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Offline Gentso1

User issued asset how much btsx backing does it take.
« on: October 14, 2014, 08:57:58 PM »

User issued assets are backed by btsx, this I understand. If a company has a goal of raising 150K and want's to issue this token on bitsharesx how much btsx do they need to back it?

Offline xeroc

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Re: User issued asset how much btsx backing does it take.
« Reply #1 on: October 14, 2014, 09:02:23 PM »
User issued assets are backed by btsx, this I understand. If a company has a goal of raising 150K and want's to issue this token on bitsharesx how much btsx do they need to back it?

you have TWO kinds of assets on the bitshares blockchain ..

* user-issued assets: are basically the same as in NXT and counterparty .. the issuer creates them (current cost approx. 7k$) .. creator can issue shares and sell them at the exchange. theses assets are not backed by ANYTHING!

* market-pegged assets have zero initial supply and the issuer cannot "issue" shares ... but shares can be shorted (if there is are enough initial price feeds) ... this assets are backed by BTSX (collateral)

questions answered?
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Offline davidpbrown

Re: User issued asset how much btsx backing does it take.
« Reply #2 on: October 14, 2014, 09:05:54 PM »
I don't know but it will be interesting for this to be more obvious rather than just approx.

Just to note: Coinprism yesterday suggested $5,700 for BitShares, $40 for NXT, and $1.73 for Counterparty, while promoting the idea of "creating an asset on Coinprism costs just a Bitcoin transaction fee (3 cents, or even free if you want, as they are optional)" but I don't know, if that is accurate or much of the substantial difference between those platforms.
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Offline Gentso1

Re: User issued asset how much btsx backing does it take.
« Reply #3 on: October 14, 2014, 09:09:14 PM »
User issued assets are backed by btsx, this I understand. If a company has a goal of raising 150K and want's to issue this token on bitsharesx how much btsx do they need to back it?

you have TWO kinds of assets on the bitshares blockchain ..

* user-issued assets: are basically the same as in NXT and counterparty .. the issuer creates them (current cost approx. 7k$) .. creator can issue shares and sell them at the exchange. theses assets are not backed by ANYTHING!

* market-pegged assets have zero initial supply and the issuer cannot "issue" shares ... but shares can be shorted (if there is are enough initial price feeds) ... this assets are backed by BTSX (collateral)

questions answered?
yes thank you.

Offline xeroc

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Re: User issued asset how much btsx backing does it take.
« Reply #4 on: October 14, 2014, 09:10:18 PM »
I don't know but it will be interesting for this to be more obvious rather than
just approx.

Quote
(wallet closed) >>> config
{
  "blockchain_id": "75c11a81b7670bbaa721cc603eadb2313756f94a3bcbb9928e9101432701ac5f",
  "symbol": "BTSX",
  "name": "BitShares X",
  "version": 109,
  "db_version": 145,
  "genesis_timestamp": "2014-07-19T00:00:00",
  "block_interval": 10,
  "max_block_size": 51200,
  "max_blockchain_size": 107374182400,
  "address_prefix": "BTSX",
  "inactivity_fee_apr": "0.00010 BTSX",
  "relay_fee": "0.10000 BTSX",
  "delegate_num": 101,
  "delegate_reg_fee": "14.01911 BTSX",
  "name_size_max": 63,
  "memo_size_max": 19,
  "data_size_max": 65536,
  "symbol_size_max": 5,
  "symbol_size_min": 3,
  "asset_reg_fee": "237,876.30720 BTSX",
  "asset_shares_max": 1000000000000000,
  "max_pending_queue_size": 10,
  "max_trx_per_second": 1,
  "min_block_fee": "0.00000 BTSX"
}
From the BTSX you need to calculate your btc/USD or whatever price your self :)

Quote
Just to note:
Coinprism
yesterday suggested $5,700 for BitShares, $40 for NXT, and $1.73 for
Counterparty, while promoting the idea of "creating an asset on Coinprism costs
just a Bitcoin transaction fee (3 cents, or even free if you want, as they are
optional)" but I don't know, if that is accurate or much of the
substantial difference between those platforms.
Ehm, actually BTSX is the flagship product for the bitshares ecosystem and the
community and the devs just don't want spam in the assets list.

There is, however, a different DAC in discussions (BitShares ME), that sole
purpose is to have plenty of (cheap) assets!
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Offline Gentso1

Re: User issued asset how much btsx backing does it take.
« Reply #5 on: October 14, 2014, 11:59:40 PM »
I hate to say it but I am going to suggest to the guy that he issues his token on nxt. I am however going to suggest he implement bitusd as a payment option for his service so its not all bad :)

Offline xeroc

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Re: User issued asset how much btsx backing does it take.
« Reply #6 on: October 15, 2014, 07:44:26 AM »
I hate to say it but I am going to suggest to the guy that he issues his token on nxt. I am however going to suggest he implement bitusd as a payment option for his service so its not all bad :)
NXT assets are FAR cheaper at the moment .. and that decision is completely understandable ..
however, integration with bitUSD is far more easy in btsx as it is in NXT .. not sure how your friend can accept bitUSD for assets in NXT .. (in a decentralized, trustless manner)
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Offline cube

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Re: User issued asset how much btsx backing does it take.
« Reply #7 on: October 15, 2014, 11:04:43 AM »
I don't know but it will be interesting for this to be more obvious rather than just approx.

