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Author Topic: Communist Bitshares Wealth Redistribution IS THEFT!  (Read 28055 times)
StanLarimer
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January 25, 2015, 05:48:23 AM
 #281

Something we're all pretty excited about at BitShares is Bytemaster's latest post on uses for BitGold and BitSilver.

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Everyone who has been following the evolution of crypto currency exchanges has learned how expensive it is to comply with all of the regulations in the money transmission business. It can literally takes years and millions of dollars to get permission from the government to start an exchange that accepts dollars for crypto currencies. All alt-coin communities have experienced the frustration of having to go through two exchanges (dollars to bitcoin and bitcoin to alt-coin) just to enter or exit the ecosystem. This two step process is expensive and ultimately limits adoption. Today I would like to present the case for abandoning fiat all together and adopting a truly free market currency: gold, silver, and other metals.

...

If there existed $ 85 million dollars of BitGold within the BitShares ecosystem, then it would have a total collateral worth at least $ 255 million and would likely represent less than 10% of the BitShares supply (because not everyone would be willing to short) and because people would likely have an equal amount of value held in BitUSD, BitSilver, and BitCNY. In any event, we can conclude that if BitShares can gain the same adoption for BitGold that e-gold managed years ago then it would have a market cap of over $ 2.5 billion dollars and a price of $ 1 per BTS.




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January 25, 2015, 07:33:58 AM
 #282

It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares.  Rather than continuing to answer them piecemeal, I've decided to author a series of pictures that explain everything from the beginning.  I hope some of you find this useful.



YOURCHAIN - MAKE CRYPTO YOURS AGAIN!
"Give me the liberty to know, to utter, and to argue freely according to conscience, above all liberties." - Areopagitica
StanLarimer
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January 25, 2015, 10:01:59 PM
 #283

Nice, but I won't be happy till I get my picture on the cover of the Rolling Stone...



...I got my poor old gray-haired daddy,
Drivin' my limousine.
Now it's all designed to blow our minds
But our minds won't really be blown,
Like the blow that'll get ya
When you get your picture
On the cover of the Rolling Stone.

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January 26, 2015, 03:02:18 AM
 #284

It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares.  Rather than continuing to answer them piecemeal, I've decided to author a series of posts that explain everything from the beginning.  I hope some of you find this useful.


The Origin of BitShares
Part 8
Experimenting and Pivoting

I was skimming through one of the other threads on bitcointalk where I read with interest that Crypti was about to adopt DPOS.  
That's when I ran across this wonderful graphic:


"That's it!", I enthused,
"That's exactly what it's been like on every project I've worked on in the past 40 years!"


And it's certainly what we've experienced in the BitShares community since Invictus Innovations was founded on the Fourth of July, 2013. It's a good thing we put "Innovations" in our name, because we've certainly needed to innovate.

I especially liked the chart's Trough of Sorrow where "experimenting and pivoting" is said to go on.  Been there.  Done that!

In general, the market doesn't like it when you pivot.  Makes you look like you don't know what you're doing.  However, once you admit that to everybody, the pivot can be a devastating competitive move.  You'd be crazy not to use it in combat, if you can pull it off.


Of course, most investors would prefer it if you would simply run a fast break straight down the middle of the court for a lay-up.  We would too.  Why can't all those moving obstacles stay seated on the opposing bench?


So, that's what we're about.  We regret that we have lost some supporters along the way who expected us to dribble straight down the court. But our intention was to maneuver quickly around the obstacles and get on with the Grand Vision with all of our supporters against the challenges that ahead of us. Without the change, we would've lost eventually.

We do smile when our detractors point out each of our pivot moves.
I don't know why they want to keep playing our highlight reel, but ok...
For their convenience, I'll summarize them here:



Obstacle: Big Mining ProtoShares (PTS) built a fantastic community, but Big Mining sucked up all the shares before we could mine enough to fund development.  We played by the rules offering a "fair" mining lottery - and got our head handed to us.  We had to find another way to fund development.

