Why doesn't Bitshares dominate Ethereum? by jbradford

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bitshares · @jbradford · May 15 '16

$0.72

Why doesn't Bitshares dominate Ethereum?

Smart Contracts on Bitshares

*"The BitShares platform itself is run and maintained by the BitShares community–an open consortium of individuals and organizations committed to providing universal access to the power of smart contracts."*

The above quote is the only place I see smart contracts mentioned on the Bitshares.org website page where it's found. 

But I remember hearing that Bitshares can run any Ethereum smart contract and run it faster. If that's true why are projects like The DAO choosing to use an inferior technology in Ethereum?

Wouldnt The DAO be better off running on the Bitshares blockchain since it is faster and has a decentralized exchange and apparently better security?

Should Bitshares perhaps start courting these smart contract projects like the one Nick Szabo is starting up? 

Why are they choosing to do their projects on Ethereum instead of Bitshares if Bitshares is faster and more secure? Am I missing something? It seems like a no brainer!

👍 benjojo, enable, tuck-fheman, boatymcboatface, clains, markopaasila, rimantas, pfunk10, jbradford, jakev, mldorton, nikolai, pstrident, methodise, ppitonak, josephcraig289, coinking, johndo, africa, officialfuzzy, germanaure, bue.twitter, begger, athen, rokusan
👎 trollshunter

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@dave-hughes · May 16 '16

It takes to long to work out whats going on and how to use it as a novice the price of shares or transactions and wondering where your hares are make it a bit of system to handle.

I have almost given up tryibg to work out how you can use the system to buy and sell at a proffit as the price to do a trade is exorbitant.

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@xeroc · May 17 '16

Price to trade in BitShares are *exorbitant*? Check out the fees [here](http://cryptofresh.com/fees?asset=USD):

> Limit order create: 0.00056 USD 	(or 0.00011 USD for Life Time Members)

👍 pfunk10

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@officialfuzzy · May 21 '16

so 1/100th of a penny is too much?

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@himalayanguru · May 21 '16

bottom line: Ethereum allows you to run a computer program inside the blockchain, bitshares doesn't. Needless to say, I own some bitshares for diversification purposes. I think the POS algorithm that bitshares uses will come to ethereum as well.

👍 himalayanguru

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@nikolai · May 15 '16

$22.80

The value proposition of Ethereum is that anyone can add new smart contract logic *without a hard fork blessed by token holders*. On one hand I want to criticize bitshares for this abuse of the term "smart contract", but on the other hand the word is so meaningless and diluted to begin with that it doesn't matter.

👍 summon, xeroc, tuck-fheman, anon, pfunk10, jbradford, ppitonak, himalayanguru, rokusan

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@nikolai · May 15 '16

$217.98

To follow up: true network effects come from emergent complexity - ethereum enables this on a much richer level because logic updates do not have to go through a centralized processing point.

👍 dantheman, rainman, summon, xeroc, tuck-fheman, anon, pfunk10, jbradford, geronimo

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@xeroc · May 15 '16

$22.80

Hard fork approval voting is as de-centralized as project funding voting in "the DAO" .. or am I missinterpreting the *centralized processing point* you are talking about?

Anyway, I agree that Ethereum is much much better for prototyping "smart contracts" (what ever that means).
What is left be be proven is that both Ethereum and BitShares can actually scale up for mass adoption with a slight advantage for BitShares as it does **not** process everyones' smart contract state, and input.

👍 summon, erath, tuck-fheman, pfunk10, jbradford, michaelx

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5 replies

@stan · Jul 17 '17 (edited)

$4.07

This is a classic apples-to-oranges comparison.  "Ethereum is a better fighter jet than BitShares because it has an olympic sized swimming pool." "BitShares is a better fighter jet than Ethereum because it **doesn't** carry around an olympic swimming pool."

Ethereum is good for prototyping.  BitShares is good for scaling once the prototype is proven worth having.  THEN you do the extra work to translate the smart contract into scalable form on BitShares.

But the bottom line is, all proven smart contracts will eventually move to BitShares if they want to scale.

BitShares will then upgrade to EOS technology, Ethereum probably won't.

👍 stan, michaelx, tracemayer, propagandalf

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@ben2d · Aug 17 '17

Thanks @stan. So if I believe in EOS technology and want to invest now am I better off owning BitShares or the EOS ERC20 tokens on Ethereum?

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