On Wednesday, Oktober 4th 2017, a major crypto-currency exchange has announced to de-list BitShares for, to many surprisingly undisclosed reasons, followed by a significant amount of speculation about the reasoning and motivation behind this move and consequently, fear, uncertainty and doubt. A few aspects of what might have been seen as root causes need to be addressed:
Flawed Blockchain Code
Arguments have been maid that the BitShares blockchain is instable and comes to a halt on a regular basis. These claimes are unfounded. In the years of operation, the BitShares blockchain has had only two major consensus issues where the block production has been halted for only few hours in total. At no point in time were funds at risk.
However, they also represent a security risk for your funds. While some exchanges are better guarded than others, hacks are not an uncommon event in the cryptocurrency scene, and some like the recent Bitfinex hack have led thousands of users losing their savings. Some exchanges are simply incompetent or malicious, practicing fractional reserve systems that can either lead to a voluntary elimination of the excess instruments (Mt. Gox hack from June 2011), bankruptcy (the demise of mybitcoin) or a new investor bailout.
After having clarified this, further investigations with undisclosed parties resulted in statements of blockchain nodes losing connection to the P2P network and consequent loss of synchronization with the rest of the network. The root cause of this has been identified and a (non-consensus) patch is been worked on. The core developers have not been made aware of this issue by any affected parties and never experienced this rather rare event themeselves. Eitherway, the BitShares core backend code will be improved from the helfpul information and the excellent support of our decentralized development team.
What Is Bitshares? Should You Buy?
Nevertheless, we need to exchange our currencies. There are certain items and services that we cannot buy with Bitcoin (yet) and in order to acquire Bitcoin or cryptocurrencies, most people have to exchange it for a national currency. Furthermore, some cryptocurrencies like Ether or Bitshares have special features or tools that are not present in Bitcoin.
It is designed for general informational purposes only, as a guide to certain of the conceptual considerations associated with the narrow issues it addresses. You should seek advice from your own counsel, who is familiar with the particular facts and circumstances of what you intend and can give you tailored advice.
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It was announced late this week that BitShares (BTS) transactions have been opened up on China-based crypto exchange CHBTC. The company listed BitShares on 18:00 on June 8th and the following day at 12:00 on June 9th officially opened web client transactions, with mobile app integration will be coming in the near future.
BitShares is a blockchain of financial services and development platform, the system has built-in transfer, exchange, asset management, information transmission, information display, advanced multi-signature, feed input (collection of other system information ) and other underlying functions.
The BitShares platform provides a global trading network, with the decentralized exchange able to process 100,000 transactions per second. 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.
BitShares is open-source software based on blockchain technology as used by Bitcoin. Unlike bitcoins, which do not produce any income for their owners, BitShares can be used to launch Decentralized Autonomous Companies (DACs) which issue shares, produce profits and distribute profits to shareholders.
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