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Offline biophil

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How do we prepare for NXT's response to BitAssets?
« on: August 21, 2014, 03:56:02 PM »

I spend a small fraction of my time on the Nxt forum, and now and then I mention BitAssets. I am overwhelmingly met with extreme skepticism, bordering on arrogance (or, I hope, hubris). People in the Nxt community generally refuse to accept that the market peg will hold, so nobody over there has made any effort to build similar functionality into the Nxt system.

This is good! This means that BitSharesX will have a solid first-mover advantage over its competitors and that everybody else will have to play catch-up. However, as soon as it's clear that the peg works, everybody and their mother will start scrambling to issue their own market-pegged assets. I think it's very unlikely that a copy-paste Bitshares clone will offer any real competition to BitSharesX, but the Nxt community has a number of excellent devs who could whip up NxtAssets in a month or two. As soon as you can trade Nxt/NxtUSD, BitSharesX will have a real competitor. The Nxt community probably isn't as big as the BitShares community (particularly in China, which works dramatically to our advantage), so their network effect won't be as strong, but they have a ready-made POS platform and an excellent Asset Exchange just waiting for a market-pegged assets implementation. We should be on our guard for this!

Here is what I propose: As soon as we have BitUSD/BitGLD/BitCNY, someone in the Bitshares community should go issue them as assets on the Nxt AE and set up a gateway like Pharesim did with PTS, LTS, BTSX on NHZ here: http://dacx.nhzcrypto.org/. The basic idea: we infiltrate the Nxt system with our own market-pegged assets before they have a chance to create their own. That way, when they finally implement their own market-pegging (which they most surely will do eventually) they'll have to compete with an asset on their own asset exchange for market share. We will already corner the market on fiat-pegged assets on their asset exchange.
« Last Edit: August 22, 2014, 07:19:24 AM by MktDirector »

bitbro

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Re: How do we prepare for Nxt's response to BitAssets?
« Reply #1 on: August 21, 2014, 04:10:01 PM »
Their protocol would not support the application due to slow block time and low transaction load limit.  There are many infrastructural reasons they could not change to support the system


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Offline bytemaster

Re: How do we prepare for Nxt's response to BitAssets?
« Reply #2 on: August 21, 2014, 05:43:08 PM »
Their protocol would not support the application due to slow block time and low transaction load limit.  There are many infrastructural reasons they could not change to support the system


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What is the reason for their load limits and transaction times?  Surely that is something they can easily tweak higher when the time comes.  Sure, it will increase their centralization, but they have leased forging to manage that as well.   
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 AAdamsDL

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Re: How do we prepare for Nxt's response to BitAssets?
« Reply #3 on: August 22, 2014, 02:14:10 AM »
Biophil, I've seen you on the Nxt price speculation thread. I'm really disappointed that the Nxt community is so dismissive of Bitshares and bitassets, you're right, it is bordering on arrogance. I've taken the time to learn the mechanics bitassets and I'm very impressed, it's a beautiful solution to a standing problem, mechanically sound, aligning incentives in a way that promotes accurate price discovery.

Who knows if it will work, I'm about 50% sure it will.

I'm probably more of a Nxt fanboy than a Bitshares disciple, but I see the HUGE potential of bitassets. Bitassets will be crypto's killer app, the entire world will play ball with a project that brings the benefits of crypto to real world assets. Anonymity within the system is a bonus of course!

Kudos to the Bitshares crowd for working on this killer feature, you will take the fall, hard, if you fail. But you'll probably own the world with successful implementation. Nxt should be watching! Nxt should be copying!
BTSX: deadloch

Offline tonyk

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Re: How do we prepare for Nxt's response to BitAssets?
« Reply #4 on: August 22, 2014, 02:20:41 AM »
Biophil, I've seen you on the Nxt price speculation thread. I'm really disappointed that the Nxt community is so dismissive of Bitshares and bitassets, you're right, it is bordering on arrogance. I've taken the time to learn the mechanics bitassets and I'm very impressed, it's a beautiful solution to a standing problem, mechanically sound, aligning incentives in a way that promotes accurate price discovery.

