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Offline roadscape

BitSharesX client and PTS
« on: September 09, 2014, 04:54:06 AM »

I downloaded the BitSharesX client, created an account, and kindly received 30 BTSX for doing so.

I've spent a few hours reading about BitShares and I'm impressed!

I'm also confused. I bought PTS on Cryptsy and want to withdraw it. The BitsharesX client appears to be an exchange, but from what I've seen it only handles BTSX. So I downloaded the BitShares-PTS client and am waiting for the sync. But how then do I exchange PTS for BTSX?
http://cryptofresh.com  |  witness: roadscape

Offline serejandmyself

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Re: BitSharesX client and PTS
« Reply #1 on: September 09, 2014, 04:58:00 AM »
I downloaded the BitSharesX client, created an account, and kindly received 30 BTSX for doing so.

I've spent a few hours reading about BitShares and I'm impressed!

I'm also confused. I bought PTS on Cryptsy and want to withdraw it. The BitsharesX client appears to be an exchange, but from what I've seen it only handles BTSX. So I downloaded the BitShares-PTS client and am waiting for the sync. But how then do I exchange PTS for BTSX?

If you want to exchange your PTS for BTSX you need to get your PTS do an exchange - change them to BTC, then change those BTC to BTSX. Was it BTSX you wanted only ?
btsx - bitsharesrussia

Offline roadscape

Re: BitSharesX client and PTS
« Reply #2 on: September 09, 2014, 05:06:27 AM »
It's just that I thought that the BitSharesX client was an exchange. I am using Cryptsy and they only have PTS, not BTSX.
http://cryptofresh.com  |  witness: roadscape

Offline serejandmyself

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Re: BitSharesX client and PTS
« Reply #3 on: September 09, 2014, 05:08:55 AM »
It's just that I thought that the BitSharesX client was an exchange. I am using Cryptsy and they only have PTS, not BTSX.

BTSX is traded on bter for BTC - well its best to trade there unless you are trading for yuan, then btc38 is your choise. In any case here is the link to a list where BTSX is traded http://coinmarketcap.com/currencies/bitshares-x/#markets

As for the btsx client. You need to read some more info. You can (so far) trade assets like bitusd and bitbtc on the client itself.
btsx - bitsharesrussia

merockstar

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Re: BitSharesX client and PTS
« Reply #4 on: September 09, 2014, 05:21:19 AM »
It's just that I thought that the BitSharesX client was an exchange. I am using Cryptsy and they only have PTS, not BTSX.

I thought it was too.

I hope my writing didn't mislead you on this. I'm going to go back look over everything soon.

Offline roadscape

Re: BitSharesX client and PTS
« Reply #5 on: September 09, 2014, 03:37:14 PM »
Ok, created a Bter account and bought/transferred some BTSX to my client.

I managed to buy some bitUSD! Exciting  :)

So it seems at the very least, the BitSharesX client allows me to store a BTSX and bitUSD balance.

But aren't they separate blockchains? Where is my bitUSD address?
http://cryptofresh.com  |  witness: roadscape

Offline onceuponatime

Re: BitSharesX client and PTS
« Reply #6 on: September 09, 2014, 03:50:43 PM »
Ok, created a Bter account and bought/transferred some BTSX to my client.

I managed to buy some bitUSD! Exciting  :)

So it seems at the very least, the BitSharesX client allows me to store a BTSX and bitUSD balance.

But aren't they separate blockchains? Where is my bitUSD address?

They are on one blockchain. Your butUSD address is the same as your btsx address (ie, your registered account name). Anyone can send you bitUSD to your account name on the BitSharesX blockchain.

Offline roadscape

Re: BitSharesX client and PTS
« Reply #7 on: September 09, 2014, 03:58:02 PM »
Thank you all for walking me through this!

They are on one blockchain. Your butUSD address is the same as your btsx address (ie, your registered account name). Anyone can send you bitUSD to your account name on the BitSharesX blockchain.

So how does BitPTS fit into this?

I have a few PTS in a wallet, and I tried the 'Import Keys from Wallet' feature in the BTS client. It says it was successful but it doesn't look like anything happened.

