Really great question and I'm glad you brought it up..i have mixed feelings about it...i thought it was a genius idea..their website was designed very well, and the services they were going to offer were very compelling...it wasn't too sophisticated, meaning all they were going to offer was a decentralized bank account, holding all of your assets and then offering an app on your phone or computer to use your coins...also some ATM's across the country to pull funds as well..all without a centralized and scumbag bank watching you and charging you exorbitant fees...the mistake they made, was 2 things...they flaunted the fact that they were buying a 100 year old bank, which it wasn't, it was a bank holding company...also they chose to have Jared the spokesperson which was a bad idea...i read somewhere that he served 5 years for felony robbery...that's private information but i read that he did not disclose this when he should have with regards to the ICO launch..so when you put those 2 pieces together, it wasn't a good thing and i think Stan should have done his homework...but you know what, if Jared was out of the picture, the Feds wouldn't of had any ammunition to shut it down and it would have made it harder for them to do because technically it wasn't a bank..it was a software program to help facilitate cryptocurrency transactions and store assets...it was really unfortunate..because I was totally on board..i would have used their services because it was all in one..a bank account, debit card linking hundreds of coins and ATM access...hopefully they will win in court and it will continue to flourish...either way, Bitshares is still a behemoth...why do you think Weiss Ratings graded them in the top 3...keep in mind, many Hedge Funds and VC firms use Weiss Ratings to help their due dillegince when investing in companies that will whether the storms...Bitshares is already earning revenue, and every time i look, a new company is moving over to their blockchain..i don't think many people realize that they aren't just an exchange, and have many businesses using their services to run their business...payment processing, other exchanges, logistics, payroll..you name it..I hope in the future they will have a resource everyone can go to in order to see all the businesses that are using the Bitshares ecosystem so they can get the big picture..there is limited information online which i think hurts them..if anyone knows any resources i may have missed, please let me know...so i think they will still do well in the future...sorry for the long rant
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Great post Shawn which Sums up nicely where AriseBank went wrong. I too thought it was going to be great and would have opened an account. Maybe Stan will try to integrate something with Bitshares. I also agree we need to get the word out about Bitshares as most people simply have never heard of them. My worry would be that they would loose first mover advantage with the like of EOSFininx since most people have heard of bitfinix so their new DEX would be instantly popular.
I think More people joining Bitshares would add much needed volume, and build traction. I just don't get why Bitshares is so undervalued. So many cryptos moon on pure speculation, whereas Bitshares has a fully working model already !
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Great points friend...one thing i thought i would mention as an early investor is that the volume on the bitshares DEX is way way higher than when i first created an account and i've seen a lot more people talking about it online...BTW, KimchiKing is a great ambassador to Bitshares..i believe he lives in Germany but he brought to my attention the fact that we can also use BitCYN for even better liquidity...if you click on the BitCYN tab instead of the BitUSD the volume on this sucker surpasses the USD pairs...this is because many of the companies that are doing remittance on the DEX are in southeast asia..and i was told that many Chinese investors moved over after the ban to soak up some of the liquidity and invest as well...the CYN is very stable like the USD and it's still backed 1:1 with 200% collateral...so i started trading this area...just keep in mind in your calculations when deciding how much to invest that 6 CYN equals one dollar..just use a converter online...hope this helps friend...im trying to get the word out commenting on tons of tweets on twitter when people are asking about DE's and Tether concerns...cheers
thanks for the heads up Shawn. I didnt realise CYN had way more volume, and had never thought of trading with it. Will defintely look at it. I still do not get why the platform is still so undervalued, especially if it has so much business now in SEA.
Bat...i remembered this conversation and thought i would mention the new gateways OpenLedger just announced...they now offer NEO GAS ZCASH RISE and many others and on the BTS tab the volume is massively more than Bitshares...this doesn't mean Bitshares isn't worthy...i want to make that clear..they have some huge partnerships already announced and will have more this year..plus Bitshares still inherits usage since OpenLedger uses the Graphite /Bithsares blockchain...but this announcement is going to really bump up the volume which we need on the DEX...try and tell everyone you know or post twitter and youtube comments trying to get the word out because not a lot of people realize this...cheers freind