What has happened in BitShares?
I was once heavily involved with BitShares. It was an interesting time trading, and working with a unique worker team to create the DexBot -a trading and market making bot on the BitShares platform.
There have been some major changes in the past year. I would like to summarize a few of the changes that have happened within the BitShares community from a fairly neutral way or at least my perspective.
As the crypto winter hit, spring 2019, trading and liquidity dried up. Usage fell. This caused BitUSD and BitCNY to both go into Global Settlement. Fake Pegs were set.
Near the end of 2019, CryptoBridge and OpenLedger, the two biggest gateways failed. (This is a straight up business failure or an exit scam.)
Instead of having power spread out among about a dozen proxies, Various political parties started to develop in the BitShares EcoSystem. BEOS was the first. CN-Vote was the second, Developers were are the third.
BEOS was a group led by Stan to bring in a new platform and regain power in BitShares, CN-Vote was a Chinese group which held a lot power and bad debt by issuing BitCNY. Developers were just that, making the code happen.
Cn-Vote cut off almost all paid development in Fall 2019; saying it was too expensive.
In July 2020, Abit a developer, put in a new 4.0 version of BitShares that changed voting rights. It was widely claimed to be a trojan, with both sides fighting intensely.
The longest running telegram channel was censored and then destroyed.
CN-Vote is now suggesting a fork NBS New BitShares to take place Sept 10, 2020.
Every one of these statements is incomplete and do not offer an accurate picture of the complexities of the situation, because it can not be done in a concise way.
With the 4.0 upgrade, one can argue a developer -abit- did a Robin Hood move, to make critical changes necessary to move forward. He gave power back to the people as a large group of underwater holders were in a subprime financial crisis situation where their holding of unbacked assets gave them voting rights disproportionate to their interests. They were effectively stealing from holders of bit assets. Large portion of votes have also been cast and abandoned, giving non-active groups power, which hurts the ability of now active groups to get needed workers and development done. Because public discussion has not been working; he addressed long standing problems with long standing solutions implementing changes everyone knew needed to be down, but no one wanted to do.
On the other side, it can be viewed that Abit stole power and money from the stakeholders who are critical to BitShares an are invested in the outcome of the blockchain. He stole the whole blockchain. His code was a trojan, snuck in, in a last ditch attempt to continue to milk the blockchain of overly expensive development fees that he does not have political support for. He stole the blockchain, abused trust and has opened the door to continued future mischief.
Why can't they just work it out?
Like a bar fight, both sides have gone into an all out brawl. This can include deleting various messages in Telegram. Deleting telegram rooms (if we can't have a fair room I will delete it). Did I mention name calling? Both sides have done mean things. Both sides are in the wrong, but in different ways. Measuring the extent of which one is more wrong, what was a necessary wrong, and really happened verses what allegedly happened is "complicated." Which wrongs can you do to justify what is right? Censoring the other side in a discussion is one way to appear bigger, more popular, better, more in the right and build a consensus behind you.
What is the future?
Honestly, this type of behaviour is why I have lost a lot of faith in Crypto. I am emotionally 98% out the door. Lots of other people are too based on active user data. I am spending time in non crypto related activities. I may be back.
What should you do?
Get a bird feeder or watch cat videos... They are happy.
Well I don't really like the options presented. That said, I think the 4.0 (abit) route going forward seems like the lowest risk. CN-Vote forking could be great as two BitShares might be better than one. That said, I have little faith that CN-Vote is going to be able build anything. They had 9 months in control and could have put together an amazing cheap core team of Chinese programers building out new BitShares features; but it didn't happen. Forking is easy. I expect the NewBitShares to be pumped and dumped and then failing. They will probably come back to BitShares and keep fighting. BEOS might be the biggest winner in the fight, because the other two sides have used up ammunition.
It can be really hard to go into the 6 way Syrian Civil war and say "Who is right." It is difficult going into every Africian Civil war when bad people are fighting bad people and saying who is right. In almost all situations there are a lot of involved people who suffer when wars go on.
On a positive note, many times out of the forest fire comes new growth. When poop is buried long enough, it becomes new flowers. Dead projects, can rise from the ashes and become great again. I would like to see that happen.