cryptoprometheus's corrections. Thanks you!

Makefile

@@ -10,16 +10,14 @@ TMPFILES = *.aux *.log *.dvi *.bbl *.blg *.mtc* *.maf \
 SRC=$(wildcard bitshares-*.tex)
 BIBS=$(wildcard *.bib) $(wildcard *.bst)
 
-all: compile clean move
+all: compile clean
 
 compile: $(SRC:.tex=.pdf)
 
-move:
-	@mv *.pdf pdfs/
-
 %.pdf: %.tex %.bbl
 	@pdflatex $(PDFLATEXOPTS) $<
 	@pdflatex $(PDFLATEXOPTS) $<
+	@mv $(shell basename $< .tex).pdf pdfs/
 
 %.aux: %.tex
 	@pdflatex $(PDFLATEXOPTS) $<

bitshares-financial-platform.tex

@@ -7,17 +7,21 @@
 \maketitle
 
 \begin{abstract}%
- Since the time Satoshi Nakamoto released his whitepaper and corresponding
- software for bitcoin, the cryptocurrency ecosystem has grown rapidly. Anyone
- can now \emph{transfer} value without unnecessary middlemen, banks, or
- counterparty risk. With the blockchain and consensus technology established
- and proven stable, the question has arisen whether this technology could be
- applied to allow \emph{trading} of multiple assets without the need for a
- broker or central entity. The aim of BitShares 2.0 is to evolve the term
- \emph{decentralized exchange} (DEX) and not only provide trading of assets but
- also offer classical financial instruments on the blockchain. Two of these
- instruments --- market pegged assets and user-issued assets --- are discussed
- here.
+
+  Ever since Satoshi Nakamoto released his whitepaper and corresponding
+  software for bitcoin, the cryptocurrency ecosystem has continued to grow at a
+  rapid pace. In the beginning, Bitcoin created a platform that anyone could
+  use to \emph{transfer} value across the internet without middlemen, banks or
+  counterparty risk.  However, once bitcoin's basic blockchain consensus
+  technology became established and stable, people began to discuss whether
+  blockchain technology could also be applied to enable the \emph{trade} of
+  multiple assets without the need for a broker or centralized clearinghouse.
+  BitShares has created such a technology, and has coined the term
+  "\emph{decentralized exchange}" (DEX) to describe our Bitcoin 2.0 platform.
+  Currently, it supports trade not only in digital assets, but also traditional
+  financial instruments and securities on the blockchain. The two main tools we
+  provide for the creation of these instruments, market pegged assets (MPA) and
+  user-issued assets (UIA), are discussed in detail in this paper.
 
 \end{abstract}
 
@@ -54,7 +58,7 @@
 \subsubsection  { Rewards Points                                   } \input { content/fp-uia-uc-points       } 
 \subsubsection  { Event Tickets                                    } \input { content/fp-uia-uc-ticket       } 
 \subsubsection  { Digital Property                                 } \input { content/fp-uia-uc-property     } 
-\subsubsection  { Crowd Funding                                    } \input { content/fp-uia-uc-crowdfunding } 
+\subsubsection  { Crowdfunding                                     } \input { content/fp-uia-uc-crowdfunding } 
 \subsubsection  { Information/Prediction Markets                   } \input { content/fp-uia-uc-pm           } 
 \subsubsection  { Company Shares                                   } \input { content/fp-uia-uc-stock        } 
 \subsubsection  { Privatized SmartCoins                            } \input { content/fp-uia-uc-privatized   } 

content/bts-consensus.tex

@@ -51,7 +51,7 @@
 stake systems.
 
 In a delegated proof-of-stake system, centralization still occurs, but it is
-controlled. Unlike other methods of securing crypto-currency networks, every
+controlled. Unlike other methods of securing cryptocurrency networks, every
 client in a DPOS system has the ability to decide who is trusted rather than
 trust concentrating in the hands of those with the most resources. DPOS allows
 the network to reap some of the major advantages of centralization, while still

content/bts-orga-committee.tex

@@ -39,7 +39,7 @@
 parameters:
 %
 \begin{description}[leftmargin=4em,style=nextline]
- \item[{fee structure}:        ] fess that have to be paid by costumers for individual transactions
+ \item[{fee structure}:        ] fess that have to be paid by customers for individual transactions
  \item[{block interval}:       ] i.e. block interval, max size of block/transaction
  \item[{expiration parameters}:] i.e. maximum expiration interval
  \item[{witness parameters}:   ] i.e. maximum amount of witnesses (block producers)

content/bts-products.tex

@@ -1,4 +1,4 @@
-The BitShares DAC offers their private costumers several products and in this
+The BitShares DAC offers their private customers several products and in this
 paper we would like to briefly highlight some of them. Of course, all of these
 come with with the properties of cryptocurrencies, namely
 \begin{inparaenum}[(a)]

