Topic: [Bitshares] bitUSD discussion - page 4. (Read 18426 times)

Not yet, Bter was first.
Next probably will be btc38 or poloniex, they already trade BitSharesX (BTSX), all rest should integrate BitSharesX first, it's not Bitcoin style coin and required additional work in order to integrate it to exchange (like Nxt or Monero for example)

That was quick to be added on a reputable alt coin exchange.

Did Mintpal, Poloniex, Cryptsy addded the pair yet?

Bter add the BitUSD/BTC pair https://bter.com/trade/bitusd_btc

Check this one also: http://prestonbyrne.com/2014/08/24/what-goes-up/

In case you haven't seen it already: http://prestonbyrne.com/2014/08/17/dont-walk-away-run/

What do you think?

Bytemaster is awesome - looking forward to BitUSD going live today 

And it happened, folks!

https://bter.com/trade/btsx_nxt

now we don't need to touch Bitcoin with a ten foot pole

Thank you for the support.

BCNext is a hell of a lot smarter than I am. His thoughts are worth considering because he has provided not just a cryptocurrency, but a way of thinking about how to create, through math, ways for people to interact. Based on what he wrote, he seems to have been interested in how Nxt could encourage social cohesion rather than selfish behavior. I am, of course, interested in whether he was "right," however we want to define right. But my first question is, What can we learn by taking his challenges and questions seriously? That is why returning to his three-part plan is worthwhile. It is an exercise, a heuristic, if nothing else.

It seems like Bitshares aims to satisfy one of BCNext's goals for Nxt: cooperation by algorithm and mutual interest. (I am not suggesting that Bitshares is copying BCNext, only that there is congruence between the two plans.) I understand that many disagree about whether this can work, but whether it does or does not, a deeper question is raised for me: If cooperation/mutual interest is enforced by the algorithm, is it really cooperation?

CfB wrote this, speaking for BCNext:
"Bitcoin relies only on math, but math can't solve problems arising because of the illogical nature of the man. Mining in Nxt relies on the cooperation of people, and even forces it. Without cooperation, Nxt becomes weak and can be easily attacked. It's like a system in unstable equilibrium. If people stop caring about cooperation, Nxt will fail very quickly."

Maybe enforced cooperation is the best we can do?

I realize that many of you will think that these are abstract, philosophical questions that have little place here. But I think that without these philosophical questions, without a sense for the good that any cryptocurrency can do and how it can do it, we are just creating a tool that can be used for good or evil. (Many in this thread already believe that Bitshares is a tool for evil, as you can see from the OP.) My point is, we must ask not only, "Does it work?" but "Is it good for the world?"

The average Joe isn't going to be able to understand the system any more than they understand the current banking system or even bitcoin.  At the end of the day most people have to watch it work and then learn to trust it.   While there is some value in trying to explain it to the average Joe in simple terms, much is lost in translation and that is really beyond the point of this particular thread.

I think that if someone wishes to "attack" the idea BitUSD but lacks the background to know the terms used, then they also lack the standing to publicly criticize and declare a scam, fraud, or broken system.   I do not like to hide behind fancy language and have taken great effort to explain it in simple terms in many places.   Unfortunately the simple explanations are never "complete, accurate, and authoritative".

The primary difference between BitUSD and the FED is that it is market driven and all IOUs are collateralized 200%.   In the case of the Fed they can print up $2 trillion dollars without having any collateral.  BTSX would require collateral worth $4 trillion dollars to exist.   The next difference is transparency.   Another difference is the complete lack of "price fixing".

Sometimes I ask myself: 'Why do you still go back there?'

Posts like above, are the answer, for me personally...

You can find a few bad apples in every walk of life.
Do not leave, please!

Honestly, your post was one of the greatest things I read recently. Even though it is just - 'The Great Minds think alike!'

......

First they ignore you, then they laugh at you, then they fight you, then you win.

Mahatma Gandhi

What you call a "lame rhetorical message" is what many people call an example of an open, curious mind. I realize that forums are not good places for people to exchange ideas and try to learn. Most, it seems, assume that this is a debate, and one "earns points" by vanquishing an opponent in discursive combat. People become more entrenched in their own thinking, and gain the support of the echo chamber from whence they came. This is not my scene. Have fun.

And yours is?  He made a lame rhetorical message.  I can't write my own rhetorical posts?

Honestly who gives a chit about BCnext's "plan" (likely fiction written by others after he left) when his real plan ended up being fire sell $100K+ worth of NXT and fleeing into the night?   The reason he never came back was because he would be too embarrassed to admit having sold 1-2 months early (could had pocketed millions instead of six figures).

And your point is

Most people would take deflation over inflation.  Crypto Currencies only exist and have a following due to the stagflation we have seen since the 1960s (inflation + stagnating wage increases).

Why should any of us work our whole life and have little saved for retirement, because we were paying a 1%-6% "tax on the poor" (inflation) every year?  Inflation during the privatization of the former Soviet Union is what led to many pensioners to resort to eating dog food.  Much like every year it is becoming more difficult in the United States to feed a family due to stagflation and increasing CPI.

I think your concern is velocity but velocity doesn't matter unless crypto currencies hit $10+ trillion and it's just a single "one world currency" which replaces $Fiat.  Which I don't think it's possible as crypto currencies are currently very decentralized and plural (400+ alternates to Bitcoin).

Maybe someone like John Titor was correct in that monetary system of the future will be decentralized and crypto currencies is a good example of that.

I wonder how much of Bitshares project is in line with BCNext's overall plan. This is from Part Two. 

"Regarding NXT as coins: NXTs are not coins... or at least the creator of Nxt didn't want them to be seen as coins. They are tokens that grant privileges for supporting Nxt.
Deflation is not much better than inflation. "Real" coins should be created on top of Nxt, and be issued in quantities that keep their value constant. BCNext understands that this is very arguable. The community should decide if it wants to follow the path showed by him, or stick to the Bitcoin legacy of an unchangeable supply of coins with which people hope to become rich by doing nothing."

See the full text here: http://wiki.nxtcrypto.org/wiki/BCNext%27s_Plan

i love u arrogant dandy dafe   but i dont like bitshares & nxt ipo scams.

if anything NxT guys managed to drive my NxT investment down and down for months cuz u stakehoders bitches cash out everytime the prices rises a tiny lil bit .. this is why its worthless in it s entirety .

better ethereum or some other large scale scam than little nifty NxTsys boys.

without my buy support nxt would long be dead LOL 

~CfA~

1. I would suggest the BitShares community is as big as NXT. Our forum has 5760 members. Besides me and a few others, they just don't come onto BTT as much. The provocative original title of this thread (BitShares - Great Satan on the blockchain ) as well as tasteless picture & baseless content from a few bad apples in NXT, which I otherwise like, is what drew a response from me.

2. The fact that BitShares want to increase their exposure to BTSX, for the investor minded, shows they have a lot of confidence in it. If they were selling I'd be worried. https://bitsharestalk.org/index.php?topic=7245.0

I personally enjoyed some of the content in this thread from Bytemaster when I was evaluating his views about the status quo etc. https://bitsharestalk.org/index.php?topic=2853.msg35523#msg35523