why?
Topic: What's wrong with BitShares and why I am leaving. - page 2. (Read 2335 times)
why?
Within 9 days my position was down near 10%. I decided I would take the loss and exit the trade.
Well, in attempting to close the trade, I kept getting error messages saying I didn't have enough bitUSD to buy back what I shorted.
I thought maybe this was a bug with one of the updated versions. I went to the forums and posted my problem.
To my surprise I was told I was stuck unless I went and bought more BTS and then bought more bitUSD to cover my existing short even though I had enough BTS locked in collateral to buy near 2 times the amount of BTS I had shorted.
My BTS was being held hostage and I was being told I need to go buy more BTS or borrow BTS just to get my original BTS back otherwise I would have to wait 30 days and be force covered for an additional 10% penalty. This 10% was a fee for allowing the short to expire.
That 10% is some of what goes to pay the Dev's and delegates that are voted into the system.
The cynic in me began to wonder why nobody would publicize the fact that collateral can not be used to close a trade? It seemed ponzi like that you had to buy more of what you were trying to get rid of in order to close the trade. A way of faking liquidity? You had to propagate the system in order to close out the trade.
Well, in attempting to close the trade, I kept getting error messages saying I didn't have enough bitUSD to buy back what I shorted.
I thought maybe this was a bug with one of the updated versions. I went to the forums and posted my problem.
To my surprise I was told I was stuck unless I went and bought more BTS and then bought more bitUSD to cover my existing short even though I had enough BTS locked in collateral to buy near 2 times the amount of BTS I had shorted.
My BTS was being held hostage and I was being told I need to go buy more BTS or borrow BTS just to get my original BTS back otherwise I would have to wait 30 days and be force covered for an additional 10% penalty. This 10% was a fee for allowing the short to expire.
That 10% is some of what goes to pay the Dev's and delegates that are voted into the system.
The cynic in me began to wonder why nobody would publicize the fact that collateral can not be used to close a trade? It seemed ponzi like that you had to buy more of what you were trying to get rid of in order to close the trade. A way of faking liquidity? You had to propagate the system in order to close out the trade.
BitShares.
Safer than a Swiss Bank.
(Ask me why!)
Safer than a Swiss Bank.
(Ask me why!)
So you decided to go "all in" to an altcoin (mistake #1). Then you participate in a complex financial instrument WITHOUT READING THE RULES (mistake #2). Then you get stuck based on this fair and universal rule for closing your position and create this fantastic story implying that this was somehow a conspiracy concocted by the developers and the illuminati to take your money. It is a decentralized free market system and you played the game without reading the rules.
Bitshares is a fantastic platform. Even without the decentralized exchanged and the host of other features, it is the most efficient, scalable, and secure platform on the market today (see here).
Bitshares is a fantastic platform. Even without the decentralized exchanged and the host of other features, it is the most efficient, scalable, and secure platform on the market today (see here).
You can imagine how much we hate to see something like this happen to a loyal supporter.
We are constantly reviewing how the system works and planning updates to optimize our selected parameters and policies as issues are identified. Unfortunately, there is no substitute for field testing a new system. That's why we publish warnings everywhere that this is still beta software and you should not invest more than you can afford to lose if something unexpected goes wrong.
For example, this has been stickied at BitSharesTalk.org since last August:
*GENERAL WARNING*
As for the OPs list of disappointments, up until last fall, our policy had been to post everything we were working on, including partnerships we were pursuing and every other promising development (and setback). These were not "lies" or "broken promises", these were open insights into our hopes, dreams, visions, and ongoing pursuits. Everything that made us hopeful we shared, usually as soon as it happened. Sometimes promising leads don't pan out. We have pictures of our many hours of interactions with Kevin Harrington and our posts at the time made it clear that he was gracious, attentive and complementary but no commitments of any kind were made.
Needless to say, because of the tendency of people to read our openly expressed reasons for optimism as "promises", we have stopped doing that.
Since then our policy has been not to discuss things we are working on until they are near certainties. This, of course, drives other people nuts who complain that we are not as "open" as we used to be.
You can certainly see what happens to the share price when we stop talking about all the exciting things that make us hopeful.
We continue to assure our supporters that we've got tons of great stuff in the near term pipeline. Unfortunately, because of painful results like this, that's all we can say (for now).
We are constantly reviewing how the system works and planning updates to optimize our selected parameters and policies as issues are identified. Unfortunately, there is no substitute for field testing a new system. That's why we publish warnings everywhere that this is still beta software and you should not invest more than you can afford to lose if something unexpected goes wrong.
