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Messages - mr-whitekey

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General Discussion / Re: Bitshares price discussion
« on: April 03, 2017, 12:25:58 am »
I am not a programmer, so I have no comment there. I also respect that Dan did more for Bitshares than a user/speculator like myself will ever do.

That said there is lots to be done. A project of this size and ambition needs a full time developelment team.

You're misusing the word development.

What Bitshares needs is more business use cases, marketing, and promotion.

People who have been following Bitshares from the Protoshares days, heard lots about development.  Bitshares and the DEX is in stage that it can be used "as is".. and do quite well at it.  That's why there's tradeable tokens, volume, etc.

The only reason we don't have more liquidity in the system is not because of programming development or features... (so please stop saying "development") -- Development in the cryptocurrency industry generally means "dev" to "dev" or "develop" the code base of the software.

Bitshares is already developed, it already runs, it already works.   We're past the early investor stage.

Now Stan has are elluded to the idea that he's working on some major business use cases for Bitshares, and I suspect other people are doing in the same.

...but all of this talk about "We need development", why isn't bytemaster doing more "development"... it's just the wrong word.

For instance, the bitshares system already is self governing.  It already allows you to create worker proposals to do XYZ to get things done. 

We have a decentralized system for a reason -- it's decentralized WHETHER OR NOT Dan/bytemaster is here or not.  It continues to run, and run well. It's working. It's in operation. It's not BETA. It's active!
Is the prediction market actually functional as a practical matter?

Is Bitshares actually a Dex for the crypto markets?

To my limited understanding those things are hard coded into the protocol.

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General Discussion / Re: Bitshares price discussion
« on: April 02, 2017, 10:05:27 pm »
Still rolling with that old chestnut eh.. I expect Stan would approve. I'd rather have seen him stick with fully developing BTS, than making like cowboy and doing a fast one. Lost of lump of money that other insiders didn't, from that same gameplaying previously.

Interesting.. you believe that BTS isn't developed?

Have you looked at the code?  It's already built.  Dan's work is done.  He built a product that works...

Why are you suggesting it's not "fully developed" ?
I am not a programmer, so I have no comment there. I also respect that Dan did more for Bitshares than a user/speculator like myself will ever do.

That said there is lots to be done. A project of this size and ambition needs a full time developelment team.

1) We could address counter party risk in all non Bitshares tokens trading on the dex.

2) We could address the prediction market mechanics making it actually usable.

3) Bitshares governance is also an issue with so few voters.

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General Discussion / Re: Bitshares price discussion
« on: April 02, 2017, 08:27:09 pm »
some speculation due to Dan leaving Steem for now. But who knows...

lol.. omg you got to be kidding! Has he failed to follow through again!?.. urgh.
Or he knows his strength lies not in long term management, but quick pace innovation.

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General Discussion / Re: Why only #3?
« on: March 29, 2017, 03:23:10 am »
Because when we deal in any other crypto, aside from BTS, we are just as much a centralized exchange. When we fix that, if we can, we will have a true alternative.

General Discussion / Re: Bitshares price discussion
« on: March 28, 2017, 07:02:11 pm »
@Thom more importantly I want to stress the lack of marketing. And also that for some reason everyone hates BTS.. Try to say BTS to the moon in Polo troll box twice and you are banned..On the other hand everyone else scream all the time moon for ETH,DASH and everything else they want to promote and no one is banned.. Polo admins hate bts..

Poloniex, a centralized exchange that rakes in profit for a few, hates a decentralized exchange that could steal the money out of their pockets.
Do they hate it because the DEX is a threat to their business?
Or do they hate it because they are mal-informed and just think its one more shitcoin

If the centralized exchanges wanted, they could destroy BTS in a second.  They control enough BTS to vote in whoever they want.  One of the GIANT flaws in bts that almost everyone around here sweeps under the rug or chooses to ignore...  Just another reason DEX adoption has been tepid.
Hear! hear! Like the way you think. If we address many of your points one by one we can be excellent.

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I read a rumour last year that 'Moonstone' (is it finished yet?) was working on enabling Trezor support with their wallet.

BTS needs to persuade crypto-traders who currently use centralized exchanges (potential bts customers) to trade large sums of money using the DEX.
When a simple key-logger could steal their funds irreversibly it's a pretty hard sell.
If you have to enter your super-secret password on a possibly compromised computer, are you going to trust it to trade $10,000's of value?

Could the reason for low liquidity/trading activity on the DEX be due to the perceived risk of keylogger theft?

@JonnyBitcoin made a video in 2015 about using the Trezor with an adroid phone, but that was for bitcoin. Not bitshares.
Could this android app be modded to work with an android bitshares wallet?

Is there desktop computer Windows support to use trezor with bitshares?

EDIT: I found a steemit post talking about the Trezor Hackathon where @xeroc and @svk developed Trezor integration for Steem. 

