Bitshares have cought a lot of attentions in the crypto currency industry in four months since it was online . Now , Bitshares is at the forth place at coinmarket.com valued roughly 42 million USD market cap . To a large extent ,Bitshares got the favour of the market is because of the limitless potential for application of the BitAssets such as BitCNY and BitUSD etc . BitCNY and BitUSD have both the same high-speed transaction , trust-less features as Bitcoin , in addition, BitAssets have stability as the fiat they are pegged to . These features are essential to payment system . Once it applies at a large scale , it would completely remove the obstacles for crypto currencies to be used in payment system . As the original issuer of BitCNY and BitUSD , the market cap of Bitshares would be redefined by that .
As a matter of fact , the market had already valued the importance of BitAssets . When Bitshares was first online , BitAssets was still under development , the practicability was still unproven . Back then the price of BTS was floating between 0.04-0.08 CNY . The watershed of the BTS price happened when BitAssets was brought online , Bitshares rose from 0.06CNY to 0.3489CNY at a couple of days . Although the practicability of BitAssets have been proven , and yet like all new born things , BitAssets weren't perfect at first , so the application of BitAssets like BitCNY was hard to promote . The market once again sent it's signal with the price , the recent drop of Bitshares said that already .
Luckily , for months the inner-market exchange rules for BitAssets have been improved greatly , recently , our DacSun team studied the new rules with great length , we deemed that the essential conditions for BitAsssets to be successful are already there , it's about time for massive promotion of BitAssets like BitCNY and BitUSD . Here are the reasons :
1 ) We like to use BitCNY as an example . The zero cost for shorting BitCNY at the first stage has changed , now shorting BitCNY should pay interest to the long position , the interest rate will be determined by the supply and demand from the market . This rule has solved the situation of huge one-way selling pressure of BitCNY . Because if the selling pressure are higher , the interest pay by the short position would be higher too , that would decrease the demand for shorting . It also means that the long position can get more interest so the buying pressure would be higher . This rule has balanced the buy and sell side of BitCNY and lead to a more robust market .
2）BitCNY short position will no longer be indefinite . For now the shorter need to buy back their BitCNY within a month . The monthly cover makes BitCNY more easily goes back to a balanced position as it's fiat value .
It's not just us who sees that , many senior members of the Chinese community have acutely aware of the changes , some of them have already made explicit plan to be the market maker and exchange for BitCNY just to gave it a final boost for its success . For that , we DacSun team deeply appreciate their efforts , we believe soon there will be BitCNY market makers and exchanges , and that would be important .
We the DacSun team have no doubt in the success of BitCNY . Of course the massive adoption of BitCNY will not happen for no reason , we hope every member of the Bitshares community can stick together and joint their effort for the payment application of BitCNY after the plan bring online. Of course , we the Dacsun team will do our part as well to offer incentive and support for the promotion by community members . We will also use all our media resources to help the promotion of BitAssets .
We hope within three months we can see the effective application of BitCNY . A little spark may kindle a great fire , the torch has already been lighted up , let us change the world .
The original Chinese post is here : https://bitsharestalk.org/index.php?topic=11681.0