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Ggozzo

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The current path of USD to bitUSD
« on: October 04, 2014, 05:33:53 PM »

These numbers are based on the price of $336.45/BTC(Coinbase) and $0.02978/BTSX(average exchange price) at the time.

These numbers are based on a initial $100 investment/conversion

The path: Bank($) - Coinbase($ BTC) - Bter(BTC- BTSX) - BitsharesX(BTSX-bitUSD)


1. $100 from bank to Coinbase = .2938 BTC

Coinbase fee = $1.14

2.  .2938 BTC to Bter = .2937 BTC

BTC transaction fee .0001

3.  .2937 BTC exchanged for 3327.293 BTSX

Bter fee = .0005876 BTC

4. 3327.293 BTSX from Bter to BitshareX = 3293.02007 BTSX

Bter withdraw fee = 1% + 1 BTSX = 34.27293

5. 3293.02007 BTSX exchanged for 105.60272 bitUSD

31.18BTSX/bitUSD rate + BTSX fee = .1 BTSX

Total Fees:

$1.14                      Coinbase fee
$0.033645              .0001BTC fee
$0.19769802           Bter exchange fee
$1.018180204         Bter withdraw fee
$0.002978               .1BTSX fee
______________________________
Total fees   $2.3925

There is $2.39 in fees going to Coinbase, BTC and Bter as a whole.

This should be massive incentive for someone to create a gateway. I wish I had the know how!
5 Steps to get to bitUSD is TOO MANY!

Right now $100 gets you 105 bitUSD and that is after all the fees paid. 100 bitUSD will net far less than $100 going the other way. The peg will hold truer if we can get an expressway into bitUSD. There are too many floating factors to really test the peg.

*Note Bter had BTSX priced at ~$.0293/BTSX and BitsharesX price feed was at .02977/BTSX and the Filled price on BitsharesX was actually .03207?BTSX

Offline bytemaster

Re: The current path of USD to bitUSD
« Reply #1 on: October 04, 2014, 05:48:46 PM »
Soon to be 1 step. 
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Ander

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Re: The current path of USD to bitUSD
« Reply #2 on: October 04, 2014, 05:51:09 PM »
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline feedthemcake

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Re: The current path of USD to bitUSD
« Reply #3 on: October 04, 2014, 05:51:23 PM »
I see "suppose" isn't present in this statement bytemaster...and I like it...

Offline xeroc

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Re: The current path of USD to bitUSD
« Reply #4 on: October 04, 2014, 06:17:39 PM »
Soon to be 1 step.
Hehe :D .. but could you define "soon"? ::)
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Offline bytemaster

Re: The current path of USD to bitUSD
« Reply #5 on: October 04, 2014, 06:22:12 PM »
This year
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline hadrian

Re: The current path of USD to bitUSD
« Reply #6 on: October 04, 2014, 06:27:00 PM »
 +5%
This is very good. Hopefully 1 step globally, not just in the U.S.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Gentso1

Re: The current path of USD to bitUSD
« Reply #7 on: October 04, 2014, 06:35:19 PM »
+5%
This is very good. Hopefully 1 step globally, not just in the U.S.

The rest of the world should be easy, US is probably the tricky part because of banking laws.

Offline Rune

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Re: The current path of USD to bitUSD
« Reply #8 on: October 04, 2014, 06:42:30 PM »
What is really fantastic about bitUSD though, is that it lends itself so perfectly to something like localbitcoins. It will be almost impossible to be scammed or ripped off (on the price) if the seller just charges a % fee and then gives you bitUSD one for one. Average people will feel a lot safer getting into it, I think.

Offline oldman

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Re: The current path of USD to bitUSD
« Reply #9 on: October 04, 2014, 06:57:19 PM »
Soon to be 1 step.

 +5%

I3 just keeps nailing it.

What is really fantastic about bitUSD though, is that it lends itself so perfectly to something like localbitcoins. It will be almost impossible to be scammed or ripped off if the seller just charges a % fee and then gives you bitUSD one for one.

Localbitcoins is interesting because it provides a way to completely sidestep the banking complex and exchange physical assets for digital assets.

It would very, very interesting if, in addition to CC/debit gateways, I3 could integrate a P2P gateway for direct conversion of physical to crypto.

So P2P USD -> bitUSD, CNY -> bitCNY, gold -> bitGLD, silver -> bitSLV etc. etc.

Circle + Localbitcoins.

Edit: I just re-read... imagine the love child of Circle/LBTC integrated into the client.
« Last Edit: October 04, 2014, 06:59:50 PM by OldMan »

Offline xfund

Re: The current path of USD to bitUSD
« Reply #10 on: October 05, 2014, 12:01:35 AM »
 +5%
Sounds good
Asset:FUND

Offline yoo

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Re: The current path of USD to bitUSD
« Reply #11 on: October 05, 2014, 04:30:14 AM »
cool, this year ")

just 3 months left  ;) ;)

Offline donkeypong

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Re: The current path of USD to bitUSD
« Reply #12 on: October 05, 2014, 04:36:25 AM »
cool, this year ")

just 3 months left  ;) ;)

And when he wrote "this year" he was pointing on the calendar to  .  .  .  2014, we hope!

Offline tonyk

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Re: The current path of USD to bitUSD
« Reply #13 on: October 05, 2014, 04:37:30 AM »
cool, this year ")

just 3 months left  ;) ;)

And when he wrote "this year" he was pointing on the calendar to  .  .  .  2014, we hope!

LOL
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline bluebit

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Re: The current path of USD to bitUSD
« Reply #14 on: October 05, 2014, 04:41:56 AM »
So if this year people will be able to purchase bitUSD directly, then how many transactions would it take for all the fees to start increasing the value/profits of bitsharesX?

Do anyone how to calculate this?
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