Does it work for BitShares?

I believe this is one of the main reasons BTS hasn't caught on.  You are completely correct that a key logger or forgotten password are bigger concerns to typical traders/investors than a MT.Gox scenario.  99% of people trust their banks/brokers for fraud and password forgetting protection.  I doubt that will change anytime soon, and if it does there will be much bigger problems in the world to worry about other than Crypto.

Can you imagine telling people unfamiliar with crypto "Well if you lose your password or don't backup your wallet and clear your browser, all your money is gone.  Oh and make sure there is not malware on your cpu, because it might also steal your password and transfer your funds.  But look on the bright side, You will never lose your funds because of a bankruptcy... Well as long as your funds are in a MPA and not a UIA.  You could still lose all your funds if they are in a UIA..."

What do you think the reaction would be??? Most likely "I think I will stick with my broker/bank that is federally insured, offers fraud protection, and access to my account if I lose my password".


General Discussion / Re: Bitshares price discussion
« on: March 26, 2017, 11:29:09 pm »
The problem has nothing to do with these ICOs. If BTS could blame its falling market cap on ICOs then Bitcoin and Ethereum would also be experiencing the same phenomena. How many ICOs are denominated in Bitcoin or Eth! The reality is more ppl want those projects than want Bitshares. We have not sold our product to the masses well enough or they see something that we do not. Likely it is both. Bitcoin was able to market itself as a decentralized payment network because it was number one. There are only so many hard money/deflationary money folk in this world and bitcoin got to them first. They are now brand loyal and where they do branch out they do so into "privacy coins". They are not worried about 3sec transactions, bitshares' main working attraction. Remember they are hoarders, they want bitcoin mainly for ideology, but also to "make money" speculating.  The next group of people that demand cryptos are the ones whom need it for illicit use. Again, BTS has not met this need and they go elsewhere for their cloaked/privacy transactions. Even if we implement it soon, will we have missed the boat again? The market is letting us know that we have not met its need enough to overcome prior inertia.       

General Discussion / Re: Bitshares price discussion
« on: March 26, 2017, 04:27:24 pm »

I will reiterate my point that the ICO's that are being done on bitshares are seriously retarding any ability for bts to gain traction to the upside.  They put so much sell pressure on bts and suck so much liquidity out of the system.  There simply isn't enough liquidity being provided by a few dozen traders running bots to support multiple 7 figure ICO's.  I know there is no way to change it now, but until BTS can regulate the amount of ICO's it allows, this sell pressure will be constant.

Had not considered that. Thanks.

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General Discussion / Re: Bitshares price discussion
« on: March 26, 2017, 04:26:08 pm »

More and more this is looking like another failed bounce... Shit ton of money came into alt coins and BTS benefited from that pump.  Unfortunately bitshares has fallen to 33 overall on CMC.... lower than before the pump.

It's rank in terms of market cap is not a good measure. Relative to other highly volital speculative "assets".

Your criquites best rest on its market cap in terms of dollars, a strong and stable fiat currency.

But, yes I understand your point based on the performance of other blockchain projects.

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General Discussion / Re: Bitshares price discussion
« on: March 26, 2017, 01:58:46 pm »

Why was there a two year downtrend in the first place?

The one aspect that bitshares DOES offer right now, is the ability to trade on an exchange trusting solely private/public key cryptography. Security. You can't get GOX'd.

We can not "get GOX'd", if and only if, we trade BTS, or another token on the BTS blockchain.

Anyone who wants to trade BTC, Eth, Dash, or any other alt on the Bitshares Dex CAN "get GOX'd". Trading a market pegged asset of BTC is also more risky.

Our exchange needs to address this issue if we expect to grow. We offer no compelling reason for a Bitcoin trader to use our DEX.

I am still new and speak only based on what I have read and heard, if I am wrong please let me know.

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General Discussion / Re: Bitshares price discussion
« on: March 21, 2017, 04:59:56 pm »

I am skeptical since BTS isn't really outperforming many currencies.  Dash and ETH are getting hundreds of millions of dollars pumped into them

It's not even logical for ETH and DASH to have that much of a pump considering how those technologies are being utilized in the real world.  Tell me, how many times have you used Dash and ETH in your daily life recently?

Exactly. There's lots of hype about why a coin is getting all the market cap, but the fact is, unless the general public starts regularly using that coin for something, then it's just a speculators playground for now.
BlockPay was released months ago and continues to get better and better each week, yet I only see frikn ONE merchant using it so far. If you want to actually use your favorite coin at a store, then people need to get off ass and go show BlockPay to that merchant. It's as easy as that. Just install it on a tablet, and show the merchant that with BlockPay, they can accept one or more digital currencies at zero cost. It's another path to profits. wtf
Dash is doing a great job and their community is starting to talk about BlockPay as well. What about the Ethereum and Bitcoin communities? No, they seem to have that arrogant "we will be the one chain to rule them all mentality". That ego will be their demise, I assure you.
If you want real adoption of your chain, then you should really take a look at BlockPay imo. Man, I am integrating BlockPay with everything now.. Card swipe machines, vending machines, various cash register systems, TV's, even IoT devices.
Pump-n-dumps might be fun for speculators, but the real world needs ways to use your coin.
BlockPay. Stealth. C-IPFS/meshnet. Echo.

