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Offline fumanchu808

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my latest article: I compare BitUSD and CoinoUSD
« on: September 14, 2014, 07:12:13 AM »

I was really surprised to see how closely both have been tracking actual dollar value:

http://bitcoinist.net/big-showdown-coinousd-vs-bitusd/

Offline gamey

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Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #1 on: September 14, 2014, 07:21:23 AM »
+5%  Nice and accurate.  Not biased from my reading.
I speak for myself and only myself.

Offline tonyk

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Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #2 on: September 14, 2014, 07:30:01 AM »
I was really surprised to see how closely both have been tracking actual dollar value:

http://bitcoinist.net/big-showdown-coinousd-vs-bitusd/

Truly surpising article from you fumanchu808, for your own financial interest you should decide fast though...

For the life of me, I cannot decide whether I prefer NXT’s SAE or BitsharesX more....
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline fumanchu808

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Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #3 on: September 14, 2014, 08:44:31 AM »
Well I'm currently leaning towards the old adage -

Offline Riverhead

Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #4 on: September 14, 2014, 08:51:02 AM »
I think what people are forgetting is this market is huge.


If we work together we'll all be much more successful. Look at the financial services industry; there are many very large, hugely successful, firms. While they advertise to the public for themselves they work together when it comes to keeping the regulatory playing field friendly for their operations and I'm sure in other areas as well.

Offline mf-tzo

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Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #5 on: September 14, 2014, 10:06:30 AM »
My opinion regarding NXT and anything around it is the following:

1. The risk of dumping NXTs is greater. It had happened many times in the past and I get frustrated when they pump the price with announcements and then they massively dump it. I think that the Chinese here see the potential of Bitshares X and will not dump (I hope I am not proven wrong). Regarding the devs I quite confident that they will never hurt and dump their babe.

2. There have been many hacks in NXTs and that killed their price in the past. I hope this doesn't happen here and that is why the devs should put a lot of their energy in security now. If we experience the same levels of hacks that NXT experienced I am really scared about what will happen to BTSX price...

3. I find that this community is more united. There were a lot of scammers in NXT. Hopefully we will not experience same things here..

4. I don't get their economics and many of their assets. BTSX economics are much more solid. However NXT has some derivative products from a respective member (ShortNXT) that protects you from downfalls or gives you greater exposure in the upside. It will be nice to have someone here issue something similar...

5. NXT is slooowwww compared to BTSX...

All in all NXT has gone through a lot of pains and yet survived, so much respect for that. However somewhere in the middle of hacks, scams, pumps dumps I lost most of my interest. 

Offline CLains

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Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #6 on: September 14, 2014, 01:32:30 PM »
Commented.
Vote for BTS-2 witness: spectral (1.6.30)

Follow https://steemit.com/@clains

Offline speedy

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Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #7 on: September 14, 2014, 01:57:54 PM »
Can someone confirm whether in NXT it is possible to "cash-out" into CoinoUSD like you can into BitUSD with Bitshares?

This is theoretically another good reason for not dumping BTSX - Im wondering if NXT has that as well.

Offline Gentso1

Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #8 on: September 14, 2014, 02:08:22 PM »
well written, I have added that site to my daily news reading.
« Last Edit: September 14, 2014, 10:13:19 PM by Gentso1 »

Offline arhag

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Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #9 on: September 14, 2014, 02:52:58 PM »
Quote
For the life of me, I cannot decide whether I prefer NXT’s SAE or BitsharesX more....

Nice article, but it seems to be missing one important thing. I'll let the most interesting BitUSD purchaser in the world answer...



Offline yellowecho

Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #10 on: September 14, 2014, 03:03:07 PM »
Quote
For the life of me, I cannot decide whether I prefer NXT’s SAE or BitsharesX more....

Nice article, but it seems to be missing one important thing. I'll let the most interesting BitUSD purchaser in the world answer...



