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Well, I like your idea, and I agree that sooner than later would be preferable, but I have to say I don't have much faith that the Bitshares community can reach consensus on such a move without pain as a motivator.

Question: Presuming BTS remains an island unto itself, and doesn't make any moves to pitch fork itself to a BEOS style chain, how soon do you think an alternative decentralized exchange will be up and functional on EOS, with a network effect and resulting volume sufficient enough to possibly compete with Bitshares?

Things are moving fast in blockchain world.
Bitshares has 1, maybe 2 years max.
Likely less.
If Bitshares community does not jump on-board, EOS train will leave without them.
EOS already has a simple exchange contract working, this contract can be developed further to include all current Bitshares functionality.
https://github.com/EOSIO/eos/tree/master/contracts/exchange

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