Author Topic: BitGOLD & BitSILVER and other BitCommodities  (Read 4745 times)

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Offline hpenvy

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I see BitSilver has enough feeds, great. I might get me some of that tomorrow.

Previously I probably would have preferred to wait to open too many BitAssets or waste money advertising them but with BitReserve on the pitch now, opening up more BitAssets and advertising that we have them if possible is the right approach imo.

 +5%  +5%  Explainer videos, BitShares.TV, press releases, and social media.
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Offline Empirical1.1

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I see BitSilver has enough feeds, great. I might get me some of that tomorrow.

Previously I probably would have preferred to wait to open too many BitAssets or waste money advertising them but with BitReserve on the pitch now, opening up more BitAssets and advertising that we have them if possible is the right approach imo.

Offline santaclause102

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I tend to agree to ... though I am not "into" economics in that scale ..

From a marketing perspective we should totally focus on USD compared to gold for obvious reasons. 

I am however a total god and silver buff and I have issues with bitGold.   It is clear that the paper market for gold and the physical markets are completely separate.  The market as a whole has not really figured that out yet.  When the price splits and there are two seperate prices for phsycial gold and paper gold, which price will delegates put in?   I dont trust bitgold to track physical price.   I think it will track paper price.

Disagree on both counts.

- You are a total gold and silver buff, because most people who appreciate crypto-currencies are gold & silver fans. So there is a reasonable market worth building in addition to BitUSD for when the catalyst you just described in your second point unfolds. Also if you expect the price to split in the not too distant future then you should agree that our entire business & marketing model probably shouldn't be designed around a fiat currency set to implode.

- BitGold and BitSilver will track the physical price not the paper price.
If there is a sudden major divergence then it may take a day to replace feeds but probably not even that. In all likelihood there will start to be significant divergences between the Comex, which deals in huge paper volumes and exchanges like the SGE which are designed around the actual physical & delivery of it. http://www.goldminerpulse.com/v/shanghaiGoldExchangePhysicalDelivery.php
Our delegates will switch to relevant feeds as the transition occurs imo or the community may ask them to do so before in anticipation of such a transition too. It's strange you think our delegates lack the capacity to choose feeds that reflect physical and not paper prices when the need arises.
BitGLD will track whatever the delegates put into the system as price feeds. As long there is a public exchange rate for physical gold to ELSE/USD/BTS then there are good reasons why the price for physical gold should be the basis of the price feed and no reasons for it not being the basis.

Offline Empirical1.1

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I tend to agree to ... though I am not "into" economics in that scale ..

From a marketing perspective we should totally focus on USD compared to gold for obvious reasons. 

I am however a total god and silver buff and I have issues with bitGold.   It is clear that the paper market for gold and the physical markets are completely separate.  The market as a whole has not really figured that out yet.  When the price splits and there are two seperate prices for phsycial gold and paper gold, which price will delegates put in?   I dont trust bitgold to track physical price.   I think it will track paper price.

Disagree on both counts.

- You are a total gold and silver buff, because most people who appreciate crypto-currencies are gold & silver fans. So there is a reasonable market worth building in addition to BitUSD for when the catalyst you just described in your second point unfolds. Also if you expect the price to split in the not too distant future then you should agree that our entire business & marketing model probably shouldn't be designed around a fiat currency set to implode.

Why is Bitreserve founded by an individual that was worth a quarter of a billion dollars focusing on marketing and branding their version of BitGold as their USP?  http://vimeo.com/113426009
A brand we should be fighting for imo.



- BitGold and BitSilver will track the physical price not the paper price.
If there is a sudden major divergence then it may take a day to replace feeds but probably not even that. In all likelihood there will start to be significant divergences between the Comex, which deals in huge paper volumes and exchanges like the SGE which are designed around the actual physical & delivery of it. http://www.goldminerpulse.com/v/shanghaiGoldExchangePhysicalDelivery.php
Our delegates will switch to relevant feeds as the transition occurs imo or the community may ask them to do so before in anticipation of such a transition too. It's strange you think our delegates lack the capacity to choose feeds that reflect physical and not paper prices when the need arises.
« Last Edit: December 08, 2014, 12:45:07 am by Empirical1.1 »

Offline onceuponatime

I tend to agree to ... though I am not "into" economics in that scale ..

From a marketing perspective we should totally focus on USD compared to gold for obvious reasons. 

I am however a total god and silver buff and I have issues with bitGold.   It is clear that the paper market for gold and the physical markets are completely separate.  The market as a whole has not really figured that out yet.  When the price splits and there are two seperate prices for phsycial gold and paper gold, which price will delegates put in?   I dont trust bitgold to track physical price.   I think it will track paper price.

Freudian slip?  ;D




Demise of the West: The Dystopian Prophecies


“I believe that banking institutions are more dangerous to our liberties than standing armies.  If the American people ever allow private banks to control the issuance of their currency, first by inflation then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all their property until their children wake-up homeless on the continent their fathers conquered.  The issuing power should be taken away from the banks and restored to the people, to whom it properly belongs.” – Thomas Jefferson

Under the dark clouds of an economic recession, the New York Stock Exchange had experienced a 50% plunge. Bank runs and bankruptcies ignited and spread quickly, as with a wildfire. A severe lack of market liquidity would propagate a wave of destruction and devastation; perhaps purging the system for a better day. This was the Panic of 1907.