For example, this has been stickied at BitSharesTalk.org since last August:
*GENERAL WARNING*
As for the OPs list of disappointments, up until last fall, our policy had been to post everything we were working on, including partnerships we were pursuing and every other promising development (and setback). These were not "lies" or "broken promises", these were open insights into our hopes, dreams, visions, and ongoing pursuits. Everything that made us hopeful we shared, usually as soon as it happened. Sometimes promising leads don't pan out. We have pictures of our many hours of interactions with Kevin Harrington and our posts at the time made it clear that he was gracious, attentive and complementary but no commitments of any kind were made.
Needless to say, because of the tendency of people to read our openly expressed reasons for optimism as "promises", we have stopped doing that.
Since then our policy has been not to discuss things we are working on until they are near certainties. This, of course, drives other people nuts who complain that we are not as "open" as we used to be.
You can certainly see what happens to the share price when we stop talking about all the exciting things that make us hopeful.
We continue to assure our supporters that we've got tons of great stuff in the near term pipeline. Unfortunately, because of painful results like this, that's all we can say (for now).
You haven't said much of import for the OP. How do you intend to address this glaring problem with the system?
You can imagine how much we hate to see something like this happen to a loyal supporter.
We are constantly reviewing how the system works and planning updates to optimize our selected parameters and policies as issues are identified. Unfortunately, there is no substitute for field testing a new system. That's why we publish warnings everywhere that this is still beta software and you should not invest more than you can afford to lose if something unexpected goes wrong.
For example, this has been stickied at BitSharesTalk.org since last August:
*GENERAL WARNING*
As for the OPs list of disappointments, up until last fall, our policy had been to post everything we were working on, including partnerships we were pursuing and every other promising development (and setback). These were not "lies" or "broken promises", these were open insights into our hopes, dreams, visions, and ongoing pursuits. Everything that made us hopeful we shared, usually as soon as it happened. Sometimes promising leads don't pan out. We have pictures of our many hours of interactions with Kevin Harrington and our posts at the time made it clear that he was gracious, attentive and complementary but no commitments of any kind were made.
Needless to say, because of the tendency of people to read our openly expressed reasons for optimism as "promises", we have stopped doing that.
Since then our policy has been not to discuss things we are working on until they are near certainties. This, of course, drives other people nuts who complain that we are not as "open" as we used to be.
You can certainly see what happens to the share price when we stop talking about all the exciting things that make us hopeful.
We continue to assure our supporters that we've got tons of great stuff in the near term pipeline. Unfortunately, because of painful results like this, that's all we can say (for now).
We are constantly reviewing how the system works and planning updates to optimize our selected parameters and policies as issues are identified. Unfortunately, there is no substitute for field testing a new system. That's why we publish warnings everywhere that this is still beta software and you should not invest more than you can afford to lose if something unexpected goes wrong.
For example, this has been stickied at BitSharesTalk.org since last August:
*GENERAL WARNING*
As for the OPs list of disappointments, up until last fall, our policy had been to post everything we were working on, including partnerships we were pursuing and every other promising development (and setback). These were not "lies" or "broken promises", these were open insights into our hopes, dreams, visions, and ongoing pursuits. Everything that made us hopeful we shared, usually as soon as it happened. Sometimes promising leads don't pan out. We have pictures of our many hours of interactions with Kevin Harrington and our posts at the time made it clear that he was gracious, attentive and complementary but no commitments of any kind were made.
Needless to say, because of the tendency of people to read our openly expressed reasons for optimism as "promises", we have stopped doing that.
Since then our policy has been not to discuss things we are working on until they are near certainties. This, of course, drives other people nuts who complain that we are not as "open" as we used to be.
You can certainly see what happens to the share price when we stop talking about all the exciting things that make us hopeful.
We continue to assure our supporters that we've got tons of great stuff in the near term pipeline. Unfortunately, because of painful results like this, that's all we can say (for now).
OP. Sorry for your loss. But the one big mistake you ever did was going all in on Bitshares. I'm not saying it's a bad investment or anything, that's not my point. But you never ever go "all in" like that. These companies in crypto are start ups. And most of the start ups fail. 8 - 9 start ups out of 10 fail. So imagine your odds when you went all in.
In investing, always look out for your bankroll first and foremost. There are lots of elements out there who would do anything for you to part with it.
In investing, always look out for your bankroll first and foremost. There are lots of elements out there who would do anything for you to part with it.
Blah blah blah, wasted money....
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