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Offline lucky331

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Hey guys, it would be nice of a couple of you could drop by and post in this thread:  https://xrptalk.org/topic/3744-bitsharesx-explanation-please/

Some people are already prejudging Bitshares even before learning about it and asking questions.  There are comments such as:  "I dont think its that much about decentralized exchange. Its more of a betting platform to me." which seems unfair to say knowing that they never really tried to learn in the first place. 

I am the first to admit that I'm no expert that's why I'm here learning.  I think it would be good if we could help them learn too. 

Thanks.  :)

Offline xeroc

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Re: Some Misinformed People About Bitshares in the Ripple Community
« Reply #1 on: August 24, 2014, 09:48:16 AM »
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline lucky331

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Re: Some Misinformed People About Bitshares in the Ripple Community
« Reply #2 on: August 24, 2014, 09:52:34 AM »
Could you link them to
http://wiki.bitshares.org/index.php/Bitshares_X
thx

they already did. but he still made this comment:  "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)."

https://xrptalk.org/topic/3744-bitsharesx-explanation-please/?p=47858

Offline tonyk

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Re: Some Misinformed People About Bitshares in the Ripple Community
« Reply #3 on: August 24, 2014, 09:57:30 AM »

I had my strengths drained fighting with the NXT community-nonsense. Can somebody take the main blow...I will try to chime in...

Thanks
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

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Re: Some Misinformed People About Bitshares in the Ripple Community
« Reply #4 on: August 24, 2014, 10:36:10 AM »
Whatever happened to Bitshares Me? I thought it would be the more user friendly one, and more of a direct competitor to NXT.

Maybe subcontract it out to a 3rd party and rename/rebrand it?

Offline vegolino

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Re: Some Misinformed People About Bitshares in the Ripple Community
« Reply #5 on: August 24, 2014, 10:46:42 AM »
Quote
"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.  :)

Offline Stan

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Re: Some Misinformed People About Bitshares in the Ripple Community
« Reply #6 on: August 24, 2014, 12:14:27 PM »
Quote
"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.  :)

Perfect.  :)
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline luckybit

Re: Some Misinformed People About Bitshares in the Ripple Community
« Reply #7 on: August 24, 2014, 06:20:06 PM »
Quote
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.
Quote
"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.  :)

Perfect.  :)

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.
« Last Edit: August 24, 2014, 06:23:19 PM by luckybit »
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