hellow, Bitshares community. I need help please.
I have been reading about bitshares for a while now, because I intend to invest in it. I like the technology very much, but what I don't understand is:
1- Why is the volume on DEX is still too low after all this time? Shouldn't the volume have picked up by now ?
2 - What are the plans to attract adoption of the DEX ?
3 - Where can I track the adoption? Is there a page displaying statistics about that ?
Please help me understand this, or guide me in the right direction.
Purely a lack of marketing. The Bitshares devs are mostly technical and there is no business development, industry partnerships, PR etc. This is why Bitshares is by far the best crypto tech in the world (alongside STEEM and soon EOS) but has such a small market share. Bitshares currently does more transactions per day than Bitcoin and Ether combined. No joke. It can do over 10,000 TPS with 3 second confirmations. That is why @stan just announced a plan to fork Bitcoin over to the Bitshares chain. Seriously!
We hope to see a drastic increase in adoption over the next 12 months as the HERO contest kicks over (see @stan), the new Bitcoin on Bitshares fork kicks in and migrating to EOS when the chain goes live.
Bitshares will rise to top 5 on CMC in the next 12 months. :)
Thank you @johnsmith.
From what I have read, bitshares offers two main services:
1- a platform to create coins. and 2- a decentralized exchange.
And neither has any significant volume! The DEX is currently #368 in terms of bitcoin trading volume! That cannot be good.
It is not enough to have a good dev team and a great technology. You need adoption. The problem with exchanges is that if you don't have volume it is NOT usable. period. What is the point of having a good platform, when you can not use it?
So, adoption (and hence volume) is king in this sector, and for that, you need an equal amount of effort in business development and marketing. I have seen much smaller projects doing much better in terms of marketing their project. I think that Ignoring this side with the excuse of concentrating on technical development is a stratigical mistake.
In Steemit, the witnesses and the community are doing a great job in marketing steem. That is why it is booming. It will soon be a real competitor in the social media sector. And the fact that you would get paid in steemit is atractive by itself.
What about bitshares ?
I have checked @stan's blog. He is doing a great job, but it seemed to be an individual effort. Its effect would probably be minimal. We need much more than that. We need a marketing strategy and an experienced team applying it.
Is there such a strategy? IS there such a team?
I WANT this platform to work, I love the concept and don't want to be a naysayer, but I have to admit I was not actually able to utilize some of the features of the platform successfully. That makes it pretty hard to keep my money in it.
Thank you @pinko for the reply.
I have tried the platform myself too. Unfortunately, I faced similar problems. I have even faced problems transferring my bitshares out of the wallet.
The system had so many errors and it was too slow.
So, maybe the reason for low adoption is because it does not work yet in addition to low marketing that @johnsmith mentioned. That would really make me sad because I love steem and its siblings.
I wish if some of the insiders would explain more to us.
I would go further and say the platform isn't even very good beyond the low volume. After a dip in BTS today I decided to try my hand at shorting bitUSD (just to see if I could, the low volume makes margin calls highly likely after a while). I got nothing but error messages and issues, never managed to make it work.
I agree, in addition, the platform lacks bitETH and ability to trade bitETH vs bitUSD and vs bitBTC and vs ETH. What does it take to create bitETH on that platform ? Not much. But it's not done and this is the problem with BTS DEX - many good things that are just not finished. I wish somebody took care of all these easy to fix problems/features. Until then people are forced to use centralized exchanges. I would love to trade bitETH vs bitUSD on BTS DEX, but as of right now I can't. I think this is very stupid of BTS community to have everything ready except few inexpensive final touches that keep it from adoption. Adoption WILL NOT happen if there are no popular trading pairs like one can find on major exchanges.
So I think the more interesting question to answer is why BTS community is so stupid ? Don't they understand that if they make major pairs then volume of usable of BTS will go up so as it's price, because it will become medium of exchange and traders would not care about it's price because they buy and sell it in short term. I believe that BTC has such a high price for such a poor technology only because it became medium of exchange, everybody go through BTC to convert between fiat and alt coins, just like everybody uses USD to convert oil to gold. So BTS super cool technology and potential is not enough, it needs to be used as medium of exchange. And currently BTS DEX does not provide exchange possibilities for that to happen. So don't blame lack of adoption or advertisement, blame unfinished software and whoever is responsible for it.
I don't understand why would OpenLedger not put big buy and sell walls with 5% spread between bitUSD and USDT and bitBTC and BTC. That would allow big traders to enter and exit the DEX easily. Otherwise you are waiting for someone to trust OpenLedger and keep significant amounts with OpenLedger counter party risk. That is not different than keeping it on exchanges. Even keeping buy wall in bitUSD is not safe because OpenLedger can always dump USDT at any price, get bitUSD and then disappear with both bitUSD and sold USDT.
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