166
General Discussion / Re: New BTS client date?
« on: December 01, 2014, 08:54:03 pm »We are bundling a lot of new features in the next release.
It should be out by Christmas.
Optimistic or realistic estimate?
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Optimistic or realistic estimate?
167
General Discussion / Re: The unfortunate future of Bitcoin.
« on: November 29, 2014, 04:06:46 pm »How many people have predicted the death of Bitcoin?
A funny thing to consider is that in 1995 Bob Metcalfe himself predicted the death of Internet for 1996.
I predict 2015 will be the last year where people will still dare to call the death of Bitcoin. By 2016 it will become self-evident that call its death is nonsensical.
It would be premature to predict the death of Bitcoin. But it would also be premature to assert that it will be the crypto currency that will stay on top for several years to come. Bitcoin might prove resilient, it has advantages and a lot of VC funds have invested massively in the endeavor. The market for crypto currency/equity will be huge, blockchains are the future. Bitcoin will survive and probably prosper, as well as many others.
168
General Discussion / Re: The unfortunate future of Bitcoin.
« on: November 29, 2014, 03:44:53 pm »At the moment this is true, but I think that's largely because of a shortage of non-BTC gateways. Once there are more gateways that bypass Bitcoin, there will be no need to price all crypto in relation to BTC.
At that point, Bitcoin can't just sit there like gold can, because "just sitting there" requires massive mining expenditures.
I appreciate non of us can know how everything's going to go, but thats not the way I see things at all.
Whatever number of fiat gateways exist, there'll always be a need for cryptocurrency reserve. The ALT / BTC ratio has become a universal standard for measuring relative values in the altcoin market independently of the variations of fiat currencies.
I only see that situation consolidating - not least because so much of the trading volume is intra-crypto rather than fiat to crypto. Also, it's far easier for exchanges to set up BTC markets than it is to set up fiat markets because in the latter case there's the slight problem of a great big counterparty getting in the way called a bank.
What about using bitUSD/bitGLD as a reserve currency? No price fluctuation or price manipulation, pegged to the market value of their "real world" equivalent, no fiat involved, and on top of that the yield will likely cover for inflation (depending on adoption and volume of transactions). Can Bitcoin provide that much?
Current network effect gives the edge to Bitcoin, but take it out of the equation, and in time you might see a change in perception from the general crypto community regarding this edge.
169
General Discussion / Re: Proof of stake represents unbiased value proposition?
« on: November 28, 2014, 02:58:17 pm »I forgot to say that in POS, the backing is usually from the IPO investment, rather than not having one at all.
I'd like to see where it was debunked that POW mining cost affects the price?
I'd like to see a justification that POW mining creates demand (which is what determines the value), when as Frodo stated, it just creates selling pressure by miners.
170
Muse/SoundDAC / Re: Can burned Artist Coins be distributed to Note holders?
« on: November 27, 2014, 08:27:05 pm »I believe to have noteUSD in circulation you need to short them with NOTES as collateral, which in turns reduces the available supply of NOTES for trading, driving up the price... Is my logic right?
Correct but I think the concern, that others have pointed out, is that noteUSD in this system is probably short lived. So the 3 times NOTES collateral is going to get released back into the traders hands as noteUSD is cashed out etc. At least thats how i understand it.
There will be money flowing in (people buying noteUSD to buy songs) and out (artists cashing out) of the ecosystem. But what is preventing the artists to keep some of their income in noteUSD? Considering the biggest sellers don't necesseraly need the money ASAP and that it gives a yield just to keep it there, they have an incentive to keep part of their income in noteUSD and cash out only when they need it.
As long as PeerTracks is doing good, there will be a constant influx of fresh money. So at some point we might see an accumulation of noteUSD in existance, which will require to have significant collateral.
171
Muse/SoundDAC / Re: Can burned Artist Coins be distributed to Note holders?
« on: November 27, 2014, 07:06:01 pm »
I believe to have noteUSD in circulation you need to short them with NOTES as collateral, which in turns reduces the available supply of NOTES for trading, driving up the price... Is my logic right?
172
General Discussion / Re: Are we ready to absorb the released capital when ripple price dump?
« on: November 27, 2014, 05:05:38 pm »I have higher expectations for BTS than a 2x-3x ..
I feel crazy for saying this but I realistically expect a 100 fold increase in 2015. Once we get just a bit of traction and begin pulling developers from other coins the entire bitcoin market cap should collapse into ours. And that will just be the very beginning.
I really hope you're right. That would be awesome! Personnally I'm bullish (not as much as you are), but a 10 fold in 2015 would be a good start, with another 10 fold in 2016.
173
General Discussion / Re: Why BTS is falling like this?
« on: November 20, 2014, 04:04:29 pm »interesting?damnOne would think the largest investors, by definition, would have the best grasp of the potential of BTS.
It does seem odd that someone with a substantial stake would be heavily divesting at this point... prior to any real marketing.
Or perhaps they are speculating and attempting to grow their stake by causing a run and then buying back in.
It is interesting to watch the price fall clear back to launch prices.
The good news is that after a dry spell of no one being willing to short BitUSD there is now huge demand to short the dollar. I suspect someone is selling down external exchanges so they can get a good short entry point on the internal exchange.
I am sure someone bought at around 0.2 CNY will be very frustrated.
Well on a big part of my investment I'm almost 50% down. Yes it is frustrating. But what do you do when your investment drop in value? You buy more to lower your average price, or you hold tight and wait for the sky to clear up.
I imagine there are whales who lost confidence on the product following the change in social contract and divested massively, couple that with market manipulators, other easily panicking investors with weak hands and no major news from dev/marketing for a while and you've got the downtrend we have now.
174
General Discussion / Re: bitcoinmagazine.com disaster!
