I would expect users to migrate through existing services once a solid foundation of trust is established. There will be no overnight transition but we will first see the ever growing crypto-community first to adopt. Every second, a new business accepts BTC. See this overstock post highlighting BTS practicality. https://bitsharestalk.org/index.php?topic=2115.0
The whole industry is growing rapidly.
There has already been high level discussion indicating the current foreign exchange market outdated, due for redesign. The problem is nobody knows how.
The global financial/network system is evolving in many ways. Invictus are light years ahead.
Once Bitshares becomes officially announced, things will really heat up. Just through current AGS price you can gauge a decent perspective. Right now I would say BTS are underground. The world knows of the bitcoin and some litecoin but no bitshare. True that only a small fraction of the crypto-community is aware. In 6 months it will be a whole new world.
Possibly within this period a number of large exchanges will be offering crypto-fiat (cryptsy is not far off). Although this will not be the only direct input, it will certainly benefit all cryptos. Perhaps Invictus have something up the sleeve? I do not fully understand the plans but I can piece enough together to know I need AGS/PTS.
At first I would imagine an illiquid market. One where a few G's or BTC's could wash the market in any desired direction. Just like some micro alts at the moment. I wouldn't think it long until the market establishes a true price. It will certainly be interesting.
I agree Invictus is ahead in conceptual thinking about the potential of the DAC the industry. But that is NOT enough. I am also trying to establish a company/service that is, like bitshares/DACs/bitcoin, much about the network and its effect. And apart from the capability of doing something (the technology) you need to burn a lot of money (branding, marketing, running without profit for long) to get the mass needed to get an even a bigger mass and therefore massive profits. So I suggest to look for a partner with reputation in the financial industry or any kind of reputation and money, especially because this is open source and anyone else with more money to burn and a known reputation in the financial industry could take your software and do it. Now this is a good moment because no code has been released that would be sufficient to just copy and re-brand. Is that actually true?
Is is possible with only ripple to get ripple for fiat. As far as I understand ripple you would have to have your bank use ripple too. Is that right? For mainstream adaption direct fiat<->BTS exchange is a must.
In the end, for mainstream adaption, you might need some money and backing form people well respected in the financial industry (e.g. some VC company specialized in the financial sector or a partner bank or so) to gain a reputation in the financial industry and get media coverage. Keep in mind that even if the future of banking and trading goes without trust, right now trust and reputation is everything or a least a lot. Also ripple has gotten most of its media coverage through google ventures funding. I know that the words bank and old money are ideological daemons in the crypto community and I am not a big fan either but that doesnt matter. Do you really believe the old money/financial industry will just let you pass? As soon as they realize this is the future a battle will begin and it will be fought with all cruelty needed. Its I3 with the advantages experience in the field and being first against big rebrand company/bank with the advantages money and reputation in mainstream society (mainstream is what matters for success obviously). I like being romantic about taking your rights back and conquering corrupted institutions and this will actually work regarding privacy with keyhotee and DACs providing all kinds if services but when you enter an extreeemly well established market you need to play by the rules of war (in a certain respect; play by rules doesn't mean you obey!) You need to play out your advantages and partner up to compensate for your weaknesses. Just don't make the mistake to not prepare for the fight and the realities of it.
Maybe its not that extreme
but the more valid your concept is and the more success you have the more will this play a role. Prepare! Finding a good team fast that can keep up with the success and the demand is a point of failure and a well known partner with an established recruiting mechanisms and lots of connections is crucial here as well.
When I think Bitshares, I should thinking - 'Well funded, proven track record, simple, clear, exciting, user-friendly' as opposed to how I think Bitshares/AGS may now appear to newbies which is 'exciting, interesting' but also 'slightly confusing, muddled, complicated, lagging behind'
That is a good summary of what it should look like marketing wise and what it appears atm
I would also employ the services of a professional marketing/branding company if the funds were available.
You could get this for free by telling the branding company to get PTS worth the increase of PTS that goes along with thier branding efforts. You could arrange something like: The branding company gets 10% (or whatever) of the profit from value increase of all PTS I3 owns for the time of one year. Big corporations make (or at least they should) the variable compensation of CEOs (that among other things depends on the increase of the share price) depending on how the company's share developed compared to an index. You could do the same and make the payout depending on a comparison with the top 10 Crypto Currencies.
I will share some more thoughts on a branding strategy soon...
I think the approach of focusing on one asset first makes sense.
Who uses Proof of burn?
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? Please clarify.
...and I failed, it's at 0.0168 now.
But I think it is at least easy to understand...
