Bitcoin Forum

Hey guys,

Well Bitshares guys are proudly walking around talking about this new thing of theirs. A coin that will have 3 sec blocks and will be able of 1,000 TPS. This will let them essentially compete with Visa!

What do you think about this? Are they up to something or is this compete BS and will never work?

Thanks for your opinions!

I've told my friends about it and they've picked up a handful. I'm monitoring for sure, and made a move. While I'm no expert on this project, My primary issue is the complexity. When people bang on LTC, and not having "innovative" features, I immediately disregard their future opinions. It's primary feature is bolstering stability with confidence of the Bitcoin blockchain technology. Stability and trust are nothing to scoff at, BTS 2.0 is WAAAAYYY more than that and you see how NXT, UNITY, XEM, and ETHER (I respect each of these projects) has responded in market place: volatile. All are more than just a token, it's an attempt at a paradigm shift which may or may not take immediate hold without wider acceptance of token based technology such as BTC / LTC.

So yeah man, it will be an interesting ride. It seems as though it's been extensively tested and I hav listened to lead dev on a couple podcast; seems quite bright and tuned in with the movement. Again, my only caution is that if you don't frequent this forum or REDDIT, the objectives of this project are completely foreign to Joe Six-Pack. But at 2100k sats I think there's a lot room for improvement.  

Imo without network effect you are nothing. Someone explained it very good.

That is certainly true, which is why BitShares 2.0 has a built-in referral program.  You get 80% of the lifetime fees generated by everyone you sign up - if you do all the work of getting them going yourself.  There are plenty of people who will split that reward with you if you simply send someone to one of their automatic sign-up "training sites".  Check out OpenLedger.info (http://OpenLedger.info) for example - the first full service exchange to offer its fiat gateways to every other exchange and coin that joins the incorruptible decentralized blockchain based BitShares Exchange Network.

So lots of chances to make money as the system grows just by making sure that your friends find about it and learn to use, even some of its features.  (No one person, including me, uses everything, so don't let its array of features intimidate you.  Just use the ones that suit you and ignore the rest.)

But it's not just one-on-one viral marketing.  Everybody who has a bunch of users or readers already can become their referrer and immediately become a full partner in BitShares - reaping 80% of all the fees they ever pay.   One guy represents a professional engineer's society with tens of thousands of members.  He's drooling about being the one to get them signed up.

Whole exchanges can introduce their customers to trading on the BitShares Exchange Network which will grow to have the combined market depth of all its members.  Got 20,000 traders on your exchange?  Be the one to sign them up and teach them how to use it.  Doesn't even really matter if your customer's are cryptoheads.  Got 100,000 readers of your blog on permaculture?  Sign them up!  Preppers?  Sign them up!

In fact, BitShares has the throughput to host all 600+ coins on coinmarketcap.com (even Bitcoin itself).  So a lot of coins who a looking for that key boost will simply port themselves and all their owners onto the BitShares network and become their referrer. They'll still be their own coin, just accelerated to 3 second transaction times. Instant state-of-the-art real-time coin with all the features you can read about at bitshares.org (http://bitshares.org) and instant monetization of their lifetime fees for using your own coin and everyone else's!  

And there are partner's galore!  Here's some of the major announcements that happened this summer:

Indian Summer Announcements (https://bitsharestalk.org/index.php/topic,16447.msg210282.html#msg210282)

And with six days to go till BitShares 2.0 goes live, I haven't even gotten around to adding the news that another real-time platform based on the same Cryptonomex Graphene technology is launching just 2 weeks later.  This is the PeerTracks Music (http://www.abc40.com/story/29735334/peer-tracks-announces-new-music-site-that-runs-on-cryptonomex-blockchain-technology) application riding on the MUSE real-time block chain.

Everything starts out with "zero network effect", even Facebook and the original Apple II computer.  

The key is to get the viral marketing plan right.  We're really excited about this one.

Stan, you guys hired a pump group yet?  There's still no activity in the exchanges, esp. at Poloniex since that's where most of the BTS volume is.

You can reply via PM if you don't want to make it public.

Chairman Stanlin is the "pump group".

Main reason I became interested in Bitshares is because it solves Bitcoin's two largest problems:

1)  Scalability - Bitshares will likely have the highest scalability of any blockchain platform (Emunie does not use a blockchain, thus lower redundancy)

2)  Market pegged assets solves the problem of Bitcoin being a store of value.  You don't have to watch the exchange 24 hours a day or risk losing your shirt if you don't.  You can hedge into several things like BitUSD, BitGold, etc.

