Author Topic: Step by step BitShares Sales Pitch. (Pre 2.0)  (Read 5268 times)

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Offline Permie

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An economy is only as good as it's people.
An economy is built on the voluntary trades you make with your friends and peers. When considering 'everyone', first consider yourself.
What would be best for ME in that situation?
In rational situations not influenced by mob psychology each individual will act in their own self-interest, and therefore the overall average result will be the summation of those individual choices.
We all share common goals to be happy and content. The only way for everyone to be happy is for every individual to make personal choices that improve their own lives.

A free market will have free people.
A regulated market is a regulation on YOU.
Who knows what's best for you? You or someone else?

A united community is a far greater deterrent and prevention mechanism than any law could be.
Does the law unite us? Or does it serve as a weapon to use against one-another when convenient?
Lawyers get paid regardless of who wins the case.
More laws = more cases = more money from the public into the hands of lawyers.
The law and your imprisonment is a business, and somebody is getting very rich.

Cryptocurrency has the potential to decimate these middlemen and rentseekers.
See you on the other side!
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Offline Permie

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Rent seeking middlemen to be dis-intermediated

Bankers:
Consumer banking

Lawyers:
Escrow
Forex
Financial contracts
Wills (Dead man's switch)
Collateralized loans.

One of my favourite books is "The Tipping Point" by Malcolm Gladwell
Quote
...explains and analyses the "tipping point", that magic moment when ideas trends and social behavior cross a threshold, tip and spread like wildfire. Taking a look behind the surface of many familiar occurrences in our everyday world, Gladwell explains the fascinating social dynamics that cause rapid change. 
In the book he identifies 3 types of people that are necessary to spread an idea.
Connectors, Maverns and Salesmen.

Connectors are the people that seemingly know everyone. They're likeable and love to spread the next best thing. These are the guys that "take the ball and run with it."

Maverns are the bargain hunters. They love to find a bargain or some helpful technology and then tell the people that they already know about it. They're considerate friends who want everyone they know to benefit.

Salesmen are the explainers. They're charismatic and understand how to relate to people and persuade them why such an idea is cool and they should want to be a part of it.

I would like to do my part as a Mavern and present the information about BitShares and crypto in a clear and readable manner.
The next stage is for connectors - business guru's, big journo's and the "cool" guy of your friends who is the centre of attention at parties.

This led me to thinking about the idea of freedom from control.

People need to understand an idea to truly internalize it and become part of the idea itself.
Humans will never naturally understand the "need" to be controlled and subjugated and so that idea must be imposed by force.

In a world where everyone is accustomed to force and asking for permission - how can humanity be encouraged to search for themselves?
With money and profit! The system that amalgamates the needs and desires of a population into what is known as an economy.
The beauty of free market competition and voluntary trade is that everybody wins. If you volunteerd in the trade, you have gained something that you desire in return for something you already have. Whether that be time, labour, goods or favours.

Sound money efficiently manages an economy to produce and allocate goods where needed.
Control over people and economy is an inefficiency. Sound money and a level playing field of competition would circumvent and remove these inefficient gatekeepers.
With this knowledge, those in power have opted to destroy sound money and bury the truth in confusing terminology and complicated charts.
This buried truth prevents the people from noticing that they are being stolen from via inflation and taxation.

SOUND MONEY IS BACK.
And this time we have the internet of un-censorable information and a permanent record of existence.
These governments stand atop the world, enjoying one last view.
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Offline Permie

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I've come up with some analogies/notes for understanding the economic foundations one needs to fully appreciate crypto.
Just notes at the moment, but let me know what you think!

Dangers of Inflation and the Sanctity of Scarcity
Money provides a convenient way to compare the subjective, relative value between assets and products.
For example, how else would you buy a ticket to your favourite bands show?
It's hard to trade physical possessions and the band may not even want any of your things. Money represents value to trade for products and services desired. The gig ticket itself is representative and not inherently valuable.

