The history of bitshare(BTS)

Are you one of bitshare (BTS) coin holder
you should know the history of it
bitshare is one of the coin with many fans
and have bright future

here are some article i have gathered

On the second day of June 2013, a rogue entrepreneur named Dan “Bytemaster” Larimer was struck on the head by a proverbial migrating coconut. When he regained consciousness, he realized that he had invented bit-USD, the key insight that makes BitShares possible. Before sundown he had reworked his original BitShares whitepaper and published the whole new concept at bitcointalk.org:

BitShares
EDIT I have posted a white-paper explaining this process here: http://the-iland.net/static/downloads/BitSharesWhitePaper.pdf
I will payout a 0.5 BTC bounty each time someone finds an 'attack' on this block-chain algorithm that results in me creating a custom rule to address.
Imagine you wanted to open up a new exchange that did not accept USD deposits but still allowed people to trade USD vs Bitcoin. How would it work?
First I would have them deposit Bitcoin. I would let them 'short' dollars by selling them into the market provided the result of executing the trade
would leave their account with - 1 USD and 2 * Exchange Rate BTC. I would then force them to 'cover' once 2* Exchange Rate == 1.5 USD. We can then be sure that they will never be able to walk away with a negative USD balance unless the exchange rate fell "instantly" by over 50% and even then the losses would be limited.
I would then allow users to 'transfer' USD balances between eachother provided any negative balance maintained sufficient collateral. This means that someone could exchange paper-USD outside the exchange and receive a positive USD balance inside the exchange. For this to work someone has over 1.5x the collateral posted backing that USD.
Then at the end of the day I would allow them to withdraw only via Bitcoin.
The net-result would be an exchange with no ties to the traditional banking system, yet still minimal risk to those who participate. All prices
would have to be honest or someone will lose their collateral. It is a kind of Nash Equilibrium backing all exchanges.
I would charge transaction fees and use those fees to pay interest to those with net margin in excess of 1.5x. I would also charge a one time fee
for short selling that would be paid as interest to the holders of USD. You could only short-sell when there are no longs selling and everyone must compete to win the short position with the highest fee winning.
This would be a VERY traditional margin-based exchange supporting short-selling. The cool thing about such an exchange is that all of the 'rules' could easily be encoded into a Blockchain and require no 'outside parties' to manage the exchange.
As a result this new structure solves all of the pricing issues with BitShares. Market participants would all understand that their $USD balances are all backed by collateral and relatively safe. There is risk involved if the price swings too quickly (USD going up, Bitcoin/Shares going down) and it would have the effect of generating 'short squeezes' that would tend to keep prices in equilibrium with less volatility.
So the question becomes, would you use an exchange based upon these principles? What if it was entirely encoded into a blockchain?

Over the next five weeks, Bytemaster engaged in a series of vigorous forum discussions defending and refining the concept. There he met Charles Hoskinson who helped to vet the idea and develop a business plan. Charles presented the plan to Li Xiaolai in China who agreed to fund the development. On American Independence Day, the Fourth of July 2013, Invictus Innovations was incorporated in the state of Virginia.

read the full story here

http://docs.bitshares.org/bitshares/history.html