[ANN] Let's do it at once - Liquidity Event - 29th Feb

[cylonmaker2053]

Was great to see some new faces and to have some action on the dex. Looking forward to the next...

Thank you @JonnyBitcoin for organizing this event and thank you to everyone that showed up. This is truly an amazing platform we have here.

yes, we have an amazing platform. i'd like to add that a big way to support the platform is to use some of your excess BTS to borrow some of the key smartcoins into existence and put them up for sale on the DEX. any kind of trading is obviously good for the DEX, but the fundamental nature of our liquidity comes from first borrowing smartcoins into existence. our markets tend to have more buy side demand than sell side supply, so contributing to the supply would be most beneficial.

[Riverhead]

Was great to see some new faces and to have some action on the dex. Looking forward to the next...

Thank you @JonnyBitcoin for organizing this event and thank you to everyone that showed up. This is truly an amazing platform we have here.

[cylonmaker2053]

my final orders placed for the night, heading to bed. to our Chinese partners, it's your turn!

[cylonmaker2053]

too bad that couldn't be maintained.

Why not? Actually I am going to keep most of my open orders :)

I think today went well.

theres still lots of depth on usd:btc

Yeah... this could give us additional information, how long Liquidity Event Effect could last. We will see. Maybe, even longer than we expecting right now? :)

ah, i just meant the tight spread being maintained specifically this afternoon when it widened. for sure we can keep up the volume and continue converging the spread...that's definitely my intention every day :)

[noisy]

I am going to sleep right now, but here there is still very nice view:


:)

[Methodise]

Too much fun today.

[noisy]

Should be, but this is one another thing which we realize today. CMC seems to not have this pair at all. I tweeted their account (https://twitter.com/noisypl/status/704346770675990528)... but so far I cannot do anything more. Anyone here has another contact for them?

BTW.. interesting conversation was happend today on our slack:

riverhead [6:26] In the BTC Markets tab I don't see anything BitShares related UIA or otherwise.
krondix [6:26]  because BitShares does not have BTC, only BitBTC and OpenBTC
riverhead [6:26] OPEN.BTC is the same as POLONIEX.BTC and KRAKEN.BTC
riverhead [6:26] You deposit BTC and get OPEN.BTC with the expectation of being able to withdraw OPEN.BTC for BTC.
noisy [6:26] exactly
krondix [6:27] yes
riverhead [6:27]  However I do agree that BTC (bitBTC) is not BTC
krondix [6:27] what is BTC in BitShares then? OPEN. + METAEX. + TRADE. combined?
ihashfury [6:27] @Samupaha: in theory we could use "Quantitative easing" to devalue BTC with BTS
riverhead [6:28] Not exactly - but it can be gray sometimes. For example I use bitUSD via Coinomat to pay my credit card. It's not real USD but the difference is immaterial to me.
riverhead  [6:28] @krondix bitBTC is minted by putting away collateral. It is designed to track the value but is not an IUO for onchain BTC (edited)
riverhead  [6:29] The UIA.BTC is supposed to be a 1:1 IOU for onchain BTC
krondix [6:29] @Riverhead: I understand this, my question was different. If Polo.BTC is listed as BTC on cmc, and bitBTC is listed as bitBTC, what if any should be listed as BTC for BitShares?
jonnybitcoin [6:29] There should be different exchanges reported on CMClike openledger metaexchange and blocktrades and then a single combined figure for all exchanges running on bitshares
riverhead [6:30] Yup
riverhead [6:30] @krondix OPEN.BTC is the same as POLO.BTC since it's a 1:1 IOU. bitBTC is a derivative.
roadscape [6:31] Is it possible to issue an asset that's not tradeable on the DEX?
krondix [6:31] Polo.BTC is listed as BTC, Open.BTC as OpenBTC
riverhead [6:31] Ah, I see.
krondix [6:31] bitBTC as bitBTC
riverhead [6:31] Yes, they have it wrong

[mint chocolate chip]

Should not http://coinmarketcap.com/assets/views/all/ be reflecting today's volume action?

[noisy]

too bad that couldn't be maintained.

