The current path of USD to bitUSD

[bytemaster]

This year

Ouch!!

To be fair my projections on certain gateways coming on line were based upon statements by Brian Page which turned out to be way off the mark. 

I hope Brian Page is not slated to receive bonus if the marketcap increases.
5m BTS - could've got us so much *sigh*

NO MORE PAY FOR HIM.

[sumantso]

This year

Ouch!!

To be fair my projections on certain gateways coming on line were based upon statements by Brian Page which turned out to be way off the mark. 

I hope Brian Page is not slated to receive bonus if the marketcap increases.
5m BTS - could've got us so much *sigh*

[bytemaster]

To be fair my projections on certain gateways coming on line were based upon statements by Brian Page which turned out to be way off the mark. 

From what I know right now, there are several exchanges that are in the process of integrating with us.  We even have Dan & Eric actively working to produce a gateway.  Unfortunately, our dev team can do very little to accelerate the development teams of 3rd party exchanges.   It will take time, but slow and steady will win the race.

Did Brian just flat out lie to you guys? If so, that is amazing and sad. I feel like it would've had to be an elaborate lie to convince you of a pipeline of things to come without ever working toward them or providing evidence of maturation. The amount of work it would take seems to be more than to have just done it.

I remember posting something that it would've been like $5K (here in CA) to apply for a money services license and then however much for some one to design a site that could sell bitUSD for a dollar plus fee or sell BTS for dollars. Brian's salary could've been used for this and so much more. Hindsight I guess.

I was sure it was something like that! This guy has damaged bitshares more then he has bring benefits to it !!! (2 steps forward and 3 steps backward)...
But it is not only his fault... I hope you all can now better identify the honest guys that will work with you in future... And I hope we don't have other's like him around us from now own!!!.... (unfortunately I doubt it will not happen again,at least then it's "all" shareholder's "fault"....theoretical....and,at least the funds in stake will not be so huge I assume )

I wouldn't say he lied or intended to deceive.   I would just say that when you have two high-level guys from BitShares and an Exchange talking to each other they almost never know what the engineers have to say.    In this case the exchange told Brian:  "Yes we plan on listing you, and we think we can do it by date X"    Brian then relays that to me.   

After Brian left I had a conversation with the exchange(s) and knew what tough questions to ask to assess where they were on the development process and that is when I realized what was going on. 

[liondani]

To be fair my projections on certain gateways coming on line were based upon statements by Brian Page which turned out to be way off the mark. 

From what I know right now, there are several exchanges that are in the process of integrating with us.  We even have Dan & Eric actively working to produce a gateway.  Unfortunately, our dev team can do very little to accelerate the development teams of 3rd party exchanges.   It will take time, but slow and steady will win the race.

Did Brian just flat out lie to you guys? If so, that is amazing and sad. I feel like it would've had to be an elaborate lie to convince you of a pipeline of things to come without ever working toward them or providing evidence of maturation. The amount of work it would take seems to be more than to have just done it.

I remember posting something that it would've been like $5K (here in CA) to apply for a money services license and then however much for some one to design a site that could sell bitUSD for a dollar plus fee or sell BTS for dollars. Brian's salary could've been used for this and so much more. Hindsight I guess.

I was sure it was something like that! This guy has damaged bitshares more then he has bring benefits to it !!! (2 steps forward and 3 steps backward)...
But it is not only his fault... I hope you all can now better identify the honest guys that will work with you in future... And I hope we don't have other's like him around us from now own!!!.... (unfortunately I doubt it will not happen again,at least then it's "all" shareholder's "fault"....theoretical....and,at least the funds in stake will not be so huge I assume )

[Ggozzo]

To be fair my projections on certain gateways coming on line were based upon statements by Brian Page which turned out to be way off the mark. 

From what I know right now, there are several exchanges that are in the process of integrating with us.  We even have Dan & Eric actively working to produce a gateway.  Unfortunately, our dev team can do very little to accelerate the development teams of 3rd party exchanges.   It will take time, but slow and steady will win the race.

Did Brian just flat out lie to you guys? If so, that is amazing and sad. I feel like it would've had to be an elaborate lie to convince you of a pipeline of things to come without ever working toward them or providing evidence of maturation. The amount of work it would take seems to be more than to have just done it.

I remember posting something that it would've been like $5K (here in CA) to apply for a money services license and then however much for some one to design a site that could sell bitUSD for a dollar plus fee or sell BTS for dollars. Brian's salary could've been used for this and so much more. Hindsight I guess.

[clayop]

If Yunbi add bitUSD/CNY market, it would be amazing.

[toast]

exco.in is pretty public about their status in their delegate thread. Today dan and eric reported that they can process BTC deposits on their gateway

[speedy]

To be fair my projections on certain gateways coming on line were based upon statements by Brian Page which turned out to be way off the mark. 

