First of all you keep bringing up everywhere I am a Delegate as if it brings more credibility to your statements and less to mine and that is silly.
No it is not silly, just come out and say that you are a delegate from the get go, it is silly to let people know that you are a delegate?
. It is like saying that you are a Bitcoin user, so all of your opinions are worthless because you want them to go up in value.
A bitcoin user is the same as being a delegate? No, that is silly.
Why don't you inform us of your cryptocurrency holdings so we can know which statements of yours we can ignore using the same logic?
Again being a delegate is different than being a simply "holder" of a currency.
It is technically different, but you are ASSUMING that I have more of a vested interest in BTSX than holders of BTSX which is false as you don't know my personal situation. In actuality I own less thank 10k BTSX and am a little fish in a small pond considering they are worth something like 3.5 cents each and the market cap is something like 65 million dollars. Since we are assuming things, I can assume you have more vested interest in whatever cryptocurrency you hold than I have in my measly amount of BTSX. Just as easily as others voted me in as a delegate, I could get voted out. I own very little stake so in actuality I have little to gain from converting people to users of BTSX.
You are basically saying if you use or invest in something you lose your ability to rationalize reality, however I actually have the ability to admit when I am wrong and am here giving my honest and genuine opinions on different issues. BitsharesX is still rather new and it is basically the only alt coin I care about, so I have spent most of my time talking about it and helping others understand it. I am sorry if this upsets you, but it is a free world and luckily Theymos is not a nazi.
No, I am simply pointing out common misconceptions about bitsharesX, there is no need for Ft. Knox because nothing would be in there anyway except bitsharesX.
That is actually part of my delegate campaign, to help new users and defend BTSX from FUD
Pointing out big markeing statements and that saying "hold bitcoin in bitsharesX" has nothing to do with a bitcoin private key is FUD I guess. Make sure to include the word "nazi" in your campaign it is great way to attack people that do not agree with you, bonus points for you!
It is not a marketing statement. Holding bitBTC is similar to holding real BTC if all you are doing is speculating on it or trading it. Sure, there are fundamental differences and Bitassets do not have all the utility of their real counterparts but that is not what I am referring to when I say holding bitBTC is like holding BTC, and I have already admitted that. It is similar if all you are doing with it is hodling or day trading as it has almost the exact same value. Yes there are some risks involved with Bitassets rather than the actual assets themselves, but that is just common sense. Should I explain that I am using a keyboard to type this message and I am breathing air right now to stay alive too?
I don't understand why you hate BitsharesX so much.
I dont, primarly I find the marketing misleading and not one person can explain how the VC company that funded the project makes any money, delegate please explain that,why is this contract not embeded in the bitsharesX blockchian or anything similar?
You are failing to understand that although BTSX resembles a cryptocurrency it is a company. It makes decisions based on making the company more profitable, and part of that is through marketing. BTSX doesn't market itself any differently from any other company.
There are many people that make misleading claims in Bitcoin marketing, yet you still support it? IE. No transaction fees! Instant transactions! It's deflationary! These are all partially true statements, but misleading none the less. Many cryptocurrencies use similar marketing schemes and yet you are singling out BTSX for doing something that is being done on a wide scale.
The VC firm invested money on equal fitting as everyone else that invested into AGS and PTS before the snapshot, which the original BTSX stake was dispersed on. Other than possibly having more money to invest (I don't know specifics), they had no competitive advantage over anyone else. This is part of the FUD I am talking about. VCs and hedge funds are investing into BTC too, yet here you are again singling out BTSX for things that are happening in Bitcoin and other cryptos.
BotsharesX is a fun project, your own M1A1, a bitcoin killer, trade potato chipsX, or even bitDIRT! Real world derivatives!
It seems to me it is making a jab at BTSX by making fun of it. Also M1A1, potato chips, and dirt would be Impossible to make into Bitassets as there is no readily available worldwide prices for them. Prices vary from brand to brand, market to market, country to country. It is more than a fun project, it is redo cultus and thus it seems like you are trying to say BTSX is rediculous, which it is not nearly as rediculous as Botshares.
I fail to see the difference if you are keeping your cryptocoins and commodities as investments for long periods of time, or are day trading them.
You do not have a private key and you are not/ can not run a full node of the coin in question. A very big difference. Having a copy of the blockchain of said coin is fundimental. bitBTC or bit(insert GOLD LITECOIN or anything else) are
derivatives, it is like saying gold bullion and gold derivatives are the same, no difference. I disagree.
The point is you don't need a private key, or to run a full node, to speculate on Bitcoin or day trade it. bitUSD resembles the true value of Bitcoin and that is the only important thing when speculating.
A derivative and an asset is not the same thing (again common sense that I didn't feel the need to explain.. you are nit picking) but in the way I am describing its use it is practically the same thing. A derivative can serve the same purpose as an asset if all someone is doing is trading, holding, or speculating. Again, there is added risk but this is common sense.. I don't see why I need to explain things that are common sense as we are all intelligent enough to be involved in cryptos.
