BitShares 2.0 - Just the Facts Thread

[StanLarimer]

BitShares - Just the Facts Thread

This thread has been created to try to provide a no-hype summary of critical information you might just want to know about.

We are just weeks away from finalizing the release of BitShares 2.0.  Read about its features at bitshares.org.

There will be a 30 day test phase before the switchover occurs from current BitShares chain.

This is your chance to try the new wallet and decide if we have gotten any better at building interfaces and ease of use.

It's also a good chance to try the features with no risk.  Any BitShares you own when the test net launches give you matching shares in the test net to play around with - without risking them in the real network.  But the only way to have shares in the test network during those 30 days is to have BitShares at the time the testnet launches.  

At the real launch, the big gold-rush excitement will be about signing up new users since those who do will receive up to 80% of the lifetime fees generated by every user they sign up.  (So you can get a share of the blockchain's profits without owning any of the BitShares yourself.)

Lots of entrepreneurs will want you to route users to their user sign-up and training funnels (and pay you to do so), so be paying attention to which of them offers you the best deals for the referrals.

During that 30 day period we will also be integrating with all the partners who have or will soon announce here.
These partners are all highly motivated about bringing their existing users to the BitShares Exchange Network, so we expect to see a rapid increase in new user accounts after launch.  These partners increase the value proposition of BitShares by providing new on/off ramps and ways to use BitShares.

Meanwhile, holders of BitShares will be eligible to receive free shares in two new blockchains that will go live this fall.  
One of them is described at Identabit.com.  The other will be announced here when its developers are ready.

Other than that, not much going on...

This is a self-moderated thread.
Criticisms are welcome.
Offensive material will be deleted with relish.

[TPTB_need_war]

This thread has been created to try to provide a no-hype summary of critical information you might just want to know about.

At launch, the big gold-rush excitement will be about signing up new users since those who do will receive up to 80% of the lifetime fees generated by every user they sign up.  (So you can get a share of the blockchain's profits without owning any of the BitShares yourself.)

Is this a decentralized coin or a gymcountry club membership?

Sounds like a top-down corporation to me.

Feel free to delete my post which I assume you will. I can copy it to an unmoderated thread.

[StanLarimer]

BitShares is owned and operated by BitShareholders.
So, in many ways it is modeled after a company - metaphorically.
Like manned companies, it seeks to make a profit for its shareholders.
But, unlike a company, there is no central point of control.
And it takes a vote of the bitshareholders to approve any changes.

[brekyrself]

This thread has been created to try to provide a no-hype summary of critical information you might just want to know about.

At launch, the big gold-rush excitement will be about signing up new users since those who do will receive up to 80% of the lifetime fees generated by every user they sign up.  (So you can get a share of the blockchain's profits without owning any of the BitShares yourself.)

Is this a decentralized coin or a gym membership?

Sounds like a top-down corporation to me.

Feel free to delete my post which I assume you will. I can copy it to an unmoderated thread.

Look what's going on with btc at the moment, thus why having a "corporation" may be positive.  With DPOS, individual shareholders have a say in who, what, where, when, and why.
https://bitshares.org/technology/delegated-proof-of-stake-consensus/

[smartmoney]

Stan the Man!

Sounds awesome! Thanks for putting the referral incentives into perspective.

Things are going to get real interesting this fall!

[Luckybit]

This thread has been created to try to provide a no-hype summary of critical information you might just want to know about.

At launch, the big gold-rush excitement will be about signing up new users since those who do will receive up to 80% of the lifetime fees generated by every user they sign up.  (So you can get a share of the blockchain's profits without owning any of the BitShares yourself.)

Is this a decentralized coin or a gym membership?

Sounds like a top-down corporation to me.

Feel free to delete my post which I assume you will. I can copy it to an unmoderated thread.

It's neither a decentralized coin or a gym membership. https://www.youtube.com/watch?v=EYpmy6guxqQ

It's not top down, it's bottom up, and it's not technically a corporation. The law dictates certain things and in order to not have legal risk it is styled as a membership based organization. This is because membership based organizations can offer discounts and other benefits with minimal legal risks.

I'm not a lawyer so please don't consider me an expert but this is just what I remember from the discussions. You are free to think of Bitshares as a decentralized semi-autonomous membership cooperative instead of a corporation. Compared to Bitcoin it's not really top down because you can elect your leaders, hiring and firing, based on shareholder voting.

It is for these reasons that I thing Bitshares and in particular Bitshares 2.0 (DPoS 2.0) fits into a niche.

[r0ach]

its like a gym membership

https://en.wikipedia.org/wiki/Multi-level_marketing

I think this is an extremely bad idea to introduce in any system that is hoping to gain any kind of prestige since it usually always has negative connotations.

I'm not an anti-Bitshares person though.  If PoW, PoS, PoC, and whatever you call Fuserleer's system (I call it ARP - automated reputation system) fails in the long run, we will have to use something like DPOS.

[delulo]

its like a gym membership

https://en.wikipedia.org/wiki/Multi-level_marketing

I think this is an extremely bad idea to introduce in any system that is hoping to gain any kind of prestige since it usually always has negative connotations.

I'm not an anti-Bitshares person though.  If PoW, PoS, PoC, and whatever you call Fuserleer's system (I call it ARP - automated reputation system) fails in the long run, we will have to use something like DPOS.

