Topic: Is this genuis or stupid? (Read 2346 times)

Thanks again to all the posters. 

Totally agree Zeteray the mechanism of the peg is the most important part. Everything hinges on that. If it is sound its amazing. If it has a fundamental flaw, the whole thing is bogus.   I have spent close to a thousand hours looking for that flaw and I can't find it.

But I have received some value out of this thread so thank you everyone.  I get that not many people who have the skills to understand it at a very deep level also have the time or the inclination to investigate it.  If bitshares is to help bitcoin in the way I think it will, it will have to get much better at explaining how bitassets work.  Please keep the feedback coming. This is all very useful.

If you are interested in how bitassets like bitUSD work then please watch this video and let me know if it satisfactorily answers your questions.   Any points of improvement will be much appreciated.
https://www.youtube.com/watch?v=XNCgG2goP7E&index=4&list=PLjgfpSQFJTLpKmTGCG8FjvDFbfst6F-x5

So your post has 2 subjects. Indifference doesn't only come from smart people...

All these miners that aren't saving up a decent amount of Bitcoin monthly will weep later on when the price sky rockets.

no hate here too... i just think bitshares is stupid 

one thing to remember: bitshares is a chain where marketing folks calls themselves a miners...
so be careful if you read long and wellwritten post... its like a builtin shill-support

never forget rule number one: think for yourself.

its POS (or a variant): enough said
and i think most (nearly all) alts are scams (and most of its users gets deceived by scammy groups)

please remind: its an IMHO and everybody should make up his own mind.

BitShares or BitUsd?  Going out on a limb and calling this stupid.

Here's what the lead developer of BitShares had to say about this project:

https://www.youtube.com/watch?v=cIasr2AiyZ0

I read the website. There is no explanation on how each bit-fiat is pegged. The mechanism is the important part. I think it is not genius the way it sounds. It is a project involving 5 alts and nothing binds them together.

its not genius mate! its stupid, bitshare is absolutely stupid lol.
stupid science 

Thanks to everyone for contributing.


If you think its stupid, then why do you think it is stupid?  And are you basing it off its current form or something that happened a year ago?


Yes I am the guy in the video.
I think this video in the bitshares 101 series is the explanation video you are seeking.
https://www.youtube.com/watch?v=XNCgG2goP7E&index=4&list=PLjgfpSQFJTLpKmTGCG8FjvDFbfst6F-x5

My gut is that people see it as a competing currency instead of a decentralized exchange as well.  I agree with the shit coin analysis.

You can get the book Bistshares 101 on amazon for 99 cents here http://www.amazon.com/BitShares-101-Generation-Currencies-Decentralized-ebook/dp/B00QUIWHR0   or you can get the pdf for free with an email address here http://www.bitshares101.net/



I read them. The one with the most merit was the first.  It was unfortunate that the voting system was not in place so stake holders could vote on the "merger" That made it very messy, not transparent and left a bad taste in a lot of peoples mouths. I totally understand that. I don't think the outcome would have been different though if stake holders could have voted.

But none of these things are particularly relevant to my point.   I have invested in companies before where I did not agree with every decision of management.  It is par for the course. And if you feel you were "robbed" in some way I understand the resentment of course.  I had a similar thing with bitshares early on I wanted to mine pts, but I could not get the qt to run on my mac and had to watch others mining free coin easily while I got nothing.   It pissed me off, but that was just petty on my part.

The only question that matters now is: Does the current state of the bitshares open source protocol provide exciting tools that can help increase bitcoin's utility?
That is the question no nay-sayers have answered and its the only one that counts.... at least to me.


Jesus I appreciate you put a lot of effort into your reply, but I could not follow it I am afraid. Gonna have to walk away from that.

Bitshares is stupid.  Imo, Bitshares misleads a lot of people and many of its original supporters have turned against it.  I mined PTS in the beginning and turned against them once I realized their modus operandi.

Read these for enlightenment:

Communist Bitshares Wealth Redistribution IS THEFT!

Bitshares oligarchy rearing its head

BitShares coinmarketcap volume is artificial

If you like inflation and taxation without representation, then Bitshares is for you!

You should choose your platform, when you want to speak about things like this.

