What's wrong with BitShares and why I am leaving.

[SkyscraperFarms]

Blah blah blah, wasted money....

[tokeweed]

OP. Sorry for your loss.  But the one big mistake you ever did was going all in on Bitshares.  I'm not saying it's a bad investment or anything, that's not my point.  But you never ever go "all in" like that.  These companies in crypto are start ups.  And most of the start ups fail.  8 - 9 start ups out of 10 fail.  So imagine your odds when you went all in.

In investing, always look out for your bankroll first and foremost.  There are lots of elements out there who would do anything for you to part with it.

[StanLarimer]

You can imagine how much we hate to see something like this happen to a loyal supporter.

We are constantly reviewing how the system works and planning updates to optimize our selected parameters and policies as issues are identified.  Unfortunately, there is no substitute for field testing a new system.  That's why we publish warnings everywhere that this is still beta software and you should not invest more than you can afford to lose if something unexpected goes wrong.

For example, this has been stickied at BitSharesTalk.org since last August:

*GENERAL WARNING*

As for the OPs list of disappointments, up until last fall, our policy had been to post everything we were working on, including partnerships we were pursuing and every other promising development (and setback).  These were not "lies" or "broken promises", these were open insights into our hopes, dreams, visions, and ongoing pursuits.  Everything that made us hopeful we shared, usually as soon as it happened.  Sometimes promising leads don't pan out.  We have pictures of our many hours of interactions with Kevin Harrington and our posts at the time made it clear that he was gracious, attentive and complementary but no commitments of any kind were made.

Needless to say, because of the tendency of people to read our openly expressed reasons for optimism as "promises", we have stopped doing that.

Since then our policy has been not to discuss things we are working on until they are near certainties.  This, of course, drives other people nuts who complain that we are not as "open" as we used to be.  

You can certainly see what happens to the share price when we stop talking about all the exciting things that make us hopeful.

<sigh>

We continue to assure our supporters that we've got tons of great stuff in the near term pipeline.  Unfortunately, because of painful results like this, that's all we can say (for now).

[barwizi]

You can imagine how much we hate to see something like this happen to a loyal supporter.

We are constantly reviewing how the system works and planning updates to optimize our selected parameters and policies as issues are identified.  Unfortunately, there is no substitute for field testing a new system.  That's why we publish warnings everywhere that this is still beta software and you should not invest more than you can afford to lose if something unexpected goes wrong.

For example, this has been stickied at BitSharesTalk.org since last August:

*GENERAL WARNING*

As for the OPs list of disappointments, up until last fall, our policy had been to post everything we were working on, including partnerships we were pursuing and every other promising development (and setback).  These were not "lies" or "broken promises", these were open insights into our hopes, dreams, visions, and ongoing pursuits.  Everything that made us hopeful we shared, usually as soon as it happened.  Sometimes promising leads don't pan out.  We have pictures of our many hours of interactions with Kevin Harrington and our posts at the time made it clear that he was gracious, attentive and complementary but no commitments of any kind were made.

Needless to say, because of the tendency of people to read our openly expressed reasons for optimism as "promises", we have stopped doing that.

Since then our policy has been not to discuss things we are working on until they are near certainties.  This, of course, drives other people nuts who complain that we are not as "open" as we used to be.  

You can certainly see what happens to the share price when we stop talking about all the exciting things that make us hopeful.

<sigh>

We continue to assure our supporters that we've got tons of great stuff in the near term pipeline.  Unfortunately, because of painful results like this, that's all we can say (for now).

You haven't said much of import for the OP. How do you intend to address this glaring problem with the system?

[BobaPandora]

So you decided to go "all in" to an altcoin (mistake #1). Then you participate in a complex financial instrument WITHOUT READING THE RULES (mistake #2). Then you get stuck based on this fair and universal rule for closing your position and create this fantastic story implying that this was somehow a conspiracy concocted by the developers and the illuminati to take your money. It is a decentralized free market system and you played the game without reading the rules.

Bitshares is a fantastic platform. Even without the decentralized exchanged and the host of other features, it is the most efficient, scalable, and secure platform on the market today (see here).

