Post
Topic
Board Altcoin Discussion
Re: What 2.0 Currency will be the most successful?
by
sidhujag
on 06/10/2015, 22:55:19 UTC
While most other blockchains are settlement systems, bitshares also has capabilities of a processing system competing with nasdaq/visa without the need for microtx technologies which may help bitcoin to achieve these capabilities but aren't here yet without issues which I am sure you know of. So while bitshares gets network affect bitcoin will still be used as a settlement system until it catches up with new technology. DPOS seems to let you become a processor, albeit at first glance it seems like a tradeoff  has been taken between security/performance (satoshi chose the far end of the spectrum of security to be safe) however if you study the fact that DPOS isn't more centralized than mining pools today then we can conclude that bitshares safely acts as a settlement and processing system.

The premise of bitshares to be a DEX meant it had to act as a processor from the beginning because noone would accept 2 min delays to clear trades. This necessitated the need for some consensus like DPOS which allowed it to happen. As long as delegates can remain anonymous and latency is not an issue, transfer tx's are 300 bytes on avg (far smaller than bitcoins) then you can judge if its a technical innovation in blockchain technology or just vapourware yourself. If delegates can remain anon, then forceful regulation is avoided and keeps the dream of a decentralized settlement system alive, with the processing capabilities of visa/nasdaq to boot!

Even if regulation is a concern to authorities, bts has been designed to comply with laws so the corrupt regulators who want to shut down the system really have no choice and no angle to try to convince the public that regulation is required by forcefully targeting miners (delegates). This helps to remove the incentives for regulators and increases incentives to use a decentralized system as satoshi's dreamed for society (us) to do.

I'm not sure I got you. I was talking about the problem of sending very small amounts (fractions of US cent). Your post make me think that BTS doesn't support micropayments.

Ahh, i was thinking more like processing transactions and having them settle without the nuisance of waiting an hour. I've sent 0.01 bitUSD before no problems, im not sure how many decimal places it lets me use, if you ask on bitshares talk im sure someone can give you some bitusd to try it out.