Author Topic: Negative Post about Bitshares  (Read 8037 times)

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Offline tonyk

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Re: Negative Post about Bitshares
« Reply #30 on: August 19, 2014, 07:41:43 pm »
I'm pretty sure he thinks he understands it. Did you not get that impression?


Operative word 'thinks'(as in believes), which apparently gives him the right to put his inner anger in semi-decent piece of writing.

And No, I do not find any value in reputing every word somebody decides to put out there, especially if the main focus of the author is to show us how great he is in proving his own statements.

Do you understand Bitassets?

Mainly.
I am  as tech-not-savi as you are. Sorry, not meant as an insult, if you have hi esteem in your abilities in that field.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline BldSwtTrs

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Re: Negative Post about Bitshares
« Reply #31 on: August 19, 2014, 07:42:01 pm »
I am really looking forward to see BitAssets running. If it works it will be huge, maybe the most important invention for human kind since Bitcoin. But honestly I am skeptical.

Offline AdamBLevine

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Re: Negative Post about Bitshares
« Reply #32 on: August 19, 2014, 07:42:52 pm »
Quote
continue to think your major innovative contribution is Protoshares which was the first token that gave people another token.   

I don't know whether I should be offended by that or not  :o  Given TITAN + DPOS + RoboHash + BitAssets...

Apparently Adam thinks PTS is more innovative than TITAN or DPOS  ??? ::)

Its not intended to be an insult, TITAN DPOS are both reinventions of a wheel that already exists.  TITAN is Bitcoin Privacy made simple, DPOS is a mix of POS and the ripple consensus style with a quasi-democracy layer on it.  They might accomplish the same thing differently, but they are a better wheel, not one that didn't previously exist.

Giving someone a token that will later give them another token that has value for another reason was a genuine first.  Real progress where the rest is optimization, I talk about the difference between these two things here

I don't know what RoboHashes are, and as I've mentioned I don't really understand why Bitassets will work.
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Offline AdamBLevine

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Re: Negative Post about Bitshares
« Reply #33 on: August 19, 2014, 07:45:19 pm »
I'm pretty sure he thinks he understands it. Did you not get that impression?


Operative word 'thinks'(as in believes), which apparently gives him the right to put his inner anger in semi-decent piece of writing.

And No, I do not find any value in reputing every word somebody decides to put out there, especially if the main focus of the author is to show us how great he is in proving his own statements.

Do you understand Bitassets?

Mainly.
I am  as tech-not-savi as you are. Sorry, not meant as an insult, if you have hi esteem in your abilities in that field.

Yeah see this is the issue, I don't understand why it will work  I understand why it is supposed to work (grossly simplified: because people won't bet against reality since they can't control which way everybody else bets so unless the majority of the market colludes against itself the bitasset should track the real asset) but I don't see why this would work.    My interest in Protoshares was that it gave me something else, the what-was-the-something-else never really mattered.
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Offline tonyk

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Re: Negative Post about Bitshares
« Reply #34 on: August 19, 2014, 07:49:31 pm »
I do not think anybody has ever said 'IT WILL' work. The best I have ever heard is 'This SHOULD work because...'
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline bytemaster

Re: Negative Post about Bitshares
« Reply #35 on: August 19, 2014, 07:52:15 pm »

I do not think anybody has ever said IT WOULD work. The best I have ever heard this SHOULD work because...

It is like trying to explain to someone how a bank works, almost no one knows or understands and yet they use them every day.  What is a dollar or a bitcoin?  99% of the people who use them don't understand.   So trying to get people to understand how BTSX works when they don't even understand stuff that has been around for 5 years or 100's of years and they use every day seems like a unreasonable expectation.... 

However, I am betting the farm that it will work :)
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Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline xeroc

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Re: Negative Post about Bitshares
« Reply #36 on: August 19, 2014, 07:56:57 pm »
However, I am betting the farm that it will work :)
that quote is meant to be on a shirt!
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline gamey

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Re: Negative Post about Bitshares
« Reply #37 on: August 19, 2014, 07:58:07 pm »
I'm pretty sure he thinks he understands it. Did you not get that impression?


Operative word 'thinks'(as in believes), which apparently gives him the right to put his inner anger in semi-decent piece of writing.

And No, I do not find any value in reputing every word somebody decides to put out there, especially if the main focus of the author is to show us how great he is in proving his own statements.

Do you understand Bitassets?

Mainly.
I am  as tech-not-savi as you are. Sorry, not meant as an insult, if you have hi esteem in your abilities in that field.

