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Messages - cylonmaker2053

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181
General Discussion / Re: Potential BitShares Road Map for 2016
« on: February 29, 2016, 06:40:08 pm »
Quote from: noisy on February 29, 2016, 11:52:40 am
Quote
Sidechains <-- OK, but i'm more a fan of supporting anything to do with the trading experience

@cylonmaker2053 this should be our priority. This will bring liquidity to all BTC:XYZ exchanges. Right now to trade with BTC you need 200% collateral, what makes, that less BTC circulate in the network... and people do not like that. With sidechain (first bitcoin, ethereum next) we will have exactly 100% collateral. This will give us very big boost... not mentioning about fame an all news services, because bitshares will be first cruptocurrency which is sidechain of bitcoin!

sounds good to me. i admit, sidechains are a bit over my head, but sound cool :)

182
General Discussion / Re: [ANN] Let's do it at once - Liquidity Event - 29th Feb
« on: February 29, 2016, 06:34:41 pm »
Quote from: JonnyBitcoin on February 29, 2016, 02:19:43 pm
right now spread is almost zero on USD:BTC

too bad that couldn't be maintained. lopsided demand relative to supply at these prices. i've borrowed some more USD into existence, but every time i place on the order book, it's taken quickly.

183
General Discussion / Re: OpenLedger brain wallet doesn't verify
« on: February 28, 2016, 06:27:56 pm »
Quote from: xeroc on February 28, 2016, 06:18:17 pm
From what I heard .. there will be a competitor to open ledger launching quite soon ..
and eventually there will also be @JonnyBitcoin 's thedex.org ..

Things are moving towards decentralization of API servers and hosted wallets for the BitShares network! YEAHY!

nice! and fyi, OL wallet working for me again.

184
General Discussion / Re: Liquidity Event Hangout
« on: February 28, 2016, 05:56:56 pm »
My preferred start time and time zone:

09:30 EST

185
General Discussion / Re: Trustless, Decentralized Bond Market Draft
« on: February 28, 2016, 05:43:13 pm »
Quote from: JonnyBitcoin on February 28, 2016, 05:37:31 pm
Quote from: cylonmaker2053 on February 28, 2016, 04:26:10 pm
Quote from: bytemaster on February 28, 2016, 04:18:26 pm
The challenge is to create a bond market where lenders can earn interest while being 100% protected against default by the borrowers. This means that at all times the blockchain must be able to cover all loans on the market.

Why 100% default protection to lenders? why not mimic traditional bond markets where lenders assume risk for payment? Interest income should come from bearing risk IMO, a necessary condition for circumspection and functioning markets.

you can already do this with UIAs, just issue a token called CYCLON100USDBOND
then issue it to who ever lends you 100 BITUSD and pay them an agreed amount of interest. the market will decide your credit worthiness.

that's a great point. so what would a dedicated bond market add? doing what you just mentioned would cover UIB tender offers and secondary markets.

186
General Discussion / Re: OpenLedger brain wallet doesn't verify
« on: February 28, 2016, 05:06:05 pm »
i'm actually having trouble loading the wallet. haven't been able to do so for the last half hour using Firefox.

187
Openledger / Re: Newbie question on setting orders !
« on: February 28, 2016, 05:03:45 pm »
yeah orders stay open for five years by default unless cancelled or filled.

188
General Discussion / Re: Trustless, Decentralized Bond Market Draft
« on: February 28, 2016, 05:02:05 pm »
Quote from: sittingduck on February 28, 2016, 04:54:56 pm
They do bear risk of leaving an order on the book.  No different than a bank taking risk of you mailing in the keys rather than payment. 

If even one person is left holding the bag for a default it makes the entire block chain look bad. Block chains must have higher standards.

i love the automated collateral for smartcoins to significantly reduce default risk, but for bonds i don't see the same benefit. default risk is core to bond markets, else why would anyone differentiate who they lend to? there's no need to go down a similar moral hazard route as what FDIC insurance has done to deposits.

i see two types of potential bonds we can deal in: system generated "treasury bonds" and UIBs. would it make sense for a small company, for instance, to come to our bond market to raise capital, issue bonds, and there not be default risk embedded in the lending? of course not. i think we're overthinking the bond market, should keep it general, and start with a test case, like the treasury bond idea that recycles market fees as interest.