Just to note: Coinprism yesterday suggested $5,700 for BitShares, $40 for NXT, and $1.73 for Counterparty, while promoting the idea of "creating an asset on Coinprism costs just a Bitcoin transaction fee (3 cents, or even free if you want, as they are optional)" but I don't know, if that is accurate or much of the substantial difference between those platforms.

Coinprism is issuing colored coins while counterparty user-issued asset.  What are the main differences, besides the issue fees?
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Offline davidpbrown

Re: User issued asset how much btsx backing does it take.
« Reply #8 on: October 15, 2014, 01:35:54 PM »
Coinprism is issuing colored coins while counterparty user-issued asset.  What are the main differences, besides the issue fees?

I don't know but my impression is that colored coins might be a option for those who want to go it alone.. if I was a car manufacturer wanting car doors and engines to know their owner, then I'd opt for that. CounterParty comes with an environment and useable portal to users buying and selling coins like assets.
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Offline Gentso1

Re: User issued asset how much btsx backing does it take.
« Reply #9 on: October 15, 2014, 03:52:51 PM »
I hate to say it but I am going to suggest to the guy that he issues his token on nxt. I am however going to suggest he implement bitusd as a payment option for his service so its not all bad :)
NXT assets are FAR cheaper at the moment .. and that decision is completely understandable ..
however, integration with bitUSD is far more easy in btsx as it is in NXT .. not sure how your friend can accept bitUSD for assets in NXT .. (in a decentralized, trustless manner)
The tokens will represent shares in a registered company giving each owner a stake in a business that is all ready running.

bitUSD will be used to buy the product along with a variety or other alt's. We are working with a developer who is going to spearhead this effort.

Right now I am in the works of writing up a prospectus for the company that will briefly and easily explain the business model and how funds will be used.  When I get something up I will post it here along with many of the other communities.

Our belief is that any integration of crypto and business is a good thing. With this is mind it is important to accept as many digital assets as possible. What is good for one asset helps further adoption of all assets.     
« Last Edit: October 16, 2014, 07:56:25 PM by Gentso1 »

Offline cryptillionaire

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Re: User issued asset how much btsx backing does it take.
« Reply #10 on: October 16, 2014, 08:49:02 AM »
Would it be possible to create an user issued asset, but not 100% premine it as the creator of it, but instead take a snapshot of another blockchain to fairly distribute it out?

Offline xeroc

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Re: User issued asset how much btsx backing does it take.
« Reply #11 on: October 16, 2014, 09:10:48 AM »
Would it be possible to create an user issued asset, but not 100% premine it as the creator of it, but instead take a snapshot of another blockchain to fairly distribute it out?
not really .. no .. you can however make transactions and send them out for free initially .. requires transaction fees though ..
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Offline svk

Re: User issued asset how much btsx backing does it take.
« Reply #12 on: October 16, 2014, 10:01:38 AM »
I don't know but it will be interesting for this to be more obvious rather than
just approx.

Quote
(wallet closed) >>> config
{
  "blockchain_id": "75c11a81b7670bbaa721cc603eadb2313756f94a3bcbb9928e9101432701ac5f",
  "symbol": "BTSX",
  "name": "BitShares X",
  "version": 109,
  "db_version": 145,
  "genesis_timestamp": "2014-07-19T00:00:00",
  "block_interval": 10,
  "max_block_size": 51200,
  "max_blockchain_size": 107374182400,
  "address_prefix": "BTSX",
  "inactivity_fee_apr": "0.00010 BTSX",
  "relay_fee": "0.10000 BTSX",
  "delegate_num": 101,
  "delegate_reg_fee": "14.01911 BTSX",
  "name_size_max": 63,
  "memo_size_max": 19,
  "data_size_max": 65536,
  "symbol_size_max": 5,
  "symbol_size_min": 3,
  "asset_reg_fee": "237,876.30720 BTSX",
  "asset_shares_max": 1000000000000000,
  "max_pending_queue_size": 10,
  "max_trx_per_second": 1,
  "min_block_fee": "0.00000 BTSX"
}
From the BTSX you need to calculate your btc/USD or whatever price your self :)

Quote
Just to note:
Coinprism
yesterday suggested $5,700 for BitShares, $40 for NXT, and $1.73 for
Counterparty, while promoting the idea of "creating an asset on Coinprism costs
just a Bitcoin transaction fee (3 cents, or even free if you want, as they are
optional)" but I don't know, if that is accurate or much of the
substantial difference between those platforms.
Ehm, actually BTSX is the flagship product for the bitshares ecosystem and the
community and the devs just don't want spam in the assets list.

There is, however, a different DAC in discussions (BitShares ME), that sole
purpose is to have plenty of (cheap) assets!

Would you believe I didn't know about the "config" command? lol

I'll add delegate registration fee and asset registration fee to my homepage later today.
Worker: dev.bitsharesblocks

 

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