Topic: Bitshares X inflating due to bugs and hacks - page 2. (Read 4384 times)

FUDers gonna' FUD.

To clarify your points:

Capital infusion (or share dilution) is coming in the form of allowing delegates to ask for X salary. In this way, developers and other workers can be hired directly by the DAC via stakeholder approval voting. No other system has this feature and I think it will completely change the nature of crypto systems by allowing BitShares to hire the best talent, paying them what they deserve & holding them accountable across the spectrum of stakeholders. That alone is worth MUCH more than the dilution incurred by increasing the supply, because the ecosystem will have much more fuel to grow. There will be a hard cap of the number of BTS produced per block, I believe at 50 BTS. The max possible dilution rate will be effectively lower than that of Bitcoin. On top of that, there is going to be hard fork approval voting eventually (https://bitsharestalk.org/index.php?topic=10150.0) which will make the DAC self regulating. The stakeholders at large will essentially be able to vote on changes to the "constitution" or code. So now the DAC can not only employ people but also decide based on approval voting which new rules will be implemented.

PTS still exists, and the social consensus hasn't changed. What actually happened was that as new DACs were coming out (DNS and VOTE), the development team was becoming spread too thin. So the proposal to this is a re-consolidation of those DACs and their developers back into BTSX, which is going to be renamed BTS when the upgraded client is released toward the end of November. This allows the team at Invictus laser sharp focus on producing the best DAC they can, without having to compete within the ecosystem. Future third party DACs are still suggested to include PTS and AGS in their initial allocation as per the social consensus. Because the focus of Invictus is pivoting into building one super DAC, the proposal included an air drop on VOTE / DNS / PTS / AGS as a gesture of good faith. That way, those who were interested in just the features of one of those DACs wouldn't be left holding the bag.

So, there will be a total of 500,000,000 new shares air dropped across VOTE / DNS / AGS / PTS as a result of this refocusing measure, in order to fairly realign the incentives of all participants in the BitShares ecosystem. The rebranded DAC allocation percentages are 3% VOTE / DNS, 7% AGS / PTS, 80% BTSX.

http://bitshares.org/bitshares-the-platform/

As for your last point... proof or GTFO. How would you even know? There has been no scandal involving bytemaster's personal stash that I have heard about. This brand of FUD discredits all of your other FUD to a large degree.

I understand its hard to keep up as there is a lot to digest and sift through as well as often bad/misinformation.

PTS is not being taken over.  My understanding is that it will continue unaffected.  PTS holder are in fact being gifted shares in BTS that they otherwise were not eligible for.  They are getting shares in all *past AND *future DAC's that honor the social consensus.  This is in my mind a pretty good deal.  There was a lot of confusion around this and understandably because of this many felt they were getting a bum deal.

As far as the lead dev selling his personal stash, there is no information that supports that claim.  Its my understanding he made a profit buying/selling/shorting bitUSD and betting that the peg would be maintained.  e.g. when the difference between USD and bitUSD increases you place your bets that the price will move back to the peg.  This is normal, should be expected, and anyone/everyone has the same ability/opportunity to make these bets.  It seems logical that the lead dev would place bets that his system will work, and rightfully should profit when it does.

I hope this clarifies things somewhat.

Its quiet again and what do you know, they have now announced that it will inflate. The hard cap is gone.

Forcibly taken over PTS too and screwed their holders.

This is what happens when there is a brainwashed group with more money than sense. The best part was when their lead developer sold his personal stash at a high and made a million of those off his followers.

Advanced wallet.  Real world dev with a history.  Active development.  Transparency regarding problems and how they will be solved.  I HODL.

as an insider on bitshares I can tell you that in reality the most supporters came from Pluto (there are living aliens with Chinese characteristics)
Guess which Country they have chose on Earth to send their funds from?

some evidence near a traditional bank in China:

This is what bytemaster said...

