Author Topic: $210 Million Transacted on Bitreserve...  (Read 2301 times)

0 Members and 1 Guest are viewing this topic.

Offline bitmeat

  • Hero Member
  • *****
  • Posts: 1116
    • View Profile
$210 Million Transacted on Bitreserve...
« on: August 26, 2015, 08:22:46 am »
https://bitreserve.org/en/blog/posts/bitreserve/210-million-transacted-on-bitreserve-and-counting

Clearly there is a market. What is BTS doing wrong, such that it is not capturing a piece of that?

Is it failure in premise? Failure in execution? Failure in promotion? Would be nice to find the failure bottleneck bug and squash it.

Offline infovortice2013

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 521
    • View Profile
    • BitShares en español
  • BitShares: traderx
Re: $210 Million Transacted on Bitreserve...
« Reply #1 on: August 26, 2015, 09:16:09 am »
failure is that our devs arent principal banksters of mexico.
New Keyoteeid: 5rUhuLCDWUA2FStkKVRTWYEqY1mZhwpfVdRmYEvMRFRD1bqYAL
new08/21 id 5Sjf3LMuYPSeNnjLYXmAoHj5Z6TPCmwmfXD6XwDmg27dwfQ

Offline luckybit

  • Hero Member
  • *****
  • Posts: 2921
    • View Profile
  • BitShares: Luckybit
Re: $210 Million Transacted on Bitreserve...
« Reply #2 on: August 26, 2015, 09:32:27 am »
failure is that our devs arent principal banksters of mexico.

That is a stock conspiracy response. What is the real reason?
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Ben Mason

  • Hero Member
  • *****
  • Posts: 1070
  • Integrity & Innovation, powered by Bitshares
    • View Profile
  • BitShares: benjojo
Re: $210 Million Transacted on Bitreserve...
« Reply #3 on: August 26, 2015, 09:39:45 am »
The real reason is that only super users could cope with the Bitshares client.  I haven't been able to use my wallet in months.

jakub

  • Guest
Re: $210 Million Transacted on Bitreserve...
« Reply #4 on: August 26, 2015, 10:43:30 am »
Failure in promotion. And failure in promotion was caused by not having a user-friendly Bitshares client.
Hopefully 2.0 will fix that.

Offline CLains

  • Hero Member
  • *****
  • Posts: 2606
    • View Profile
  • BitShares: clains
Re: $210 Million Transacted on Bitreserve...
« Reply #5 on: August 26, 2015, 10:46:10 am »
We're in alpha going into beta with 2.0: Our fundamentals are great and the community is good, but everything else is mediocre or worse. With 2.0 and the referral program we should see a shift towards marketing, ease of use and documentation. But this is just as costly as core development, so either some of the front-end entrepreneurs around here manage to raise some serious funds (millions), or we need a cryptobull season making us rich enough to fund the required marketing/branding/design. Since we can neither rely on a cryptobull season, nor voters having the courage to pay for marketing/branding/design, we must pray that some genius front end entrepreneurs manage to raise the money required to make BitShares mainstream. Fortunately, this can come about by several avenues, either Cryptonomex or one of the BitShares network partners like MoonStone, CCEDK, BunkerShares or BANX (who all earn via referral fees, making them 80% owners of the network), or via independent chain licensing partners such as PeerTracks and Identabit (who all earn via share-appreciation of their respective chains).

Offline Ben Mason

  • Hero Member
  • *****
  • Posts: 1070
  • Integrity & Innovation, powered by Bitshares
    • View Profile
  • BitShares: benjojo
Re: $210 Million Transacted on Bitreserve...
« Reply #6 on: August 26, 2015, 10:51:02 am »
We're in alpha going into beta with 2.0: Our fundamentals are great and the community is good, but everything else is mediocre or worse. With 2.0 and the referral program we should see a shift towards marketing, ease of use and documentation. But this is just as costly as core development, so either some of the front-end entrepreneurs around here manage to raise some serious funds (millions), or we need a cryptobull season making us rich enough to fund the required marketing/branding/design. Since we can neither rely on a cryptobull season, nor voters having the courage to pay for marketing/branding/design, we must pray that some genius front end entrepreneurs manage to raise the money required to make BitShares mainstream. Fortunately, this can come about by several avenues, either Cryptonomex or one of the BitShares network partners like MoonStone, CCEDK, BunkerShares or BANX (who all earn via referral fees, making them 80% owners of the network), or via independent chain licensing partners such as PeerTracks and Identabit (who all earn via share-appreciation of their respective chains).
Excellently summarized. 

