Why use smart coins at all? Should the community be encouraging the use of UIA coins? Yield was the reason to buy and hold them in bitshares 1.0 (it didn't make sense to short them in that case, though)
Smartcoins are great invention but you have some good points here. Maybe we should try to get as much UIAs to the exchange first, and after we have more users and better overall liquidity, we'll move to emphasizing smartcoins.
Smartcoins seem to be quite difficult task when we have only few users. Or maybe the whole concept still needs some tweaking to get the incentives right?
I agree that UIA are the only way we will get traction to begin with, however having mulitple gateways is confusing.
when I go on openledger why can I see the tradeblock and metaexchange gateways. It's confusing.
Also all the "markets with stars" should trade as pairs only with OPEN.BTC so it replicates the experience of trading on poloniex
What is the value of bitBTC? Why would anybody want to acquire it?
For a common user bitBTC doesn't offer any benefit. It can be used only in the Bitshares exchange, compared to real BTC that can be used for many different things like buying stuff online.
So basically bitBTC is useful for only (1) traders, (2) who use Bitshares DEX and (3) want to avoid counterparty risk that UIA-BTC has. That's a quite small market segment. Do we really want to serve them well in this point or rather focus on other things that might bring greater benefits for more users?
While we agree with everything on your list, we think bitAssets are not ready for usage yet. As pointed out in earlier discussions, at Bitsapphire we believe that the initial beachhead market for BitShares is not bitAssets, but rather the decentralized exchange and order book for UIA and gateway assets such as stocks and bonds. While bitAssets have a chicken and egg problem (you need liquidity to get liquidity), UIAs and Gateway IOUs don;t have that problem. The only thing needed to kickcstart the liquidity of the UIA/IOU market on BitShares is in our opinion the ID certification mechanism for gateway KYC purposes. Creating sufficient liquidity on UIAS/IOUs should naturally lead people to using bitUSD or similar bitAssets as a liquid and instant open position against all other UIAs/IOUs on the chain. We think this is the right approach to create liquidity on BitShares.
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(3) Leaders: A few brands will set the pace by creating an integrated approach to using Branded Currency as a vehicle for customer engagement. They will aggregate deals, offers, payments, and loyalty; unify online and offline; and put mobile at the center. They will work with other third-party platforms and wallets, but not be beholden to them. As a result, they will use their data to create value for their customers and bring a unique brand experience to every touchpoint. They will enjoy increased frequency and spend, forge stickier relationships, and greater and more sustainable profitability.
Why use smart coins at all? Should the community be encouraging the use of UIA coins? Yield was the reason to buy and hold them in bitshares 1.0 (it didn't make sense to short them in that case, though)
Smartcoins are great invention but you have some good points here. Maybe we should try to get as much UIAs to the exchange first, and after we have more users and better overall liquidity, we'll move to emphasizing smartcoins.
Smartcoins seem to be quite difficult task when we have only few users. Or maybe the whole concept still needs some tweaking to get the incentives right?
I've just had a conversation about BitShares with a friend of mine and we arrived at exactly the same conclusion as Samupaha and maqifrnswa stated above - at this stage UIAs are the key, not SmartCoins.
It sounds like blasphemy, especially to me as I've always thought SmartCoins are the single most important product of BitShares, its raison d'être.
This conclusion came to me as I started to "sell" BitShares to business people. And it turns out they don't really care about bitUSD or bitEUR.
But when I tell them we could have eBay.USD or Apple.USD or your-local-brand.EUR and transfer & trade these assets on one platform - then I get their attention, they immediately start thinking how those UIAs could be used for marketing purposes for their issuers.
For them bitUSD is the same as "BitShares.USD" - an asset backed by an unknown blockchain entity with a relatively low market valuation.
That was a bit of an eye opener for me. Maybe we are currently putting emphasis on the wrong product.
We (the community) value SmartCoins because we think it is such a brilliant invention.
But for the outside world SmartCoins are nothing more than UIAs backed by something which is very strange & risky and additionally has low valuation.
I think time will come when SmartCoins can realize their full potential but this time is not now.
