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Offline wasthatawolf

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Bitshares Music BitUSD != Bitshares BitUSD
« on: October 24, 2014, 06:33:42 PM »

This distinction needs to be made abundantly clear to anyone participating in the Bitshares Music crowd sale.

Offline bytemaster

Re: Bitshares Music BitUSD != Bitshares BitUSD
« Reply #1 on: October 24, 2014, 06:34:04 PM »
This distinction needs to be made abundantly clear to anyone participating in the Bitshares Music crowd sale.

Right... I recomend they brand it as NoteUSD
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Offline wasthatawolf

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Re: Bitshares Music BitUSD != Bitshares BitUSD
« Reply #2 on: October 24, 2014, 06:36:28 PM »
This distinction needs to be made abundantly clear to anyone participating in the Bitshares Music crowd sale.

Right... I recomend they brand it as NoteUSD

 +5%

Thanks for the reply BM.  I was starting to feel like I was shouting at the wall...

Offline Marky0001

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Re: Bitshares Music BitUSD != Bitshares BitUSD
« Reply #3 on: October 24, 2014, 07:16:18 PM »
lol... in the presale thread it was explained that you can buy bitUSD with Notes, so you can buy Artistcoin in the next step...

so what you are saying is that it will be another bitUSD? but i can buy Artistcoin with bitUSD which is being traded on bter

Offline Riverhead

Re: Bitshares Music BitUSD != Bitshares BitUSD
« Reply #4 on: October 24, 2014, 07:18:47 PM »
lol... in the presale thread it was explained that you can buy bitUSD with Notes, so you can buy Artistcoin in the next step...

so what you are saying is that it will be another bitUSD? but i can buy Artistcoin with bitUSD which is being traded on bter

If both bitUSD's are pegged well and therefore fungible the exchanges might offer a bridge....but...your point is well taken. It would be a confusing nightmare.

However, I don't see why they couldn't be transfered back and forth via Bter. The biggest roadblock to fungible is perhaps that one is backed by BTS and another by NOTES.
« Last Edit: October 24, 2014, 07:21:20 PM by Riverhead »

Offline oco101

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Re: Bitshares Music BitUSD != Bitshares BitUSD
« Reply #5 on: October 24, 2014, 07:24:02 PM »
lol... in the presale thread it was explained that you can buy bitUSD with Notes, so you can buy Artistcoin in the next step...

so what you are saying is that it will be another bitUSD? but i can buy Artistcoin with bitUSD which is being traded on bter

If both bitUSD's are pegged well and therefore fungible the exchanges might offer a bridge....but...your point is well taken. It would be a confusing nightmare.

However, I don't see why they couldn't be transfered back and forth via Bter. The biggest roadblock to fungible is perhaps that one is backed by BTS and another by NOTES.

Yes that why you probably need to name them differently. bitUSd, notesUSD, playUSD etc. It is still confusing ..

Offline Riverhead

Re: Bitshares Music BitUSD != Bitshares BitUSD
« Reply #6 on: October 24, 2014, 07:26:08 PM »
lol... in the presale thread it was explained that you can buy bitUSD with Notes, so you can buy Artistcoin in the next step...

so what you are saying is that it will be another bitUSD? but i can buy Artistcoin with bitUSD which is being traded on bter

If both bitUSD's are pegged well and therefore fungible the exchanges might offer a bridge....but...your point is well taken. It would be a confusing nightmare.

However, I don't see why they couldn't be transfered back and forth via Bter. The biggest roadblock to fungible is perhaps that one is backed by BTS and another by NOTES.

Yes that why you probably need to name them differently. bitUSd, notesUSD, playUSD etc. It is still confusing ..

If BTER had NoteUSD you could trade between BTS and Music chains if they would do NOTE/bitUSD and BTS/NoteUSD pairs. I guess it's not that much different than current USD held at bricks and mortar banks. Until recently it was not easy to transfer ChaseUSD to WellsFargoUSD and certainly not for free or quickly.
« Last Edit: October 24, 2014, 07:28:11 PM by Riverhead »

Offline wasthatawolf

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Re: Bitshares Music BitUSD != Bitshares BitUSD
« Reply #7 on: October 24, 2014, 11:31:36 PM »
lol... in the presale thread it was explained that you can buy bitUSD with Notes, so you can buy Artistcoin in the next step...

so what you are saying is that it will be another bitUSD? but i can buy Artistcoin with bitUSD which is being traded on bter

If both bitUSD's are pegged well and therefore fungible the exchanges might offer a bridge....but...your point is well taken. It would be a confusing nightmare.

However, I don't see why they couldn't be transfered back and forth via Bter. The biggest roadblock to fungible is perhaps that one is backed by BTS and another by NOTES.

Yes that why you probably need to name them differently. bitUSd, notesUSD, playUSD etc. It is still confusing ..

If BTER had NoteUSD you could trade between BTS and Music chains if they would do NOTE/bitUSD and BTS/NoteUSD pairs. I guess it's not that much different than current USD held at bricks and mortar banks. Until recently it was not easy to transfer ChaseUSD to WellsFargoUSD and certainly not for free or quickly.

The BankUSD analogy doesn't work.  This is why you only see one fiat USD on every exchange.  With pegged assets you must specify the chain, BitUSD and NoteUSD are two different assets even though they are both pegged to USD.

BitUSD on the BitShares chain should be looked at as the standard currency of the entire BitShares ecosystem. 

Pegged assets on a BitShares fork are better defined as low volatility units of account for that specific DAC.

Offline starspirit

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Re: Bitshares Music BitUSD != Bitshares BitUSD
« Reply #8 on: October 25, 2014, 12:31:43 AM »
Why can't Music use 2 block chains, one for bitUSD (like any other potential merchant user of bitUSD) and one for music property rights and Notes? Why can't any merchant use bitUSD as a unit of account if they want?

 

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