BitShares

Typical of BitShares/Steemit: all the insiders make the money. It's a permissionsless pyramid scheme, the scientology of crypto. The higher you are on the ladder, influential, and the more familiar with obfuscated incentive patterns, the more rent you can covertly extract.

The high degree of collateralisation and attendant risks participation in the BTSX ecosystem requires means that returns have to be astronomically high to justify such participation, levels of returns really only seen in very limited circumstances. I’m forced to conclude that the only way BitShares makes sense is in the context of asset price speculation on the BitShares themselves.

Everyone with a brain saw the dynamics of DPoS and understood this would occur. We now have lots of good evidence from Steem, Lisk, Bitshares. DPoS is not a new form of governance, but a very old one – a feudal protection racket.

BTS offers much more than just a cryptocurrency, but has essentially collapsed under its own weight of complexity and lack of compelling use cases. BTS has lost much of its smart contract market share to Ethereum.