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Offline hcf27

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BitARS - SmartCoin Petition
« on: April 15, 2016, 05:25:05 PM »

Dear Bitshares Community and Committee Members,

Argentina Bitshares Team would like to take this opportunity to express its interest in having its very own SmartCoin: BitArs.

As you may know Argentina has the biggest Bitcoin Community in Latin America, we also have one of the largest Bitshares Meetup Groups in the world. We are sure that this high level of interest in Cryptocurrencies together with the economic potential of being the third economy of the region gives BitARS inmense growth opportunities.

Providing Liquidity

We understand that one of the main concerns of the Committee for creating more SmartCoins is liquidity, however our Team Members have agreed to provide initial liquidity and we will also create a liquidity Bot that has already been tested and proven successful on the CAD and EUR markets (special thanks to @kenCode , @mauritso  @linouxis9  and @xeroc ).

Moreover, @ElMato is currently negotiating with one big investor who would add a couple of BTC worth of BitARS to the market.

We would also like to invite the whole community to trade this coin, we believe that the actual high value of the Peso and current the low BTS price represents a good shorting opportunity for Bitshares believers.


The price feed


Currently we have 2 witnesses that can provide feeds for BitARS, @ElMato  and @rnglab , but ideally the feeds will be added to the Master so that all witness can provide it.

There are plenty of public APIs where we can get the feed from, this is just one of them we put as an example: https://github.com/btcven/api

Conclusion

Team Argentina believes that it would be beneficial to the whole community if big amounts of BTS are locked as BitARS collateral, we can bring more businesses to Bitshares therefore increasing brand awareness and value to the platform.

If a BitARS SmartCoin is created Team Argentina will make sure to provide liquidity and market this SmartCoin to bring new money to the whole Bitshares ecosystem.

We look forward for the Committee’s response regarding this request and to any suggestions and comments from Bitshares Community.

Best Regards,



Signed by:

@ElMato                               @hcf27                                   @fran2k                                             @rnglab



EDIT: we will also be able to provide a 1:1 conversion to real pesos at the Bitcoin Embassy in Buenos Aires

IMPORTANT UPDATE: We have submitted a worker proposal to create BitARS. It is important to state that BitARS will be transfered to the Committe Account after creation. We hope to have your support :)
« Last Edit: April 20, 2016, 07:30:14 PM by hcf27 »

Offline abit

Re: BitARS - SmartCoin Petition
« Reply #1 on: April 15, 2016, 06:42:37 PM »
In order to create a 3-letter asset, the fee is 1,174,108 BTS. See https://cryptofresh.com/fees
Currently there are 1,422 BTS on the committee-account. See https://cryptofresh.com/u/committee-account

Even if this 1,422 BTS is permitted to be used to create the asset, we still need more than 1.17M BTS. How to get them? worker proposal? Or someone will donation?

By the way, if you have enough fund already, and willing to create the asset with that fund, you can change the owner of the asset to committee-account at any time.
« Last Edit: April 15, 2016, 06:44:58 PM by abit »
BTS account: abit
BTS committee member: abit
BTS witness: in.abit

Offline hcf27

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Re: BitARS - SmartCoin Petition
« Reply #2 on: April 15, 2016, 07:01:40 PM »
In order to create a 3-letter asset, the fee is 1,174,108 BTS. See https://cryptofresh.com/fees
Currently there are 1,422 BTS on the committee-account. See https://cryptofresh.com/u/committee-account

Even if this 1,422 BTS is permitted to be used to create the asset, we still need more than 1.17M BTS. How to get them? worker proposal? Or someone will donation?

By the way, if you have enough fund already, and willing to create the asset with that fund, you can change the owner of the asset to committee-account at any time.

It doesnt have to be 3 letters, it can be BitARS, which would cost aprox 1.500 for a lifetime member, I can create it and then transfer it to the Committe, however the real help here would be pushing the feed to the master so that the coin has a decentralized feed price, do you think this could be possible?

Offline tbone

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Re: BitARS - SmartCoin Petition
« Reply #3 on: April 15, 2016, 07:35:51 PM »
In order to create a 3-letter asset, the fee is 1,174,108 BTS. See https://cryptofresh.com/fees
Currently there are 1,422 BTS on the committee-account. See https://cryptofresh.com/u/committee-account

Even if this 1,422 BTS is permitted to be used to create the asset, we still need more than 1.17M BTS. How to get them? worker proposal? Or someone will donation?

By the way, if you have enough fund already, and willing to create the asset with that fund, you can change the owner of the asset to committee-account at any time.

