Tonight Crypto Connie's guest is Stan Larimer, the Godfather of BitShares. @stan will answer your questions and also give the latest updates in the BitShares community.
It all starts at 10pm eastern tonight on Blue Rock Talk with Connie Willis
Ask anything you want, @stan is not a-scared!
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If BitShares themselves, the crypto, were to suffer a catastrophic fall of say 80-99% in a short period of time, for whatever reason, what would happen to those who're invested in the dollar-pegged instrument, as in that case the peg wouldn't even have bitshares themselves to back-up the peg. It seems BitShares' dollar-equivlanets tradables main problem is that of catastrophic risk, but no one talks about this.
another question: what the heck is OpenLedger, and why is it different from BitShares DEX? This has always been confusing, and frankly its one of the main reasons we go nowhere near that exchange.
The other, and bigger reason, is the extraction fee is HUMONGOUS. I dunno if BitShares thinks it's kinda hidden, but removing, say, Steem from BitShares draws a rather large, as a % of assets, charge as a withdrawal fee. Why is this so big? It sorta defeats the redeeming quality of crypto-currencies, if you end up paying insane fees just to remove your crypto. So we can see why BitShares offers the dollar-peg product, bc removing one's "cash" from it is so self-defeating, but it doesn't alleviate the desire to just not put any money IN BitShares, thus no fees.
So these are our questions for you to ask him on tonite's show, feel free to paraphrase them.
I'll try to answer some of your questions the way I understand it. Bitshares DEX (bitshares.org) is the core wallet and exchange of all assets native to bitshares (meaning the assets made within bitshares).
Openledger is one of the few businesses built on top of Bitshares' core software. It's like a white label or private label in a way. Anybody can do their own exchange using Bitshares, actually there's quite a few right now like Rudex, Cryptobridge, etc.
They all differ from the core in that they can act as an escrow or broker for us to deposit and withdraw assets not native to bitshares. Assets like bitcoin, ether, steem, etc.
Thus you might see a prefix on these assets like OPEN.BTC, OPEN. ETH, etc for all assets guaranteed by Openledger. The same goes with other exchanges built on top of Bitshares (RUDEX. BTC, BRIDGE. BTC, etc)
It might seem quite complex to people upon seeing something like this, but improvements are on the way to make it look less confusing and easy to use.
With regards to the 'extraction fee', I'm not so keen on how big it is compared to other exchanges but I've been trading on other exchanges and I think it's not that high. You can also get as much as 80% back on the fees once you become a lifetime member which costs approximately less than $160 right now.
Hope I answered some of your questions.
ok, this is the best explanation yet, of the gateway thing, but why would BitShares allow it? Wouldn't it just be MUCH easier to simply open up BitShares to other cryptos like Steem?
Also, bitcoin and ether aren't native to BitShares? What IS native if not those two?
We almost fear the solution more, bc will it just obfuscate some legal complications? There's a lot of counter-party risk in the world, and just making something simpler-looking doesn't remove the problem, it's just clouds it's visibility. If a product is good, can't it stand on its own for the most part without having clones like OpenLedger?
Again, on the withdrawal fee, it's not making it any more attractive to say "others are the same".
This is an inherent crypto-currency problem, which defies the very reasons people were first attracted to crypto-currencies. If this is becoming "standard", then crypto deserves the drubbing it's been getting. Everything that was promised, is not happening so far. Sure, Lightning Network and Segwit MIGHT solve some of the problems, but the MAIN problem to all of this, is that there's too many grubby fingers trying to make money and charging the maximum possible to exploit the trend.
We think this all ends badly, frankly.
But yes, we appreciate your candor and attempt at addressing these questions/problems.
But realistically, wake us up when the fees are per-transaction and thus withdrawal fees are zero, or when the withdrawal fee is reasonable. Even an annual fee would make more sense, upto say 2.5%. Altho we think that'd be highway robbery, given the 10 year T-bond pays only about 3% give or take 50 basis points.
these are pretty simple questions that bitshares documentation can answer
1 - about the peg, read about black swan and global settlement
2 - openledger is just a gateway for bitshares, same as rudex, criptobridge, etc . What this means is, its basically the same exchange, just a different ui and a gateway to withdraw non native assets (steem, eth, btc...)
3 - the withdraw fee (non native assets) is set by the gateways, not bitshares. Not sure if i understand this one, as the fee isnt very different from other exchanges
In other words, this crypto stuff isn't really living up to its byline: cheap, fast transactions. It sure seems like crypto is just another big industry to exploit people just like the one we already have (which is cheaper btw).
Also, were any of our questions posted to Dan Larimer? If so, we'll listen to the podcast.
Is Stan Larimer Dan Larimer's father?
Yes, he is the one and only! I hope you join us tonight. Ask Stan anything you want. He has the right to answer or not, lol. However, @stan always does his best!
https://www.youtube.com/c/BlueRockTalkwithConnieWillis
~ @bluerocktalk🖖
This one is going to be very juicy. I can already feel the emotions pouring out of @stan from here. We’ve got your back “Godfather”.
The Blue Rockers are here to absorb this negativity being projected forth and convert it into pure bliss that is postive light. Our questions will release answers of the deepest secrets in the cryptoverse.
woohoo always a great talk, although I have to catch it post airing. I love listening to you both!
I'm assuming that snake John Gotts will be the main subject of conversation.
You mean St. Gotts? 😝