Author Topic: Incentivize taking BTSX off the exchanges  (Read 4611 times)

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Offline matt608

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there needs to be a super simple BitUSD Wallet to support these on ramps.   no btsx functionality  included.

That sounds interesting.  Individual wallets for the most popular crypto assets.  Not everyone wants to have all the other stuff.

Offline alphaBar

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No need to recreate the wheel, the best solution to this problem has already been implemented... in Nxt. "Nxt Multigateway" allows trustless BTC <-> Nxt trading using multisig. A similar solution should be built for BTSX.

Offline donkeypong

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there needs to be a super simple BitUSD Wallet to support these on ramps.   no btsx functionality  included. 

Thats a god idea.. remove all mentions of BTSX, remove the bit from bitUSD.. users just run the app, it shows a USD balance which they can spend or save :)

I fully agree with you if you change that to "BitUSD". We cannot mislead anyone into thinking it's the 'real' USD or else someone is going to jail.

Offline bernard

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there needs to be a super simple BitUSD Wallet to support these on ramps.   no btsx functionality  included. 

Thats a god idea.. remove all mentions of BTSX, remove the bit from bitUSD.. users just run the app, it shows a USD balance which they can spend or save :)

Offline patrickb323

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there needs to be a super simple BitUSD Wallet to support these on ramps.   no btsx functionality  included. 

Offline hadrian

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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).

It could, under certain circumstances, be undesirable for some exchanges to trade BTSX. However, my first thought is that we should never implement such things as whitelists and blacklists within the protocol, even if doing so becomes highly tempting. It would "open up a can of worms", setting a precedent which could kill the DAC by undermining a lot of what it stands for. Fungibility must be maintained.

This kind of relates to NXT's decision relating to the huge theft of NXT from bter exchange. The NXT community discussed whether or not to roll back the blockchain in order to "undo" the theft. They decided (very sensibly in my view) not to alter the blockchain. If they'd rolled back the blockchain, how could people have any confidence in NXT going forward? There could be constant gray areas, disputes and problems occurring which would turn into a nightmare. People must have confidence in the underlying protocol without the possibility of people coming along and moving their "money" from under their feet.

The existence of blacklists and whitelists introduces too much possibility for the kind of power leading to corruption that we see in the FIAT world. I think we should level the playing field rather than recreate the old one.
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Ggozzo

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BitUSD is based on BTSX and the dollar, or BTSX and the yuan. You can't get rid of third party exchanges because the peg is based on what you can sell BTSX for in fiat. We need the third party exchanges. It's the only true gauge of value for BTSX and thus the bitassets.


What is needed is a direct exchange. Someone needs to create a coinbase for BTSX/bitUSD. You would need about $50k to probably start. I think the mbs license is $5000 and then you would need to developer a website and have a reserve for lawyers, servers, hot and cold storage etc.
« Last Edit: September 18, 2014, 06:33:05 pm by skyscraperfarms »

Offline donkeypong

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When the one-stop shop arrives, people will be buying BTC --> BTSX on exchanges and simply not know it, because from their one-page interface it will all appear to be a seamless part of BitShares.

Offline Chuckone

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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...

Offline unimercio

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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 oldman

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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 serejandmyself

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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 hadrian

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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 cube

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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 yellowecho

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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