BitSharesX client and PTS

[Riverhead]

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.

[roadscape]

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?

[onceuponatime]

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.

[roadscape]

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?

[merockstar]

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.

[serejandmyself]

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.

[roadscape]

It's just that I thought that the BitSharesX client was an exchange. I am using Cryptsy and they only have PTS, not BTSX.

[serejandmyself]

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 ?

[roadscape]

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?