If you wanted to, you could cash them out to BTSX at any time and convert them into anything you like.
Yes, this is exactly what I stated.
Guess what? When you want to cash them out to get USD then you have counterparty risk, as with any other coin.
So in the end your bitGold can only be cashed out for BTSX then you figure out what to do with the BTSX, to get gold you would need to sell btsx at an exchnage for USD and then buy gold with USD somewhere. These are derivatives that promote holding by paying dividends, in .... BTSX.
I prefer to explain things in plain English. I don't think many people that don't have an investment background don't know what a derivative is, and that is why I hardly use this terminology. I know before learning about BitsharesX I personally didn't know what a derivative is. You are alluding to this being some kind of common knowledge. The easiest to understand explanation to me is Bitassets being market pegged assets that are of equal value to their real life counterparts. Again, plain English...
you could do anything with Bitassets that you could do with Bitcoin if you wanted.
I disagree again, I can not look up anything in the bitcoin blockchain in my client with bitBTC, I have not tried maybe you can tell us if you can.
If you are speculating, trading, or holding you don't need to look anything up on the block chain. All you need is your trade history and transaction history for BTSX and the Bitassets, which are contained in your wallet in BTSX including a block explorer built into the client. Again, you are nitpicking and the points you are making are common sense.
With a little counterparts risk and the proper infrastructure, you can do anything with bitBTC and Bitcoin's which is what I was alluding to. I explained this earlier that it would require the infrastructure to be developed to become a true statement. You deleted the part of my quote where I added that caviar and it is what started this whole derivative vs real asset nonsense, which is again common sense.
I just think there is more counterparty risk using centralized exchanges and services. Over the years how many of them have scammed customers, been "hacked", or defaulted? A lot of them..
I agree, however you still have this risk when exiting the BTSX system for the "real world" asset that the derivatives represent if you choose to do so. The reply "why would you want to" which is another question all together.
There is no reason to exit the BTSX ecosystem if you are day trading, holding, or speculating. This is a moot point in regards to the point I am making. Sure, they don't have all of the utility of the real asset (again common sense), but they serve certain purposes well.
Of course there are risks, just like any other cryptocurrency, I thought there being some risk is implied. It is that I think there is less risk trading bitassets than trading on centralized services as to why I say things like this.
The risk is that the whole system colapses due to a crash, manipulation/collusion of delegates. Of course both are quote "unlikely" at this stage in general they are both totaly dismissed.
Yes they are unlikely but do exist. After learning about how the system works the risks are again common sense. Although, I think collusion/manipulation from delegates is much more unlikely than the system collapsing due to a crash. They have incentive to do their job right as they are getting paid for it. If they don't then they can get voted out if they act improperly.
Maybe I am naive, but I think a 97% crash is unlikely as well. Especially seeing as though if someone thinks a bubble is coming there is no reason to get out of BTSX when they can get into bitFIAT which doesn't affect the market cap of BTSX and thus limits the amplitude of a bubble as money doesn't exit out of the Ecosystem. There are only specific reasons of exiting the ecosystem and a bubble isn't one of them. Once BTSX holders learn that it is in their best interest to go into bitFIAT rather than exiting the ecosystem all together if they think a bubble is near, the whole system will be better off for it and retain its value better than most cryptocurrencies. Also, the fact it uses DPoS which is an insanely cheap way to secure the network helps with this too, whereas with PoW maintaining the network is very expensive and there is a cost of that and price implications. If the miners sell the coins they are mining to pay for expenses, which they mostly do, then it requires the inflow of new money to retain its price.
The only way I see a total price collapse is if there is some bug or error in the software that causes a collapse of confidence in the protocol overnight. Again, maybe I am naive but it has been in beta testing and out in the wild for a while now. As time goes on and bugs are fixed, the less likely this is to happen over time.
Also, BTSX conveys risks better than any cryptocurrency as there is a ToS that people must accept to use the software. Even Bitcoin doesn't convey the risks as specifically and thoroughly as Bitshares does in its ToS. If people don't read the ToS it is not BitsharesX's fault.
In the event that a bubble does occur, people can diversify into bitFIAT to reduce the amplitude of the bubble and reduce your exposure, and that is unlike any other cryptocurrency where you would need to actually sell them to reduce exposure which creates downward pressure on the market. Hedging against bubbles while not putting any downward pressure on BTSX is one of its greatest features. Downward pressure really only needs to occur when you would like to exit the Bitshares ecosystem, as you have already mentioned.
Yep, the bubble continues to fly as long as no helium exits.
Exactly, except at that point you probably couldn't call it a bubble if it never pops. If shareholders (stakeholders) act in their own best interest by buying bitFIAT when they think a bubble might occurs, then no money ever exits the system unless they want to purchase something, diversify, or exit the ecosystem all together.
