Bitshares Wikipedia article

[bitmeat]

He can't! It's the delegates decision which  rules they will  support!  Until now the delegates agreed with the most changes that BM proposed.... that doesn't mean

Show me a list of delegates that have been promoted without Bytemaster's support. It's a one man show. Might be a good one, but could be so much better. It takes time, I like the new direction. Not a FUD, just playing devil's advocate. If you put crazy stuff in the article, it will get heavily debated and possibly removed.

[liondani]

What good is a BTS "smart contract" if Bytemaster et al can step in at any point and change the rules as they see fit?

He can't! It's the delegates decision which  rules they will  support!  Until now the delegates agreed with the most changes that BM proposed.... that doesn't mean it will always happen... it will only continue to happen if it's on the majority of stakeholders best interest



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[vikram]

In my understanding of the term https://en.wikipedia.org/wiki/Smart_contract it does not imply a requirement for arbitrary computations.

What good is a BTS "smart contract" if Bytemaster et al can step in at any point and change the rules as they see fit? I hope to see these formalized and documented in a way everyone can understand and trust the system will behave as they expect. I doubt there are more than 15 people on this forum who fully understand how the system works. There have been so many changes I lost track.

I agree once the new protocol is finalized we must ensure the contracts are rigorously documented.

[bitmeat]

In my understanding of the term https://en.wikipedia.org/wiki/Smart_contract it does not imply a requirement for arbitrary computations.

What good is a BTS "smart contract" if Bytemaster et al can step in at any point and change the rules as they see fit? I hope to see these formalized and documented in a way everyone can understand and trust the system will behave as they expect. I doubt there are more than 15 people on this forum who fully understand how the system works. There have been so many changes I lost track.

[vikram]

Aren't BitAssets technically a financial smart contract?

Smart contract is an overloaded term, but to me it means that anyone can negotiate the terms and write their own rules in some script. e.g. Ethereum, Eris would satisfy that. So far BitAssets have not only been in full control of the devs, but aside from being hard coded and not customizable, the rules have been constantly changing. One minute you can short indefinitely, the next there is a 30 day window to cover, then there is interest rate, then there isn't, etc.

In my understanding of the term https://en.wikipedia.org/wiki/Smart_contract it does not imply a requirement for arbitrary computations.

[Stan]

The real question is what features advertised on the web refresh are completed already in the graphene codebase? Even though the live net isn't released, if the code is completed and privately testable I don't think the assertions are such a stretch. They aren't in the wild yet, but do they already exist?

Even if they have the code 100% complete, I would take it with a grain of salt. The fact is it was developed in a vacuum. It is so easy to think you are God Almighty, when you live in a bubble. Furthermore if there is some fundamental security issue, the whole thing may need to be refactored anyways. Security through obscurity doesn't work.

The restrictive license is funny too. As if everyone and their mom, rushed to "steal" the current BTS code. There have been a lot more NXT clones than BTS clones. (In fact I can't think of a single clone of BTS that was listed on exchange anywhere, but I could be wrong)

The logic is simple.  Cryptonomex needs to create something that can attract investors so we will have funds to do all the insanely great things we want to do without burdening BitShares holders with having to foot the entire bill.  To do that, we need to create something that can give investors a return on their investment.  Without the license, there is less to invest in.

So we offer BitShares unrestricted use of the fruits of our self-funded efforts.  But only BitShares. 

[bitmeat]

Disclaimer: In case it's not clear - I believe in the project. I'm just sick of the hype, so I hope to see less hype and more deliveries.

[bitmeat]

The real question is what features advertised on the web refresh are completed already in the graphene codebase? Even though the live net isn't released, if the code is completed and privately testable I don't think the assertions are such a stretch. They aren't in the wild yet, but do they already exist?

Even if they have the code 100% complete, I would take it with a grain of salt. The fact is it was developed in a vacuum. It is so easy to think you are God Almighty, when you live in a bubble. Furthermore if there is some fundamental security issue, the whole thing may need to be refactored anyways. Security through obscurity doesn't work.

The restrictive license is funny too. As if everyone and their mom, rushed to "steal" the current BTS code. There have been a lot more NXT clones than BTS clones. (In fact I can't think of a single clone of BTS that was listed on exchange anywhere, but I could be wrong)

[robrigo]

Lol "BitMeister". Did you see that the new architecture will have Privatized BitAssets that allow users to configure the parameters?

