BitShares (wth?!)

[williamevanl]

What is going on with BitShares, looks like it's going to be a contender for #2 soon?

[TaunSew]

https://web.archive.org/web/20141021165909/http://coinmarketcap.com/
(1 billion Bitshares vs. 2.49 billion as per today)

They increased their available supply by 1.5 billion BitShares, using the same trick Ripple did the other day.  Gliss is really proving himself to be corrupt if he's manipulating the available supply to trigger pump and dumps.

[williamevanl]

https://web.archive.org/web/20141021165909/http://coinmarketcap.com/
(1 billion Bitshares vs. 2.49 billion as per today)

They increased their available supply by 1.5 billion BitShares, using the same trick Ripple did the other day.  Gliss is really proving himself to be corrupt if he's manipulating the available supply to trigger pump and dumps.

That doesn't look quite right, looks like it increased by .5 billion.

Is Bitshares proof of work? (I suspect it's only a matter of time before a POS overtakes Bitcoin)

[Yurizhai]

https://web.archive.org/web/20141021165909/http://coinmarketcap.com/
(1 billion Bitshares vs. 2.49 billion as per today)

They increased their available supply by 1.5 billion BitShares, using the same trick Ripple did the other day.  Gliss is really proving himself to be corrupt if he's manipulating the available supply to trigger pump and dumps.

That doesn't look quite right, looks like it increased by .5 billion.

Is Bitshares proof of work? (I suspect it's only a matter of time before a POW overtakes Bitcoin)

Did you mean to say PoS?

[williamevanl]

https://web.archive.org/web/20141021165909/http://coinmarketcap.com/
(1 billion Bitshares vs. 2.49 billion as per today)

They increased their available supply by 1.5 billion BitShares, using the same trick Ripple did the other day.  Gliss is really proving himself to be corrupt if he's manipulating the available supply to trigger pump and dumps.

That doesn't look quite right, looks like it increased by .5 billion.

Is Bitshares proof of work? (I suspect it's only a matter of time before a POW overtakes Bitcoin)

Did you mean to say PoS?

Yes, thank you. (I corrected the comment)

[robrigo]

BitShares uses Delegated Proof of Stake.

http://wiki.bitshares.org/index.php/DPOS

It's also the first blockchain to hire developers and marketers directly through the protocol: http://www.reddit.com/r/CryptoCurrency/comments/2nouij/make_2500_a_month_being_one_of_the_first_persons/

The protocol supports a decentralized exchange with products known as BitAssets, fungible tokens which track the price of commodities such as gold or the USD.

http://whatisbitusd.com/

[kokojie]

https://web.archive.org/web/20141021165909/http://coinmarketcap.com/
(1 billion Bitshares vs. 2.49 billion as per today)

They increased their available supply by 1.5 billion BitShares, using the same trick Ripple did the other day.  Gliss is really proving himself to be corrupt if he's manipulating the available supply to trigger pump and dumps.

No, coin supply was increased by 0.5 billion from 2B to 2.5B, and this was due to merging PTS, AGS, KeyID and VOTE into Bitshares, so the holders of the above were given BTS in exchange for merging them into the Bitshares system. This is not Ripple where coin supply can just be made bigger by the company and only 25% supply is released to the public.

[ThomasVeil]

What is this about though? Coinmarketcap bug?

[brekyrself]

https://web.archive.org/web/20141021165909/http://coinmarketcap.com/
(1 billion Bitshares vs. 2.49 billion as per today)

They increased their available supply by 1.5 billion BitShares, using the same trick Ripple did the other day.  Gliss is really proving himself to be corrupt if he's manipulating the available supply to trigger pump and dumps.

Do you really believe in the fud you spread?  Anyone with half a brain could perform some due diligence and see supply was increased due to a merger.

http://bitshares.org/bitshares-reloaded/


Also, if you want to see asset value and trading, download the wallet as it has the most up to date feeds.  The wallet creates the decentralized exchange, hence no need to see asset value on bter or coinmarketcap etc...

[hypostatization]

BitShares experts: how closely has BitUSD followed USD?

I am skeptical of the concept, but think it is a great experiment, and I am excited to see how well it works out. I am hoping it pulls through.

[ThomasVeil]

Nah, you can just see what is possible if you can change the maximum amount of coins. The above has only 49~ ,below over 1 Million

For all I've read, a good chunk of the 1 Million is from the founders, as they pay their employees with it.

Anyone with half a brain could perform some due diligence and see supply was increased due to a merger.

