Author Topic: Bitshares 3.0 - It Is Time  (Read 16801 times)

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Offline bitsharesbrazil

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OK, I am pretty much done with the OP pending any other thoughts jumping into my head (or feedback from replies).

Coinhoder,

I will give my input.

Bitshares model is pretty stable.......n is innovative by itself......what bitshares have we can call it 3.0, 4.0....whatever......
Too much people looking for problems because a lot ofcoins had huge pumps n Bitshares "only" made 50% in the last few days.....
I follow a lot of data about bitshares n other projects n can safely say bitshares can explode at any time, it will, it has everything needed to make crypto scene shake hard. be patient about ROI.

This reasoning was not developed based on the past 3 days of market indications, but instead from a year and a half of market indications, and two years worth of many discussions/debates with Bitshares' antagonists on Bitcointalk.

No offense, but the lazy mantra of "Bitshares will explode at any time" and "Liquidity will increase with adoption" has been used for two years with no to little effect. It is time to take matters into our own hands, and realize there are issues with Bitshares that we need to fix.

I agree with 2) without it it will go nowhere....does not mater if we have more n more stuff n new things.....work on what can improve liquidity n adoption is a must...I will take a look at those topics, thanks for input.

about 3 Im not convinced that more money is the problem here, would be great for sure, but we should make something sustainable n useful without focusing too much about creating new things......in my opinion we should focus pretty much about people use what we have, because hide behind development on somenthing is pretty much what factom maid n others do.....but do they will delivery something useful n needed for crypto world?
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Offline JonnyB

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The only major issue with bitshares right now is volume.

We need to concentrate on making openledger a great centralised exchange first by focusing on the OPEN.BTC trade pairs.

When Openledger has good volumes and people actually use it instead of poloniex we can then think about how to make the BITUSD market deeper.
 
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Offline CoinHoarder

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OK, I am pretty much done with the OP pending any other thoughts jumping into my head (or feedback from replies).

Coinhoder,

I will give my input.

Bitshares model is pretty stable.......n is innovative by itself......what bitshares have we can call it 3.0, 4.0....whatever......
Too much people looking for problems because a lot ofcoins had huge pumps n Bitshares "only" made 50% in the last few days.....
I follow a lot of data about bitshares n other projects n can safely say bitshares can explode at any time, it will, it has everything needed to make crypto scene shake hard. be patient about ROI.

This reasoning was not developed based on the past 3 days of market indications, but instead from a year and a half of market indications, and two years worth of many discussions/debates with Bitshares' antagonists on Bitcointalk.

No offense, but the lazy mantra of "Bitshares will explode at any time" and "Liquidity will increase with adoption" has been used for two years with no to little effect. It is time to take matters into our own hands, and realize there are issues with Bitshares that we need to fix.
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Offline bitsharesbrazil

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Coinhoder,

I will give my input.

Bitshares model is pretty stable.......n is innovative by itself......what bitshares have we can call it 3.0, 4.0....whatever......
Too much people looking for problems because a lot ofcoins had huge pumps n Bitshares "only" made 50% in the last few days.....
I follow a lot of data about bitshares n other projects n can safely say bitshares can explode at any time, it will, it has everything needed to make crypto scene shake hard. be patient about ROI.
« Last Edit: June 27, 2016, 01:22:34 am by bitsharesbrazil »
bitcointalk ANN https://bitcointalk.org/index.php?topic=1084460.0
chat, post, promote it!!!!!!!! Stan help to improve OP!

Offline CoinHoarder

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Who is Bitshares target market?  Investors, businesses, individuals, to use the dex?

Will changing the algorithm bring non crpyto people to actually use the dex?  I'm not sure the average person cares to understand how the back end works.

Sorry, my OP is incomplete. Please wait for me to add all components. That is only 1 piece to the pie, which is intended to help the existing cryptocurrency community get behind Bitshares. That is... the large portion that has written it off simply because of dPoS.

Also, we should just forget about attracting non-crypto folk to  the decentralized crypto currency exchange that is BTD for now. For one, it doesn't make sense to try to attract non-crypto users to a decentralized crypto exchange, and  Ethereum has proven that targeting investors within the cryptocurrency community can result in a billion+ value token.
« Last Edit: June 27, 2016, 01:49:03 am by CoinHoarder »
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Offline Brekyrself

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Who is Bitshares target market?  Investors, businesses, individuals, to use the dex?

Will changing the algorithm bring non crpyto people to actually use the dex?  I'm not sure the average person cares to understand how the back end works.

Offline CoinHoarder

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Faith in Bitshares is feigning. That is proven by the value of the BTS token, the lessening involvement/enthusiasm of the community on these forums, Bytemaster moving on to other projects, and the overall cryptocurrency community's attitude about Bitshares.

It is time for BTS 3.0 - This is my plan to save Bitshares.

