Or we need a fiat ramps that allow you buy bts directly. Until that happens bts will be a 2nd order token and the assets that depend on it 3rd order tokens.
The primary reason of all our troubles (including the weakness of fiat ramps) is lack of liquidity.
This means we need to address liquidity *before* anything else can be addressed.
Regarding liquidity, we could do these three things:
- implement the MAKER concept (incentivize liquidity by redirecting future profits to entrepreneurs who supply it)
- implement CoinHoarder's concept (subsidize liquidity by printing BTS)
- implement tonyk's concept (give DEX the exclusive right to trade BTS)
And we could (and should) do ALL of those at the same time.
Liquidity is our backbone, without it nothing else has any value in BitShares.
It's our
be or not to be.
It's utterly stupid that we give away our most valuable asset (i.e. liquidity) to third-party companies (i.e. centralized exchanges).
Until now we thought we needed them due to one important aspect (i.e. price feeds), so it made sense to accept this uncomfortable situation.
But the cool thing about tonyk's concept is the realization that
we do not actually need centralized exchanges.
We can have the liquidity they currently enjoy and, as a bonus, benefit from other advantages (no dependence on price feeds, extra fees from trading, less voting apathy etc).
What do we need to give up? The idea that was wrong in the first place: that BTS is a currency.
Our SmartCoins are the currency, BTS are just non-transferable shares in a company.
So tonyk's idea makes perfect sense: it brings BitShares to what it was originally meant to be.
And additionally we stop bleeding our precious liquidity to support our competition.
As we have it now, we are a company which gives away its most crucial asset (i.e. liquidity) to its own competition.
And we wonder why our business doesn't go too well.