1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD

[bytemaster]

Geneko, your statement "They are peace of bet from every market move." does not describe how the peg works and 'they' is ambiguous in your statement. 

[Geneko]

They are peace of bet from every market move.

I like this.

BitShares provide a decentralized price feed. The only common point people all across the network have is that the "BitUSD" asset has the words "USD" in it. If someone wants to "attack" this price feed and cause it to deviate from real USD/BTS, and they don't have a large majority of BTS, the opposing market forces from the rest of the network are enough to push the price down and take money from the attacker, because everyone else has the choice of either "cooperate towards USD and make money if other do too" or "defect and hope to make money if enough people coincidentally defect in the same direction as you".

Toast gets a 1 PTS tip... this is an accurate description though it is can certainly be improved upon...  note this bounty pays for multiple answers...

Congratulations Toast, only I thought it was mine description  :D

[bytemaster]

They are peace of bet from every market move.

I like this.

BitShares provide a decentralized price feed. The only common point people all across the network have is that the "BitUSD" asset has the words "USD" in it. If someone wants to "attack" this price feed and cause it to deviate from real USD/BTS, and they don't have a large majority of BTS, the opposing market forces from the rest of the network are enough to push the price down and take money from the attacker, because everyone else has the choice of either "cooperate towards USD and make money if other do too" or "defect and hope to make money if enough people coincidentally defect in the same direction as you".

Toast gets a 1 PTS tip... this is an accurate description though it is can certainly be improved upon...  note this bounty pays for multiple answers...

[toast]

They are peace of bet from every market move.

I like this.

BitShares provide a decentralized price feed. The only common point people all across the network have is that the "BitUSD" asset has the words "USD" in it. If someone wants to "attack" this price feed and cause it to deviate from real USD/BTS, and they don't have a large majority of BTS, the opposing market forces from the rest of the network are enough to push the price down and take money from the attacker, because everyone else has the choice of either "cooperate towards USD and make money if other do too" or "defect and hope to make money if enough people coincidentally defect in the same direction as you".

[Geneko]

Ok, there it seams much inconsistency and misunderstanding in terms we use. We should take care of it first.
I am not  a bot that could easily distinguish difference between "BitShares" and "Bitshare".

So what represents Bishares X? Market for BitUsd and usd currency futures, right? What is Bts roll in that market?

[crazybit]

how BitUSD beg to USD?imagine BitUSD is the USD currency futures.


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Ok , I have imagined. How it goes further? What is Bitshare roll?

Bitshares likes the currency futures exchange,the currency futures will eventually beg to the real currency through market activities .


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You didnt explained mechanism how it works ;) This is still fogy. I didn't understood this "Bitshares likes the currency futures exchange"
You mean they are like currency future exchanges? Bitshare is not exchange , rather it is backing asset for future contract.

The "BitShares" i mentioned is the system which is under development, The "Bitshare"you means is the BTS,it is a backing asset in the system,there are diffident concept.


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[Geneko]

how BitUSD beg to USD?imagine BitUSD is the USD currency futures.


Sent from my iPhone using Tapatalk

Ok , I have imagined. How it goes further? What is Bitshare roll?

Bitshares likes the currency futures exchange,the currency futures will eventually beg to the real currency through market activities .


Sent from my iPhone using Tapatalk

You didnt explained mechanism how it works ;) This is still fogy. I didn't understood this "Bitshares likes the currency futures exchange"
You mean they are like currency future exchanges? Bitshare is not exchange , rather it is backing asset for future contract.

[crazybit]

how BitUSD beg to USD?imagine BitUSD is the USD currency futures.


Sent from my iPhone using Tapatalk

Ok , I have imagined. How it goes further? What is Bitshare roll?

Bitshares likes the currency futures exchange,the currency futures will eventually beg to the real currency through market activities .


Sent from my iPhone using Tapatalk

[Geneko]

how BitUSD beg to USD?imagine BitUSD is the USD currency futures.


Sent from my iPhone using Tapatalk

Ok , I have imagined. How it goes further? What is Bitshare roll?

[crazybit]

how BitUSD beg to USD?imagine BitUSD is the USD currency futures.


Sent from my iPhone using Tapatalk

[Geneko]

So far I see good marketing slogans for BitShares X but not any analogies that explain the BitUSD to USD peg....

I think nobody knows exactly how it works but ashamed to admit. Maybe some plain language explanation would help or link from where to learn about.

[bytemaster]

So far I see good marketing slogans for BitShares X but not any analogies that explain the BitUSD to USD peg....

[bitcoinba]

Mine from the Bitshares Brand thread:



"Bitshares: the digital standard for assets and equities." or even simpler "Bitshares: the digital standard of value exchange."

[Geneko]

They are peace of bet from every market move.

[bytemaster]

It is supposed to be like a future contact with infinite maturity.

This nailed it for me.

I agree that is a very good one.