Pivot:  We invented AngelShares (AGS) - a simulated mining lottery where people donated what they would otherwise have burned up in a traditional mining lottery.

Result:  We raised over $6 million dollars in donations.  Enough to fund our team for two years, produce a general purpose software toolkit, and spin off six new DACs (BitShares X, BitShares Music, BitShares Play, BitShares ME,  BitShares DNS, and BitShares VOTE).  Share growth in all of these DACs promised to fund continued development indefinitely.  Life was good.


Obstacle: Unprofitable Mining  Mining wasn't going to work for implementing a decentralized exchange.  It was too wasteful and too slow.  No market would wait for confirmations that could take up to an hour to lock down a transaction.  We needed trades to confirm as fast as users could specify them.  And we were trying to build a profitable company.  Burning the value of each issued share made no sense at all.

Pivot:  Read all about it in Part 5:  POW to POS to TaPOS to DPOS!

Result:  It delayed our release by over 4 months (a real Trough of Sorrow!).  But it gave us blazing fast 10 second confirmation times.  Bring on the traders!  As a byproduct, we had a system we could upgrade weekly under control of elected delegates - great for tuning market rules and parameters as we observed trading in live action. These delegates also became an amazing resource of reputation based distilled trust - highly useful in overcoming obstacles we didn't even know about yet!


Obstacle:  The Great Bitcoin Recession  For the sake of transparency, we left all the donated funds in BTC and PTS on the block chains where everyone could keep track of how we were spending them.  (Volatility-free BitAssets weren't available yet.)  PTS was supposed to drop as its value was transferred to new products.  But Bitcoin was supposed to hit $1200 by years end!  Instead it dropped like a rock all year long.  By the fall it was clear that our two year runway had been whittled down to one year - and that was about to end!

Pivot:  We rediscovered something every Silicon Valley startup knows well:  working for equity!  Why couldn't that work for block chain based companies?  Why not do the same thing as bitcoin - issue new shares at a slowly decreasing rate.  Except, unlike Bitcoin, we didn't have to burn them.  We could use them to pay employees!  What's a few percent annual dilution when we were expecting value to grow by hundreds of percent in the coming year?  All we had to do is bleed off a few percent of that growth and we could fund much faster growth!

Result:  If Bitcoin could do what we could now do, it could pay 101 small businesses several million dollars a year - each!  Instead Bitcoin gives all that new money to the electric companies to produce global warming.  Even at BitShares current scale, that same rate of token issuance could sustain our 2014 development budget into the future indefinitely.  With just a couple doublings of our market cap we would be looking at 101 full time developer and marketer positions working to grow the whole ecosystem.


Obstacle:  Promises, Promises  We had the solution to all our funding problems and a path to ever-accelerating growth right there within our grasp - and couldn't implement it for BitShares X!  Its Social Consensus and ownership distribution had already been defined.  No Dilution! You Promised! Remember a few posts back when I said that allocating zero shares for development and giving it all to PTS and AGS holders (50/50/0) had been a mistake?  Well that mistake had come home to roost.  BitShares X was boxed into a corner.  Bound by the same suicide pact as Bitcoin and most other chains - no way to fund developers and marketers!  Rats.

Pivot:  That's ok.  We'll just apply that lesson learned to all future DACs we develop.  MUSIC and PLAY had already spun off to their own independent developers, and ME had been merged into BitShares X, but we still had VOTE and DNS on the launch pads.  We would build them to be self-funding DACs - and they could pick up the development and marketing torch for the whole ecosystem.

Result:  Bytemaster turned his attention to VOTE and DNS.  These had to get up and operational and generating funds to pay salaries by the end of the year.  We were about out of railroad track and had to get them up to 88 miles per hour in a hurry!



