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Very impressive the current marketcap considering that it is severely flawed. New coins were created and they are now accepted by the chain.

He claims it is fixed but there might be more.

This was never mentioned in all their threads here, which are also curiously silent now.

Volumes have dropped and it won't surprise me if they are using the funds to prop up the price. They have already mentioned earlier they are using investor funds to buy.

u really believe Bitshares is backed by $62 000 000?

no it is not..

dump will happen and it will be brutal.

everyone is in btsx only because of the dev funds backing it up for quick profit.

it was a nice concept but the dev funds backing it ruined it as people are all greedy and will take advantage of any possible profit. even if the intention from the devs were good.

ho wow, is that true? sad story.

Likely was an inside job.  It's a coin ran by Communists in China.  Redistribution of wealth to the most esteemed Proletarian delegates!

BitsharesX was always very suspicious in that all the volume just came from a few places in China.


The NxT free world versus BitsharesX Communist.

god damn, you always online TaunSew....

Nobody notices this before!?!  ???

This problem was solved a long time ago...  It's also funny if you were not biased you would have saw a few posts down the supply was right back to normal!  https://bitsharestalk.org/index.php?topic=9214.msg119275#msg119275


All their dev's are not hiding behind any forum handles and more importantly Dan Larimer is actually one of the keynote speakers at Inside Bitcoins right next to Patrick M. Byrne of OVERSTOCK.com.

https://bitsharestalk.org/index.php?topic=8767.0
http://insidebitcoins.com/las-vegas


Did you think for a second that the volume is coming from bter and btc38 exchanges?  I guess all people using those exchanges are from China.

I'm not from China but using bter and btc38 for more than a 1.5 years, what I'm doing wrong?  :)

same here. bought lots of btsx through bter. I understand the potential.

Volume is too low to bother with bittrex or poloniex.

I too bought all my BTSX through BTER. People here are just upset to see a worthy competitor arising and are looking for any possible FUD they can to rain on the parade. As brekyrself said, this problem was patched up almost immediately, no harm done. Is this really the best trolls can come up with? In that case, I'm even more happy with my investment decision.  ;D

...also, hacks? When the hell were there ever any hacks? Outright lie.

The OP issue was detected and corrected within 48 hours by burning our own shares to get back down to the 2B cap.

The BitShares Trust purchased about 600 BTC worth of BTSX in August and announced it publicly as a move to diversify a small percentage of the BTC donations it holds.  No such purchases occurred in September at all although the Trust may chose to do more small purchases at some point in the future.

The purchases in August accounted for about 5% of the inflow of cash to BitShares X during that period and therefore did not have a significant impact on the market.

Since it was not enough to impact the market, it can only be viewed as an expression of confidence in the future value of BTSX relative to BTC.

 :)

As a disclaimer I'll say first that I don't own Bitshares, and maybe I have some big information deficit. But do I get this about right:
You guys just accidentally created yourself some coins. Nobody but some internal group even noticed (wha?!). Then you don't tell, and just change the code so that it's fixed. And I'm about the only one stunned?

If you say that you fixed the bug, so all is well, then I would say you miss the problem.
Which info am I missing when I think any other coin would be destroyed if it would work like that?

This was addressed on the Bitshares forums, just not Bitcointalk. There is a lot that happens in the Bitshares community that doesn't get mentioned over here. We are not like Monero where we feel the need to spam everyone on Bitcointalk about every time Bitshares takes a breath. We have our own very active forum in which most Bitshares discussion takes place. :)

There was no attempt to hide this. It was noticed by the community, brought up in public. The Devs admitted there was a bug in the delegate pay rate and burning of fees. They fixed the problem and burned their own shares to make up for it. I don't see the big deal, as the developers ate the cost of the bug themselves.

The title (and possibly the intent) of this OP/thread is misleading as there was no hacking involved, it was a bug. Along with the empty claims of which Tineye has no proof AGS funds are being used to prop up the price.. just baseless speculation which makes me think the OP has some sort of ulterior motive to want the price to go down. Judging from the OPs previous posts, he stated he sold when the price was high and would buy back into BTSX came back down... maybe just maybe he isn't happy the price isn't collapsing like he thought it would and he is trying to make that happen one way or another.