1. One of the biggest gripes about Bitshares is that consensus is obtained through dPoS. I suggest lessening Bitshares' reliance on DPoS. I am not suggesting we abandon dPoS entirely, but instead reduce its power by adding an auxiliary PoW component to the consensus algorithm. In other words, both the delegates and PoW miners will have a chance to find the next block. The PoW miners will have a 60% chance to fine the next block, and the delegates will have a 40% chance to find the next block. The percentages are arbitrary, as long as PoW is valued above the chances of the delegates to find the next block. This way, even if someone were able to commit a 51% attack on the dPoS chain, then Bitshares chain would still be secured via PoW.
1a. The logic behind the overall cryptocurrency community's dislike of dPoS is that a 51% attack can be prolonged indefinitely for very cheap once the attacker obtains 51% of the network. However, a 51% on a PoW chain requires a lot of money (electricity) to sustain an attack indefinitely. By implementing #1, IMO, a lot of people in the cryptocurrency community would reconsider Bitshares, because a lot of them immediately write it off simply because it is dPoS/PoS-based.

2. Liquidity needs to be bolstered on the DEX. There are three proposals, of which the community has to choose from. If the liquidity problem is not solved, then I posit Bitshares will never succeed. It is considered in this community as a "chicken and egg" problem, but it is not, and there are things we can do about it! After a lot of thought, I have reversed course over my opinion about TonyK's proposal, so I suggest that we adopt a combination of TonyK's proposal, a variation of Bytemaster's proposal (but more along the way it was tweaked towards the end of the thread), and ZERO trading fees for an indefinite amount of time.. Their proposals are less economically risky, and more straightforward than mine is. Before another cryptocurrency comes along and eats our lunch, we need to get serious about bolstering liquidity.
2a. TonyK's Proposal - https://bitsharestalk.org/index.php/topic,21409.0.html
2b. Bytemaster's Proposal - https://bitsharestalk.org/index.php/topic,21544.0.html
2c. My Proposal - https://bitsharestalk.org/index.php?action=post;quote=276084;topic=21197.45
2d. No trading fees for an indefinite amount of time. Once a sufficient amount of volume on the DEX is obtained, then the shareholders can revisit trading fees via voting.

3. The Bitshares' community's enthusiasm needs to be bolstered, and money needs to be raised for development. I suggest doing this in two ways:
3a. Creating a road map for future development (IE, We will implement parts 1, 2a, 2b, and 2d of this proposal). This will give them a renewed enthusiasm for the project.
3b. Increasing the value of the BTS token.
3c. Bitshares 3.0 will be a fork of Bitshares Graphene, and it will be distributed evenly:
3c1. 40% By taking a snapshot of BTS chain. Reasoning: snapshots increase the value of the BTS token.
3c2. 60% By doing an IPO. Reasoning: This is the time of the IPOs... projects are raising millions of dollars (DAO, etc). We can raise a lot of money for development, and bring in new skin/investors to the game that will be vested in Bitshares' success.
3c3. The reasoning for weighting the IPO more than the snapshot: At the same time as accomplishing the main goals (raising money for development, and restoring the Bitshares community's enthusiasm via a higher price per share), we can reduce one of the other biggest gripes about Bitshares by reducing the Larimer's/insiders stake in Bitshares. Let's stop beating around the bush. The Larimer's have done a great service to the community for their participation, hard work, and ideas, but at some point we need to come to the realization that a lot of people don't like how they have handled a lot of issues throughout Bitshares' history, and their large voting power influence. Since only 40% of Bitshares 3.0 will be created by BTS snap shot, then they would need to pay money to sustain their voting power (which in turn goes directly towards development of BTS 3.0, so shareholders win either way.) This will bolster enthusiasm/acceptance both inside our community and outside our community, as there those that feel this way in both.
3c4. Alternatively, we could 100% snapshot BTS, but then we would need to figure out a way to pay for development. For example, the NXT 2.0 (Ardor) idea has really increased Nxt value:
https://bitcointalk.org/index.php?topic=1518497.0
http://coinmarketcap.com/currencies/nxt/

4. Some are not be able to get past Smartcoins. They will not trust them, think they will fail, and fail to see the benefits compared to holding the real assets themselves (not bitBTC, or open.BTC, but actual BTC). We should cater to these individuals. If SuperNext and B&C Exchange can solve this problem, and incorporate real assets into a DEX, then so can Bitshares. Actual token trading should be incorporated into Bitshares 3.0, and we should let the market decide which is more important- actual token trading or smartcoins.
4a. Implementing this feature protects Bitshares against possible competitors by implementing Bitshares' competitor's main features, while maintaining Bitshare's original features (leveraged trading). There is literally nothing to lose.
« Last Edit: June 27, 2016, 07:11:01 am by CoinHoarder »
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