It has just one level and coinbase does the same thing https://blog.coinbase.com/2015/08/20/our-referral-bonuses-have-increased-from-25-to-75/

What is PoC btw?

PoS and DPOS are not that different. The rationale is that PoS at scale will turn into DPOS anyway because the forgers in POS will delegate their forging power to dedicated operators with datacenters that can handle the bandwidth and other requirements, see also https://nxtforum.org/general-discussion/nxt-pos-vs-bitshares-dpos/?PHPSESSID=rum5b0hkmt5d8bccbocueert74

[favdesu]

its like a gym membership

https://en.wikipedia.org/wiki/Multi-level_marketing

I think this is an extremely bad idea to introduce in any system that is hoping to gain any kind of prestige since it usually always has negative connotations.

I'm not an anti-Bitshares person though.  If PoW, PoS, PoC, and whatever you call Fuserleer's system (I call it ARP - automated reputation system) fails in the long run, we will have to use something like DPOS.

BitShares 2.0 is NOT MLM. it's a simple one level direct referral system. MLM is multi-level.

it's like coinbase's affiliate program, but transparent and self-sustaining and paid by the blockchain.

[jwinterm]

...
What is PoC btw?

...

Proof-of-capacity, used by Nxt derivative Burst.

[delulo]

...
What is PoC btw?

...

Proof-of-capacity, used by Nxt derivative Burst.

ah I knew that one

[infovortice2013]

Trying to resume all i know refered to BitShare ecosystem DACs DEX SmartAssets must say buy now or cry later.

[favdesu]

There's a nice ELI5 (Explain Like I'm 5) regarding  BitShares Sharedrops. worth a read! http://blog.smartcoin.pw/2015/08/eli5-bitshares-sharedrop.html

[TPTB_need_war]

Oh it is sort of like Amway but anyone can buy direct, no MLM pyramid.

Ah okay I thought I was a crypto-currency. Now I understand you guys are into marketing schemes instead. Good luck.

I never messed around with that Amway crap that my less STEM courses focused friends were into. I was busy learning engineering, computer science, and wanting to create paradigms that enable decentralization and the end-to-end principle that for example gave us the internet.

You guys have fun with that. There are always niche markets for people to do such as this.

[gnargnar]

looks really good   
excellent opportunity to buy below 1.5k satoshis right now.
I think we have a winner here. can't wait to see the coming announcements.

[puppies]

Oh it is sort of like Amway but anyone can buy direct, no MLM pyramid.

Ah okay I thought I was a crypto-currency. Now I understand you guys are into marketing schemes instead. Good luck.

I never messed around with that Amway crap that my less STEM courses focused friends were into. I was busy learning engineering, computer science, and wanting to create paradigms that enable decentralization and the end-to-end principle that for example gave us the internet.

You guys have fun with that. There are always niche markets for people to do such as this.

I am going to assume positive intent here.  

All crypto currencies are inherently a promise from their respective networks.  I know lots of people like to pretend that their bitcoins are protected by math, and yes you could conceivably keep those bitcoins locked up with your private key forever.  However all market value of bitcoins is derived from the promise of the network to not only protect those coins, but to accept them as payment for goods and services.  You can view a market cap as the perceived value of the network.  Is it really hard to understand that working to grow that network is just as important as adding features?  If you would like to talk features then we can do that as well.  BitShares has many of the most popular altcoin features enabled already, with more planned in the coming months.  

[TPTB_need_war]

Indeed the security model of all crypto-coins to date has been the premise that an evil 51% attack would be subverted by a mass movement of users to a non-malicious minority chain. I notice that is never the case in human history. Do the masses abandon the dollar as it becomes more malicious.

The masses are preoccupied and have their own individual interests which take priority over the interests of the money system and the holistic effect thereof.

This is one of the critical flaws in existing crypto currency. If you know of an exception, please enlighten me.

[puppies]

I know of no exception.  In fact I believe you would need to use coercion in order to attain it.  Similar to how the dollar is maintained as a standard. 

That is one of the more interesting things about BitShares.  It doesn't pretend that math can save you if you don't have a consensus in meat space.  ie the meatspace consensus requirement is not ignored as in most other cryptos, but is actively encouraged.  I often wish that it could be based more on math, and hard results, but such is the nature of my fellow man.  I am glad to be part of a community that doesn't hide from it.  Even if I don't always agree with them.

[r0ach]

This is one of the critical flaws in existing crypto currency. If you know of an exception, please enlighten me.

I remember you having many problems with reputation systems for a variety of reasons, but the #1 problem I see with them is that the worse case scenario, government co-opting of cryptocurrency to create "surveillance coin", would be done by linking biometric data to a single wallet user address instead of having many pseudo anon addresses like Bitcoin.  The easiest way for them to accomplish this is with a reputation system derived currency.

[HalFinneysBrain]

Oh it is sort of like Amway but anyone can buy direct, no MLM pyramid.

Ah okay I thought I was a crypto-currency. Now I understand you guys are into marketing schemes instead. Good luck.

Its not MLM (which you said), its single level referral.  Its very similar to what coinbase is currently doing.

Imo, its a good thing that there is now a hook for Bitshares to try and get marketers involved, because in the past they sucked at marketing.    If this coin can get some decent marketing and user growth going as a result of this, then it can succeed.  Also if the new 2.0 client has good usability and doesn't die or hog all resources like the old one did on my computer.