VOTE DAC Just Got More Interesting 2.0

[zerosum]

All of you guys are doing great!  I am extremely proud of the collective reasoning powers of this forum.

Keep on following all this thread to its only possible Darwinian conclusion...

:)

Yee, my Darwinian conclusion is that if VOTE is a mutation of BTSX, that is more fit for survival; it should inherit more (like 99%) of the genes of the original BTSX... and basically be snapshotted from BTSX and not from some random initial distribution that gives 40% of the stake to some entity with unknown purpose.

Or at least something like 10%/10%/80% - AGS/PTS/BTSX

[oco101]

different DACs will have different business models .. which will make THEIR base token (BTSX, MUSIC, VOTE) worth SOMETHING ..
if it is worth something you can start trading USD for it ON CHAIN ... and as all USD will be worth the SAME .. you can easily exchange them ...

if there was a DAC that would just ISSUE bitUSD on their chain .. you don't need to trade (ACCT) with them .. ACCT is user initiated .. independently of chains/delegates

how will the outside world identify all kinds of BitUSD ?


A:Do you have a account that accepts BitUSD ?
B:Of course.here,XYZ. (BTSX-wallet)
A:(using VOTE wallet to send BitUSD to XYZ).....Failed.
B:What's wrong?Why can't you send BitUSD to me?Oh,yours is vote-usd。。。。。you need to use ACCT to turn your BitUSD on vote into BitUSD on BTSX and then transfer to me ?

A:Do you have a account that accepts BitUSD ?
B:Of course.here,XYZ. (BTSX-wallet)
A:(because there is no way to send to bitUSD to a diffrent chain without ACCT by default, this type of transfer, will be ACCT ) using VOTE wallet to send BitUSD to XYZ ... Success

[Stan]

All of you guys are doing great!  I am extremely proud of the collective reasoning powers of this forum.

Keep on following all this thread to its only possible Darwinian conclusion...

:)

(You may quit when you have evolved a solution that nothing else can beat.)

[Method-X]

how will the outside world identify all kinds of BitUSD ?

A:Do you have a account that accepts BitUSD ?
B:Of course.here,XYZ. (BTSX-wallet)
A:(using VOTE wallet to send BitUSD to XYZ).....Failed.
B:What's wrong?Why can't you send BitUSD to me?Oh,yours is vote-usd。。。。。you need to use ACCT to turn your BitUSD on vote into BitUSD on BTSX and then transfer to me ?

Why are people so panicking!? you are cross chain trading all the time when you do a wire transfer from your local bank account to another bank account
or transfer funds to you credit card ...

Because every month it just keeps getting more and more complicated.

[xeroc]

how will the outside world identify all kinds of BitUSD ?

A:Do you have a account that accepts BitUSD ?
B:Of course.here,XYZ. (BTSX-wallet)
A:(using VOTE wallet to send BitUSD to XYZ).....Failed.
B:What's wrong?Why can't you send BitUSD to me?Oh,yours is vote-usd。。。。。you need to use ACCT to turn your BitUSD on vote into BitUSD on BTSX and then transfer to me ?

Why are people so panicking!? you are cross chain trading all the time when you do a wire transfer from your local bank account to another bank account
or transfer funds to you credit card ...

[zerosum]

Since the same technology is behind each one of these DAC's it will probably make more sense just to switch on trading for all the other currencies in the DAC that gains the widest adoption.  No need to trade between chains.  Just have the delegates publish the appropriate feeds and away you go.  BTSX might be worthless.

No BTSX wouldn't be worthless if it bootstrapped BitAssets and particularly BitUSD first.

Luckily BTSX is way ahead, it has the best dev talent, DPOS & an awesome marketing in the pipeline. So it was very hard to see anything challenging it.

Until now...

VOTE will fork BitUSD, VOTE has DPOS and the best dev talent in the business (Bytemaster), they will apparently be using everything in the BTSX amazing secret marketing campaign too. (Offering BitUSD on debit card https://bitsharestalk.org/index.php?topic=10118.msg132066#msg132066 except VOTE has dilution so can offer big incentives to customers.) With whatever the secret sauce of VOTE is and BM saying it could be bigger, it seems they could easily bootstrap BitUSD first (including the brand name 'BitUSD') and I struggle to see them not adding BitAssets if they have the main market.

