Author [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] Topic: Why I think BitShares will succeed. Do competitors have all our features?  (Read 2262 times)

0 Members and 1 Guest are viewing this topic.

Offline Permie

  • Hero Member
  • *****
  • Posts: 607
  • BitShares is the mycelium of the financial-earth
    • View Profile
  • BTS: krimduss

TL;DR - I like BitShares because of the message of freedom, Optional regulatory compliance, Bitcoin exchanges issuing UIA to attract bts users, Development is funded by the blockchain and voted for by the shareholders, At least 101 distributed block producing witnessing nodes, Core development is funded by the blockchain and voted for by the shareholders, Workers are paid by contracts voted for by the shareholders, Delegates are elected officials that act as the human element of the DAC, Blockchain Human Resources, Marketers profit from referrals, All aspects of the DAC are subject to change by a shareholder vote. Hard forks by shareholder vote only, 1 second transaction confirmations, Fast scanning of and reconnection to the network.

Bitshares aims to be a decentralized autonomous community that is funded and directed by shareholders that caters to as large a market as possible to increase profits whilst retaining the principles of freedom and privacy.
Each increase in market cap leads to an increase in the funds available to sustain and develop the DAC to increase profits in a virtuous cycle.

I do not think BitShares will replace bitcoin and other crypto projectswill coexist in the medium term. But due to the shareholder controlled nature of bts and the efficiency of block propagation and confirmations I think that bts will grow to be the largest with the highest market cap.
Bitcoin survives on game theory. I do not think bitcoin will shrink in size because if bitcoin fails then what would that say about the successor? Every time a new innovation comes along the sharevalue will drop as the new system takes over. Bitcoin holders aren't going to let that happen, so it's not going anywhere.
But a decentralized company with the means to adapt and fund itself is IMO going to capture most of the investment money flowing around the world economy. Investment money is already subject to risk, so the meager differences in risk between the secure ledger of bitcoin and the more efficient ledger of Bitshares is negligible.
I think customers will go to bitcoin for security and to BitShares for banking services, coupons/vouchers, trading economic instruments, derivatives and executing smart contracts.

Benefits of BitShares:

Optional regulatory compliance.
Access to fiat banking services requires this compliance. Until every aspect of the economy becomes compatible with crypto there will always be customers who want to move from crypto to fiat seamlessly. So long as these regulatory burdens are never allowed into the broader ecosystem and regulatory compliance remains optional then there shouldn't be a problem.
The only other way I can think to access fiat is to use a system similar to localbitcoins and Abra. Motivate users to buy and sell bitAssets for cash in person. This method could only replace direct banking access if it was so popular that cash traders are available everywhere.
OPTIONAL Identity verification will be useful for this.

Bitcoin exchanges issuing UIA to attract bts users. Arbitrage of these UIAs will keep price feeds of bitAssets tight and will provide a crypto-fiat gateway.

Development is funded by the blockchain and voted for by the shareholders.

At least 101 distributed block producing witnessing nodes sufficiently (determined by shareholder vote) spread across the globe in numerous legal jurisdictions, continents, away from significant natural disaster threats and run by entities that have given evidence to suggest that they will not collude with bad actors and have systems in place to alert shareholders if attempts are made.
Perhaps shareholders will encourage dead-mans-switch type systems to be implemented. Witnesses could be required to sign a message with the current blockchain hash every ____hrs and if they are asked to collude all they have to do is not sign a message. The shareholders are alerted and a new witness can be voted in. The fact that it is so easy to discover collusion attempts should deter any attempt from ever being made.

Core development is funded by the blockchain and voted for by the shareholders.

Workers are paid by contracts voted for by the shareholders.

Delegates are elected officials that act as the human element of the DAC and provide oracle services to price feeds and multisig worker budgets.

Blockchain Human Resources. Accountability for workers employed by the shareholders increases DAC efficiency.

Marketers profit from referrals.

All aspects of the DAC are subject to change by a shareholder vote. Hard forks by shareholder vote only.

