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Offline CoinHoarder

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Low Hanging Fruit - Increasing BTSX Revenue & Utility
« on: October 10, 2014, 06:35:23 AM »

I am interested in discussing ways to increase the demand for BTSX and also the profitability of the DAC at the same time. Here is what I see as the "low hanging fruit", or in other words.. targets or goals which are easily achievable and which do not require a lot of effort. Let's get a large piece of an $81 trillion+ derivative market!!! Why stop short at FIAT currencies, a few cryptocurrencies, and a few commodities? BTSX has the potential to be so much more than what it exists as today, and make share holders filthy rich in the meantime. :D

I'd like to see more discussions as to the future of BTSX... not as in marketing as we are doing plenty of that... but the future services BTSX will supply as in what derivatives can BTSX easily expand its business model to, and the specific derivative markets BTSX plans to go after. What is your vision for the future of BTSX? The clock is ticking and people are cornering cryptocurrency services and markets left and right. A centralized service for equity derivative investments via Bitcoin popped up just the other day.... we can beat them as we are not a centralized service... if we move on this quickishly (I know I made up that word!) It is time to plan how to expand our footprint, bring in new users through creating new Bitassets, allowing for more diversification of one's portfolio, and making the BTSX DAC more profitable!

  • Get the remaining bitAsset markets that have yet to go live up and trading.
    • This can be easily be done by delegates publishing all of the price feeds and achieving proper market depth in each of the markets. There are many bitAsset markets that have already been created but are not live.
    • Getting these markets live should be a priority for the BTSX DAC as it will increase the ability to diversify and utility, possibly bring in more users, and increase profits for the DAC through added transaction fees.
    • Getting the wallet & wiki translated into different languages could the help adoption rate for each nation's currency (FIAT) that BTSX supports. BTSX can then be heavily marketed in the countries whose currencies it supports as a non-volatile alternative to Bitcoin.
  • Creating other bitAssets (or derivatives.)
    • Currently the bitAssets that are trading, or are planned to go live soon are as follows. Along with my suggestions of bitAssets that should be added to the list.
    • Adding more bitAssets increases the utility of BTSX by allowing users to diversify their portfolios even more so, it has the potential to bring in more speculators whom are interested in investing in different types of derivatives that BTSX is not currently planning on supporting, and thus increases the profitability of the BTSX DAC through added transfer fees from the extra trading.
    • FIAT
      • AUD - Australian Dollar
      • CAD - Canadian Dollar
      • CHF - Swiss Franc
      • CNY - Chinese Yuan
      • EUR - Euro
      • GBP - British Pound
      • HKD - Hong Kong Dollar
      • JPY - Japanese Yen
      • MXN - Mexican Peso
      • NZD - New Zealand Dollar
      • RUB - Russian Ruble
      • SEK - Swedish Krona
      • SGD - Singapore Dollar
      • TRY - Turkish Lira
      • USD - US Dollar
      • Recommended:
        • I feel like BTSX already has a vast array of FIAT derivatives and I do not see the need for expanding upon them at this point in time.
    • Cryptocurrencies
      • BTC - Bitcoin
      • LTC - Litecoin
      • PPC - Peercoin
      • PTS - Protoshares
      • Recommended:
        • I think the amount of cryptocurrency bitAssets could be expanded upon. Currently there are some high volume and high market cap cryptocurrencies that we are not capitalizing on. I suggest at the very least adding the following popular coins, which are in order in terms of trade volume (IE. which ones would be more likely to be traded in higher volume = higher revenue cryptocurrencies in terms of transaction fees collected by the DAC.)
        • Dogecoin - 5th in Market Cap and $561,793 volume in the past 24 hours - The thorn in the side of innovative cryptocurrencies. The one and probably only crytocoin that will be able to survive based simply on copy and paste code and a meme.
        • Ripple - 2nd in Market Cap and $187,750 volume in the past 24 hours - A lot of venture capital and partners in the banking industry. Regardless if people like the original distribution, it is innovative  and that is why it sits atop the Market Cap list. I think Stellar is unlikely to be able to compete due to the resources and partners of Ripple and the network effect they have achieved in that crypto sphere.
        • Counterparty - 10th in Market Cap and $138,946 volume in the past 24 hours - The most popular asset issuance cryptocurrency built on top of the Bitcoin blockchain. The recent announcement of Overstock working with the developers and Counterparty seems promising.