Guess I'm lacking the brain to see how that makes a difference. Would it be all fine if Bitcoin just adds some cap and hands them to people for their Litecoin?

I'm surprised how little people bother about the original spirit of crypto currencies. The trust in unalterable supply was supposed to be the one core advantage vs. fiat. Now they just call it dilution instead of inflation and change it every couple months. But it's fine, as long as the price goes up.
The Bit-asset market is completely at the hand of the founders - they can (an did) just stop it and update the the functionality whenever they feel like it. It's just a corporation as they (and Ripple) say.

It think it will hurt the whole ecosystem. If there are no ideals of crypto then why should average people start to care?

[chryspano]

It seems that for some people the whole world is "unfair" when their shitcoin isn't in coinmarket's top positions. Keep crying and spreading FUD at whatever you perceive as the enemy. It makes no difference, the shitcoin you hold will remain a shitcoin. For those that still have some brains left in their head all I have to say is: DO your research and you won't regret it.

[thejaytiesto]

BitShares experts: how closely has BitUSD followed USD?

I am skeptical of the concept, but think it is a great experiment, and I am excited to see how well it works out. I am hoping it pulls through.

Im still fail to understand the concept. What are you buying when you buy "BitUSD"  exctly? You aren't buying Bitcoin and you aren't buying Gold so what the hell is it?

[williamevanl]

It is confusing isn't it. It looks like a means of shorting the currency itself directly. If you knew BTS were going down you could buy BitUSD and it's value would increase as BTS value went down. (like if Bitcoin had an anti-bitcoin where the value of anti-bitcoin went up directly with Bitcoin going down )

Or put another way, if you were worried about the volatility of BTS you could purchase Bit(anything) that would stay more stable like BitGOLD. It's definitely the most flexible crypto in that regard. If I went 50% BTS and 50% BitUSD would that total amount just never change ?

This is going to be an interesting one isn't it!

[brekyrself]

Nah, you can just see what is possible if you can change the maximum amount of coins. The above has only 49~ ,below over 1 Million

For all I've read, a good chunk of the 1 Million is from the founders, as they pay their employees with it.

Anyone with half a brain could perform some due diligence and see supply was increased due to a merger.

Guess I'm lacking the brain to see how that makes a difference. Would it be all fine if Bitcoin just adds some cap and hands them to people for their Litecoin?

I'm surprised how little people bother about the original spirit of crypto currencies. The trust in unalterable supply was supposed to be the one core advantage vs. fiat. Now they just call it dilution instead of inflation and change it every couple months. But it's fine, as long as the price goes up.
The Bit-asset market is completely at the hand of the founders - they can (an did) just stop it and update the the functionality whenever they feel like it. It's just a corporation as they (and Ripple) say.

It think it will hurt the whole ecosystem. If there are no ideals of crypto then why should average people start to care?

The founders, who are all highly respected and speak at many conferences, can not exactly just "change" the system at will.  You speak of ideals yet the BitShares folks have been some of the most honest, open, and up front people in this crypto space!  The system is run by delegates thus just like mining they would have to upgrade to the version with differences.  Check out the summary again at http://bitshares.org/bitshares-reloaded/ and it will start to make sense why they went this merger route.  You are right in that the market has been constantly upgraded by the dev's to improve functionality, increase liquidity, and decrease the possibility of abusive behavior.

Before the merger, dilution, inflation, whatever you want to call it there was wide spread community feed back which almost everyone agreed about the route to take.  Not only do they have weekly mumble sessions any one can join and discuss with the dev's, they even had daily ones before the merger to make sure people were in agreement and understanding exactly what was to take place.  

I would also suggest to anyone interested, browse their forum and feel free to ask questions!  The dev's respond all the time, even to simple questions by users.  

Lastly, one way to judge dev's is by looking at their GitHub.  Poke around and you can see they are highly active since day one product launch.

https://github.com/BitShares/bitshares/releases  
https://github.com/BitShares/bitshares/issues

[brekyrself]

BitShares experts: how closely has BitUSD followed USD?

I am skeptical of the concept, but think it is a great experiment, and I am excited to see how well it works out. I am hoping it pulls through.

Im still fail to understand the concept. What are you buying when you buy "BitUSD"  exctly? You aren't buying Bitcoin and you aren't buying Gold so what the hell is it?

