Topic: BitShares coinmarketcap volume is artificial (Read 2087 times)

Stan, maybe you could answer a question for me that I've been having trouble with...  Between you and Dan, which one of you is supposed to be "The Brain"?  Hahaha

 i didn't really get it except the image at the bottom.

You are no different from said banksters because you people have the habit of "printing" money as required.
You have diluted the investment of your supporters repeatedly in an effort to transfer value from their investment to your own pockets.
You pay each other disproportionate salaries at the expense of users, in fact they are not users anymore, you are the users and they are the used.
You say that BTS has been inspected and proven, but your responses are very sly, misleading and do not address the issues at hand. leading me there is more to this than meets the eye.
You are not battling corruption, you just found  a new way to instigate it.
 

You almost had me convinced, but i played catch up on your forum, no ... this is rotten.

Actually, BitShares uses nothing but common concepts used in financial markets every day. Investors find the ability to short an asset with automatic margin calls a very familiar financial tool.


We just moved the backing from corruptible bankster assets to the blockchain where the transparent public ledger and open source code are able to enforce the rules incorruptibly.

Obviously, BitShares has been subject to intense inspection for nearly two years now.  It works.

As for what sorts of things a blockchain may be good for... it will find applications for everything from fully decentralized and autonomous sovereign entities to fully centralized traditional companies who merely want to be transparent.  No single philosophy owns the technology and we will see it appearing in many forms - all working to battle corruption.  

Investors should ask whether any such entity is able to generate a profit and grow in value as demand for its services increases.  Philosophers can select how much their philosophies should influence their investment decisions.  There are choices for all tastes.

DecentralizeEconomics:

Is there something you could change to "fix" BitShares?  Can you get more technical on the assets part?  I see that the BitAssets are backed back 200-300% bitshares at all times and shorts can be margin called if required to keep the system above water.

Thinking at a very high level I can see endless business uses on the international scale however please elaborate on why the specific system will not work?

The reason he thinks the way he does is because he fundamentally doesn't understand the difference between a "derivative" and an "asset".  This proves that the majority of people who use Bitshares don't really understand the underlying system.  There are NO ASSETS in Bitshares.  You are buying derivatives contracts that can only be settled in Bitshares and have absolutely no connection to the real assets they are supposed to represent.  Why don't I just start writing "One Million Dollars of Pure Gold" on pieces of paper and start selling them for one million dollars without any type of backing, gold reserves or means of physical settlement?  This is one of the most ridiculous wealth creation schemes I have ever seen.

Imo, those who are behind Bitshares and do understand their system intentionally mislead those less knowledgeable by advertising that you can trade USD, EUR, Gold, Silver, Oil, etc.  Uninformed people think they are actually buying the asset and that it is "Safer than a Swiss Bank account".  Imo, this is highly unethical.


You do realize what you are exchanging is worthless right?  When people catch on that "bitUSD" has absolutely no backing and stop submitting buy orders what do you think is going to happen?  The peg will fail and the market will collapse.  All these "bitAssets" will only hold their peg as long as investors submit to the "greater fool theory" that buying a "bitAsset" @ less than the market price for the real asset is a good investment even though they are intrinsically worthless because they have none of the attributes of the actual asset and all of the assets in the system ARE NOT REDEEMABLE!  Bitshares is basically a giant suckers game which will end in tears for those who can least afford to be fooled.  Bitshares hasn't created a "decentralized exchange" as they love to claim because they aren't really trading the actual asset.

The point of crypto is to create a decentralized system which liberates the common man from the corporatized economic system which enslaves him.  Bitshares has just created a system which is a replica of the current system on the blockchain.  The common man still doesn't have any real wealth just faux "bitAssets".

Dude, if I spend $250 for a MSFT delta .50 ATM call option contract, that $250 nor does the 100 shares involved in the contract are reflected in the underlying Volume. It is counted as a separate volume. bitUSD is a derivative of BTS, you need BTS to create it and then to buy it. It doesn't represent a flow of money in or out of the BTS system.

It's nice to know that the Bitshares assets have almost double the trading volume of Nxt and many times that of  Counterparty and Maidsafe and many more alts. There was days that bitUSD alone had more than 700K trading volume but that was on days that we had great bitcoin volatility.

I can't understand why some people think that bitasset trading volume should not be included in the total, when I trade BTS for bitUSD its like trading BTS to USD it's only better, I have total control of my bitUSD and I don't rely on a centralized exchange to steal my money intentionally or unintentionally.

btw people that trade BTS<==>bitUSD would be forced to trade BTS<==>mtgoxUSD and bterUSD if they had not the bitUSD option.

