Author Topic: Why BitShares isn't Taking off and What we are doing about it.  (Read 18292 times)

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Offline jsidhu

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #60 on: April 12, 2015, 08:59:03 pm »
Im willing to convert my site to use bitshares payment gateway to accept bitassets and auction off real goods.. if i had a delegate i cam create non reserve auctions which will almost gaurantee new users coming in .. current site is http://devcoinauctions.com... ive already added bitshares payment gateway to it to buy bids or sell bids.. its uses websockets to update order status
so can handle many more users with the same server than conpetitors.

The cost? 1 delegate.. the payoff? new users every month! i cam track new users which must buy into bitshares to use it so we can see weekly trends on how successful it is.

You illustrate what i start to think might be a problem with bitshares: no one wants to do something for bitshares for free. BM mentioned being managed as a startup is an advantage, but it seems to have a cost. People want to develop and help bitshares, but the pre condition is to be a delegate.... it is a problem because enthousiasm, conviction and grass root movement could be the key to success for bitcoin's successor. Linux'devs didn't develop linux to get paid, but because they liked it! They didn't think about user acquisition, they just did their thing. And look what has come out of it!
I did add bitshares gateway for free and will Accept it and rebrand the business for free.. the delegate is used for inventory not to pay myself.. its essentially a marketing delegate because people will want to join to have a chance to win things for a fraction of retail cost.
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Offline jsidhu

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #61 on: April 12, 2015, 09:01:06 pm »
Im willing to convert my site to use bitshares payment gateway to accept bitassets and auction off real goods.. if i had a delegate i cam create non reserve auctions which will almost gaurantee new users coming in .. current site is http://devcoinauctions.com... ive already added bitshares payment gateway to it to buy bids or sell bids.. its uses websockets to update order status
so can handle many more users with the same server than conpetitors.

The cost? 1 delegate.. the payoff? new users every month! i cam track new users which must buy into bitshares to use it so we can see weekly trends on how successful it is.
What if instead of going for a delegate, you had a compensation for every new user you bring in? :-)

I think that's the idea behind a referral program.

I dont have a problem with that but its essentially same thing since delegate cam be voted out if its not bringing people in.. plus i need to purchase inventory to sell it so its not the same as a referral program
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Offline davidpbrown

Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #62 on: April 12, 2015, 09:01:48 pm »
Just to note the big idea that I see in BitShares is having digital tokens that are pegged to fiat. I think we all get that but forget how powerful that idea is.

In my reply to the UK.gov's call for information I teased them with this:
Quote
Class 3 above is especially interesting, as it suggests a stable market for bitUSD and others like bitGBP might arise, and yet still not require Government intervention. Those tokens would be pegged by consensus to the USD and GBP; Governments would continue to define the value of those fiat currencies and their digital equivalents would follow. What is interesting then is the potential for those tokens not just to be bought; sold; and shorted, as they are now, but later that they could become useful as currency - that is as communication of value. That suggests potential in Class 3 to prove more useful than Bitcoin even, because of that value relating directly to those real world currencies. That such digital token equivalents exist, would not necessarily affect their real counterpart in a bad way. Indeed having bitGBP, would enhance the status of the GBP directly. There is then opportunity here for the UK.gov to enable bitGBP to become de facto digital currency.

We perhaps need to understand where we are at.. we're a long way before mainstream where a bitGBP is seen as equivalent to GBP but that could move really quick. Right now we have those assets available. In the event the UK.gov does what I expect and then some enterprise offers the chance to use a debit card for a digital currency, then BitShares is well placed to allow a digital token that people understand the value of.. that's a HUGE advantage.. if we can make the process of creating GBP simple enough to understand for those who might.

