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General Discussion / Re: BitShares X Status Update
« on: April 19, 2014, 03:04:51 pm »No, I don't know my returns are gonna be huge, especially calculated in BTC. There are a ton of reasons why this can end up not be the case, the world is a very complex place, it's not because some smart people tell you they are gonna change the world and make you rich that that will actually happen.The biggest problem right now is the 28 Feb snapshot. As we get farther away from the date, it keeps looking worse (and is generating a lot of heartache amongst investors) and creating more pressure on Dan and co.Yep, it really annoys me.
Having value trap in a black hole during an undetermined period of time was not part of the deal. Having value stuck is reeeeally annoying, especially in the cryptospace where things move very fast. If I didn't mind having my value be illiquid I would have buy more AGS, my portfolio was skewed toward PTS for a reason.
Is having your AGS being illiquid for 2-3 months really the end of the world? You know your returns are going to be huge once the product is released. The only thing Im annoyed about is that I didnt donate more.
Like I said if I don't mind having value illiquid I would have buy AGS instead of PTS. But I bought PTS, and my value is illiquid. That's really annoying.
Stan your parents probably responded to you "yeah soon" even when that wasn't true, but your investors are not person that you should feel comfortable treating like child.
Beside that, it raises the question: how have you end up underestimate so much the time you needed? Did you really think you could do in 15 days (February 28th => Ides of March) something you actually cannot do in maybe 45+ days? Should we always mentally triple the time when you speak about something in the future?
That's why we stopped giving estimates. We don't know what we don't know. When our conventional mining solution for PTS pointed out that mining was centralizing and unprofitable, a new invention was necessary. Our supporters have watched (and helped) us make that invention in real time - with access to every chin-scratching twist and turn of our thinking. Is that not being treated like adults?
Here's the list of R&D progress we've made pursuing that invention, as summarized by bytemaster a week or so ago. None of it could be anticipated until we did the work, thought the thoughts, listened to input from this forum, scratched our chins and engineered the required breakthroughs:QuoteYes, I released a white paper on DPOS last week and have implemented a large part of it and will be testing it in the days ahead. Resolving the security model in a way that one can thoroughly understand and prove is secure was a major challenge. You can follow discussions on this forum where about a half dozen variations / iterations where vetted and found wanting... Let me list the evolution:
1) Mining with Momentum... tossed due to centralization and non profitability
2) Transactions as Proof of Stake white paper (Nov 28th, 2013) adjusted mining difficulty by stake. Suffered from weakness on deciding who should produce the next block.
3) Ripple Consensus + TaPOS was the concept in January at the Miami event through Feb, but after attempted implementation we realized it had several deal breakers:
a) the unique node list was an invite-only group and a point of trust
b) the UNL was not compensated in any way
c) the bandwidth requirements / scalability were an issue
4) Fall back on a simple mining + TaPOS and various variations on equations for option 2. All of these variations suffered from many potential attacks and would require many confirmations. It became too complex to analyze. (Feb through March)
5) Single trustee which could be fired... the process was too manual but otherwise sound.
6) Delegated POS this solution has been reviewed, found to be decentralized, fast, and secure without ambiguity. We have finally resolved the issue.
In that time we also identified problems and found solutions to several market manipulation attacks. These need to be implemented, but then we should be good to go.
As you can see R&D is not predictable when you are at the bleeding edge of innovation and solving problems as they are discovered.
We are now much, much stronger than we were then and the total industry value proposition is bigger than ever.
We know that you team make great efforts underground before the seed of Bitsahres sprouting, we as investor just want something visible to stronger our confidence and stop the useless urge.