        • Darkcoin - 8th in Market Cap and $122,550 volume in the past 24 hours - Admittedly this is the only one on the list I'm not to keen on, but it has a lot of volume and support judging from its market cap. It is built for anonymous transactions via a variation of a "coin join" implementation.
        • Nxt - 6th in Market Cap and $118,146 volume in the past 24 hours - I think we mostly agree they are a good contender in the "cryptocoin 2.0" wars through their innovative approach and will to embrace innovation.
        • Namecoin - 9th in Market Cap and $118,056 volume in the past 24 hours - I know we have a DAC that will be competing with Namecoin, but they are branching off into other areas other than decentralized namespaces, they are the oldest (living) merge mined coin to Bitcoin, and they have decent trading volume.
        • Anoncoin - 21st in Market Cap and $100,254 volume in the past 24 hours - It seems it is eminent that Anoncoin will shortly be the first cryptocurrency to implement Zerocoin technology for anonymous transactions, thus it is the reason for the increased volume as of late. If they successfully do so it could stick around for quite some time at the top of the market cap boards with decent volume.
        • Monero - 12th in Market Cap and $68,123 volume in the past 24 hours - Monero is probably the best anonymous cryptocurrency that currently exists through the use of ring signatures.
    • Commodities
      • GLD - Gold
      • SLV - Silver
      • WTI - Light Sweet Crude Oil
      • Recommendations:
        • I think we should seriously consider adding more commodity derivatives onto the exchange. Allowing users to diversify and trade to their heart's content, possibly bringing in larger (more institutional-sized) commodity traders, and increasing profits from the DAC through more transaction fees. I would like to see BitsharesX become a full-on "one stop shop" for cryptocurrency derivatives, including different types of commodities, which will ultimately make the DAC more profitable. The following commodities have much higher volume and liquidity than the rest of the other commodities in real world markets, ranked from highest to lowest.
        • Heating Oil
        • Sugar
        • RBOB Gasoline
        • Corn
        • Wheat
        • Soybeans
        • Copper
        • Soybean Oil
        • Cotton
        • Cocoa
    • Equities and other derivatives
      • Equities and other derivatives are one thing that have not been discussed much, but I see them as a "no brainer" to be added to the BTSX bitasset exchange. To my knowledge there are no plans to add them.
      • Companies are entering the Bitcoin space for this very purpose, but they are centralized so we have an advantage. It would be trivial for delegates to add some equity derivatives to their price feeds and BTSX start trading them as the software for them is already developed. I think we should do so sooner rather than later so that we can corner the market before the centralized (or future decentralized) competition gains a network effect. This allows users to further diversify their portfolios, possibly attracts stock market traders, and thus increases profits for the via the added transaction fees.
      • Composite Market Equities - Dow, Nasdaq, Standard & Poor, Etc.. other world markets
      • Individual blue chip stock behemoths (perhaps a diverse portfolio of the largest companies in the S&P 500)
      • Mutual Funds
      • Bonds and Interest Rates
      • Weather derivatives (lol?)
      • Options - Would require programming the market to allow them so not feasible in the near term.
      • Off the wall idea: Sports betting "spreads". They are like a derivative in that they start out each week as one thing and then slightly shift depending on which sides everyone takes. Admittedly this would take quite a bit of programming, but I thought I would mention it.. people could take positions on which way the lines will move each week, and positions would be forced to close before each game. Furthermore, I thought a sports betting DAC would be pretty trivial to setup as there are many sports betting line feeds that delegates could publish easily.
      • Sports Ticket Derivatives http://en.wikipedia.org/wiki/Sports_ticket_derivative
      • Think outside of the box! There can be derivatives for a lot of things that there aren't currently.. I am sure I am missing a few. I have read of a service that sold equity derivatives in professional athletes (I'm not kidding!)
« Last Edit: October 10, 2014, 08:12:08 PM by CoinHoarder »
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Offline fuzzy

Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #1 on: October 10, 2014, 06:37:19 AM »
Nice list!

 +5%
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Offline CoinHoarder

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Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #2 on: October 10, 2014, 06:57:17 AM »
Nice list!