Welcome to my world, mate. :(
NXT has been taking this kind of FUD since day one, the best advice I can offer is to be honest and open, and to keep on calmly telling the truth.
Oh, yeah. sarcasm is good as well, makes the trolls a bit confused.

Is this right - new coins have been generated that effect the market cap?

Yesterday has been the first day this prediction on the marketcap of Bitshares got traction:
https://www.fairlay.com/predict/registered/new/bitsharesx-crosses-litecoin-before-jan-1st/

Its not going to cross, not so soon. In a year, maybe, but then we have to see what new thing turns up by then.

1) The bug was fixed and the 'extra BTSX' have been burned by the devs (paying from their own funds)
2) you can see the burned funds here: https://bitsharestalk.org/index.php?topic=6572.msg127684#msg127684
3) the supply is back to normal
4) we are talking 187,350 BTSX which is worth "a few bucks"
5) BTSX is NOT backed by anything and noone every told so .. it's bitUSD that is backed by BTSX 2x (you can start and figure out how USD and GLD are backed in real life!)
6) there's a whole thread over at OUR forum: https://bitsharestalk.org/index.php?topic=9214.0;all
quote from the dev:

My finally comment: Basically I don't give much about what people talk over here .. I just want to post the facts for people that are a little more 'open minded'

This is what bytemaster said...

as an insider on bitshares I can tell you that in reality the most supporters came from Pluto (there are living aliens with Chinese characteristics)
Guess which Country they have chose on Earth to send their funds from?

some evidence near a traditional bank in China:

http://thetruthbehindthescenes.files.wordpress.com/2010/11/139.jpg

Advanced wallet.  Real world dev with a history.  Active development.  Transparency regarding problems and how they will be solved.  I HODL.

Its quiet again and what do you know, they have now announced that it will inflate. The hard cap is gone.

Forcibly taken over PTS too and screwed their holders.

This is what happens when there is a brainwashed group with more money than sense. The best part was when their lead developer sold his personal stash at a high and made a million of those off his followers.

I understand its hard to keep up as there is a lot to digest and sift through as well as often bad/misinformation.

PTS is not being taken over.  My understanding is that it will continue unaffected.  PTS holder are in fact being gifted shares in BTS that they otherwise were not eligible for.  They are getting shares in all *past AND *future DAC's that honor the social consensus.  This is in my mind a pretty good deal.  There was a lot of confusion around this and understandably because of this many felt they were getting a bum deal.

As far as the lead dev selling his personal stash, there is no information that supports that claim.  Its my understanding he made a profit buying/selling/shorting bitUSD and betting that the peg would be maintained.  e.g. when the difference between USD and bitUSD increases you place your bets that the price will move back to the peg.  This is normal, should be expected, and anyone/everyone has the same ability/opportunity to make these bets.  It seems logical that the lead dev would place bets that his system will work, and rightfully should profit when it does.

I hope this clarifies things somewhat.

FUDers gonna' FUD.

To clarify your points:

Capital infusion (or share dilution) is coming in the form of allowing delegates to ask for X salary. In this way, developers and other workers can be hired directly by the DAC via stakeholder approval voting. No other system has this feature and I think it will completely change the nature of crypto systems by allowing BitShares to hire the best talent, paying them what they deserve & holding them accountable across the spectrum of stakeholders. That alone is worth MUCH more than the dilution incurred by increasing the supply, because the ecosystem will have much more fuel to grow. There will be a hard cap of the number of BTS produced per block, I believe at 50 BTS. The max possible dilution rate will be effectively lower than that of Bitcoin. On top of that, there is going to be hard fork approval voting eventually (https://bitsharestalk.org/index.php?topic=10150.0) which will make the DAC self regulating. The stakeholders at large will essentially be able to vote on changes to the "constitution" or code. So now the DAC can not only employ people but also decide based on approval voting which new rules will be implemented.