Will being the key word. The wikipedia article claims that this IS now. Fact is that it isn't. Just saying. If the article said, "BitShares has the ambition to..." then I would wholeheartedly agree with it.

Hey if they can deliver more power to them. But fact is, until there is a solid documentation, security threat tree, protocol definition, etc. No one is going to take this work seriously in the crypto community. Any big player would hire an expert to assess the tech before they commit to it.

I keep reiterating these points, because I think they are doable, and I hope they do it right this time. Enough of this day dreaming, let's have community and devs focus on deliverables, roadmaps and what's viable, doable, etc.

The real question is what features advertised on the web refresh are completed already in the graphene codebase? Even though the live net isn't released, if the code is completed and privately testable I don't think the assertions are such a stretch. They aren't in the wild yet, but do they already exist?

[bitmeat]

Lol "BitMeister". Did you see that the new architecture will have Privatized BitAssets that allow users to configure the parameters?

Will being the key word. The wikipedia article claims that this IS now. Fact is that it isn't. Just saying. If the article said, "BitShares has the ambition to..." then I would wholeheartedly agree with it.

Hey if they can deliver more power to them. But fact is, until there is a solid documentation, security threat tree, protocol definition, etc. No one is going to take this work seriously in the crypto community. Any big player would hire an expert to assess the tech before they commit to it.

I keep reiterating these points, because I think they are doable, and I hope they do it right this time. Enough of this day dreaming, let's have community and devs focus on deliverables, roadmaps and what's viable, doable, etc.

[robrigo]

Aren't BitAssets technically a financial smart contract?

Smart contract is an overloaded term, but to me it means that anyone can negotiate the terms and write their own rules in some script. e.g. Ethereum, Eris would satisfy that. So far BitAssets have not only been in full control of the devs, but aside from being hard coded and not customizable, the rules have been constantly changing. One minute you can short indefinitely, the next there is a 30 day window to cover, then there is interest rate, then there isn't, etc.

So until they have a proposal with clearly defined protocol, and an implementation that follows it and works flawlessly, I'm going to call this a wishful thinking.

Don't get me wrong BitAssets are better in my mind than NuBits, but could have been so much better.

The issue is BitMeister wants to invent everything and control everything. I would've liked to see BitAssets be freely defined by users in a way that people can compete as to which formula tracks an asset the best. All of these discussions could've been competing smart contracts, instead of the whole community waiting on one man to come up with the holy grail.

Just my 2 bits.

Lol "BitMeister". Did you see that the new architecture will have Privatized BitAssets that allow users to configure the parameters?

[bitmeat]

Aren't BitAssets technically a financial smart contract?

Smart contract is an overloaded term, but to me it means that anyone can negotiate the terms and write their own rules in some script. e.g. Ethereum, Eris would satisfy that. So far BitAssets have not only been in full control of the devs, but aside from being hard coded and not customizable, the rules have been constantly changing. One minute you can short indefinitely, the next there is a 30 day window to cover, then there is interest rate, then there isn't, etc.

So until they have a proposal with clearly defined protocol, and an implementation that follows it and works flawlessly, I'm going to call this a wishful thinking.

Don't get me wrong BitAssets are better in my mind than NuBits, but could have been so much better.

The issue is BitMeister wants to invent everything and control everything. I would've liked to see BitAssets be freely defined by users in a way that people can compete as to which formula tracks an asset the best. All of these discussions could've been competing smart contracts, instead of the whole community waiting on one man to come up with the holy grail.

Just my 2 bits.

[robrigo]

Please proofread the submitted draft at the link below;  it can take up to 3 weeks to be reviewed so we have plenty of time to do some more edits.

https://en.wikipedia.org/wiki/Draft:BitShares

BitShares is a decentralized, industrial-grade financial smart contract wannabe platform.

There - fixed it for you. It's great wishful thinking, but there is nothing smart contract about BTS yet.

Aren't BitAssets technically a financial smart contract?

[bitmeat]

Please proofread the submitted draft at the link below;  it can take up to 3 weeks to be reviewed so we have plenty of time to do some more edits.

https://en.wikipedia.org/wiki/Draft:BitShares

BitShares is a decentralized, industrial-grade financial smart contract wannabe platform.

There - fixed it for you. It's great wishful thinking, but there is nothing smart contract about BTS yet.

[robrigo]

Please proofread the submitted draft at the link below;  it can take up to 3 weeks to be reviewed so we have plenty of time to do some more edits.

https://en.wikipedia.org/wiki/Draft:BitShares