Author Topic: BTS  (Read 4746 times)

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merockstar

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Quote
A BitAsset is a cryptocurrency whose value is pegged to that of another asset, such as the US Dollar or gold. BitAssets always have 100% or more of their value backed by the BitShares core currency, BTS, to which they can be converted at any time at an exchange rate set by a trustworthy price feed. In all but the most extreme market conditions, BitAssets are guaranteed to be worth at least their face value (and perhaps more, in some circumstances). Like any other cryptocurrency, BitAssets are fungible, divisible, and free from any restrictions.

Does this mean I and a few others in this thread win?

that sounds like zero upcharge to me, george.

edit: nm went back a reread, gotta wait until 7 days after release.

Offline liondani

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I think it will be between  -2% to +3% depended from the bitcoin price fluctuation at any time, at least until we reach their market-cap... then we will stabilize at a 1% premium...
If you are interested I will give in public the formula.

Sent from my ALCATEL ONE TOUCH 997D

« Last Edit: June 04, 2015, 07:29:15 pm by liondani »

Offline sudo

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merockstar

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I wonder if traveler's checks would still be in use if bank debit cards charged to spend and withdraw money (prepaid cards do, but those don't count because they're like punishment for fucking up your credit).

also we have a competitor with those same benefits right now, 1 nubit for 1 dollar. we might disagree with how it works, but does joe blow give a shit about that?

when did an active-aggressive version of tonyk materialize on these forums?


Offline starspirit

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Stan, travellers checks were superseded though...

My concern is that when a bitUSD that trades around parity is developed (as I expect it to be), that it will have all the same benefits as one trading at a continuous premium, but have the added benefit of being true to label. Therefore the proposed product could be superseded and leave bitShares strategically behind.

I think our product choices must be considered in the face of the competition that will develop around us, rather than simply whether its better than traditional products. Everything we develop must be the best possible product choice for its purpose, or we risk competitors unexpectedly getting the edge on us.
« Last Edit: May 28, 2015, 12:45:40 am by starspirit »

Offline Stan

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nope.
people aren't going to buy a dollar for more than a dollar.

unless of course it's a.............

SUPER DOLLAR!

Seizure resistant and able to be copied, stored in your head, and transported safely across boarders and through ghettos with a single passphrase.

Or you could carry wads of cash through customs or lower Chi-Town like Merkostar

Remember Traveler's Checks?



They were essentially dollars that cost more than a dollar.

Quote
A traveler's cheque[a] is a preprinted, fixed-amount cheque designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege.
They were generally used by people on vacation instead of cash, as many businesses used to accept traveler's cheques as currency. Merchants and other parties would accept them as if they were currency because, as long as the original signature (which the buyer is supposed to place on the check in ink as soon as they receive the cheque) and the signature made at the time the check is used is the same, the traveler's check issuer will unconditionally guarantee payment of the face amount even if the check is fraudulently issued, was stolen or lost. In short, a traveler's check can never 'bounce' unless the issuer goes bankrupt and out of business. If a traveler's cheque were lost or stolen, it could be replaced by the issuing financial institution.
-- Wikipedia

You got them as a safer way to carry cash that could be spent by affixing your signature which served as a visual "private key" matching your previous signature "public key".  Once you bought some, they were good forever, so you tended to just hang onto them from trip to trip.

Added value justified added cost.

BitUSD is a modern digital Traveler's Check.

Q.E.D.

« Last Edit: May 27, 2015, 01:08:46 am by Stan »
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline Ander

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If merchants can avoid 3% credit card fees by giving you a 2% bonus if you use bitUSD, thus saving 1%, then you might get a 2% bonus for using bitUSD.

If you get a 2% bonus for using bitUSD, you might be willing to pay 1% premium to buy it. 

If youre willing to pay a 1% premium to buy it, then some Bitshares version of coinbase might be willing to buy BTS and create bitUSD at face value, and sell it to you at a 1% markup.

Everyone in this scenario made a 1% gain, except the credit card company, who got cut out.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

merockstar

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nope.

peg means peg, not upcharge. people aren't going to buy a dollar for more than a dollar.

Offline clayop

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Offline Chronos

I'm going to guess an 11% premium. We haven't seen whether or not market forces will bring the price down to parity.



Offline Ben Mason

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Offline karnal

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1 BitUSD == 1 USD
100 BitUSD == 100 USD

Or else it's not much of a BitUSD.