RE: BitShares SmartCoins - the SCAM continues
IMHO your title is a tad too sensational. It's not the smartcoins
per se that are scammy it's rather the way the committee deals with
committee-owned smartcoins.
Smartcoins created by individuals (so called privatized smartcoins) are
not affected and the committee can't tune it's parameters but the
issuer.
Furhter I believe that there is something in between "scam" and "fine
funing of an experiment".
As for your conclusions ... recall that STEEM is still in beta
(whatever that means) and that the peg can still be changed if the
witnesses approve it more quickly than shareholders can vote them down.
Whether the 7 day window was a good decision or a reduction to 3 days
would make sense is a topic that needs to be discussed still. BTW, there
is an issue on github that proposes a force settlement for SBD if the
debt grows to high. So you are not safe from potential changes in Steem
either.
Well, that quite debunked the assumptions...
I believe the word SCAM is appropriate because SmartCoins continue to be advertised with the settlement guarantee, which is no longer in place for bitCNY, and will soon cease to exist for bitUSD (and most likely others).
The attitude of the committee (including your label "fine tuning of an experiment") show complete lack of respect for other people's property. IMO that's catastrophic for a blockchain that ultimately tries to sell trust.
All market pegged assets (aka SmartCoins or MPA) in BitShares are affected by the underlying problem, i. e. the issuer can modify crucial parameters after the fact. In that regard, MPAs created by individuals are even more vulnerable, in the sense that committee-owner assets cannot be modified at the whim of an individual.