content/bts-token-dist-pts.tex

@@ -1,5 +1,5 @@
 The original grandfather prototype, formerly called proto-shares (PTS),
-BitShares PTS was a simple minable crypto-currency (similar to Bitcoin) that
+BitShares PTS was a simple minable cryptocurrency (similar to Bitcoin) that
 was created to allow people to advertise their interest in receiving free token
 samples in future DACs. PTS functions as a high-tech \emph{mailing list} for
 distributing free sample bitshares from many developers of decentral autonomous

content/fp-conc.tex

@@ -1,38 +1,27 @@
-The BitShares network offers financial instruments for everyone to use at a low
-fee.
-%
-% DEX
-The decentralized exchange (DEX) allows for trade of any arbitrary pair of
-assets issued on the BitShares blockchain. The order-matching algorithm is
-equivalent to most central exchanges and allows to directly fill an existing
-given order or walk-the-books up to a given price by means of a limit order.
-%
-% MPA
+In this paper, we have described the foundations of the BitShares network,
+which we hope will soon begin to inspire a paradigm shift from classical
+banking towards peer-to-peer financing. We have laid out the many features and
+benefits of the BitShares Decentralized Exchange, which offers financial
+instruments for anyone to utilize with low barriers to entry.
+
 With SmartCoins, the BitShares ecosystem offers a powerful tool for everyone
-from speculators and savers, to traders and entrepreneurs. The BitShares
-platform provides a toolset with which innovators can experiment to find
-optimal currency solutions using free market discovery. It was shown that in
-order to achieve a price \emph{predictability}, a price floor of \$1.00 USD per
-bitUSD is most reasonable. Hence, any long position can be settled at the
-current price of the underlying asset.
-%
-% UIA
-Additionally, we have shown that user issued assets (UIA) offer countless
-opportunities to reduce costs. Not only can they be used to simply store a
-token on a decentralized database (the blockchain), but it was also shown that
-IOUs can be issued complying with regulations. Since the BitShares network
-takes care of order processing in storage of user balances, an implementation
-of UIAs come at almost no cost while obsoleting expensive central server
-infrastructure. 
-%
-% %% Bonds
-% The Bitshares bond market allows investors who wish to gain leverage in a
-% particular asset to offer competitive interest rates to those willing to
-% commit capital for a specified time. The implementation of a bond market on a
-% blockchain consensus system efficiently reduces the overhead and counterparty
-% risk typically associated with such contracts.
-%
+from speculators and savers, to traders and entrepreneurs.
+
+The order-matching algorithm is similar to most central exchanges, and allows a
+user to directly fill an existing order or walk-the-books up to a given price
+by means of a limit order. It also allows for trade of any arbitrary pair of
+assets issued on the BitShares blockchain.
 
-In this paper, we have laid out the foundations of the BitShares network aimed
-to shift the paradigm of classical banking towards a large scale peer-to-peer
-financing.
+The BitShares platform provides a toolkit with which innovators can experiment
+to discover optimal currency solutions using free market trading.
+
+We also discussed how a price floor of \$1.00 USD per bitUSD is the most
+reasonable approach to achieving price predictability.
+
+Additionally, we have shown that user issued assets (UIA) offer countless
+opportunities to reduce costs. They can be used to distribute a token on a
+decentralized database (the blockchain), and can be programmed to comply with
+government regulations. Since the BitShares protocol handles order processing
+and storage of user balances, any implementation of business models around UIAs
+comes at very low cost to the issuer and will make expensive central server
+infrastructure a thing of the past. 

content/fp-dex-anything.tex

@@ -1,9 +1,9 @@
 BitShares offers the tools to trade in Gold, Silver, Gas, and Oil in addition
-to your national currency and crypto-currencies. Few limits exists on what can
-be traded on the BitShares exchange, if enough people are interested to form a
-market. The DEX allows any two pairs to be traded directly. There is no need to
-ask the exchange to open up an additional market. If customers prefer to trade
-Silver:Gold directly, they can simply do it. The BitShares exchange can support
-assets that can track stocks, bonds, indexes, or inflation. Companies can issue
-their own stock on the BitShares network and allow easy, low-cost trading with
-complete protection against naked shorting.
+to several national currencies and cryptocurrencies. There are few limits on
+what can be traded on the BitShares exchange, if there are enough people
+interested to form a market. The DEX allows any two pairs to be traded
+directly. There is no need to ask the exchange to open up an additional market.
+If customers prefer to trade Silver:Gold directly, they can simply do it. The
+BitShares exchange can support assets that can track stocks, bonds, indexes, or
+inflation. Companies can issue their own stock on the BitShares network and
+allow easy, low-cost trading with complete protection against naked shorting.

content/fp-dex-collateral.tex

@@ -3,9 +3,9 @@
 properties of traditional cryptocurrencies like Bitcoin, with the additional
 features from BitShares combined with the price stability of the US dollar. At
 any point in time you can sell a BitUSD for at least 1 dollar worth of BTS. If
-at any time the value of the collateral falls below a certain point the
+at any time the value of the collateral falls below a certain point, the
 blockchain will automatically buy back the BitUSD with a dollars worth of BTS
-(force settlement, see~\cref{sec:mpa}).
+(forced settlement, see~\cref{sec:mpa}).
 