I don't think anyone should invest more than they are comfortable losing in any asset, currency, or commodity and I apologize if I made it seem that way.
BTSX is marketed as the most stable thing ever, it is misleading.
People that blindly believe in marketing speech without doing their own research deserve to lose all of their money, and they will certainly do so. This is just smart investing and maybe people will need to learn a lesson or two before realizing this, but this kind of marketing talk is happening everywhere, including in Bitcoin. You are again singling out Bitshares for something every coin and business does.
. Again, I thought this was common sense but apparently you want me to say it every time I talk about BTSX? Looking through your posts it doesn't seem as if you state other cryptocurrencies are risky with every post you make on them, so I am not sure why you are requesting I do something you don't even do yourself?
Hi,
Im not promoting any coin, you are. Therefore there is not the same standard that you imply. I would hope it would be common sense that a delgate should be held to a different standard when out promoting the project- coin 2.0 thingie or whatever you want to call it. When I do post or talk about trading I always tell people to do thier own due dilligance ,as a minimum. Your position as a delegate is similar to being in a higher level of a company, it would be great if you had just come out with that while speaking about BTSX that is simply more transparent. Attacking the messenger is an interesting tactic but doest zero to move the discussion along, it in fact distracts from the main topic. Even if I did not inform people of risk when doing anything remotely like give advice on a coin , would that affect or apply to what you are doing? No.
Whatever.. I am done with this discussion as to delegate or not, as I said it is silly. You have special interest here too in attacking BitsharesX whether you would like to admit it or not. I'm not going to tattoo BitsharesX delegate on my forehead, sorry.
your own personal ft. knox
Ft. Knox is suppost to be full of physical assets, bitsharesX has zero to do with physical assets.
Again common sense, attacking BTSX for something every coin and company does. At least there is collateral for the assets unlike in a bank or holding FIAT.
Imagine all the properties that make Bitcoin so revolutionary combined with the price stability of the dollar. This is bitUSD, the first truly stable crypto-currency and only available on BitSharesX.
No risk , totaly stable, just ask risky as holding USD
Again common sense, attacking BTSX for something every coin and company does. At least there is collateral for the assets unlike in a bank or holding FIAT.
Another issue is that bitsharesX community members see themselves as , and I quote: "Crypto Masters"
You see I like the tech behind bitshares, but this kind of attitude I dont like.
Lol, this is all in your mind and your intense hatred of BitsharesX and everything involved with it. Everyone likes to think they are right, and you are judging a technology by its users which is stupid. Do you judge Bitcoin by all its Zealots and every other coin as well? Along with their marketing material... Everyone is trying to sell themselves in this speculators market that is cryptocoins. BTSX and it's user base is no different than any other in these regards, and you are stereotyping a whole community and coin based on the actions of a few people.
So delegate, please tell us how does
BitFund.PE
make money with this whole thing?
Is the contract somewhere embeded in the bitshares blockchain ,if not, why not?
They invested in AGS/PTS just like every other genesis stake holder. They had no extra benefit other than having more capital to invest in that most. Again, there are hedge funds/VCs getting into Bitcoin and this is no different as they have equal footing as any other averadge joe. Again, here you are singling out BTSX for something that is happening in the larger coins as well.. Bitcoin, Ripple, Litecoin, etc....
There is no contract because there is none needed. They have as much control and stake in the company as the amount of money or mining power to PTS they provided, in relation to amount that everyone else put in. You act like this is a horrible thing that someone should get an equal amount of stake proportional to the amount of capital or work (in regards to mining PTS) they put in.
Call derivatives, derivatives
crypto derivatives
if people want to trade derivatives, then it is a good platform.
However if you want the real coin or other asset (bitPotatoschips ect)
then it is not suitable.
Holding phyiscal assets (metals, land ect) has merit and is true diverisvication, since there is zero exposure to crypto.
Trading derivatives also has merit but should not be sold as a subsuite for holding a bitcoin private key or any other asset, you can not do the same things with a derivative as with the real asset.
I dont hate bitsharesX , im not following you, you just happen to pop up in the forum in 2 main sections. I would have never replied if you had not said that you can hold bitcoin in bitsharesX which to me is very misleading.
Again, this is all common sense as to the utility and risks of Bitassets once learning how the system works. I prefer to not assume I am talking to mentally challenged people on here, as I think everyone seems generally smart enough to understand there are risks and a Bitasset is not the same thing as a real asset. I personally did not know what a derivative is before learning what Bitassets are, so I prefer to not use that terminology meanwhile explaining derivatives in layman terms. I don't think many people know what Derivatives mean if they don't have a lot of experience in different types on investments. I am not rich and I don't have a ton of money to do a ton of different types of invest, and I assume I am talking to the 99% here rather than the 1% that know all about derivatives.