At the time, the United States had no central bank – a lingering sign of distrust and lessons learned from the past, perhaps sent from the ghosts of its founding fathers. The only way out of the misery was with help from a certain wealthy financier, John Pierpont Morgan. Not only had lessons not been learned from the past, but the seeds of subversion had unfortunately been sown.

The alchemists on Jeckyll Island had masterminded their creature – The Federal Reserve – just over a century ago. The fate of the West was sealed.

The Dystopian Prophecies:


I. The streets of old allies and foes will be the first to gush,
bisected twice, none the less; rippling across the pond,
withering big bourse alike whilst bots short longer,
all beneath the watchful eye of a moon’s loop.

II. Resonating westward across Magellan’s Asian gateway
into an inevitable financial tsunami, the sun’s rise will wreak havoc.
Nip’s Nik also cleaved twice, the worst has really yet to arrive,
for the larger part of the emperor’s black arts will liberate the monstrous specter.

III. Obliterated will become their trusting populace’s nest egg,
as their lenders and insurers loot away and away to repay.
Trust and harmony forsaken, anarchists they will become,
as each sun’s inflows will balloon into exorbitance.

IV. The Euromeister vampire will finally get his turn,
unleashing a leviathan of paper and digital fury,
up the cracks of the fragmentary house of dominoes,
in a wishful attempt to keep all afloat.

V. Come calling for the yellow touchable some will,
to naked fixing big city partners double-crossed the pond,
leaving some hung to dry with worthless let it to be done.
The curtain will fall on the wizards’ decades-long stratagem.

VI. No worries though, as an honorable pair will now hold the reins.
The eastward flow almost complete, new kings set to reign.
The lion will guard in honor, the dragon’s Paris never bare.
Balance and honor restored, the mirror’s reflection shines true.

VII. No longer barbarous, the relic will luster true, two then threefold.
As will its palpable cousin, a bit quicker and in a more just ratio.
Binary they will become, backed and bankable.
Trusted and accepted, engraving a new paradigm.

VIII. No longer Treasured, nightly collateral is damaged beyond repair.
Benchmark yielded for destruction, abandon en masse in a flair.
Dispose before it’s too late, will there be anyone left to take?
A tried and truer touchstone set, to emerge in its place.

IX. Having been deprived of its golden foundation,
layer by layer, the green pyramid will crumble,
endlessly increasing misery on its faithful serfs, and
all under the powerlessness of a watchful all-seeing eye.

X. Abandoned, unwanted, and without backbone or bite,
the Turtle Army will finally find its footing and true north,
rapidly swimming across the cold and lonely pond,
only to be unwelcomely despised, dreaded and loathed.

XI. A lost grasp on debt rate levers will derive fury on the too big to fails,
the mighty Frankenfort’s twins will be the first overboard into the abyss,
chained at the ankles, three colossal cousins will also be yanked down.
Spared, the evil squid will maul away, becoming more monstrous than ever.

XII. With spells and potions evaporated, concoct they can no more;
the alchemists will nonetheless howl as wolves, but all in utter vain.
The grey lady with the tan will draw into her sacoche,
and laughingly come to la rescous of her central cronies.

XIII. The Jeckyll will seek a new potion for a cancer’s cure.
Malignancy in tow, the looting cells will shrivel up,
while remaining ones will lock-in their lifelines,
all in vain though, as the centenarian will gulp his last breath.

XIV. Yet a new bunco will unravel about the deceit of receipts;
while taking stock of the situation, broke some will be left,
by brokers broken of trust. What’s yours is mine, but not his.
What you do not hold, you do not have. How could they know?

XV. Fearful for his last rations, Winston will seek hold of what’s his;
for CAPCON’s grip will nervously tighten, perhaps even bailing in.
Too valuable to lose, the topflights will plan to jet,
only to be locked-in the land of the not so free.

XVI. Ghost depositories shown void of the gilded relic;
the grey lady will blush, bumble, and fumble sevenfold.
Her assembly, skimmed of legitimacy, dwindling in the kitty.
The prospect of a backed basket no more, the ship has sailed.

XVII. In opposition, disgust and distrust with her partiality,
the grey lady will lose five rising stars, perhaps more.
Fool me once, shame on you; fool me twice, shame on me.
Brickwork, checks and balances en vertu, developing friends, disdaining foes.

XVIII. The creators of papir know its true value in decree,
the time has come to share, of what is becoming more rare,
secret no more, let there be light shining on the immortal relic,
for all to see, creating an envy want on by the former powers that be.

XIX. With lifelines dried up, puppetmasters will seek new streams,
further taxing an already shriveled populous, history repeats, as does misery.
Occupy and burn they will, like a Roman candle in the wind,
fueling duels without rules, no longer lacking in earnest.

XX. Shackled for far too long, cradles of democracy and empire will flee first,
in what they’ve known all along, an experiment gone terribly wrong.
A faith gets sealed, as did a floating palace under a cold and starry night,
loosening the unchosen grips from the levers, anchoring into history.