I thought the point was to move away from centralized exchanges...

i guess i am shocked trusted site would be wrong

You can get these errors corrected and displayed properly by posting a message to Gliss here int he CMC thread:

https://bitcointalk.org/index.php?topic=199685.3940


I know you wouldn't want to mislead people..  

The Bitshares community doesn't control what coinmarketcap does or how it displays things.  I remember seeing a couple posts a while back where the Bitshares folks were trying to promote bitAssets, and they were trying to get the volume of trade in the bitAssets correctly reported under them.  So basically, they were trying to get this corrected on CMC to show the correct volume in the correct coins.

Your attacks on Bitshares are just getting increasingly absurd.

Regardless, it's not like anyone involved in BTS has any say over how CMC reports volume. And you can't act like $76,026 of actual, no-nonsense, 100% non-artificial external exchange volume is anything to sneeze at. (For that matter, volume is a fairly poor indicator of a coin's growth/popularity anyway. Pumps can happen at anytime, or people can simply be happy at the current price and not sell for a given amount of time, etc. Doesn't really matter in the long run.)

Therefore, this thread is misleading and is nothing more than a lame attempt to misguide/misinform/FUD BitShares.

Like I said, I generally tend to agree with a lot of your criticisms over the BTS project, and I feel these criticisms need to be expressed by someone so that the community can take a step back and realize "wow, some shit seriously needs to change". But I don't agree with your misleading presentation of said criticisms.

A valid criticism, this is not.

If the shares are locked in collateral then maybe they should be exclude from the market cap itself, but the assets they are used to create should have nothing to do with BTS volume calculations.

Good job.

Now take the bitAssets dollar value, ~$29K and delete that. It would be like options/derivatives volumes being added to the underlying stock volume itself. You can keep track if them individually, but adding them all together is nonsense. Trading BTS for BTS is not an exchange for anything. BitUSD is just another form/derivative of BTS.

thanks for the update....i think some people must of had no clue  

i was looking at one the other day that had a 700K plus market cap and 80 bucks of trading volume. good luck liquidating that baby

many mothers have been fucked in this thread.

Math time mother fucker:

1 BTC38 BTS/CNY $ 48,692 $ 0.009612 46.19 % Recently
2 Yunbi BTS/CNY $ 15,711 $ 0.009628 14.90 % Recently
3 BitShares Asset Exchange BITUSD/BTS $ 15,195 $ 0.009574 14.41 % Recently
4 BitShares Asset Exchange BITCNY/BTS $ 12,157 $ 0.009574 11.53 % Recently
5 BTC38 BTS/BTC $ 4,643 $ 0.009655 4.40 % Recently
6 Poloniex BTS/BTC $ 3,741 $ 0.009467 3.55 % Recently
7 Metaexchange BTS/BTC $ 2,414 $ 0.009228 2.29 % Recently
8 BitShares Asset Exchange BITBTC/BTS $ 1,841 $ 0.009574 1.75 % Recently
9 Bittrex BTS/BTC $ 825 $ 0.009532 0.78 % Recently
10 BitShares Asset Exchange BITGOLD/BTS $ 300 $ 0.009574 0.28 % Recently
11 BitShares Asset Exchange BITSILVER/BTS $ 94 $ 0.009574 0.09 % Recently
12 CCEDK BTS/BTC $ 0 $ 0 0.00 % Recently

BitShares Asset Exchange total volume: $29,587.
External exchange total volume: $76,026.
Percent of total volume generated by BTS asset exchange = 28.0%.
Percent of total volume generated externally (read: not artificial) = 72.0%.

I fail to see how BTS Asset Exchange volume is "artificial" to begin with, but even with your dumb-as-fuck logic the BTS exchange volume only accounts for 28% of the total.

So yes, you are spreading lies/misinformation/stupidity. And yes, you are a dumb ass.

Just an observation.

um, this just in, MOST coins marketshare is bullshit lol

http://coinmarketcap.com/currencies/bitshares-x/?markets=all#markets

Do the math mother fucker. Add it up and tell me how I am lying. You guys are such idiots. "Blatant bullshit", "lies about coins", "not sure it's the case", god, you guys are some of the dumbest people on here. Even TestZ provided the link. You couldn't even click it and see because your heads are so far up your ass.

It's sad this section of the forum has gone from grass fed community movements in the right direction to trolls who spread fud.


Newmine:  Have you even downloaded and used the BitShares wallet?  I'm curious to know what you think of not only the software but the general ideology of BitShares.  Let's have a constructive conversation on what you like, don't like, and why you think it's unfair to include BitAssets in volume numbers?

https://github.com/BitShares/bitshares/releases