It doesnt have to be 3 letters, it can be BitARS, which would cost aprox 1.500 for a lifetime member, I can create it and then transfer it to the Committe, however the real help here would be pushing the feed to the master so that the coin has a decentralized feed price, do you think this could be possible?

FYI:  In order to avoid confusion between fiat BitAssets and their various fiat UIA counterparts, the BitAsset versions are displayed in the UI with "bit" as a prefix.  So for example, instead of USD, it's bitUSD.  The reason I'm pointing this out is because if you choose "BitARS" as your symbol, then it will display in the UI as bitBitARS.  That doesn't seem desirable at all. 

Offline hcf27

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Re: BitARS - SmartCoin Petition
« Reply #4 on: April 15, 2016, 07:54:16 PM »
In order to create a 3-letter asset, the fee is 1,174,108 BTS. See https://cryptofresh.com/fees
Currently there are 1,422 BTS on the committee-account. See https://cryptofresh.com/u/committee-account

Even if this 1,422 BTS is permitted to be used to create the asset, we still need more than 1.17M BTS. How to get them? worker proposal? Or someone will donation?

By the way, if you have enough fund already, and willing to create the asset with that fund, you can change the owner of the asset to committee-account at any time.

It doesnt have to be 3 letters, it can be BitARS, which would cost aprox 1.500 for a lifetime member, I can create it and then transfer it to the Committe, however the real help here would be pushing the feed to the master so that the coin has a decentralized feed price, do you think this could be possible?

FYI:  In order to avoid confusion between fiat BitAssets and their various fiat UIA counterparts, the BitAsset versions are displayed in the UI with "bit" as a prefix.  So for example, instead of USD, it's bitUSD.  The reason I'm pointing this out is because if you choose "BitARS" as your symbol, then it will display in the UI as bitBitARS.  That doesn't seem desirable at all.

Thanks for that info..

I dont think paying more than 1.000.000 BTS for the asset is a viable option, unless we create a worker.. another option would be to create bitARGSP

So I could create ARGSP, which is a five letter word and cost me 1.500 bts aprox, then pass it on to the Committe, would that work?
« Last Edit: April 15, 2016, 08:03:48 PM by hcf27 »

Offline tbone

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Re: BitARS - SmartCoin Petition
« Reply #5 on: April 15, 2016, 08:10:00 PM »
In order to create a 3-letter asset, the fee is 1,174,108 BTS. See https://cryptofresh.com/fees
Currently there are 1,422 BTS on the committee-account. See https://cryptofresh.com/u/committee-account

Even if this 1,422 BTS is permitted to be used to create the asset, we still need more than 1.17M BTS. How to get them? worker proposal? Or someone will donation?

By the way, if you have enough fund already, and willing to create the asset with that fund, you can change the owner of the asset to committee-account at any time.

It doesnt have to be 3 letters, it can be BitARS, which would cost aprox 1.500 for a lifetime member, I can create it and then transfer it to the Committe, however the real help here would be pushing the feed to the master so that the coin has a decentralized feed price, do you think this could be possible?

FYI:  In order to avoid confusion between fiat BitAssets and their various fiat UIA counterparts, the BitAsset versions are displayed in the UI with "bit" as a prefix.  So for example, instead of USD, it's bitUSD.  The reason I'm pointing this out is because if you choose "BitARS" as your symbol, then it will display in the UI as bitBitARS.  That doesn't seem desirable at all.

Thanks for that info..

I dont think paying more than 1.000.000 BTS for the asset is a viable option, unless we create a worker.. another option would be to create bitARGSP

So I could create ARGSP, which is a five letter word and cost me 1.500 bts aprox, then pass it on to the Committe, would that work?

Seems it would be most desirable to use the proper 3-character ISO code "ARS".  Why not do a worker proposal to accomplish that?

Offline yvv

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Re: BitARS - SmartCoin Petition
« Reply #6 on: April 15, 2016, 08:11:14 PM »
How are smart coins without "bit" prefix created, like TCNY or ALTCAP?

Offline hcf27

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Re: BitARS - SmartCoin Petition
« Reply #7 on: April 15, 2016, 08:31:43 PM »
In order to create a 3-letter asset, the fee is 1,174,108 BTS. See https://cryptofresh.com/fees
Currently there are 1,422 BTS on the committee-account. See https://cryptofresh.com/u/committee-account

Even if this 1,422 BTS is permitted to be used to create the asset, we still need more than 1.17M BTS. How to get them? worker proposal? Or someone will donation?

