Author Topic: I'm Nervous, Please Reassure Me  (Read 13887 times)

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Offline matt608

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Mining bitUSD will be talked about at 2 meetup events every month in Buenos Aires.

Offline teenagecheese

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Actually even if it's not ready it should be marketed heavily by the marketing team with an expected launch date, but from what I heard, it's already in operation.

Offline teenagecheese

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Bytemaster, I like this a lot. When is it ready? If it's already happening, is it being marketed heavily all over the internet by the marketing team?

Offline bytemaster

The new Mine BitUSD pool is going to change everything.

Assuming we make it the "most profitable" pool by the time you convert to real USD then what will happen is miners will switch in droves. 

Miners represent capital that flows INTO and then OUT OF the crypto currency space.   

The interesting thing is that even if 100% of all capital flows in and then back out we still benefit from increased liquidity and a tighter BitUSD peg due to the constant buy pressure on BitUSD. 

Now it gets even more interesting because we know that less than 100% of the capital will flow back out.  Some percentage of miners will hold their BitUSD or convert it to other assets within the BitShares ecosystem.   In all likelihood miners will keep a lot of their profits within our system.

Lastly, even if miners eventually cash out 100% of their proceeds they effectively lend our network the value of their capital for the duration of their float.   This increases the market cap. 

So what does all of this mean for BTS?   It means that there exists a price that it is worth paying to simply get all of that money flowing through our network.   A small increase in buying pressure will result in a much larger increase in price. 

I think there is some conversion ratio that represents new capital being held in BTS... as long as that conversion ratio is greater than the amount we spend to get it by a wide margin then we are good. 
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

TurkeyLeg

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The team is very focused right now with one person dedicated to each of the following tasks:

1) Light Wallet (phone, desktop)
2) Web Wallet (hosted, browser based)
3) Full Wallet GUI (current wallet)
4) Testing
5) Integration & Release
6) Gateway
7) Partnerships and Tech Support for Exchanges

Our "New Feature List" is highly curtailed focusing only on:
1) Usability & Stability
2) Escrow
3) User Issued Asset Upgrades
4) Relative Orders & updated Market Engine

Things appear to be going slower now only because we are delaying release while we focus on testing.   
The light wallet will mature very rapidly now that the core infrastructure is in place.

Marketing is getting very organized and systematic. 

Our release process is getting refined with milestones and tasks and greater discipline on testing / integration / process.

Overall our team is maturing.

I know everybody got used to getting multiple releases per week when we first started.  But that drove exchanges and others nuts trying to keep up with our pace.

So we promised them we would do fewer, bigger releases.  That's why you're not getting that big rush, the work is still being done just as fast, but they are being released less often.

On the inside, we are very happy with all the progress people are making.  But polishing and testing don't give the same feeling of motion you get when new features are being released every few days.

This is our life's work.  It's amazing that anyone would worry that we were thinking about anything else.

 :)

Well, when BM posts about Bitshares Bingo and blogs about Nubits...

Offline Empirical1.2

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(Also: Bitcoin is really at this same despair point right now as well I think, so many true believers have questioned everything.  Of course, both for Bitshares or Bitcoin, it could get better or it could get worse).

Yeah this is what tempers my enthusiasm, I'm unsure/pessimistic about Bitcoin. They seem to  be on a very clear longterm downtrend and they can drag most crypto's down in $ terms with them to a certain point.

Sometimes pessimism is justified sometimes not, in Bitcoin's case I think it is. I'm hoping a lot of their issues are due primarily to volatility which BitAssets help solve.
« Last Edit: February 03, 2015, 09:03:15 pm by Empirical1.2 »
If you want to take the island burn the boats

Offline Ander

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PLAY is looking poised to be  a big hit, and it benefits us too due to sharedrop.

I'm really glad I'm getting some PLAY, and I also plan to buy the hell out of it the first time it has a deep pullback and everyone is bearish and in despair about it (like we are now with Bitshares). 

Because you should never buy anything at a time when buying it feels good.   You should only buy when it feels horrible and you are questioning whether the thing you are buying will even survive.
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Offline Ander

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As I see it, Bitshares - the idea and the tech - is going to be successful and will change the society. Question is whether this particular BTS which is currently trading for some 4k sat is going to be successful, and I am tending towards a no now.

We are really swimming in despair right now aren't we!  Even many of us true believers feel bearish and worried. 

Some truly good news / release of stable client and lite wallet / fulfillment of promises might really jolt the price, like what happened in August.  There are probably some despondent whales out there who got fed up with the broken promises, but will buy back in and drive it up if the promises start to be fulfilled.



(Also: Bitcoin is really at this same despair point right now as well I think, so many true believers have questioned everything.  Of course, both for Bitshares or Bitcoin, it could get better or it could get worse).
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sumantso

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As I see it, Bitshares - the idea and the tech - is going to be successful and will change the society. Question is whether this particular BTS which is currently trading for some 4k sat is going to be successful, and I am tending towards a no now.

You can look at it this way - we are witnessing a revolution, and we are contributing towards it. Besides, there is a good chance that newer projects which provide better marketing and usability may sharedrop on us. PLAY is looking poised to be  a big hit, and it benefits us too due to sharedrop.

Offline Ander

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The current level of pessimism is understandable but also reassuring.