 +5%

Thanks. I've seen a lot of discussion as to marketing and thus increasing market cap via adoption, but not so many on ways to increase profitability of the BTSX DAC itself. I think there is a lot of untapped potential that would be pretty trivial for BTSX to implement. It would also help with marketing and adoption by enlarging the demographics of users BTSX can go after and increasing the ability for users to diversify their portfolios. Attracting the more institutional-sized and professional traders would be huge as this is really where most of the money is at in derivatives. If we could get even just a fraction of that money in BTSX, it has the potential to easily surpass Bitcoin in terms of market cap and thus break Bitcoin's network effect.
« Last Edit: October 10, 2014, 07:00:36 AM by CoinHoarder »
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Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #3 on: October 10, 2014, 07:24:48 AM »
Wow .. what a list .. I will get back to you as soon as I have 10 minutes time to read all this!

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Offline Rune

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Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #4 on: October 10, 2014, 07:34:38 AM »
As long as there is barely any volume in bitUSD I see no point in spending effort on getting volume in these other commodities.

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Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #5 on: October 10, 2014, 07:56:29 AM »
IMHO, I think the focus should be strengthening the peg and increasing the volume for the major currencies - USD, EURO, CNY by getting more players in.  Once you have the volume, the other currency-type/commodity players would be attracted to come in.  And of course, the wallet needs to be user-friendly, stable and less bugs. 

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« Last Edit: October 10, 2014, 08:01:03 AM by cube »
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Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #6 on: October 10, 2014, 09:25:52 AM »
As long as there is barely any volume in bitUSD I see no point in spending effort on getting volume in these other commodities.

I am wondering if there is some sort of plan for BTSX going into the future to increase utility, the potential user base, or increase the DACs profits. I would rather BTSX plan its future than to "wing it." I feel like the current slate of Bitassets is only utilizing a part of the potential of the DAC, and it is wasteful of the time spent developing the decentralized market place and market peg mechanism. Most of the derivatives would be trivial to add.. just a matter of updating the delegate price feed script and issuing new bitassets. We as shareholders could be making profits in the form of burned fees from these other derivative markets. Why not do it now compared to later... at least the ones that are easy to implement. Even if they initially had low volume or liquidity until the markets see better adoption, profit is profit and it would increase the profitability of the DAC. Volume and liquidity in the bitassets market will come when the infrastructure is developed fully along with adoption, and adoption can be furthered by giving users more options within the BTSX DAC. I think adding different types of derivatives is a huge selling point which will help adoption.

In my opinion I don't think the BTSX company should decide which derivatives are more important than others. I don't understand the obsession of bitUSD, as it is only one market in the dozens of markets we could be serving with more derivatives. Why not let the userbase and markets figure out which Bitassets are more important on their own? I think being able to diversify one's BTSX portfolio further would be a huge selling point. If we can pull in people's money that they would have invested elsewhere, I don't see any bad that can come of it speaking in terms of what is good for the company and burning as many shares as possible.

IMHO, I think the focus should be strengthening the peg and increasing the volume for the major currencies - USD, EURO, CNY by getting more players in.  Once you have the volume, the other currency-type/commodity players would be attracted to come in.  And of course, the wallet needs to be user-friendly, stable and less bugs. 

- my bitUSD0.02

I think the market peg is quickly approaching being as accurate as possible without completely centralizing the service, or restricting it to the point we can't call it a free market approach anymore (maybe it's already there I dunno.) There are only so many tweaks that can be made. As far as I know these tweaks- or market restrictions- are the same across every bitassets, so if we do come up with a better system it could be easily implemented across the board. Last I looked at it, Bitassets were tracking at something like 99.5%.. I called it a success a long time ago. I think tweaking it more seems unnecessary, because the more restrictions that are placed on the market the less the term "free market approach" is applicable.

Volume and liquidity will arrive when the infrastructure (exchanges, payment processors, services) are fully developed and BTSX is further adopted. I think it is unrealistic to want this now or in the immediate future. Bitcoin wasn't adopted in a matter of months, it took years to get to where it is at. I think we are being impatient in terms of adoption and marketing, and too patient in terms of issuing new bitassets or getting the ones that are already created running. While waiting on BTSX to be adopted further, we should focus on improving the service and product. Then the users will come eventually once they see the value in BTSX, proper marketing is done, and the network effect kicks in. They might not see the true value of BTSX without us pushing BTSX to be all that it can be, and part of that (including what you mentioned.. Fixing bugs, user friendly, stable) is giving users more options as to what derivatives they can diversify into.