1 second transaction confirmations. (Dan hinted in a thread a few days ago)

Fast scanning of and reconnection to the network (Dan hinted at seconds or minutes to reindex (?) the chain.). The amount of time a user or business owner has to spend connecting to and downloading a copy of the blockchain of choice is going to be a big selling point.

Efficient full-nodes also benefit SPV and light client wallets. The easier full nodes are to run the more numerous and better connected bts lightweight client servers are going to be. 100% uptime is very desirable so the system that can get closest has a big advantage.
A lot of the confidence I hold in BitShares is how it will run at scale after being convinced by several articles on Bytemaster's blog. Sufficient decentralization, block propagation speed, block sizes and handling transaction volume at scale are all aspects of BitShares that I think are better than the competition. No project has reached a large-scale yet and nobody truly knows for sure how separate block chains will handle it. From what I've read I think BitShares is the superior system already but if it is not then bts shareholders are better placed than any other project to make the changes and development necessary to adapt to problems as they arise. Look at Gavin's block size debate for examples of how shareholder voting on development could solve that problem much faster. Although perhaps not a direct comparison as bitcoin's #1 priority is security rather than adapting quickly.
A large part of the ease of use is how easy it is to connect to the network and fast scanning of transactions.

Efficient super-nodes will allow new participants in the network to reliably connect as quickly as possible.

Can anybody convince me that another project can do this better?
« Last Edit: May 28, 2015, 11:18:25 PM by Permie »
JonnyBitcoin votes for liquidity and simplicity. Make him your proxy?
BTSDEX.COM

Offline bytemaster

This is a great post and hits on so many points.

I would say that success depends on more than just having the best technology, it depends upon having the best community and being easiest to use.

I think we are growing as a community and working on our weak spots. 

For the latest updates checkout my blog: http://bytemaster.bitshares.org
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 jshow5555

  • Full Member
  • ***
  • Posts: 57
    • View Profile
Can anybody convince me that another project can do this better?

I will ask the same guy(s) that convince you that promises made = result delivered...if no luck there, ask the guy that told you that "block propagation speed" (repeated twice in your post)  is one of the leading Bitshares features.... (My guess is it was your own mind, but not sure).

Offline Ander

  • Hero Member
  • *****
  • Posts: 3507
    • View Profile
  • BTS: Ander
Yep!  Permie, you've got it.

This is why we were paying 5-10x this price for BTS months ago.

Sadly, so many people lost sight of this and dumped their BTS over the months, after being disappointed because things didnt materialize quickly.  (To be fair, the official team overpromised and then didnt deliver on the big hype promises, so it makes sense that peopel were disappointed). 

Hopefully they can deliver soon and fulfill the hype that was promised.  If so we wil see the community thrive again.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Ander

  • Hero Member
  • *****
  • Posts: 3507
    • View Profile
  • BTS: Ander
Can anybody convince me that another project can do this better?

I will ask the same guy(s) that convince you that promises made = result delivered...if no luck there, ask the guy that told you that "block propagation speed" (repeated twice in your post)  is one of the leading Bitshares features.... (My guess is it was your own mind, but not sure).

I agree wth you that past promises were not delivered upon to the extent that they were hyped, and this is a main cause of the community shrinking. 

Still, block speed IS a strength of bitshares.  They did give us 5 second average confirmations, which is really fast.  (And if it gets even faster in the future will be an even bigger bonus).

Dash (aka Darkcoin) had a big rise to the #4 spot based on their 'instant transactions', but we are just as fast. 
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12241
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BTS: xeroc
  • GitHub: xeroc
Dash (aka Darkcoin) had a big rise to the #4 spot based on their 'instant transactions', but we are just as fast.
Satoshi-based crypto feels sooo 1990 .. :D
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline Ander

  • Hero Member
  • *****
  • Posts: 3507
    • View Profile
  • BTS: Ander
Dash (aka Darkcoin) had a big rise to the #4 spot based on their 'instant transactions', but we are just as fast.
Satoshi-based crypto feels sooo 1990 .. :D

Lol.  Well, so 2013 at least.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Permie

  • Hero Member
  • *****
  • Posts: 607
  • BitShares is the mycelium of the financial-earth
    • View Profile
  • BTS: krimduss
Can anybody convince me that another project can do this better?

