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Offline alexkravets

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[Provocative] BitUSD Isn't Worth The Trouble
« on: January 30, 2015, 09:43:50 PM »

A provocative post from the guy behind Truthcoin.

http://www.truthcoin.info/blog/bitusd/

P.S. I am simply bringing it here to the community's attention, not claiming it as valid OR invalid.

Cheers ...

Offline Rune

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Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #1 on: January 30, 2015, 09:54:28 PM »
So as I understand it the point is basically that bitUSD shouldn't be worth 1 USD because it cannot be spent in shops for 1 USD value (Of course that's not how it actually works. The value of BitUSD is determined by markets such as the bitshares decentralized exchange or https://bter.com/trade/btc_bitusd).

Interestingly this is coming exactly on the same day as shapeshift has integrated bitUSD. So now even his flawed point is moot. You can now spend bitUSD anywhere you can spend bitcoin, at a 1:1 value with real USD (minus shapeshift spread), just by installing a chrome plugin. So... Yeah.

Also this is a really nice quote. This guy is definitely really nice and intelligent.
Quote
BitsharesX is so complicated, and undergoes so many design-mutations, and even ownership-changes (where PTS and BTS were separate, merged, re-separated, and then re-merged with multiple other projects) that it is essentially a waste of time for any intelligent person to take a serious look at the project’s bizarre, modularity-defying design (new/untested algorithms for, if you can believe it, ALL of the following: blockchain-consensus, order-matching, margin calls, feed-reporting, BitAsset-trader-incentives).

Have you guys noticed that people who really hate bitshares will insist on continuing to call it BitSharesX because they know it pisses us off?

Offline Ander

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Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #2 on: January 30, 2015, 09:56:24 PM »
Its so hilarious that this comes out on the day that Shapeshift adds bitUSD. :)
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Offline Stan

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Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #3 on: January 30, 2015, 09:59:35 PM »
So as I understand it the point is basically that bitUSD shouldn't be worth 1 USD because it cannot be spent in shops for 1 USD value (Of course that's not how it actually works. The value of BitUSD is determined by markets such as the bitshares decentralized exchange or https://bter.com/trade/btc_bitusd).

Interestingly this is coming exactly on the same day as shapeshift has integrated bitUSD. So now even his flawed point is moot. You can now spend bitUSD anywhere you can spend bitcoin, at a 1:1 value with real USD (minus shapeshift spread), just by installing a chrome plugin. So... Yeah.

Also this is a really nice quote. This guy is definitely really nice and intelligent.
Quote
BitsharesX is so complicated, and undergoes so many design-mutations, and even ownership-changes (where PTS and BTS were separate, merged, re-separated, and then re-merged with multiple other projects) that it is essentially a waste of time for any intelligent person to take a serious look at the project’s bizarre, modularity-defying design (new/untested algorithms for, if you can believe it, ALL of the following: blockchain-consensus, order-matching, margin calls, feed-reporting, BitAsset-trader-incentives).

Have you guys noticed that people who really hate bitshares will insist on continuing to call it BitSharesX because they know it pisses us off?

BitSharesX?  Oh, that was those OTHER guys...  :)
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Offline evolvo

Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #4 on: January 30, 2015, 10:09:03 PM »
I feel like most of these arguments aren't arguments based on what BitUSD is in theory...but instead are about what it is in its state of infancy...which I don't think are serious arguments as they can mostly be applied to anything else that requires network effect...including Bitcoin and Truthcoin
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Offline Empirical1.1

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Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #5 on: January 30, 2015, 10:57:22 PM »
I give the guy some credit. He at least understands the power of rivalry marketing.

Quote
I am planning to start a blog here, to give this project some context, and heavily criticize the microeconomics of rivial cryptocoin projects, as most contain (or are based on) the purest nonsense. I hope to take criticism in return!
   http://www.truthcoin.info/

He currently has a fairly insignificant project, which has generated minimal interest & has gained almost no traction so he's leveraging BitUSD's current spotlight to bring attention to Truthcoin. In his little to lose position it's a smart move. While few will view/discuss/comment on our Bitcoin friendly overtures, this critical approach (which is really just a segue into a Truthcoin advert) may generate heated discussion, responses, comments & views from exactly the type of market Truthcoin is aimed at. It will end up being an excuse to come onto competitor forums and debate (promote) Truthcoin, which few were paying any attention to prior.

