BitShares Forum
Main => General Discussion => Topic started by: Shentist on September 06, 2014, 08:25:27 pm
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i thought maybe it is technology possible to "connect" the bitshares client together via API or so, so that as an example something like this will be possible
bitshares DNS
i want to buy a Domain Name but don't have or will buy the tokens of bitshares DNS. but i hold bitUSD of BTSX. it would great if we could pay with bitUSD
for the fees in bitshares DNS. something like connect the public key in bitshares DNS with my privatkey in BTSX. so we could give a headstart or more advantage
all bitshares DACs.
- maybe something integrated in the bitshares toolkit
- we would integrate our own payment processor and will give the whole eqosystem a long time big advantage.
would something like this possible?
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there will be (once feature-complete) a so called atomic cross-chain trading .. then you can basically send your bitUSD from one chain to another ..
that's at least my understanding of BM comments during the last hangout yesterday .. the recordings have been posted by gamey somewhere :)
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If bitUSD has the ability to purchase .p2p then what the heck are BDNS for? It is what the model should be. If bitUSDs want to get involved in BitShares DNS economy, it must be converted to BDNS first with corresponding transaction fee. Every DAC that has used bitshares blockchain model has its own monetary system . If it involves cross-chain transactions, it should have a transaction fee relative to that DAC's native currency. IMHO, it is not good . BitUSD will turn out to be a dominant currency for all Bitshares model. For sure a certain DAC will lose its identity and profitability.
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it would only be a second way to pay
- why would it bad?
- if amazon would accept payment via bitUSD you would surely say AWSOME, but why is it bad if bitshares DNS has this ability from scratch? I see it in the long run as an big advantage.
- suppose i own bitUSD and want to buy a .p2p Domain. At the moment i need to sell the bitUSD at the BTSX exchange or at bter. then i need someone to change my BTSX in DNS. After i am finished with conversion, many people will get fees, but i have lost already a big piece.
- would be also ok, if the DNS chain and the BTSX chain can trade directly in the clients against each other BTSX/DNS and bitUSD/DNS
- so the fees would be made in our ecosystem, and it would be a huge advantage without a 3rd party solution
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it would only be a second way to pay
- why would it bad?
This is a controversial matter, but I get where he's coming from and it is something that needs to be considered. The argument is that how DACs and dApps derive their value is through tokens issued for their services. By giving people a gateway in-between DACs they wouldn't have to buy that DACs token to use it, and could affect its value in the market.
Gateways in-between DACs might also be somewhat unfair to say... someone that wants in on future DACs and buys a lot of PTS for a future snap shot. Along with the possible price implications that could come with it, all the possible implications should be thought through thoroughly before implementing cross chain transactions.
Sure, it would be convenient, but if it killed the value of future future DAC tokens it might not be a good idea.
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This is a controversial matter, but I get where he's coming from and it is something that needs to be considered. The argument is that how DACs and dApps derive their value is through tokens issued for their services. By giving people a gateway in-between DACs they wouldn't have to buy that DACs token to use it, and could affect its value in the market.
Having BitUSD on the BitShares DNS blockchain doesn't hurt the value of its shares. One way or another the DAC will extract the value from the fees and give it to the shareholders. In the case of BitUSD, the DAC would collect the BitUSD fees (from domain auctions) and then sell it on its decentralized exchange for BDNS shares. Then it would burn the BDNS shares to provide a dividend to all BDNS shareholders. That is very similar to just collecting and burning the BDNS shares directly.
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Also .. remember that there was a snapshot for the DAC .. how to distribute the stake if not in a native on chain token ..
you cannot simply give out the initial stake as bitUSD on the DAC ...
Every DAC somehow needs his own underlying currency .. But who knows .. may we will have the ability to buys domains for bitUSD ..
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Also .. remember that there was a snapshot for the DAC .. how to distribute the stake if not in a native on chain token ..
you cannot simply give out the initial stake as bitUSD on the DAC ...
Every DAC somehow needs his own underlying currency .. But who knows .. may we will have the ability to buys domains for bitUSD ..
I think having BitUSD on DNS and using BitUSD as the payment option of choice for all bids / asks would help with ease of use *AND* drive demand for DNS:BitUSD which will create 2x the demand for DNS shares.
That said, perhaps BitSLV would be better.