This example can also be used to demonstrate the dangers of inflation.
Inflation of the money supply is when new money is added to the supply. With Gold, this would mean expending effort and investment to find a new gold vein. With fiat currency like the Dollar, this means that a central bank has decided to magic some new money out of thin air.
Let's say your favourite band have issued 5 VIP tickets that entitle you to a personal banquet with the band.
You see this as a great opportunity and so you bid your last $500 on securing the ticket.
You can't wait until summer is over and it's time to claim your prize!

But, wait! On the night before the show the band issue an additional 1,000 VIP tickets and give them away for free!
How do you feel?
Not only did you over pay, you can't get a refund on your ticket and if you sell it to other people you'll barely get $5 back as there are ticket-scalpers everywhere, who are able to offer a better price than you can. Your once-special ticket is now worth less.
Even worse, your valuable and intimate dinner with the band is now instead a huge party, and the band probably won't even notice you!
The band may even have the cheek to tell you to be grateful you were allowed to attend at all.
You feel cheated!

This is how many will feel every time governments print more money and reduce the value of savings!
When summer is over and it comes to retirement, the big night, you will have less than you had planned - as it is impossible to predict how often the central bank and governments will magic-up more money and devalue yours.

Cryptocurrency allows users to be certain that no person has the power to steal from them via inflation of the money supply. The supply is known by everyone.
Your money is yours, securely stored and private.
You may even hold a deflationary currency and your savings will increase the longer you hold it.
No more frivolous spending on poor quality products that are spoiling our environment.
A higher standard will have to be met to in order to persuade you to part with your hard earned savings.

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Offline Permie

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Nice job, Permie!

Although, there is a lot of pre 2.0 information mixed together with 2.0 information.

Examples include:
  • The description of the derivatives on the blockchain (BitAssets/Smartcoins) reflect BitAsset 1.0 and not the newer BitAsset 2.0. For example, there will not be any more yield/interest in BitAssets 2.0 (unless it is part of the BitAsset definition), although the bond market can make up for that. Also there will not be any 30 day expiration time on shorts anymore (and by the way shorts don't expire all on the same day even with the current BitAsset 1.0 system).
  • Everywhere you refer to witnesses/delegates or just delegates in your post should just be replaced by witnesses alone. The delegates are a very different role in BitShares 2.0 (they are not block producers and they do not get paid).
  • We are trying to tone down the DAC (where the C refers to either company or corporation) metaphor now in an attempt to reduce legal risk. For convenience, keeping the DAC acronym is fine if the C refers to community instead. Some other people prefer the term DAO (decentralized autonomous organization).

The other thing I have an issue with is the argument behind the statement "If the first cryptocurrency fails, what does that say of the prospects of an alternative?". The implication of that statement is that the fact that cryptocurrencies can fail means that it is too risky to support any of them. But companies fail all the time and it still makes sense to invest in them because some of them go on to become wildly successful. It is natural for different systems to gain success and then eventually fail and be replaced by better systems. This is true (although considerably more difficult) even for systems that are heavily dependent on large network effect. For example, MySpace failed and was replaced by Facebook. This can be used as evidence to show that Facebook is not invulnerable and can (and almost certainly will) eventually and gradually be replaced by something else. Despite that fact, Facebook has become tremendously successful, gained so many users, and even those who invested in the Facebook IPO have more than doubled their investment in 3 years. So the fact that an organization's predecessor that is/was in the same industry can/did fail is not in and of itself a reason to not invest in the organization.
Thanks!
I am going to update the information to 2.0 but I will do as Data suggested and post it as a pdf/ebook on a website.

I shall update to DAO.
I thought I would post the original here as the intent and market forces that will lead to bts dominance are the same, only the details/execution have changed.

Quote
The other thing I have an issue with is the argument behind the statement "If the first cryptocurrency fails, what does that say of the prospects of an alternative?". The implication of that statement is that the fact that cryptocurrencies can fail means that it is too risky to support any of them.
I understand your view on this, but bitcoins continued existence is due to game theory. For this reason I don't think that a comparison to a normal business failing quite works.
I think that one day bts will surpass btc in value - I just don't think that bitcoin will fail. I'm not convinced there is a 'Bitcoin killer'.
Perhaps bts is less dependent on game theory to survive as it involves a more human element.
Sharedropping is one reason that may sway me to believe that btc can fail whilst other cryptos live on.
A superior to bts can just sharedrop on the current chain.
Although with the blocksize debate dragging on, and Gavin looking to double the blocksize every 2 years it doesn't seem like bitcoin is going to catch up to the TPS of mainstream adoption for decades, the lightning network is at least a year away and it still won't function as a decentralized exchange. BitShares has a monumental headstart, assuming it works as described.
It's almost unbelievable how few people have spotted the bts freight train in the rear-view mirror of the Bitcoin bicycle.
Maybe bitshares will become the store of value btc was meant to be, who knows.
I just know that it will rise in satoshi value.

