Author Topic: Potential new member for BitShares Exchange Network, if only...  (Read 7294 times)

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clout

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #60 on: October 07, 2015, 05:59:27 pm »
maybe the trick here is to empower shapeshift and metaexchange to handle ACH deposits assigned to a certain bitUSD account name.

Ahhh, intriguing.  A more platform agnostic approach, which could have serious merits... but navigating the legal labyrinth of interfacing with ACH, I can only imagine.  Care to elaborate on what you might mean by 'empower' in this instance?

Well, I imagine one of them would have to set up a different section of their site for ACH payments, that would work similarly to how their current services work, but would convert fiat from an ACH into bitUSD.

This would require customers using the service to meet KYC regulations, and setting that up would cost them money.
Perhaps a crowdfund would be necessary to motivate one of them to do this?

KYC defeats the purpose of metaexchange and shapeshift...

Offline carpet ride

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Potential new member for BitShares Exchange Network, if only...
« Reply #61 on: October 07, 2015, 06:10:20 pm »
maybe the trick here is to empower shapeshift and metaexchange to handle ACH deposits assigned to a certain bitUSD account name.

Ahhh, intriguing.  A more platform agnostic approach, which could have serious merits... but navigating the legal labyrinth of interfacing with ACH, I can only imagine.  Care to elaborate on what you might mean by 'empower' in this instance?

Well, I imagine one of them would have to set up a different section of their site for ACH payments, that would work similarly to how their current services work, but would convert fiat from an ACH into bitUSD.

This would require customers using the service to meet KYC regulations, and setting that up would cost them money.
Perhaps a crowdfund would be necessary to motivate one of them to do this?

KYC defeats the purpose of metaexchange and shapeshift...

Maybe for those two bridges, but in general there are several purposes for bridges, not just anonymity ... Lower counter party risk when trading across asset platforms; high performance trading; trading convenience; liquidity provider
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Offline merockstar

Re: Potential new member for BitShares Exchange Network, if only...
« Reply #62 on: October 07, 2015, 06:58:02 pm »
maybe the trick here is to empower shapeshift and metaexchange to handle ACH deposits assigned to a certain bitUSD account name.

Ahhh, intriguing.  A more platform agnostic approach, which could have serious merits... but navigating the legal labyrinth of interfacing with ACH, I can only imagine.  Care to elaborate on what you might mean by 'empower' in this instance?

Well, I imagine one of them would have to set up a different section of their site for ACH payments, that would work similarly to how their current services work, but would convert fiat from an ACH into bitUSD.

This would require customers using the service to meet KYC regulations, and setting that up would cost them money.
Perhaps a crowdfund would be necessary to motivate one of them to do this?

KYC defeats the purpose of metaexchange and shapeshift...

I only mention it because I'm reasonably sure that anybody accepting ACH deposits has to be KYC compliant. If this client might bring a lot of volume, it might be worth their effort to accommodate their needs.

Offline BunkerChainLabs-DataSecurityNode

Re: Potential new member for BitShares Exchange Network, if only...
« Reply #63 on: October 08, 2015, 02:37:26 am »
maybe the trick here is to empower shapeshift and metaexchange to handle ACH deposits assigned to a certain bitUSD account name.

Ahhh, intriguing.  A more platform agnostic approach, which could have serious merits... but navigating the legal labyrinth of interfacing with ACH, I can only imagine.  Care to elaborate on what you might mean by 'empower' in this instance?

Well, I imagine one of them would have to set up a different section of their site for ACH payments, that would work similarly to how their current services work, but would convert fiat from an ACH into bitUSD.

This would require customers using the service to meet KYC regulations, and setting that up would cost them money.
Perhaps a crowdfund would be necessary to motivate one of them to do this?

KYC defeats the purpose of metaexchange and shapeshift...

