Can we get South African Rands (ZAR) on Bitshares

[MrJeans]

Thanks, didnt know this. Though the market issued assets also had to be launched through some kind of payment.

Your understanding was correct, they must first be created by someone paying the fee according to the name length, similar to user assets. Anyone can create a market asset, but because you'd want the symbol to be the same as the actual asset, you're generally looking at a three-letter symbol and thus a fee of 500k BTS.

Interesting, I thought fees were only for 'user issued assets'. And so such hefty fees for their creation made sense to prevent spam.

But what incentive is there for MrJeans, for example, to stump up for ZAR? It's a currency I'd quite like to trade. Why should I get a free ride (if only I'm patient enough to wait for someone else to find a spare 500k)?!

There isn't any, which is exactly the problem and the reason why we're not seeing new market assets being created.

For someone running an exchange in South Africa, or to compete with mobile payment systems in South Africa such as SnapScan.

[svk]

Thanks, didnt know this. Though the market issued assets also had to be launched through some kind of payment.

Your understanding was correct, they must first be created by someone paying the fee according to the name length, similar to user assets. Anyone can create a market asset, but because you'd want the symbol to be the same as the actual asset, you're generally looking at a three-letter symbol and thus a fee of 500k BTS.

Interesting, I thought fees were only for 'user issued assets'. And so such hefty fees for their creation made sense to prevent spam.

But what incentive is there for MrJeans, for example, to stump up for ZAR? It's a currency I'd quite like to trade. Why should I get a free ride (if only I'm patient enough to wait for someone else to find a spare 500k)?!

There isn't any, which is exactly the problem and the reason why we're not seeing new market assets being created.

[Methodise]

Thanks, didnt know this. Though the market issued assets also had to be launched through some kind of payment.

Your understanding was correct, they must first be created by someone paying the fee according to the name length, similar to user assets. Anyone can create a market asset, but because you'd want the symbol to be the same as the actual asset, you're generally looking at a three-letter symbol and thus a fee of 500k BTS.

Interesting, I thought fees were only for 'user issued assets'. And so such hefty fees for their creation made sense to prevent spam.

But what incentive is there for MrJeans, for example, to stump up for ZAR? It's a currency I'd quite like to trade. Why should I get a free ride (if only I'm patient enough to wait for someone else to find a spare 500k)?!

[svk]

Thanks, didnt know this. Though the market issued assets also had to be launched through some kind of payment.

Your understanding was correct, they must first be created by someone paying the fee according to the name length, similar to user assets. Anyone can create a market asset, but because you'd want the symbol to be the same as the actual asset, you're generally looking at a three-letter symbol and thus a fee of 500k BTS.

[MrJeans]

Thanks, didnt know this. Though the market issued assets also had to be launched through some kind of payment.

[Methodise]

And from a purely academic point of view.
What would it take to add to the number of market pegged assets on the exchange?

I assume now that we sticking to the one blockchain to rule them all that new assets would simply be added to the current exchange.

Or would other assets need to be introduced on a forked blockchain with some kind of cross-chain trading?

I um, I believe, that when sufficient delegates provide price feeds for an asset pair, the market comes into being automatically.

Yes but to get the asset there in the first place?

As is my understanding, first you must implore delegates to offer a price feed for your desired asset, by promising them your vote.

Then, a market participant needs to willingly short the new asset against some other, in order for you to buy, transfer, save, receive or sell in turn.

Ultimately, all vanilla value transfers between fiat and the bitshares blockchain must be facilitated by fiat:bitasset market makers.

[MrJeans]

And from a purely academic point of view.
What would it take to add to the number of market pegged assets on the exchange?

I assume now that we sticking to the one blockchain to rule them all that new assets would simply be added to the current exchange.

Or would other assets need to be introduced on a forked blockchain with some kind of cross-chain trading?

I um, I believe, that when sufficient delegates provide price feeds for an asset pair, the market comes into being automatically.

Yes but to get the asset there in the first place?

[Methodise]

And from a purely academic point of view.
What would it take to add to the number of market pegged assets on the exchange?

I assume now that we sticking to the one blockchain to rule them all that new assets would simply be added to the current exchange.

Or would other assets need to be introduced on a forked blockchain with some kind of cross-chain trading?

I um, I believe, that when sufficient delegates provide price feeds for an asset pair, the market comes into being automatically.

[MrJeans]

And from a purely academic point of view.
What would it take to add to the number of market pegged assets on the exchange?