XXI. Unfinished it will remain, as the secret order’s enlightened ones
will be erased and deposed by western friends and eastern foes,
return into darkness, where you belong, in a karma of void and emptiness.
Forces of Good will shine a prevailing light aloft your traces of evil.

XXII. The grandsons of liberty will sow the seeds and refresh the tree,
resurrecting a lonely and forgotten Utopia, with help from the abandoned,
and resistance of old, reforming the fractured pillars, purging away the cancer.
A new cycle will begin, as it always does, come together, come in step.

2014-11-24


Offline robrigo

We should see more BitAsset stats / marketing on CMC soon.  ;)

From https://bitcointalk.org/index.php?topic=199685.msg9737590#msg9737590

Quote from: Gliss

...

Quote from: robrigo
Please consider adding the bitEUR and bitGOLD market assets to CMC. Those markets are open as > 50 delegates are publishing price feeds for those assets.

Also I think it be useful if the assets view contained an "issuer type" header. This could specify if the asset supply is user issued or market issued. I think this is an important distinction because the available supply of user issued assets can be increased by the user that issued it, but in the case of market assets, the supply changes when shorts on the decentralized exchange are matched.

Thanks for creating CMC, it is very useful and I look at it far too much.

Rob


Will add bitEUR and bitGOLD soon.

Offline onceuponatime

I tend to agree to ... though I am not "into" economics in that scale ..

From a marketing perspective we should totally focus on USD compared to gold for obvious reasons. 

I am however a total god and silver buff and I have issues with bitGold.   It is clear that the paper market for gold and the physical markets are completely separate.  The market as a whole has not really figured that out yet.  When the price splits and there are two seperate prices for phsycial gold and paper gold, which price will delegates put in?   I dont trust bitgold to track physical price.   I think it will track paper price.

Yes, but "paper" price of gold should skyrocket when the fiat crisis hits. (The paper markets will have to settle in fiat when buyers start demanding delivery, because they don't have the gold to settle- it's mostly gone.)

Offline bitmarket

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I tend to agree to ... though I am not "into" economics in that scale ..

From a marketing perspective we should totally focus on USD compared to gold for obvious reasons. 

I am however a total god and silver buff and I have issues with bitGold.   It is clear that the paper market for gold and the physical markets are completely separate.  The market as a whole has not really figured that out yet.  When the price splits and there are two seperate prices for phsycial gold and paper gold, which price will delegates put in?   I dont trust bitgold to track physical price.   I think it will track paper price.
Host of BitShares.TV and Author of BitShares 101

Offline xeroc

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I tend to agree to ... though I am not "into" economics in that scale ..

Offline Method-X

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Given the possibility that all currencies are likely to become even more volatile relative to each other & that FIAT is a race to the bottom, shouldn't BitGLD, BitSLV and other commodity pegged assets receive more of our marketing attention than the BitAssets pegged to paper?  Aren't paper currency values certain to fall off a cliff and soon?

Early adopters of BitShares and early users of BitGLD etc could benefit from a upward revaluation that seems inevitable.....

I'd be very interested to know your thoughts....

I've come to this conclusion as well.

Offline Empirical1.1

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IMO bitgold is one of the most powerful features bitshares has to offer.  Huge demand exists for an actual decentralized gold-backed digital currency but this was never possible without third party risk.  Bitshares does it best by using the global flow of information about price and on-chain collateral to maintain a peg.  Bitgold may render the USD obsolete and, by proxie, bitusd obsolete.  We may finally have a gold-backed digital currency that can't be altered by a central authority.

 +5%

BitReserve is also trying to use the brand BitGold as their key selling point even though it's a centralised service and in the beginning it's actually only going to be covered by cash in a bank not even actual gold.

Anyway I think BitShares should be stepping up and competiting with our BitGold a lot more. Methods BitGold reddit promotion is the kind of thing we should be doing a lot more of, plus video, plus WhatisBitGold site perhaps. Until I see what the main marketing push entails it's hard to know where we'll be lacking.

I don't think they're a threat at this stage, but some competitors like Ron Paul Money, which I have a stake in, will soon be trying to offer a RonPaulGold & RonPaulSilver based on the BitShares system too.
« Last Edit: December 07, 2014, 04:47:53 pm by Empirical1.1 »

Offline Helikopterben

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IMO bitgold is one of the most powerful features bitshares has to offer.  Huge demand exists for an actual decentralized gold-backed digital currency but this was never possible without third party risk.  Bitshares does it best by using the global flow of information about price and on-chain collateral to maintain a peg.  Bitgold may render the USD obsolete and, by proxie, bitusd obsolete.  We may finally have a gold-backed digital currency that can't be altered by a central authority. 

Offline Empirical1.1

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Looks to me that we need more delegates providing price feeds for Bitsilver and other bit assets....
http://www.bitsharesblocks.com/assets


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 +5%

Offline Average Guy on Street

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Looks to me that we need more delegates providing price feeds for Bitsilver and other bit assets....
http://www.bitsharesblocks.com/assets


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