Bare in mind that the majority of those with money, are unlikely to also be those who understand BitShares or any of blockchain technology.. we need to put in the effort to bridge that gap.
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Offline hrossik

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #63 on: April 12, 2015, 09:04:37 pm »
I will take advantage of this thread being used for showing what people want in bs and add my opinion: Originally I came to BitShares because I was looking for a platform allowing easy trading of stocks (particulary indexes). BitUSD is a huge thing, I love it, but it needs merchant adoption to be useful. Trading stocks would be hugely beneficial alone, because the cost for an ordinary mortal to enter the stock market is quite big. If we had (pegged) stocks trading platform, we would get plenty of users AND we would have a use case for bitUSD. Also when trading bitUSD <=> bitStocks, you don't need gateways as desperately as we do now, because you only enter once, then gamble the market or hold for an extended period of time, and leave once a while after making some profit.

tldr> BitShares were supposed to be a trading platform. Trading currencies is a gamble, nobody (few) wants to do that. We need bitStocks! bitIndexes in particular..
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Offline liondani

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #64 on: April 12, 2015, 09:37:00 pm »
I will take advantage of this thread being used for showing what people want in bs and add my opinion: Originally I came to BitShares because I was looking for a platform allowing easy trading of stocks (particulary indexes). BitUSD is a huge thing, I love it, but it needs merchant adoption to be useful. Trading stocks would be hugely beneficial alone, because the cost for an ordinary mortal to enter the stock market is quite big. If we had (pegged) stocks trading platform, we would get plenty of users AND we would have a use case for bitUSD. Also when trading bitUSD <=> bitStocks, you don't need gateways as desperately as we do now, because you only enter once, then gamble the market or hold for an extended period of time, and leave once a while after making some profit.

tldr> BitShares were supposed to be a trading platform. Trading currencies is a gamble, nobody (few) wants to do that. We need bitStocks! bitIndexes in particular..

 +5% +5% +5% +5% +5%

finally something gave me hope again just reading it!

PS we need CFDs like trading and the option for leverage in general ...
« Last Edit: April 12, 2015, 09:39:04 pm by liondani »

Offline tsaishen

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #65 on: April 12, 2015, 09:43:58 pm »
I will take advantage of this thread being used for showing what people want in bs and add my opinion: Originally I came to BitShares because I was looking for a platform allowing easy trading of stocks (particulary indexes). BitUSD is a huge thing, I love it, but it needs merchant adoption to be useful. Trading stocks would be hugely beneficial alone, because the cost for an ordinary mortal to enter the stock market is quite big. If we had (pegged) stocks trading platform, we would get plenty of users AND we would have a use case for bitUSD. Also when trading bitUSD <=> bitStocks, you don't need gateways as desperately as we do now, because you only enter once, then gamble the market or hold for an extended period of time, and leave once a while after making some profit.

tldr> BitShares were supposed to be a trading platform. Trading currencies is a gamble, nobody (few) wants to do that. We need bitStocks! bitIndexes in particular..

Yeah something like is actually incoming.  Need to wait a few days to announce on it though.  Indexing to NASDAQ or DJIA would likely violate securities laws BTW.  However there are other things that wouldn't.

Offline Stan

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #66 on: April 12, 2015, 09:58:19 pm »
basically the devs are giving up?

I only try to figure out the "reason" for their posts lol

How can we tell when a volcano will erupt?

Most volcanoes provide various types of warnings before eruptions begin. Although an explosive eruption could occur without warning, some premonitory events more likely will precede the next eruption. Steam-blast eruptions could occur with little or no warning as superheated water flashes to steam; magmatic eruptions, however, involve rise of magma toward the surface. Such an upward movement of magma normally will generate detectable earthquakes, may deform the ground surface, and may cause anomalous heat flow or changes in the temperature and chemistry of the groundwater and spring waters.

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 Stan

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #67 on: April 12, 2015, 10:00:58 pm »
Thanks everybody for making this a very constructive thread.
You might be amazed how many of your suggestions are "conceivable".

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 suwoder

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #68 on: April 12, 2015, 10:12:41 pm »
basically the devs are giving up?

I only try to figure out the "reason" for their posts lol

How can we tell when a volcano will erupt?