I will ask the same guy(s) that convince you that promises made = result delivered...if no luck there, ask the guy that told you that "block propagation speed" (repeated twice in your post)  is one of the leading Bitshares features.... (My guess is it was your own mind, but not sure).
The speed at which orders can be matched and funds transferred irreversibly is indeed an advantage of bts. Granted, these improvements are yet to be released but I trust the dev's that they've built what they say they have (it's finished already if it's due for public release in a few weeks). If you don't trust the devs then you probably shouldn't trust bts - they're the main asset up until 1.0 release when the DAC can run itself with shareholder approval.
We didn't hear about any of these updates until a few weeks ago - after they were nearing completion.
I would like to see more transparency in the future, but pre-1.0 the platform to allow the features that shareholders want is not yet completed. There is only one dev team and at this stage too much transparency could give our competition a leg-up.

The tools we need to grow our DAC are not yet released but they are coming.
JonnyBitcoin votes for liquidity and simplicity. Make him your proxy?
BTSDEX.COM

Offline karnal

This is a great post and hits on so many points.

I would say that success depends on more than just having the best technology, it depends upon having the best community and being easiest to use.

I think we are growing as a community and working on our weak spots.

We are indeed! We're building something important here. Soon the rest of the world needs to know about it!

Tuck Fheman

  • Guest
I will ask the same guy(s) that convince you that promises made = result delivered...if no luck there, ask the guy that told you that "block propagation speed" (repeated twice in your post)  is one of the leading Bitshares features.... (My guess is it was your own mind, but not sure).

I'm curious, what other coins do you own jshow?

What other projects have you spent more than a year with, and which of those projects have more innovation to show than BitShares in that same time? (outside of Qora, oh look at me!)

I want to invest in any project you name. Never forget.

Offline Ben Mason

  • Hero Member
  • *****
  • Posts: 1072
  • Integrity & Innovation, powered by Bitshares
    • View Profile
  • BTS: benjojo
I trust the dev's that they've built what they say they have

They've never let us down in the past, in fact, they've continuously exceeded expectations.

I would like to see more transparency in the future

The most recent changes in the code will allow and facilitate this (more "transparency in regards to changes" than in any other crypto in the world)

at this stage too much transparency could give our competition a leg-up.

Which is why we want the devs to continue adding features, then release them all at the same time, and to great fanfare.  Then all the copying of Dan's ideas, and reverse engineering can occur like what happened last time Dan launched "DPOS," and a "stable-coin"  First we saw the attack of the bitcoin clones, now we are seeing "attack of the BitShares clones"


The tools we need to grow our DAC are not yet released but they are coming.

In the meantime, we have the lowest BitShares prices in the history of the world happening like 1 month before the release of 1.O  (BitShares 1.O is not some minimally functional DOS version of our crypto platform)
Boy oh boy this is getting interesting. What a thing to be a part of.

Offline Ben Mason

  • Hero Member
  • *****
  • Posts: 1072
  • Integrity & Innovation, powered by Bitshares
    • View Profile
  • BTS: benjojo
That would make a great T-Shirt to show your friends to get them to join our community:

BitShares is a "thing"




So funny.... I laughed a lot

Offline hughmanwho

  • Full Member
  • ***
  • Posts: 61
    • View Profile
The one issue I have with BitShares is that it isn't really as decentralized.. every day people can't just connect to the network and directly mine.

Also the POS makes it less trustworthy.. I definitely prefer POC over POS.  (POC = Proof of Capacity)

But.. I've always found Bitshares interesting.  After this little mini-bubble dies down, which seems to be someone trying to pump the price, I may buy some.

Offline merivercap

  • Hero Member
  • *****
  • Posts: 660
    • View Profile
    • BitCash

Benefits of BitShares:

Optional regulatory compliance.
Access to fiat banking services requires this compliance. Until every aspect of the economy becomes compatible with crypto there will always be customers who want to move from crypto to fiat seamlessly. So long as these regulatory burdens are never allowed into the broader ecosystem and regulatory compliance remains optional then there shouldn't be a problem.
The only other way I can think to access fiat is to use a system similar to localbitcoins and Abra. Motivate users to buy and sell bitAssets for cash in person. This method could only replace direct banking access if it was so popular that cash traders are available everywhere.
OPTIONAL Identity verification will be useful for this.

