This picture really says it all. The top delegate only has ~17% of the vote. This is a perfect example to show how easy it is for the wealthiest stakeholders to control the delegates. That's true that in all blockchains stakeholders/hashpower can collude, but they can only collude in a one-to-one proportion to their stake/hash. Since approval voting is used in delegate elections, I maintain that large stakeholders can effectively collude to a multiple proportion of their stake. Whereby, for example, 20% of colluding stake can disproportionately influence the elections of more than 20% of the delegates. This leads to a coalition of a few wealthy stakeholders being able to determine the outcomes of the mass majority of the delegate elections. This is especially true considering that voter turnout of smaller stakeholders will be lower than the voter turnout of larger stakeholders. As I said previously, it would be the intention of the colluding wealthy stakeholders to not harm Bitshares, but to elect delegates from which they would derive monetary gain in excess to their proportion of stake in the system at the expense of all other stakeholders.
Let's give an example. Remember, in "approval voting", voters do not just vote for one delegate. They can select as many or as few delegates as they wish and the entire weight of their stake counts towards each delegate they choose. Say for instance that the top delegate has 50% of the vote and the 101st delegate has 30% of the vote. The voting spread percentage is 20% (50%-30%). If the votes per delegate is a linear increase according to delegate rank, an additional 10% of the stake vote will move the 101st delegate to the 50th position. Likewise, a removal of 10% of the stake vote from the lower 50 delegates will result in them losing their delegate position. By strategically voting, a few wealthy stakeholders can influence a disproportionate number of delegate positions in relation to their actual stake. In this example, a coalition of 10% stake was able to control 50% of the delegates.
Does this sound fair to you?!
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I heard bitshares was managed like crypto communism, and i do not see it pegged to anything losing 700sat in a few days, Nubits whatever people say works and has held its ground. Bitbay will work imo from what i have read. At the moment the chicken dinner is awarded to the only pegged coin Nubits
BitShares is managed like a company. Stakeholders elect 101 members of the "board of directors" (delegates) to run it. They get one vote per share, not one vote per shareholder. This is about as capitalist as you can get.
So, unless you think that your ordinary standard company form of government is communist, you can see how silly that claim is. Apparently the individual who has been making that claim has his definitional wires crossed. He believes you have to have one vote per shareholder not one vote per share to avoid being "communist". Clearly that won't work for a company. What investor is going to put in, say, $50 million to fund the company if a bunch of other people can invest 5 cents each and get a bigger say in how it's run? Company control must be proportional to stake at risk or no investors would ever agree to participate. Stan, I thought this might help you understand the monster you have created called Bitshares(TM). |
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It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares. Rather than continuing to answer them piecemeal, I've decided to author a series of pictures that explain everything from the beginning. I hope some of you find this useful.(To be continued...)
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Price does not equal value.
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Believe it or not, there really is a Man Will Never Fly Memorial Society ( manwillneverfly.com). I once prepared a toast for the 1983 Wright Patterson AFB Chapter's annual awards dinner near Dayton, Ohio. It was attended by military and civilian aerospace workers of all stripes. My toast went like this: There's been a plot that's run for years
To prove the myth of flight.
Thousands of people have been employed,
(Like those of you tonight).
If man were really meant to fly,
They'd hire a competent crew.
The proof that man will never fly
Is in the likes of you!I have a way of ingratiating myself with people.  Cool story bro. Thank you for that extremely relevant post. I'm sure if you keep talking about space flight and puppies you will be able to completely distract people from any serious discussion of Bitshares and the control structure that you have imposed on the Bitshares' blockchain which gives you total and absolute power. |
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Posting the best one again because I KNOW YOU LOVE IT!  Do you think they'll remove it for free or will you have to pay them again? Probably forum mods doesn't like your posters, but we like them very much, please keep be creative and posts new posters I don't know if I can beat this one. It's "Pure Genius". I laugh every time I see it. |
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I heard bitshares was managed like crypto communism, and i do not see it pegged to anything losing 700sat in a few days, Nubits whatever people say works and has held its ground. Bitbay will work imo from what i have read. At the moment the chicken dinner is awarded to the only pegged coin Nubits
 It is Communism. Don't let them fool you. The stated purpose of delegates in Bitshares' DPoS is to allow businesses to fund themselves by taxation imposed on shareholders through the mechanism of inflation. The delegate positions can be easily controlled by the wealthiest stakeholders because they use "approval voting" not to mention that it costs a substantial amount of money to run for a delegate position. What develops is the wealthiest stakeholders in Bitshares (Dan, Stan, I3, etc...) control all aspects of the economy and all their "businesses" get free funding from the poorer stakeholders. This effectively creates a "business blockchain monopoly" where the businesses of the wealthiest stakeholders have a stranglehold on the entire Bitshares' ecosystem. No other businesses can compete against them because they must fund their competitors' operations (via taxation imposed by inflation) and no business not controlled by these wealthiest stakeholders will ever receive a delegate position. All the Bitshares' Communists will deny this and compare Bitshares to a corporation. What they fail to understand is that THERE IS NO DIFFERENCE BETWEEN STATE CAPITALISM AND STATE COMMUNISM.  |
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Posting the best one again because I KNOW YOU LOVE IT! Do you think they'll remove it for free or will you have to pay them again? |
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Stan, how much did it cost you to get a forum mod to remove my informational posters?
I guess I hit a little too close to home huh?
Hahaha Pathetic
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It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares. Rather than continuing to answer them piecemeal, I've decided to author a series of pictures that explain everything from the beginning. I hope some of you find this useful.(To be continued...)
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DecentralizeEconomics with all the time you spend making meme's you could be having a constructive conversation...
This is a constructive conversation. I'm sorry you chose the wrong side of crypto. Some of us still believe in free market capitalism and ACTUAL decentralization. Crypto belongs to the people not corporations. |
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It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares. Rather than continuing to answer them piecemeal, I've decided to author a series of pictures that explain everything from the beginning. I hope some of you find this useful.(To be continued...)
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It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares. Rather than continuing to answer them piecemeal, I've decided to author a series of pictures that explain everything from the beginning. I hope some of you find this useful.(To be continued...)
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It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares. Rather than continuing to answer them piecemeal, I've decided to author a series of pictures that explain everything from the beginning. I hope some of you find this useful.(To be continued...)
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It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares. Rather than continuing to answer them piecemeal, I've decided to author a series of pictures that explain everything from the beginning. I hope some of you find this useful.
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