I assume now that we sticking to the one blockchain to rule them all that new assets would simply be added to the current exchange.

Or would other assets need to be introduced on a forked blockchain with some kind of cross-chain trading?

[xeroc]

Anf that cost the US citizens billions .. lets see how often tgey can repeat this

[MisO69]

Can we get ZAR on as a market issued asset on Bitshares.
There are no African currencies represented and South Africa is leading the way for Africa in activity and start-ups related to Bitcoin.

I hope that people calling for new market issued assets would ask themselves where the liquidity is going to come from to bootstrap these markets. There is nowhere near enough liquidity in current markets for which price feeds already exist. Why add new markets before the present ones, such as bitGOLD, bitEURO, bitCHF, etc are established? Where are the buyers to support so many different markets at this early stage? Let's at least try to walk before we try to run.

How many bitZAR do YOU plan on purchasing if your suggestion is taken up?

bitZAR may not be liquid for a long time... in fact it may never be liquid.  IMO bitUSD will be the only liquid bitAsset currency since it is pegged to the reserve currency of the world.  The USD is accepted almost everywhere, so why even bother holding any other currency if you have the choice?  BitUSD gives every person in the world the ability to hold the most widely accepted fiat currency.

that is your point of view ..
did you know that emirates and others are discussing to switch from petrodollar to petroeuro?
once the petrodollar dies .. so does your argumentation ..
the world is colorful my friend!

Its not as simple as selling oil for one or the other. Both Iraq (under Saddam) and Iran tried this and look where it got them. The US has set a precedent, if you switch from USD then you will be dealing with the US military.

[MrJeans]

They trade at a premium because it takes additional compensation to forfeit bitcoin in exchange for yet another particularly weak fiat.

Over here it is very difficult to access the cryptocurrency market. Mining can't be done profitably or competitively because of issues with our power grid and the increasing price of electricity.
The Bitcoins that come into the country have already gone through the USD or EUR.
Additionally, South Africans are scrambling to gain access to other currencies like USD and CNY, cryptocurrency is an 'easy' way to move money into something more stable like USD at an exchange.

[Methodise]

They trade at a premium because it takes additional compensation to forfeit bitcoin in exchange for yet another particularly weak fiat.

[MrJeans]

If one looks at bitx.co.za (the larger South African exchange) their BTC price trades at a significant premium to the international average.
There is a growing community of people who are VERY passionate about BTC over here.

[matt608]

I contacted South African bitcoin exchange https://ice3x.com/ about BitShares integration and after some consideration they decided it wasn't for them at the moment, just so people know there's no need to contact them again.

[Methodise]

I expect Africans would rather use bitUSD than bitZAR bitGHS. Frankly, they might be safer holding bitBTC.

It would be great to see sufficient liquidity to support a whole universe of colourful assets, of course.

[Pheonike]

We need address the markets that are most willing to adapt.

[cube]

I hope that people calling for new market issued assets would ask themselves where the liquidity is going to come from to bootstrap these markets. There is nowhere near enough liquidity in current markets for which price feeds already exist. Why add new markets before the present ones, such as bitGOLD, bitEURO, bitCHF, etc are established? Where are the buyers to support so many different markets at this early stage? Let's at least try to walk before we try to run.

How many bitZAR do YOU plan on purchasing if your suggestion is taken up?

+5%

We need to focus on establishing the current markets first.

[lil_jay890]

Can we get ZAR on as a market issued asset on Bitshares.
There are no African currencies represented and South Africa is leading the way for Africa in activity and start-ups related to Bitcoin.

I hope that people calling for new market issued assets would ask themselves where the liquidity is going to come from to bootstrap these markets. There is nowhere near enough liquidity in current markets for which price feeds already exist. Why add new markets before the present ones, such as bitGOLD, bitEURO, bitCHF, etc are established? Where are the buyers to support so many different markets at this early stage? Let's at least try to walk before we try to run.

How many bitZAR do YOU plan on purchasing if your suggestion is taken up?

bitZAR may not be liquid for a long time... in fact it may never be liquid.  IMO bitUSD will be the only liquid bitAsset currency since it is pegged to the reserve currency of the world.  The USD is accepted almost everywhere, so why even bother holding any other currency if you have the choice?  BitUSD gives every person in the world the ability to hold the most widely accepted fiat currency.

that is your point of view ..
did you know that emirates and others are discussing to switch from petrodollar to petroeuro?
once the petrodollar dies .. so does your argumentation ..
the world is colorful my friend!

