This new Bitshares thing!

[Mickeyb]

Hey guys,

Well Bitshares guys are proudly walking around talking about this new thing of theirs. A coin that will have 3 sec blocks and will be able of 1,000 TPS. This will let them essentially compete with Visa!

What do you think about this? Are they up to something or is this compete BS and will never work?

Thanks for your opinions!

[NattyLiteCoin]

I've told my friends about it and they've picked up a handful. I'm monitoring for sure, and made a move. While I'm no expert on this project, My primary issue is the complexity. When people bang on LTC, and not having "innovative" features, I immediately disregard their future opinions. It's primary feature is bolstering stability with confidence of the Bitcoin blockchain technology. Stability and trust are nothing to scoff at, BTS 2.0 is WAAAAYYY more than that and you see how NXT, UNITY, XEM, and ETHER (I respect each of these projects) has responded in market place: volatile. All are more than just a token, it's an attempt at a paradigm shift which may or may not take immediate hold without wider acceptance of token based technology such as BTC / LTC.

So yeah man, it will be an interesting ride. It seems as though it's been extensively tested and I hav listened to lead dev on a couple podcast; seems quite bright and tuned in with the movement. Again, my only caution is that if you don't frequent this forum or REDDIT, the objectives of this project are completely foreign to Joe Six-Pack. But at 2100k sats I think there's a lot room for improvement.  

[KhalDrago]

Imo without network effect you are nothing. Someone explained it very good.

Bitshares is cool and all, with nifty things like DPOS and pegged assets and whatnot, but in the end it's the network that matters. That's the hard part. Your bells and whistles don't mean anything if nobody uses your coin. Bitshares and NXT and DASH all followed the same trajectory: a fast launch to around a $50M market cap (and higher), and then a slow drift back to earth as no network effect takes hold - no merchants, no media, no trusts, etc.

[StanLarimer]

That is certainly true, which is why BitShares 2.0 has a built-in referral program.  You get 80% of the lifetime fees generated by everyone you sign up - if you do all the work of getting them going yourself.  There are plenty of people who will split that reward with you if you simply send someone to one of their automatic sign-up "training sites".  Check out OpenLedger.info for example - the first full service exchange to offer its fiat gateways to every other exchange and coin that joins the incorruptible decentralized blockchain based BitShares Exchange Network.

So lots of chances to make money as the system grows just by making sure that your friends find about it and learn to use, even some of its features.  (No one person, including me, uses everything, so don't let its array of features intimidate you.  Just use the ones that suit you and ignore the rest.)

But it's not just one-on-one viral marketing.  Everybody who has a bunch of users or readers already can become their referrer and immediately become a full partner in BitShares - reaping 80% of all the fees they ever pay.   One guy represents a professional engineer's society with tens of thousands of members.  He's drooling about being the one to get them signed up.

Whole exchanges can introduce their customers to trading on the BitShares Exchange Network which will grow to have the combined market depth of all its members.  Got 20,000 traders on your exchange?  Be the one to sign them up and teach them how to use it.  Doesn't even really matter if your customer's are cryptoheads.  Got 100,000 readers of your blog on permaculture?  Sign them up!  Preppers?  Sign them up!

In fact, BitShares has the throughput to host all 600+ coins on coinmarketcap.com (even Bitcoin itself).  So a lot of coins who a looking for that key boost will simply port themselves and all their owners onto the BitShares network and become their referrer. They'll still be their own coin, just accelerated to 3 second transaction times. Instant state-of-the-art real-time coin with all the features you can read about at bitshares.org and instant monetization of their lifetime fees for using your own coin and everyone else's!  

And there are partner's galore!  Here's some of the major announcements that happened this summer:

Indian Summer Announcements

And with six days to go till BitShares 2.0 goes live, I haven't even gotten around to adding the news that another real-time platform based on the same Cryptonomex Graphene technology is launching just 2 weeks later.  This is the PeerTracks Music application riding on the MUSE real-time block chain.

Everything starts out with "zero network effect", even Facebook and the original Apple II computer.  

The key is to get the viral marketing plan right.  We're really excited about this one.

[tokeweed]

Stan, you guys hired a pump group yet?  There's still no activity in the exchanges, esp. at Poloniex since that's where most of the BTS volume is.

You can reply via PM if you don't want to make it public.

[DecentralizeEconomics]

Stan, you guys hired a pump group yet?  There's still no activity in the exchanges, esp. at Poloniex since that's where most of the BTS volume is.

You can reply via PM if you don't want to make it public.

Chairman Stanlin is the "pump group".

[r0ach]

Main reason I became interested in Bitshares is because it solves Bitcoin's two largest problems:

1)  Scalability - Bitshares will likely have the highest scalability of any blockchain platform (Emunie does not use a blockchain, thus lower redundancy)

2)  Market pegged assets solves the problem of Bitcoin being a store of value.  You don't have to watch the exchange 24 hours a day or risk losing your shirt if you don't.  You can hedge into several things like BitUSD, BitGold, etc.

