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Alternate cryptocurrencies / Altcoin Discussion / Re: BitShares IPO : get in if u r smart !
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on: July 26, 2014, 12:38:23 AM
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What you cited is specifically about metals and could not be interpreted in any other way...
Do you understand the meaning of intent? No, I've never seen that word before. But answer me this, why was that clause you cited not used to shut down Bitcoin? What would make the government all of a sudden decided that they needed or even could shut down the voluntary exchange of digital currencies? Bitcoin didn't pretend to be USD - BitUSD even has USD in the name. With all the money going in to your IPO, if you haven't had a lawyer look over the legalities and write on it, then you have a management problem. That kind of money needs lawyers. Aside from founding CoDA the legal advisor to the BitShares team is Andy Beal. But legality aside, you clearly don't understand money or banking. Any USD that is not a physical dollar is a pretend USD. More than 95% of of the money supply is merely digits on computer screens recorded as debt. All these digital dollars are IOUs and banks are using a fraudulent system of fractional reserve banking to create USD out of thin air without adequately collateralizing them. If the government wants to shut down the first bank that is fully transparent, self regulated and uses a 200% reserve system as opposed to a 10% reserve system, let them. The people in the countries that appreciate this innovation will be far better off. |
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Alternate cryptocurrencies / Altcoin Discussion / Re: BitShares IPO : get in if u r smart !
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on: July 25, 2014, 11:37:29 PM
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What you cited is specifically about metals and could not be interpreted in any other way...
Do you understand the meaning of intent? No, I've never seen that word before. But answer me this, why was that clause you cited not used to shut down Bitcoin? What would make the government all of a sudden decided that they needed or even could shut down the voluntary exchange of digital currencies? |
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Alternate cryptocurrencies / Altcoin Discussion / Re: Monero VS BitcoinDark VS bitsharesTITAN VS Dark VS......
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on: July 25, 2014, 11:18:29 PM
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BitShares X was released with titan on July 19th.
It has, and although I don't like the sneaky way in which you guys awarded yourself the coins, I have to say it looks good. I was interested in seeing how your PoS scheme works, and the stealth feature was unexpected. I would still wait until it gets stress tested to see how good it actually is but so far it does look promising. It was not sneaky, you missed out on the initial crowdfunding which was 2 months long. If you would like to buy stake in BitSharesX you can do so at a fraction of the price people paid during crowdfunding... |
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Alternate cryptocurrencies / Altcoin Discussion / Re: BitShares IPO : get in if u r smart !
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on: July 25, 2014, 11:10:44 PM
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I have a question about BitUSD Remember the Liberty Dollar? Whoever, except as authorized by law, makes or utters or passes, or attempts to utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be fined under this title or imprisoned not more than five years, or both.
That's what brought down the Liberty Dollar. - from 18 U.S.C. § 486 Since BitUSD is suppose to be equivalent to the US Dollar, have you had lawyers look over case history such as Liberty Dollar and explain how it will not be seen as counterfeiting to the US Government? Has the US Government been consulted? I'm wondering if BitShares will be declared illegal in the United States. First of all, BitUSD is a digital currency. The statute that you cited has nothing to do with digital assets. A judge can decide otherwise. They have the power to interpret intent of the law. What you cited is specifically about metals and could not be interpreted in any other way... |
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Alternate cryptocurrencies / Altcoin Discussion / Re: BitShares IPO : get in if u r smart !
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on: July 25, 2014, 11:01:27 PM
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I have a question about BitUSD Remember the Liberty Dollar? Whoever, except as authorized by law, makes or utters or passes, or attempts to utter or pass, any coins of gold or silver or other metal, or alloys of metals, intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design, shall be fined under this title or imprisoned not more than five years, or both.