The world has been screaming death of the dollar for the last 70 years... "once the dollar dies, [insert name] currency will be the future!"... I'm not going to argue if the dollar gets replaced, all I know is that it hasn't.  In fact over the last 6 months the dollar has dramatically rallied against every major currency.

Countries "discuss" things all the time... They rarely take action.  Very similar to bitshares...

[xeroc]

Can we get ZAR on as a market issued asset on Bitshares.
There are no African currencies represented and South Africa is leading the way for Africa in activity and start-ups related to Bitcoin.

I hope that people calling for new market issued assets would ask themselves where the liquidity is going to come from to bootstrap these markets. There is nowhere near enough liquidity in current markets for which price feeds already exist. Why add new markets before the present ones, such as bitGOLD, bitEURO, bitCHF, etc are established? Where are the buyers to support so many different markets at this early stage? Let's at least try to walk before we try to run.

How many bitZAR do YOU plan on purchasing if your suggestion is taken up?

bitZAR may not be liquid for a long time... in fact it may never be liquid.  IMO bitUSD will be the only liquid bitAsset currency since it is pegged to the reserve currency of the world.  The USD is accepted almost everywhere, so why even bother holding any other currency if you have the choice?  BitUSD gives every person in the world the ability to hold the most widely accepted fiat currency.

that is your point of view ..
did you know that emirates and others are discussing to switch from petrodollar to petroeuro?
once the petrodollar dies .. so does your argumentation ..
the world is colorful my friend!

[MrJeans]

Should add the Ghana Cedi and Kenya Shilling. We need to show these countries that we are serious about remittance.

+5%

I see all your points. I am currently working on building a bridge here in South Africa, it would be nice for South Africans to at some point be able to work in bitZAR. But yes, we are a long way from this, however it should be in the pipeline.

[lil_jay890]

Can we get ZAR on as a market issued asset on Bitshares.
There are no African currencies represented and South Africa is leading the way for Africa in activity and start-ups related to Bitcoin.

I hope that people calling for new market issued assets would ask themselves where the liquidity is going to come from to bootstrap these markets. There is nowhere near enough liquidity in current markets for which price feeds already exist. Why add new markets before the present ones, such as bitGOLD, bitEURO, bitCHF, etc are established? Where are the buyers to support so many different markets at this early stage? Let's at least try to walk before we try to run.

How many bitZAR do YOU plan on purchasing if your suggestion is taken up?

bitZAR may not be liquid for a long time... in fact it may never be liquid.  IMO bitUSD will be the only liquid bitAsset currency since it is pegged to the reserve currency of the world.  The USD is accepted almost everywhere, so why even bother holding any other currency if you have the choice?  BitUSD gives every person in the world the ability to hold the most widely accepted fiat currency.

[onceuponatime]

Can we get ZAR on as a market issued asset on Bitshares.
There are no African currencies represented and South Africa is leading the way for Africa in activity and start-ups related to Bitcoin.

I hope that people calling for new market issued assets would ask themselves where the liquidity is going to come from to bootstrap these markets. There is nowhere near enough liquidity in current markets for which price feeds already exist. Why add new markets before the present ones, such as bitGOLD, bitEURO, bitCHF, etc are established? Where are the buyers to support so many different markets at this early stage? Let's at least try to walk before we try to run.

How many bitZAR do YOU plan on purchasing if your suggestion is taken up?

[carpet ride]

Agreed, let's focus on remittance

Step one.  Create a gateway accessible to a major African employer.
Step two. Partner the gateway with a major African employer.
Step three.  Have the African employer pay employees in African MPA.
And then we've catalyzed BitAsset use in a micro economy.

Is this over simplified or would it not go viral?


Sent from my iPhone using Tapatalk

[Pheonike]

Should add the Ghana Cedi and Kenya Shilling. We need to show these countries that we are serious about remittance.

[svk]

And what is DRAGON, CROWDFUN and BTCSHA doing on market issued assets.
Was this a mistake?
Can we fork them out. It looks silly among the others.

At least one of those was a mistake by a Chinese guy wanting to make a normal UIA, can't remember which one it was though. Most likely the others wereistakrs too.

[MrJeans]

And what is DRAGON, CROWDFUN and BTCSHA doing on market issued assets.
Was this a mistake?
Can we fork them out. It looks silly among the others.

[MrJeans]

Can we get ZAR on as a market issued asset on Bitshares.
There are no African currencies represented and South Africa is leading the way for Africa in activity and start-ups related to Bitcoin.