My main point is that bts will never be trustless, and there will always be a market for trustlessness. That market is probably tiny compared to the potential market cap of bts.

I saw a reddit post today discussing the new idea 'timechains'.
I don't really understand how it works but it is supposed to allow users to trade on centralized exchanges without giving up control of their btc.
It seems to me like a very complex way to move not-very-far from centralization and I very much doubt it will allow transfers anywhere close to 100k/s.
http://roberts.pm/timechain

Quote
Introducing the timechain

Ordinary time-lock encryption is useful if you know in advance what time frame you want to encrypt something (and obviously if you have the resources to be able to do it), but what if you don’t? What if you want to be able to provide a secure time-locking service to other people so they can encrypt sensitive information to be made available at a future date?

The timechain solves that problem. Using the timechain it is possible to produce information that can only be read after certain times. In its most basic form the timechain is a chain of time-lock encrypted RSA keys at 5 minute intervals and the chain itself can be generated in parallel by using a super computer (e.g. a GPU cluster.)
Stitching parallel keys into a single chain with encryption

In the simple example we started with - a time-lock of 1 year would be roughly equivalent to 1 year of computation. If it takes a whole year to generate a single timechain this concept wouldn’t be very useful. Fortunately this problem can be solved by generating separate N minute keys on a GPU cluster and then stitching them all together with standard symmetric encryption (AES) to form a chain of 5 minute RSA public keys.
« Last Edit: June 21, 2015, 04:03:13 pm by Permie »
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Offline arhag

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Nice job, Permie!

Although, there is a lot of pre 2.0 information mixed together with 2.0 information.

Examples include:
  • The description of the derivatives on the blockchain (BitAssets/Smartcoins) reflect BitAsset 1.0 and not the newer BitAsset 2.0. For example, there will not be any more yield/interest in BitAssets 2.0 (unless it is part of the BitAsset definition), although the bond market can make up for that. Also there will not be any 30 day expiration time on shorts anymore (and by the way shorts don't expire all on the same day even with the current BitAsset 1.0 system).
  • Everywhere you refer to witnesses/delegates or just delegates in your post should just be replaced by witnesses alone. The delegates are a very different role in BitShares 2.0 (they are not block producers and they do not get paid).
  • We are trying to tone down the DAC (where the C refers to either company or corporation) metaphor now in an attempt to reduce legal risk. For convenience, keeping the DAC acronym is fine if the C refers to community instead. Some other people prefer the term DAO (decentralized autonomous organization).

The other thing I have an issue with is the argument behind the statement "If the first cryptocurrency fails, what does that say of the prospects of an alternative?". The implication of that statement is that the fact that cryptocurrencies can fail means that it is too risky to support any of them. But companies fail all the time and it still makes sense to invest in them because some of them go on to become wildly successful. It is natural for different systems to gain success and then eventually fail and be replaced by better systems. This is true (although considerably more difficult) even for systems that are heavily dependent on large network effect. For example, MySpace failed and was replaced by Facebook. This can be used as evidence to show that Facebook is not invulnerable and can (and almost certainly will) eventually and gradually be replaced by something else. Despite that fact, Facebook has become tremendously successful, gained so many users, and even those who invested in the Facebook IPO have more than doubled their investment in 3 years. So the fact that an organization's predecessor that is/was in the same industry can/did fail is not in and of itself a reason to not invest in the organization.
« Last Edit: June 21, 2015, 11:18:59 am by arhag »

Offline Permie

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someone used muh meme! i'm famous! life mission is complete!
I felt the same about being quoted in your signature ;)

now I know why BitShares is hard to sell.....