[DecentralizeEconomics]

Within 9 days my position was down near 10%. I decided I would take the loss and exit the trade.

Well, in attempting to close the trade, I kept getting error messages saying I didn't have enough bitUSD to buy back what I shorted.

I thought maybe this was a bug with one of the updated versions. I went to the forums and posted my problem.

To my surprise I was told I was stuck unless I went and bought more BTS and then bought more bitUSD to cover my existing short even though I had enough BTS locked in collateral to buy near 2 times the amount of BTS I had shorted.

My BTS was being held hostage and I was being told I need to go buy more BTS or borrow BTS just to get my original BTS back otherwise I would have to wait 30 days and be force covered for an additional 10% penalty.  This 10% was a fee for allowing the short to expire.

That 10% is some of what goes to pay the Dev's and delegates that are voted into the system.

The cynic in me began to wonder why nobody would publicize the fact that collateral can not be used to close a trade? It seemed ponzi like that you had to buy more of what you were trying to get rid of in order to close the trade.  A way of faking liquidity? You had to propagate the system in order to close out the trade.

BitShares.  
Safer than a Swiss Bank.
(Ask me why!)

[box0214]

why?

[DecentralizeEconomics]

why?

[StanLarimer]

We keep learning and improving.

Bytemaster just asked me to review a soon-to-be-published white paper with 17 major lessons learned since launch and what we are going to do about them.

BitShares is not a static design.  It is advancing all the time.  If there is something wrong or unfair with the way it works, we fix it as soon as we can.  Some would say we fix things too fast and should emphasize glacial stability over rapid evolution.  They want us to be more like Brontosaurus parvus than Homo Cryptoeconomus.

I presume those are our competitors.

[ThomasVeil]

Strange answers - not a word on the issue. Shouldn't fixing it be top priority?
How about making the people whole that suffered because of your mistakes?

Some would say we fix things too fast

Wow. People are saying that? Links?
I could swear I've read about this bug more than a month ago. And I'm no insider "constantly reviewing how the system works".

[barwizi]

Strange answers - not a word on the issue. Shouldn't fixing it be top priority?
How about making the people whole that suffered because of your mistakes?

Some would say we fix things too fast

Wow. People are saying that? Links?
I could swear I've read about this bug more than a month ago. And I'm no insider "constantly reviewing how the system works".

you have not responded to the issue Chairman Larimer

[StanLarimer]

The fix for the root problem in the OP has already been completed and will appear in an upcoming release.

[Spoetnik]

Problem was you got involved in shit from a scammer.
The guy has a track record around here I have spotlighted countless times..
And you all just shrug your shoulders and hand him your money.

You guys really do make it easy for them 

And no I can't be bothered repeating myself for the millionth god damn time.
Use your brains or get burned idiots .

[BobaPandora]

Problem was you got involved in shit from a scammer.
The guy has a track record around here I have spotlighted countless times..
And you all just shrug your shoulders and hand him your money.

You guys really do make it easy for them 

And no I can't be bothered repeating myself for the millionth god damn time.
Use your brains or get burned idiots .

Get lost. Somebody doesn't read the market rules and needs to purchase a little BTS to clear their position and you call it a scam. Says more about you than anything else. Bitshares is the most advanced and undervalued coin among currently trading alts. Proof of work is dead. Instamined coins and IPO coins with shady distribution are dead. This kills everything in the top 10 of market cap except Bitshares and maybe a couple others. Get with the program or get left behind.

[Daedelus]

Was TITAN ever delivered?

[BobaPandora]

Was TITAN ever delivered?

Yes, but I believe TITAN transactions are now optional as requiring it makes the light wallet implementation infeasible. Others can correct me if I'm wrong about this...

[Chew Kok]

Problem was you got involved in shit from a scammer.
The guy has a track record around here I have spotlighted countless times..
And you all just shrug your shoulders and hand him your money.

You guys really do make it easy for them 

And no I can't be bothered repeating myself for the millionth god damn time.
Use your brains or get burned idiots .

