Thanks for the reply, the more I read about BTS and Steemit, the more impressed I am. I have long heard that Steemit is "just a blogging" platform and has no future as an investment or cryptocurrency per se. However I think it is a GIANT from all I have been hearing. The fact that BTS and Steem perform more transactions in a day than BTC and ETH combined is astonishing, and makes me wonder why more people are not screaming this from the rooftops?!! I will read more about DPOS and DAG. The only thing I find troubling about EOS is the mystery company behind such a powerful project, and that he is not in control of the project entirely (his own words).
Me too, I think the DPOS format currently in use on Steem and BItshares is the best solution we have at the moment for scalability, user experience and governance. DAG technologies like IOTA do arguably promise more in the future, but they are unproven and only theoretical at this point. I, for one, am quite skeptical as to whether IOTA will be able to live up to its promise, and I am very unimpressed by the behaviour of the devs and team.
Byteball is a DAG project that looks very promising, and has arguably better tech even than IOTA and a much more sane team.
I have a feeling that the DAG project that will win in the end is yet to be born though, but when a really good one comes out, I'm going to be backing it strongly.
The problem with OpenLedger and Bitshares, will occur when there's a lopsided movement OUT of crypto. All the pegs will fail at that point, and the people who think they own virtual dollars or virtual yuan currency will in fact own nothing but a dying BitShares crypto-currency.
This is what they mean when they say "all but extreme circumstances" in their literature.
Tread carefully.
Lastly, simplicity usually wins. Steem has Steem, Steempower, Steempower Delegation, Steemdollars and SBD savings accounts. This is VERY complicated and cumbersome, and OpenLedger is even MORE complicated.
That is very interesting. We are seeing that peg fail right now with SBD, although to the upside. Personally I'm not too worried about this, since I don't own any BTS, and I'm holding my Steem as Steem Power. Whatever happens to the Steem price I don't really care, I'm fully prepared for it to crash even 90%. That's after it goes to $100 though... 😎
Steem actually got WAY more interesting after they stopped "printing" 100% inflation back in December 2016-- that happened right? (what we read anyway)
SBD was most likely just "rigged" by a Korean-based trading pool. It's easily riggable bc it has a small amt of coins which mostly are tied-up in steem accounts-- especially steem accounts which are inactive but still holding steemdollars. SBD could be rigged higher, as attention begets attention, but the safest move is probably to sell SBD in exchange for Steem since many fellow Steemians will be unloading their SBD to these tradesters who really don't even know what they are buying.
We're moreso recommending caution with OpenLedger and it's virtual instruments. If perhaps they get a LOT of volume, that would certainly make it more safe as it would provide liquidity, but a mass-exit-event out of crypto probably causes a LOT of problems not even good near-term liquidity can solve. That's all we're saying. For short time periods and small amounts of money-- OpenLedger away!
Our newest find with OpenLedger is how unfriendly it is for small amounts bc of how much they charge for withdrawals. It's egregious, no? We noticed something like 10-20% charge for removing say 10 steem from the exchange back to Steem wallet. That's nuts. Now maybe that goes down with more steem deposited-removed, but we think they're being VERY hidden about their fees, in that its so easy to DEPOSIT money into OpenLedger, and so pricey to get OUT.
Same with Coinbase too, right? They make it pricey for the small guy to get OUT, but they don't tell you that going into it.
Yes, I meant Dan Larimer's projects, using DPOS.
Thanks for the reply, the more I read about BTS and Steemit, the more impressed I am. I have long heard that Steemit is "just a blogging" platform and has no future as an investment or cryptocurrency per se. However I think it is a GIANT from all I have been hearing. The fact that BTS and Steem perform more transactions in a day than BTC and ETH combined is astonishing, and makes me wonder why more people are not screaming this from the rooftops?!! I will read more about DPOS and DAG. The only thing I find troubling about EOS is the mystery company behind such a powerful project, and that he is not in control of the project entirely (his own words).
Me too, I think the DPOS format currently in use on Steem and BItshares is the best solution we have at the moment for scalability, user experience and governance. DAG technologies like IOTA do arguably promise more in the future, but they are unproven and only theoretical at this point. I, for one, am quite skeptical as to whether IOTA will be able to live up to its promise, and I am very unimpressed by the behaviour of the devs and team.
Byteball is a DAG project that looks very promising, and has arguably better tech even than IOTA and a much more sane team.
I have a feeling that the DAG project that will win in the end is yet to be born though, but when a really good one comes out, I'm going to be backing it strongly.
What is a DAG?? Decentralized something?
The problem with OpenLedger and Bitshares, will occur when there's a lopsided movement OUT of crypto. All the pegs will fail at that point, and the people who think they own virtual dollars or virtual yuan currency will in fact own nothing but a dying BitShares crypto-currency.
This is what they mean when they say "all but extreme circumstances" in their literature.
Tread carefully.
Lastly, simplicity usually wins. Steem has Steem, Steempower, Steempower Delegation, Steemdollars and SBD savings accounts. This is VERY complicated and cumbersome, and OpenLedger is even MORE complicated.
That is very interesting. We are seeing that peg fail right now with SBD, although to the upside. Personally I'm not too worried about this, since I don't own any BTS, and I'm holding my Steem as Steem Power. Whatever happens to the Steem price I don't really care, I'm fully prepared for it to crash even 90%. That's after it goes to $100 though... 😎
Steem actually got WAY more interesting after they stopped "printing" 100% inflation back in December 2016-- that happened right? (what we read anyway)
SBD was most likely just "rigged" by a Korean-based trading pool. It's easily riggable bc it has a small amt of coins which mostly are tied-up in steem accounts-- especially steem accounts which are inactive but still holding steemdollars. SBD could be rigged higher, as attention begets attention, but the safest move is probably to sell SBD in exchange for Steem since many fellow Steemians will be unloading their SBD to these tradesters who really don't even know what they are buying.
We're moreso recommending caution with OpenLedger and it's virtual instruments. If perhaps they get a LOT of volume, that would certainly make it more safe as it would provide liquidity, but a mass-exit-event out of crypto probably causes a LOT of problems not even good near-term liquidity can solve. That's all we're saying. For short time periods and small amounts of money-- OpenLedger away!
Our newest find with OpenLedger is how unfriendly it is for small amounts bc of how much they charge for withdrawals. It's egregious, no? We noticed something like 10-20% charge for removing say 10 steem from the exchange back to Steem wallet. That's nuts. Now maybe that goes down with more steem deposited-removed, but we think they're being VERY hidden about their fees, in that its so easy to DEPOSIT money into OpenLedger, and so pricey to get OUT.
Same with Coinbase too, right? They make it pricey for the small guy to get OUT, but they don't tell you that going into it.
if you've found differently, please advise!
NEM: (in case you didn't look at your Ripple article where we posted same link)
https://steemit.com/cryptocurrency/@harpooninvestor/bitlicense-new-york-state-s-typical-business-as-usual-crony-capitalism-ripple-xem-nem