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Offline speedy

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Incentivize taking BTSX off the exchanges
« on: September 17, 2014, 05:02:41 PM »

This post is probably quite obvious, but I think its worth talking about.

IMO a big thing holding back the BTSX price/adoption is that people are just happy to trade it back and forth on the centralized exchanges. If more people would take it off the exchanges and trade via shorting/buying BitUSD, then it would lock up more money into BitAssets, thereby restricting the supply of BTSX.

Because of collateral, the following equation applies:
Code: [Select]
Sum of BTSX > Sum of BitAssets * 3
So the question is how do we incentivize people to start using the internal exchange instead? The obvious answer is that the QT wallet needs to be really beautiful & intuitive - even more than bter.com etc.

But perhaps there are other innovative ways of incentivizing the use of the wallet? Can anyone think of other ways?

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Re: Incentivize taking BTSX off the exchanges
« Reply #1 on: September 17, 2014, 05:15:08 PM »
It would be nice to make the market into a 3d game. There you can go to the tavern and talk to the bartender about prices, or go to the exchange house near by and you have a little animal that sometimes tells you when it is a good time to short here or there.




Offline Method-X

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Re: Incentivize taking BTSX off the exchanges
« Reply #2 on: September 17, 2014, 05:16:04 PM »
Does anyone else think exchanges may see BTSX as a threat to their business model?

Online Shentist

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Re: Incentivize taking BTSX off the exchanges
« Reply #3 on: September 17, 2014, 06:53:49 PM »
i don't get it!

you need 3rd party exchanges to let people exchange other crypto or dollars into BTSX. you would just hurt our community.

Offline Akado

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Re: Incentivize taking BTSX off the exchanges
« Reply #4 on: September 17, 2014, 07:05:33 PM »
i don't get it!

you need 3rd party exchanges to let people exchange other crypto or dollars into BTSX. you would just hurt our community.

unfortunately, this is true.

We need an ATM where we can deposit fiat and it automatically trades for the equivalent BitAsset :D
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Offline alt

Re: Incentivize taking BTSX off the exchanges
« Reply #5 on: September 17, 2014, 10:10:54 PM »
this is a good question

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Offline bernard

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Re: Incentivize taking BTSX off the exchanges
« Reply #6 on: September 18, 2014, 12:03:50 AM »
Something like LocalBitcoins for BitUSD would be my recommendation.

You meet up with local sellers, hand over a $20 dollar note and seller transfers you $20 dollars BitUSD.

Quick and easy, no exchange rate haggling!

Offline chryspano

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Re: Incentivize taking BTSX off the exchanges
« Reply #7 on: September 18, 2014, 01:28:48 AM »
We need the exchanges so that people can quickly trade btc and fiat to get btsx. People that want to sell btsx I'm sure they can use the internal market for a large percentage of their trade volume. I initially used an exchange for 100% of the btsx I bought but when it comes to selling I used the internal market for 40% of my sales. 

Offline yellowecho

Re: Incentivize taking BTSX off the exchanges
« Reply #8 on: September 18, 2014, 05:08:20 AM »
If bitUSD paid interest and there was an in-client gateway to USD and CNY then there'd be no need for external exchanges and increased liquidity.. and the increase in holdings and liquidity in-client will lesson the
dependence of delegate price feeds.
« Last Edit: September 18, 2014, 05:11:04 AM by yellowecho »
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Offline cube

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Re: Incentivize taking BTSX off the exchanges
« Reply #9 on: September 18, 2014, 12:21:34 PM »
Does anyone else think exchanges may see BTSX as a threat to their business model?

I believe they do.  They may not see BTSX a threat in near term but it could in time to come.
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Offline hadrian

Re: Incentivize taking BTSX off the exchanges
« Reply #10 on: September 18, 2014, 03:20:53 PM »
One potential problem with the centralized exchanges is theft. I'm thinking about the large amount of NXT which was stolen (because of improper practices on the part of the exchange) from bter.

If something like this were to happen with any BitShares stuff it would cause significant harm.

I don't know whether or not people from BitShares or the community have worked with the exchanges in order to ensure, as far as possible, that problems don't occur. Is anybody aware to what extend this sort of collaboration has occurred?

I believe this to be worth the effort and time because it could avert a major blow.
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Offline serejandmyself

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Re: Incentivize taking BTSX off the exchanges
« Reply #11 on: September 18, 2014, 03:26:55 PM »
you got a point there, but right now there is now way of getting btsx apart from direct exchange. when we will be able to connect the bitcoin and btsx wallet, like people here talked about. then you should take it off i believe
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Offline oldman

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Re: Incentivize taking BTSX off the exchanges
« Reply #12 on: September 18, 2014, 05:47:23 PM »
Something like LocalBitcoins for BitUSD would be my recommendation.

You meet up with local sellers, hand over a $20 dollar note and seller transfers you $20 dollars BitUSD.

Quick and easy, no exchange rate haggling!

This is quite fascinating.

Instead of having to overcome the mental resistance to trading 'real money' for 'magic internet money' (ie. USD for BTC), folks can trade USD for bitUSD.

If bitUSD yield >= inflation this could be a lightbulb moment for a lot of folks.

Once they see how quick/easy it is to move bitAssets *and* see the yield roll in there will be no going back.

bitUSD/CNY/EUR/CAD etc. could be the gateway drug for the whole crypto eco system.

I know there's lots of discussion about Ripple/Stellar but no one understands what hell that means.

Now if localbitcoins could be convinced to add bitUSD or whatever the regional currency is a huge pipeline would open up practically overnight.

Offline unimercio

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Re: Incentivize taking BTSX off the exchanges
« Reply #13 on: September 18, 2014, 05:58:15 PM »
I'm not sure we could unilaterally "take it off" the exchanges, assuming we wanted to.

I suspect we would need some type of "multi sig sanctioning mechanism" built into the DAC  to white/black list were it's officially traded or not.  ???  It would actually be a nice governance safety feature to weed out rogue exchanges (or all exchanges).
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Offline Chuckone

Re: Incentivize taking BTSX off the exchanges
« Reply #14 on: September 18, 2014, 06:05:20 PM »
Now if localbitcoins could be convinced to add bitUSD or whatever the regional currency is a huge pipeline would open up practically overnight.

A direct pipeline from any currency to its equivalent in bitasset... The day it happens I'll be a happy man! Right now you have to buy Bitcoin with fiat on some exchange or OTC system (and pay a transaction fee), use those BTC to buy BTSX or buy any bitasset currently available on the exchanges (pay a transaction fee), transfer those BTSX/bitassets to your account (pay a transaction fee)... And all these transactions fees are paid out of the Bitshares ecosystem.

Not exactly the definition of efficiency...
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