Get lost. Somebody doesn't read the market rules and needs to purchase a little BTS to clear their position and you call it a scam. Says more about you than anything else. Bitshares is the most advanced and undervalued coin among currently trading alts. Proof of work is dead. Instamined coins and IPO coins with shady distribution are dead. This kills everything in the top 10 of market cap except Bitshares and maybe a couple others. Get with the program or get left behind.

Why don't you invite him to Bitshares Talk? I would love to see Spoetnik argue the merits of collateral, Black-swan protection, interest rates, forced liquidation/settlement, price feeds, arbitrage, etc. Hey Spoetnik...do you think it's fair that the  least collateralized speculators are forced to arbitration in regards to shorts? Very easy question for someone who is a Hero like you. And if you don't know, then why are you talking? And can you provide all those links where you prove BM is scammer?

Like I said before... sometimes you act like village idiot, and sometimes you are village idiot! If you go to BTS Talk and expose them... I apologize to you and get my sister to service your undercarriage... deal? I know... shut the fuck up noob! You are Hero... of what, I don't know.

[DecentralizeEconomics]

Proof of work is dead. Instamined coins and IPO coins with shady distribution are dead. This kills everything in the top 10 of market cap except Bitshares and maybe a couple others. Get with the program or get left behind.

It looks like you're new here, so I'll give you the benefit of the doubt when it comes to knowing the fully history of Bitshares.  I was around when Bitshares was just conceptual before the Protoshares launch and read all the discussions.  Interesting fact, initially Bitshares was going to be Proof-of-Work, but after the success of NXT, they decided to change to DPoS (Debilitated Proof-of-Stake).  I mined Protoshares from the very beginning.  I remember when the PTS chain was started quite a few individuals reported problems connecting and staying in sync with the blockchain.  Of course, if you can't stay in sync, you can't mine Protoshares.  I find it a little suspicious that during the most profitable mining period there were connectivity issues.  If I was trying to conduct a fair launch, I'd make sure all the connectivity "bugs" were worked out prior to launch.  Although, I know according to Stan that's not how Bitshares works.  They prefer to test in real life and if it breaks and causes others to lose money then too bad.  Now, Stan will tell you they themselves barely mined Protoshares because their mining hardware hadn't arrived yet.  If that was the case, I find it hard to believe that they barely mined any Protoshares because everyone and their brother were renting AWS servers to mine Protoshares.  Maybe it's just me, but I find Bitshares launch just a little shady.

[sdp]

OP:
I'll tell you why I didn't get into bitshares.  The source distribution wouldn't compile.  The binary distribution was not for my OS (Linux).  The git distribution wouldn't compile.  After putting my time into getting it to compile it would crash at startup.

sdp

[chryspano]

Proof of work is dead. Instamined coins and IPO coins with shady distribution are dead. This kills everything in the top 10 of market cap except Bitshares and maybe a couple others. Get with the program or get left behind.

It looks like you're new here, so I'll give you the benefit of the doubt when it comes to knowing the fully history of Bitshares.  I was around when Bitshares was just conceptual before the Protoshares launch and read all the discussions.  Interesting fact, initially Bitshares was going to be Proof-of-Work, but after the success of NXT, they decided to change to DPoS (Debilitated Proof-of-Stake).  I mined Protoshares from the very beginning.  I remember when the PTS chain was started quite a few individuals reported problems connecting and staying in sync with the blockchain.  Of course, if you can't stay in sync, you can't mine Protoshares.  I find it a little suspicious that during the most profitable mining period there were connectivity issues.  If I was trying to conduct a fair launch, I'd make sure all the connectivity "bugs" were worked out prior to launch.  Although, I know according to Stan that's not how Bitshares works.  They prefer to test in real life and if it breaks and causes others to lose money then too bad.  Now, Stan will tell you they themselves barely mined Protoshares because their mining hardware hadn't arrived yet.  If that was the case, I find it hard to believe that they barely mined any Protoshares because everyone and their brother were renting AWS servers to mine Protoshares.  Maybe it's just me, but I find Bitshares launch just a little shady.