 When you hold BitUSD the value of your holdings will remain pegged to the
 dollar so long as BitShares have a value greater than $0$. This means that

content/fp-dex-decentral.tex

@@ -1,31 +1,29 @@
-Decentralization gives BitShares robustness against failure. When a
-centralized exchange is compromised, millions of dollars and thousands of users
-are impacted all at once. In a decentralized system, any attack or failure
+Decentralization gives BitShares robustness against failure. When a centralized
+exchange is compromised, millions of dollars and thousands of users are
+impacted all at once. In a decentralized system, any attack or failure would
 impacts only a single user and their funds. Users are in control of their own
-security, which can be much better than any centralized entity.
+security, which is generally preferable to trusting a centralized entity.
 
 Furthermore, since KYC/AML verification can be outsourced via whitelists, a
-gateway that holds customers funds in terms of IOU backing fiat does not
-necessarily have direct access to your identity as was the case with
-Mt.Gox~\cite{mtgox} where thousands of identities have been stolen.
+gateway that holds customers funds for fiat backed IOU's would not necessarily
+need direct access to the customers' identities. This was an issue with
+Mt.Gox~\cite{mtgox}, where thousands of customers' identities were stolen.
 
-Since, there is a fixed cost associated with attempting to hack an exchange or
-an individual user, the difference is the size of the reward. If you place a
-multi-million dollar bounty on attacking a specific exchange, then you can
-expect a lot more effort to be put into compromising that exchange than would
-be put into attacking your individual account.
+Since there is a fixed cost associated with attempting to hack an exchange or
+an individual user, the difference between a centralized exchange and the DEX
+is the size of the reward. If someone places a multi-million dollar bounty on
+attacking a specific exchange, then you can expect a lot more effort to be put
+into compromising that exchange than would be put into attacking your
+individual account. 
 
-Within a given company, multiple people usually have access to customer funds.
-%
-%You may have heard the expression, "Three can keep a secret if two are dead".
-%
-Currently, all centralized exchanges end up depending upon multiple people who
-share the responsibility of guarding the secret key that controls the funds.
-If any one of them is compromised, everyone's funds are put at risk. Because of
-this, being individually responsible for maintaining your own secrets is the
-only safe option.
+Furthermore, within any centralized company multiple people usually have access
+to customer funds. Likewise, most centralized exchanges end up depending upon
+multiple people who share the responsibility of guarding the secret key that
+controls the funds. If any one of them is compromised, everyone's funds are put
+at risk. Because of this, being individually responsible for maintaining your
+own secrets is a much safer option.
 
-Accessing funds in BitShares can be even more secured by means of corporate
+Access to funds in BitShares can be further secured by means of corporate
 accounts that implement threshold signatures~\cite{bts:general,ripple:multisig}
 and validate only those transactions which signature weights (e.g. the CEO has
 more say than a worker) surpass a pre-defined threshold.

content/fp-dex-fast.tex

@@ -1,11 +1,12 @@
-With BitShares your trades execute in seconds, just like any centralized
-website interface. Unlike centralized exchanges, there can be no prioritized
-trading, front running, or hidden orders. This puts all traders on a level
-playing field.
-
 On Wall Street, traders go to great lengths to get as physically close to the
-exchange systems as possible, because their automated trading robots make
-decisions so quickly that the speed of light is a considerable factor. Thus
-distinct fiber cables are put in the ocean between London and New York to
-improve profitability in Europe. A decentralized exchange is
-\emph{location-neutral}, and gives everyone equal opportunity.
+core computers as possible, because their automated trading robots make
+decisions so quickly that the speed of light is a formidable factor. This gives
+them an unfair advantage against other traders, and allows them to engage
+borderline unethical practices such as order frontrunning. They have even spent
+billions of dollars to lay transatlantic fiber optic cables between London and
+New York to shave milliseconds off of their trading times.
+
+On the BitShares DEX, all trades execute in seconds, just like with any other
+centralized website interface. Unlike centralized exchanges however, there is
+\emph{no prioritized trading}, front running, or hidden orders. This puts all
+traders on a level playing field.