This is July 2014 all over again, you'd never seen so many pessimistic people which is why when BitAssets were finally released there was a big upside move.

Everyday I woke up thought about whether the pessimism was justified and then bought more BTSX at 0.000016

Yes this is what I am doing right now.  I keep buying BTS and feeling HORRIBLE about it!
Every time I do, I think: Why do I keep torturing myself like this!  This needs to be the last time I add more.

This is how I come to have 4x as many BTS now as when the 'merger' happened in november.
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Offline Ander

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Overall our team is maturing.

Yes, I hope this is true, and I think it might be. :) 
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Offline Rune

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Quote
Our "New Feature List" is highly curtailed focusing only on:
1) Usability & Stability
2) Escrow
3) User Issued Asset Upgrades
4) Relative Orders & updated Market Engine

Ohhh yes!

Btw guys, ethereum will likely not even have a GUI on release. It will be go client CLI with nothing else, at least that's all they are doing bug bounty on. Getting 2.0 tech to work is hard.

Offline Empirical1.2

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The current level of pessimism is understandable but also reassuring.

This is July 2014 all over again, you'd never seen so many pessimistic people which is why when BitAssets were finally released there was a big upside move.

Everyday I woke up thought about whether the pessimism was justified and then bought more BTSX at 0.000016

I decreased my position over the whole VOTE/Dilution/Merger thing but now have a max BTS position again. If I didn't I'd be buying more now. Writing this post has made me realise I can short BitAssets and take a leveraged position.

I will be very flexible though and respond to what competitors do in the next month or two too.

Personally I'm really excited about the blockchain based gambling & will divest when I see that.


If you want to take the island burn the boats

Offline Stan

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The team is very focused right now with one person dedicated to each of the following tasks:

1) Light Wallet (phone, desktop)
2) Web Wallet (hosted, browser based)
3) Full Wallet GUI (current wallet)
4) Testing
5) Integration & Release
6) Gateway
7) Partnerships and Tech Support for Exchanges

Our "New Feature List" is highly curtailed focusing only on:
1) Usability & Stability
2) Escrow
3) User Issued Asset Upgrades
4) Relative Orders & updated Market Engine

Things appear to be going slower now only because we are delaying release while we focus on testing.   
The light wallet will mature very rapidly now that the core infrastructure is in place.

Marketing is getting very organized and systematic. 

Our release process is getting refined with milestones and tasks and greater discipline on testing / integration / process.

Overall our team is maturing.

I know everybody got used to getting multiple releases per week when we first started.  But that drove exchanges and others nuts trying to keep up with our pace.

So we promised them we would do fewer, bigger releases.  That's why you're not getting that big rush, the work is still being done just as fast, but they are being released less often.

On the inside, we are very happy with all the progress people are making.  But polishing and testing don't give the same feeling of motion you get when new features are being released every few days.

This is our life's work.  It's amazing that anyone would worry that we were thinking about anything else.

 :)
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline nomoreheroes7

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On a related note, I am getting nervous. I am seriously questioning the management and organization of the bitshares team. Your idea was so great, but it really seems like you are failing to execute. You need better personnel, scheduling, and task management.

I can't really give you any reassurance because so far everything you have said is correct and they have proven to be incompetent at meeting a deadline or getting a product out in time.  We are now approximately 2-3 months behind where we were initially promised this summer, we were supposed to get a release and marketing in November, lol!  That was eventually revealed to be nothing but empty promises.

I believe that many of the paid delegates are very competent, and could get viral growth going in time, but they are all currently stymied by the lack of a viable product, which they have been waiting on the dev team for. 

The main problem is that rather than getting a good idea and then executing on it full force, they just come up with another idea, and another, and split time among all of these wonderful ideas, when what we really need first is a usable product.  Some of these ideas have even been harmful, such as whatever idea Bytemaster apparently had for making VOTE be able to murder Bitshares, which then resulted in a huge dilution and breaking the hearts of the whole chinese community, especially those who had bought DNS.  This essentially killed the one thing that was going well for bitshares, which was that it was catching on in China.  The chinese marketing team (which is actually competent!) has been working hard to overcome the bitshares team shitting all over their efforts, and looks to be building momentum again, (but only if we can ever get a stable product released, and dont destroy their efforts yet again by adding gambling to the client which they have said will make all their chinese business partners flee from it).


So you should probably sell all your shares and walk away, unless you want to continue to invest in this product of idealist dreamers who have the potential to create something amazing that will change the world, but probably will never succeed because they cannot focus on priorities and they keep shooting themselves in the foot.


Paid delegates are the hope of Bitshares, because if we can ever manage to get a stable client out, then some people who are actually good at promoting things can do their magic and promote it, and get some viral growth.  And as Bitshares grows, paid delegates will attract more and more capital and businesses to ally with it for delegate positions.

I just hope it doenst die first.



(Apologies to everyone who is working hard on Bitshares, with this depressing and critical post.  I have been feeling a lot like Teenagecheese, given that its February and I dont see a lite client or release version yet.  There ARE a lot of positive things going on and we should not minimize them.  Its also been several months now since the broken promises of november and we havent seen improvement in some areas.  One begins to get skeptical that the current promises might be broken as well).

BAM! POW! KERSMACK!

Phew! I need a cigarette after that one.