How is the first BitUSD created?

Started by biophil, February 20, 2014, 02:46:30 PM

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

Print
Go Down Pages1
User actions

biophil

#3
February 20, 2014, 04:37:09 PM
Ah, of course. I was imagining that the transaction that creates a BitUSD was somehow different from an ordinary short sell order. Thanks!
Support our research efforts to improve BitAsset price-pegging! Vote for worker 1.14.204 "201907-uccs-research-project."

toast

#2
February 20, 2014, 03:33:48 PM
People will just place bids and asks like in a normal marketplace, except all the sells are short sells. As soon as a "trade" occurs that's the price at which the short puts down collateral
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

biophil

#1
February 20, 2014, 02:46:30 PM
Here's a question I've been wondering about:

When the Bitshares XT market first launches, there won't really be a market price for XTS since there won't have been any market transactions. So what will determine the collateral needed to short USD (and create BitUSD)? Will there be some hard-coded "starter-price" that disappears after the first XTS-BitUSD transaction?
Support our research efforts to improve BitAsset price-pegging! Vote for worker 1.14.204 "201907-uccs-research-project."
Print
Go Up Pages1
User actions