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Alternate cryptocurrencies / Service Discussion (Altcoins) / Re: Public message to BTER
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on: February 15, 2015, 09:35:59 PM
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A safe place to store BTC is in bitBTC, which earns interest, by using metaexchange.info as an instant bridge. Keeping it on the bitshares decentralised exchange as bitBTC is the future, then people can trade it against bitUSD without hacking risk while getting exposure to the same market.
I hope these thieves are caught and the money returned.
Do you agree that it is more safe a personal wallet with multiSig (+ hardware wallet)? Or not ? Nothing is safter than a cold wallet or hardware wallet. As for a personal wallet, that depends on the type of personal wallet, a light wallet is probably less secure but others may be just as secure or more secure with multisig. But it's mainly about exchanges for trading. You can't trade BTC against USD or anything at all from the relative safety of a personal bitcoin wallet (yet), but you trade against the USD with bitBTC, because the exchange is in the wallet. bitBTC can be traded against bitUSD, bitGOLD, bitSILVER, etc. So for people who want to get exposure to the BTC/USD market, the bitBTC/bitUSD market is the most secure way to trade. |
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84
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Alternate cryptocurrencies / Altcoin Discussion / Re: Will An Altcoin Ever Surpass the Value of Bitcoin?
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on: February 15, 2015, 10:55:23 AM
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There are coins worth more than bitcoin individually but not in marketcap and I doubt we ever will.
Thats very narrow thinking. Bitcoin only has a 3.6B Marketcap, which is financially speaking, very very small. To say it's unlikely a virtual currency would not surpass it is the same thinking that AOL could never be surpassed, or Prodigy, or NetScape, during the dawn of the internet. Tides change. Strato I guess so, I just believe bitcoin is what people will learn of and hear about and be content with using. i don't mean this disrespectfully, sincerely, but you should really do some research, watch videos on youtube with the leaders in technology commenting on the future of Virtual Currencies. There is a strong consensus - while not all in harmony - that Bitcoin is very likely not staged to end up the winner in the VC race. Bitcoin may very well in hindsight end up being nothing more than a testing ground for the technology and industry in and of itself. Strato All good, I think I will have a look now. Any suggestions on who to watch or something? |
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86
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Alternate cryptocurrencies / Altcoin Discussion / Re: Coinjoin vs stealth transactions - darkcoin vs bitshares
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on: February 13, 2015, 01:59:58 PM
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Bitshares is so undervalued its almost hilarious. Best tech of any altcoin with the most horribly failed marketing and PR.
The tech WAS attractive when Bytemaster eagerly explained how cryptocurrency can evolve to attain stable price at the early times (What a fond memory!!). But later, their team began to squeeze future participants by first introducing AngelShares (direct funding for development, the former plan was to be fully mined by CPU-PoW which runs for years), then arbitrary changed the funding period (the funding started on 2014-01-01, the deadline changed to 2014-02-28, former plan was to last for about half a year), and ended an initial distribution phase. Furthermore, because their team can no longer squeeze future participants by limiting purchasing opportunity, they changed the very cap of long-stated hard-limit money supply (about little less than 2x dilution) and they started to squeeze the current holders'/supporters' shares in the system!! This act affected severely the long-term trust in the system because it showed whenever Bytemaster wanted to get money (for developing purposes), he can easily change the cap of the system and screw the current holders! And I feel that Bytemaster's idea is good but his team's competency of execution (of that idea) is insufficient. This is unfortunate but the reality is harsh. I hope Bytemaster learns from the past and never to invite turmoil in the futhre. And if you go to bitsharestalk.org you can see everyone is desperate and looking for EXIT (this is surprising compared to the past optimism). TLDR; Bitshares' idea was bright but the competency of execution is no good, the future is especially uncertain, if you're interested be CAUTIOUS! Most major crypto's have their fair share of screw ups, but they move on and keep innovating Nxt had aweful distribution, but it kept developing and has now gained more respect. Maidsafe screwed up their IPO but are high respected, Ripple is centralised and can dump billions of xrp on the market at any time but still is thriving, bitcoin has satoshi with his million coins had and its price pumped by mtgox as revealed by the Willy report so no one knows how much it is worth, but is still spreading like a tidal wave. They all have problems, none are perfect. Don't miss the forest for the trees. BitShares is making new progress all the time, bridges, new releases, new partnerships. It's time to stop looking at the past and see what is actually available now. |
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93
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Alternate cryptocurrencies / Altcoin Discussion / Re: Take refuge in bitSILVER
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on: February 07, 2015, 01:43:59 PM
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Stan, I love the physical silver idea, but I really think it should be done without a new MPA. Adding yet another bitasset is going to make it even more difficult to get bitsilver liquid. Over time physical silver will be traded for bitsilver with a fee added to every trade (for storage and margin), and it will be this exchange rate of physical silver to bitsilver that will be measured by delegates in the long run - not the price of paper silver to USD and USD to BTS as it currently is - so bitsilver owners will not be affected if paper silver decouples from physical after BTS has been properly established.