Who knows if it will work, I'm about 50% sure it will.

I'm probably more of a Nxt fanboy than a Bitshares disciple, but I see the HUGE potential of bitassets. Bitassets will be crypto's killer app, the entire world will play ball with a project that brings the benefits of crypto to real world assets. Anonymity within the system is a bonus of course!

Kudos to the Bitshares crowd for working on this killer feature, you will take the fall, hard, if you fail. But you'll probably own the world with successful implementation. Nxt should be watching! Nxt should be copying!

Great post, smart post!  +5% (+1440)

We on the other hand have a great respect for NXT.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline puretrust

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Re: How do we prepare for Nxt's response to BitAssets?
« Reply #5 on: August 22, 2014, 04:31:42 AM »
As a friendly member of the NxT community - it is may be quite immature to construe the truth as such..  It is typically the vocal and opinionated who reply in like to those posting.  Why can't be support both the BitSharesX and NxT community.  Both are working to dismantle the most destructive forces on the planet - the centralized controllers..  NxT already has several assets atteached to the Market, like Gold, Silver and USD.  Instead of trying to undermine them, why not take the suggestion above and make it a WIN / WIN instead of WIN / LOSE.  Why not create a gateway between the two and make them BOTH stronger..  I would certainly love to open up my NxT and trade BitShares DAC's and Assets or open up my X Wallet and buy and sell NxT assets..

Offline tonyk

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Re: How do we prepare for Nxt's response to BitAssets?
« Reply #6 on: August 22, 2014, 04:42:53 AM »
I do not know, ask that question there. You can hardly find any negativity towards NXT on this forum...

To say nothing that BM has openly offered cooperation when Come-from-Beyond posted here....
« Last Edit: August 22, 2014, 04:44:49 AM by TheOnion »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline puretrust

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Re: How do we prepare for Nxt's response to BitAssets?
« Reply #7 on: August 22, 2014, 05:06:06 AM »
One open offer to "Come from behind" and the entire NxT community is arrogant and hubris - only the arrogant and hubris would define another as arrogant and hubris.  I don't have to ask anything on any forum, just a friendly reminder NxT and X are on the same team - team FREEDOM..  If you want to continue the divisive ways of us against them, it's certainly your option - it's worked so well over the years with World Wars and Famine, but if your terrible with history, and have no common sense, than think and believe what you like - these are both DeCentralized Platfroms and unlike the Centralized Predecessors, atleast you get to have an opinion.  Try telling the IRS they are arrogant and hubris and should not receive any more money for starting wars and paying for drones in the centralized military industrial complex, and see how well you do?

Offline tonyk

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Re: How do we prepare for Nxt's response to BitAssets?
« Reply #8 on: August 22, 2014, 05:12:12 AM »

What did I say to make you angry?

What do you want me to do? Go there and ask him personally?

I said you and he and everybody from the NXT community - You  are welcomed here!

Will I get the same response if I post on the NXT forum?

Do you want us to try it. I am tonyk there...let's go and see how it goes.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline puretrust

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Re: How do we prepare for Nxt's response to BitAssets?
« Reply #9 on: August 22, 2014, 05:34:17 AM »
Who said I am angry?  Your welcome to do whatever you want - thought maybe you needed some incentive to be a TEAM FREEDOM player instead of a TEAM LET"S GET THE OTHER GUYS PLAYER.  Can't defend ourselves from the biggest bully around if we're fighting with each other and won't work as a team.  Go over there (NxT Forum) and do what you want, but may I suggest a different attitude will garner a much better class of responses.  I'm quite certain if you go over there and make every attempt in a good faith and to be inclusive vs devisive and be supporting instead of condemning that you will see mostly great responses except for a few stinks that foul every platform.

Offline tonyk

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Re: How do we prepare for Nxt's response to BitAssets?
« Reply #10 on: August 22, 2014, 05:48:15 AM »

If you want to accuse me of things I did not do you can continue here. If not join here:

https://nxtforum.org/index.php?topic=4702.0
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

 

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