Author Topic: You can buy bitUSD with cash in 3 hrs for a 1.5% fee - Altquick.com  (Read 1742 times)

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Offline Riverhead


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Offline EstefanTT

I took a look at it.

(I have to confess, having already short, you scared me a little with your big green warning  :-X... but everything is cool)

Thanks for the explanations ;)
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(BitShares French ConneXion - www.bitsharesfcx.com)

Offline Permie

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I maybe wrong but I use to think that anyone taking a look at our BitUSD market from outside of this community may be thinking that there is a problem.

Everyone in the Crypto sphere is not a senior trader and this gigantic wall seem scary.

I may be a little out of topic but solving this weird market would have a beneficial effect on the perception that people have on our main BitAsset.

I'm not understanding enough of that to allow myself to create a post on that but something simple explaining the risks, value and process to short (simpler than it mat seem) could make a difference.
(I'm posting this comment here because it seem a little related. )

I'm surprise that we still have so few liquidity. Bts price is low and going to rock, anyone here holding for long term should be shorting, no ?

PLEASE READ THE FULL THREAD BEFORE SHORTING, SOME MISTAKES IN THE INSTRUCTIONS HAVE BEEN CORRECTED IN THE REPLIES

Since we're getting a lot of chatter wrt shorting bitassets, i figured i'd give my two cents for some best practices. There are plenty of existing threads on the mechanics of how to go about shorting, so i won't go there. Following these steps should reduce some risk with market timing and expired shorts:

1. Consider the overall amount of your BTS you want to include in your shorting activities. A decent rule of thumb is to keep at least 20% of your BTS in reserve to be able to cover subsequent short positions.

2. Consider a time-phased shorting strategy in which you're not using more than 10% of your BTS as collateral for any given trade. Open new short positions every week and cover positions that pass the 3 week threshold.

3. Consider shorting across several bitassets. It's a good idea to rank these candidate assets by liquidity: bitCNY and bitUSD are the two most liquid assets, followed by an order of magnitude less liquidity with bitBTC, bitGOLD, and bitSILVER.

4. Covering can be tricky. My approach is to place BUY orders within the bid-ask spread starting around the 3rd week a position has been open (within 1 week of expiration). This approach gives you a chance of getting a better cover price than the price peg. If a few days pass and your order hasn't executed, then it's best to buy at the highest bid and use the proceeds to cover your near expiration short(s).
          -Remember that any interest payments are due when you cover a short, so make sure you factor this into the amount of asset you
           you purchase. It can't hurt having a little extra asset in your wallet for future covers, so a good practice is to buy a little more than
           needed.
          -DO NOT ALLOW YOUR SHORT POSITIONS TO EXPIRE UNCOVERED! This will automatically trigger a margin call with a penalty (5%) and
           roll your collateral into the big cover wall, placing your order at the bottom of the queue.

5. COVERING TIP: If you want to roll your position forward for another month and you're in a rather illiquid market, it's possible to buy your own short. What you do is simultaneously input a buy and a sell order for identical amounts and identical prices (somewhere in between the highest bid and the lowest short, so there are no other buyers or sellers at that price). Use the proceeds of the trade to cover your near expiration short and you're left with the same volume net short position as you had prior to this trick, just rolled out another 30 days.

Have fun and remember that by shorting you are helping our business create its core products! Timing markets is almost impossible, but maintaining a consistent strategy that goes long BTS (short bitassets) will pay off handsomely if/when our business gains serious traction.
JonnyBitcoin votes for liquidity and simplicity. Make him your proxy?
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Offline ebit

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Offline EstefanTT

I maybe wrong but I use to think that anyone taking a look at our BitUSD market from outside of this community may be thinking that there is a problem.

Everyone in the Crypto sphere is not a senior trader and this gigantic wall seem scary.

I may be a little out of topic but solving this weird market would have a beneficial effect on the perception that people have on our main BitAsset.

I'm not understanding enough of that to allow myself to create a post on that but something simple explaining the risks, value and process to short (simpler than it mat seem) could make a difference.
(I'm posting this comment here because it seem a little related. )

I'm surprise that we still have so few liquidity. Bts price is low and going to rock, anyone here holding for long term should be shorting, no ?
« Last Edit: July 10, 2015, 10:33:27 am by EstefanTT »
Bit20, the cryptocurrency index fund http://www.bittwenty.com
(BitShares French ConneXion - www.bitsharesfcx.com)

Offline Permie

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https://www.altquick.co/buy-2.php?coin=BITUSD

Altquick is the same company as bitquick, but they use shapeshift integration to enable cash purchase of any listed altcoins on shapeshift, including BitShares and bitUSD.
The wonder of crypto

It's a P2P system so depends on the rates set by sellers, but the lowest is a 1.5% fee

Is this common knowledge?
How competitive is 1.5% for paying online vs Paypal, debit, credit or bitcoin?
If their service is available in Greece (they do SEPA online transfers, not sure about cash) then wouldn't this be a good way to recommend they transfer wealth outside the country?
Teenagers without a credit card can now buy things online easily with cash.

A 1.5% 'haircut' to a stable asset that can't be confiscated could be an easier sell than 'buy bitcoin!!!!'

What can the community do with this information to help BitShares adoption?

(I am not affiliated to bitquick or altquick, I just think it's cool)
« Last Edit: July 10, 2015, 10:07:39 am by Permie »
JonnyBitcoin votes for liquidity and simplicity. Make him your proxy?
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