Maybe for those two bridges, but in general there are several purposes for bridges, not just anonymity ... Lower counter party risk when trading across asset platforms; high performance trading; trading convenience; liquidity provider

Depends on the country you are dealing with.. but it's only at a certain amount of the transaction that KYC becomes a thing. If you haven't noticed.. metaexchange and shapeshift both have very low volume transaction support. In Canada for example, the need to have some kind of data starts at $3000.. after that the next threshold is $10k. So any transactions below this make KYC reporting unnecessary.

So technically if you provide a bridge service and keep your transactions all low volume like they do.. you would be ok.. at least for now. :) Regulations change and suddenly you can find yourself on the wrong end of the law if you are not ready to pivot and adapt.

Bridges make more practical sense than atomic cross chain stuff.
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Offline nomoreheroes7

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #64 on: May 18, 2016, 01:26:26 pm »
Lol whatever happened with this? Stan sounded so excited about it back in October, then it just kind of faded away. Feels like ever since STEEM came around all these huge possibilities for BitShares just went down the shitter. And why did Stan allude that the BTS market cap would "catch up to ETH this summer" not even three weeks prior to the STEEM announcement where the devs effectively put BTS on lockdown? I had naively assumed that all of Stan's rumblings of "something huge in the works", "just wait and see", et al actually meant that something HUGE was coming, but it seems that "secret sauce" was just STEEM all along. The whole series of events these past 2 months is completely bizarre to me.

...and I wish the forums here were active again. I've been here for nearly the past 2 years, and to see forum activity dwindle away to nothing hits right in the feels. And no, the steemit forums aren't a suitable replacement.  :(

Offline lil_jay890

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #65 on: May 18, 2016, 02:44:23 pm »
Lol whatever happened with this? Stan sounded so excited about it back in October, then it just kind of faded away. Feels like ever since STEEM came around all these huge possibilities for BitShares just went down the shitter. And why did Stan allude that the BTS market cap would "catch up to ETH this summer" not even three weeks prior to the STEEM announcement where the devs effectively put BTS on lockdown? I had naively assumed that all of Stan's rumblings of "something huge in the works", "just wait and see", et al actually meant that something HUGE was coming, but it seems that "secret sauce" was just STEEM all along. The whole series of events these past 2 months is completely bizarre to me.

...and I wish the forums here were active again. I've been here for nearly the past 2 years, and to see forum activity dwindle away to nothing hits right in the feels. And no, the steemit forums aren't a suitable replacement.  :(

The chinese figured Stan out a long time ago... I believe the saying was "Stan is full of hot air".  Ever since I've been around bitshares, I've read Stan's pump posts and listened to his pump interview on the cryptofresh video.  Most stuff never came true and seemed like an attempt to garner buy support while the founders cashed out.

What the Larimers are doing seems be walking the fine line of legality.  They sold tons of shares in various investments and have abandoned most of them.  Now I know many will say "bitshares is a decentralized token and your money was a donation".  But I think a Lawyer would have a different opinion since I3 paraded around as the Board of bitshares.  They even called their office "Bitshares". 

Plus there is the fact that they sold their investments based on a promise of sharedrops.  They then go create a new investment based on the same technology and don't sharedrop.  Sounds pretty fraudulent to me.
« Last Edit: May 18, 2016, 02:47:12 pm by lil_jay890 »

Offline Chuckone

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #66 on: May 19, 2016, 02:50:50 am »
What I find hard to digest is the fact that the founder of Bitshares doesn't have the ability to get the project done before getting bored and moving his attention somewhere else more interesting. 

Some may argue that the proof of concept has been done and a working product is online. Yep, that is true. But I didn't invest in a proof of concept, or a MVP. I invested in a potentially incredible project that needed to be worked on over a long period of time to unlock its true potential. A true leader would have made arrangements to make sure there is a capable successor to take over the leadership of the project. Even if it's decentralized, it still need a leader who inspires people to take action independently. I believe I've read this somewhere in the forum and it sums up really well what I think, but I feel like if BM was a kid and Bitshares was his toy and then he got bored of the toy and moved to another one more shiny and more interesting. The only issue here is that we're in a grown up world, with people who invested real money in the tech, and also in the team behind the tech. There's no accountability to shareholders, and I find it really disappointing.

