Bitshares price discussion

[werneo]

This could be a bear trap followed by a return to the wedge formation. Otherwise if the medium-term downtrend resumes in the next 24 hours, we could see deeper lows well into the 1700s very quickly.

[Ander]

This is probably the time just like 1900s a week ago when the next day, everyone wished they had bought it at the low and the sellers felt dumb.

But of course there are never guarantees.

[Ander]

We cant forget that now people can finally dump their shares with the new client so we will be hit by this dump of all unhappy holders. Assuming they had their balances "locked" on the old client

Actually I think its a lot harder for most people to send shares to exchange and dump now.
Previously people had things set up already, so they could easily tranfer to an exchange and sell, but now they have to go through the upgrade process to do it.  They were only locked out for about a day, thats not enough time to build up a lingering desire to dump a bunch.


What we are seeing is just some traders who dont care about BTS but were hoping for a pump when it released selling out of disappointment because they didnt actually want BTS in the first place.

[Akado]

We cant forget that now people can finally dump their shares with the new client so we will be hit by this dump of all unhappy holders. Assuming they had their balances "locked" on the old client

[Ander]

Well, its really oversold now and there are a lot of BTS sold short.  There are millions less BTS available in lending now than there were yesterday, which usually means that there are more short positions taken already.

Also it really feels like someone is trying hard to make the bts and eth prices the same, except for off by two 0s.  BTS fell right after ETH did and both are sitting at a price with a 20X.

[Akado]

so will we go back to $11M short term? getting dumped on

[Empirical1.2]

why are the fees 21bts?

any reason for that? didnt it use to be less than 1bts?

is the burning thing a new feature? so over time how can that work out if bts are being reduced?

I am really wondering right now

https://bitshares.org/technology/referral-rewards-program/

In the case of BitShares, this means setting transaction fees that are high enough to cover all costs, including the cost of customer acquisition, while still being low enough to compete against real competitors. Most cryptocurrency networks barely charge enough in transaction fees to cover the cost of running the network. They attempt to attract users with low fees. While low fees are important, undervaluing the service provided is counter productive. For this reason, BitShares charges a price that is much higher than competing cryptocurrencies but much lower than traditional exchanges and payment networks like Dwolla or PayPal.

It's a positive imo. Using the referral programme you can earn a % of the fees from everyone you refer to BitShares. $0.1 or whatever the fee is, is still cheaper than any real competitors but incentivises people to advertise and promote BitShares.

In theory great. In reality, this is a dissaster. Nobody outside of the core here will pay $80 or whatever for a lifetime membership and high fees otherwise. Perception perception perception. If the float wasn't 3 billion but 3 million, you could get away with charging 10cents or more per transaction because the fee would be .00whateverBTS.

I predict a hard fork removing the referral program within 6 months.

By the way, check out BTS 2.0 market cap. It's under dash post release. I guess not everyone got the memo. Or perhaps these changes aren't as revolutionary as once predicted.

I thought BTS would be doing better, but it's not uncommon to see buy the rumour sell the news.

2.0 will also need a few weeks of sorting out a few kinks. We've also had Stan in usual style announce Venture network/Banx that look like they both might end up being a big BTS negative. If a few more of the Summer announcements are duds in the short term that will have to be priced in. 

However the referral programme is a big positive imo. Though it will take a little while to produce results and contrary to it being removed I hereby predict it will be emulated by at least 2 other crypto's in the 6 months.

Word of mouth creates very slow initial adoption generally, so yes you can charge $0.01, earn no income but not put any customers off.
Or you can charge $0.1, which is still competitive, incentivise results based marketing (Big difference to marketing 'delegates') and attract MANY more potential users. Even if a small percentage of them are put off by the fee, it's still a no brainer that the referral programme would be the superior system imo. 

[Tuck Fheman]

Also, if you buy a membership then the fee is reduced by 80%.

Correction, you get 80% of the fee back, vested. The fee remains the same.

[jsidhu]

why are the fees 21bts?

any reason for that? didnt it use to be less than 1bts?

is the burning thing a new feature? so over time how can that work out if bts are being reduced?

I am really wondering right now

https://bitshares.org/technology/referral-rewards-program/

In the case of BitShares, this means setting transaction fees that are high enough to cover all costs, including the cost of customer acquisition, while still being low enough to compete against real competitors. Most cryptocurrency networks barely charge enough in transaction fees to cover the cost of running the network. They attempt to attract users with low fees. While low fees are important, undervaluing the service provided is counter productive. For this reason, BitShares charges a price that is much higher than competing cryptocurrencies but much lower than traditional exchanges and payment networks like Dwolla or PayPal.

It's a positive imo. Using the referral programme you can earn a % of the fees from everyone you refer to BitShares. $0.1 or whatever the fee is, is still cheaper than any real competitors but incentivises people to advertise and promote BitShares.

In theory great. In reality, this is a dissaster. Nobody outside of the core here will pay $80 or whatever for a lifetime membership and high fees otherwise. Perception perception perception. If the float wasn't 3 billion but 3 million, you could get away with charging 10cents or more per transaction because the fee would be .00whateverBTS.

I predict a hard fork removing the referral program within 6 months.

