Select Bitcoin and BitShares
  2. Click Continue

Input Screen:

  1. Enter your BitShares Account Name (= it's your Address)
  2. Click Agree to Terms
  3. Click Start Transaction

2017-06-16 13_14_12-ShapeShift _ Cryptocurrency Exchange _ Simple Coin Conversion.png

Copy Paste the Bitcoin Address and follow up above on Withdraw Bitcoin**

Next Steps: Leader

As a leader you need a BitShares Lifetime Membership in order to activate the referral Program.

Activate LTM

  1. Click Account (if you can't see it, click SWITCH TO ADVANCED located Top Right)
  2. Click Membership Tab
  3. Click Buy Lifetime Subscriptio

Your account is now an activated Lifetime Member.

Win conditions

In order to win the HERO Challenge, you and your referrals need to buy HERO AND your referrals need to follow you via Proxy.

How To Refer People

  1. Click Account (if you can't see it, click SWITCH TO ADVANCED located Top Right)
  2. Click Membership Tab
  3. This is your referral Link
    Example: https://openledger.io?r=YOURACCOUNTNAME

Referrals need to Follow You

Tell your Referrals to:

  1. Click Account (if you can't see it, click SWITCH TO ADVANCED located Top Right)
  2. Click Voting Tab
  3. Click PROXY
  4. Enter YOURACCOUNTNAME
  5. Click Publish Changes
  6. Confirm

JOIN THE CHALLENGE (finally!) Buy HERO Leaders/Participants

Make sure to learn about the risks and economic behaviour: http://www.sovereignhero.com/buy-sell-short-hero/

I will just cover the easiest possible way, you are responsible for your decisions.

First of all, Click Switch to Advanced Mode

Visit: https://openledger.io/market/HERO_BTS

  1. Click BORROW HERO

In order to Borrow HERO, you need to lock away 2.25x the value of BitShares
See Economic Model/Risks and why this works: http://www.sovereignhero.com/buy-sell-short-hero/

So this is a bit trial and error, depending on how much BitShares you want to use to create HERO.

  1. Enter AMOUNT
  2. Set the Slider to AT LEAST 2.25
  3. Click Update Position
  4. Confirm

Note: Here's a follow up on how to take out profit: https://steemit.com/bitshares/@ash/bitshares-how-to-take-out-profit-from-borrowing

You can now see the HERO in your Account Overview.

Good luck and if you want to join my Team set your Proxy to fav :)

If you Signed-up under me and need help - Contact Me via E-Mail

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  1. Click Here to Open your Account
  2. use Account Model
  3. Sign-Up

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.)

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

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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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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:

  1. force users to learn how to use a password manager to securely use these blockchain systems, possibly scaring some of them away initially; or,
  2. 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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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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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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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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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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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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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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What I've seen recommended is memorizing an arbitrary phrase made out of a string of words.

Could anybody explain hero currency in a couple of words ?

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cool experiment.

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

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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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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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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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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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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.

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Thank you! I'll do some further reading.

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

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More questions, if you're willing:

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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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No - fees go to referral system and reserve pool.

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Thanks Stan for what you are doing :)

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

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

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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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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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!!!

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

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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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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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seriously.

They said

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

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

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ask your questions there :)

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Could be a short trip or long trip.

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

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

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

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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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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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! :)

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

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

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

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

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

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...

I really want to get into this but its too difficult to understand. I wish it was more straightforward and easy to understand what you are trying to accomplish. Also give valid reason why you are doing it.