Anyway, I know there are a lot of projects moving forward using the current tech as it is, and that is why I still keep a position in Bitshares in the hope at some point one of them will be sufficiently successful to increase transactions and smartcoins use. But nonetheless I have to say I'm very disappointed with the behavior of the development team, leaving to another project just when things were starting to move. I guess some major shareholders voting against any and all dilution projects may have had an influence, I don't know.

Before I was in Bitshares with high hopes of great things to come, now I'm clinging on my stake in the hope I'll be able to recuperate my initial investment. I don't know if that will ever happen.

Offline dannotestein

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #67 on: May 19, 2016, 03:07:24 am »
Lol whatever happened with this? Stan sounded so excited about it back in October, then it just kind of faded away. Feels like ever since STEEM came around all these huge possibilities for BitShares just went down the shitter. And why did Stan allude that the BTS market cap would "catch up to ETH this summer" not even three weeks prior to the STEEM announcement where the devs effectively put BTS on lockdown? I had naively assumed that all of Stan's rumblings of "something huge in the works", "just wait and see", et al actually meant that something HUGE was coming, but it seems that "secret sauce" was just STEEM all along. The whole series of events these past 2 months is completely bizarre to me.

...and I wish the forums here were active again. I've been here for nearly the past 2 years, and to see forum activity dwindle away to nothing hits right in the feels. And no, the steemit forums aren't a suitable replacement.  :(
In fairness to Stan, I think he has very little involvement with STEEM and is not an employee of Steemit. To the best of my knowledge, his primary role at Cryptonomex is still that of looking for opportunities for BitShares and graphene technology.
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Offline merockstar

Re: Potential new member for BitShares Exchange Network, if only...
« Reply #68 on: May 19, 2016, 02:20:33 pm »
What I find hard to digest is the fact that the founder of Bitshares doesn't have the ability to get the project done before getting bored and moving his attention somewhere else more interesting. 

That's because it's not a question of ability. He moved his attention somewhere else more profitable.

Offline Stan

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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #69 on: May 19, 2016, 04:19:53 pm »
Lol whatever happened with this? Stan sounded so excited about it back in October, then it just kind of faded away. Feels like ever since STEEM came around all these huge possibilities for BitShares just went down the shitter. And why did Stan allude that the BTS market cap would "catch up to ETH this summer" not even three weeks prior to the STEEM announcement where the devs effectively put BTS on lockdown? I had naively assumed that all of Stan's rumblings of "something huge in the works", "just wait and see", et al actually meant that something HUGE was coming, but it seems that "secret sauce" was just STEEM all along. The whole series of events these past 2 months is completely bizarre to me.

...and I wish the forums here were active again. I've been here for nearly the past 2 years, and to see forum activity dwindle away to nothing hits right in the feels. And no, the steemit forums aren't a suitable replacement.  :(
In fairness to Stan, I think he has very little involvement with STEEM and is not an employee of Steemit. To the best of my knowledge, his primary role at Cryptonomex is still that of looking for opportunities for BitShares and graphene technology.

Correct.  I'm not involved with Steem except as a future power user.  I've only shared what I'm working on with a few of our most trustworthy forum personalities (and my possibly fictitious secret sauce recipe guard dog, Duke), but they ain't talkin'.

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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Re: Potential new member for BitShares Exchange Network, if only...
« Reply #70 on: May 19, 2016, 04:27:05 pm »
Correct.  I'm not involved with Steem except as a future power user.  I've only shared what I'm working on with a few of our most trustworthy forum personalities (and my possibly fictitious secret sauce recipe guard dog, Duke), but they ain't talkin'.


Hmm...so is what you're working on something that can benefit BTS? Or a competitor?