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Offline lord_potatoe

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BitUSD is failing HARD
« on: November 05, 2014, 04:48:34 PM »

So, I have made it a habit recently of checking up on the BitUSD price almost every day just out of curiosity, and because you guys constantly claim about how you have this awesome pegging system that "works extremely well". So far, really not impressed. Every single time I look at the price, its anywhere from 97 cents to the dollar... to currently 61 cents!!. Now tell me, why in the hell would I want to use BitUSD as a currency when due to the price volatility I would be losing anywhere from 3% to almost 40% (on either the consumer or the merchant side, or both)!  Frankly, that is just pathetic. Especially when you go around making marketing claims like "its better than a swiss bank!" lol ok then

Prediction: 1 week from now 1 BitUSD will crash down to 40 cents after this "merger" and incoming legal stuff.

PS: Is there even any exchanges where you can deposit *actual* US dollars and buy BitUSD with them? Because if not it is even more useless than I thought..

Offline fluxer555

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Re: BitUSD is failing HARD
« Reply #1 on: November 05, 2014, 04:52:42 PM »
The price on Bter is not 'the peg'. The price of the internal BTSX market is where the strong peg is.

Check this out for peg status:
http://www.bitsharesblocks.com/assets/asset?id=USD
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Offline cn-members

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Re: BitUSD is failing HARD
« Reply #2 on: November 05, 2014, 04:55:58 PM »
So, I have made it a habit recently of checking up on the BitUSD price almost every day just out of curiosity, and because you guys constantly claim about how you have this awesome pegging system that "works extremely well". So far, really not impressed. Every single time I look at the price, its anywhere from 97 cents to the dollar... to currently 61 cents!!. Now tell me, why in the hell would I want to use BitUSD as a currency when due to the price volatility I would be losing anywhere from 3% to almost 40% (on either the consumer or the merchant side, or both)!  Frankly, that is just pathetic. Especially when you go around making marketing claims like "its better than a swiss bank!" lol ok then

Prediction: 1 week from now 1 BitUSD will crash down to 40 cents after this "merger" and incoming legal stuff.

PS: Is there even any exchanges where you can deposit *actual* US dollars and buy BitUSD with them? Because if not it is even more useless than I thought..

You don't understand . BTS is a decentralized exchange itself , so the main playground for BitUSD is within the BTS wallet market.
Currently , if you have 1 BitUSD on your wallet , you can easily change it for 1 USD worth of BTSX at anytime , and then you can deposit these "1 USD worth of BTSX" to BTC38 or Bter , so you can sell for 1 USD .

That's the why 1 BitUSD will worth 1USD: It can trade with 1 USD worth BTSX at anytime , and BTSX has a lot of trading volume on BTC38 and Bter .

What you're describing is the BitUSD on bter , it's not a major play ground yet due to it's volume .
If you have 1 kilo of gold , but you want to sell it on a desert ...it would be worth less than water ...got it ? it's about where you choose to sell it .
« Last Edit: November 05, 2014, 04:57:37 PM by cn-members »
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Offline fluxer555

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Re: BitUSD is failing HARD
« Reply #3 on: November 05, 2014, 04:56:12 PM »
https://bter.com/trade/bitusd_usd

We ought to have this market removed, this is insanely bad marketing to people who don't understand that this is not the peg.
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Offline lord_potatoe

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Re: BitUSD is failing HARD
« Reply #4 on: November 05, 2014, 04:58:25 PM »
The price on Bter is not 'the peg'. The price of the internal BTSX market is where the strong peg is.

Check this out for peg status:

Fair enough, I did not realize this. Thanks

Offline hadrian

Re: BitUSD is failing HARD
« Reply #5 on: November 05, 2014, 04:59:32 PM »
So, I have made it a habit recently of checking up on the BitUSD price almost every day just out of curiosity, and because you guys constantly claim about how you have this awesome pegging system that "works extremely well". So far, really not impressed. Every single time I look at the price, its anywhere from 97 cents to the dollar... to currently 61 cents!!.

