Poll

Should we go the auction route?

Yes
No

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Offline luckybit

Auctions to issue altcoin community BitAssets on Bitshares X
« on: August 28, 2014, 03:40:12 AM »

My understanding is that users can issue their own BitAssets but the fees are quite high.
I was looking at coinmarketcap and noticed Lottoshares is #8 in market cap.

But there is no BitLTS? Suppose the LTS community wanted on our exchange. Shouldn't we have a way for them to collectively vote, pay the fee, and have their BitAsset issued by our delegates?

This way the level of interest can be tracked and only BitAssets which have high community interest and which will bring volume would be chosen. Something similar to what Big Vern does with the Cryptsy vote. http://blog.cryptsy.com/page/2

If you think this is a good idea vote yes. If you think it's a bad idea vote no. If you have suggestions to improve on it then please comment.
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Offline xeroc

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Re: Auctions to issue altcoin community BitAssets on Bitshares X
« Reply #1 on: August 28, 2014, 06:27:23 AM »
My understanding is that users can issue their own BitAssets but the fees are quite high.
I was looking at coinmarketcap and noticed Lottoshares is #8 in market cap.

But there is no BitLTS? Suppose the LTS community wanted on our exchange. Shouldn't we have a way for them to collectively vote, pay the fee, and have their BitAsset issued by our delegates?

This way the level of interest can be tracked and only BitAssets which have high community interest and which will bring volume would be chosen. Something similar to what Big Vern does with the Cryptsy vote. http://blog.cryptsy.com/page/2

If you think this is a good idea vote yes. If you think it's a bad idea vote no. If you have suggestions to improve on it then please comment.
Hm, .. in contrast to centralized exchanges that have the final decision for a got or no go .. the decentralized bitasset can be created by anybody .. So why not let the developers/community of the coin decise if it is worth beeing traded here and pay for the asset accordingly? (not only LTS in particular)

I don't like theses exchanges making money from votes being bought with btc .. stupid idea!
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Offline luckybit

Re: Auctions to issue altcoin community BitAssets on Bitshares X
« Reply #2 on: August 28, 2014, 08:00:49 AM »
My understanding is that users can issue their own BitAssets but the fees are quite high.
I was looking at coinmarketcap and noticed Lottoshares is #8 in market cap.

But there is no BitLTS? Suppose the LTS community wanted on our exchange. Shouldn't we have a way for them to collectively vote, pay the fee, and have their BitAsset issued by our delegates?

This way the level of interest can be tracked and only BitAssets which have high community interest and which will bring volume would be chosen. Something similar to what Big Vern does with the Cryptsy vote. http://blog.cryptsy.com/page/2

If you think this is a good idea vote yes. If you think it's a bad idea vote no. If you have suggestions to improve on it then please comment.
Hm, .. in contrast to centralized exchanges that have the final decision for a got or no go .. the decentralized bitasset can be created by anybody .. So why not let the developers/community of the coin decise if it is worth beeing traded here and pay for the asset accordingly? (not only LTS in particular)

I don't like theses exchanges making money from votes being bought with btc .. stupid idea!

They can't be created by just anyone. As we see the delegates actually have to coordinate in order to unleash a BitAsset. Delegates have the ultimate say and then you also need a community of people willing to peg it until AI can. Technically we the shareholders can vote in delegates to do what we want but since we have that power an altcoin community should go through a process to get on our exchange just like any other.

Votes backed by BTC prove interest. It also allows the business to set priorities for who is next. If you're trying to boost volume you have to know market participants are interested in a new asset. How else do you know when to issue something and without paying why would delegates do the price feed ritual?

We have no feedback mechanism and we need one.
« Last Edit: August 28, 2014, 08:04:18 AM by luckybit »
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Offline luckybit

Re: Auctions to issue altcoin community BitAssets on Bitshares X
« Reply #3 on: August 28, 2014, 08:14:11 AM »
Suppose you represent the Blackcoin community and you want Bitshares X to issue BitBLK today?

But the Bitshares community doesn't have any interest in trading it and there is no guarantee that any community does.

So if you want to prove there is interest you have to vote by paying. That is proof of interest and only through that can you know a group of people are interested in something. Otherwise delegates could be wasting time on fake assets that get ignored after launch and bring no volume.

Centralized exchanges have realized its not profitable to have coins on their exchanges which will never generate volume. Voting feedback is how exchanges measure volume potential.
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