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Author Topic: Communist Bitshares Wealth Redistribution IS THEFT!  (Read 28064 times)
StanLarimer
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January 27, 2015, 01:27:30 AM
 #301

Back in Part 7 I should have mentioned that there are many other sharedrop mixes - practically one for every developer who has embraced this initial share distribution method.

For example, here is the distribution chosen independently by the Chinese developers of the PLAY DAC:

35 % will go to BTS holders on December 8, 2014 12:00 PM (UTC).
10 % will go to AGS holders on July 18, 2014 12:00 PM (UTC).
10 % will go to PTS holders on November 5, 2014 12:00 PM (UTC).
15 % will go to the R & D team to cover development costs.
10% will be held in reserves
20% will go to a public PLS sale

You can read about other third party DACs here:  Third Party DACs Newsletter
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StanLarimer
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January 27, 2015, 02:38:26 AM
 #302

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 10
BitShares Unleashed


In this industry, talk often turns to the virtues of decentralization.  This usually means distributed software, but we have aimed to decentralize the BitShares industry as well. And for good reasons!  What good is decentralized software if someone can attack the human organization that maintains it? How do we actually achieve the word “Autonomous” in the DAC acronym anyway?
 
Now that BitShares has become the world’s first self-funding DAC,
that vision is within reach.

Those who have been with us since the beginning will remember we emphasized that a critical stage in the life of a DAC would be when it is able to become unleashed from its developers.  Only then would it be truly emancipated and autonomous …even sovereign.  Barely sixteen months ago, we said it this way when we unveiled our the concept of a Decentralized Autonomous Company (DAC) in a LetsTalkBitcoin.com article entitled:



Quote
Ultimately, to achieve complete incorruptibility,
developers must be willing to let go of their own control.  
If there remains any centralized human control anywhere,
it will eventually be exploited to the detriment of the DAC’s stakeholders.  
DACs need to be free to be trusted.

We think we have now come close to achieving this vision.
 
BitShares will be the first fully automatic company.
It will employ humans, not the other way around.

BitShares will still have human owners; it will still serve human customers; and it will still hire human staff; but it will be managed by independent software agents that cannot be corrupted, seduced or coerced. Because it can be trusted in ways that manned companies cannot, it will be able to serve its owners and customers more reliably than any manned company you may still be inclined to trust.

So, as long planned, we have set BitShares free - releasing it into the wild!

Invictus Innovations Incorporated (I3) has ceased operations in the crypto currency space to ensure that there remains no central control over BitShares of any kind.  For a while, the corporation will continue to exist as a legal entity to handle any future regulatory inquiry, tax audits, or other government duties associated with its past existence.   But BitShares will no longer depend upon Invictus for anything.

Invictus has delivered BitShares to its owners as a self-funding, self-maintaining, self-promoting product.


Having accomplished that mission, Invictus can quietly ride off into the sunset in search of Satoshi Nakamoto.

Meanwhile BitShares, DAC (not BitShares, Inc.) has already begun hiring its own support, development, and promotional contractors. Most of us who have been employed by Invictus Innovations have sought employment directly with BitShares.   We have been hired by our own software!  And up to 101 delegate-based contractor slots are now open for other new talent of all kinds.

Whether we are familiar old-timers or newly arriving talent, each of us will have to make our case to the community of BitShares holders. They will make all hiring decisions. Based upon the indicated preferences of those voters on the blockchain, BitShares, DAC will automatically hire and pay the top 101 vote getters.  This will make elected delegates very competitive, responsive, open and transparent – since those same voters can just as easily fire us… in about ten seconds.

So now you are caught up.  The Vision first laid out in Bitcoin and the Three Laws of Robotics has been, at least partly, achieved.  There is still much work to do to grow BitShares, DAC into a Fortune 100 Unmanned Company. But the whole world can work on it together...and the path forward is clear.  

Smiley

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January 27, 2015, 12:02:15 PM
 #303

D.E == SL?

self trolling?
 Shocked

StanLarimer
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January 27, 2015, 03:50:40 PM
 #304

D.E == SL?

self trolling?
 Shocked

It gets even better!

What if bitcreditscc == StanLarimer?

bitcreditscc could have been created by StanLarimer to quietly suggest that DE == SL!

(After all, what better way to neutralize a flamboyant and creative opponent than to convince the world that he is merely your own sock puppet - created as a rhetorical foil to make you look good by comparison?)

Hmmm... I wonder how deep this rabbit hole goes?    Smiley

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January 27, 2015, 05:20:00 PM
 #305

nxt is not safe. i lost my nxt .
You lost your Nxt how?
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January 27, 2015, 05:45:20 PM
 #306

nxt is not safe. i lost my nxt .
You lost your Nxt how?

Jeff Garzik says it's a scam and there's a backdoor.  Major monetary theft happened many times for NXT.  Only thing keeping NXT alive are the whales playing federal reserve with swindled Chinese money.

There ain't no Revolution like a NEMolution.  The only solution is Bitcoin's dissolution! NEM!
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January 27, 2015, 11:14:54 PM
 #307

Bytemaster just posted an interesting article on how BitShares handles Black Swan events.