Whoever solves scalability + store of value first probably wins the whole game.

[StanLarimer]

Um, actually...

[tokeweed]

Ok.  So you're better than Bitcoin (tech-wise).  A couple of questions:

1) What is your strategy in overcoming Bitcoin and in taking some, if not the majority of its market share from them?  

2) How can you convince the merchants, payment processors and the bigger exchanges (ex. Bitstamp) to make BTS the default crypto currency acceptable to them?

[tokeweed]

^ I hope that's enough to convince people to get in and invest in BTS.

I do not own any BTS but I'm ready to get in and out when it's going up.  Good luck to Bytemaster and co.

[StanLarimer]

Ok.  So you're better than Bitcoin (tech-wise).  A couple of questions:

1) What is your strategy in overcoming Bitcoin and in taking some, if not the majority of its market share from them?  

2) How can you convince the merchants, payment processors and the bigger exchanges (ex. Bitstamp) to make BTS the default crypto currency acceptable to them?

Actually, all the answers are right here in this thread.

We are not trying to be the digital reserve currency.  We just want to upgrade the whole industry without changing anyone's stake in their favorite coins.

We are a platform on which such currencies (all 600+ of them including Bitcoin) might like to upgrade to for the reasons I stated in my several posts above.

We have just solved 12 hard problems for everybody.  You're welcome.

[tokeweed]

So I guess the question should be, how and what strategy is the Bitshares team going to use to make their platform the 'default' platform in 'upgrading' or solving Bitcoin's problems?  Or at least be one of the better contenders.

You mentioned Ripple as a competitor in the crypto 2.0 space, and I'm pretty sure there's a few more fighting for a spot to be on the top tier. 

Creating better tech obviously won't be the only driver for this to happen.  There's also marketing, forging relationships with merchants and payment processors and possibly banks.  How is Bitshares going to tackle all these to gain an edge over other crypto 2.0 platforms?

[tokeweed]

Sounds good.  Where can I get more details about it?  Some links, blogs or even links to threads from your forum about BTS' decentralized marketing would be nice.

Thanks. 

[Spoetnik]

nothing to se here. pay no attention to that man behind the curtain. if you have some old Protoshares from years back, just use your keys to claim your BTS and sell them to me. I'll take them off your hands for you my friend.  Because, you see, Bitcoin2.O is hard to learn. Like school.  and more frustrating than having to wait 7 days for Coinbase to deliver.  So sell me your shares on an exchange and rest your weary head under the sand and repeat after me Auntie M:

"there's no such thing as Bitcoin2.O"
"there's no such thing as Bitcoin2.O"

Sure what do you do when ver. 3comes out?
Lemme guess you will power dump on poor idiots.
Another "coin" ?
So it's free?  Not going to cost me money / bit coin!
Hmm well does the dev & friends have a history of past coins?
Uhhh what's different here again?

Notice how Bitcoin is popular?
Hmm I wonder why..

[tat123]

Sure what do you do when ver. 3comes out?

wow! probably get some.
cool teach me

We all know that immutable blockchains were 1.O
and that BitShares smart properties are 2.O

but what new technology will 3.O bring us?

The mark of the Beast? Because, that would be really cool. I hate wallets.

[tat123]

My trezor is fuzed to my forehead already but it still feels like 1.O. I think that Sputnick was just joking.

Yeah... that's gotta hurt. Nice plug too. 

[StanLarimer]

So I guess the question should be, how and what strategy is the Bitshares team going to use to make their platform the 'default' platform in 'upgrading' or solving Bitcoin's problems?  Or at least be one of the better contenders.

You mentioned Ripple as a competitor in the crypto 2.0 space, and I'm pretty sure there's a few more fighting for a spot to be on the top tier. 

Creating better tech obviously won't be the only driver for this to happen.  There's also marketing, forging relationships with merchants and payment processors and possibly banks.  How is Bitshares going to tackle all these to gain an edge over other crypto 2.0 platforms?

If Forbes Magazine hasn't published the answer to your question by the time I get back from the Blockchain Summit in Shanghi next week, I'll leak it here.

[NattyLiteCoin]

http://www.podcastchart.com/podcasts/beyond-bitcoin-community/episodes/e85-2015-06-09-developer-hangout-with-bytemaster-bitshares-2-0-announcement-part-2/pop

Think this is StanLarimer (Bytemaster) on a podcast, I get about 80% of what he's saying. A little more personality than VB and less shadowy than JL777. It's a good listen if you compliment it with the reading of the website. I'm starting to learn a little "bit" more, but it's still over my head from a totality standpoint. 

[tokeweed]

Bytemaster is Dan not Stan.

[tokeweed]

But wait...  Which is better, Dan or Stan?