I just had a look at bter trade history. Someone sold 0.05 BitUSD for 0.0305 USD (0.61 BitUSD per USD). This means nothing!
« Last Edit: November 05, 2014, 05:02:42 PM by hadrian »
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Offline kisa

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Re: BitUSD is failing HARD
« Reply #6 on: November 05, 2014, 05:01:18 PM »
hey lord, please next time keep the tone of your message down somewhat... nothing wrong with asking questions or telling your concerns. however, your alarmist title and content immediately reminded of competitors spreading FUD, I hope this is not the case. cheers - kisa

Offline Rune

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Re: BitUSD is failing HARD
« Reply #7 on: November 05, 2014, 05:02:16 PM »
There is currently no active market for usd-> bitUSD. That doesn't make it useless however, it's still an excellent tool for decentralized hedging against fall in BTS price, or even a passive store of value that slowly accumulates a (currently tiny) interest.

The real utility will be when we start seeing asset -> bitAsset on ramps. They can be low volume and spread out everywhere (in fact bitassets are so ridiculously perfect for ATMs). Then the pegs for the major assets will likely solidify at 1, and BTS trading on centralized exchanges can stop entirely because it will all happen on the internal exchange where volume is highest and fees are lowest.

Man I'm looking forward to that. We will become permanently immune to goxing, regulatory crackdowns, hackers, willy bot or coordinated exchange manipulation and short selling. It's gonna be amazing

Offline Riverhead

Re: BitUSD is failing HARD
« Reply #8 on: November 05, 2014, 05:03:02 PM »
The price on Bter is not 'the peg'. The price of the internal BTSX market is where the strong peg is.

Check this out for peg status:

Fair enough, I did not realize this. Thanks

Good stuff. This is actually pretty cool. You went from thinking the whole thing was a sham to starting to understand in about 15 minutes. Hopefully others will read your post and this thread. We're in a confusing time right now with the merger, low volumes, new terms, etc. I can understand anyone that isn't currently "living" BitShares to be like...wtf is going on?

Welcome to the forum :) .

Offline Rune

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Re: BitUSD is failing HARD
« Reply #9 on: November 05, 2014, 05:03:18 PM »
https://bter.com/trade/bitusd_usd

We ought to have this market removed, this is insanely bad marketing to people who don't understand that this is not the peg.

On the contrary, we ought to start using this market! Or rather, we should get CNY to bitCNY, that probably makes more sense on a Chinese exchange :p

Offline Ander

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Re: BitUSD is failing HARD
« Reply #10 on: November 05, 2014, 05:11:16 PM »
Bter literally has zero liquidity for bitUSD.

According to coinmarketcap, bitUSD is trading at $1.02 right now on the Bitshares asset exchange, which is where you should trade bitUSD if you want to trade it, because there is nowhere else that has any liquidity.
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Offline Riverhead

Re: BitUSD is failing HARD
« Reply #11 on: November 05, 2014, 05:15:38 PM »
If you want to understand it better and hear some Q&A here is Daniel Larimer's keynote speech at Inside Bitcoin in Las Vegas.

http://vimeo.com/user24356268/review/109390470/40926b1e3e

Offline toast

Re: BitUSD is failing HARD
« Reply #12 on: November 05, 2014, 05:35:24 PM »
Who can make an egopay account? It's 2% fee to deposit so you could make several % spread by putting a wall at $0.95
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline kokojie

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Re: BitUSD is failing HARD
« Reply #13 on: November 05, 2014, 05:56:01 PM »
Bter literally has zero liquidity for bitUSD.

According to coinmarketcap, bitUSD is trading at $1.02 right now on the Bitshares asset exchange, which is where you should trade bitUSD if you want to trade it, because there is nowhere else that has any liquidity.

Yeah probably because nearly nobody has any real USD on bter, it's quite difficult to deposit USD on bter.

The BTC/BitUSD trade pair is functioning much better.

Offline Ander

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Re: BitUSD is failing HARD
« Reply #14 on: November 05, 2014, 06:00:03 PM »

Yeah probably because nearly nobody has any real USD on bter, it's quite difficult to deposit USD on bter.

The BTC/BitUSD trade pair is functioning much better.

Yes exactly.  The trade on bter (in all coins) is mostly BTC, with some CNY.
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