Author Topic: Situation report : The shortage of BitCNY begins  (Read 10620 times)

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Offline pc

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Demand from BitCNY comes from :
1、BitCNY can be deposit into BTC38 as CNY on a 1:1 ratio , it increases the usage of BitCNY because of the low spread  .
2、People are stockpiling BitCNY for a crowd-funding project .
3、To cover the short position .

Hm... you may be on to something there... you forgot

4. People want to get out of BTS due to its falling price, without leaving the BitShares ecosystem

The combination of 3+4 is very dangerous, because it creates a self-enforcing feedback loop that drives the BTS price into the ground.
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Offline btswildpig

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There is two kinds of shorting .

1. Short to others , it needs people to provide their BTS as the counter order . But if people don't want to sell their BTS for BitCNY , it'll be a dead end .

2. Short to himself  . But he needs to cover after a month , then he'll face the shortage of BitCNY himself , unless he has countless BTS to keep shorting to himself .
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Offline btswildpig

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Would having a western counterpart of BitSharesMining who pays in BitCNY help?

not really , if he pays in BitCNY , it only creates more demand , but not the supply ,
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Offline yellowecho

I'll gladly short bitCNY when I get home.
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Offline rgcrypto

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Would having a western counterpart of BitSharesMining who pays in BitCNY help?

Offline btswildpig

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so, if I am trying to short some bitCNY into existence, why is nobody buying them?

Because the price of BTS is too low , people don't want to sell BTS for BitCNY at this point .
They want BitCNY , they also don't want to trade their BTS for it .

So you need to wait for someone who is willing to dump their BTS for BitCNY at this point , but not likely because the price is really low , everybody I know refuse to do so .

If they want BitCNY but don't want to pay BTS for it...why not buy more cheap BTS and immediately convert it? I don't see the problem.

Gotta pay something to get BitCNY lol.

less than 2000 USD worth of BitCNY -- BTS order with decent price . Because of the shortage of BitCNY , so it's natural that no body is willing to sell BitCNY to buy BTS either , got it ? :'(

They could always short into existence.  MetaExchange says they have little demand at the moment.

Because of the fact that it's hard to get BitCNY , people don't want to short much considering they need BitCNY to cover after 1 month
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Offline Pheonike

There should be away that when  the supply reaches a certain threshold,  the system can short new supply.

Offline btswildpig

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so, if I am trying to short some bitCNY into existence, why is nobody buying them?

Because the price of BTS is too low , people don't want to sell BTS for BitCNY at this point .
They want BitCNY , they also don't want to trade their BTS for it .

So you need to wait for someone who is willing to dump their BTS for BitCNY at this point , but not likely because the price is really low , everybody I know refuse to do so .

If they want BitCNY but don't want to pay BTS for it...why not buy more cheap BTS and immediately convert it? I don't see the problem.

Gotta pay something to get BitCNY lol.

less than 2000 USD worth of BitCNY -- BTS order with decent price . Because of the shortage of BitCNY , so it's natural that no body is willing to sell BitCNY to buy BTS either , got it ? :'(

They could always short into existence.  MetaExchange says they have little demand at the moment.

Nobody uses BTC anymore in the Chinese BitShares community , so unless MetaExchange sell their BitCNY on Yunbi with BitCNY:CNY pair , it couldn't help much either .
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Offline yellowecho

so, if I am trying to short some bitCNY into existence, why is nobody buying them?

Because the price of BTS is too low , people don't want to sell BTS for BitCNY at this point .
They want BitCNY , they also don't want to trade their BTS for it .

So you need to wait for someone who is willing to dump their BTS for BitCNY at this point , but not likely because the price is really low , everybody I know refuse to do so .

If they want BitCNY but don't want to pay BTS for it...why not buy more cheap BTS and immediately convert it? I don't see the problem.

Gotta pay something to get BitCNY lol.

less than 2000 USD worth of BitCNY -- BTS order with decent price . Because of the shortage of BitCNY , so it's natural that no body is willing to sell BitCNY to buy BTS either , got it ? :'(

They could always short into existence.  MetaExchange says they have little demand at the moment.   
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Offline btswildpig

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so, if I am trying to short some bitCNY into existence, why is nobody buying them?

Because the price of BTS is too low , people don't want to sell BTS for BitCNY at this point .
They want BitCNY , they also don't want to trade their BTS for it .

So you need to wait for someone who is willing to dump their BTS for BitCNY at this point , but not likely because the price is really low , everybody I know refuse to do so .

If they want BitCNY but don't want to pay BTS for it...why not buy more cheap BTS and immediately convert it? I don't see the problem.

Gotta pay something to get BitCNY lol.

less than 2000 USD worth of BitCNY -- BTS order with decent price . Because of the shortage of BitCNY , so it's natural that no body is willing to sell BitCNY to buy BTS either , got it ? :'(

There is a funnel to do BitCNY:CNY in both ways . But they're affected by the shortage too .
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Offline yellowecho

We have extremely low demand for bitCNY on metaexchange - not sure if that is due to the chinese community not knowing about us, or what...

https://metaexchange.info/markets/BTC/bitCNY
+5%
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Offline nomoreheroes7

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so, if I am trying to short some bitCNY into existence, why is nobody buying them?

Because the price of BTS is too low , people don't want to sell BTS for BitCNY at this point .
They want BitCNY , they also don't want to trade their BTS for it .

So you need to wait for someone who is willing to dump their BTS for BitCNY at this point , but not likely because the price is really low , everybody I know refuse to do so .

If they want BitCNY but don't want to pay BTS for it...why not buy more cheap BTS and immediately convert it? I don't see the problem.

Gotta pay something to get BitCNY lol.

But yes, a funnel transforming CNY directly to BitCNY is so unbelievably needed.
« Last Edit: April 06, 2015, 08:06:32 pm by nomoreheroes7 »

Offline onceuponatime

so, if I am trying to short some bitCNY into existence, why is nobody buying them?

Because the price of BTS is too low , people don't want to sell BTS for BitCNY at this point .
They want BitCNY , they also don't want to trade their BTS for it .

So you need to wait for someone who is willing to dump their BTS for BitCNY at this point , but not likely because the price is really low , everybody I know refuse to do so .

Nothing I can do to help, then.  :(

Offline btswildpig

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so, if I am trying to short some bitCNY into existence, why is nobody buying them?

Because the price of BTS is too low , people don't want to sell BTS for BitCNY at this point .
They want BitCNY , they also don't want to trade their BTS for it .

So you need to wait for someone who is willing to dump their BTS for BitCNY at this point , but not likely because the price is really low , everybody I know refuse to do so .


So on one hand , you have people who lose incentive to short due to the low price ;
on the other hand , you have people who lost incentive to provide counter order for the shorting order , because they don't want to settle the loses by turning BTS into pegged asset .
« Last Edit: April 06, 2015, 08:01:21 pm by btswildpig »
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline onceuponatime

so, if I am trying to short some bitCNY into existence, why is nobody buying them?