PTS still exists, and the social consensus hasn't changed. What actually happened was that as new DACs were coming out (DNS and VOTE), the development team was becoming spread too thin. So the proposal to this is a re-consolidation of those DACs and their developers back into BTSX, which is going to be renamed BTS when the upgraded client is released toward the end of November. This allows the team at Invictus laser sharp focus on producing the best DAC they can, without having to compete within the ecosystem. Future third party DACs are still suggested to include PTS and AGS in their initial allocation as per the social consensus. Because the focus of Invictus is pivoting into building one super DAC, the proposal included an air drop on VOTE / DNS / PTS / AGS as a gesture of good faith. That way, those who were interested in just the features of one of those DACs wouldn't be left holding the bag.

So, there will be a total of 500,000,000 new shares air dropped across VOTE / DNS / AGS / PTS as a result of this refocusing measure, in order to fairly realign the incentives of all participants in the BitShares ecosystem. The rebranded DAC allocation percentages are 3% VOTE / DNS, 7% AGS / PTS, 80% BTSX.

http://bitshares.org/bitshares-the-platform/

As for your last point... proof or GTFO. How would you even know? There has been no scandal involving bytemaster's personal stash that I have heard about. This brand of FUD discredits all of your other FUD to a large degree.

This is Malarkey !

ohh i'm not havin' it ..it's go time now !!

ohhhhh it's on now like Paula Zawn and i am in Like Arrow Flynn !

Pro tip, these types of threads lose their credibility when you use NXT as the example of a good community with honest devs and such.

If you want to spread FUD and capture some of the capital leaving BTS, make it more subtle.

Did you see me using NXT as an example? Go to my post history and dig out any support of NXT or shut up. Or maybe you and your closed group of developers are busy counting the windfall you gained by again robbing a lot of your supporters blind.

FYI, I do not like the NXT distribution which has lead to the concentration of a few, and I have been complementary about the TITAN feature. I had even invested and sold off during the first pump.

He himself said he earned a million shares by selling at a high and buying later. You all can dress it up in fancy words all you like but that million shares did not emerge out of thin air. It came from the stupid supporters too blind to realise it was being pumped by the very developers using investor's money.

Again a lot of fancy words to hide that you changed the rules. There was a hard cap of 2 billion, thats how it was sold and those who invested thought that was the deal. Now its inflating but they still can not see they are being robbed blind.

What do you guys think would have happened to Bitcoin were the 500ish million dollars given out to miners (10% inflation) used for hiring developers and getting the word out to people all around the world? What if each person holding Bitcoin could vote in a completely decentralized manner for how much and how to spend this money, adapting to changing reputations and circumstance continuously?

You are again deflecting. You put it on the market saying it was going to deflate, that what was there was the maximum possible. Now suddenly you are comparing with Bitcoin and its 12% annual inflation to cover up your own changing the deal midway.

well said …

If BitShares X is able to do what it says, will have a system that is more decentralized but with enough trust (knowing who will produce next block) that they can handle MasterCard/Visa volumes and process them incredibly rapidly. But basically it is an absolute shitcoin, more like the - 'could change everything coin' so I guess actually you could call it BUGGED 'shit' coin

Nice work through shill. The lead dev posted that he was using AGS funds to buy up BTSX. Did you really miss that or just plain lying hoping that some will believe that I am actually wrong.

Mad you missed the IPO bra? https://bitcointalk.org/index.php?topic=303898.0  you must be spitting chips over bitcoin then with satoshi owning 1.5m btc give or take. With only a handful of people getting newly mined (distributed) coins also must make your blood boil

No thanks, buying and selling your pump and dump coin (NXT) has earned me a lot of profits. Small tip: its about to go in a pump phase so be ready to sell.

I like blinded followers like you, makes it easy to earn.

These threads are on the same level as political commercials, straight annoying.

Tinyeye you should at least dig for 10 seconds on their forum to find the truth, no need to spread fud.  They have a draft proposal that would better the whole BitShares, ProtoShares, AGS, DAC community...

https://bitsharestalk.org/index.php?topic=10608.0


It's a good thing you are keeping an eye on BitShares, along with many others, as they may have a very bright future.

It should be noted that most of what tinyeye has stated is based on a very small amount of truth. You must follow the project quite closely. Of course you probably do this all for the good of the people, such a selfless act... ::)

I just listened to this podcast http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-156-the-moolah-story

It tells the story about how Moolah and Mintpal were run and created by a scam artist.

