Mining does consume vast resources for little social benefit
That benefit is de-centralized control over the network.
That's of little benefit to people who want power over the network.
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Maybe I don't understand banking - as I said, I like things KISS because then I can't get scammed because there was some detail I did not properly understand.
As I said, this appears to be un-necessary complexity to meet a need that I don't have.
I can trade without needing yet another currency that is used as collateral for fake assets that represent real assets.
The complexity of this system is not something I think is safe for me nor needed for me.
You want it to streamline your playing day trader, that's fine - but it is definitely not another bitcoin.
Bitcoin has utility everyone can use, everyone can understand - it is digital cash.
This on the other hand doesn't seem to.
If your purpose in crypto-currencies is to trade them around trying to make a buck, maybe it has utility, but if your purpose in crypto-currencies is to trade them around and make a buck, then it is just a shell game to increase your fiat and that's not why I'm into crypto.
So this has no utility for me, none whatsoever. And I wouldn't be surprised if this had legal trouble, like it or not regulation of exchanges is coming (and actually is already here), if this doesn't comply then it definitely has absolutely no utility for me.
You're still confused, which is OK. Most people don't understand BitShares when they first learn about it. It's not actually complicated, although it may appear so. BitSharesX is decentralized p2p bank and exchange. The network has its own currency (most accurately described as equity) BTSX. BTSX is a crypto currency with all the same properties of Bitcoin. The
difference is simply in the functionality of the network which allows you to transfer BTSX to anyone on the network anonymously within 10 seconds (block intervals are 10 seconds, and 1 block confirmation is more secure than 6 block confirmations with Bitcoin). Additionally, the network allows you to register accounts on the blockchain so there is a public directory of names that you can send to instead of sending BTSX to cryptographic public keys (public key cryptography is still used under the hood, but it is automated which allows for greater ease-of-use, and most importantly greater security). This is the current state of BitSharesX which was officially launched on July 19th. Future iterations will incorporate the market features, which allows for users to have accounts denominated in essentially whatever asset they want. Instead of thinking in terms of trading and markets think about like this. Average users who like the idea of digital currencies but do not want to be subject to their volatility can now use digital currencies that maintain the purchasing power of a desired asset. So if you have a 100 bitUSD there is someone else on the network that is essentially guaranteeing that whenever you want to convert your crypto to fiat you will have enough BTSX to get 100 USD (real USD). People that understand the implications of decentralized crypto currencies can thereby take on the short term volatility of the networks currency in order to accrue greater long term gains (if the price of the BTSX rises relative to USD, then not only do you get a gain from the increase in price but you also get more BTSX than you started off with, since it now takes less BTSX to back the 100 bitUSD).
I hope that clears things up a little bit. If not at the very least, download the BitSharesX client from bitshares-x.info and I will send you some BTSX to test out the system.
