Topic: BitShares - why has it dropped like a rock (Read 3376 times)

Pretty close.  Two years ago freetrade answered Dan "Bytemaster" Larimer's $5K bounty to create a memory-hard version of Bitcoin called ProtoShares and quickly changed to BitShares PTS due to copyright issues.

He built the coin and launched it on "remember, remember, the fifth of November" 2013.  Guy Fawkes Day.

The sole purpose of this coin was to get a "fair" initial distribution for the real BTS - although distributing to the technically gifted 1% and well equipped mining community is no longer deemed to be "fair" by the BitShares community.  That's just old Bitcoin doctrine. "Fair" is deemed to be making them available to everyone for sale at market prices and using the funds to pay for sustained development under control of the existing owners of a coin.

Anyway, PTS served as a trading space-holder for BitShares until all the internal exchange logic could be completed.  It was to be good for 10% of the initial BitShares and holders wound up getting 50% of the initial supply (5 times as much) plus a lot more of other things like MUSE (Notes) and DAC Play PLS etc.

After collecting his bounty, FreeTrade went on to release his own variant of PTS called MemoryCoin.  After that I lost track, but all this history is still there in the archives of BitSharesTalk.org for those forensically inclined.

From all my reading, freetrade only helped code the gui or client for pts, nothing more.  PTS was a project by bytemaster where some others help code his idea.  Since freetrade seems long gone and the project is still evolving with some talented devs, why do we even care about pts or freetrade anymore?

PTS + Angel shares = Bitshares.  Bitshares 1.0 chain (now dead by design) has been replaced with the 2.0 version greatly improving upon 1.0 that was running for what 18 months?  You seem to imply they are leading people on some extravagant scam, have you watched their github and coding for the past few years?  Their code is innovating at a tremendous rate.

Nice post.

The race to Zero Interest by global central banks is analogous to the nuclear arms race in 50s, 60s, 70s...
Flooding the system with free money does not mitigate risk... it only shifts tail risk from the present to the future.

This a very recent brilliant, must read paper:

"Volatility and the Allegory of the Prisoner’s Dilemma: False Peace, Moral Hazard, and Shadow Convexity".

http://hvst.co/1Luj8yW

It also shows the massive gap in sophistication between top Wall Street players... and crypto space pretenders.
 

@chryspano
It's not about being partially honest..
I posted info that is verifiable here earlier (on this topic) implying freetrade is more involved with BTS than he lets on.
and his links and info on PTS and Memorycoin lead to far more shady and deceptive nonsense.

I would bet any money there is far more to what has gone on with Freetrade, that company and the rest of the Bitshares crew.
I am convinced of this based on bits of info and misc incidents that have played out.

Freetrade in my opinion made the most scammy deceitful coin in all of crypto history.
His launching of PTS then later down the line trying to distance himself shows deceit.

The trail is clear.

BTS is nothing more than the current project of many in a long line..
and they do not want any of you knowing that (which is why all the deceit about history / track records)
When Freetrade launched Protoshares i asked him outright about starting Memorycoin then abandoning (2x)
His response was i never made Protoshares  and he then posted (for the first time a company name)
He replied back to me a comment and at the same time edited the topic ANN title with [made by Invictus Innopvations]
Kind of funny he never mentioned that company name before.. page after page of him acting like he made the coin.. until i cornered him.
How believable is that ?

EDIT:
I had asked freetrade shortly after the PTS launch, shouldn't people be concerned that you abandoned some sketchy coins before ?
THAT was when he said i didn't make PTS and then accused me of being a troll and mouthed me off etc..
And come on.. gimme a fucking break !
IF that kind of track record with a coin dev does not set off alarm bells then what the fuck does ?

Are you hitting on me?


Hay!


1 applesauce point for you!

Woa there buddy. Bitshares 2.0 is just one small step before we get it right and merge brownie points to create bts3.0

Great comment though here's 10 applesauce points.

It could be really easy for the BitShares devs to remain anonymus and just create another simple copy paste worthless altcoin that could have a few hundred million dollars marketcap. But no, they chose the hard way, they are trying to really create something with value and not another worthless "altcoin" with an expiration date. When copy paste altcoins have a pernament place in the top 10 marketcap, and scamcoins make their apearance in the top 10 too for some time, then you know that something is really wrong with our "valuation" system! Lets see how many people in the future will make the same complains we heard by those that missed the Bitcoin train "I wasn't lucky enought to be around when the price was at $3 !"   Well, you are around now, it's up to you to trust anonymus trolls like DE or do some real research about the project of some people that DON'T hide in anonymity.