Offline Empirical1.2

  • Hero Member
  • *****
  • Posts: 1366
    • View Profile
Re: $210 Million Transacted on Bitreserve...
« Reply #7 on: August 26, 2015, 12:29:36 pm »
While I take BitReserve numbers with a pinch of salt. Tether did $500k volume and NuBits $100k in a few hours in the small BTC downturn. I personally have fiat balances on multiple centralised exchanges at the moment. So there's definitely demand for a Crypto USD.
If you want to take the island burn the boats

Offline Rune

  • Hero Member
  • *****
  • Posts: 1120
    • View Profile
Re: $210 Million Transacted on Bitreserve...
« Reply #8 on: August 26, 2015, 01:26:25 pm »
I've never liked bitreserve but I have to admit that this page is very impressive: https://bitreserve.org/en/status

If only there was actual proof included... OTOH if they were cooking the books a simple third party audit would be able to reveal it, and they probably get them regularly.

Offline Empirical1.2

  • Hero Member
  • *****
  • Posts: 1366
    • View Profile
Re: $210 Million Transacted on Bitreserve...
« Reply #9 on: August 26, 2015, 01:49:15 pm »
I've never liked bitreserve but I have to admit that this page is very impressive: https://bitreserve.org/en/status

The numbers are good, I like their visual representations too https://changemoney.org/

OTOH if they were cooking the books a simple third party audit would be able to reveal it.

I'd be interested in a break down of wallets by size. I think the founder is independently wealthy so I wouldn't be surprised if the largest wallet was his own.

For example, they're described as the second largest crypto crowdfunded project behind Ethereum because they raised £6 million on Crowdcube for 10% equity. http://cointelegraph.com/news/113217/bitreserve-raises-us95-million-in-second-largest-crowdfunding-round-in-the-digital-currency-sector

However £5.8 million of that was contributed by one investor. So while the numbers looked good, only a few hundred thousand dollars of that total came from small investors and it wouldn't surprise me if this was more of the same.

 

If you want to take the island burn the boats

Offline nomoreheroes7

  • Hero Member
  • *****
  • Posts: 756
  • King of all the land
    • View Profile
  • BitShares: nomoreheroes7
Re: $210 Million Transacted on Bitreserve...
« Reply #10 on: August 26, 2015, 02:07:47 pm »
Yea, it's pretty obvious that a huge amount of those numbers come from Halsey himself. Just a cheap tactic to make themselves look bigger than they are. Unfortunately it works.

Offline Ben Mason

  • Hero Member
  • *****
  • Posts: 1070
  • Integrity & Innovation, powered by Bitshares
    • View Profile
  • BitShares: benjojo
Re: $210 Million Transacted on Bitreserve...
« Reply #11 on: August 26, 2015, 03:14:42 pm »
I've never liked bitreserve but I have to admit that this page is very impressive: https://bitreserve.org/en/status

If only there was actual proof included... OTOH if they were cooking the books a simple third party audit would be able to reveal it, and they probably get them regularly.

Corruption & time are inextricably linked, they may not be cooking the books atm but how long before bitreserve becomes fractionalbitreserve?  Perhaps we should ask if he'd like to put his transactions through Bitshares?

Offline mike623317

  • Hero Member
  • *****
  • Posts: 637
    • View Profile
Re: $210 Million Transacted on Bitreserve...
« Reply #12 on: August 26, 2015, 03:44:55 pm »

1. Bitreserver have a slick and professional website
2. Its SUPER easy to by silver, gold or oil ect - literally 2 click
3. It just works- today
4. Look at their videos - very professional.

All that said, i think we have a better idea. By they have better execution as its out there ready, working and the average man in the street can use it. No need to explain it to them like their 5 years old.

Offline Ander

  • Hero Member
  • *****
  • Posts: 3506
    • View Profile
  • BitShares: Ander
Re: $210 Million Transacted on Bitreserve...
« Reply #13 on: August 26, 2015, 04:20:23 pm »
They are just a rehash of the centralized solutions that have been made in the past, they just added 'bit' to their name.  Its easier to do what has been done before.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline mike623317

  • Hero Member
  • *****
  • Posts: 637
    • View Profile
Re: $210 Million Transacted on Bitreserve...
« Reply #14 on: August 26, 2015, 05:07:44 pm »
They are just a rehash of the centralized solutions that have been made in the past, they just added 'bit' to their name.  Its easier to do what has been done before.

Totally agree Ander. The reason  people use them though is the site is attractive, easy to use and it just works. That is where we fail. Our idea is better- agreed - but they have something out there that just works and hence they have volume.