Author Topic: Things that needs to be fixed with bitshares  (Read 1939 times)

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Offline adolf512

Things that needs to be fixed with bitshares
« on: January 28, 2017, 01:26:15 pm »
Flaws
-not being able to do anonymous transactions including messages.
-the referral program is flawed*
-175% minimum collateral to create bitUSD is too high, 70% should be enough(initially 100%).
-bit-assets does not seam to work that well in general.

*my proposal was to allow members of the program to do free transactions until they have got back 100% of what they paid but not give members any money from transaction fees, lower the cost of membership to 5000BTS and have a referral reward of 4000BTS, you will be allowed to refer youself once you are a lifetime member(costs you 1000BTS and gives you 5000BTS reserved to transaction fees).

the biggest issue is of course lack of network effect and this will be the most difficult challenge to overcome, i do believe that a technically good coin will get more and more users with time, especially if it offers nice features such as anonynous communication.

I consider going all in, possibly even on margin but i just need to make sure i am not wrong this time. I have seen many currencies i believed in fail hard, just being innovative is not enough, peercoin failed hard.
« Last Edit: January 28, 2017, 06:06:56 pm by adolf512 »

Offline nmywn

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Re: Things that needs to be fixed with bitshares imo
« Reply #1 on: January 28, 2017, 02:56:35 pm »
Minimum collateral  for USD is 175%. Just use this GUI https://bitshares.org/download

Offline adolf512

Re: Things that needs to be fixed with bitshares imo
« Reply #2 on: January 28, 2017, 03:58:28 pm »
Minimum collateral  for USD is 175%. Just use this GUI https://bitshares.org/download
Tanks for the correction. I am testing the wallet now, not sure if i like it to be honest. I prefer simplicity but i am a bit different from most people, i like arch-linux and dislike the windows GUI.

I noticed now that you need to be a member(not basic) to choose a name consisting only of letters, i picked my name(adolf512) and i am pretty happy with that. I guess most people prefer being able to use a simply account name instead of 3NZReAMJeukXeuUmkZhsANa9QYvy7JxuYk (example of btc adress), cryptonote addresses are even worse.
« Last Edit: January 28, 2017, 05:52:16 pm by adolf512 »

Offline oakmaster

Re: Things that needs to be fixed with bitshares
« Reply #3 on: January 29, 2017, 05:20:27 pm »
I have a question this might be off topic but when I try to collect vesting balance I'm being charged a 200 and something bts transaction fee does anyone know why Thanks

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Offline svk

Re: Things that needs to be fixed with bitshares
« Reply #4 on: January 29, 2017, 06:32:29 pm »
I have a question this might be off topic but when I try to collect vesting balance I'm being charged a 200 and something bts transaction fee does anyone know why Thanks

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The fees are set by the committee and at one point they set that one really high for unknown reasons.  I complained at the time but the high fee still remains.
Worker: dev.bitsharesblocks

Offline oakmaster

Re: Things that needs to be fixed with bitshares
« Reply #5 on: January 29, 2017, 07:03:18 pm »
K thanks I thought part of paying to be a lifetime member was to get some of your transaction fees back guess thats not the case

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Offline svk

Re: Things that needs to be fixed with bitshares
« Reply #6 on: January 29, 2017, 08:29:48 pm »
K thanks I thought part of paying to be a lifetime member was to get some of your transaction fees back guess thats not the case

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No you do get them back if you're a lifetime member,  80% or whatever it is,  but you still need to pay the full fee first.
Worker: dev.bitsharesblocks

Offline oakmaster

Re: Things that needs to be fixed with bitshares
« Reply #7 on: January 29, 2017, 08:48:54 pm »


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« Last Edit: January 29, 2017, 09:06:58 pm by oakmaster »

Offline oakmaster

Re: Things that needs to be fixed with bitshares
« Reply #8 on: January 29, 2017, 09:06:07 pm »

Maybe Im just confused and just want to see if Im correct being a LT member you get 80% of your paid transaction fees back after a certain time of vesting now Im not complaining because its money in the bank but what I was asking is if I where to collect the vesting fees its 200 bts trans fee which is pretty high if your transaction fee to collect your balance is higher than your balance

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« Last Edit: January 29, 2017, 09:07:39 pm by oakmaster »

Offline svk

Re: Things that needs to be fixed with bitshares
« Reply #9 on: January 29, 2017, 10:24:05 pm »

Maybe Im just confused and just want to see if Im correct being a LT member you get 80% of your paid transaction fees back after a certain time of vesting now Im not complaining because its money in the bank but what I was asking is if I where to collect the vesting fees its 200 bts trans fee which is pretty high if your transaction fee to collect your balance is higher than your balance

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Yes,  it's a stupid high fee which will create another vesting balance since you get 80% of it back.  Rinse and repeat ad infinitum.  Makes claiming small vesting balances not worth it.
Worker: dev.bitsharesblocks

Offline adolf512

Re: Things that needs to be fixed with bitshares
« Reply #10 on: January 29, 2017, 11:39:55 pm »
Actually having names instead of random 64-bit symbols have privacy disadvantages, i really dislike the idea of memberships, getting rewarded for recruiting new members, etc. The referral system(80% back from recruiting one new member) is too similar to MLM scams and this is not a good thing, a lot of people(me including) does not like anything that appears to be a pyramid scheme, even if it is just one layers it is some issues with it, i do not want 80% of the fees i pay to support that.

With bitcoin it is very easy to generate new addresses, cryptonote coins are a bit more complicated but still no major issue and there is also better anonymity. I am trying really hard to do a fundamental analysis for bitshares but i cannot get a clear picture, i cannot see sny big flaw in bitshares which is good but i still do not really like it.
« Last Edit: January 30, 2017, 09:56:38 am by adolf512 »