Author Topic: [Provocative] BitUSD Isn't Worth The Trouble  (Read 7001 times)

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Offline fuzzy

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 bytemaster

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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Offline donkeypong

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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 LRENZ

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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 Empirical1.1

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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 evolvo

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 Stan

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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 Ander

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Its so hilarious that this comes out on the day that Shapeshift adds bitUSD. :)
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Offline Rune

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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 alexkravets

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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 ...