So while not all is revealed to me it currently seems BitsharesX is now in a position where it needs to add dilution so that we can compete with BitSharesY if it wants to bootstrap BitUSD.

So, essentially BTSX was Bitshares XT after all...

[xeroc]

Here is a Eli5  cross trading explanation by Xeroc : https://bitsharestalk.org/index.php?topic=10132.msg132196#msg132196

So I guess I should go more technical next time .. hehe  :P

[oco101]

At the moment bitUSD is backed only by BTSX, if it could be backed by BTSX, NOTE, VOTE etc it would get stronger and stronger and help protect all users from systemic failure (black swan event that causing flash crash in one of the dacs share price). 

I'm not sure if atomic cross-chain trading is the answer as I don't understand on a technical level.

So you are saying that is good to have bitUsd in each chain 6 :)

cross-chain trading is not the answer but it will be possible to do it. In fact you everything will still function without it. It is just a extremely practical nice future.

Here is a Eli5  cross trading explanation by Xeroc : https://bitsharestalk.org/index.php?topic=10132.msg132196#msg132196

[xeroc]

different DACs will have different business models .. which will make THEIR base token (BTSX, MUSIC, VOTE) worth SOMETHING ..
if it is worth something you can start trading USD for it ON CHAIN ... and as all USD will be worth the SAME .. you can easily exchange them ...

if there was a DAC that would just ISSUE bitUSD on their chain .. you don't need to trade (ACCT) with them .. ACCT is user initiated .. independently of chains/delegates

[Empirical1.1]

Since the same technology is behind each one of these DAC's it will probably make more sense just to switch on trading for all the other currencies in the DAC that gains the widest adoption.  No need to trade between chains.  Just have the delegates publish the appropriate feeds and away you go.  BTSX might be worthless.

No BTSX wouldn't be worthless if it bootstrapped BitAssets and particularly BitUSD first.

Luckily BTSX is way ahead, it has the best dev talent, DPOS & an awesome marketing in the pipeline. So it was very hard to see anything challenging it.

Until now...

VOTE will fork BitUSD, VOTE has DPOS and the best dev talent in the business (Bytemaster), they will apparently be using everything in the BTSX amazing secret marketing campaign too. (Offering BitUSD on debit card https://bitsharestalk.org/index.php?topic=10118.msg132066#msg132066 except VOTE has dilution so can offer big incentives to customers.) With whatever the secret sauce of VOTE is and BM saying it could be bigger, it seems they could easily bootstrap BitUSD first (including the brand name 'BitUSD') and I struggle to see them not adding BitAssets if they have the main market.

So while not all is revealed to me it currently seems BitsharesX is now in a position where it needs to add dilution so that we can compete with BitSharesY if it wants to bootstrap BitUSD.

[Method-X]

I really like this Peter Thiel quote:

Poor distribution, not product, is the number one cause of failure. If you can get even a single distribution channel to work, you have great business. If you try for several but don't nail one, you're finished... People say it all the time: this product is so good that it sells itself. This is almost never true. These people are lying, either to themselves, to others, or both.

[blahblah7up]

you should think that way:

No one will want a single DAC worth $10T .. would they?

You are basing your assumption on the history of humanity?  Or the current distribution of wealth?

[matt608]

If there was a way to combine the bitUSDs so it's effectively backed by the shares in all the dacs then that would make the whole system more stable wouldn't it?  At the moment bitUSD is backed only by BTSX, if it could be backed by BTSX, NOTE, VOTE etc it would get stronger and stronger and help protect all users from systemic failure (black swan event that causing flash crash in one of the dacs share price). 

I'm not sure if atomic cross-chain trading is the answer as I don't understand on a technical level. 

[oco101]

Since the same technology is behind each one of these DAC's it will probably make more sense just to switch on trading for all the other currencies in the DAC that gains the widest adoption.  No need to trade between chains.  Just have the delegates publish the appropriate feeds and away you go. BTSX might be worthless.

This is the problem... There is nothing stopping other DACs from creating other Bitassets. BitsharesVote or any other DAC can create bitGLD, bitSLV, etc.. and at that point BTSX is pretty much useless if other DACs have the same functionality with more features built on top of bitAssets.

Then it will be a clone of BitshareX. It is a Voting dac. of course they could but why they would do it ? It is a different model. I mean sure Walmart could sell car but it is not their business.

[xeroc]

you should think that way:

No one will want a single DAC worth $10T .. would they?