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Offline FBI

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Confusion about BTS X trading system
« on: January 30, 2014, 02:59:18 AM »

Let's say I want to buy some BTS using US $ on BTS X system, is that possible?
or
I want to buy some BTS when BTS X is launched, using US $, what's the procedure?  We know BTS X is decentralized, then how we can connect US$ with BTS? How to guarantee the security?
bitsharesxt : guru

Offline toast

Re: Confusion about BTS X trading system
« Reply #1 on: January 30, 2014, 03:28:02 AM »
You use your paper USD or btc to buy BitUSD via regular exchanges. Then you can exchange BitUSD <-> BTS within bitshares X
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.

Offline FBI

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Re: Confusion about BTS X trading system
« Reply #2 on: January 30, 2014, 04:23:15 AM »
You use your paper USD or btc to buy BitUSD via regular exchanges. Then you can exchange BitUSD <-> BTS within bitshares X

That's for your reply, but you are repeating my question... where I can use my paper USD to buy BitUSD? by escrow? Then how to guarantee the security?
bitsharesxt : guru

Offline toast

Re: Confusion about BTS X trading system
« Reply #3 on: January 30, 2014, 05:19:31 AM »
Yeah, however you solve the normal exchange problem. Anywhere you have non-crypto equity connecting to your system, you have to deal with those problems.

Bitshares just solves the price of pegging an asset's price to some other asset's price.
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.

Offline bytemaster

Re: Confusion about BTS X trading system
« Reply #4 on: January 30, 2014, 05:24:07 AM »
Local Bitcoins is not widely used because the buy/sell spread is so high.  You have to match bid/ask AND location which creates a much smaller market.   With BitShares X you reduce the BitUSD / USD spread & volatility to the point that LocalBitShares makes a lot more sense.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
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Offline FBI

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Re: Confusion about BTS X trading system
« Reply #5 on: January 30, 2014, 05:38:58 PM »
Yeah, however you solve the normal exchange problem. Anywhere you have non-crypto equity connecting to your system, you have to deal with those problems.

Bitshares just solves the price of pegging an asset's price to some other asset's price.

So we will need some gateways to issue bitUSD, like ripple?  then will 3I be the biggest gateway or not?

  Thanks.
bitsharesxt : guru

Offline toast

Re: Confusion about BTS X trading system
« Reply #6 on: January 30, 2014, 06:06:21 PM »
Yeah, however you solve the normal exchange problem. Anywhere you have non-crypto equity connecting to your system, you have to deal with those problems.

Bitshares just solves the price of pegging an asset's price to some other asset's price.

So we will need some gateways to issue bitUSD, like ripple?  then will 3I be the biggest gateway or not?

  Thanks.

No, there are no issuing gateways. BitUSD are issued by the network when players make particular bets about BitUSD/BTS ratio.
The easiest way to get BitUSD for a while at the start will be to acquire BTC, trade BTC <-> BTS on a crypto exchange, then trade your BTS for BitUSD within bitshares itself.
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.

 

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