Most of the things I am suggesting should not take much time away from the developers developing, as the market and trading mechanics already in place. They can continue fixing bugs and making the wallet more user friendly and stable. Most of this is low hanging fruit.. IE. it could be implemented quickly with little effort because the necessities for which are already in place. We are not using the software to its fullest potential and missing out on profit that can be easily obtained by simply issuing new bitassets and updating the delegate price feed script. What sane company does not go after the low hanging fruit?

By pushing bitUSD, we are only cornering one market.. a stable cryptocurrency market. I agree that is an important market, and one in which BTSX mainly has been designed to solve, but why not corner multiple markets in the meantime since it would be so easy to implement them? It will expand the possible user base and thus help speed up adoption rates. Judging by the amount of people already invested in crypto currencies, there are a lot of people that don't care about the volatility. By issuing these other derivatives and allowing them to diversify outside of cryptocurrencies while technically staying inside of cryptocurrencies will certainly convert at least a few of these people.
« Last Edit: October 10, 2014, 09:47:22 AM by CoinHoarder »
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Offline James212

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Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #7 on: October 10, 2014, 11:16:05 AM »
I am interested in discussing ways to increase the demand for BTSX and also the profitability of the DAC at the same time. Here is what I see as the "low hanging fruit", or in other words.. targets or goals which are easily achievable and which do not require a lot of effort. Let's get a large piece of an $81 trillion+ derivative market!!! Why stop short at FIAT currencies, a few cryptocurrencies, and a few commodities? BTSX has the potential to be so much more than what it exists as today, and make share holders filthy rich in the meantime. :D

I'd like to see more discussions as to the future of BTSX... not as in marketing as we are doing plenty of that... but the future services BTSX will supply as in what derivatives can BTSX easily expand its business model to, and the specific derivative markets BTSX plans to go after. What is your vision for the future of BTSX? The clock is ticking and people are cornering cryptocurrency services and markets left and right. A centralized service for equity derivative investments via Bitcoin popped up just the other day.... we can beat them as we are not a centralized service... if we move on this quickishly (I know I made up that word!) It is time to plan how to expand our footprint, bring in new users through creating new Bitassets, allowing for more diversification of one's portfolio, and making the BTSX DAC more profitable!