That's what brought down the Liberty Dollar. - from 18 U.S.C. § 486 Since BitUSD is suppose to be equivalent to the US Dollar, have you had lawyers look over case history such as Liberty Dollar and explain how it will not be seen as counterfeiting to the US Government? Has the US Government been consulted? I'm wondering if BitShares will be declared illegal in the United States. First of all, BitUSD is a digital currency. The statute that you cited has nothing to do with digital assets. It is important to understand that all centralized, private currencies have been brought down by virtue of the fact that they are centralized and the government can use its monopoly on violence and force to squash any attempts to compete with fiat currencies. Bitcoin was the first private currency that governments could not take down because it is both decentralized and digital - BitShares as well as BitUSD share these same properties. Just like with Bitcoin there is no central point of control or failure that the government can exploit to shut BitShares down. Whether or not they make it illegal is pretty irrelevant, since they can't shut it down. |
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Alternate cryptocurrencies / Altcoin Discussion / Re: BitShares IPO : get in if u r smart !
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on: July 25, 2014, 10:38:16 PM
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BitScam IPO. Why gotta premine? Just let the free-market work...  Using mining to allocate shares (coins if you'd like to call them that) is not letting the free market work it is simply creating barriers to access that don't need to be there. It is a method of giving individuals something for nothing, which is probably the antithesis of the free market process. |
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Alternate cryptocurrencies / Altcoin Discussion / Re: Monero VS BitcoinDark VS bitsharesTITAN VS Dark VS......
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on: July 25, 2014, 11:21:07 AM
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Monero wins out of all the current alt coins listed in this thread by far.
Why is that? Based on what BitShares is bringing to the table besides TITAN it appears to be a home run. Who else is creating a decentralized market with pegs on main trading pairs? To be honest I think Monero wins......for the moment. Bitshares has TITAN but it has not been released yet. Bitcoindark and darkcoins dark send aren't even in the race. I think ultimately Bitshares will win the arms race because it bring's so much more to the table then just anonymity(DPOS,TITAN,oh and did I mention a complete platform that allows trading of market pegged asset's). Don't get me wrong Monero is great but It will be interesting to see if it is a one trick pony or if they will expand upon the idea. *disclaimer I do own some btsx so take my opinions as just that.....opinions. BitShares X was released with titan on July 19th. |
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Alternate cryptocurrencies / Altcoin Discussion / Re: Bitshares-PTS to double/triple in price in the next 45 days!!?
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on: July 20, 2014, 03:29:40 PM
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So for those that donated, what do we have to submit exactly and when.
Do they want .DAT files?
yes you import your wallet.dat into the client. Is there a date to do that? How about if you donated after the cut off to Bitshares X, do you still upload your .dat to the Bitshares X client? you can claim your funds whenever. if you donated after the cutt of for BitShares X you can claim funds from subsequent DACs |
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Alternate cryptocurrencies / Altcoin Discussion / Re: Bitshares-PTS to double/triple in price in the next 45 days!!?
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on: July 19, 2014, 11:53:47 PM
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This confused me.. Why is a 3rd party releasing the bitsharesX chain?
Invictus Innovation, which is a US based company, is not launching any DACs. Invictus is simply creating the opensource software that makes DACs possible. DACs Unlimited is group of developers out of Hong Kong that know how to use the bitshares toolkit and are well equipped to launch future DACs. Other 3rd party DAC developers will emerge to launch new DACs using the toolkit and every DAC that is created will honor pts holders 10%. This is why pts is such a great buy. By the end of 2015 I expect the bitshares repo will have more for forks than bitcoin's. But in the DAC explanation chart there were "Bitshare" DACs and then "3rd Party" DACs.. Is this not an official Bitshares DAC? This is an official BitShares DAC |
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Alternate cryptocurrencies / Altcoin Discussion / Re: Bitshares-PTS to double/triple in price in the next 45 days!!?
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on: July 19, 2014, 11:33:40 PM
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This confused me.. Why is a 3rd party releasing the bitsharesX chain?
Invictus Innovation, which is a US based company, is not launching any DACs. Invictus is simply creating the opensource software that makes DACs possible. DACs Unlimited is group of developers out of Hong Kong that know how to use the bitshares toolkit and are well equipped to launch future DACs. Other 3rd party DAC developers will emerge to launch new DACs using the toolkit and every DAC that is created will honor pts holders 10%. This is why pts is such a great buy. By the end of 2015 I expect the bitshares repo will have more for forks than bitcoin's. |
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Alternate cryptocurrencies / Altcoin Discussion / Re: Which Proof of Stake System is the Most Viable
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on: July 14, 2014, 11:53:29 AM
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when was transparent forging with leasing implemented?