1) The bug was fixed and the 'extra BTSX' have been burned by the devs (paying from their own funds)
2) you can see the burned funds here: https://bitsharestalk.org/index.php?topic=6572.msg127684#msg127684
3) the supply is back to normal
4) we are talking 187,350 BTSX which is worth "a few bucks"
5) BTSX is NOT backed by anything and noone every told so .. it's bitUSD that is backed by BTSX 2x (you can start and figure out how USD and GLD are backed in real life!)
6) there's a whole thread over at OUR forum: https://bitsharestalk.org/index.php?topic=9214.0;all
quote from the dev:

My finally comment: Basically I don't give much about what people talk over here .. I just want to post the facts for people that are a little more 'open minded'

Its not going to cross, not so soon. In a year, maybe, but then we have to see what new thing turns up by then.

Is this right - new coins have been generated that effect the market cap?

Yesterday has been the first day this prediction on the marketcap of Bitshares got traction:
https://www.fairlay.com/predict/registered/new/bitsharesx-crosses-litecoin-before-jan-1st/

Welcome to my world, mate.
NXT has been taking this kind of FUD since day one, the best advice I can offer is to be honest and open, and to keep on calmly telling the truth.
Oh, yeah. sarcasm is good as well, makes the trolls a bit confused.

This was addressed on the Bitshares forums, just not Bitcointalk. There is a lot that happens in the Bitshares community that doesn't get mentioned over here. We are not like Monero where we feel the need to spam everyone on Bitcointalk about every time Bitshares takes a breath. We have our own very active forum in which most Bitshares discussion takes place.

There was no attempt to hide this. It was noticed by the community, brought up in public. The Devs admitted there was a bug in the delegate pay rate and burning of fees. They fixed the problem and burned their own shares to make up for it. I don't see the big deal, as the developers ate the cost of the bug themselves.

The title (and possibly the intent) of this OP/thread is misleading as there was no hacking involved, it was a bug. Along with the empty claims of which Tineye has no proof AGS funds are being used to prop up the price.. just baseless speculation which makes me think the OP has some sort of ulterior motive to want the price to go down. Judging from the OPs previous posts, he stated he sold when the price was high and would buy back into BTSX came back down... maybe just maybe he isn't happy the price isn't collapsing like he thought it would and he is trying to make that happen one way or another.

As a disclaimer I'll say first that I don't own Bitshares, and maybe I have some big information deficit. But do I get this about right:
You guys just accidentally created yourself some coins. Nobody but some internal group even noticed (wha?!). Then you don't tell, and just change the code so that it's fixed. And I'm about the only one stunned?

If you say that you fixed the bug, so all is well, then I would say you miss the problem.
Which info am I missing when I think any other coin would be destroyed if it would work like that?

The OP issue was detected and corrected within 48 hours by burning our own shares to get back down to the 2B cap.

The BitShares Trust purchased about 600 BTC worth of BTSX in August and announced it publicly as a move to diversify a small percentage of the BTC donations it holds.  No such purchases occurred in September at all although the Trust may chose to do more small purchases at some point in the future.

The purchases in August accounted for about 5% of the inflow of cash to BitShares X during that period and therefore did not have a significant impact on the market.

Since it was not enough to impact the market, it can only be viewed as an expression of confidence in the future value of BTSX relative to BTC.

 

I too bought all my BTSX through BTER. People here are just upset to see a worthy competitor arising and are looking for any possible FUD they can to rain on the parade. As brekyrself said, this problem was patched up almost immediately, no harm done. Is this really the best trolls can come up with? In that case, I'm even more happy with my investment decision.  

...also, hacks? When the hell were there ever any hacks? Outright lie.

same here. bought lots of btsx through bter. I understand the potential.

Volume is too low to bother with bittrex or poloniex.

I'm not from China but using bter and btc38 for more than a 1.5 years, what I'm doing wrong?  

This problem was solved a long time ago...  It's also funny if you were not biased you would have saw a few posts down the supply was right back to normal!  https://bitsharestalk.org/index.php?topic=9214.msg119275#msg119275


All their dev's are not hiding behind any forum handles and more importantly Dan Larimer is actually one of the keynote speakers at Inside Bitcoins right next to Patrick M. Byrne of OVERSTOCK.com.

https://bitsharestalk.org/index.php?topic=8767.0
http://insidebitcoins.com/las-vegas


Did you think for a second that the volume is coming from bter and btc38 exchanges?  I guess all people using those exchanges are from China.

Nobody notices this before!?! 

god damn, you always online TaunSew....