Because people don't need crypto in general .
Because people only need blockchain technology , they don't necessary want to pay for a speculative object . Sooner or later , if people does want to use this tech , there will be companies build a platform using bitshares/ethereum/bitcoin code and disregard the allocation . And they will provide better development (really,someone want to tell me how awesome the team is that even Google throw out 100000 million USD they couldn't find 100 people like them
? ), better service , better network effect .
Speculation is the only thing that's keeping a easy-to-copy software code on tens of millions of marketcap . Usage/applications on the news is just topic for speculation world .
And BitShares killed speculative drive on the ground of getting more users . Even merger,dilution , was an excuse to get more users (and pay for development in the process) .
But users are picky . They won't show up just because you can do 1 sec transaction or you claim you can dilute forever that you have enough development to add value . They like to go with a company that can provide nice service . Godaddy , ebay ..etc ....
Speculation and their capital/liquidity contribution is the only value in BitShares . Users' usage depends on the value that the speculators provides .
When you make speculators/capital scared to come in , you make marketcap low . When you make marketcap low , users won't have decent liquidity to use your service . It's all connected .
I think the only thing that can save BitShares now is cut cost , cut big dreams , big plans , stop and burn dilution , and use outside funding to fund basic development and let them pay for a common platform . Stop taking money from where there is no money to be taken . Find money in where is plenty of money.
And don't tell me about Bitcoin mining is the same as BItShares dilution . I know a lot of BItcoin miners shutdown their mining when the price is too low . But that's hardly happened in BitShares . When BTS price is low , the magic word is "dilute on market rate " .
I know bitcoin miners buy Bitcoin when the price is low . DO bitshares dilution do that ?
oops , I've become a FUDer . ....