Most volcanoes provide various types of warnings before eruptions begin. Although an explosive eruption could occur without warning, some premonitory events more likely will precede the next eruption. Steam-blast eruptions could occur with little or no warning as superheated water flashes to steam; magmatic eruptions, however, involve rise of magma toward the surface. Such an upward movement of magma normally will generate detectable earthquakes, may deform the ground surface, and may cause anomalous heat flow or changes in the temperature and chemistry of the groundwater and spring waters.

metaphor again  :P :P :P

Offline merivercap

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #69 on: April 12, 2015, 10:13:13 pm »
1) "A referral program alone won’t get users to share your product. Your product has to solve a painful problem that the customer would naturally want to talk about even without the incentive." 

Problem: Bitcoin volatility and confirmation times for mass merchant/user adoption for payments
Solution: bitUSD (save 3% on credit card transaction fees just like Bitcoin without volatility or slow confirmation times.  Note: credit cards account for well over $3 Trillion out of $8.5 Trillion total payment processing volume.)  Focus everybody.  We need focus.

2) "Once you have a great product, make referrals as natural and effortless as possible."

From: The 2 Things You Need to Make Your Referral Program a Hit
https://blog.rjmetrics.com/2015/01/27/the-2-things-you-need-to-make-your-referral-program-a-hit/

Dropbox Example -

How Referrals Built The $10 Billion Dropbox Empire
http://www.referralcandy.com/blog/referrals-built-dropbox-empire/

3) Their product cost:  $99.   Cost of Acquisition: $238-388

4) 2-sided referral program - Both referral and referred got extra space.  Why not do the same with BTS?

5) Great Dropbox product + great referral = 100k to 4 million users in 15 months. 
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Offline rgcrypto

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #70 on: April 12, 2015, 10:14:15 pm »
Thanks everybody for making this a very constructive thread.
You might be amazed how many of your suggestions are "conceivable".

You need to think BIGGER, Pinky...  ;)

Offline starspirit

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #71 on: April 12, 2015, 10:17:37 pm »
(i) Product usability (ii) Business model (iii) Marketing.

 

Offline Stan

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #72 on: April 12, 2015, 10:18:31 pm »
In other words the only thing that can keep this ship moving forward is additional funding and a change to the business model of the DAC that so that it can generate more revenue per user than it costs to acquire a new user.
...
In our case the cost to acquire a new user is currently well over $100, we need to find a way to fund that while lowering costs.

Surely this is wrong!? Are those really the only options?

Surely there is an option to consider more carefully how you are selling what you have? You don't necessarily need additional funding or to make a change to the business model.
...


"Dağ sana gelmezse, sen dağa gideceksin…"
("If the mountain won't come to you, you must go to the mountain.")

We have always said that the goal of a DAC is to be profitable
and as a business it should be constantly in persuit of that goal.
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 Stan

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #73 on: April 12, 2015, 10:24:34 pm »
Thanks everybody for making this a very constructive thread.
You might be amazed how many of your suggestions are "conceivable".

You need to think BIGGER, Pinky...  ;)


The Ring of Fire is an area where a large number of earthquakes and volcanic eruptions occur in the basin of the Pacific Ocean. In a 40,000 km (25,000 mi) horseshoe shape, it is associated with a nearly continuous series of oceanic trenches, volcanic arcs, and volcanic belts and/or plate movements. It has 452 volcanoes and is home to over 75% of the world's active and dormant volcanoes.[1] It is sometimes called the circum-Pacific belt.
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 Globally Distributed

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Re: Why BitShares isn't Taking off and What we are doing about it.
« Reply #74 on: April 12, 2015, 10:26:44 pm »
Please consider adding the ability for the referrer to give a portion of his transaction earnings to his referees. Add this because it allows referrers to incentivize potential users to sign up with the referrer's code/link.

"Sign up with my link and get 2% off transaction fees for life". 

This is like the "trade spend" concept we see in CPG businesses.

Interesting ideas.

Promotions are also huge for getting consumers to take the leap. If we were to consider adding promotional incentives, then the contracts between referrer and referee should be allowed to be set to a "limited time offer".

For example:

 "Sign up with my link within the next ten minutes and get %10 off transaction fees for the next two months"
"People don't buy what you do, they buy why you do it."  https://www.youtube.com/watch?v=u4ZoJKF_VuA

kudos robrigo