Before you think of buying back in to Bitshares (BTS)
Kraken recently opened their doors to trading again and is offering free trading for the rest of the month. Ask yourself, why would an exchange give its customers free trading. Are they really being generous, or is there something wrong with the platform or its liquidity and are they trying to buy time by having customers keep their funds on the exchange.
It seems that Bitshares is, big surprise, offering a big fat discount on a lifetime membership for trading fees. Liquidity fears getting a bit high? And remember, it's not a pyramid, it's just a geometric shape that has a structure that resembles a triangle, where you can be nearer the top if you just refer new customers! You even make money on the fees that they generate, isn't that neat! I'm sure you've seen more than a few people talking about the platform or the coin and offering up their referral link. It's not like they're trying to get new customers to keep the appearance of stable liquidity going for a bit longer so that they can keep their bitbucks pegged correctly, right?
If you take that in consideration with the following and can't draw your own conclusions then I'm not quite sure what other information I would need to give you in order for you to realize what I'm trying to say here.
This person really does some digging and is rather comprehensive, if you only read one this would be the one to at least skim
https://www.reddit.com/r/BitShares/comments/7r69lv/due_diligence_a_primer_by_example/
This is a bit shorter
https://steemkr.com/bitshares/@bitcoinsig/mogul-game-and-hero-scam-or-boon-due-diligence-is-key
Look at this drama on steemit
https://steemit.com/introduceyourself/@matttrainer/steemit-based-reality-game-announced-usd10-million-prize-pool
https://steemit.com/scam/@matttrainer/players-already-ineligible-for-the-usd15-million-prize-pool
Past scam discussion thread
https://bitcointalk.org/index.php?topic=466133.0
Seems like Arise doesn't like these questions being asked either
https://www.reddit.com/r/BitShares/comments/7qxjic/why_stan/
Seems you can't talk about this kind of stuff here
So I guess I'll just wait for this post to get flagged into oblivion. I hope my readers can be aware of what they're getting themselves into if they choose to continue trading BTS.
In short, do thorough research on anything before you make any solid decisions that relate to your finances. Be safe out there. Too bad real USD equivalents that are backed by solid banking are in short supply, a real alternative to the Tether would be a game-changer.
None of this is financial advice and I'm not a financial advisor. Past performance doesn't guarantee future returns. Do your own due diligence and research. Don't blame me if you lose money and don't thank me when you make money. Thanks for reading, I hope this was of some help in explaining things.
I think the AriseBank is a scam but the BitShares DEX seems pretty legit, there’s millions being traded everyday.
The platform is certainly cool but banking is kind of necessary for fiat derivatives to work properly.