Bitcoin is mined and getting dangerously centralized because of it.
BitShares will not need mining and be much more profitable and decentralized because of it.
So BitShares will be Proof of Stake?
And this is the problem. People say Satoshi was a genius and he was, but he's not the end of and he's not the only. We should be pushing the innovation rather than looking at Bitcoin.
Win or lose, you have to try to improve on whatever already exists.
I agree improvements on Bitcoin are possible, but I haven't seen any yet. Perhaps I need to take a second look at Proof of Stake.
Let me boil it down to a few simple facts....
1) The volatility of BitShares is irrelevant because those that want stability use BitAssets instead.
2) Multiple blockchains are necessary for scalability (exchanges have higher transaction volume)
3) Mining is wasteful
4) We can build more profitable DACs, Bitcoin has a 12% wealth tax and 0 returns.
1. Thank you for pointing this out to me. This was my original question. So if I want to use the BitShares exchange, I don't need to buy BitShares? I'll be able to load bitcoins into the client and trade them directly for BitGold, BitUSD, etc? So I guess the only function of BitShares is to pay dividends to the people who hold them? The users of the decentralized exchange don't need to use them at all?
2. I know Bitcoin can currenly only handle something like seven transactions per second, but I thought this was one of the main things being worked on by Bitcoin developers.
3. If Proof of Stake turns out to be viable, then yes. I suppose I need to take a second look at it.
4. I'm not sure what you mean by the 12% wealth tax.