« Last Edit: January 30, 2015, 10:59:50 PM by Empirical1.1 »

Offline LRENZ

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Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #6 on: January 31, 2015, 12:49:54 AM »
Why do we have a Truthcoin sub-forum? They don't seem worth the attention after reading this misinformed blog ha
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Offline donkeypong

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Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #7 on: January 31, 2015, 12:52:32 AM »
Doesn't he realize it's still in beta? Of course it has to trade at a discount until there are enough ways to acquire and spend BitUSD. That's never been the main point anyway; the point is that it's damn close to $1 and it's stable. The market peg works.

Truthcoin, on the other hand, is run by someone who needs a thesis to explain anything, and then relies on some pretty subjective assumptions.
« Last Edit: January 31, 2015, 03:07:28 AM by donkeypong »

Offline bytemaster

Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #8 on: January 31, 2015, 12:56:49 AM »
Why do we have a Truthcoin sub-forum? They don't seem worth the attention after reading this misinformed blog ha

+1
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Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline fuzzy

Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #9 on: January 31, 2015, 01:06:59 AM »
Why do we have a Truthcoin sub-forum? They don't seem worth the attention after reading this misinformed blog ha

+1

What I find interesting is that somehow people do not realize the value of having pegged cryptocurrencies and the psychological benefit to those in various regions around the world being able to use the crypto-equivalence to their fiat. 

At the very least, bitUSD/bitYuan/bitEuro...etc are a great placeholder for the time when other currencies with real value replace them.
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Offline gamey

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Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #10 on: January 31, 2015, 01:27:07 AM »
Wow, shout out to Vitalik for standing up for BitUSD. 

It is one of those things I wouldn't even want to start arguing. Honestcoin guy spent a lot of time on graphics and ignores the basic reasons people want bitUSD then builds all these assertions off assumptions where he is very selective.

Much like Preston Burne's article I could not make it past the first 1/3 or so of the article..
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Offline roadscape

Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #11 on: January 31, 2015, 02:28:47 AM »
+5%

BitSharesX?  Oh, that was those OTHER guys...  :)

Man you're good :)
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Offline jsidhu

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Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #12 on: January 31, 2015, 03:19:52 AM »
I think hes saying bitusd is useful for prediction market but not for spending.. i thought we were going to add predictio markets ? I was thinking about recruiting this guy cause he wanted to do a new coin
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Offline klosure

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Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #13 on: January 31, 2015, 03:44:38 AM »
I give the guy some credit. He at least understands the power of rivalry marketing.

Quote
I am planning to start a blog here, to give this project some context, and heavily criticize the microeconomics of rivial cryptocoin projects, as most contain (or are based on) the purest nonsense. I hope to take criticism in return!
   http://www.truthcoin.info/
We are starting to reap what we sowed with that "NuBit is a ponzi scheme" blog post.

Offline Bitcoinfan

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Re: [Provocative] BitUSD Isn't Worth The Trouble
« Reply #14 on: January 31, 2015, 04:12:56 AM »
I think hes saying bitusd is useful for prediction market but not for spending.. i thought we were going to add predictio markets ? I was thinking about recruiting this guy cause he wanted to do a new coin

I proposed this to BM a year ago.  Toast was interested then, but there was not enough bandwidth to work on it. 

https://bitsharestalk.org/index.php?topic=3916.0

Disappointing really as this would have been so immensely profitable to Bitshares if they got to it first.  And we would have avoided this discussion about how BINGO is meant to be value-added to bitshares in a fun innocent way.  We could instead have had viral interest generated (transactions as well!) from NCAA Bitshares Tourneys. 

Paul did say Syscoin was interested in Truthcoin.  Are you still working for Syscoin?

PS.  I think BM and Team are doing outstanding work.  Bitshares has the core ideological values that matter for establishing an perennial organization but at the same time drives to stimulate change off those values.  Its an important formula for visionary companies to get down.  Just wished things could have worked out differently.  Maybe it still can...   
 
« Last Edit: January 31, 2015, 04:23:51 AM by Bitcoinfan »

 

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