BitUSD is failing HARD

[hadrian]

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!

[lord_potatoe]

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

[fluxer555]

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.

[cn-members]

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 .

[fluxer555]

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

[lord_potatoe]

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..