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Offline hamiltino

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Sending bitAssets to another person?
« on: August 22, 2014, 12:46:46 PM »

Hi, i'm still learning about bitshares and i am confused about how anyone could send bitAssets to another account. So if i want bitUSD i would need to own btsx that is worth 200% the value of the bitUSD and use it as collateral. So now i have bitUSD backed by my btsx, what if i want to send bitUSD to another person? is this possible? would my collateral remain 200% of my original bitUSD amount. How would this work?

Offline Riverhead

Re: Sending bitAssets to another person?
« Reply #1 on: August 22, 2014, 12:49:49 PM »
You don't always need 200% collateral. If someone has shorted bitUSD into existence you can buy it off them outright and then it's a balance in your account like BTSX that you can spend like normal.

Offline hamiltino

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Re: Sending bitAssets to another person?
« Reply #2 on: August 22, 2014, 12:53:26 PM »
You don't always need 200% collateral. If someone has shorted bitUSD into existence you can buy it off them outright and then it's a balance in your account like BTSX that you can spend like normal.

But how will using bitUSD work in the real world for buying goods and services?

Offline bytemaster

Re: Sending bitAssets to another person?
« Reply #3 on: August 22, 2014, 12:54:46 PM »
You don't always need 200% collateral. If someone has shorted bitUSD into existence you can buy it off them outright and then it's a balance in your account like BTSX that you can spend like normal.

But how will using bitUSD work in the real world for buying goods and services?

You use it just like BTC or BTSX.  Send it to their account.  Those who own BitUSD don't ever have to think about collateral, margin calls, etc... only those who are "short".  Average user uses it just like a bank account.
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Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Riverhead

Re: Sending bitAssets to another person?
« Reply #4 on: August 22, 2014, 12:57:18 PM »
You don't always need 200% collateral. If someone has shorted bitUSD into existence you can buy it off them outright and then it's a balance in your account like BTSX that you can spend like normal.

But how will using bitUSD work in the real world for buying goods and services?


Like BTC the vendor or person would need to have an account in the system and you'd send it to their account. What will probably happen is businesses like Coinbase will handle that part of the business for vendors until bitUSD sees wider adoption like Visa or Mastercard.

 

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