BitUSD at a high level is a electronic currency that is pegged to the $1.  1 BitUSD may always equal 1 USD unless people begin to value BitUSD higher because of its usefulness.  IE being able to send across the globe in 10 seconds, a quick and easy store of value against inflation of a different currency, the list goes on...

BitUSD is completely backed by BitShares.  The amount of BitUSD in the wild will also vary as it's created when someone shorts BitUSD vs BTS by providing 3x BTS as collateral.  The system has been working with the market pegs tracking their real world assets very closely.  There are also very many safeguards in place to prevent abuse or systematic failure.

[williamevanl]

None of the market functionality is working for me. (it says there must be no orders) Is this normal?

[brekyrself]

None of the market functionality is working for me. (it says there must be no orders) Is this normal?

Make sure you have the latest version (0.4.24) and it is synced.
https://github.com/BitShares/bitshares/releases

If you want to register a name, post here and someone will send over the fee.
https://bitsharestalk.org/index.php?topic=6439.0

[ThomasVeil]

It think it will hurt the whole ecosystem. If there are no ideals of crypto then why should average people start to care?

The founders, who are all highly respected and speak at many conferences....

That was true for Bernie Madorff for about 40 years. Which is simply to say that this is no guarantee. Exactly what Crypto was supposed to fix.

..., can not exactly just "change" the system at will.

How is it prevented? They did stop the BitAsset markets before and changed the pegging system.
They will not be able to do this once the USD price slips again?

You speak of ideals yet the BitShares folks have been some of the most honest, open, and up front people in this crypto space!

They have been quite inconsistent from the start.

The system is run by delegates thus just like mining they would have to upgrade to the version with differences.  Check out the summary again at http://bitshares.org/bitshares-reloaded/ and it will start to make sense why they went this merger route.

You're avoiding my Litecoin example - giving Litecoiners some arbitrary numbers of Bitcoins and then adding those to the bitcoin cap might also make sense. Litecoiners might even agree as it would stop their bleeding. That's still pretty clearly a bad thing to do.

Caps are supposed to stay stable - else I can have no trust that in 3 months there will not be another big inflation - because the devs are respected and enough delegates profit.
If voted officials and corporations can do these kind of acts, then we can just stick to the current banking system.

[brekyrself]

It think it will hurt the whole ecosystem. If there are no ideals of crypto then why should average people start to care?

The founders, who are all highly respected and speak at many conferences....

That was true for Bernie Madorff for about 40 years. Which is simply to say that this is no guarantee. Exactly what Crypto was supposed to fix.

..., can not exactly just "change" the system at will.

How is it prevented? They did stop the BitAsset markets before and changed the pegging system.
They will not be able to do this once the USD price slips again?

You speak of ideals yet the BitShares folks have been some of the most honest, open, and up front people in this crypto space!

They have been quite inconsistent from the start.

The system is run by delegates thus just like mining they would have to upgrade to the version with differences.  Check out the summary again at http://bitshares.org/bitshares-reloaded/ and it will start to make sense why they went this merger route.

You're avoiding my Litecoin example - giving Litecoiners some arbitrary numbers of Bitcoins and then adding those to the bitcoin cap might also make sense. Litecoiners might even agree as it would stop their bleeding. That's still pretty clearly a bad thing to do.

Caps are supposed to stay stable - else I can have no trust that in 3 months there will not be another big inflation - because the devs are respected and enough delegates profit.
If voted officials and corporations can do these kind of acts, then we can just stick to the current banking system.

I don't quite follow what you are trying to conclude, crypto software is in its infancy, of course it will be updated throughout its life cycle?  Are you not agreeing with their asset market rules, changes in direction, or way going about business?

I am not avoiding your litecoin example however it has nothing to do with BTS merging, 100% different situation.  I can't tell by your join date if you have been around for awhile and saw BitShares through since the beginning?  I would not go by that thread you linked, instead do the research yourself by looking at Bytemaster's posts which date back to having conversations with Satoshi.


High level BTS history:
Protoshares was launched as a minable investment vehicle, along side AGS which users could donate PTS or BTC directly without mining.  50% PTS and 50% AGS is what made up the genesis block of BTS, this was quite fair.  Original plan was to have individual dac's such as BTS, Vote, Play, Music, etc... however this would divide the attention of the dev's too greatly.  Thus with PTS and AGS no longer viable, why not unite all the products under one umbrella?  Great win for investors, great win for the dev's who can concentrate on one super DAC with all the features of the individual dacs.  BTC and LTC were born competitors, BTS simply originated from PTS and AGS.