Yeah see this is the issue, I don't understand why it will work  I understand why it is supposed to work (grossly simplified: because people won't bet against reality since they can't control which way everybody else bets so unless the majority of the market colludes against itself the bitasset should track the real asset) but I don't see why this would work.    My interest in Protoshares was that it gave me something else, the what-was-the-something-else never really mattered.

It is a very complicated thing and I think you've probably struck on the point that it needs the most explanation.  We have some analogies but they still leave one hanging at an overview level of understanding.  Perhaps walking through examples with real money and explaining the outcome is the next thing that should be done.  Maybe then you can suggest what doesn't click with you.  That would be welcome.

There is this, but it needs better content.  http://wiki.bitshares.org/index.php/Market_Peg

BTW I bought PTS too without having any interesting in Bitshares X, but now the whole idea intrigues me to no end.  It might work, might not.  We'll see.
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Offline tonyk

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Re: Negative Post about Bitshares
« Reply #38 on: August 19, 2014, 08:08:37 pm »
However, I am betting the farm that it will work :)

Speaking of betting:

@BM, Stan needs to post a picture of the farm otherwise I just take your bet against all the bitUSD I currently own!  :)

@AdamBL - I am ready to take you bet on which of the 2 will work - bitUSD or LTBcoin.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline AdamBLevine

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Re: Negative Post about Bitshares
« Reply #39 on: August 19, 2014, 08:12:25 pm »
However, I am betting the farm that it will work :)

Speaking of betting:

@BM, Stan needs to post a picture of the farm otherwise I just take your bet against all the bitUSD I currently own!  :)

@AdamBL - I am ready to take you bet on which of the 2 will work - bitUSD or LTBcoin.

I don't bet on things I don't understand, your results may vary.
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Offline Simeon II

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Re: Negative Post about Bitshares
« Reply #40 on: August 19, 2014, 08:18:14 pm »
I am  as tech-not-savi as you are. Sorry, not meant as an insult, if you have hi esteem in your abilities in that field.

@AdamBL - I am ready to take you bet on which of the 2 will work - bitUSD or LTBcoin.

I perceive some negative opinions on the bestest of the best coin developers in the world, tonyk!

... There will be consequences!

Offline bytemaster

Re: Negative Post about Bitshares
« Reply #41 on: August 19, 2014, 08:20:13 pm »
The farm I am betting is the farm I could buy if I sold out today :)
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline pgbit

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Re: Negative Post about Bitshares
« Reply #42 on: August 19, 2014, 08:23:44 pm »
By way of explanation, this article was posted by a founder of Eris Industries:

http://www.linkedin.com/company/eris-industries?trk=ppro_cprof

"Eris Industries designs and builds distributed autonomous organisations (DAOs) and smart contract solutions for corporate and institutional applications using advanced technology to reduce client costs with a specialization in the finance, insurance, and construction sectors."

"Eris Industries was founded by Casey Kuhlman, Dennis McKinnon and Preston Byrne after its founders designed, built, and deployed the world's first useable DAO platform."

This platform reportedly runs on .... Ethereum:
http://www.coinfeed.net/news/lifestyle/bitcoin-millionaire-announces-the-winner-of-his-100k-bounty.html

Offline Pheonike

Re: Negative Post about Bitshares
« Reply #43 on: August 19, 2014, 08:24:00 pm »
Do you own any BitShares Adam? If you expect them to rise in value then you are in essence betting on something you don't understand.

Offline Gentso1

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Re: Negative Post about Bitshares
« Reply #44 on: August 19, 2014, 08:26:11 pm »
Before I start my opinion I am not a trader or shorter and have no real interest in playing the market so to speak.

I understand that to create a bit asset you need to use btsx as collateral.

I believe most of this hinges on btsx basically holding some value. As the author puts it if btsx lost alot of value very quickly this would cause the system to close(I believe thats the term) on said collateral.

I understand that bitusd will be pegged through feeds to the price of usd(so they trade roughly the same other then the point of interest to bitusd), which in theory so give bitusd a edge.


I have been exploring the next forums and have been doing research on how their asset's work. Basically anyone can make any asset with no collateral and it seems to be based solely on reputation. I think it will be interesting to see how it develops but for the moment it is pretty ripe with scams. I did find it interesting that a company has been created and is offering a service to audit real world holdings so that digital assets have a little more weight(no pun) to them. I think its a interesting idea. Heck I would like to see a system that is able to use different kinds of digital assets(bitcoin, pts, nxt, whatever.....) and also has  a mix where users can create their own asset, pay a company to come out and audit them for their real world holdings. Best of both worlds. I believe bitshares has the potential to do all of the above and more with the addition of contracts.

Please understand this is just my rudimentary understanding and feel free to correct me where necessary..... :P