I love those prices... For the first time better than pre-launch

[tonyk]

Imagine making trades in Bitshares and at the push of a button it goes through the Gateway and the Bitcoins go to your Bitcoin address, the USD to your bank account, the Gold to your physical storage vault. It's almost too good to be true to have that functionality.

At that point I could see billions pouring in...

+5% +5%

[yellowecho]

Imagine making trades in Bitshares and at the push of a button it goes through the Gateway and the Bitcoins go to your Bitcoin address, the USD to your bank account, the Gold to your physical storage vault. It's almost too good to be true to have that functionality.

+5%
You're making me salivate... that sounds sooo awesome!  Not only is that functionality absolutely incredible but using KeyID everything would be instantaneous as all that personal info could be stored on the chain.   8)

[luckybit]

I think BitUSD is the key.

I agree.. I also think bitCNY would be wildly successful given the daily volume.  Since one of the hurdles for many people with BTC is value as they don't understand the conversion, bitUSD would make it very easy for them.

And I know I've said this before but if I was a precious metals dealer (and buyer) I'd love bitGLD.  You'd no longer have to use USD as an intermediary (USD>GLD>USD,etc) or worry about the price/ratio fluctuations and you could focus strictly on the premiums.. "Gold rounds now only 1.05bitGLD!"

There are three main breakthroughs which could take Bitshares to 25 cents-$1.

1) The market peg has to work. It appears that the market believes it will work and is investing accordingly in prepare for initial takeoff.
2) There has to be Ripple IOU Gateways so that BitBTC can become real BTC, BitGLD can become real Gold.
3) Interest on BitAssets.

I think we only need 2 out of the 3 to take on Litecoin but if we get all 3 there isn't really anything else out there which can compete with Bitshares.

Imagine making trades in Bitshares and at the push of a button it goes through the Gateway and the Bitcoins go to your Bitcoin address, the USD to your bank account, the Gold to your physical storage vault. It's almost too good to be true to have that functionality.

At that point I could see billions pouring in... but we have to always remember that we are in a competition to innovate. It's not about first mover advantage because Litecoin had that on all these altcoins. It's about continuous innovation combined with community enrichment (the secret sauce).

[luckybit]

Interesting you bring up Blackcoin. They are on the rise again. Perhaps people are starting to invest in PoS coins.

Aren't you more surprised by posts where he doesn't?  :)


I love you luckybit, just an observation.

I bring up Blackcoin because they are PoS like us. I tried to collaborate with them early on to mutual benefit but they declined the offer. Now they have to watch the Bitshares community take on Litecoin.

But when Litecoin falls due to being inferior outdated technology I'm sure it will benefit the growth of Blackcoin just a bit. Maybe we can issue BitBC on the Bitshares chain to encourage them to cross over.

[Riverhead]

Good answers, thank you. I know very little about those markets but just remember reading that .9999 was the, ahem, gold standard.

[yellowecho]

Is there a reason we didn't go with .9999?

Since it states "1 troy ounce", my guess would be that it's intended to track gold coins which vary on purity.  .999 is common and I'd consider it 'standard'.  For instance, US Eagles are .9167, Pandas are .999, while Buffalos and Maples are .9999.

[xeroc]

Is there a reason we didn't go with .9999?

It actually doesn't matter .. no that the price wouldn't be a higher one but its a "linear scaling" .. just a definition ..
if the market was to be .9999 the value would just be 1.0009 times the value of that one ..

I guess dealers are used to prices with 3 nines .. nothing more.
At the very end you only need to know where the consesus goes to!

[Riverhead]

Is there a reason we didn't go with .9999?

I was under the impression we would have bitGLD. Maybe we will, later down the road?

it is on the market

Code Select Expand


7     GLD    Gold                    1 troy ounce .999 fine gold                     MARKET                          N/A       0.000000 GLD   
Just need to trade it ..

[xeroc]

I was under the impression we would have bitGLD. Maybe we will, later down the road?

it is on the market

Code Select Expand


7     GLD    Gold                    1 troy ounce .999 fine gold                     MARKET                          N/A       0.000000 GLD   
Just need to trade it ..

[Akado]

I think BitUSD is the key.

I agree.. I also think bitCNY would be wildly successful given the daily volume.  Since one of the hurdles for many people with BTC is value as they don't understand the conversion, bitUSD would make it very easy for them.

And I know I've said this before but if I was a precious metals dealer (and buyer) I'd love bitGLD.  You'd no longer have to use USD as an intermediary (USD>GLD>USD,etc) or worry about the price/ratio fluctuations and you could focus strictly on the premiums.. "Gold rounds now only 1.05bitGLD!"

I was under the impression we would have bitGLD. Maybe we will, later down the road?

[yellowecho]

I think BitUSD is the key.

I agree.. I also think bitCNY would be wildly successful given the daily volume.  Since one of the hurdles for many people with BTC is value as they don't understand the conversion, bitUSD would make it very easy for them.

And I know I've said this before but if I was a precious metals dealer (and buyer) I'd love bitGLD.  You'd no longer have to use USD as an intermediary (USD>GLD>USD,etc) or worry about the price/ratio fluctuations and you could focus strictly on the premiums.. "Gold rounds now only 1.05bitGLD!"

[Murderistic]

I think BitUSD is the key.

[tonyk]

Interesting you bring up Blackcoin. They are on the rise again. Perhaps people are starting to invest in PoS coins.

Aren't you more surprised by posts where he doesn't?  :)


I love you luckybit, just an observation.

[Riverhead]

Blackcoin was able to do this for a while with it's mining pool. But to maintain it you also have to keep innovating and marketing so that new people join the ecosystem. An easy way to do that is to just start paying everyone in BitUSD.

Interesting you bring up Blackcoin. They are on the rise again. Perhaps people are starting to invest in PoS coins.

[luckybit]

Each share months from now should be worth 50cents -> $1 range. The fact that they are going for a few cent a piece is an opportunity of a lifetime.

Really? That would make a hundred or so people on this forum millionaires. Who knows what will happen, but there will be major dumping before we reach that price level. I think there is lots of dreaming going on in these parts.

Oh, and IMHO we can only reach that price level if BitUSD actually gets used for real merchant activity and not just as a hedge against BTSX.

Hundreds of people will probably be millionaires because there is no reason to dump. You can make profits from within Bitshares itself once you learn how.

But if they do dump there will be plenty of people waiting to buy.

Honestly it depends on a lot of things. Bitcoin had a billion dollar market cap last year. A billion dollars sounds like a lot of money but it really isn't. Litecoin had a billion dollar market cap as well.

Dump resistance can be achieved to a certain degree by increasing buy pressure. Blackcoin was able to do this for a while with it's mining pool. But to maintain it you also have to keep innovating and marketing so that new people join the ecosystem. An easy way to do that is to just start paying everyone in BitUSD.

If businesses in the crypto-community pay employees in BitUSD then a billion dollar market cap is quite easy.