Why not? Actually I am going to keep most of my open orders :)

I think today went well.

theres still lots of depth on usd:btc

Yeah... this could give us additional information, how long Liquidity Event Effect could last. We will see. Maybe, even longer than we expecting right now? :)

[JonnyB]

I think today went well.

theres still lots of depth on usd:btc

[cylonmaker2053]

right now spread is almost zero on USD:BTC

too bad that couldn't be maintained. lopsided demand relative to supply at these prices. i've borrowed some more USD into existence, but every time i place on the order book, it's taken quickly.

[yvv]

Let's do this every day for 7 major pairs. Liquid USD:BTC Monday, liquid CNY:BTC Tuesday ... etc.

[noisy]

I'm in for next Monday!!! I just need some instructions.

join us on http://slack.bitshares.org/ :) We will help you :)

[Louis]

I'm in for next Monday!!! I just need some instructions.

[JonnyB]

it looks pretty awesome! :) I want to have situation like this... everyday! :) But you know what? Now we all know, that this is possible :)

If anything, a monthly event could be done until people get used to it and it remains constant

Looking good!  Yeah, liquid Mondays?  Or we could all just agree to just trade on days that end in ''y"   :P

"Liquid Mondays" I like it, sounds like a band

[CLains]

Looks good  +5%

[lovejoy]

it looks pretty awesome! :) I want to have situation like this... everyday! :) But you know what? Now we all know, that this is possible :)

If anything, a monthly event could be done until people get used to it and it remains constant

Looking good!  Yeah, liquid Mondays?  Or we could all just agree to just trade on days that end in ''y"   :P

[noisy]

I am curious how long after today this liquidity will stay...

[Akado]

it looks pretty awesome! :) I want to have situation like this... everyday! :) But you know what? Now we all know, that this is possible :)

If anything, a monthly event could be done until people get used to it and it remains constant

[noisy]

it looks pretty awesome! :) I want to have situation like this... everyday! :) But you know what? Now we all know, that this is possible :)

[JonnyB]

right now spread is almost zero on USD:BTC

[Akado]

We could use some of those pictures to show on some websites. If OpenLedger had a screenshots section or something like that.

Could anyone record a video? It would be nice. I'm not at home atm and don't have the software installed.

[cube]

Way to go! Yeehaw...

[GChicken]

24hr VOL: $3048 USD   |   7.02 BTC

[abit]

I put in some USD

[noisy]

It is even better right now :)

[xeroc]

I am in with a few spare BTC .. all USD have been sold already :(

[noisy]

current status:


------------

You are welcome to join http://slack.bitshares.org/ to join #bitshares and #liquidity channels

[Methodise]

I'm not playing by the rules; I'm placing orders across the board.

[mint chocolate chip]

Let's get liquid! LIQUIDITY EVENT USD/BTC

[noisy]

What should I do with bitcoin currently in a bitcoin wallet in order to support this liquidity initiative?

I am preparing a brief instruction with some ideas/suggestions. Should be available very shortly.

[onceuponatime]

@noisy  (and anyone else who can help)

Would you please list specific action steps that supporters of this initiative should take in order to participate? A step by specific step format would be great for various individuals wanting to add support and who currently hold assets/crypto in various places and markets.

Make it easy and straightforward for people to contribute to your initiative.

I have a small amount of bitcoin in a bitcoin wallet that I have been saving in order to support this initiative (otherwise I would have used it for other things before now).

What should I do with bitcoin currently in a bitcoin wallet in order to support this liquidity initiative? I am not much of a trader. I do not currently own USD or BTC in the DEX (although I do own UIAs such as OBITS and OPENPOS). So I need someone to give me a step by step going from a Bitcoin wallet to the market(s) targeted for this liquidity initiative.  Other people might want  to go from DOGE or NXT or other wallets to support the  initiative.  @noisy @dannotestein

[noisy]

Has anyone figured out precisely what time zone will be used to dictate the start/end of this event?  I'd like to hold a hangout for it, but do not know when to consider it or if I will even be available :P

this was not specified, because IMO this could take all day long. I think it might be very difficult to choose one time.

[onceuponatime]

@noisy  (and anyone else who can help)

Would you please list specific action steps that supporters of this initiative should take in order to participate? A step by specific step format would be great for various individuals wanting to add support and who currently hold assets/crypto in various places and markets.