Whoever solves scalability + store of value first probably wins the whole game.

Um, actually...

https://i.gyazo.com/5a34988e129ddf6ac8426034547ba4b2.png

Ok.  So you're better than Bitcoin (tech-wise).  A couple of questions:

1) What is your strategy in overcoming Bitcoin and in taking some, if not the majority of its market share from them?  

2) How can you convince the merchants, payment processors and the bigger exchanges (ex. Bitstamp) to make BTS the default crypto currency acceptable to them?

^ I hope that's enough to convince people to get in and invest in BTS.

I do not own any BTS but I'm ready to get in and out when it's going up.  Good luck to Bytemaster and co.

Actually, all the answers are right here in this thread.

We are not trying to be the digital reserve currency.  We just want to upgrade the whole industry without changing anyone's stake in their favorite coins.

We are a platform on which such currencies (all 600+ of them including Bitcoin) might like to upgrade to for the reasons I stated in my several posts above.

We have just solved 12 hard problems for everybody.  You're welcome.

So I guess the question should be, how and what strategy is the Bitshares team going to use to make their platform the 'default' platform in 'upgrading' or solving Bitcoin's problems?  Or at least be one of the better contenders.

You mentioned Ripple as a competitor in the crypto 2.0 space, and I'm pretty sure there's a few more fighting for a spot to be on the top tier. 

Creating better tech obviously won't be the only driver for this to happen.  There's also marketing, forging relationships with merchants and payment processors and possibly banks.  How is Bitshares going to tackle all these to gain an edge over other crypto 2.0 platforms?

Sounds good.  Where can I get more details about it?  Some links, blogs or even links to threads from your forum about BTS' decentralized marketing would be nice.

Thanks. 

Sure what do you do when ver. 3comes out?
Lemme guess you will power dump on poor idiots.
Another "coin" ?
So it's free?  Not going to cost me money / bit coin!
Hmm well does the dev & friends have a history of past coins?
Uhhh what's different here again?

Notice how Bitcoin is popular?
Hmm I wonder why..

The mark of the Beast? Because, that would be really cool. I hate wallets.

Yeah... that's gotta hurt. Nice plug too.  ;D

If Forbes Magazine hasn't published the answer to your question by the time I get back from the Blockchain Summit in Shanghi (http://www.hbrchina.org/150922/index.shtml) next week, I'll leak it here.

http://www.podcastchart.com/podcasts/beyond-bitcoin-community/episodes/e85-2015-06-09-developer-hangout-with-bytemaster-bitshares-2-0-announcement-part-2/pop

Think this is StanLarimer (Bytemaster) on a podcast, I get about 80% of what he's saying. A little more personality than VB and less shadowy than JL777. It's a good listen if you compliment it with the reading of the website. I'm starting to learn a little "bit" more, but it's still over my head from a totality standpoint. 

Bytemaster is Dan not Stan.

But wait...  Which is better, Dan or Stan?

Dan is supposed to be better, new one is always better. At least in crypto, hehe.

We generally try to stay away from that stuff.  No offense, I hope.

Larimer 2.0

"Once I was the master..."

:)

Are Dan and Stan related? They both have same last name.

Yes they are. Son and father.

Hm, they should find someone for the position of holy spirit...

Edit: Satoshi's spirit qualify pretty good I think.

Your involvement makes perfect sense too in this context.

Pretty nice voice regardless. Not many of them out there.

Protoshares coming back as Bitshares. Interesting. Is this something like dark to dash?

I remember an almost dead protoshares coming back to life with an amazing pump crew. They spewed quack-dac at Polo for days and days. 

Regardless of the science, these guys know how to sell.

Emphasis on the word try.

That's a good way to look at it:

ProtoShares was written on what you might call "POW-DOS", a distant relative of MS-DOS and a not-too ambitious coin "operating system" (i.e. a Bitcoin clone with a few twists to return it to a decentralized solution resistant to custom hardware forces of centralization).

BitShares ran on DPOS ("BitSharesOS") which was an exchange on a coin platform capable of supporting SmartTokens and SmartCoins.

BitShares 2.0 just upgraded to "GrapheneOS" which is a real-time OS meta-platform for implementing industry-specific business platforms like BitShares, MUSE, and Identabit.

You can view each of those platforms like a local economy operating under a blockchain-enforced set of rules for businesses that want to relocate there because of the infrastructure provided and preferred rule set that is enforced.  

