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Offline Frodo03

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Hey all,

Sorry for all of my newbie questions. I'm still confused about a variety of concepts with BitShares.
 
-What exactly is bitUSD, bitGLD, bitAssets, etc? I've read the ELI5 thread but still confused. Why is it significant?

-Should I invest in bitUSD or BTSX? What is a better investment and why? Is bitUSD or BTSX even meant to be approached as investments, or are they mostly for day trading? Can it be used as a long term investment? Should I hold?

-Could BTSX or bitUSD used as a currency in the future? Do either of them compete with Bitcoin or complement Bitcoin?

-How secure is the wallet/BitShares client? Do I buy BTSX from an exchange and then somehow convert it to bitUSD?

Does anyone have any specific tips/advice as far as making a bit of money off of this? I'm not hoping to get filthy rich, just trying to make a little bit of money on the side in my free time. Anything else I should know before getting involved?

As you can see, I'm a TOTAL noob. Can anyone provide me with some EXPLAIN LIKE I'M A GRANDMA resources? If so, I think this would help me get involved as well as many others. Please dumb it down as much as possible lol.

Thank you :)
« Last Edit: August 30, 2014, 12:37:12 PM by Frodo03 »

Offline Shentist

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if you read the ELI5 then it will be a problem. it is by far the easiest explanation we have right now!

don't invest if you don't understand the value of bitsharesX

but some simple examples

A) you buy now 31000 btsx roughly 900 USD for ,0000570
B)you buy now 1000 bitUSD for roughly 900 USD

so why you want to buy variation A)?

1. you expect in the future  31.000 BTSX will be more worth then your invested 900 US Dollar
and why do you expect it?
2. because BTSX will become a popular trading place and is in 1 year more worth then now

so why do you want to buy variation B)?

1. you expect 1bitUSD are worth 1 USD in the future 1 so your 900 USD are worth still 900 USD
2. you believe in BTSX but you expect in the near future a lower price then now. so you buy bitUSD worth today 31.000 BTSX but maybe the marketprice halfed again so if you convert now your 1000 bitUSD you get 62.000 BTSX

Offline Method-X

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The branding for BitShares is needlessly complicated.

BitSharesX = A decentralized exchange for trading derivatives (called BitAssets). Like Mt. Gox, BitStamp, etc -- only it's an app.
BTSX = The shares of BitSharesX.
BitAsset = A derivative of a real world asset.

The goal of BitSharesX is to eliminate volatility associated with bitcoin and all other alt coins. Cryptocurrencies cannot be used as money because they are too volatile. Bitcoin can swing in value as much as 20% in a day, making it unlikely any normal person will use it as money or to store value. That's where these "BitAssets" come in and they are quite difficult to explain.

A BitAsset is "pegged" to the value of real world things like USD, gold or CNY. The value of the BitAsset dynamically changes as the value of BTSX changes.

If 1 USD = 10 BTSX, 1 BitUSD = 10 BTSX.

If we wake up tomorrow and BTSX has gone up in value and 1 USD = 9 BTSX, 1 BitUSD would = 9 BTSX.

Think of BitAssets (BitUSD, BitGLD, etc) as a cryptocurrency that "holds" a bunch of BTSX shares inside of it -- if either the asset or BTSX change in value, the number of BTSX inside the BitAsset change to always equal the value of the asset.

If you see the potential value in such a thing, buy shares in the autonomous company called "BitSharesX".

« Last Edit: August 30, 2014, 04:28:35 PM by MeTHoDx »

Offline luckybit

Hey all,

Sorry for all of my newbie questions. I'm still confused about a variety of concepts with BitShares.
 
-What exactly is bitUSD, bitGLD, bitAssets, etc? I've read the ELI5 thread but still confused. Why is it significant?

-Should I invest in bitUSD or BTSX? What is a better investment and why? Is bitUSD or BTSX even meant to be approached as investments, or are they mostly for day trading? Can it be used as a long term investment? Should I hold?

-Could BTSX or bitUSD used as a currency in the future? Do either of them compete with Bitcoin or complement Bitcoin?

-How secure is the wallet/BitShares client? Do I buy BTSX from an exchange and then somehow convert it to bitUSD?

Does anyone have any specific tips/advice as far as making a bit of money off of this? I'm not hoping to get filthy rich, just trying to make a little bit of money on the side in my free time. Anything else I should know before getting involved?

As you can see, I'm a TOTAL noob. Can anyone provide me with some EXPLAIN LIKE I'M A GRANDMA resources? If so, I think this would help me get involved as well as many others. Please dumb it down as much as possible lol.

Thank you :)

https://www3.gotomeeting.com/register/710120902
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline fuzzy

Hey all,

Sorry for all of my newbie questions. I'm still confused about a variety of concepts with BitShares.
 
-What exactly is bitUSD, bitGLD, bitAssets, etc? I've read the ELI5 thread but still confused. Why is it significant?

-Should I invest in bitUSD or BTSX? What is a better investment and why? Is bitUSD or BTSX even meant to be approached as investments, or are they mostly for day trading? Can it be used as a long term investment? Should I hold?

-Could BTSX or bitUSD used as a currency in the future? Do either of them compete with Bitcoin or complement Bitcoin?

-How secure is the wallet/BitShares client? Do I buy BTSX from an exchange and then somehow convert it to bitUSD?

Does anyone have any specific tips/advice as far as making a bit of money off of this? I'm not hoping to get filthy rich, just trying to make a little bit of money on the side in my free time. Anything else I should know before getting involved?

As you can see, I'm a TOTAL noob. Can anyone provide me with some EXPLAIN LIKE I'M A GRANDMA resources? If so, I think this would help me get involved as well as many others. Please dumb it down as much as possible lol.

Thank you :)

First off, nice name. 

Secondly, check out the mumble server and invite others.  You will naturally grow your network in this way and build into the niche in which you best fit. 

https://bitsharestalk.org/index.php?topic=4150.0 is the link to what you need to Mumble. 
BROWNIE==DKP; BitShares is our Community! 
ShareBits Welcome to  the Sharing Economy w/ BeyondBitcoin.org Partners--ShareBits.io & OpenLedger.info
TIP FORMAT: #sharebits "ForumHandleInQuotes" Quanity Token_Name

 

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