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Offline cryptillionaire

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BTSX bitAsset contract support?
« on: September 14, 2014, 12:15:19 AM »

Hey,

I'm trying to properly figure out BTSX, and have been wondering - since users can issue their own bitAsset through BTSX, can you make contracts for the bitassets at all? So I don't have to host a centralized server for such functionality? Or is that thinking too much like ethereum?

Lets say I want to reward users with shares of these bitassets, but I don't want to have to pre-mine the full amount in order to hand it out and become responsible for that full amount of bitAsset - that's a massive amount of centralized power that I don't want over a bitAsset.

Lets say i'm a delegate, and whilst I'm in one of the delegate positions I run a service that rewards users my own bitAsset, but I don't have control over the full 100% of the coins - I only make the contract and can become a  user myself and earn the bitAsset with no unfair advantage.

Cheers.

merockstar

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Re: BTSX bitAsset contract support?
« Reply #1 on: September 15, 2014, 04:52:18 AM »
Hey,

I'm trying to properly figure out BTSX, and have been wondering - since users can issue their own bitAsset through BTSX, can you make contracts for the bitassets at all? So I don't have to host a centralized server for such functionality? Or is that thinking too much like ethereum?

Users can't issue their own bitAsset through BTSX. That's basically decided on by the dev's interpretation of community consensus, as backed by the threat of a hard fork.

I had the misconception at first that users would be able to issue their own as well. That's a possibility down the road after the peg for all the planned assets proves functional and reliable.

I'm not sure what you mean by contracts for the bitAssets. Could you provide an example?

Quote
Lets say I want to reward users with shares of these bitassets, but I don't want to have to pre-mine the full amount in order to hand it out and become responsible for that full amount of bitAsset - that's a massive amount of centralized power that I don't want over a bitAsset.

What people (users and businesses) will be able to issue their own shares of, when it comes out, will be bitShares ME. My understanding of ME so far is that, yes, you'd have to pre-mine the amount of the bitasset. I could be wrong about that though, maybe they want to let companies issue additional shares on a whim.

Quote
Lets say i'm a delegate, and whilst I'm in one of the delegate positions I run a service that rewards users my own bitAsset, but I don't have control over the full 100% of the coins - I only make the contract and can become a  user myself and earn the bitAsset with no unfair advantage.

Cheers.

the bitAsset, if you're talking about something you'd issue kind of like as analogous to a stock in the upcoming ME dac that's different from the bitAssets that track real world assets like bitUSD and bitBTC, by definition, will have to be sold and pre-mined by the issuer in whatever amounts they deem best. that's how it would work, it's there as a means for people to support the issuers they think others will support too.

Offline toast

Re: BTSX bitAsset contract support?
« Reply #2 on: September 15, 2014, 04:58:40 AM »
Bts X has both user-issued assets and bitassets (market-pegged assets), which do you mean

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Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

merockstar

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Re: BTSX bitAsset contract support?
« Reply #3 on: September 15, 2014, 11:34:14 AM »
Bts X has both user-issued assets and bitassets (market-pegged assets), which do you mean

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you talking about assets like "FREE" and "LOVE?"

Offline cryptillionaire

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Re: BTSX bitAsset contract support?
« Reply #4 on: September 16, 2014, 11:31:22 AM »
Bts X has both user-issued assets and bitassets (market-pegged assets), which do you mean

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you talking about assets like "FREE" and "LOVE?"
Yeah, user issued assets like free and love - how were these made? If they're made by users, then is it possible to not have to premine the full lot and instead distribute it another way? :S

 

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