By the way, check out BTS 2.0 market cap. It's under dash post release. I guess not everyone got the memo. Or perhaps these changes aren't as revolutionary as once predicted.

change takes time

[NewMine]

why are the fees 21bts?

any reason for that? didnt it use to be less than 1bts?

is the burning thing a new feature? so over time how can that work out if bts are being reduced?

I am really wondering right now

https://bitshares.org/technology/referral-rewards-program/

In the case of BitShares, this means setting transaction fees that are high enough to cover all costs, including the cost of customer acquisition, while still being low enough to compete against real competitors. Most cryptocurrency networks barely charge enough in transaction fees to cover the cost of running the network. They attempt to attract users with low fees. While low fees are important, undervaluing the service provided is counter productive. For this reason, BitShares charges a price that is much higher than competing cryptocurrencies but much lower than traditional exchanges and payment networks like Dwolla or PayPal.

It's a positive imo. Using the referral programme you can earn a % of the fees from everyone you refer to BitShares. $0.1 or whatever the fee is, is still cheaper than any real competitors but incentivises people to advertise and promote BitShares.

In theory great. In reality, this is a dissaster. Nobody outside of the core here will pay $80 or whatever for a lifetime membership and high fees otherwise. Perception perception perception. If the float wasn't 3 billion but 3 million, you could get away with charging 10cents or more per transaction because the fee would be .00whateverBTS.

I predict a hard fork removing the referral program within 6 months.

By the way, check out BTS 2.0 market cap. It's under dash post release. I guess not everyone got the memo. Or perhaps these changes aren't as revolutionary as once predicted.

[Empirical1.2]

I'm particularly excited about BTS's short term Chinese potential.

BTS used to be very popular in China. Chinese groups effectively self organised to promote BitShares (without being paid). Some of their articles were getting up to 100 000 views. But dilution, changes and technical problems saw BTS's Chinese popularity drastically decline.

However initial Chinese feedback to 2.0 is positive. BTS is currently operating at a profit. There is a lucrative referral programme to incentivise BitShares promotion.

Currently looking good for BTS to rapidly regain Chinese popularity.

[Ander]

why are the fees 21bts?

any reason for that? didnt it use to be less than 1bts?

is the burning thing a new feature? so over time how can that work out if bts are being reduced?

I am really wondering right now

Yes the goal is to become profitable now, which will make BTS valuable.

Dont trade tiny amounts at a time.


If you trade a significant amount, then the 10 cent fee you pay BTS will be way way less than the .2% fee you pay an exchange to make an order.


Also, if you buy a membership then the fee is reduced by 80%.

[kingjohal]

Yes. There is a strong development team here so I have faith.

[Empirical1.2]

why are the fees 21bts?

any reason for that? didnt it use to be less than 1bts?

is the burning thing a new feature? so over time how can that work out if bts are being reduced?

I am really wondering right now

https://bitshares.org/technology/referral-rewards-program/

In the case of BitShares, this means setting transaction fees that are high enough to cover all costs, including the cost of customer acquisition, while still being low enough to compete against real competitors. Most cryptocurrency networks barely charge enough in transaction fees to cover the cost of running the network. They attempt to attract users with low fees. While low fees are important, undervaluing the service provided is counter productive. For this reason, BitShares charges a price that is much higher than competing cryptocurrencies but much lower than traditional exchanges and payment networks like Dwolla or PayPal.

It's a positive imo. Using the referral programme you can earn a % of the fees from everyone you refer to BitShares. $0.1 or whatever the fee is, is still cheaper than any real competitors but incentivises people to advertise and promote BitShares.

Only issue I can see is the UI is not very simple for a noob user like myself. I'm talking coinbase quality. Ease of use for people who are just getting into crypto. The website looks very primitive. Although very clean.

You are correct. Roach has made a good post about UI.

https://bitsharestalk.org/index.php/topic,19010.0.html

Bitshares back end is better than NXT and Crypti, but their front end UIs look at least 40,000% better.  That's the bad news.  The good news is, fixing the UI isn't very hard.

Hopefully we can get that sorted in the next few weeks.

[kingjohal]

why are the fees 21bts?

any reason for that? didnt it use to be less than 1bts?

is the burning thing a new feature? so over time how can that work out if bts are being reduced?

I am really wondering right now

https://bitshares.org/technology/referral-rewards-program/

In the case of BitShares, this means setting transaction fees that are high enough to cover all costs, including the cost of customer acquisition, while still being low enough to compete against real competitors. Most cryptocurrency networks barely charge enough in transaction fees to cover the cost of running the network. They attempt to attract users with low fees. While low fees are important, undervaluing the service provided is counter productive. For this reason, BitShares charges a price that is much higher than competing cryptocurrencies but much lower than traditional exchanges and payment networks like Dwolla or PayPal.

It's a positive imo. Using the referral programme you can earn a % of the fees from everyone you refer to BitShares. $0.1 or whatever the fee is, is still cheaper than any real competitors but incentivises people to advertise and promote BitShares.

Only issue I can see is the UI is not very simple for a noob user like myself. I'm talking coinbase quality. Ease of use for people who are just getting into crypto. The website looks very primitive. Although very clean.