Exactly, when? BitShares can run anything they want on testnet, just like NXT can test anything on testnet, it's when it goes to live net that counts as the implementation. Ok...so when is this next feature release. And can I join the test net with transparent forging and leasing? |
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Alternate cryptocurrencies / Altcoin Discussion / Re: Proof of Work Vs Proof of Stake
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on: July 14, 2014, 03:53:53 AM
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And don't forget the main problem about POW and this is the most important one.... every investor or long term buyer has to pay to the miner for securing the blockchain. POS coins investor don't they them self are doing their part to secure it and get even PAID!
No one will be a slave to POW coins once they notice how the game is going on.
Imagine if the US dollar was distributed by proof of stake. 1% of Americans would get all the money! Furthermore, money is created with work. If a currency isn't backed by work what gives it value? I feel commitment to the creation of wealth should require some financial backing by each of us (mining equipment and power - just like the US mint and their custom ASIC printers). If you literally have no skin in the game then what is the point? You have no understanding of what money is... Money is debt, it is not created by "work" (whatever that means). Currencies today are not backed by anything that is why the are referred to as fiat (latin for "it shall be"). The top 1% of Americans posses more than 40% of the nations wealth (all the money). If you took a physics class you would realize in a closed system such as the planet Earth.....nothing can be created nor destroyed. Energy is just transfer through a process called work. There is a process of work in creating FIAT. It should be the same for creating digital currency. YOU SIR, Have no idea what you're talking about. You say The U.S Dollar is only one of a handful of currencies backed by "nothing", infact, the USD is backed by something: the ECONOMY! Fiat in all nations are backed by things, whether it be gold, the economy, etc. PoS is backed by literally NOTHING, therefore it won't ever go anywhere. PoW is still by far the best. So you think that the us economy can support $17.5 trillion in funded liabilities and $220 trillion in unfunded liabilities? These currencies are not supported by the economy, because the debt is not supported by the economy. And further analysis of the consumption, debt, service sector based economy demonstrates that that economy in and of itself is unsustainable. POS is backed by the network. Do you think that these crypto-currency networks have value? Then by that estimation the fractional ownership of these networks reflected by each individuals stake must also have value. Given that you are using the U.S as an example....Well, you can't really use the U.S as an example!!! USD is really created out of Debt, which differs largely from Cryptocurrencies.... Try before 1913, where the U.S relied on Gold. Or try other countries today, like Saudi Arabia, etc etc, that rely on oil and exports, to back their money. The Point still remains, that PoS is backed by nothing. And do not tell me that PoS is backed by the network Lmao....that doesn't even make sense. how does that not make sense? All these networks offer different services. Demand creates all value and there is clearly demand for proof of stake crypto currency networks, as exhibited by nxt. Clearly the market thinks you are wrong. How can you tell me not to use the largest economy in the world as an example. That truly makes no sense. Because America's monertary system is the worst example you can use. You must obviously know that money is created out of debt in the usa, and thats why the USD will crash eventually... Money is debt. In every country... 95% of the worlds money is digits on computer screens recorded as debt. Even before the federal reserve, banks still used fractional reserve banking. That's why I say, use a better example. But if the US is not a good example, is south america a better example? Is canada a better example? Is europe a better example? Is japan a better example? Your entire post made no sense. I don't see what you are so confused about. how does that not make sense? All these networks offer different services. Demand creates all value and there is clearly demand for proof of stake crypto currency networks, as exhibited by nxt. Clearly the market thinks you are wrong. In case you didnt know, Demand is not the only thing that creates value.. Actually I didn't know that. Give me an example of where demand does not create value? All value is subjective..."all these networks offer different services" What??? Does bitcoin not offer a services as a trustworthy fiduciary? Does Nxt not offer a service as an asset exchange? Does maidsafe not offer a service as a decentralized internet? |
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