Obstacle:  Fratricide!  There's just one problem.  Every new DAC we build has to be the best we can build - using all the past lessons learned - or some competitor will seize the opportunity to do it for us!  VOTE would need its own stable BitAsset currency.  To produce that it would need a full-scale decentralized exchange.  It would need its own name registration system.  It would need its own network effect and would be leveraging every poll, petition, and election registration to build it's own huge base of provably unique users.  It would need to become a SuperDAC, able to compete on all possible fronts for all important market depth and network effect.  And BitShares X would inevitably be in its cross-hairs!  Most importantly, BitShares VOTE would be self-funding - able to recycle a few percent of its growth every year into paying developers and marketeers.  We were creating our own BitShares X killer.
Quote
Does anyone know where the love of God goes
When the waves turn the minutes to hours?
-- Gordon Lightfoot, The Wreck of the Edmund Fitzgerald.

Pivot: We had to go back and explain this to the BitShares community.  It wasn't pretty.  We explained that as long as we were building new DACs we would keep learning and applying those lessons to each new DAC.  And each new DAC would want to have its own BitAssets, domain names, and network effect.  Each would be forced to clone all its predecessors and fight for dominance over all our previous efforts.  If we tried to play nice and keep features separate, some outside competitor would come along and combine everything into a SuperDAC.  We couldn't leave that option on the table for them.  BitShares X would have to be upgraded, or face eventual extinction. There was wailing and gnashing of teeth.  

Result:  We merged all our DACs into one SuperDAC called simply BitShares.  For some, this was the last straw and they jumped ship.  But for those who patiently understood the reasons and the vision, the future is incredibly bright.  

They now own shares in a self-funding, hyper-competitive SuperDAC.

...and it will exclusively get the benefit of all our future innovations!

What good is a SuperDAC?  Why, that's the subject of Part 9!   Smiley


(To be continued...)
StanLarimer
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January 26, 2015, 04:23:48 AM
 #285


Joint Project Between BitShares and Namecoin is Under Consideration.

One of Namecoin's developers has submitted a proposal for a joint venture to be funded in part by the BitShares delegate pay system.

I highlight it here primarily as an example of how crypto communities could and should cooperate and to give you an example of what I consider an outstanding delegate proposal.  

Too early to tell how it will be received by the voting stakeholders, but this will give you some insights about our inner delegate vetting process and what might be coming in the future.


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January 26, 2015, 05:14:06 AM
 #286


Joint Project Between BitShares and Namecoin is Under Consideration.

One of Namecoin's developers has submitted a proposal for a joint venture to be funded in part by the BitShares delegate pay system.

I highlight it here primarily as an example of how crypto communities could and should cooperate and to give you an example of what I consider an outstanding delegate proposal.  

Too early to tell how it will be received by the voting stakeholders, but this will give you some insights about our inner delegate vetting process and what might be coming in the future.




The RSA threshold crypto is something that I wasn't aware of. And it's also interesting how this proposal submits the idea of a subset of 7 trusted delegates for zonefile signing. That illustrates how the 101 BitShares delegates can also be regarded as trusted oracles for performing other tasks as well. Indolering's proposal is probably the best delegate proposal I have read to date.

Twitter: @robrig0

In Detroit? Want to learn more about BitShares? RSVP for the meetup! http://www.meetup.com/bitshares-worldwide/
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January 26, 2015, 06:07:27 AM
 #287

It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares.  Rather than continuing to answer them piecemeal, I've decided to author a series of pictures that explain everything from the beginning.  I hope some of you find this useful.


(To be continued...)

YOURCHAIN - MAKE CRYPTO YOURS AGAIN!
"Give me the liberty to know, to utter, and to argue freely according to conscience, above all liberties." - Areopagitica
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January 26, 2015, 06:45:23 AM
 #288

It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares.  Rather than continuing to answer them piecemeal, I've decided to author a series of pictures that explain everything from the beginning.  I hope some of you find this useful.


(To be continued...)

YOURCHAIN - MAKE CRYPTO YOURS AGAIN!
"Give me the liberty to know, to utter, and to argue freely according to conscience, above all liberties." - Areopagitica
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January 26, 2015, 07:51:46 AM
 #289

It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares.  Rather than continuing to answer them piecemeal, I've decided to author a series of pictures that explain everything from the beginning.  I hope some of you find this useful.