Is BitPTS pegged to "real PTS"? Or are they the same thing?
http://cryptofresh.com  |  witness: roadscape

Offline Riverhead

Re: BitSharesX client and PTS
« Reply #8 on: September 09, 2014, 04:08:36 PM »
I think the paradigm you're missing is that this is a decentralized derivatives exchange. bitPTS is designed to track the value of PTS but it is not itself PTS. bitPTS is created by shorting bitPTS and backing it with 2x the collateral in BTSX.

The idea being that you can store your wealth in whatever asset you feel has either the most stability or best chance for growth vs another asset. So, for example, if a snapshot is announced for PTS and the value starts to rise your bitPTS that tracks the value of PTS will rise in relation to BTSX. When you want to cash out to PTS on the BitShares-PTS blockchain you would sell your bitPTS for BTSX, send them to BTER (or other exchange that supports BTSX) and trade them for PTS and transfer them out to your wallet.

So the next obvious question is: Why bother? The biggest advantage to storing/trading the bitAsset is that your wealth always stays in your wallet, not in an exchange's wallet (see Mt. Gox for why this is huge). You can freely move your wealth between bitAssets all within your wallet. You can also earn Interest (dividends) on bitUSD starting tomorrow. The Interest is profit sharing - transaction fees that normally go to profit for a centralized exchange are distributed to bitUSD owners instead.

« Last Edit: September 09, 2014, 04:13:13 PM by Riverhead »

Offline roadscape

Re: BitSharesX client and PTS
« Reply #9 on: September 09, 2014, 04:29:12 PM »
It's starting to make sense, thank you!

So if I simply want to invest in PTS, it doesn't really matter if its in PTS or bitPTS, except that:
 - Keeping PTS I'll be eligible to receive equity from new DACs
 - Keeping bitPTS I'll be able to earn dividends/rewards

Do I have it correct?
http://cryptofresh.com  |  witness: roadscape

Offline Riverhead

Re: BitSharesX client and PTS
« Reply #10 on: September 09, 2014, 04:34:32 PM »
It's starting to make sense, thank you!

So if I simply want to invest in PTS, it doesn't really matter if its in PTS or bitPTS, except that:
 - Keeping PTS I'll be eligible to receive equity from new DACs
 - Keeping bitPTS I'll be able to earn dividends/rewards

Do I have it correct?


You got it. Just remember before the snapshot you'll want to transition your bitPTS to a PTS wallet you control so you'll own the private key. Some exchanges are starting to honor PTS balances for snapshots but it's not a sure thing.

Offline roadscape

Re: BitSharesX client and PTS
« Reply #11 on: September 09, 2014, 04:39:58 PM »
When everyone transitions their bitPTS out, does the downward pressure on bitPTS get balanced out by placing shorts?
http://cryptofresh.com  |  witness: roadscape

Offline Riverhead

Re: BitSharesX client and PTS
« Reply #12 on: September 09, 2014, 04:46:50 PM »
When everyone transitions their bitPTS out, does the downward pressure on bitPTS get balanced out by placing shorts?


Not sure, my market dynamics knowledge is weak. However if you'll notice BTER supports trading in bitUSD. It wouldn't surprise me if they started supporting trading in bitPTS. If they do you may be able to cash out directly to PTS (i.e they may buy it off you for around 1:1). They already do this for all the other currencies. When trading on a centralized exchange your money is in their wallet and you're trading BTER-BTC and BTER-PTS and they buy the virtual cash off you when you cash out.
« Last Edit: September 09, 2014, 04:48:27 PM by Riverhead »

Offline serejandmyself

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Re: BitSharesX client and PTS
« Reply #13 on: September 09, 2014, 04:58:21 PM »

 You can also earn Interest (dividends) on bitUSD starting tomorrow.
 

Isnt it interest on ALL assets? (providing they function correctly)
btsx - bitsharesrussia

Offline Riverhead

Re: BitSharesX client and PTS
« Reply #14 on: September 09, 2014, 04:59:44 PM »

 You can also earn Interest (dividends) on bitUSD starting tomorrow.
 

Isnt it interest on ALL assets? (providing they function correctly)


I think so but wasn't sure.

 

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