189
General Discussion / Re: Trustless, Decentralized Bond Market Draft
« on: February 28, 2016, 04:26:10 pm »
Quote from: bytemaster on February 28, 2016, 04:18:26 pm
The challenge is to create a bond market where lenders can earn interest while being 100% protected against default by the borrowers. This means that at all times the blockchain must be able to cover all loans on the market.

Why 100% default protection to lenders? why not mimic traditional bond markets where lenders assume risk for payment? Interest income should come from bearing risk IMO, a necessary condition for circumspection and functioning markets.

190
General Discussion / Re: Bytemaster's Account is Down
« on: February 28, 2016, 04:22:31 pm »
Quote from: gamey on February 28, 2016, 07:38:13 am


Seriously though was BM compromised via the server (which means everyone should change passwords) or his own stuff...

good question...

191
General Discussion / Re: participants are guaranteed fair settlement regardless of the liquidity
« on: February 28, 2016, 04:21:09 pm »
Quote from: JonnyBitcoin on February 28, 2016, 03:40:37 pm
Quote from: xeroc on February 26, 2016, 02:08:58 pm
Quote from: Xeldal on February 26, 2016, 02:03:27 pm
Quote from: xeroc on February 26, 2016, 01:00:14 pm

Settlement has nothing to do with liquidity (in core smartcoins like USD, EUR, CNY, etc..) IMHO

maybe I misunderstand what you're saying.
Settlement has everything to do with liquidity.  That's its only purpose. 
It guarantees up to 2% (or whatever it's set to) of daily smartcoin supply is liquid at the settlement price.

It is in effect a standing order to buy that smartcoin. (with 24 hr delay)
sure .. for that direction there is everything fine and we do have 2% of supply in instant buy orders for smartcoins ..
the liquidity issues are on the other side .. no one wants to sell his smartcoins .. not even for a 5-10% premium (depending on the actual asset) ..
simply because we don't have a big on/off ramp for bitassets ..

Forced settlement is guaranteed buy side liquidity at the peg.

I think we need some sort of guaranteed sell side liquidity at the peg+10%. This would have to come from the rerserve pool imo.

excellent idea, but maybe widen that spread bc we'd be forcing a 10% range where we tend to have much higher spreads in all of our markets. spreads are a source of profit for market makers and needed to bear risk, but of course risk to those traders drops significantly with a ceiling settlement option. purely a subjective guess, but i'd say 20% for starters...maybe roll it out for a single market (USD-BTS) as a test case?

192
General Discussion / Re: [ANN] Let's do it at once - Liquidity Event - 29th Feb
« on: February 28, 2016, 04:01:32 pm »
Quote from: dannotestein on February 28, 2016, 05:53:29 am
BlockTrade rates for buying BTS have been lowered on all coin pairs for the Liquidity Event.

i will take advantage of that, thank you!  +5%

193
General Discussion / Re: [ANN] Let's do it at once - Liquidity Event - 29th Feb
« on: February 27, 2016, 10:46:21 pm »
Quote from: JonnyBitcoin on February 27, 2016, 06:21:27 pm
Gonna be trading like a high frequency bot on Monday.

that's how we should be trading every day!

194
General Discussion / Re: Trading Contest on the Testnet?
« on: February 27, 2016, 07:31:04 pm »
Quote from: fuzzy on February 27, 2016, 07:09:10 pm
We could do a hangout about the next one if you want :)

cool, would love to

195
General Discussion / Re: How can you force settlement for a smartcoin?
« on: February 27, 2016, 07:30:31 pm »
Quote from: xeroc on February 27, 2016, 07:14:24 pm
you can define how many you want to settle ..

the short positions with LEAST collateral will be used for settlements .. you essentialy buy THEIR collateral AT feed price .. but note the delay of 24h for smartcoins

wow, that's kind of amazing...didn't know that functionality was there.

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