Quote
In order to break BitUSD the value of BitShares would have to fall by 67% in a market where no one was willing to sell enough BitUSD to allow all existing shorts to cover. For all practical purposes this fall would have to occur over just a few days, in thin markets, with no expectation for a rebound in value. This kind of event is possible and could be triggered by any number of events: most likely bugs, hacked wallets, or government actions.

As much as we would like to pretend these things would never happen, we can be sure they will happen at some point with some BitAssets because even if BTS didn’t lose any value at all the value of gold or silver could grow by 300% while BitShares stays flat. So a Black Swan can occur due to no fault of BitShares or crypto currency in general.

If your not sure what BitAssets are, you might want to skim this first:


Enjoy.  Smiley
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January 28, 2015, 05:31:24 AM
 #308

These are actually really well done and hilarious. Keep 'em coming DE

The theory that SL == DE is going to keep me up wondering all night.
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January 28, 2015, 01:16:56 PM
 #309

Dang, if this keeps up, we're gonna be famous!

 Smiley
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January 28, 2015, 03:57:23 PM
 #310

BitSharesblocks.com has a nice page where you can check the status and performance of all delegates.
Seven of the ten most popular delegates are Chinese, two are German, and one is an American of Russian descent.
Bytemaster is currently number 17 and I am ranked number 23.

http://bitsharesblocks.com/delegates

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January 29, 2015, 02:53:38 AM
 #311

The BitShares stakeholders just fired their first paid delegate who wasn't performing. 
Here is the discussion thread that shows how the community reached a consensus.   

https://bitsharestalk.org/index.php?topic=13809.msg179651#msg179651

One member summed it up this way:

I think it's an "iffy" proposition to vote in a delegate whose mission is just to develop one piece of interface technology as a small part of their overall work. For my vote, I want to see that person (or those people) firmly committed to BitShares rather than having a half-baked commitment. I was not convinced (from their own postings) this delegate really believed or wanted this to succeed; certainly they had other interests and commitments. Until the whole voting thing is more nimble and we can make quick changes/substitutions in a less clunky fashion, then I will refrain from voting for anyone who isn't 100% committed to BitShares.


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January 29, 2015, 03:29:04 AM
 #312

Due to addition of powerful new features, the dev team has decided to eliminate the 5% charge for margin calls.
Here's Bytemaster's announcement and the rationale:

We are adding an operation that will allow you to cover a short position using the collateral at any time.  We are doing this by giving the user the ability to set the "call price" to anything higher than the "minimum call price".   This feature makes it trivial to bypass the 5% fee by slightly increasing your call price, so this makes the 5% fee impossible to enforce.

In reality the 5% fee merely served to create a variable amount of additional collateral depending upon the risk tolerance of each individual shorter.  Considering we are raising the min collateral requirement from 1.5 to 2x the added benefit of the 5% fee is insignificant.  The fear of a short squeeze and being forced to buy at up to 10% above the feed if there are not enough orders at the feed means there is still plenty of incentive to avoid forced buying.

If you set your call price at or above the price feed then your order will be matched against any and all bids up to 10% above the feed.   So be careful or you might just walk the book. 

Overall this will simplify the explanation of BitShares and shorts and remove uncertainty over how shorts and fees will be calculated.
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January 29, 2015, 06:47:57 AM
 #313

You can learn more by downloading Max Wright's in-depth BitShares 101 ebook.
There's a link to it on Bytemaster's Blog

There's a nice set of wallet tutorials here:  BitShares Wallet Tutorial Videos

Check out Music and PLAY for their specific software releases.

You can find out about the other independent DACs at their own websites
as featured in this newsletter in our Newsletter Archive  

There's lots of folks happy to answer other questions at bitsharestalk.org

Bytemaster takes live questions from a worldwide on-line audience every Friday at 10 Eastern Time (UTC+5) here:
Talk With Bytemaster

BitShares Wiki
StanLarimer
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January 29, 2015, 03:40:40 PM
 #314



Here's another nice set of tutorial videos
Riverhead plans many more, so check back here periodically.

http://whatisbitusd.com/tutorials/

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January 30, 2015, 10:14:40 AM
 #315

bump

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 30, 2015, 10:09:48 PM
 #316

bump

bump
Your pictures with BitShares quite outdated - please add the logo of https://shapeshift.io to them.  Smiley

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  Tested .5000 tx per block. on open network
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January 31, 2015, 08:35:08 AM
 #317

bump

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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February 01, 2015, 07:37:11 AM
 #318

Stan, how much did it cost you to get a forum mod to remove my informational posters?

I guess I hit a little too close to home huh?

Hahaha  Pathetic

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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February 01, 2015, 07:53:57 AM
 #319


Posting the best one again because I KNOW YOU LOVE IT!   Kiss

Do you think they'll remove it for free or will you have to pay them again?

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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February 01, 2015, 07:19:03 PM
 #320

Posting the best one again because I KNOW YOU LOVE IT!   Kiss

Do you think they'll remove it for free or will you have to pay them again?

Probably forum mods doesn't like your posters, but we like them very much, please keep be creative and posts new posters  Smiley

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  Semux uses .100% original codebase.
  Superfast with .30 seconds instant finality.
  Tested .5000 tx per block. on open network
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