Make it easy and straightforward for people to contribute to your initiative.

[fuzzy]

https://bitsharestalk.org/index.php/topic,21701.msg282505.html#msg282505  here is the link to a thread for people to post their preferred times (please do so in EST)

[fuzzy]

Has anyone figured out precisely what time zone will be used to dictate the start/end of this event?  I'd like to hold a hangout for it, but do not know when to consider it or if I will even be available :P

[btstip]

Hey fuzzy, here are the results of your tips...

• dannotestein: has been credited 1 FISTBUMP
• dannotestein: has been credited 5 ROSE
• dannotestein: has been credited 1 SILVERTICKET

Curious about ShareBits? Visit us at http://sharebits.io and start tipping BTS on https://bitsharestalk.org/ today!

Source: https://bitsharestalk.org/index.php/topic,21265.msg282502/topicseen.html#msg282502

Created by hybridd

[fuzzy]

BlockTrade rates for buying BTS have been lowered on all coin pairs for the Liquidity Event.

#sharebits dannotestein 1 FISTBUMP
#sharebits dannotestein 5 ROSE
#sharebits dannotestein 1 SILVERTICKET

Thanks for being so active and helpful dan. 

[cylonmaker2053]

BlockTrade rates for buying BTS have been lowered on all coin pairs for the Liquidity Event.

i will take advantage of that, thank you!  +5%

[dannotestein]

BlockTrade rates for buying BTS have been lowered on all coin pairs for the Liquidity Event.

[cylonmaker2053]

Gonna be trading like a high frequency bot on Monday.

that's how we should be trading every day!

[xeroc]

Not sure i can finish up my python bot by then .. but i will try to do so. ..

[JonnyB]

Gonna be trading like a high frequency bot on Monday.

[cylonmaker2053]

count me in!

[cylonmaker2053]

I tend to view lack of liquidity as a symptom of lack of reason to trade.  When countries have bubbles they have lack of liquidity because people are saving, it's more advantageous to hold assets than to trade for discretionary goods.

I think lack of liquidity in all cryptocurrencies stems from lack of utility, there's no compelling reason to trade because a trade doesn't give people what they want.  A joint effort to create liquidity will pump the trade volume numbers though I worry it won't solve the issue of why people aren't trading in the first place.

agreed! few compelling reasons to trade our assets at the moment, it's our job to change that. who are some potential marginal users of our platform? some random thoughts:

Demand Side:
-precious metals speculators
-non-U.S. people stuck in financially repressive countries who could use some USD exposure
-crypto speculators looking for an easy way to short BTS relative to BTC

Supply Side: [\u]
-market makers who can profit providing liquidity
-speculators looking for BTS leverage
-speculators short precious metals (can hedge away BTS exposure)

any other ideas? we should figure out the highest value marginal user type and market to them.

[cube]

Nicely done!

[cass]

during upload i was thinking to update graph more clearly ...

[Thom]

+5% Noisy, I don't think your graphic skills are all that bad - I kind of like your poster. It gets the point across. There's always room for improvement, but given the lack of submissions you did good.

[cass]

if this would give u a smile .. sure why not  :P

[noisy]

I am ready to fund a prize 5000 BTS for best poster, which will help us promote this idea - more details here. Do you know any good graphic designers?

@cass

will send some ideas ...

I wrote about that, because I wanted to avoid using my poor graphic skills. However nobody sent anything till 14th Feb (how it was described here: https://bitsharestalk.org/index.php/topic,21280.0.html). So I decided to prepare something by myself. Should I then send 5000 BTS to myself? :D

[cass]

I am ready to fund a prize 5000 BTS for best poster, which will help us promote this idea - more details here. Do you know any good graphic designers?

@cass

will send some ideas ...

[noisy]

FYI: I have just updated first post :)



What do you think about graphic? :)

[noisy]

we missed few trains.

1. At the beggining of bitshares 2.0, just after lunch, there were no bridges and gateways. The only way of step into bitshares exchange was to use another one.
2. Fees were to high, and discourage people from experimenting
3. There were no public testnet, so people have limited possibilities to reports many annoying bugs. Everything were very unstable.
4. Liquidity (if we had any) dropped even harder, and we cannot recover it since then
and as you can guess, this is not everything.

