Bitshares

[Bagatell]

 

[solex]

@Bagatell
Thanks for posting.
Might be a dumb question, but what gives the Bitshares unit value long-term. Is it the exchangeability into any synthetic which is listed on the exchange. Or are these "burned" like Omni when a new synthetic is created?

 

[Bagatell]

@solex Not sure. I have only just started down this rabbit hole. I need to dig deeper.

 

[Badbeat]

As far as I know Bitshares is one of those poorly managed scammy altcoins ran by Bytemaster & co.

When I say scammy I don't mean that it was started as a scam coin but as time progressed and the founders realized the implementation had less and less validity to the original idea, they started to milk the community they gathered for moar coinz.

Also the ideas behind the coin itself are a huuuge stretch imo and have no basis in real world.

Having said that I have to emphasize that I haven't been paying attention for more then a year and I might be wrong so if anyone has a different perspective speak up...

 

[VeritasSapere]

I actually think Bitshares is a great project, with a more complex and well defined governance mechanism and a self funding blockchain, among other important innovations, the nodes are incentivized, and the platform allows for decentralized exchange. Bitshares also has a transaction throughput in the thousands of transactions per second.

The supply was increased but this was due to the merging of 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 seems completely legitimate to me, when this happened it was also thoroughly discussed. Bitshares now has a completely decentralized governance mechanism, so by all accounts and standards I would consider Bitshares to be a great project.

 

[solex]

@VeritasSapere
I have looked more at this project and like what I am seeing as far as the overall business functionality is concerned. On the surface it is undervalued compared to ETH. But, it is sad that even their flagship BITUSD has just a trickle of volume.

I have been watching the block explorer and one thing that concerns me is the opacity of its PoS forging.. There is a user "localhost" who is regularly shifting blocks of 5m BTS onto Polo, and is also receiving a steady stream of BTS income making up for some of it. I am wondering whether the best PoS coin is one which has first run for many years as a PoW coin and has got wide and even distribution of holdings into many hands.

 

[VeritasSapere]

That sounds about right, it is most likely just a very large holder. The distribution of a cryptocurrency is indeed an important factor. Which is why having a coin which is first mined then followed by proof of stake allows for a more fair distribution for any PoS coin. A lot of the more recent altcoins are following this logic, like Ethereum, since they are still planning to switch to PoS in the future as well.