We expect ordinary people to read through all these overwhelming information and then pay for it .

I didn't know there are these much information before .

 :'( :'( :'( :'(
I don't expect end-users to do such thorough research at all.
The referral program and secure SmartCoin banking services will attract them.

This information is to attract businesses to build on top of bts and for investors to see the potential before 2.0 is released. If all this was easy to understand then many of us would not be in the position we are in now.
Nothing is free - extensive research is the cost to feel comfortable betting big on cutting edge technology.

I think UIAs are going to bring in the most customers. Shopping chains will issue discount coupons, gaming services will issue tokens to enhance the experience and innumerable other uses will get their attention.

BTS will capture customers from where they are already comfortable and improve their life - not persuade them to understand crypto.

DPOS 2.0 solves so many of the problems in crypto that its almost too good to be true.
Can't wait!
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Offline btswildpig

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now I know why BitShares is hard to sell.....

We expect ordinary people to read through all these overwhelming information and then pay for it .

I didn't know there are these much information before .

 :'( :'( :'( :'(
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

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Offline Ander

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Very convenient timing to discover BitShares. I had just about done enough research to be convinced to favor bts over btc when the bottom hit.

Your timing is so much better than most of ours. :P

Quote
The previous BTS PR disasters have done be a favour!
To be one of the first ten thousand people to discover bts ain't half bad.

And it was better to be the 9999th person to find out than one of the first, lol!    (Damn dumpers who drove it way under the ipo price). :P

This bear market has dragged on so long.  I feel like everything in crypto should be higher by an order of magnitude.  And the projects that are actually good like Bitshares and a few others should go up by a factor of 100!
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Offline Permie

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Permie - it seems you've only been around for a short while, but you're a very valuable and positive presence! +5%
One day you suddenly came bursting onto the scene! BOOM!!!
Where have you come from?
Permaculture was my obsession last year and then I moved onto crypto.
One should fund the other!
Very convenient timing to discover BitShares. I had just about done enough research to be convinced to favor bts over btc when the bottom hit. Dropping -17% in a day was a little scary but I took solace in the wise words of a young Doge Buffet.

It's pretty cool to know about cutting edge FinTech but its even cooler knowing about the cutting edge of the cutting edge. Regardless of the success of bts I'm certain it will rise in value against btc, and that btc will hold value or increase. So it's like getting loads of leverage.
The previous BTS PR disasters have done be a favour!
To be one of the first ten thousand people to discover bts ain't half bad.

« Last Edit: June 21, 2015, 04:06:19 pm by Permie »
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Offline BunkerChainLabs-DataSecurityNode


I've used the forum formatting code /img but it doesn't seem to have worked. Is posting the imgur link between the img and /img what I'm supposed to do?

http://imgur.com/npP6EXP

PNG of 3 comparison tables:

1) Bitcoin and it's analogous counterparts in the existing financial system.

2) The differences between a "store of value" and "investments"

3) Comparing Gold and Bitcoin as stores of value

Just to help out, you needed to do the following:

Code: [Select]
[img]http://i.imgur.com/npP6EXP.png[/img]
the direct image needed to be linked, not the page.

That was a lot of words.. you can convert that a small ebook.. with a few graphics you have a fairly sizeable read.

I would consider you doing something just like I suggested to get into circulation with your referID to make a small residual.

Appreciate your thought and dedication to BitShares.. you and others like you are truly our most valuable assets.
« Last Edit: June 20, 2015, 09:13:38 pm by DataSecurityNode »
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Offline sittingduck

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Looks outdated and written before 2.0


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Offline hadrian

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Permie - it seems you've only been around for a short while, but you're a very valuable and positive presence! +5%
One day you suddenly came bursting onto the scene! BOOM!!!
Where have you come from?

To see how to insert your link, go to quote my post and you'll see the formatting. Funnily enough I can't work out how to show the format literally!


« Last Edit: June 20, 2015, 08:24:47 pm by hadrian »
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Offline Permie

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Give you some praise. +5%
Thanks!

I dedicated a day to writing down an explanation of everything I knew and predicted about crypto and they were some of the most enjoyable 10 hours I've ever spent!
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Offline wuyanren

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