Author Topic: [ANN] Let's do it at once - Liquidity Event - 29th Feb  (Read 25219 times)

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Offline EstefanTT

Bit20, the cryptocurrency index fund http://www.bittwenty.com
(BitShares French ConneXion - www.bitsharesfcx.com)

Offline 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?
« Last Edit: February 01, 2016, 11:00:29 pm by noisy »
Take a look on: https://bitsharestalk.org/index.php/topic,19625.msg251894.html - I have a crazy idea - lets convince cryptonomex developers to use livecoding.tv

Offline dannotestein

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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).
http://blocktrades.us Fast/Safe/High-Liquidity Crypto Coin Converter

Offline noisy

Take a look on: https://bitsharestalk.org/index.php/topic,19625.msg251894.html - I have a crazy idea - lets convince cryptonomex developers to use livecoding.tv

Offline 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 Video is a little bit outdated (imo should be about basic trading not about force settlement), but all other stuff, this animation is absolutely great!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!

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

welcome on board :)
Take a look on: https://bitsharestalk.org/index.php/topic,19625.msg251894.html - I have a crazy idea - lets convince cryptonomex developers to use livecoding.tv

Offline onceuponatime

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

Offline JonnyB

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It's definitely worth a go. I will participate on the 29th. :-)
I run the @bitshares twitter handle
twitter.com/bitshares

Offline 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.
Take a look on: https://bitsharestalk.org/index.php/topic,19625.msg251894.html - I have a crazy idea - lets convince cryptonomex developers to use livecoding.tv

jakub

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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.


Offline 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 :)
« Last Edit: February 01, 2016, 07:38:00 pm by noisy »
Take a look on: https://bitsharestalk.org/index.php/topic,19625.msg251894.html - I have a crazy idea - lets convince cryptonomex developers to use livecoding.tv

Offline Akado

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(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.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

jakub

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(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?

Offline 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.
« Last Edit: March 02, 2016, 12:14:10 am by noisy »
Take a look on: https://bitsharestalk.org/index.php/topic,19625.msg251894.html - I have a crazy idea - lets convince cryptonomex developers to use livecoding.tv