By the way, if you have enough fund already, and willing to create the asset with that fund, you can change the owner of the asset to committee-account at any time.

It doesnt have to be 3 letters, it can be BitARS, which would cost aprox 1.500 for a lifetime member, I can create it and then transfer it to the Committe, however the real help here would be pushing the feed to the master so that the coin has a decentralized feed price, do you think this could be possible?

FYI:  In order to avoid confusion between fiat BitAssets and their various fiat UIA counterparts, the BitAsset versions are displayed in the UI with "bit" as a prefix.  So for example, instead of USD, it's bitUSD.  The reason I'm pointing this out is because if you choose "BitARS" as your symbol, then it will display in the UI as bitBitARS.  That doesn't seem desirable at all.

Thanks for that info..

I dont think paying more than 1.000.000 BTS for the asset is a viable option, unless we create a worker.. another option would be to create bitARGSP

So I could create ARGSP, which is a five letter word and cost me 1.500 bts aprox, then pass it on to the Committe, would that work?

Seems it would be most desirable to use the proper 3-character ISO code "ARS".  Why not do a worker proposal to accomplish that?

Yes, I agree.

We can do a worker proposal, create the asset and pass it over to the Committee, or the Committe could create the worker proposal and create the smartcoin.

I prefer the second option personally, that way everything is more official. Also, the fees of creating this coin will go back to the network so there will be no dilution here.

I suppose if the worker doesnt get funded we always have the option of creating a 5 letter smart asset, but we would be like the bastard son of smartcoins hehe

Offline tbone

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Re: BitARS - SmartCoin Petition
« Reply #8 on: April 15, 2016, 08:59:39 PM »
In order to create a 3-letter asset, the fee is 1,174,108 BTS. See https://cryptofresh.com/fees
Currently there are 1,422 BTS on the committee-account. See https://cryptofresh.com/u/committee-account

Even if this 1,422 BTS is permitted to be used to create the asset, we still need more than 1.17M BTS. How to get them? worker proposal? Or someone will donation?

By the way, if you have enough fund already, and willing to create the asset with that fund, you can change the owner of the asset to committee-account at any time.

It doesnt have to be 3 letters, it can be BitARS, which would cost aprox 1.500 for a lifetime member, I can create it and then transfer it to the Committe, however the real help here would be pushing the feed to the master so that the coin has a decentralized feed price, do you think this could be possible?

FYI:  In order to avoid confusion between fiat BitAssets and their various fiat UIA counterparts, the BitAsset versions are displayed in the UI with "bit" as a prefix.  So for example, instead of USD, it's bitUSD.  The reason I'm pointing this out is because if you choose "BitARS" as your symbol, then it will display in the UI as bitBitARS.  That doesn't seem desirable at all.

Thanks for that info..

I dont think paying more than 1.000.000 BTS for the asset is a viable option, unless we create a worker.. another option would be to create bitARGSP

So I could create ARGSP, which is a five letter word and cost me 1.500 bts aprox, then pass it on to the Committe, would that work?

Seems it would be most desirable to use the proper 3-character ISO code "ARS".  Why not do a worker proposal to accomplish that?

Yes, I agree.

We can do a worker proposal, create the asset and pass it over to the Committee, or the Committe could create the worker proposal and create the smartcoin.

I prefer the second option personally, that way everything is more official. Also, the fees of creating this coin will go back to the network so there will be no dilution here.

I suppose if the worker doesnt get funded we always have the option of creating a 5 letter smart asset, but we would be like the bastard son of smartcoins hehe

I totally agree.  You should work with the committee to accomplish this.

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Re: BitARS - SmartCoin Petition
« Reply #9 on: April 15, 2016, 09:10:46 PM »
You cannot register names starting with "bit".
Fiat-pegged assets should use the same symbol name as the fiat currency to which they're pegged, IMO.
I doubt that a worker proposal would be accepted, though. Possibly, if you argue that the funds will be returned to the network anyway.
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Offline hcf27

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Re: BitARS - SmartCoin Petition
« Reply #10 on: April 15, 2016, 09:14:07 PM »
In order to create a 3-letter asset, the fee is 1,174,108 BTS. See https://cryptofresh.com/fees
Currently there are 1,422 BTS on the committee-account. See https://cryptofresh.com/u/committee-account

Even if this 1,422 BTS is permitted to be used to create the asset, we still need more than 1.17M BTS. How to get them? worker proposal? Or someone will donation?

By the way, if you have enough fund already, and willing to create the asset with that fund, you can change the owner of the asset to committee-account at any time.

