Currently the top post on Reddit, bytemaster's conversation with Satoshi almost 5 years ago...
http://www.reddit.com/r/Bitcoin/comments/3b0ycp/the_current_system_where_every_user_is_a_network/
http://www.reddit.com/r/Bitcoin/comments/3b0ycp/the_current_system_where_every_user_is_a_network/csi36pn
dno if this will work, shot in the dark honestly.
We had 7 points on this. Back to 2 now, and -3 to the guy defending it a few posts down.. such maximalists, even though bytemaster is right there in 2010 people still shut their ears. So sad.
I tried to help! In a "roundabout" kind of way
LALALALA just in testing, all in BM's head LALALALA
Good thing BitShares is going the route of providing products and services that the market wants rather than relying on the speculation of bitcoiners.
Let the price punish the ignorant and reward the diligent.
Lol at lukejr proclaiming 'all altcoins are useless'.
Regardless of bitshares it's just factually incorrect. Trading hype-cycles is "useful".
I get the arguments as why the most established/useful CURRENCY will push out competitors - Gresham's law etc.
Gresham's law is an economic principle that states: "When a government overvalues one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation into hoards, while the overvalued money will flood into circulation."
But many fail to recognize that crypto will disrupt more than just currency. There's an entire financial system to be freed.
The phrase "jack of all trades but master of none" comes to mind. Bitcoin makes a great currency but something like BitShares is needed to perform other financial services.
I don't think its possible to be a perfect currency at the same time as a perfect trading-exchange.
Hence our "problem" of how to define BitShares:
The community has a schizophrenic view on BTS as a result of its history. A currency demands very little or no dilution. That's why we had many leave the community when dilution to fund development was introduced. On the other hand, developing a financial platform is a business endeavour that requires a lot of funding in return for profit. That's why CNX has had to establish externally to bitShares, to give the development team other avenues of funding the business. That separation has also upset some of the community. The basic problem is that BTS cannot be both a currency and a development business. In answer to my question on whether bitShares might consider market loans to help fund development (a business need), bytemaster in the Hangout suggested the big problem is aversion to dilution (the currency need). I understand that answer completely.
What I'm suggesting here is a way to potentially meet both needs within the bitShares system. What if we split BTS into separate decentralised currency and business vehicles? It's not fully thought out, and I'm not certain this would be a good idea yet or not - this is just conceptual and posted for feedback.