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General Discussion / Re: The NEW Bitshares PTS - superDAC slayer!
« on: October 24, 2014, 05:32:53 am »I think the OP makes at least one excellent point - there is a burning opportunity to unseat bitcoin as the dominant digital currency, and bitshares themselves do not have the right characteristics to do that.
Bitcoin was designed to be a new money to compete against fiat. Pegged assets like bitUSD are competing as a more efficient method for transferring the value of money. They could be pegged to fiat or crypto. bitShares is designed to earn business profit, which requires risk, and is not suitable as money.
These are different buckets in my view, although I know BM has argued they merely sit on a spectrum. It might be a powerful opportunity for bitShares to create something clearly designed to be money, but with properties superior to bitcoin and fiat, and using the DPoS framework that other crypto currencies cannot yet match.
To elaborate on this point, each model has different properties that make it suitable for different purposes. I think some/many people were more in agreement with the model of BTSX than the superDAC because it had properties that made it better suited for currency (specifically the deflationary protocol and the slightly less arbitrary allocation). Personally, I think the rapid change and adaptation that may enable corporations to adapt to their competitive landscape can be hurtful to a currency-DAC. To build on the analogy, shares in a corporation are poorly suited as a medium of exchange for an entire society (think mpesa). The coin that wins adoption as the backbone currency will have properties that are hugely different from those of a "digital corporation". Currency is the most risk-averse investment/application that can be built using this technology, and it also has the greatest potential for growth & adoption. I say we go after both the "digital corporation" application AND the "digital currency" application. The caveat here is that the banking and exchange DAC may require the properties of currency to be viable. Time will tell.