Bitcoin exchanges issuing UIA to attract bts users. Arbitrage of these UIAs will keep price feeds of bitAssets tight and will provide a crypto-fiat gateway.

Development is funded by the blockchain and voted for by the shareholders.

At least 101 distributed block producing witnessing nodes sufficiently (determined by shareholder vote) spread across the globe in numerous legal jurisdictions, continents, away from significant natural disaster threats and run by entities that have given evidence to suggest that they will not collude with bad actors and have systems in place to alert shareholders if attempts are made.
Perhaps shareholders will encourage dead-mans-switch type systems to be implemented. Witnesses could be required to sign a message with the current blockchain hash every ____hrs and if they are asked to collude all they have to do is not sign a message. The shareholders are alerted and a new witness can be voted in. The fact that it is so easy to discover collusion attempts should deter any attempt from ever being made.

Core development is funded by the blockchain and voted for by the shareholders.

Workers are paid by contracts voted for by the shareholders.

Delegates are elected officials that act as the human element of the DAC and provide oracle services to price feeds and multisig worker budgets.

Blockchain Human Resources. Accountability for workers employed by the shareholders increases DAC efficiency.

Marketers profit from referrals.

All aspects of the DAC are subject to change by a shareholder vote. Hard forks by shareholder vote only.

1 second transaction confirmations. (Dan hinted in a thread a few days ago)

Fast scanning of and reconnection to the network (Dan hinted at seconds or minutes to reindex (?) the chain.). The amount of time a user or business owner has to spend connecting to and downloading a copy of the blockchain of choice is going to be a big selling point.

Efficient full-nodes also benefit SPV and light client wallets. The easier full nodes are to run the more numerous and better connected bts lightweight client servers are going to be. 100% uptime is very desirable so the system that can get closest has a big advantage.
A lot of the confidence I hold in BitShares is how it will run at scale after being convinced by several articles on Bytemaster's blog. Sufficient decentralization, block propagation speed, block sizes and handling transaction volume at scale are all aspects of BitShares that I think are better than the competition. No project has reached a large-scale yet and nobody truly knows for sure how separate block chains will handle it. From what I've read I think BitShares is the superior system already but if it is not then bts shareholders are better placed than any other project to make the changes and development necessary to adapt to problems as they arise. Look at Gavin's block size debate for examples of how shareholder voting on development could solve that problem much faster. Although perhaps not a direct comparison as bitcoin's #1 priority is security rather than adapting quickly.
A large part of the ease of use is how easy it is to connect to the network and fast scanning of transactions.

Efficient super-nodes will allow new participants in the network to reliably connect as quickly as possible.

Can anybody convince me that another project can do this better?

Great list!
BitCash - http://www.bitcash.org 
Beta: bitCash Wallet / p2p Gateway: (https://m.bitcash.org)
Beta: bitCash Trade (https://trade.bitcash.org)

Offline Ben Mason

  • Hero Member
  • *****
  • Posts: 1072
  • Integrity & Innovation, powered by Bitshares
    • View Profile
  • BTS: benjojo
The one issue I have with BitShares is that it isn't really as decentralized.. every day people can't just connect to the network and directly mine.

Also the POS makes it less trustworthy.. I definitely prefer POC over POS.  (POC = Proof of Capacity)

But.. I've always found Bitshares interesting.  After this little mini-bubble dies down, which seems to be someone trying to pump the price, I may buy some.
The good news is that your one thing might be the result of a misunderstanding, I should know, I have them a lot too. Bitshares is decentralized enough to remain corruption resistant, which is what we all need the most, yet able to scale and remain efficient. Bitshares is accessible to anyone at any wealth level because of bitassets. DPOS is so far, the leader in integrity....it's not perfect though, but the devs are innovating their way to perfect. Get in before they get there  ;D

 

Google+