« on: November 19, 2014, 01:34:36 pm »http://bitcoinmagazine.com/18467/dacs-vs-the-corporation/Eh I wouldn't call it a disaster.
That article could have been a nice read .. wasn't it for the huge amount of non-sense about BitShares ..
Not only does the author not know how to "write" BitShares correctly, the author also doesn't seem too interested in BitShares though want's to given in overview of the DAC/DAO technologies ..
Why can't I drop a comment there?
Can we fix this?
I agree. Not so much a disaster. The problem I see though is that there are several technical mistakes in the writer's description of BitShares. If appropriately handled by marketing/PR and done in a friendly way, the author might accept to correct his article.
I see no issue in the author having an opinion about a product compared to another, but it needs to be based on verified facts, and several of his assertions aren't right.
175
General Discussion / Re: Bitcoin is going nuts today
« on: November 13, 2014, 06:16:33 pm »
I'll be convinced it can reach 100$/BTS the day I'll see BTS talked about on every financial channels on TV as the new way to do smart banking, and when traditional banks try to shut BTS down with some lobbying to legislators because they feel threatened.
We're a long way to even get 1$/BTS, which is 50 times more than the current value.
We need to start crawling before running.
We should manage our expectations a little...
We're a long way to even get 1$/BTS, which is 50 times more than the current value.
We need to start crawling before running.
We should manage our expectations a little...
176
General Discussion / Re: Invictus Innovations to Return PTS Donations
« on: November 12, 2014, 08:41:18 pm »
What?
So this is a refund post snapshot. Basically AGS holders are still AGS holders and I3 will still receive the BTS from the snapshot while it was holding them. It doesn't change anything except all those who donated will receive their PTS back?
So this is a refund post snapshot. Basically AGS holders are still AGS holders and I3 will still receive the BTS from the snapshot while it was holding them. It doesn't change anything except all those who donated will receive their PTS back?
177
General Discussion / Re: What's your confidence level at for Bitshares success (1+ billion market cap)?
« on: November 11, 2014, 07:23:39 pm »
I'd like to stay conservative and say there's a 50/50 chance it reaches 1billion market cap.
If it doesn't reach that market cap, it won't be because of a lack of groundbreaking technological/economical advances made by the product. It will be because average Joe is too dumb to even realize the current financial system is flawed, and our inability as a community to make this product accessible to the masses.
I think what makes the 1 billion market cap possible/plausible is the focus of marketing on getting average Joe to use bitUSD just because it has more advantages than regular USD. Remmitances will also increase adoption, but won't have much network effect on the masses.
And when 1 billion is reached, if everything is properly aligned, network effect will take over. Getting the 1st billion in market cap will be the hardest (and longest) part imo.
It's like all self made millionaires say: Getting your first million dollar is the hardest part. Afterwards getting more millions is much easier --- Same here with market cap, but in billions.
If it doesn't reach that market cap, it won't be because of a lack of groundbreaking technological/economical advances made by the product. It will be because average Joe is too dumb to even realize the current financial system is flawed, and our inability as a community to make this product accessible to the masses.
I think what makes the 1 billion market cap possible/plausible is the focus of marketing on getting average Joe to use bitUSD just because it has more advantages than regular USD. Remmitances will also increase adoption, but won't have much network effect on the masses.
And when 1 billion is reached, if everything is properly aligned, network effect will take over. Getting the 1st billion in market cap will be the hardest (and longest) part imo.
It's like all self made millionaires say: Getting your first million dollar is the hardest part. Afterwards getting more millions is much easier --- Same here with market cap, but in billions.
178
General Discussion / Re: The big question
« on: November 10, 2014, 08:32:02 pm »lol @ anyone thinking that achieving at a minimum Bitcoin's market cap is all that unreasonable...
I swear some of you don't understand the mind boggling potential of all this.
Also, I consider 1 million USD to be rich. At that much money I could retire before I'm 30 and live largely off the BitUSD yield. Would probably need at least a few million to retire comfortably though...
I know that if it gets adopted by the masses the Bitcoin market cap will only be a milestone in the steep price increase of BTS. I don't believe 5billions is so unreasonable. But Bitshares is still a long long way from that market cap (it would need to increase approximately x125), and I prefer to be realistic and not inflate too much my expectations.
Anyway, I'm not selling anything for the next few years, so we'll see then!
But I'm pragmatic and reasonable, and probably cash in part of my investment before it hits 10$/BTS.
179
General Discussion / Re: The big question
« on: November 10, 2014, 08:05:18 pm »If it reaches the current 5 Billion market cap that Bitcoin has, which I think is quite reasonable, each Bitshare will be between 1-2 dollars. I don't think you would need 20 million BTS to be rich off that. I suppose it depends on what you define as rich but I would imagine being a millionaire would qualify, no?
You're right, it all depends on how much is required to be declared "rich".
Personally I would do well with a few million dollars
I don't believe Bitshares will do that for me though! But nontheless, it would be my best investment EVER if the market cap ever reaches Bitcoin's current market cap.
180
General Discussion / Re: Should we kill the DACronym?
« on: November 10, 2014, 07:49:07 pm »I think we should keep using DAC.
Keep calling the C community, if we cannot be a company.
This community invented 'DAC', we shouldnt kill it off.
This is a good point... we should probably tweak the words we use for DAC but keep DAC.
Distributed is better than decentralized
Automated is better than autonomous or automatic
C* - all of the above apply from various perspectives.
But it is autonomous, not automated, because it's people voting that decides into which areas of business the DAC will grow.
Yes you're right about the "strategic" decisions, they're not automated. Those decisions will most likely always be done by humans. But the whole day to day operation is automated and hard coded, that's what I think automated refers to.
