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Offline CrazyCriple

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Let's think about this
« on: March 13, 2014, 10:59:24 PM »

So as far as I understand Bitshares the real value of the system will be trading BitAssets. Shorting and longing Bitshares will be much too complicated for the standard user. There has to be an interface for this user where he can buy bitUSD or any other asset and send it to another user. This way I can go to my local store which accepts BitAssets to buy my coffee directly in my currency. Marketing should concentrate on BitAssets then right? BitAsset users won't care how the price is being tracked as long as it is the same or close to the real world asset.

Are we going in that direction?

Answer to this would be much appreciated as I now cannot sleep because I think I finally understand the huge potential of this system. :D

Offline speedy

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Re: Let's think about this
« Reply #1 on: March 13, 2014, 11:11:45 PM »
There is a GUI being developed to interact with the market and put in bids/shorts for BitUSD. There are some screenshots floating around (looks quite promising). And yes after acquiring BitAssets you can send them on to a merchant's address for example.

Offline CrazyCriple

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Re: Let's think about this
« Reply #2 on: March 13, 2014, 11:26:19 PM »
Yes I saw that interface. I think that in the end there should be two. An easy one for users with bitAssets and then an advanced for traders. I design GUI's for ERP Systems and I know that most people will not use the system if it is only slightly complicated. If we want to overtake bitCoin someday we have to easier to use. I think the technology is very good. I just want to encourage 3I to get more end user friendly and focus some marketing power on a BitAssets introduction video. And just mention that price tracking will be done with BitShares. People that are really interested in the technology can look it up if they want to. It is the same with bitcoin many people don't know and don't need to know what a blockchain is they just want to use the service and it has to be easy.

I know that I'm probably a bit early with this but I just want to know it 3I is going in that direction as I invested quiet some money in PTS and AGS.

Thanks :)

Offline tonyk

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Re: Let's think about this
« Reply #3 on: March 13, 2014, 11:27:50 PM »
If the system is a success (between other things meaning that BitUSD is actually correlated to USD), I personally think there will be people making the meat space USD directly tradable/exchangeable for BitUSD.

BUT

The BTS X do not target and or make possible this feature in itself!
i.e. Somebody else will have to make this USD BitUSD possible .And probably more than one person/entity will.

Going long (or longing as you call it) is not that hard of a concept – it simply means buying something. For now you can buy BitUSD only with BTXs.

I hope you still sleep well after learning this details 
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline CrazyCriple

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Re: Let's think about this
« Reply #4 on: March 13, 2014, 11:32:17 PM »
If the system is a success (between other things meaning that BitUSD is actually correlated to USD), I personally think there will be people making the meat space USD directly tradable/exchangeable for BitUSD.

BUT

The BTS X do not target and or make possible this feature in itself!
i.e. Somebody else will have to make this USD BitUSD possible .And probably more than one person/entity will.

Going long (or longing as you call it) is not that hard of a concept – it simply means buying something. For now you can buy BitUSD only with BTXs.

I hope you still sleep well after learning this details 

Thank you very much.. I think the missing pieces are finally connecting in my brain :)

Offline phoenix

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Re: Let's think about this
« Reply #5 on: March 14, 2014, 12:15:18 AM »
Things will really start taking off when businesses start accepting bit-USD as a form of payment. Then everyone will be creating new wallet interfaces, the value of bitshares will grow rapidly, and it'll start to gain credibility as a currency.
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Offline luckybit

Re: Let's think about this
« Reply #6 on: March 14, 2014, 01:02:54 AM »
There is a GUI being developed to interact with the market and put in bids/shorts for BitUSD. There are some screenshots floating around (looks quite promising). And yes after acquiring BitAssets you can send them on to a merchant's address for example.

It doesn't look promising but its a start. The GUI needs to be configurable. It needs to be skinnable and extensible.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline bitcoinba

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Re: Let's think about this
« Reply #7 on: March 14, 2014, 02:27:56 AM »
There is a GUI being developed to interact with the market and put in bids/shorts for BitUSD. There are some screenshots floating around (looks quite promising). And yes after acquiring BitAssets you can send them on to a merchant's address for example.

It doesn't look promising but its a start. The GUI needs to be configurable. It needs to be skinnable and extensible.
[/quote


I agree. There really needs to be some innovation with GUI. Many people will be won or lost by GUI alone. I hope the GUI designer is up for the job.

Offline fuzzy

Re: Let's think about this
« Reply #8 on: March 14, 2014, 04:38:36 AM »
There is a GUI being developed to interact with the market and put in bids/shorts for BitUSD. There are some screenshots floating around (looks quite promising). And yes after acquiring BitAssets you can send them on to a merchant's address for example.

Yep...Dom is a badass and he and his team are working on precisely this. 

There is a GUI being developed to interact with the market and put in bids/shorts for BitUSD. There are some screenshots floating around (looks quite promising). And yes after acquiring BitAssets you can send them on to a merchant's address for example.

