Danger! Pulling the Plug on BitShares?

[Riverhead]

Must resist meme ... muuuuustttt .... reeeessssiiiisstttt ....... meeeeemmme.

Don't fight your gift. The Internet runs on more than cats.

[Tuck Fheman]

Must resist meme ... muuuuustttt .... reeeessssiiiisstttt ....... meeeeemmme.

[Ander]

The BitShares creators are planning to upgrade bitshares in the near future, which means that the old system will be discontinued. Therefore, is bitshares really decentralised if someone at the top can pull the plug on it at any time?

If the community doesnt want a change to happen, they can block it from happening. Also, in the future all changes are going to be voted on.

Bitshares 2.0 upgrade however, is something the community desperately wants right now, because the current client is bad and many of us have regular problems trying to use it. 


It is true that right now, in the early stages, bitshares development makes it "too centralized".  This is a thing that will change and needs to change once the project gets farther along.
Pretty much as soon as 2.0 drops, I think you will see a lot of people pushing to decentralize BTS as much as possible.


Its really important to understand that the new version does NOT mean your old BTS is worthless.  On the contrary, all old BTS converts to new BTS at 1:1 ratio, and will probably rise in price once the better version comes out and is more user friendly.

[BunkerChainLabs-DataSecurityNode]

Excellent answer!

[santaclause102]

So my bitshares will also remain on the old system? Sorry I'm new to this, but that's not the impression I got.

This is a fork like any other. Every fork is a new chain. For a fork to be successful a consensus among block producers to upgrade their clients to use the new chain must be reached.

In the case of DPOS that decision is in the hands of the delegates. There are 101 delegate positions that are voted on by the share holders. For the BitShares 2.0 blockchain to become The Blockchain a majority of the delegates will need to upgrade their client software to use the new chain.

Most delegates have voiced their decision to upgrade already giving the share holders plenty of time to fire those delegates and elect new ones that will not upgrade. Since this hasn't happened the community can reasonably assume that the majority of BTS share holders support the migration to the new chain.

The old chain can live on under two conditions: 1) You keep running the 0.9.x client and 2) at least one delegate decides to continue to sign blocks on the old chain. While this is technically possible in reality the community, and the economy at large, will not recognize the old chain so the effort would be for not.

This was the perfectly worded comprehensive answer you were looking for

[Riverhead]

So my bitshares will also remain on the old system? Sorry I'm new to this, but that's not the impression I got.

This is a fork like any other. Every fork is a new chain. For a fork to be successful a consensus among block producers to upgrade their clients to use the new chain must be reached.

In the case of DPOS that decision is in the hands of the delegates. There are 101 delegate positions that are voted on by the share holders. For the BitShares 2.0 blockchain to become The Blockchain a majority of the delegates will need to upgrade their client software to use the new chain.

Most delegates have voiced their decision to upgrade already giving the share holders plenty of time to fire those delegates and elect new ones that will not upgrade. Since this hasn't happened the community can reasonably assume that the majority of BTS share holders support the migration to the new chain.

The old chain can live on under two conditions: 1) You keep running the 0.9.x client and 2) at least one delegate decides to continue to sign blocks on the old chain. While this is technically possible in reality the community, and the economy at large, will not recognize the old chain so the effort would be for not.

[santaclause102]

So my bitshares will also remain on the old system? Sorry I'm new to this, but that's not the impression I got.

Yes but the then old (now existing) bitshares blockchain may "die" meaning that there is no one to produce new blocks. So your bitshares on that chain would be totally useless.

[ncinic]

So my bitshares will also remain on the old system? Sorry I'm new to this, but that's not the impression I got.

[santaclause102]

The old bitshares chain can just live on if it has enough support from delegates and users! Bitshares 2.0 is just a new chain that honors the old bitshares 1.0 shareholders 1:1. Everyone is free to choose whichever chain he likes.

[ncinic]

The BitShares creators are planning to upgrade bitshares in the near future, which means that the old system will be discontinued. Therefore, is bitshares really decentralised if someone at the top can pull the plug on it at any time?