91
General Discussion / Re: Bitshares price discussion
« on: August 30, 2015, 04:10:07 pm »
It would be interesting to see data on short interest at poloniex. Poloniex now has 43% of total volume for bts.
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92
Technical Support / Re: BM identifies the open attack vector that is actively encouraging voter apathy
« on: August 27, 2015, 04:51:54 pm »I say make it as harsh as possible, and bring back the yearly haircut on unmoved balance.
We are claiming to be shareholders in an active company etc etc, so we should be active.
penalize dormant balances.
easy there killer... BTS is different things to different people... no need punishing me because i am not as smart... i cant type computers fast or good like u and dont have access to them like rich americans do... since it takes me more effort and money to change my votes than u then it is not fair for BTS to discriminate against the poor and disabled.....making votes decay over time is enough of a pain in my ass... we need to strike the perfect balance and then make this parameter adjustable within this range so we can continue to perfect
I like Mike Hearn's assessment of how blockchain governance works most efficiently and effectively. Basically, you have one core group of guys, or even one leader in some cases, who make most of the decisions and everyone for the most part just goes along with it and gives their input here and there. However, blockchain governance gives us one, last-resort, fail-safe measure to override the decisions of those core developers if we have to. In the case of bitcoin, there is a network of miners who can override the decisions of the core devs if need be and in bitshares the stakeholders have the power to override the decisions of the core devs, which is more efficient.
I like to think it as insurance - it's something you purchase but hope you never have to use. Hopefully the tree out in my front yard never falls on my car but I'm going to buy insurance just in case it does and if by chance a huge storm comes up and blows that tree over on my car, then I will use my insurance to protect myself financially. It will be a big inconvenience and something I didn't want to have to do in the first place, but at least I was protected.
Same goes for bitshares. As a shareholder I would rather just vote for BM & Co to run the show. They created this project and got it to where it is today, so i dont see any better alternative. I probably won't change my vote for every little change that needs to be made or new feature that needs to be added. However, if the core devs attempt to completely compromise the system for any reason, then I can use my "insurance" to override their decisions along with all other stakeholders. It will be a huge inconvenience to figure out what is going on and how best to use my vote to protect the integrity of the system - and it will likely be ugly and get a little messy, but at least I am protected just in case and we as shareholders can prevent the destruction of the system by a small group of people. However, hopefully things go along business-as-usual and I don't have to take any action.
tl;dr I don't see voter apathy as a big problem, but voters who do not vote for a proxy should have votes expire or decay over time. Most of us will probably just vote for a proxy that goes along with cnx and the vision of bitshares and only use our voting power if serious issues arise. That will be the most efficient and effective way to run this blockchain.
93
General Discussion / Re: What is Bitshares exactly? Please ELI5 (Explain Like I'm 5)
« on: August 22, 2015, 05:23:59 am »
Seriously guys, ELI5 means "EXPLAIN IT LIKE I'M 5"
Here you go:
Sometimes bad people want to steal things you have, especially if it's worth a lot of money. Bitshares let's you put those things (such as gold, silver, oil, and your money) on the Internet where nobody can take them and bitshares also lets you trade those things with other people on the Internet where nobody can stop you from trading them. The best part is anybody in the world is free to do it.
Here you go:
Sometimes bad people want to steal things you have, especially if it's worth a lot of money. Bitshares let's you put those things (such as gold, silver, oil, and your money) on the Internet where nobody can take them and bitshares also lets you trade those things with other people on the Internet where nobody can stop you from trading them. The best part is anybody in the world is free to do it.
94
General Discussion / Re: What is the focus of BitShares now?
« on: August 18, 2015, 09:30:18 pm »@Empirical
Nice reply, most complete up until now imoIt seems to me that the focus now is on becoming profitable, so that we can survive, continue to develop, and then grow strong to achieve Bitshares goals for the future.
If a potential investor asks what BitShares is about or aims to do and you answer "to be profitable", his knowledge of BitShares will be the same he had before asking that same question. That answers nothing. It's every companies' objective to be profitable.
Yeah, I wasnt trying to give a full sales pitch, just summarize the present goal of the project.
Problem: If my exchange of choice (e-trade, bitfinex, ect) disappears, then I lose all my money and assets.
Solution: If my exchange, powered by bitshares, disappears, then I use another client to restore from a backup and recover all my money.
Identifying the core problem and solution is really quite easy. Getting there is the hard part.
95
General Discussion / Re: What is the focus of BitShares now?
