When I resigned as Head of Business Development from Peter Schiff's Euro Pacific Bank, I knew that cryptocurrencies would completely replace the legacy banking and fiat money systems.
Now, after spending YEARS in both crypto and offshore banking, I've concluded that BitShares is the crypto project that fits this future most accurately.
Benefits include:
- Creating your own token (ICO or for market making)
- Decentralized exchange
- Loaning yourself w/ 0% interest rate
- Settlement time in seconds
- Fiat and commodity pegged assets (USD, GBP, Gold, Silver, etc)
- Self funding through a treasury (paid out via BTS inflation)
- Username based accounts
- Ability to scale and handle millions of transactions/day
- Fully functional wallet
- $0 fee transactions
...and so much more
Take some time, dig in and get ready to see what banking in the future actually looks like.
Bye Banks!
Let's compare this to the offshore banking world:
- Very difficult to open an account. You better have your story remembered because you'll be grilled in the interview call. Also, you better make sure your documents are ready and will need a notarized passport, notarized utility bill and a bank reference signed by a manager.
- Annoying customer service. You are just another number and a burden on the salary staff. They probably don't have 24/7 support.
- Really slow (it can take DAYS just to receive your wire, and that's if everything is 100% correct with it.
- $ Send/receive limits. You are told how you can use your money.
- Unintuitive banking software. So many banks have banking software that looks like it was developed in the 1990's.
- Expensive - It can easily cost $100 to send a wire and $30/month for an account. There's typically an account opening fee, closing fee, monthly debit card fees, expensive currency converstions and there's even banks that charge to speak to their customer service and inquire about your account. $$
- Compliance nightmare. So many red flags it's like you're walking thru a mine field. Any time you send/receive a wire, you could be harassed by the banking staff. You will be asked about everything. What your business is, why you need the account, how long you've been in business, what gives you the authority and experience to RUN your business, who your main partners are, how much you are expecting to send/receive, if you need a debit card and why, to submit invoices and contracts from your biz partners and I've even had to ask for the passport copies of my client's clients! Talk about wasting your precious time.
- Random "updates" to the compliance manual. All of a sudden you have to submit more KYC/AML information to keep using your account in the same way.
- Loss of currencies. This happens often, a bank will lose it's USD or EUR banking partners and can simply no longer send or receive that currency until they figure out another channel. That means your $ is effectively frozen.
So here's to Bitshares and the new era of blockchain-based finance! I'll leave it here with Carlton Banks.
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In Liberty,
Ashe
Liberty Entrepreneurs Podcast: http://www.LibertyEntrepreneurs.com
We need to talk asap. Pm me on Bitshares telegram ask the channel for michael and they will direct you to me.
i'm only in the Bitshares Discord. What's the link for the telegram?
100% agree with your decision. I am all in myself.
hell yeah man! Love it and hope that Bitshares is some how incorporated inside of EOS.
Personally I am not convinced the EOS revenue model (lack thereof) will scale well for something like a DEX. Exchanges will require enormous bandwidth at any scale and under rate limiting that means the EOS DEX DAPP will need to continually acquire EOS for bandwidth. Where do the funds to acquire the additional EOS come from if not fees? And if fees, may as well stay on a dedicated chain like Bitshares with minimal fees, an existing treasury, dedicated nodes etc.
It would be interesting to see if Bitshares can upgrade the current Graphene chain to EOS's parallel tech to bump the tps... but that is a long, long ways down the road. Core devs figure the current chain tech can scale to >100k tps.
Good read: https://bitshares.org/blog/2015/06/08/measuring-performance/
Yeah... much pros in BTS, indeed. You right. But...
But there just one con to make banking win:
Nevertheless, crypto is great and BTS one of the greatest by it's usability. But we must undermine fiat system in order for cryptos work 100%
good point. The legacy economy still uses the gov's legacy money. We will evolve past it at some point.
Thank you for your insights @ashe-oro!
hi Macey! You're very welcome :) Nice to see ya on here.
I went for Waves instead, it seems similar to Bitshares in many ways, my son however went fully in on Bitshares and is loving it! He is making a lot of profit daytrading on their platform, I'm a bit more of a "passive player" , so Waves suits me better with the leasing.
Safe to say it has become a bit of a competition between the both of us now 😁 both projects have their uniqueness though, therefor huge potential for both, in my opinion
I don't trust Waves after the CEO started telling lies about their transaction speed and claiming to be the fastest blockchain in the world. Everyone knows Bitshares is as its proven. If the CEO lies about their tech then what else is he lying about?
yeah, i dind't get a good vibe from it either. I bought early at $.80 but sold because the interface was confusing and clunky.
Try out the new client, it's much better now ;)
We will see when the NG starts if they can be as fast as promised, time will tell ;)
which user interface do you like better? Waves or Bitshares? Also, how do you find the liquidity of Waves?
For me - especially with the new 1.0 client - Waves is way ahead of BTS regarding usability, stability and speed. I also find it more intuitive for newbies - lesser technical lingo means more users get attracted. Also the coin is going very well for me - see a realistic goal of 100-120US$ for Waves, which would place them into the top 10 of coins regarding market cap. So yes, I´m Team Waves ;)
(and I will of course also keep an eye on BTS when it gets more stable and practical for day to day trading)
I use both and I wonder how exactly I'm supposed to find this liquidity thing on Waves
I don't see any big problems with Waves interface. It just lacks features as a DEX. But it's technologically better than ETH IMHO. Waves and BTS are not really competitors.
