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Offline hughmanwho

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How is BitUSD going to work?
« on: August 22, 2014, 07:11:14 AM »

So.. I'm very skeptical about BitUSD, BitGLD, etc.

How is the initial distribution of BitUSD going to occur?  Also, is there a fixed supply?  If so then is supply and demand forced to match price?

Too much demand and price goes higher than USD/BTS price, and people start dumping?

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Offline xeroc

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Re: How is BitUSD going to work?
« Reply #2 on: August 22, 2014, 07:13:38 AM »
check out
http://wiki.bitshares.org/index.php/Market_Peg

It's going to be much more fancy
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Offline hughmanwho

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Re: How is BitUSD going to work?
« Reply #3 on: August 22, 2014, 07:38:19 AM »
I've seen this one: http://wiki.bitshares.org/index.php/Market_Peg

I did like BTS's idea for shorting assets though: http://www.devtome.com/doku.php?id=bitshares_-_market_pegging

The basic idea though is that we are just creating an asset out of thin air though and whether it's shorting or buying or selling or whatever.. we're just saying, why don't we all agree that's equal to a dollar?  But it's not actually backed by any dollars..
« Last Edit: August 22, 2014, 07:44:46 AM by hughmanwho »

Offline xeroc

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Re: How is BitUSD going to work?
« Reply #4 on: August 22, 2014, 08:44:06 AM »
I've seen this one: http://wiki.bitshares.org/index.php/Market_Peg

I did like BTS's idea for shorting assets though: http://www.devtome.com/doku.php?id=bitshares_-_market_pegging

The basic idea though is that we are just creating an asset out of thin air though and whether it's shorting or buying or selling or whatever.. we're just saying, why don't we all agree that's equal to a dollar?  But it's not actually backed by any dollars..
no backing .. just pegging .. you can also called it a consensus that a bitUSD is worth a USD ..

basically the engine (market) honor those that trade towards the consensus .. thats it .. feedback loop keeps the bitUSD where it belongs .. to 1USD ... or close to (that's the experiment)
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Offline mf-tzo

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Re: How is BitUSD going to work?
« Reply #5 on: August 22, 2014, 08:53:56 AM »
Bitcoin was and is still an experiment! Bitusd to be usd is just the normal thing to follow...

Offline unsoindovo

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Re: How is BitUSD going to work?
« Reply #6 on: August 22, 2014, 10:00:27 AM »
So.. I'm very skeptical about BitUSD, BitGLD, etc.

How is the initial distribution of BitUSD going to occur?  Also, is there a fixed supply?  If so then is supply and demand forced to match price?

Too much demand and price goes higher than USD/BTS price, and people start dumping?

just a simple question..

for BitUSD, BitGLD, BitOil an other PEG DAC will be taken another snapshot?
if yes, the snapshot will be taken to bitShare-PTS / or bitShare AGS-X blockchain?
the next snapshot is already planned?

thank you guys!!!

Offline xeroc

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Re: How is BitUSD going to work?
« Reply #7 on: August 22, 2014, 10:03:55 AM »
That snapshots will be taken from btsx ..
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Offline unsoindovo

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Re: How is BitUSD going to work?
« Reply #8 on: August 22, 2014, 10:47:19 AM »
That snapshots will be taken from btsx ..

perfect!!!

thank you for confirm it...

no ETA yet for snapshot date?

Offline xeroc

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Re: How is BitUSD going to work?
« Reply #9 on: August 22, 2014, 11:07:39 AM »
That snapshots will be taken from btsx ..

perfect!!!

thank you for confirm it...

no ETA yet for snapshot date?
to clarify: these snapshots are for products within the Banking&Exchange ecosystem ... all other ecosystems (DNS,Play,Vote,Music,...) WILL snapshot from PTS/AGS

No additional chain announced within BitSharesX. I am sure the devs need to make sure that X works well before they are planning other chains. Give them a few months
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Offline gamey

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Re: How is BitUSD going to work?
« Reply #10 on: August 22, 2014, 11:21:51 AM »
That snapshots will be taken from btsx ..

perfect!!!

thank you for confirm it...

no ETA yet for snapshot date?

Snapshots will be in future for different economics approaches etc, but in general it will just be Bitshares X from here forward.
I speak for myself and only myself.

Offline unsoindovo

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Re: How is BitUSD going to work?
« Reply #11 on: August 22, 2014, 11:23:28 AM »
That snapshots will be taken from btsx ..

perfect!!!

thank you for confirm it...

no ETA yet for snapshot date?

Snapshots will be in future for different economics approaches etc, but in general it will just be Bitshares X from here forward.

if it is so, for several months we have only 2 chain
1) PTS/AGS
2) BTSX

and all block chine snapshot will be taken from there
« Last Edit: August 22, 2014, 11:25:55 AM by unsoindovo »

Offline hughmanwho

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Re: How is BitUSD going to work?
« Reply #12 on: August 22, 2014, 05:26:19 PM »
no backing .. just pegging .. you can also called it a consensus that a bitUSD is worth a USD ..

basically the engine (market) honor those that trade towards the consensus .. thats it .. feedback loop keeps the bitUSD where it belongs .. to 1USD ... or close to (that's the experiment)

It's worth experimenting I guess.. I sort of see it similar to the USD going off the gold standard but still claiming it is..  I definitely feel like it's valuable will never be worth 1 USD, because clearly USD is worth more..

idk, I'm not going to touch it for a year or so.. if it stabilizes,
« Last Edit: August 22, 2014, 10:23:01 PM by hughmanwho »

Offline xeroc

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Re: How is BitUSD going to work?
« Reply #13 on: August 22, 2014, 05:38:43 PM »
It's worth experimenting I guess.. I sort of see it similar to the USD going off the gold standard but still claiming it is..  I definitely feel like it's valuable will never be worth 1 USD, because clearly USD is worth more..

idk, I'm not going to touch it for a year or so.. if it stabilizes, awesome!
I sure cannot tell anyone how to invest but I can point you towards some info material in order to understand the market peg and why the bitUSD WILL be worth 1 USD.

http://wiki.bitshares.org/index.php/Market_Peg
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Offline oco101

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Re: How is BitUSD going to work?
« Reply #14 on: August 22, 2014, 05:55:54 PM »
no backing .. just pegging .. you can also called it a consensus that a bitUSD is worth a USD ..

basically the engine (market) honor those that trade towards the consensus .. thats it .. feedback loop keeps the bitUSD where it belongs .. to 1USD ... or close to (that's the experiment)

It's worth experimenting I guess.. I sort of see it similar to the USD going off the gold standard but still claiming it is..  I definitely feel like it's valuable will never be worth 1 USD, because clearly USD is worth more..

idk, I'm not going to touch it for a year or so.. if it stabilizes, awesome!
When USD went off the gold standard, it meant that is was not backed by gold. This is not the case with bitAsset and this is the beauty of it  they will always be backed as long as BTSX has value of corse . Now BTSX value is 55 millions $ so you have a lot of backing and this is only the beginning. 
Your gold is btsx, so you can look at it this way : your bitUSD will be backed by BTSX and the price will be pegged to a USD. As long btsx has value your bitAssets will be baked . Now the only question remaining is if the market peg will function as is it is supposed too. But even if it is not working there is a backup plan. 

 

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