« on: August 18, 2015, 12:25:35 am »
I hope the focus will be on bitAssets first and foremost with 2.0 - a working system that rivals traditional exchanges. The initial plan to fix everything under the sun (MPAs, UIAs, vote, dns, music, ect, ect, ect) didn't happen and as a result, nothing got fixed. If the devs can get a sound solid chain focused on bitAssets working with liquidty entering the system to generate revenue, then bitshares will be well on its way. Bitassets alone have $trillions in potential. That alone will provide the resources needed to get other projects off the ground.
96
General Discussion / Re: Upcoming bitcoin hard fork & /r/bitcoin censorship
« on: August 17, 2015, 05:44:10 pm »
IMO this is the first real test of nakamoto consensus, and I don't really see a failure scenario as many are predicting. Worst case scenario is that the network splits into two coins. One with larger blocks and one without, and I would not consider that a failure because the split in consensus would be so great that the only solution would be to split the network and allow individual users to follow whichever fork they like. The other scenario is for a supermajority to be found through nakamoto consensus and that system survive as bitcoin.
I predict we will quietly see blocks larger than 1 mb appear after the first of the year and no damage will have been done.
I predict we will quietly see blocks larger than 1 mb appear after the first of the year and no damage will have been done.
97
General Discussion / Re: Very disappointing BTS performance
« on: August 06, 2015, 09:46:24 pm »You sold at the bottom. Look at ethereum, maidsafe, ect. Bitshares is on pace with most other 2.0 projects, and bitshares is the most undervalued right now IMHO. I have a feeling ether will be overhyped and overpriced to begin with considering their stage of development. It should be an interesting 2nd half of 2015 with the launch of ethereum frontier and bitshares 2.0. 2016 is shaping up to be spectacular, similar to bitcoin in 2013. I look forward to watching the fireworks.
I think this statement is said every year and every year has been a disappointment...
2009 -2013 = dissapointment??? I'm not sure what you were expecting.
2014 may be considered a dissapointment depending on you perspective, perhaps in terms of price. In terms of innovation, I would consider it a great year.
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General Discussion / Re: Very disappointing BTS performance
« on: August 06, 2015, 05:33:07 pm »
You sold at the bottom. Look at ethereum, maidsafe, ect. Bitshares is on pace with most other 2.0 projects, and bitshares is the most undervalued right now IMHO. I have a feeling ether will be overhyped and overpriced to begin with considering their stage of development. It should be an interesting 2nd half of 2015 with the launch of ethereum frontier and bitshares 2.0. 2016 is shaping up to be spectacular, similar to bitcoin in 2013. I look forward to watching the fireworks.
99
General Discussion / Re: Bitshares equivalent to NYSE?
« on: August 05, 2015, 03:58:29 am »Quote1] There will be LTC/BitUSD trading. I think that market will be smaller than LTC/(Some exchange).USD. Hopefully those markets are traded on Bitshares.
2] NYSE doesn't have a market cap of $16 trillion. The shares traded on it have a market cap of $16 trillion. NYSE was purchased for $11 billion in 2013 .
1. I see
2. NYSE Euronext was purchased for $11Billion, I'm not saying wikipedia is the most reliable source for information, but it say's NYSE has a market cap of $16T according to wikipedia, other sources says $19.9T or 459,398,360,693 shares multiplied by $43.33 (June 2015)
Somebody please correct me if I'm wrong.
The stocks trading on the exchange are worth that much. The exchange itself is worth $11B.
Yes but the NYSE does not have a backbone currency acting as collateral underlying all assets traded on the exchange. Bitshares does and this could make the underlying bts worth trillions, even in today's dollars.
100
Beyond Bitcoin [closed] / Re: Hangout Questions for Bytemaster (Due Friday @ 10:00am EST)
« on: July 31, 2015, 06:16:57 pm »I am not complaining, just eager and wish there was some type of roadmap/task list to go live that we can all follow to final release.
I follow other projects and they also have periods of quiet when users and investors question what is going on. The pattern repeats itself. It's usually around those times that major progress is made. Ethereum finally just released its first test network and maidsafe has yet to release theirs, but it should be soon, so bitshares is mostly in-line with other projects. In fact, with all these great 2.0 projects scheduled for release around the same time, 2016 is setting up to be a spectacular year, on par or greater than that of bitcoin 2013.
101
General Discussion / Re: nasdaq to use bitcoin technology
« on: July 25, 2015, 12:06:47 pm »@Helicopterben let's agree to disagree. I can't really conced any of my points if you don't see the logic
Fair enough
102
General Discussion / Re: nasdaq to use bitcoin technology
« on: July 25, 2015, 12:52:00 am »@Helikopterben The premise of a blockchain is not decentralization it is information symmetry
No. The purpose of a blockchain is decentralization in which no single entity has control over what is recorded or how it is recorded and consensus has to be reached for most all decisions. You can achieve information symmetry with a distributed database, but not consensus. Why even coin the term "blockchain" in the first place if you are just going to use a centralized distributed database, which is nothing new and has been around for decades?