Other than that, I want to say hello to the two groups of trolls in the forum, the first group, common altcoin trolls like DE that feel treatened by BitShares and the second group, bitcoin common trolls like Spoetnik that feel bitcoin is in danger by every altcoin out there and we need to "excomunicate" them all! In the name of the One and True God, Bitcoin! Well....Hello... Trolls!

I think not an all dev. I speak about Bitshares team. Development is a need in Crypto-World. But Bitshares... It is not a correct strategy.

i have long said what goes on is fine as long as Dev's keep their track record on the table.
These guys change names and coins and push on.. then later it catches up to them.
When all they had to do is be honest from the start.

Think about it there is probably 8,000 coins i estimate so you think each one of these dev's that loiter around here just made 1 or 2 ?
Do the math..
Somebody made all those coins but there is no one around taking credit for them all.
And what is the simplest explanation ?
Could it be the guys that hang around here (playing innocent) bumping their CURRENT project to page one ?

I sold all my Bitshares. Only 50 remaining.
It is a misery always - each new version.

It is not a simple scam - it is more terrible.

Bitshares 2.0 is a new blockchain. No connection between Bitshares 1.0 and Bitshares 2.0. Only the balance of accounts the "same" (If the import of private keys succeeded - it was a misery for me too.). But it is technically a simple solution for pruning.

Bitshares: prunable full Blockchains - a new possible buzzword in Crypto-World

Muse a new blockchain too (with the Bitshares team in the background). For all new purposes a new blockchain - wasting of resources... I think.

Who cares if someone wipes out the books on any coin?  It's called the free market.  If someone wants to wipe out the buys on polo for NXT using margin, I say, "Do it!".  Imo, restricting peoples' ability to profit off the short as well as the long simply puts them at a disadvantage.  No market is "too immature" for the free market and free enterprise.  You're asking for market regulation simply to protect your investments.

There's nothing wrong with both imho.  I never judge.  It's business.

Indeed.  Pretty good evidence that we didn't.  No?

You should have hired a pumper and a marketer.  That what penny stock companies do before a big announcement.

In traditional stock markets people used to invest based on price to earnings ratios and other metrics that indicated the underlying value of the company.  With the advent of high speed trading, however, cash hops from asset to asset based on the expectation of what it will do in the next few days.  Paradoxically, that means when a company delivers something insanely great, on schedule, such traders simply say "ok, so long and thanks for all the fish. I'll be back just before your next announcement."

And it is true that it is easy for whales to manipulate the market by throwing their weight around.

Meanwhile, Cryptonomex is building multiple companies on top of multiple industrial grade blockchains.  These companies are designed to earn a growing profit and share it with stakeholders.  Who else does that?

So, if you are in this for the short term you need to think like a speculator.  If you are in it for the mid to long term, then invest in value and let the seeds grow.

Claiming that efforts to develop sound profit making enterprises are somehow a scam just makes you look silly.

I guess that's why most people here don't put their real names and faces on the line. 
That way they can throw unsubstantiated FUD around without damaging the (unlikely) honor or reputation of their family names.

i never said he was but implied it..
frankly i don't give a damn who any of these guys are.. or how many of them use 100 accounts.
you skipped over the part where he changed the topic title and brought that up in direct response to my posting questions.
BEFORE that he was acting like it was his coin etc and there was no mention of this company.
red flag ? you bet your damn ass LOL
but let's skip over any stuff like that.. symantecs right ? let's getting trading right ?
I love how you point out that a guy who has a bad track record is working with Bitshares guys
and your only retort is ohh well that is not the same guy LOL
Fail ahahha
Tunnel vision on that $$ much ?

I think it's the Memcoin DEV? Could be Lenin.

DecentralizedEconomics

All the pieces are finally coming together.

DE, I don't care to quarrel with you like some stupid fanboy. My comments were in support of r0ach and how margin trading isn't practical in an immature market. So please don't paint me into one of your delusional boogeyman. I like to trade, and as a trader I am making an observation... playing Devils advocate.

Margin coins are being lent out for a few % interest so traders can leverage their shorts. Which ends up diminishing the coins value. What Long would do that?

Does the guy lending his coins care? Nope.

Does the guy shorting care? Nope.

Then... who cares? Not me.

Would I drop 20 BTC into NXT? Nope. Because in 3 months there is a high probability it will be worth less. Now I'm hoping for a pump just to break even, not to mention the potential gains I could of had with other coins.

Margin trading exacerbates the problem to the non-margin coins as well. Why would I trade NXT with it's crappy volume when I can get action somewhere else? Less than 1m NXT could wipe out the books on Polo. No liquidity... no interest.

I'll say it again... these markets are too immature to handle the swings. Naivety and hope are tools traders use against people, because they know they will hodl, just like the guy who refuses to accept his pocket ACES are just a pair.

Free market? Wonder what the exchange bots think about that?