A few people tried to say it was a scam but were screamed at and trolled endlessly by people that invested and thought they were going to make money off from it.  Many of these people defending Moolah probably honestly believed in it.  Had they know it was a scam, they wouldn't have invested in the first place.

I don't own any Bitshares, but I have followed it for 9 months and in that time have watched as time after time the plan for Bitshares has changed and things haven't happened as planned.

And now this thread reads just like the podcast states happened for Moolah.  

It may or may not be a scam.  I don't know, but there is definitely "some writing on the wall" of things not going right.  

I'll admit the concept seems kind of neat, but this exact Bitshares platform has enough questionable factors in it for me not to invest.

For me, I am going to take the long approach of wait and see.  If I come back in a year or two and things are great, I'll be convinced it is good. 

My experience shows that if it is not legitimate, it won't last two years for sure.

Finally someone stops deflecting and admits that it is the truth.


Exactly what I feel. It has very neat features, and the tech is incredible.

NXT and Bitshares are both very innovative and are being eaten by greedy investors. Contrast to Counterparty who went ahead with their work and have now made a big breakthrough.

CounterParty burned all the Bitcoin initially donated to them too.  It was impossible for them to run off with the money or scam people because they weren't ever able to see the money in the first place.  Another good sign that somebody isn't trying to scam you and that it isn't a pump is when the devs don't get anything up front and aren't rich on day 1 of an unproven tech. 

Daniel Larimer, Bytemaster, main coder and man behind BitShares has 1383 posts right here on Bitcointalk  (https://bitcointalk.org/index.php?action=profile;u=611)registered July 27, 2010. He has 7186 posts on Bitsharestalk (https://bitsharestalk.org/index.php?action=profile;u=5) registered november 03, 2013. All his contributions are transparently available at Github (https://github.com/bytemaster). He goes to events holding presentations (https://www.youtube.com/watch?v=U44MujtVj00) and is discussing openly (http://bitshares.org/wp-content/uploads/2014/06/Dan-Vitalik-Golf.png) with the competition. Go visit them at Virginia tech (https://www.youtube.com/watch?v=71a4O7qcZiw) if you want.

More information,

http://wiki.bitshares.org
http://bitshares.org/
https://bitsharestalk.org/

Powered by BitShares Toolkit,

http://followmyvote.com/
http://peertracks.com/
http://dotp2p.io/

If there is an issue here, *trust* seems to be very low on the list. You know, it really is possible to disagree with a person or system without losing trust in them. There are lots of ideologically motivated people in this community who I would trust deeply, without therefore wanting to invest in their economically unsound projects.

Yes.  He is very public.  We know who he is. 

Here is a video of him speaking.  http://cointalk.ca/cointalk-015-btcmiami-debate-featuring-ethereum-mastercoin-and-bitshares/

I saw this video when it first came out and this was the fist way I was introduced to Bitshares.

Three guys are speaking

Charles from Ethereum - current status - Charles left Ethereum, a big reorganization and Ethereum is still very much in question.  Took lots of money.  Hasn't delivered much.

J. R. - Mastercoin - current status - Mastercoin is just about dead.  It has been killed by Counterparty.  Mastercoin had a huge IPO which made J.R. rich and had a famous Maidsafe scam.

Dan - Bitshares - current status - It is working.  There is some controversy though I don't really understand either Bitshares or or the controversy so I can't speak to it. 

The point of this video is that being a dev that is public doesn't guarantee that a dev will stick around or that the platform will be successful. 

Its also interesting to see how these projects were proposed and what they are today. 

Exactly this.  Look at any real world successful company, they all change and adapt to the current environment.  I have been following BitShares closely, along with the other 2.0 projects, and all "changes" have benefited the community as a whole over the last 12 months (started with PTS).

Out of the major alts, the BitShares team has been the most up front and transparent.  I also like how the lead dev Dan is not afraid to speak his mind, does not hide behind a forum handle, and looks for community feedback on major issues.

We can not compare crypto technologies with fortune 500 companies, this is the wild west and were all in for a wild ride.  https://bitsharestalk.org/index.php?topic=10747.0