It doesnt have to be 3 letters, it can be BitARS, which would cost aprox 1.500 for a lifetime member, I can create it and then transfer it to the Committe, however the real help here would be pushing the feed to the master so that the coin has a decentralized feed price, do you think this could be possible?

FYI:  In order to avoid confusion between fiat BitAssets and their various fiat UIA counterparts, the BitAsset versions are displayed in the UI with "bit" as a prefix.  So for example, instead of USD, it's bitUSD.  The reason I'm pointing this out is because if you choose "BitARS" as your symbol, then it will display in the UI as bitBitARS.  That doesn't seem desirable at all.

Thanks for that info..

I dont think paying more than 1.000.000 BTS for the asset is a viable option, unless we create a worker.. another option would be to create bitARGSP

So I could create ARGSP, which is a five letter word and cost me 1.500 bts aprox, then pass it on to the Committe, would that work?

Seems it would be most desirable to use the proper 3-character ISO code "ARS".  Why not do a worker proposal to accomplish that?

Yes, I agree.

We can do a worker proposal, create the asset and pass it over to the Committee, or the Committe could create the worker proposal and create the smartcoin.

I prefer the second option personally, that way everything is more official. Also, the fees of creating this coin will go back to the network so there will be no dilution here.

I suppose if the worker doesnt get funded we always have the option of creating a 5 letter smart asset, but we would be like the bastard son of smartcoins hehe

I totally agree.  You should work with the committee to accomplish this.

Well, we will wait for a response from the Committe to see how we can proceed...

Offline bitcrab

Re: BitARS - SmartCoin Petition
« Reply #11 on: April 16, 2016, 03:15:22 AM »
In order to create a 3-letter asset, the fee is 1,174,108 BTS. See https://cryptofresh.com/fees
Currently there are 1,422 BTS on the committee-account. See https://cryptofresh.com/u/committee-account

Even if this 1,422 BTS is permitted to be used to create the asset, we still need more than 1.17M BTS. How to get them? worker proposal? Or someone will donation?

By the way, if you have enough fund already, and willing to create the asset with that fund, you can change the owner of the asset to committee-account at any time.

It doesnt have to be 3 letters, it can be BitARS, which would cost aprox 1.500 for a lifetime member, I can create it and then transfer it to the Committe, however the real help here would be pushing the feed to the master so that the coin has a decentralized feed price, do you think this could be possible?

FYI:  In order to avoid confusion between fiat BitAssets and their various fiat UIA counterparts, the BitAsset versions are displayed in the UI with "bit" as a prefix.  So for example, instead of USD, it's bitUSD.  The reason I'm pointing this out is because if you choose "BitARS" as your symbol, then it will display in the UI as bitBitARS.  That doesn't seem desirable at all.

Thanks for that info..

I dont think paying more than 1.000.000 BTS for the asset is a viable option, unless we create a worker.. another option would be to create bitARGSP

So I could create ARGSP, which is a five letter word and cost me 1.500 bts aprox, then pass it on to the Committe, would that work?

Seems it would be most desirable to use the proper 3-character ISO code "ARS".  Why not do a worker proposal to accomplish that?

Yes, I agree.

We can do a worker proposal, create the asset and pass it over to the Committee, or the Committe could create the worker proposal and create the smartcoin.

I prefer the second option personally, that way everything is more official. Also, the fees of creating this coin will go back to the network so there will be no dilution here.

I suppose if the worker doesnt get funded we always have the option of creating a 5 letter smart asset, but we would be like the bastard son of smartcoins hehe

I prefer to let the committee create the worker proposal and create the smartcoin.
however, I think Argentina community should consider the parameter setting of ARS and propose- whether the default value is ok or some special setting is needed, especially for the settlement related parameters.

Offline rnglab

Re: BitARS - SmartCoin Petition
« Reply #12 on: April 16, 2016, 08:35:21 AM »
I haven't talked about bitars except for elmato for a while with you guys. fran2k, etimarcus, dragonar, etc: I missed last meetups. A warm welcome to you @hcf27 , nice to see what you are doing.

I support this petition.  I'd also choose having the ARS bitasset available on the network instead of an uia in cases like this one.
It aims to open a lot of bridges to a large community, to let people take bitars and bitusd as their own in argentina. Not just for one or a few business and their users. This would be like a distributed official BitShares2 introduction to Argentina.  For me that means all fees should go back to the network, and  asset creation fee could also come from the network, accordingly.

A committee worker proposal sounds good to me for some specific bitassets at this price.