On the BitShares platform a number of exchanges (manned businesses) hosting an exchange-in-a-wallet Application allowing them to pool their customers and order books to form the OpenLedger network of exchanges.  These include CCEDK, BANX, BunkerDEX and others joining at the rate of roughly 1 per month for the forseeable future.

Each of these member businesses bring products like SmartTokens or Collateralized Bonds and services like on-ramps and debit cards to the OpenLedger network where all can benefit from each other's offerings and combined liquidity.

And, of course, every ordinary coin from Bitcoin on down could move onto this platform if they felt like being competitive.  Some will stay back on POW-DOS for a while longer but eventually they will want to move to a more powerful OS.  Nobody uses MS-DOS any more, do they?

Come to think of it, that's exactly the way I'll be describing it to investors next week in Shanghai.

Here's a sneak preview clipped from my pitch deck...   (This is a bitcointalk exclusive scoop - you heard it here first!)

This chart illustrates our new slogan:  Cryptonomex - We build blockchain businesses.


That's both businesses on a blockchain and blockchains that are businesses.  Not to mention businesses that use businesses on blockchains that are businesses.  You get the idea...

Yes, these businesses use advanced cryptocurrencies, but they really are becoming completely new applications of blockchain technology that you can invest in with coinmarketcap tokens that represent a ticket to access their products and services.


https://i.gyazo.com/8525c8bd62cb17236b9b019abd2c2779.png

What kind third party security audit have you done for Graphene?

Many people are talking about Bitshares 2.0 on 13 Oct 2015 but I feel it is overhyped. Look at the price, it is still far from the peak it hit before the 30 days announcement.

That is because the future announcement has been priced into the price. They need a bigger announcement to surprise the market. ;D

Speed alone will not let you compete with visa. You need adoption which probably wont happen due to your unfair bitshares distribution history

What does a one month and a half account with 20 posts know about BitShares history? It's obvious you have no idea what you are talking about.

BitShares was 50% mined and 50% distributed to people who participated in a 200 day donation competition.  The mining part was unfair because only people with big mining budgets and technical skills could participate.  But it was only 50% as unfair as Bitcoin's distribution.  :)

Speculation and manipulation is not what will determine BitShares price going forward.  It is utility to users and our referral program which encourages everyone to teach others about that utility.

But biggest of all is the partnership program in where partners refer their existing customers and collect 80% of their lifetime usage fees.

So, if you are a professional society with 30,000 members and you come up with a reason for those members to use BitShares and motivate them to sign up, guess what?  Your society gets 80% of the fees from 30,000 people using the network.

How many organizations are looking for new ways to monetize their existing user base?

How many gas stations sell Cokes?

:)

My only challenge is to figure out whether to remove my sell orders and hold to see if I can better myself as a person or dump for a good amount of BTC/LTC. I'm kinda stuck as I need to see this product put into action with simplicity.

Let's see what happens, I'm fired up about it.

**so don't let its array of features intimidate you**

you should color coat those or something like if there similar put *dark red with light red* etc brain hurts

And it's not just competing with Visa. BTS introduces a very innovative and interesting concept.

As for a payment method, there are several companies trying to use cryptocurrency to compete with Visa or Mastercard. As an example, you can take a look at the Dnotes current project in which they say they'll have a new state of the art blockchain based payment ready by 2016:
http://www.coinwrite.org/dnotes-wants-launch-completely-new-payment-system-based-blockchain/ (http://www.coinwrite.org/dnotes-wants-launch-completely-new-payment-system-based-blockchain/)

This sounds like a pyramid scheme (https://en.wikipedia.org/wiki/Pyramid_scheme).

Pyramid scheme should be multilevel, BitShares Referral Rewards Program (https://bitshares.org/technology/referral-rewards-program) has only one level and referral get rewards only for limited amount of time which can be changed by shareholders and at start it's will be 3 month AFIAK.

Actually, it's called "profit sharing".

You move your customers onto our platform and you become a partner - reaping 80% of the fees they generate while they are using the BitShares system.

Simple as that.

It's just like opening your store in our shopping mall.  BitShares collects 20% for providing all the infrastructure and you keep 80% for bringing in your customers.

So BTS as the coins are only used on Bitshare Trading Platform and not used on the MUSE and Identabit, right? Will BTS coins holders get any benefit from MUSE and Identabit platforms?

From MUSE (aka BitShares Music) no, from Identabit probably yes.

PS: MUSE allocation details: https://bitsharestalk.org/index.php?topic=9482.0

The benefit they can get is if they get a sharedrop  :)