  • Get the remaining bitAsset markets that have yet to go live up and trading.
    • This can be easily be done by delegates publishing all of the price feeds and achieving proper market depth in each of the markets. There are many bitAsset markets that have already been created but are not live.
    • Getting these markets live should be a priority for the BTSX DAC as it will increase the ability to diversify and utility, possibly bring in more users, and increase profits for the DAC through added transaction fees.
    • Getting the wallet & wiki translated into different languages could the help adoption rate for each nation's currency (FIAT) that BTSX supports. BTSX can then be heavily marketed in the countries whose currencies it supports as a non-volatile alternative to Bitcoin.
  • Creating other bitAssets (or derivatives.)
    • Currently the bitAssets that are trading, or are planned to go live soon are as follows. Along with my suggestions of bitAssets that should be added to the list.
    • Adding more bitAssets increases the utility of BTSX by allowing users to diversify their portfolios even more so, it has the potential to bring in more speculators whom are interested in investing in different types of derivatives that BTSX is not currently planning on supporting, and thus increases the profitability of the BTSX DAC through added transfer fees from the extra trading.
    • FIAT
      • AUD - Australian Dollar
      • CAD - Canadian Dollar
      • CHF - Swiss Franc
      • CNY - Chinese Yuan
      • EUR - Euro
      • GBP - British Pound
      • HKD - Hong Kong Dollar
      • JPY - Japanese Yen
      • MXN - Mexican Peso
      • NZD - New Zealand Dollar
      • RUB - Russian Ruble
      • SEK - Swedish Krona
      • SGD - Singapore Dollar
      • TRY - Turkish Lira
      • USD - US Dollar
      • Recommended:
        • I feel like BTSX already has a vast array of FIAT derivatives and I do not see the need for expanding upon them at this point in time.
    • Cryptocurrencies
      • BTC - Bitcoin
      • LTC - Litecoin
      • PPC - Peercoin
      • PTS - Protoshares
      • Recommended:
        • I think the amount of cryptocurrency bitAssets could be expanded upon. Currently there are some high volume and high market cap cryptocurrencies that we are not capitalizing on. I suggest at the very least adding the following popular coins, which are in order in terms of trade volume (IE. which ones would be more likely to be traded in higher volume = higher revenue cryptocurrencies in terms of transaction fees collected by the DAC.)
        • Dogecoin - 5th in Market Cap and $561,793 volume in the past 24 hours - The thorn in the side of innovative cryptocurrencies. The one and probably only crytocoin that will be able to survive based simply on copy and paste code and a meme.
        • Ripple - 2nd in Market Cap and $187,750 volume in the past 24 hours - A lot of venture capital and partners in the banking industry. Regardless if people like the original distribution, it is innovative  and that is why it sits atop the Market Cap list. I think Stellar is unlikely to be able to compete due to the resources and partners of Ripple and the network effect they have achieved in that crypto sphere.
        • Counterparty - 10th in Market Cap and $138,946 volume in the past 24 hours - The most popular asset issuance cryptocurrency built on top of the Bitcoin blockchain. The recent announcement of Overstock working with the developers and Counterparty seems promising.
        • Darkcoin - 8th in Market Cap and $122,550 volume in the past 24 hours - Admittedly this is the only one on the list I'm not to keen on, but it has a lot of volume and support judging from its market cap. It is built for anonymous transactions via a variation of a "coin join" implementation.
        • Nxt - 6th in Market Cap and $118,146 volume in the past 24 hours - I think we mostly agree they are a good contender in the "cryptocoin 2.0" wars through their innovative approach and will to embrace innovation.
        • Namecoin - 9th in Market Cap and $118,056 volume in the past 24 hours - I know we have a DAC that will be competing with Namecoin, but they are branching off into other areas other than decentralized namespaces, they are the oldest (living) merge mined coin to Bitcoin, and they have decent trading volume.
        • Anoncoin - 21st in Market Cap and $100,254 volume in the past 24 hours - It seems it is eminent that Anoncoin will shortly be the first cryptocurrency to implement Zerocoin technology for anonymous transactions, thus it is the reason for the increased volume as of late. If they successfully do so it could stick around for quite some time at the top of the market cap boards with decent volume.
        • Monero - 12th in Market Cap and $68,123 volume in the past 24 hours - Monero is probably the best anonymous cryptocurrency that currently exists through the use of ring signatures.
    • Commodities
      • GLD - Gold
      • SLV - Silver
      • WTI - Light Sweet Crude Oil
      • Recommendations:
        • I think we should seriously consider adding more commodity derivatives onto the exchange. Allowing users to diversify and trade to their heart's content, possibly bringing in larger (more institutional-sized) commodity traders, and increasing profits from the DAC through more transaction fees. I would like to see BitsharesX become a full-on "one stop shop" for cryptocurrency derivatives, including different types of commodities, which will ultimately make the DAC more profitable. The following commodities have much higher volume and liquidity than the rest of the other commodities in real world markets, ranked from highest to lowest.
        • Heating Oil
        • Sugar
        • RBOB Gasoline
        • Corn
        • Wheat
        • Soybeans
        • Copper
        • Soybean Oil
        • Cotton
        • Cocoa
    • Equities and other derivatives
      • Equities and other derivatives are one thing that have not been discussed much, but I see them as a "no brainer" to be added to the BTSX bitasset exchange. To my knowledge there are no plans to add them.
      • Companies are entering the Bitcoin space for this very purpose, but they are centralized so we have an advantage. It would be trivial for delegates to add some equity derivatives to their price feeds and BTSX start trading them as the software for them is already developed. I think we should do so sooner rather than later so that we can corner the market before the centralized (or future decentralized) competition gains a network effect. This allows users to further diversify their portfolios, possibly attracts stock market traders, and thus increases profits for the via the added transaction fees.
      • Composite Market Equities - Dow, Nasdaq, Standard & Poor, Etc.. other world markets
      • Individual blue chip stock behemoths (perhaps a diverse portfolio of the largest companies in the S&P 500)
      • Mutual Funds
      • Bonds and Interest Rates
      • Weather derivatives (lol?)
      • Options - Would require programming the market to allow them so not feasible in the near term.
      • Off the wall idea: Sports betting "spreads". They are like a derivative in that they start out each week as one thing and then slightly shift depending on which sides everyone takes. Admittedly this would take quite a bit of programming, but I thought I would mention it.. people could take positions on which way the lines will move each week, and positions would be forced to close before each game. Furthermore, I thought a sports betting DAC would be pretty trivial to setup as there are many sports betting line feeds that delegates could publish easily.
      • Think outside of the box! There can be derivatives for a lot of things that there aren't currently.. I am sure I am missing a few. I have read of a service that sold equity derivatives in professional athletes (I'm not kidding!)