From what I know right now, there are several exchanges that are in the process of integrating with us.  We even have Dan & Eric actively working to produce a gateway.  Unfortunately, our dev team can do very little to accelerate the development teams of 3rd party exchanges.   It will take time, but slow and steady will win the race.

Thanks for the update Bytemaster!

But...

Can we have names of these "several exchanges"?

I dont see the point in staying in stealth mode, and it just leaves lingering doubts for BTS holders.

For a good example of how to launch, the UK exchange Coinfloor announced their offering many months before going live. They were giving frequent updates on their development progress and security testing etc. I wish we had the same thing for the Bitshares gateways. I know that youre not directly responsible for them, but if we at least know who they are then we can tweet/upvote/support them.

[GaltReport]

I wonder why Bytemaster was so confident the on-ramp would be available by the end of 2014...

That's the $1,000,000 question now isn't it?

That just illustrates the need to be cautious and take such statements with a grain of salt unless they are backed by factual evidence to support them. I'm beginning to learn that my optimism for BitShares progress may need to be dialed back a notch or 2. In far less than 6 months there have been some major changes and mistakes here such as with marketing. I remain optimistic but each of these cost a few points of confidence / optimism.

I feel much the same way. 

The best metaphor I could think of that helped me to better understand the issues that have come up is to view Bitshares as a ship and the dev team as the shipbuilders.  At the end of the day, you can't expect the shipbuilders to be experts at piloting the ship they're building, no matter how well it's built.  For the most part, all the missteps we've seen to this point have been on the business side of things. Until Bitshares finds an experienced captain and crew (business development team), it's going to be difficult to break through and gain any sort of traction in any market.

  to both. 

[bytemaster]

To be fair my projections on certain gateways coming on line were based upon statements by Brian Page which turned out to be way off the mark. 

From what I know right now, there are several exchanges that are in the process of integrating with us.  We even have Dan & Eric actively working to produce a gateway.  Unfortunately, our dev team can do very little to accelerate the development teams of 3rd party exchanges.   It will take time, but slow and steady will win the race.   

[wasthatawolf]

I wonder why Bytemaster was so confident the on-ramp would be available by the end of 2014...

That's the $1,000,000 question now isn't it?

That just illustrates the need to be cautious and take such statements with a grain of salt unless they are backed by factual evidence to support them. I'm beginning to learn that my optimism for BitShares progress may need to be dialed back a notch or 2. In far less than 6 months there have been some major changes and mistakes here such as with marketing. I remain optimistic but each of these cost a few points of confidence / optimism.

I feel much the same way. 

The best metaphor I could think of that helped me to better understand the issues that have come up is to view Bitshares as a ship and the dev team as the shipbuilders.  At the end of the day, you can't expect the shipbuilders to be experts at piloting the ship they're building, no matter how well it's built.  For the most part, all the missteps we've seen to this point have been on the business side of things.  Until Bitshares finds an experienced captain and crew (business development team), it's going to be difficult to break through and gain any sort of traction in any market.

[mint chocolate chip]

I wonder why Bytemaster was so confident the on-ramp would be available by the end of 2014...

That's the $1,000,000 question now isn't it?

That just illustrates the need to be cautious and take such statements with a grain of salt unless they are backed by factual evidence to support them. I'm beginning to learn that my optimism for BitShares progress may need to be dialed back a notch or 2. In far less than 6 months there have been some major changes and mistakes here such as with marketing. I remain optimistic but each of these cost a few points of confidence / optimism.

I realized when he started asking about the possibility of buying/starting a credit union that the outlook on the "available by the end of 2014" avenues were looking increasingly bleak.

An organization to offer a bts on-ramp is probably considering risk and effort compared to the profit potential reward, apparently we need more users so there would be more demand for such a service.

[Thom]

I wonder why Bytemaster was so confident the on-ramp would be available by the end of 2014...

That's the $1,000,000 question now isn't it?

That just illustrates the need to be cautious and take such statements with a grain of salt unless they are backed by factual evidence to support them. I'm beginning to learn that my optimism for BitShares progress may need to be dialed back a notch or 2. In far less than 6 months there have been some major changes and mistakes here such as with marketing. I remain optimistic but each of these cost a few points of confidence / optimism.

[wasthatawolf]

I wonder why Bytemaster was so confident the on-ramp would be available by the end of 2014...

[Markus]

No real BitUSD ramp in sight yet but the BTC/BitUSD market on Bter has picked up slightly and now offers usable spreads.

So we are down to four steps:

1. $100 from bank to Coinbase = 0.367322 BTC
Current buy price 272.24 $/BTC

2. Transfer to Bter = 0.367222 BTC
Transfer fee 0.0001 BTC

3. Buy BitUSD, receive 97.40 BitUSD
Current spread at 100$ depth is 265.76 to 284.30
Transaction fee 0.2%

4. Withdraw 97.30 BitUSD
0.1 BitUSD withdrawal fee from Bter