Topic: what do you think the BitShares are? (Read 1193 times)

It's evolution, next generation will work better.  

Full convertibility? Like the comex? The physical silver market for instance has been absolutely destroyed by derivatives. The ratio of paper versus physical in some months are over 500 to 1. Hell, it would only require $1 billion to claim the entire registered category and only $2.8 billion to wipe out all inventory. bitAssets would be better served if they if they dropped the derivative charade, and have a market that was pegged to the actual physical demand/supply. Price discovery would be back in the hands of the traders, rather than algos trading back and forth distorting the price. bitAssets is a side-bet of another bet manipulated by unicorns. With a lot less liquidity, so why bother? MF Global comes to mind. If BTS can provide transparency... then that would at least be a start in the right direction. But DE doesn't really care about ANY OF THIS, he just wants you to dump BTS and buy his bags of NXT, like his shill buddy Daedelus.  

edit: Almost forgot Daedelus link. He usually demands one. https://www.youtube.com/watch?v=KQ1-QlpcTjk

So the plan is to continue to exploit people's natural bias i.e. despite historic evidence to the contrary it is the next diet that will work or the next gym membership subscription that means you go 4 times a week?

After POW>POS>TaPOS>DPOS and roll in AGS, PTS, VOTE et al flavours and 'the merger' + adding inflation, it is the next version of BTS that will work. Fair enough..

Peoples which fully understand already lost a lot of money with much simpler technology called Bitcoin.

I am worried that people who don't fully understand what is going on have lost money and are going to continue to lose more money on Stan's, Dan's and the Bitshares gang's "theories".

Don't worry - time will show.

I don't think most people who purchase "bitAssets" think "Safer than a Swiss Bank Account" means "Bankroll my 'theories' until I come up with a 'stable product'".  In my opinion, this seems like a long con perpetrated on individuals who don't understand that you can never have parity without full convertibility.  The only way you can have "full convertibility" is by having every single "bitAsset" backed 100% by the corresponding physical asset.  No amount of "on/off ramps" will provide this.

As many as needed to bring users innovative and stable product.

Oh... I thought it was "Safer than a Swiss Bank Account" in regards to Bitshares' (TM) "products" (BTS derivatives contracts) holding their peg to their physical counterparts.  Certainly, most users would take that statement to mean that their money will be worth the same amount tomorrow as it is today.

Maybe it's me, but in my opinion, it seems a little disingenuous to claim Bitshares' (TM) slogan, "Safer than a Swiss Bank Account", applies only to counterparty risk and not systematic risk, which is obviously the greater risk in your experiment that you are conducting with other peoples' money.

How many "lessons" is it going to take until all your users become broke from your misconstrued "theories"?

As we've said many times and in all full disclosures, BitShares is still being refined with lessons learned continuing to be applied.  It gets stronger with every release.  All discussions about theory of operation are about what we are building and how it works in production when the market depths reach full liquidity.    Even so, it has been remarkably resilient during this thin bear market.  Very gratifying to see.

That said, even now BitShares is immune from more abuses (and in that sense safer) than a Swiss bank - which was the whole point of the slogan.

 

"Safer than a Swiss Bank Account" leads people to believe that BitUSD will always be on par with USD.  It should not be more or less than one USD.  What about those individuals who have lost money shorting BitUSD because they were led to believe BitUSD would maintain USD parity?

$1.11 per BitUSD show this, 1 BitUSD cost more than 1 USD because market think that BitUSD "Safer than a Swiss Bank USD".  

No, you can't.  You can switch between BTS derivatives contracts which are supposed to track certain assets, but don't because there is no convertibility.


Make sure you keep telling everyone that they're protected from counterparty risk to distract them from realizing that the systematic risk of holding your derivatives contracts is an even riskier proposition.  Price Stability?  You're joking right?  Why would I want to purchase a faux USD BTS derivatives contract for more than a real, tangible USD?


All I hear is excuses.  What happened to this being "Safer than a Swiss Bank Account"?

At the moment is is going for $1.11 because of the bear market.   We have recognized the problems with the current system and have a major update that will fix the liquidity issue. 

I would say that right now BitUSD is extremely liquid at $1.00. it is just expensive to buy because it can only be created by people looking to short and no one wants to short in a bear market. 

If I had $55K BitUSD I could sell them all at $1.00 right now which is 33% of the BitUSD supply.   

Anything to add about the market failure of these illiquid assets you claim you can move between? Seems 1 bitUSD is still $1.18, from the data published in the link above.

Currently I'm sticking with Bitcoin and Nem(Xem)  

I like being able to go back and forth between a wide variety of assets as they cycle against each other in the market.
I can switch between BTS, BTC, Gold, Silver, CNY, EUR, and USD for about a penny in ten seconds as often as I like.
I can also create my own basket of currencies and adjust the mix as often as I like for pennies.
And I never encounter the delays, costs and risks of passing through fiat space.

The reason you don't "just hold fiat" is because it costs a "spread" every time you pass through an exchange to go back and forth between fiat and Bitcoin.  

Also, during the time you have your assets sitting on an exchange you are exposed to counter party risk of getting hacked or betrayed or seized.  While in BitShares, only you hold your own private keys while you can lock your price to any mix of outside assets.  This gives you price stability you can't get with first generation crypto currencies.

And you can change that mix (basket of currencies) in 10 seconds for pennies.

I'll refer you to What is BitShares? and the scores of other profoundly serious articles you will find with it on Bytemaster's Blog.

See also Join the BitShares Community Today!

and Where Can Blockchain Technology Take Us?

BitShares Loves Puppies has TONS of examples of what BitShares is all about.  It's a whole ecosystem based around a suite of "smart coins" that track the value of various fiat currencies and commodities.

Next month we will be announcing advances that go as far beyond BitShares as BitShares is currently beyond Bitcoin.  

So it is not a static picture at one point in time.  BitShares development will continue, so you can expect such leaps forward on a regular basis, just as you have seen several times since we began.

Chinese supporters of BitShares don't use BTT, let's say Chinese altcoin fans don't use BTT, for example try to find info in BTT for Chinese YBCoin http://coinmarketcap.com/currencies/ybcoin/
AFAIK Chinese altcoin fans prefer QQ

No. bcause it could not completely eradicate the need of centralized entities like gateways...

Its an extremely elaborate hoax, ala ethereum and some would say bitcoin.