@kenCode you are doing an amazing job. So do not take what I am about to say in the wrong way. Personally I know a lot of people who own hotels, bar restaurants, other shops that will and want to accept crypto in Greece. Obviously I will show them blockpay but I am hesitant at this time to do so because this is not yet final. Once stealth is in place, tested, everything works perfectly and there will be no need for further updates I can assure you that you will suddenly start see lots of transactions coming from Greece..I do not want to show them a product and a month later they will need to download and update a new version and then another and then another..I will show them the final product that will dazzle them.. When presenting a product like that to a very large hotel with bar - restaurant with 1,000nds daily transactions you only get one chance. If they see something that they don't like, there is a bug or anything else..that's have lost them forever..You get one chance only. So keep doing what you do, do not lose faith and you will see the rewards of your work eventually..
Maybe something we all can do is to get a group of crypto-enthusiast together in our local areas, contact that establishment beforehand and tell them that your 10 to 15+ people will only reserve if they except crypto currency and use blockpay... it will most likely have to be a locally owned store.

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General Discussion / Re: Bitshares price discussion
« on: March 20, 2017, 01:28:01 pm »
The key difference lies in whether you are trading a UIA(user issued asset, open.btc, trade.btc, etc) or a (MPA market pegged asset/smartcoin, bitUSD, bitBTC, bitCNY). UIAs would carry similar counterparty risk to a normal exchange, however the MPAs are backed by on chain collateral and are thusnot subject to that risk. Depending on the market, you could have similar counterparty risk if it is UIA:UIA, half the risk(UIA:MPA) or none of the risk (MPA:MPA).
Correct. That is how I understand it also. I glanced over where methodise said "bitassets". I was talking about the risk involved bin trading other blockchains on our "DEX".

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General Discussion / Re: Bitshares price discussion
« on: March 20, 2017, 01:49:00 am »
Would you explain that? My understanding was that it is the same as any centralized exchanges for not bitshares assets, like Bitcoin.

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General Discussion / Re: A plan to revive the value of the BTS token
« on: March 19, 2017, 04:16:13 am »
The other aspect that we could credibly capitalize on is the idea of the "privacy exchange". Right now, the idea of privacy, this seems to be really making the markets go crazy. As is we would simply need to pair a "privacy coin" to our DEX and from that point it should be very difficult to trace. Stealth should accomplish this, but we might make it a point to move the DEX to greater and greater privacy.

General Discussion / Re: A plan to revive the value of the BTS token
« on: March 19, 2017, 03:54:29 am »
The original dream of BTS consisted of making a profitable DAC, thus increasing the value of the BTS token.

There is a stupid easy way to do so, and it has been under our nose the whole time. This will be a controversial proposal, but I have no doubt it will send Bitshares to the moon, and pull it out of the downward spiral it is on.

The proposal is simple. Delegates should get paid nothing... zilch, nada. It should be a volunteer-based, non-profit venture. With no inflation, each token holders' equity will increase proportionally with every token that is burned.

I posit that there are enough stakeholders with enough skin in the game to run delegate nodes for free. Stakeholders of which that are incentivezed enough due to their holdings of BTS tokens to not try anything stupid, and of course they could be voted out quickly if they did.

Only one small tweak would need to be made to the codebase (other than reducing delegate pay to zero, which I think can be done by comittee.) Eventually, all coins would get burned in fees, leaving no BTS tokens in existence. A stock split every so often would be needed to issue tokens proportionally to all stakeholders so this never happens.

A profitable DAC = An appreciating BTS token = Happy investors = More investors entering the ecosystem = Trickle down effect to liquidity in BTS' DEX

Ez game

If it were as easy as this then any and every coin could just keep burning fees and send there "investors" to the moon. Reality is the market cap must grow for investors to sustainably reap returns. No matter how you slice it. For the market cap to grow we need more people entering into the system than leaving, we need activity.

We have our niche, we have a working model. We don't have a DEX that let's you trade BTC without a middle man. We have a "Bitshares DEX", not a "cryptocurrency DEX". Get this community surrounded around making Bitshares into a true cryptocurrency decentralized exchange then our work will begin. Then and only then can we market our exchange and say to the not bitshares folk "Look here it is better than your current option, it fits everything you like in bitcoin except it is an exchange."

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