 +5%!  It sounds like CoinoUSD is an IOU for the gateway which is a centralized entity, no?  Is it backed by anything or fungible in the network?
696c6f766562726f776e696573

Offline speedy

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Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #11 on: September 14, 2014, 03:04:43 PM »
Thanks arhag - that answers my question. Cashing out into something with counterparty risk is a no-no.

Offline Method-X

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Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #12 on: September 14, 2014, 03:41:24 PM »
I've been doing more research into CoinoUSD and it seems very similar to what e-Gold tried to do. With e-Gold, you had a physical location that housed gold and used a public ledger to keep track of digital transactions. So it was very similar to what this is trying to do.

TL;DR CoinoUSD's reserves can be seized or the operators can take off with the money. BitUSD on the other hand, is completely without any counter party risk (BTSX can't be seized or made off with).

Quote from: Wikipedia
In the summer of 2008, E-Gold pleaded guilty in United States v. E-Gold, Ltd., Criminal Number 07-109. Initially the United States Attorney for the District of Columbia entered a motion to seize and liquidate the entire gold reserve of E-gold under asset forfeiture law. However, the federal judge in the case denied the motion and ordered the reserves to be held and liquidated for the E-gold account holders who could prove the origin of their funds.[29] Some of the e-metal in E-Gold accounts was criminally derived, but much of the e-metal was owned by innocent account holders.[30]

E-gold was placed into receivership and the gold reserve was liquidated for USD 90 million.[30] The court ordered Rust Consulting, a private company in Maryland, to organize refunds to account holders who could prove legitimate sources for the funds.[31] The balance of unclaimed funds will be claimed by the US Attorney's Office for the District of Columbia under the asset forfeiture law. A three month window was set from June 3, 2013 to October 1, 2013 for E-gold account holders to submit a claim on their funds, then extended to December 31, 2013.[32]

Offline Gentso1

Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #13 on: September 14, 2014, 04:29:35 PM »
I've been doing more research into CoinoUSD and it seems very similar to what e-Gold tried to do. With e-Gold, you had a physical location that housed gold and used a public ledger to keep track of digital transactions. So it was very similar to what this is trying to do.

TL;DR CoinoUSD's reserves can be seized or the operators can take off with the money. BitUSD on the other hand, is completely without any counter party risk (BTSX can't be seized or made off with).

Quote from: Wikipedia
In the summer of 2008, E-Gold pleaded guilty in United States v. E-Gold, Ltd., Criminal Number 07-109. Initially the United States Attorney for the District of Columbia entered a motion to seize and liquidate the entire gold reserve of E-gold under asset forfeiture law. However, the federal judge in the case denied the motion and ordered the reserves to be held and liquidated for the E-gold account holders who could prove the origin of their funds.[29] Some of the e-metal in E-Gold accounts was criminally derived, but much of the e-metal was owned by innocent account holders.[30]

E-gold was placed into receivership and the gold reserve was liquidated for USD 90 million.[30] The court ordered Rust Consulting, a private company in Maryland, to organize refunds to account holders who could prove legitimate sources for the funds.[31] The balance of unclaimed funds will be claimed by the US Attorney's Office for the District of Columbia under the asset forfeiture law. A three month window was set from June 3, 2013 to October 1, 2013 for E-gold account holders to submit a claim on their funds, then extended to December 31, 2013.[32]
The biggger question is where are the reserves held, Aif they are based in the US it is just a matter of time.

Offline fumanchu808

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Re: my latest article: I compare BitUSD and CoinoUSD
« Reply #14 on: September 14, 2014, 10:08:58 PM »
Quote
For the life of me, I cannot decide whether I prefer NXT’s SAE or BitsharesX more....

Nice article, but it seems to be missing one important thing. I'll let the most interesting BitUSD purchaser in the world answer...




 +5%!  It sounds like CoinoUSD is an IOU for the gateway which is a centralized entity, no?  Is it backed by anything or fungible in the network?

It is fungible and available for sale via multiple channels yes (other exchanes including NXT's SAE). How well those channels track the dollar remains to be seen.

 

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