 +5%  You've got some very good points here.  I think this should be part of the phase 3 plan (I'm sure BM is already thinking on this) as we should finalize the initial bootstrapping of the DAC first......... 1) finish stabilizing the product  2) market to increase users, liquidity and Peg .  However we should definately be doing some thinking about this.  I especially like the derivitives idea. I'm no expert in this area so I'll leave it to others, but would be great to hear more discussion on this. 
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Offline CoinHoarder

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Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #8 on: October 10, 2014, 11:42:54 AM »
Re: Market/Adoption First

This looks like good marketing to me: https://www.dropbox.com/s/um49pfebm730f2r/BitsharesX%20Brokerage.xlsx?dl=0

Maybe that spreadsheet is not entirely accurate, and maybe Options trading is not in the foreseeable or near future, but the other forms of derivatives are and you get the point that we have a lot to offer over competitors in that space. This is what I mean by it will help with adoption, by cornering a market that we are not currently going after. Sure we could wait, but the longer we wait the more we risk losing first mover advantage and thus the network effect for the first crypto <insert derivative here> broker. The competition is already here now. Luckily they just showed up and don't have much of a first mover advantage, and they are centralized: http://firstglobalcredit.com/

If other forms of derivatives is on BTSX's road map as a business plan, then it is better to act sooner rather than later. Do we really want to wait and then have NuBitsharesXDerivativeBroker released a month after we release other forms of derivatives and once again be fighting for users and the network effect of that service? Didn't we learn our lesson in the whole Nubits deal? We have the potential to corner this market, garner network effect, and stake our claim by putting our flag on the moon (pun intended.) All of the basic building blocks are there... Bitassets = derivatives... we have a decentralized exchange... delegates can publish more price feeds... we can issue more bitassets.

It comes down to if we want to service the derivative market fully or not. If not then we can keep on doing what we are doing, but if so the time to act is now- not later. The world wasn't ready for Bitcoin when it was first created either, yet it gained a massive network effect while the world mostly knew nothing about it. The infrastructure, volume, and liquidity was all non existent 4 years ago. There were bugs, it was not as user friendly as it is now... Sound familiar!!?? Yet, Satoshi kept plugging away and so should we. The world will come (and thus liquidity and volume) when they realize everything we have to offer. In the meantime enjoy cheap coins while they last and pack space food.  ;D
« Last Edit: October 10, 2014, 11:47:40 AM by CoinHoarder »
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Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #9 on: October 10, 2014, 08:09:56 PM »
I knew I was forgetting something... another "off the wall" derivative are Sports ticket derivatives. :)

http://en.wikipedia.org/wiki/Sports_ticket_derivative

I'm sure there are many more cool ideas like this. Unfortunately some of them would require programming the market to work differently, but again most of the ideas in the OP wouldn't. I'm not sure that derivative futures are possible due to the fluctuation of cryptocurrency, but this is partly meant to be a brainstorming session of different derivative markets that BTSX could possibly branch out into, and thus increase profit.
« Last Edit: October 10, 2014, 08:17:20 PM by CoinHoarder »
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Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #10 on: October 10, 2014, 08:26:40 PM »
bitUSD + Open Bazaar.

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Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #11 on: October 10, 2014, 08:47:35 PM »
I am interested in discussing ways to increase the demand for BTSX and also the
profitability of the DAC at the same time. Here is what I see as the "low
hanging fruit", or in other words.. targets or goals which are easily
achievable and which do not require a lot of effort. Let's get a large piece of
an $81 trillion+ derivative market!!! Why stop short at FIAT currencies, a few
cryptocurrencies, and a few commodities? BTSX has the potential to be so much
more than what it exists as today, and make share holders filthy rich in the
meantime. :D
With the ability to publish all feeds in a single transaction I don't see any
reason to not as many feeds as possible.
*agreed*

  • Get the remaining bitAsset markets that have yet to go live up and trading.
    • This can be easily be done by delegates publishing all of the price feeds
      and achieving proper market depth in each of the markets. There are many
      bitAsset markets that have already been created but are not live.
    • Getting these markets live should be a priority for the BTSX DAC as it will
      increase the ability to diversify and utility, possibly bring in more users,
       and increase profits for the DAC through added transaction fees.
*agreed* .. I see no need to wait longer .. there will be (hopefully) one more
hard fork that was announced by BM.
So, the market engine/rules should be pretty much final.

