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Offline BitAsset

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Remove "Bit"
« on: December 22, 2014, 07:52:24 AM »

Users don't need to understand BitUSD or BitGold

So drop the "Bit", just USD or Gold.


What do you guys think?


Offline jsidhu

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Re: Remove "Bit"
« Reply #1 on: December 22, 2014, 08:06:18 AM »
No
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Online Shentist

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Re: Remove "Bit"
« Reply #2 on: December 22, 2014, 08:17:02 AM »
against

Offline Markus

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Re: Remove "Bit"
« Reply #3 on: December 22, 2014, 08:33:31 AM »
You gonna change your name too?

Offline JA

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Re: Remove "Bit"
« Reply #4 on: December 22, 2014, 08:36:10 AM »
Imagine an exchnage pairing USD with USD.
"Just send us your USD and you can trade it with USD"  :D

Offline BitAsset

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Re: Remove "Bit"
« Reply #5 on: December 22, 2014, 08:37:30 AM »
Imagine an exchnage pairing USD with USD.
"Just send us your USD and you can trade it with USD"  :D

No need to trade USD/BitUSD

Just 1:1

BitUSD is like an altcoin to USD, it's pointless

Offline fundomatic

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Re: Remove "Bit"
« Reply #6 on: December 22, 2014, 08:43:31 AM »
I think BitUSD, BitGold etc are awesome. We are lucky bitshares snatched them. Thanks to all who came up with the names.

I think we should push these names more to reinforce them as part of the bitshares space.

Offline JA

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Re: Remove "Bit"
« Reply #7 on: December 22, 2014, 08:43:35 AM »
Imagine an exchnage pairing USD with USD.
"Just send us your USD and you can trade it with USD"  :D

No need to trade USD/BitUSD

Just 1:1

BitUSD is like an altcoin to USD, it's pointless
Never said that it's needed  :o What does the world need ? Please respond with a list  :P
« Last Edit: December 22, 2014, 08:46:31 AM by jabbajabba »

Offline Pheonike

Re: Remove "Bit"
« Reply #8 on: December 22, 2014, 09:00:49 AM »
Its needed to differentiate. BitUSD and USD may have similar value, but they have very different features.

Offline Markus

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Re: Remove "Bit"
« Reply #9 on: December 22, 2014, 09:57:20 AM »
Imagine an exchnage pairing USD with USD.
"Just send us your USD and you can trade it with USD"  :D

No need to trade USD/BitUSD

Just 1:1

BitUSD is like an altcoin to USD, it's pointless

If it's 1:1 how come it's trading between 0.91 and 0.99 here:
https://bter.com/trade/BITUSD_USD

Offline cass

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Re: Remove "Bit"
« Reply #10 on: December 22, 2014, 10:07:06 AM »
You gonna change your name too?

LOL

-- no against :)
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Offline matt608

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Re: Remove "Bit"
« Reply #11 on: December 22, 2014, 10:34:21 AM »
Imagine an exchnage pairing USD with USD.
"Just send us your USD and you can trade it with USD"  :D

No need to trade USD/BitUSD

Just 1:1

BitUSD is like an altcoin to USD, it's pointless

If it's 1:1 how come it's trading between 0.91 and 0.99 here:
https://bter.com/trade/BITUSD_USD

The price is different on bter because bitUSD on bter aren't actual bitUSD, they are effectively an iou from bter for bitUSD, or bterbitUSD, just like the bitcoin price is a little different on each exchange.  The price is lower on bter because there is low liquidity resulting in a high spread, caused by there being low demaned for bterbitUSD.  People don't bother buying it up because it costs more in fees to get money into bter and there are only a few sellers.  You can withdraw bitUSD from bter (redeeming the iou) and it will be worth 1:1 against the USD, but it would have cost you more to buy, hence the discount, which balences things out. 

At least I think I've got that right.  bter could become a gateway and issue a bitUSD iou which they call an iou and can be traded against other ious outside of bter.  At the moment the ious have to be kept on the exchange and are just called the same thing as the asset/coin, when in reality they are an iou held on the exchange.

Offline Markus

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Re: Remove "Bit"
« Reply #12 on: December 22, 2014, 10:59:40 AM »
Yes but then USD on bter is also not real USD but just bterUSD. Shouldn't that be trading at a discount as well? It is just as illiquid as bterbitUSD.

So if both bterbitUSD and bterUSD are discounted shouldn't the ratio be 1:1 again?

In any case, it's pointless :)




Offline Ander

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Re: Remove "Bit"
« Reply #13 on: December 22, 2014, 04:20:25 PM »
If it's 1:1 how come it's trading between 0.91 and 0.99 here:
https://bter.com/trade/BITUSD_USD

Because there is absolutely no volume at all in that trading pair on bter.There is very little USD on bter to even trade it with.
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Offline toast

Re: Remove "Bit"
« Reply #14 on: December 22, 2014, 04:36:04 PM »
If it's 1:1 how come it's trading between 0.91 and 0.99 here:
https://bter.com/trade/BITUSD_USD
It costs nearly 10% to get USD into bter from my US bank.

The only price that really matter is the internal exchange rate. Your question is valid, but we have to narrow the range to 0.97-0.99
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