Edit: The real competitor for Waves is Komodo which has got Decentralized ICOs, atomic swaps before anyone else, zk-SARKs........And it's always absolutely more secure than Bitcoin. https://steemit.com/cryptocurrency/@vimukthi/the-case-for-pow-as-a-service-komodo-dash-and-mining-algorithms-discussion
I use both. My problem is that though NG is sufficient to take out ETH it's only going to get crushed by EOS. Also the volumes sucks. It's almost hell in my --utterly aggressive put 90% of portfolio on X5 leverage shorting Bitcoin-- humble opinion.
What's great about Waves is that it's ETH done better with DEX built in and total ease of use. If it wan't for EOS I would have been a big fan of it. I still hold a tiny position on a lease.
Currently I'm messing around and familiarizing myself with BTS. The main reason I haven't migrated all my funds into Bitshares wallet is because of the low volume and lack of currencies being traded. Most of the stuff I trade is on Binance. Hopefully BTS would get more volume and include a whole bunch of tokens in the future.
yep, the Bitspark.io team is introducing ~100 new Smart Coins. All BTS needs is a better UI/UX, more liquidity and additional pairs to trade.
Which is exactly why BTS is an excellent gamble because all of those issues are easily corrected and just a matter of time.
UI/UX is something I'm getting familiar with. With enough time any good trader will pick things up. Lack of volume and coins is the biggest obstacle IMHO. So I'm very glad to hear that Bitspark.io team is introducing ~100 new Smart Coins. It would be amazing if I could do all my trading on BTS by the end of next year. (Poor Binance though. They have a great team. Too bad they are centralized.)
Too many people think BTS is only a dex for crypto....many dont understand yet that the main function of the dex and the smart coins is connecting the crypto world with the real world.
how does it connect with the real world? Fiat-to-crypto is always the difficult spot.
For mainly exchange purposes. It's just a DEX with super powers.
Great post! The scalability is key right now. I'm concerned with what happened with Bitcoin and Ethereum network congestion. Keep Steemit on your radar as well. Great platform as well.
Don't you believe that the regulators are going to fight back? After all they rule the world.
yeah, they'll try...but what they are able to do is yet to be seen.
I think they see the writing on the wall. Regulators will offer a regulated alternative and praise it as safer. But not sure how they can stop a decentralized network. Ask the motion picture association how their campaign against peer to peer file sharing went...
can i suggest a way to add a residual stream of income to that? make a course on skillshare that we can follow along. i'd love to get into bitshares but have no peer to gain knowledge from. is that something you could do? i could assist with how to use skillshare/udemy -- check out @teamvideo for 32 courses i already made for 3hrs+ of help for content creators coming to steemit.
I've often thought about creating courses, but haven't dedicated to the 200+ hours I feel like it will take to produce a great course. What do you think? What has been your experience?
sounds like perfectionism stopping you get started. personally i like to make, so i share what i know right now and i'll iterate forward making quality, content, knowledge better as i know it -- i respect the need to do something for lots of hours so it's common knowledge to you but i think we lose people who could have got the start with things they did not know, the journey towards perfection is admirable but also helping onboard and educate people to move away from systems that don't serve us at the speed of what they need to for a modern technological society means we have the ability to be peers in that space. i know my course is not great/fantastic and i'm ok with that. it's functional, it opens dialog and often people go on to be more detailed about something in their own blogs so i learn more. i guess over the years i've become less precious about what it means to me and would rather see all boats rise together.
it's not perfectionism (i dont think), it's that there's only so many hours in the day and I have other businesses and biz ops to evaluate before jumping in to a course creation project.
that's absolutely understandable. best of luck either way! :)
totally agree is not to difficult understand the system but im new with all that , do you think the banks and the governments go to try to stoped
i don't think that they can do too much. It's decentralized and outside of their legacy financial system.
the banks dont go to be happy the same of tax man , well that is for the reason im here , thanks for the info , really good post , i can follow you ??
sure :) You may also want to follow my podcast @libertyepodcast
Thanks follow
Ashe, could you advise us what percentage of cryptocurrencies we should be holding of our total financial assets at the moment. People are both afraid and excited regarding the volatility and worries about future centralised government legislation.
Can you please offer us some wise words about organising our finances.
Thanks in advance :-)
PS Settlement times are improving, how long before they match the speeds of traditional investment instruments ?
hey Nathen, thx for the comment.
I'm not a financial adviser and i'm not sure your financial circumstances, so I can't recommend a portfolio. That said, I mainly invest in DPoS coins now (Bitshares, Steem and EOS). The reason is that I understand the tech and I believe they have a great chance for longevity.
Bitshares can already match (and beat) the settlement speeds of major networks.
Thanks, It was just a general question aboutnwhether we should all totally weigh into crypto and as far away from traditional banking as we can now, or basically use a staged strategy.
The big press, in this case BBC are always warning people off crypto investment and one of the reasons they give is generally concerning volatility during long settlement times.
Thanks again , youre appreciated, and Im learning ! Cheers :-)
crypto is a growing market. I expect bullishness and large pullbacks in 2018.
thank your your post .
thank your your comment.
Kind of bummed about many of the major gates closing as of late. Needed to get some coin to another exchange to buy token not offered here but could not. I do feel as you do that BTS and openledger exchange could be great. Just not seeing it yet. Admittedly still lots to learn about how things work on platform.
Yeah, i just recenetly started diving in to the difference between Gates vs Bridges. Once Bitshares has an acceptable amt of liquidity...things could get serious.
yeahhhh !!!
happy to see you..
blessings
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