Quote
  • Getting the wallet & wiki translated into different languages could the
    help adoption rate for each nation's currency (FIAT) that BTSX supports. BTSX
    can then be heavily marketed in the countries whose currencies it supports as a
    non-volatile alternative to Bitcoin.
[/li][/list]
Same applies here .. as the market engine is done we can go ahead and create
lots more content .. and translate them.

Quote
  • I feel like BTSX already has a vast array of FIAT derivatives and I do not see the need for expanding upon them at this point in time.
Agreed ... AND everyone that needs a new "market peg"(!) asset can create it him self (paying the proper fee) ..

To the rest of the list: I think it does not make too much sense to have an
illiquid market for many many assets .. I see that in near future some markets
will grow quickly .. but maybe not all of them

Concerning the existing markets I fully agree that we should open up markets
ASAP .. the others should pop up automatically once the markets/volume rise!

</imho>
[/list]
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Offline nicejeans

Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #12 on: October 10, 2014, 09:21:28 PM »
bitUSD + Open Bazaar.
As long as there is barely any volume in bitUSD I see no point in spending effort on getting volume in these other commodities.

Without liquidity, this exchange is worthless. However, it's brand new, bugs are being worked out, the developers have been doing an excellent job. It's part of how new software is made, it needs to be streamlined and easy to use/access. I can't even update the btsx wallet bc my internet connection is so slow (Hawaii). I'm looking forward to the lightweight client, that will make it easy enough for normal users. We don't want people to come in too soon and taint their experience with slow/buggy beta software. Once these things are fixed, let's push for liquidity, and serious marketing. Everyone involved in ownership of the exchange (all btsx holders) should help in the marketing campaign.

Once we get liquidity, adding additional bitassets will come with the free market's demand. But yeah, it's great that you're thinking ahead and it seems like a very comprehensive list.

I like your suggestions on cryptos, I think the higher volume cryptos could be added sooner than later. It kills two birds with one stone, marketing within crypto-space and overall liquidity. But even this needs to be done once a less buggy software comes along. We don't want to give a bad first impression among the non-committed tech savvy users. However, I do think cryptonerds know what beta software entails.


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Offline Sonny Jim

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Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #13 on: October 10, 2014, 09:43:02 PM »
As long as there is barely any volume in bitUSD I see no point in spending effort on getting volume in these other commodities.

Good point.  Lots of empty markets aren't better than a few (barely) active ones.

Offline CoinHoarder

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Re: Low Hanging Fruit - Increasing BTSX Revenue & Utility
« Reply #14 on: October 11, 2014, 03:00:07 AM »
Hmm, it seems no one is getting what I am saying, maybe I am doing a bad job of describing what I am trying to say.

1. The sad reality in regards to Bitasset volume and liquidity is that we may be years away from it being how we would like it to be and achieving proper adoption. This was how long it took Bitcoin at least, and BTSX is just as foreign of a concept as Bitcoin originally was. I am not trying to be negative, I am just a realist that could see this being the case no matter how much we want to believe different. I think we will slowly grow over time, but it will still take time to get to where we want to go including time for the infrastructure and services to be built out for full scale adoption.

2. In that case, do we really want to wait years to implement the core feature set of BTSX derivatives? In regards to developers time, most of this stuff won't take any of their time as it is only a matter of delegates publishing more price feeds and issuing new bitassets. The danger we take in waiting is that someone beat us to market and get a head start on something we have the capability of implementing tomorrow.

3. Volume and liquidity will slowly get better with more adoption. It is more important to me to have first dibs on the derivative industry than to have a low volume and illiquid market. That way we will always be known as the first full on decentralized derivative market, we can gain a network effect based upon this, it opens up the doors to adoption by more advanced investors who could possibly bring a lot of money into the ecosystem, it will give us more marketing material to help with adoption and thus volume and liquidity will slowly increase, and our existing Bitasset markets will see benefit from the different users that the other derivatives could bring in... a trickle down effect if you will ino the bitFIAT and bitCRYPTO markets helping with liquidity and volume there.

Am I way off on this? I see this as a marketing play by increasing the uses of BTSX and bringing in more users, increasing the amount of shares that are burned which is good for stake holders, and also increasing the volume/liquidity of our original basket of Bitassets via a "trickle down"-like affect by bringing in users into the ecosystem that may have not otherwise partook.
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