First we need multiple UIAs issued by some established real-life entities to prove BitShares potential as an efficient and safe exchange
And once the BitShares DAC gets a decent recognition and market valuation - then SmartCoins will be able to start playing their (well deserved) role.
So we have the perfect product (i.e. SmartCoins) but we are trying to sell it too early in our business development cycle.
First we need to build our empire as a decentralized exchange for UIAs. And once we are successful with that, SmartCoins will start to shine as the most desired assets on the BitShares platform because they are guaranteed by the platform itself.
Why use smart coins at all? Should the community be encouraging the use of UIA coins? Yield was the reason to buy and hold them in bitshares 1.0 (it didn't make sense to short them in that case, though)
Smartcoins are great invention but you have some good points here. Maybe we should try to get as much UIAs to the exchange first, and after we have more users and better overall liquidity, we'll move to emphasizing smartcoins.
Smartcoins seem to be quite difficult task when we have only few users. Or maybe the whole concept still needs some tweaking to get the incentives right?
I've just had a conversation about BitShares with a friend of mine and we arrived at exactly the same conclusion as Samupaha and maqifrnswa stated above - at this stage UIAs are the key, not SmartCoins.
It sounds like blasphemy, especially to me as I've always thought SmartCoins are the single most important product of BitShares, its raison d'être.
This conclusion came to me as I started to "sell" BitShares to business people. And it turns out they don't really care about bitUSD or bitEUR.
But when I tell them we could have eBay.USD or Apple.USD or your-local-brand.EUR and transfer & trade these assets on one platform - then I get their attention, they immediately start thinking how those UIAs could be used for marketing purposes for their issuers.
For them bitUSD is the same as "BitShares.USD" - an asset backed by an unknown blockchain entity with a relatively low market valuation.
That was a bit of an eye opener for me. Maybe we are currently putting emphasis on the wrong product.
We (the community) value SmartCoins because we think it is such a brilliant invention.
But for the outside world SmartCoins are nothing more than UIAs backed by something which is very strange & risky and additionally has low valuation.
I think time will come when SmartCoins can realize their full potential but this time is not now.
First we need multiple UIAs issued by some established real-life entities to prove BitShares potential as an efficient and safe exchange
And once the BitShares DAC gets a decent recognition and market valuation - then SmartCoins will be able to start playing their (well deserved) role.
So we have the perfect product (i.e. SmartCoins) but we are trying to sell it too early in our business development cycle.
First we need to build our empire as a decentralized exchange for UIAs. And once we are successful with that, SmartCoins will start to shine as the most desired assets on the BitShares platform because they are guaranteed by the platform itself.
Very interesting perspective. Would like to hear other points of view on this. BM, Tony etc...
NXT also have good user experiences on IOU, but there's no other crypto project have smartcoin.
UIA is great product for referral marketing and it can bring in good revenue for bts. However, market-peg-asset is our core product and core competence. It is the only decentralised way of providing a stable crypto value without counterparty risks. It is a revolutionary and market-disrupting concept. The traditional businessses (including the banks) will not get it until it hit them one day - much like why need a car when a horse is safer? The convincing job is tough and will take a long time. But please do not lose sight of it.
Both products can be promoted at the same time but at two different markets.
I do agree to some extend ...
In the mean time we may need to focus on IOUs to bootstrap the system, become profitable and see liquidity ... but later on, we should emphasize that the true power of the system is the "trust-less" bitasset system that .. btw .. also simplifies interaction of different business on the same chain (read: transfers between openledger and metaexchange)
Now I agree completely :)I do agree to some extend ...
In the mean time we may need to focus on IOUs to bootstrap the system, become profitable and see liquidity ... but later on, we should emphasize that the true power of the system is the "trust-less" bitasset system that .. btw .. also simplifies interaction of different business on the same chain (read: transfers between openledger and metaexchange)
Maybe I did not make to clear enough in the OP - what I meant was that when pitching BitShares to established businesses it works much better when the emphasis is on UIAs.
Because UIAs is something they can immediately wrap their head around and quickly come up with an idea how to turn UIAs into powerful marketing tools for their existing business.
Whereas SmartCoins look to them very abstract, something that might have future potential but right now is very fragile in terms of capital backing it.
And it's hard for them to find a connection between SmartCoins and their existing business.