Currently .... /r/Bitcoin on Reddit are riddled with Shills and trolls and Bitcoin haters... so it's not a good idea to use it for that kind of subject. {It spoils it for me too}

You can choose to ignore them and still post there, but it's not going to be a pleasant experience. 

Bitcointalk is focussed on Bitcoin matters and are in my opinion a better platform to talk about this.

Bitshares are a bit complex for most newbie users, so it needs a little bit better explanation to be appreciated by a bigger audience.   

Thumbs up.
Maybe you need to move on in a more original work.

What you're explaining is what bitshares does, it essentially says the same thing on their website.

+1 that's true

always think for yourself and make your own decision based on facts (or on your believes or hopes).

I know as little about BitShares as I knew about Bitcoin back in 2011.

I can't speak about the contents of the 20 minutes video: I couldn't stand watching it, because I feel like it's totally the wrong media type. If you have such a loooooooooooooong message to tell the world, use text, not video. I would be ok with reading the transcript, though.

However, I read how it works from bitshares.org and some bits from the wiki. It seems interesting but complicated, just like Bitcoin

About the hate on this forum, there are 2 things that I'd like to point out.

First is that while I see some parallels in blockchain technology, I fail to understand the relationship between Bitcoin and Bitshares. There are *zero* occurrences of 'bitcoin' on the 'How it works' page. So maybe that Bitcoin invested people are perceiving it as a competing crypto, aka altcoin, and altcoins justifiably got a bad name on this forum because of what I'd call the "shitcoin spree" in 2014.

Second is that what I call the noise on this forum has increased significantly during the last two years, compared to what I experienced when I started posting here in early 2013. Let me define it shortly: I call 'signal' people exchanging ideas and information about Bitcoin. I call 'noise' people trolling, those who see bitcoin as a get-rich-quick thingie, those who want to earn $$$ without working, etc. Unfortunately, the signal-to-noise ratio has gone much lower when Bitcoin prices started to explode (it was $27 when I joined).

So, it might be genius or stupid, I can't really say at this stage. What I can say is that I wouldn't take the hate here as a reasonable confirmation or denial of BitShares being either genius or stupid.

Are you the guy in the video?

Being able to hedge against the price swings would be a MAJOR development. The only problem I have with bitshares is that the video doesn't explain how it works, it's just fluff!

How do bitshares work?

Ps: you don't have to quote the entire original post to respond, especially when you're the first one to respond.

as soon as someone is invested in something (be it work, money or anything else) he will have a better opinion about it, because most people need to justify it for themselves.

there are many examples.

if you talk to such a person you'll soon notice this: http://en.wikipedia.org/wiki/Cognitive_dissonance

btw i think BitShares is stupid. i mined some PTS in the early days (at start) but sold them a few days later and have never regretted it.

EDIT: reduced quote

Hey gang,

I need some help.  I don't post here very often, but I have been posting on reddit/r/rbitcoin and getting either hate or indifference to what I think is the most exciting thing possible for bitcoin and the whole decentralized movement.

And I just cant figure out why? The haters are probably easier to understand cause haters gonna hate. They never give any constructive criticism and most likely just can't follow along with what is admittedly a difficult subject.

Its the super smart guys that baffle the most. Why the indifference?  It makes me doubt myself.  Maybe I am the dumbass here.  But if its just me being a dumb ass and not seeing the flaw or lack of utility in the tools I have been reporting on, then surely some of the smart guys would be kind enough to explain why those tools are flawed.   I would love that.   It could save me a shit load of time.

I am so sick of the hate I am hesitant to even mention what I am talking about because really I want help understanding the above more than anything else. But the post won’t make sense if I don’t so here it is.

I am talking about bitshares. The bitshares DAC is on the cusp of solving what I think is 2 of bitcoin’s biggest challenges right now. 1. It is a decentralized bitcoin exchange built on the blockchain and 2. It will allow a decentralized bitpay service or hedge wallet that should massively help unbanked merchants accept bitcoin.

This video explains the above statements.
https://www.youtube.com/watch?v=arTGxy37C70&list=PLjgfpSQFJTLqbgHm8mkgPdD-ma7t0bRhK

So if you think this is stupid please say why, so I can move on to more productive things.  

And if you think this is genius, please let me know so I don’t feel like a dumbass.

Thanks in advance.
Max