(To be continued...)

YOURCHAIN - MAKE CRYPTO YOURS AGAIN!
"Give me the liberty to know, to utter, and to argue freely according to conscience, above all liberties." - Areopagitica
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January 26, 2015, 08:25:58 AM
 #290

DecentralizeEconomics with all the time you spend making meme's you could be having a constructive conversation...

With all the turmoil in Europe right now it's a perfect time for people to diversify into assets and even USD.  Between the Swiss dropping their peg and Greece electing a left winger the Euro is sure to come down even further.
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January 26, 2015, 09:12:33 AM
 #291

DecentralizeEconomics with all the time you spend making meme's you could be having a constructive conversation...

This is a constructive conversation.

I'm sorry you chose the wrong side of crypto.  Some of us still believe in free market capitalism and ACTUAL decentralization.  Crypto belongs to the people not corporations.

YOURCHAIN - MAKE CRYPTO YOURS AGAIN!
"Give me the liberty to know, to utter, and to argue freely according to conscience, above all liberties." - Areopagitica
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January 26, 2015, 04:14:26 PM
 #292

An Aesop's Fable

One hot summer's day a Fox was strolling through an orchard till he came to a bunch of Grapes just ripening on a vine which had been trained over a lofty branch. "Just the thing to quench my thirst," quoth he. Drawing back a few paces, he took a run and a jump, and just missed the bunch. Turning round again with a One, Two, Three, he jumped up, but with no greater success. Again and again he tried after the tempting morsel, but at last had to give it up, and walked away with his nose in the air, saying: "I am sure they are sour communists!"

Moral of Aesops Fable: It is easy to despise what you cannot get
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January 26, 2015, 04:24:04 PM
 #293

I don't remember the exact quote, but I think it went something like this:

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"I believe that this planet should commit itself to achieving the goal,
before this decade is out, of landing an unmanned company on the moon"
 
- John F. Kennedy


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January 26, 2015, 04:31:03 PM
 #294

The last few posts from the op make this thread look like something from that conspiracy site, rense.com. I am beginning to think that OP is more like one of those "truthers" that keep repeating the same line over and over, louder and louder, until someone just clicks the x on the top right.

Even those last few memes, if thats what you want to call them, look like the artwork from those conspiracy sites. Maybe same guy? Just a thought...

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January 26, 2015, 04:46:03 PM
 #295

I would prefer that the discussion focus on the simple question:  If you own BitShares or any of its stabilized currency products or DAC spinoffs, are you likely to make money?  Not everything is about political labels.

But, if you insist, I'll give it a shot!

If you are willing to accept Wikipedia as an authoritative reference:


It is not a direct democracy, but might be thought of as a representative-democracy (people select representatives) who in turn must decide which group of technocrats to trust to provide software updates.

But one could argue that it is a democratically-elected-representative-technocracy, since the representatives effectively choose whether to accept software updates to the ruling blockchain LAW from one or more trusted technocrats.

A big difference is that it is vote-per-share, not vote-per-shareholder.  Strangely, out of the dozens of government types mentioned in this wiki, they don't have a name for the standard corporate model of government by the shareholder!  So I get to name it!  A "stakeocracy".

I note in passing that, all modesty aside, we seem to have elements of Geniocracy (rule by the intelligent), Meritocracy (rule by the meritorious), Timocracy (rule by the honorable), Technocracy (rule by technical experts) and Meekocracy (rule by the profoundly humble).

So, after considerable analysis, I believe we can safely say that our form of government is definately not a democracy.  It is a benevolant

paleo-neo-anarcho-merito-timo-genio-techno-meeko-representitive-stakeocracy.

There.  I feel better just knowing that.
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January 26, 2015, 05:29:40 PM
 #296

It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares.  Rather than continuing to answer them piecemeal, I've decided to author a series of posts that explain everything from the beginning.  I hope some of you find this useful.