However, since September, a lot of things changed. It is still not perfect, but I believe, we all see bright future for bitshares. I believe, that we evolved as a community.

[clemahieu]

I tend to view lack of liquidity as a symptom of lack of reason to trade.  When countries have bubbles they have lack of liquidity because people are saving, it's more advantageous to hold assets than to trade for discretionary goods.

I think lack of liquidity in all cryptocurrencies stems from lack of utility, there's no compelling reason to trade because a trade doesn't give people what they want.  A joint effort to create liquidity will pump the trade volume numbers though I worry it won't solve the issue of why people aren't trading in the first place.

[Methodise]

Leap year.

Awesome.

[Thom]

I am wondering what is the best way to reach more people. This event will have greater chance of succeeding if more people will know about it.

Is there anyone here who could translate first post in this topic to Chinese?

That's a very good idea noisy. I also apprised Amanda & Pete at the Daily Decrypt about this and Pete responded that he will pass this info on to Amanda for promotion.

We should see the first of the BitShares sponsored spots in the vodcast later today. Don't know how she plans to promote this event or BitShares in general, but the girl is quite talented and theatrically creative. I think good things will come from this publicity.

[Ben Mason]

Brilliant noisy!

[CLains]

 +5%

[noisy]

I am wondering what is the best way to reach more people. This event will have greater chance of succeeding if more people will know about it.

Is there anyone here who could translate first post in this topic to Chinese?

[mint chocolate chip]

I am ready to fund a prize 5000 BTS for best poster, which will help us promote this idea - more details here. Do you know any good graphic designers?

@cass

[lovejoy]

Awesome idea! count me in. :)  +5%

[EstefanTT]

I'll be there ! Cool initiative !  +5%

[noisy]

I like the idea. BlockTrades will lower our normal pricing for buying BTS on Feb 29th to allow users to acquire BTS they can use to create more BitUSD and BitBTC (to get good liquidity..)

Wow. Awesome!

..., I think more of these will need to be shorted into existence

I think It would be great to prepare some kind of educational video how to do that. Right now with testnet (http://testnet.bitshares.eu/#/market/PEG.FAKEUSD_TEST) there is no cost of doing that.


I am ready to fund a prize 5000 BTS for best poster, which will help us promote this idea - more details here. Do you know any good graphic designers?

[dannotestein]

I like the idea. BlockTrades will lower our normal pricing for buying BTS on Feb 29th to allow users to acquire BTS they can use to create more BitUSD and BitBTC (to get good liquidity, I think more of these will need to be shorted into existence).

[noisy]

I would like to participate. Where is this market:  USD:BTC?

https://bitshares.openledger.info/#/market/BTC_USD

[noisy]

offtopic:

@JonnyBitcoin I have just visited website, from your signature. Video is a little bit outdated (imo should be about basic trading not about force settlement), but all other stuff, this animation is absolutely great! I wish see something like that on the official bitshares website!

It's definitely worth a go. I will participate on the 29th. :-)

welcome on board :)

[onceuponatime]

I would like to participate. Where is this market:  USD:BTC?

[JonnyB]

It's definitely worth a go. I will participate on the 29th. :-)

[noisy]

Similar to declaring that a village fair is open only on a Sunday morning, so that all those willing to trade come to the fair at this particular time.

This is perfect analogy! :) Maybe this should also give us a hint, that there is a possibility, that day later liquidity will not be as so good as day before. Nevertheless, exactly like with village fair, we should probably organize next one. Increased volume should definitely bring some attention of new users.

[jakub]

I'm beginning to grasp the potential of it.

So it's your way of concentrating liquidity at a given point of time.
In other words, if we cannot (at initial this stage) have liquidity 24h a day, we can attempt to have it within some limited time window.

Similar to declaring that a village fair is open only on a Sunday morning, so that all those willing to trade come to the fair at this particular time.

[noisy]

(1) Why did you choose USD:BTC, not USD:BTS?

I agree with @Akado answer.

(2) Do you mean to create both a buy and sell wall, or just one side?

