So, basically they want to avoid KYC. That may suit to some people but may turn away others. KYC is what will make any compliance with regulations simpler, so to me KYC means cover your ass.
Someone please copy and paste (reword as you see fit) my response to the above comment.
Bitshares does not need to do KYC. KYC is only necessary on the Ripple Gateways. Bitshares and Ripple can have a mutually beneficial symbiotic relationship because both technologies need each other.
Bitshares needs Ripple Gateways to handle KYC and to turn simulated BitAssets into legal assets. If someone wanted to turn BitUSD into USD then a Ripple Gateway could handle that and all the regulations could take place at the Ripple Gateway.
"I did read. Thats why I think its basically gambling software. They mention that they will have market pegged assets. That will be interesting, but I dont believe it will be market pegged but also pure gambling. (market pegged would mean that you can buy P&G share and price currently on stock exchange, and later sell it at price at that time, which IMO is impossible)."
If I understand BTSX properly than he might be right about P&G shares. My understanding is that we will be able to buy value of P&G shares, USD, Gold etc. and than speculate on it. So we will not be buying P&G share, but market value of P&G share which is fine with me as long as I can than use that value to buy real P&G share if I choose.
Please somebody correct me if I am talking nonsense.
I see BitAssets as a market simulation of the value. Bitshares is a value exchange network rather than a "stock exchange". The value can become an IOU which can then be transmuted into real stock using Ripple technology so the Ripple community should see it as mutually beneficial.