The Origin of BitShares
Part 9
What is a SuperDAC?


Quote
SuperDAC - noun - soup-er-dak
A Decentralized Autonomous Company (DAC) providing common services that support layering of other DAC business models onto a common public ledger for the sake of shared network effect.
The need to merge our various DACs into a single "SuperDAC" was based on the realization that they all needed a whole bunch of common services that are much less effective if they aren't common services:

  • A unified basket of stable, robust global currencies (bitAssets)
  • A unified set of well compensated, best-of-breed delegates.
  • A unified name system.
  • A unified secure messaging system.
  • A unified set of on and off ramps - portals to the fiat world.
  • A unified marketing message.
  • A unified consensus-based governing system.
  • A unified family of tools and wallets.
  • A unified way for newcomers to make instant friends with everyone already there.
  • A built-in venture capital system where you can compete for start-up funds - democratically.

New business developers (DAC engineers) shouldn't want to reinvent these things any more than I would want to reinvent my computer's device drivers and operating system.  And what sense would it make to have different competing operating systems, each with a subset of drivers and services?

Gee, I sure wish I could go back in time and invest in MS-DOS. 
Rats. 
An opportunity like that will never come around again.

BitShares took the whole ecosystem into one DAC friendly free-trade zone with all the services that benefit from network effect already in place.

Any developer who wants to build a business would be crazy to stay on the outside and try to replicate that.  Even if they can pick up the toolkit and get all the functions - the network effect doesn't come with the toolkit!  You get that by joining the club.  You still run your own business with its own custom storefront and Internet presence.  You just skipped a year or two of trying to get traffic to stop by!

Now do you begin to see why it wasn't hard for the VOTE and DNS developers to agree to a merger?

We offer instant network effect.  Built in.

If I were going to summarize the opportunity for other developers, I might put it this way:

Quote
Come build you business in our free trade zone mall.  Join us in free space.  We are the mall developers.  You can be a mall tenant.   We've got lots of real estate for you - all wired up with power, plumbing, internet and customers browsing the halls.  Add your biological and technological distinctiveness to our own and get issued shares to match the value you have added to our free trade ecosystem.  And its growing network effect.

You'd be crazy to locate your business outside the mall.  Why start over?

When new entrepreneurs contact us about how to leverage the BitShares Toolkit,
these are some of the considerations we often discuss.

(To be continued...)
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January 26, 2015, 07:44:04 PM
 #297

It's become clear in this long thread that a year of "Fibs and Fud" from people who have little personal honor have left many fair minded folks with deep misunderstandings about BitShares.  Rather than continuing to answer them piecemeal, I've decided to author a series of pictures that explain everything from the beginning.  I hope some of you find this useful.


(To be continued...)

YOURCHAIN - MAKE CRYPTO YOURS AGAIN!
"Give me the liberty to know, to utter, and to argue freely according to conscience, above all liberties." - Areopagitica
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January 26, 2015, 10:51:04 PM
 #298

DE, you need some more raw material.

Here, see what you can do with this... taken from a panel discussion at the Cryptolina Bitcoin Conference, shown front to back:

@storjproject @super3,
@_bitshares Dan Larimer,
@ethereumproject @VitalikButerin

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January 26, 2015, 11:08:20 PM
 #299

Thats a funny picture. What do you think of Vitalik? Is he a trusteable individual or not? I was considering on dropping some BTC in the Ethereum IPO but eventully chickened out given so many damn IPO scams.
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January 27, 2015, 12:24:18 AM
 #300

Thats a funny picture. What do you think of Vitalik? Is he a trusteable individual or not? I was considering on dropping some BTC in the Ethereum IPO but eventully chickened out given so many damn IPO scams.

I like Vitalik very much.  Very smart, soft-spoken, considerate, and straight-talking.  You can hold a serious discussion with him and he is willing to agree on some things while disagreeing on others.  Very refreshing.  We view him with great respect.

Interestingly, it was Super3 who mined the very first ProtoShares (PTS) block - long before we ever knew him.


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