It doesn't look promising but its a start. The GUI needs to be configurable. It needs to be skinnable and extensible.

now THAT is a wonderful idea...
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Offline CrazyCriple

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Re: Let's think about this
« Reply #9 on: March 14, 2014, 06:09:24 AM »
There is a GUI being developed to interact with the market and put in bids/shorts for BitUSD. There are some screenshots floating around (looks quite promising). And yes after acquiring BitAssets you can send them on to a merchant's address for example.

It doesn't look promising but its a start. The GUI needs to be configurable. It needs to be skinnable and extensible.

Well said  +5%

What do you guys think of my idea of marketing two products (Bitshares for traders and BitAssets for normal users)?
That way you could leave all the complicated stuff out of a video for example and make it more or less fool proof and focus on the real world like paying in your own currency but with all the benefits and none of the flaws of bitCoin. Video has to be in a format like this in my opinion: http://www.youtube.com/watch?v=F97a-SlOTyY (I know the guy who mad this, if I3 needs an animator)

customers have to be excited about the features and how easy it is. We should not talk about the prediction market and all its features. This should be separate in my opinion.

sanity check?
« Last Edit: March 14, 2014, 06:17:49 AM by CrazyCriple »

Offline etherbroker

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Re: Let's think about this
« Reply #10 on: March 14, 2014, 07:41:10 AM »
Look, you do not have to be a good salesman to "convince" a business to take BitUSD.

I just pondered today what this project is doing.

Any business in America has to be slightly crazy to NOT take BitUSD.


And that is incredible.


But because BitUSD will be a function of Bitshares, do we know how fast transactions can confirm and if a POS system is viable?  I really think this is a knockout slam dunk grand slam if we could expect good transaction speeds.

Offline CrazyCriple

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Re: Let's think about this
« Reply #11 on: March 14, 2014, 08:00:03 AM »
Look, you do not have to be a good salesman to "convince" a business to take BitUSD.

I just pondered today what this project is doing.

Any business in America has to be slightly crazy to NOT take BitUSD.


And that is incredible.


But because BitUSD will be a function of Bitshares, do we know how fast transactions can confirm and if a POS system is viable?  I really think this is a knockout slam dunk grand slam if we could expect good transaction speeds.

100% agree with you. But as I see it we need a bigger userbase to make this happen.

Offline yellowecho

Re: Let's think about this
« Reply #12 on: March 14, 2014, 08:13:37 PM »
But because BitUSD will be a function of Bitshares, do we know how fast transactions can confirm and if a POS system is viable?  I really think this is a knockout slam dunk grand slam if we could expect good transaction speeds.

Once Ripple consensus is added, I think transactions could be nearly instantaneous.  Though I think I've read somewhere that Bytemaster said 5 minute transactions.... so I dunno 
696c6f766562726f776e696573

Offline luckybit

Re: Let's think about this
« Reply #13 on: March 14, 2014, 10:09:28 PM »
There is a GUI being developed to interact with the market and put in bids/shorts for BitUSD. There are some screenshots floating around (looks quite promising). And yes after acquiring BitAssets you can send them on to a merchant's address for example.

It doesn't look promising but its a start. The GUI needs to be configurable. It needs to be skinnable and extensible.

Well said  +5%

What do you guys think of my idea of marketing two products (Bitshares for traders and BitAssets for normal users)?
That way you could leave all the complicated stuff out of a video for example and make it more or less fool proof and focus on the real world like paying in your own currency but with all the benefits and none of the flaws of bitCoin. Video has to be in a format like this in my opinion: http://www.youtube.com/watch?v=F97a-SlOTyY (I know the guy who mad this, if I3 needs an animator)

customers have to be excited about the features and how easy it is. We should not talk about the prediction market and all its features. This should be separate in my opinion.

sanity check?

Here is a solution, since a lot of traders are miners let's market directly to miners.
Read https://bitsharestalk.org/index.php?topic=3587.0 also let's consider putting ads on mining pools and making videos geared toward miners. These are people who have a lot of money and who make up the bulk of the trading and speculating community.

« Last Edit: March 14, 2014, 10:13:25 PM by luckybit »
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Offline etherbroker

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Re: Let's think about this
« Reply #14 on: March 15, 2014, 03:39:44 PM »
So as far as I understand Bitshares the real value of the system will be trading BitAssets. Shorting and longing Bitshares will be much too complicated for the standard user. There has to be an interface for this user where he can buy bitUSD or any other asset and send it to another user. This way I can go to my local store which accepts BitAssets to buy my coffee directly in my currency. Marketing should concentrate on BitAssets then right? BitAsset users won't care how the price is being tracked as long as it is the same or close to the real world asset.

Are we going in that direction?

Answer to this would be much appreciated as I now cannot sleep because I think I finally understand the huge potential of this system. :D

After really taking time to understand your post,

I do believe that BitAssets could be marketed very successfully.  In fact success could be immense.
(the strength of bitAssets is that you don't have to believe bitcoin is money, or any such thing.  You just have to believe the blockchain is mathematically sound, which even hardcore bitcoin skeptics will admit)

I think we should start brainstorming about a POS system.  If I can add this to my register I can accepts bit assets, like BitUSD or BitGold, a "petro dollar"  whatever.

Problem is, all the POS systems out there won't let you just add some hardware or code to it.'

Any solutions?


 

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