Can't say I'm surprised by any of this. Called it in 2014 and avoided BTS. Too bad I didn't ride the pump with my Protoshares, though, or get on board with Steem. Dan is a good coder but never gave me a satisfactory answer to this basic concern (true across many areas of crypto).
HOWEVER, I'm starting to see some value here and might FINALLY jump in (decentralized apps like OL).
.....
However, I have a simple, but important concern I was not able to resolve with a few searches around the forum.
I've seen it happen dozens or even hundreds of times now in the bitcoin ecosystem (just look at Bitfunder, or any asset exchange) - most of the "listings" turn out to be scams or fraudulently run. All BTC are somehow lost or founder disappears.
I've seen some GDoc attempts at accounting for PTS expenditures, but what really is to prevent a "DAC" founder from pulling an Enron or running with the AGS funding?
....
Really? The whole team working on sweat equity and their own funds for over a year after the donations ran out to produce and deliver rock stable Graphene and BitShares 2.0 to the community for free didn't satisfy you?
I've been away for ages but since coming back I'm seeing a bit of animosity about Dan moving to work on Steemit.
I'm not looking to come in here and offend anyone, I only want to understand.
Everyone seems a little dejected
Bts and steem are two sides of the same coin. They can work symbiotically.
The market for censorship-free social media is about to grow massively.
Twitter, facebook and reddit are all getting caught with their hands dirty, acting against the interests of it's users in order to direct a narrative. Could BitShares have replaced a social media system?
I doubt it, which is why I assume Steemit was created.
BitShares is a financial exchange. There is PLENTY of money in that game already.
IMO, Dan and Cryptonomex built BitShares as a somewhat complete product. It's up to the users, shareholders and businesses of BitShares to use it.
Unless I am mistaken, BitShares became a stand-alone entity directed by it's shareholders on launch. What are people expecting Dan to have done since?
What am I missing?
It's good to be back seeing the progress BitShares is making