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I don't care if there is a central authority that controls the blockchain so long as the inherent transparency of the blockchain ensures that entity is accountable for their breach of protocol.This won't work. Transparency alone won't ensure accountability. Transparency and consensus with other parties involved is required for true accountability.
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In the end you're vision is not practical by any measure. So long as we have national governments we won't see it play out since governments will always seek to control the flow of capital within their borders, for security and policy reasons.
I think you are to short-sighted. The political landscape is due for as much disruption as the financial landscape, and the bulk of disruption has yet to occur. The world may look vastly different in the coming decades and that includes disruption of government, disruption of national boudaries, disruption of property rights, disruption of law, and disruption of the way we even think about finance and money. Legacy fiat monetary systems and markets may be rendered completely obsolete. IMO, we are about to embark on the broadest and most encompassing wave of the internet and there are many changes that we just wont be able to predict. The world will look vastly different in 20 years.
103
General Discussion / Re: nasdaq to use bitcoin technology
« on: July 24, 2015, 07:15:22 pm »These exchanges arent going to build there own block chain. They think that the technical limitations are that of bitcoin. Nasdaq has no clue that it can use a block chain for trade execution on the scale that they're accustomed. They are only looking at it for post trade services.
Also have you missed the memo on the compliance features that have been implemented in graphene. Exchange can remain fully compliant if they so choose. Nasdaq is also a huge proponent of open source and I don't think thats a deterrent. They wouldn't use this for their equities markets. Where this is most needed is in the standardization of OTC products that aren't currently exchange traded.
why don't you think exchanges won't build their own blockchains? i'd say it's a strong possibility. either that, or subsets of financial institutions forming collaborative, but still privately operated, chains. i'd also strongly assume that what we're doing here with Bitshares is fully on the Wall ST radar; these guys aren't idiots, money can buy a lot of brilliant minds.
good point re: the OTC assets...i can see that being a first step to apply the new tech.
First of all, it's impossible for a centralized entity to create its OWN blockchain. That is contradictory. They would just end up with a database. Maybe a distributed database, but not a fully decentralized database, a.k.a blockchain. Perhaps they could create a ledger distributed among multiple exchanges, banks, and/or financial institutions in which all entities compete among each other to validate transactions and change parameters on the network, but it's difficult to tell how decentralized such a system would be. Likely it would be even more centralized than ripple. It almost surely would not be opt-in... we could call it a psuedo-blockchain, but not a real blockchain such as bitshares or bitcoin. The best chains will be the ones that started from a grassroots effort and grew organically over time. Chains started and maintained by the establishment will most likely not keep end user interests in mind with regards to monetary inflation, theft, confiscation, ect. In other words, they will be more centralized and consequently less secure. Their best bet is to adapt to the technology already being produced, and many of them are doing just that.
My grand vision would be for exchanges such as the nasdaq to replace their backend databases with the bitshares blockchain, doing so in a way that users retain control of their assets at all times, even when in trade or under contract. I imagine we are quite a ways off from this becoming a reality.
104
General Discussion / Re: nasdaq to use bitcoin technology
« on: July 23, 2015, 08:47:21 pm »We should do all of that once 2.0 is delivered. Only then can we prove what BitShares is worth so at the moment we kind of have our hands tied up.
This ^
Imagine Google attempting to sell a smart car to Ford without even a working prototype. I don't think it would go over so well. The best response you could hope for is "well, let us know when you get it working and then we can talk." Once bitshares 2.0 is working in a live environment, then these major institutions may take notice, and it will probably take some time to iron out the initial bugs in 2.0 to really have a great product to demonstrate.
105
General Discussion / Re: Idea for the future: Asset tokens backed by decentralised IOUs
« on: July 12, 2015, 03:21:14 am »...actual USD raises some exit node dilemmas, puts us towards the Ripple side of cryptoCould you explain what you mean here?
This sounds like UIA on the ripple network combined with voting pools, which have been discussed in bitcoin. The problem he raises is that you will eventually have a gateway default. However, with your solution, which is much like voting pools, the losses are spread throughout the network of gateways only requiring a "haircut" for all parties involved, if I understand correctly. Then the faulty exchange can be discarded from the network. This is a potential solution because risk is lowered significantly, however a system where risk is nearly eliminated (there is no such thing as zero risk) would be preferrable. I am anxious to see how the new bitAssets perform, then go from there.