In general, both sides. Some people will be interesting in buying bitUSD, other want to buy bitBTC. For sure some of us want to even borrow some BTC or USD and short it by borrowing and solding them. It will be ideal day to tray to do so.

(3) How will the participants be protected from this event: a selfish whale comes along and takes advantage of this liquidity and dumps a big amount onto the wall?

I do not expect a wall. I think I will create some small orders near the feed price, and some bigger orders to try buy BTC or USD 1-2 or 3% below its feed price. I expect that something more like that:



So we should try avoid creating a wall. Everyone should order only this amount of BTC or USD, which he or she want to buy. I assume, that right now people are not doing that, because right now creating an order do not guarantee that it will be filled, but you still need to pay a fee for creating an order.

I also assume, that people do not leave open orders, because on bitshares, there are no such things like moving-orders, which should stay open for example 1% above price feed. What can seems like a good price in day when I create order, could be actually a bad price few days later when order can be filled. It is very difficult and expensive to track and set open orders.

In the day of Liquidity Event, you should expect that your order should be filled if you will set a competitive price.

So emphasizing the fact that "Everyone should order only this amount of BTC or USD, which he or she want to buy" this means that if a big whale came along and it will fulfil most orders, this should only make people happy :)

[Akado]

(1) Why did you choose USD:BTC, not USD:BTS?
(2) Do you mean to create both a buy and sell wall, or just one side?
(3) How will the participants be protected from this event: a selfish whale comes along and takes advantage of this liquidity and dumps a big amount onto the wall?

Because that's the way to do it if we want real customers. Most people trade on that pair. OpenLedger shouldn't be BitShares centric. If we make everything spin around BitShares we won't grow.

It's only logical if it's the most traded pair. We don't want bts traders, we want traders.

[jakub]

(1) Why did you choose USD:BTC, not USD:BTS?
(2) Do you mean to create both a buy and sell wall, or just one side?
(3) How will the participants be protected from this event: a selfish whale comes along and takes advantage of this liquidity and dumps a big amount onto the wall?

[noisy]

This idea got mostly very positive feedback, that's why I think nothing should stop up from doing this :)

Event will continue all day long, so it is no important from which part of the world you are.

Media coverage

- https://youtu.be/PzVEd26yGAg?t=2m19s - The Daily Decrypt 15.02.2016
- https://youtu.be/xLAaXhgG6a8?t=20m37s - The Daily Decrypt 18.02.2016
- https://youtu.be/UjZuM2qUiF4?t=3m14s - The Daily Decrypt 24.02.2016
- https://youtu.be/nGAAcxz2ln4?t=17m48s - The Daily Decrypt 26.02.2016
- https://youtu.be/eUFsNSpQsEU?t=3m2s - The Daily Decrypt 29.02.2016
- https://soundcloud.com/bitsharesnews/bitshares-dev-hangout-with-bytemaster-february-19-2016#t=54:16 - BitShares Dev Hangout with bytemaster

This event is 100% community driven :)

If you have any ideas how to improve upcoming event or you wrote somewhere about it, please write a comment about that.

Original post:

We all know, that bitshares is a great product, but it cannot shows it's greatness, because we have chicken egg problem with liquidity and new users. In my opinion we don't need a liquidity on all markets. We just need one solid market, and other should emerge later.

All statistics about bitshares says, that together we all have a lot of money. Why we just not create an order on selected exchange all in the same time? We should have instant liquidity. In my opinion the perfect market for that is USD:BTC.

To encourage people to be part of this event, we could fund a prize. Something what bring an attention of all bitshares users - $1000
[edit] most of people in the pool said, that they would take part in that event even without a prize, so I think for now we don't have to use it.

I assume that we could filter all transaction from specific day, to get all transaction ids from finalized transaction on specific market. This list of ids should be an input to the previously written algorithm, which with given seed (for example, hash of the last transaction in specified day) should select exactly one account.

I think perfect date for such event is: 29th Feb 2016 - once you hear about liquidity event date, you should not miss it! ;)

29 days it's a lot of time, to advertise this among whole cryptocurrency community.

This is a proposition, but please consider it seriously. In my opinion it is worth a shot. Maybe this is not flawless, so we should think about all bad and good sites of this, to polish this idea.