content/fp-dex-features.tex

@@ -1,4 +1,4 @@
 A decentralized exchange has a very particular set of advantages over
-traditional centralized exchanges and we would like to address some of them
+traditional centralized exchanges, and we would like to address some of them
 briefly below. Although the BitShares DEX comes with all of them, it is up to
-the reader and customer to leverage those features in full or only partially.
+the reader and customer to leverage those features for their particular needs.

content/fp-dex-gateway.tex

@@ -1,9 +1,9 @@
 \label{sec:gateway}
 
-The roles that traditional exchanges perform today encompass:
+The roles that traditional exchanges perform today are:
 
 \begin{compactenum}
- \item \label{it:g1} Receiving crypto-currency and issuing IOUs.
+ \item \label{it:g1} Receiving cryptocurrency and issuing IOUs.
  \item \label{it:g2} Receiving fiat and issuing IOUs.
  \item \label{it:g3} Redeeming IOUs.
  \item \label{it:g4} Processing an order book.
@@ -18,7 +18,7 @@
 Moving money into or out of an exchange often incurs a significant time delay,
 which means that active traders must keep their funds on the exchange. This
 magnifies the amount of risk to users of the exchange. It also magnifies the
-risk to all users in the crypto-currency ecosystem. Each large security breach
+risk to all users in the cryptocurrency ecosystem. Each large security breach
 results in significant sell pressure, from both the thief looking to cash in
 their loot, and from regular users hoping to sell before the thief does.
 
@@ -29,8 +29,8 @@
 processing and storage of account balances are managed by the BitShares
 protocol/network. An entity issuing and redeeming IOUs for another asset in
 BitShares is called a \emph{gateway}. In contrast to central exchanges, the
-IOUs are sent to the wallet of the customer directly and are under his full
-control (see \cref{sec:uia:restrictions}).
+IOUs are sent to the wallet of the customer and are under his full control (see
+\cref{sec:uia:restrictions}).
 
 Many gateways prefer the low-risk approach of one-for-one redemption and will
 simply allow the GatewayUSD to float against BitUSD with a small but variable

content/fp-dex-globalbook.tex

@@ -1,23 +1,17 @@
 Because BitShares can be accessed through an internet connection and there
 exists only one source of truth, namely \emph{the blockchain}, there can only
 exist one global order book for one particular market. The impact of such a
-global unified order book is to improve market efficiencies (hence reduce all
+global unified order book would be to improve market efficiencies (reduce all
 arbitrage opportunities), minimize spreads, maximize liquidity and provide
 accountability and auditability. 
 
-By having the trades executed on the BitShares network, we also eliminate
+By having the trades executed on the BitShares network, it would eliminate all
 high-frequency trading and front running because everyone has the same chance
 of filling an order. High frequency trading and front running depend upon
 centralized exchanges with high volume and deep markets. When the vast majority
 of trading activity moves to a decentralized, trust-free exchange with open
-order books, the remaining centralized exchanges become much less appealing to
-traders.
+order books, the remaining centralized exchanges will become much less
+appealing to honest traders.
 
-It becomes quite obvious that BitShares does not have opening hours and is
-available for trading 24 hours a day and 7 days a week.
-
-% Talking about crypto-currencies, once the market adopts BitUSD and BitBTC as
-% more reliable and decentralized alternatives to BitstampUSD and BitfinexBTC,
-% you will see the majority of trading volume move toward BitUSD vs BitBTC. The
-% only time someone would want to move from BitUSD to BitstampUSD is when they
-% are in the process of withdrawing to the traditional banking system.
+Furthermore, BitShares does not have restricted open hours, and is available
+for trading 24 hours a day and 7 days a week.

content/fp-dex-limits.tex

@@ -6,7 +6,7 @@
 increasingly invasive levels of documentation. Some exchanges, such as
 Coinbase~\cite{coinbase}, even limit what you can do with your money after you
 have withdrawn it~\cite{ct:compliance}. Other exchanges demand documentation of
-how you earned your crypto-currency.
+how you earned your cryptocurrency.
 
-With BitShares, no one must approve your account. You have complete financial
-freedom.
+With BitShares, no one must approve your account, so you have complete
+financial freedom.

content/fp-dex-ordermatching.tex

@@ -16,6 +16,6 @@
 configure their fees as described in~\cref{seq:feepool}.
 
 In contrast to BitShares 1.0, there will also be \emph{limit-orders} that allow
-to buy on the market up to a pre-defined price. This allows to instantly fill
+to buy on the market up to a predefined price. This allows to instantly fill
 any order below or above your price at the cost of a single fee~(c.f.,
 \cref{sec:dexfee}).