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Topic: Did Bitshares just commit suicide? (Read 837 times)

full member
Activity: 201
Merit: 100
February 10, 2015, 06:24:50 PM
#9

It was very controversial and pissed off many people, and the price is like 50% lower now as a result.  So yeah, it was terrible, but you cannot say that it hasnt been priced in at this point.

You just forget that Bitcoin price also lowered more than 50% from time when BitShares team decide to merge everything to SuperDAC.

Actually I mean that it dropped 50% in satoshi terms.  It was over 8000 sat back in september before the whole thing started, now its 4000.    My NXT has gone down less.

That said both BTS and NXT are super undervalued right now and I'm selling some Ripple and BTC to add to both at these prices.
legendary
Activity: 1764
Merit: 1018
February 10, 2015, 04:38:22 PM
#8
Now do you begin to see why it wasn't hard for the VOTE and DNS developers to agree to a merger?
Sure. I never even heard of DNS and VOTE before, who are they? And they got 20% of Bitshares...
Thanks for replies however. I should pay more attention to cryptocurrencies I invest in.

They are the other projects that the Bitshares team was working on.  People had invested into those projects.

The team decided that everything worked a lot better if they made one blockchain instead of three, so they combined the projects.  But they had investors who had already donated towards the development of VOTE, and DNS had been released and they had people already buying and selling DNS on exchanges.  So rather than just ditching those projects and completely screwing the investors, they had to give them BTS (the combined blockchain that combined BTSX, VOTE, and DNS).  The developers that used to be working on VOTE and DNS are now all working together on BTS.


It was very controversial and pissed off many people, and the price is like 50% lower now as a result.  So yeah, it was terrible, but you cannot say that it hasnt been priced in at this point.

You just forget that Bitcoin price also lowered more than 50% from time when BitShares team decide to merge everything to SuperDAC.
full member
Activity: 201
Merit: 100
February 10, 2015, 04:31:58 PM
#7
Now do you begin to see why it wasn't hard for the VOTE and DNS developers to agree to a merger?
Sure. I never even heard of DNS and VOTE before, who are they? And they got 20% of Bitshares...
Thanks for replies however. I should pay more attention to cryptocurrencies I invest in.

They are the other projects that the Bitshares team was working on.  People had invested into those projects.

The team decided that everything worked a lot better if they made one blockchain instead of three, so they combined the projects.  But they had investors who had already donated towards the development of VOTE, and DNS had been released and they had people already buying and selling DNS on exchanges.  So rather than just ditching those projects and completely screwing the investors, they had to give them BTS (the combined blockchain that combined BTSX, VOTE, and DNS).  The developers that used to be working on VOTE and DNS are now all working together on BTS.


It was very controversial and pissed off many people, and the price is like 50% lower now as a result.  So yeah, it was terrible, but you cannot say that it hasnt been priced in at this point.
hero member
Activity: 572
Merit: 506
February 10, 2015, 02:49:46 PM
#6
Now do you begin to see why it wasn't hard for the VOTE and DNS developers to agree to a merger?
Sure. I never even heard of DNS and VOTE before, who are they? And they got 20% of Bitshares...
Thanks for replies however. I should pay more attention to cryptocurrencies I invest in.
hero member
Activity: 504
Merit: 504
February 10, 2015, 01:28:17 PM
#5
That's very old (but very good) news.

Nov 5th is when BitShares X merged with DNS and VOTE to become just BitShares - a self-funding SuperDAC.
Part of the "merger" deal was a unified set of 2.5B shares that encompassed what would have been three destructively competing businesses.
(The extra 20% phase in gradually over 2 years so as to not rock the boat.)

This upgrade is also where BitShares got the ability to fund its developers using the same per-block issuing process as Bitcoin.
(Except Bitcoin buys electricity with its 10% annual issuance while BitShares uses up to 6.3% issuance productively to pay developers and marketers to do useful work instead of generating heat.)

Here are some of the advantages that made us decide to go with a merged SuperDAC:


The Origin of BitShares
Part 9
What is a SuperDAC?


Quote
SuperDAC - noun - soup-er-dak
A Decentralized Autonomous Company (DAC) providing common services that support layering of other DAC business models onto a common public ledger for the sake of shared network effect.
The need to merge our various DACs into a single "SuperDAC" was based on the realization that they all needed a whole bunch of common services that are much less effective if they aren't common services:

  • A unified basket of stable, robust global currencies (bitAssets)
  • A unified set of well compensated, best-of-breed delegates.
  • A unified name system.
  • A unified secure messaging system.
  • A unified set of on and off ramps - portals to the fiat world.
  • A unified marketing message.
  • A unified consensus-based governing system.
  • A unified family of tools and wallets.
  • A unified way for newcomers to make instant friends with everyone already there.
  • A built-in venture capital system where you can compete for start-up funds - democratically.

New business developers (DAC engineers) shouldn't want to reinvent these things any more than I would want to reinvent my computer's device drivers and operating system.  And what sense would it make to have different competing operating systems, each with a subset of drivers and services?

Gee, I sure wish I could go back in time and invest in MS-DOS.  
Rats.  
An opportunity like that will never come around again.

BitShares took the whole ecosystem into one DAC friendly free-trade zone with all the services that benefit from network effect already in place.

Any developer who wants to build a business would be crazy to stay on the outside and try to replicate that.  Even if they can pick up the toolkit and get all the functions - the network effect doesn't come with the toolkit!  You get that by joining the club.  You still run your own business with its own custom storefront and Internet presence.  You just skipped a year or two of trying to get traffic to stop by!

Now do you begin to see why it wasn't hard for the VOTE and DNS developers to agree to a merger?

We offer instant network effect.  Built in.

full member
Activity: 201
Merit: 100
February 10, 2015, 01:10:19 PM
#4
No, it happened on Nov 5.  The price already went down 50% when it happened.
hero member
Activity: 547
Merit: 502
February 10, 2015, 12:09:33 PM
#3
This blog article sums up the merger.

http://bitshares.org/blog/bitshares-reloaded/
legendary
Activity: 826
Merit: 1002
amarha
February 10, 2015, 10:46:09 AM
#2
According to http://coinmarketcap.com/ their available supply now 2.5 billions, a couple of weeks ago it was 2 billions. Looks like it happened around Jan 26'th. Wtf is going on?

Thought that they've done this a couple of times already. Also I think I remember this most recent printing happening a while ago, longer than two weeks. Might have had something to do with I3 winding down or whatever? I don't really follow it too much so it's kind of hazy for me. Should probably pay more attention though. I guess the main problem is that they're all at bitsharestalk. At least Stan posts here though too, so I get to read some BTS related content sometimes.

I don't think too many people care about the printing as I haven't seen many people complaining here. And I'm going to assume their own community is ok with it as I don't see any signs of suicide as you predict.
hero member
Activity: 572
Merit: 506
February 10, 2015, 10:00:33 AM
#1
According to http://coinmarketcap.com/ their available supply now 2.5 billions, a couple of weeks ago it was 2 billions. Looks like it happened around Jan 26'th. Wtf is going on?
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