Yes, we just discussed that in our marketing meeting today and reached the same conclusions. Let it evolve to what the market demands.  Looking forward seeing what becomes of this... |
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Alternate cryptocurrencies / Altcoin Discussion / Re: Nubits vs Bitshares vs Bitbay
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on: February 04, 2015, 09:43:31 PM
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all crap
LoL That's the short description what I was wondering that could be very well the case - without understanding too much about their economics (if there is any). Though, it would be great if the pegging could work. Thanks for the info. I will watch the video now. Your name indicates that we have a first hand information from you about BitShares :-)) Above you mentioned the shareholders power within the BitShares organisation. What shareholders' vote all about? Are they voting on the exchange rate or what? There are lots of scepticism about BitShares in the digital currency community. What do you think why is that? Lack of understanding the concept or are there issues with your peging concept? Some people deny any peg can work but I think the serious criticism is of BitShares' DPOS (delegated proof of stake). BTS holders vote for delegates who secure the blockchain and to manage the company funds. Rather than the new 'coins'/shares going to the miners like in bitcoin, they go to delegates who do real proof of work such as dev work and marketing. This part is pretty uncontroversial and just a killer feature, allowing the BitShares blockchain to fund its own development. The controversy comes from the delegates also signing the blocks to secure the network like miners in bitcoin or forgers in NXT. The people who get the equivalent of the 'mining reward' in BitShares are voted in and are trusted public people rather than chosen by the mathematical competition to solve (otherwise pointless) mathematical problems. The argument in favour of DPOS goes as follows: 1. Mining costs bitcoin hundreds of millions of dollars a year which would be better serve the network if it could be spent on development, marketing, business development etc, rather than all being spend on securing the network. 2. The cost of maximum decentralisation is high and unnecessary. The network just has to be sufficiently decentralised not maximally decentralised. 3. Mining centralises into a small handful of faceless mining pools. 4. Bitshares has 101 delegates and each one is like a mining pool controlled by a trusted public person. Delegates can be voted by the BTS holders if they behave maliciously. Conclusion: BitShares is more decentralised than bitcoin and has a means to kick out malicious delegates via vote, as well as more environmentally friendly and can fund its own development. So the controversy is that cryptocurrency is supposed to be based on numbers, not trusted delegates. While this is an ideal standard, it's unfortunately not the case in any cryptocurrency. Perhaps it was in the bitcoin early days but not anymore. BitShares developers realised this and decided to solve the problem by turning mining pools into delegates who need to be transparent and can be voted out. The delegates are like BitShares employees. This issue has been debated endlessly. In the end it is all a big experiment. |
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97
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Alternate cryptocurrencies / Altcoin Discussion / Re: Nubits vs Bitshares vs Bitbay
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on: February 04, 2015, 02:33:28 PM
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Yeah, but Daniel "bytemaster" Larimer admitted as well that Bitshares won't be able to do anything against the "Black swan events" and it seems to me the Bitshares pegging is unable to provide stability, i.e. if the Bitshares would have fall by 67% which is quite likely scenario then the whole Bitshares pegging would collapse (if I understood correctly). Again, I am not saying one is better than the other one, I am just trying to figure out if that pegging concept could work at all. The BitShares price has already fallen from a high of almost 5 cents to 1 cent, that's an 80% decrease and the peg works fine. The price has to crash massively in in the space of day or two, and crash worse than bitcoin has ever crashed, for the market pegged assets to become under-collateralised. You can view the deviation from the price feed here: http://bitsharesblocks.com/charts/feeds?asset=USDThe peg will get tighter and tighter as liquidity increases and it already works well. Thanks! That's what I needed that someone who understand the concept would give some info and then I will do more reading. Where are some white paper and tech info are available on bitshares? Their website talks about some exchange and it is hard to find there any tech info. From the website, there's the white paper: http://docs.bitshares.org/https://github.com/BitShares/bitshares - code There's the bitshares 101 book, I'd imagine you could skip a lot of it though as it includes an introduction about bitcoin. http://www.amazon.com/gp/product/B00QUIWHR0/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B00QUIWHR0&linkCode=as2&tag=succecounc-20&linkId=MIFK4YEQ5YUWI3Q3%22%3EBitShares |
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98
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Alternate cryptocurrencies / Altcoin Discussion / Re: Nubits vs Bitshares vs Bitbay
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on: February 04, 2015, 02:19:45 PM
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Yeah, but Daniel "bytemaster" Larimer admitted as well that Bitshares won't be able to do anything against the "Black swan events" and it seems to me the Bitshares pegging is unable to provide stability, i.e. if the Bitshares would have fall by 67% which is quite likely scenario then the whole Bitshares pegging would collapse (if I understood correctly). Again, I am not saying one is better than the other one, I am just trying to figure out if that pegging concept could work at all. The BitShares price has already fallen from a high of almost 5 cents to 1 cent, that's an 80% decrease and the peg works fine. The price has to crash massively in in the space of day or two, and crash worse than bitcoin has ever crashed, for the market pegged assets to become under-collateralised. You can view the deviation from the price feed here: http://bitsharesblocks.com/charts/feeds?asset=USDThe peg will get tighter and tighter as liquidity increases and it already works well. |
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