@bitcrab thanks for your input. Sorry but trading is not my strength and you have experience here: what parameters would you like to be able to change? I'd like to know specially the ones regarding forced settlement.

/*
btw, I still see traders surprised by the existence of forced settlement. Shouldn't  we prioritize working to introduce traders into that function through the UX, as a part of the game, or what am I missing?. It is something new for the most ,and it would be a shame to have users being surprised, scared, angry, or confused because of one misunderstood function.
*/

Offline bitcrab

Re: BitARS - SmartCoin Petition
« Reply #13 on: April 16, 2016, 12:20:10 PM »
below are the settlement relevant parameters of CNY.
Code: [Select]
"options": {
    "feed_lifetime_sec": 21600,
    "minimum_feeds": 3,
    "force_settlement_delay_sec": 86400,
    "force_settlement_offset_percent": 0,
    "maximum_force_settlement_volume": 200,
    "short_backing_asset": "1.3.0",
    "extensions": []
  },

in which these 2 need to discuss:
 "force_settlement_offset_percent"
  "maximum_force_settlement_volume"

current setting for different assets:
USD(also default setting):
 "force_settlement_offset_percent": 0%
  "maximum_force_settlement_volume": 20%

CNY:
 "force_settlement_offset_percent": 0%,
  "maximum_force_settlement_volume": 2%,

TCNY:
"force_settlement_offset_percent": 1%,
"maximum_force_settlement_volume": 2%,

when settlement feature firstly comes, we are somehow scared and even had tried to close the settlement feature of CNY, and at last the discussion ended at reducing the force settlement volume from 20% to 2%.

settlement bring liquidity and make bitasset more acceptable, but it discourage/hurt shorters, so this is a problem of balance, I created TCNY as I have thought the settlement launcher need to compensate some price to the shorter, maybe 1% or 2%.

but now I changed my mind a little, seems even 0% compensation is OK, but 20% maximum settlement volume is too high, so I advice to set ARS parameters like this:
 "force_settlement_offset_percent": 0%,
 "maximum_force_settlement_volume": 2~5%,



Offline hcf27

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Re: BitARS - SmartCoin Petition
« Reply #14 on: April 16, 2016, 01:32:01 PM »
below are the settlement relevant parameters of CNY.
Code: [Select]
"options": {
    "feed_lifetime_sec": 21600,
    "minimum_feeds": 3,
    "force_settlement_delay_sec": 86400,
    "force_settlement_offset_percent": 0,
    "maximum_force_settlement_volume": 200,
    "short_backing_asset": "1.3.0",
    "extensions": []
  },

in which these 2 need to discuss:
 "force_settlement_offset_percent"
  "maximum_force_settlement_volume"

current setting for different assets:
USD(also default setting):
 "force_settlement_offset_percent": 0%
  "maximum_force_settlement_volume": 20%

CNY:
 "force_settlement_offset_percent": 0%,
  "maximum_force_settlement_volume": 2%,

TCNY:
"force_settlement_offset_percent": 1%,
"maximum_force_settlement_volume": 2%,

when settlement feature firstly comes, we are somehow scared and even had tried to close the settlement feature of CNY, and at last the discussion ended at reducing the force settlement volume from 20% to 2%.

settlement bring liquidity and make bitasset more acceptable, but it discourage/hurt shorters, so this is a problem of balance, I created TCNY as I have thought the settlement launcher need to compensate some price to the shorter, maybe 1% or 2%.

but now I changed my mind a little, seems even 0% compensation is OK, but 20% maximum settlement volume is too high, so I advice to set ARS parameters like this:
 "force_settlement_offset_percent": 0%,
 "maximum_force_settlement_volume": 2~5%,

Hey @bitcrab ,

Thanks for your input, I was also going to ask you what paremeters you thought were appropriate, given you have experience creating and runnnig a few smartcoins.

I agree that we need encourage shorters, in my opinion we should have something similar to TCNY :

"force_settlement_offset_percent": 0 ~ 1%,
 "maximum_force_settlement_volume": 2%,

Now, I wanted to ask you @bitcrab, if as a Committee member you could create and put up the worker proposal?, we can create a different forum thread explaining the proposal so that it can be linked to the worker.

We will provide all the votes from argentinian members and I dont think we would have much resistence from other voters since the fees for creatig the asset will go back to the network.

Nota: @rnglab Gracias por tu bienvenida amigo, creo que Argentina se merece una smartcoin, un abrazo!

« Last Edit: April 16, 2016, 02:00:52 PM by hcf27 »

 

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