Other > OpenLedger
USD, EUR and CNY Gateway created on CCEDK.com
btswolf:
I'm not a daytrader so I'm not able to participate in Exchange actions to bring more volume.
But I'm willing to support the ecosystem by redirecting a part of my monthly FIAT savings into Pegged Assets like BitUSD/BitEUR etc.
Example process:
I send every month FIAT to CCEDK Account. (manually)
Exchange automatically converts my FIAT to BitEUR with a max predefined spread e.g. 1%.
BitEUR is automatically send to my own cryptosavings account.
If this process is highly automated you definitly got me and finally I can support the ecosys with just a classic FIAT transaction.
xeroc:
@ccedk, Ronny, have you seen this: https://bitsharestalk.org/index.php/topic,17563.msg224131.html#msg224131 ?
cylonmaker2053:
--- Quote from: Stan on July 12, 2015, 12:10:23 am ---This should lead to a Cambrian Explosion of new financial products.
Hard to predict what will catch on, but opportunities for innovation abound.
--- End quote ---
love the cambrian explosion analogy
xeroc:
--- Quote from: starspirit on July 11, 2015, 11:58:36 pm ---1) Act as a gateway between external assets and on-chain assets
2) Act as a reputation-dependent issuer of IOUs for external assets such as fiat, BTC or alt-coins
3) Act as a traditional exchange in facilitating markets for its own customers
4) Marketing and earning referral fees from BitShares users
5) Offer ancillary services of benefit to the community (cards etc)
--- End quote ---
you forgot about being a (possibly external) KYC/AML provider ..
If I didn't want to do KYC/AML I could "lease" that service from them (or from anyone else) .. at least technically
Stan:
--- Quote from: starspirit on July 11, 2015, 11:58:36 pm ---
--- Quote from: Stan on July 11, 2015, 01:29:46 pm ---
Exchanges can continue to do anything they did before, including having funds on deposit from users that carry traditional exchange counterparty risk.
But they don't need to. They could have a simple interface like shapeshift, blocktrades, metaexchange where buying BTS or a Smartcoin (eg BitUSD, BitGold) is more like buying a book from inventory on Amazon. The exchange either has them in inventory or buys them off the BitShares Exchange for you just in time using any other currency they have on the BitShares exchange already.
Most likely, that asset is one they have issued themselves on the BitShares network. Exchange A might issue EXA.USD and Exchange B might issue EXB.USD. These they guarantee to always redeem for fiat USD and that promise is as good as their reputation. Thus, EXA.USD and EXB.USD might trade slightly differently against BitUSD on the BitShares Exchange depending on the perceived reputations of the two exchanges.
Now, anything can trade against anything on BitShares 2.0 so you could trade EXA.USD against EXB.USD or against BitUSD or anything else.
I might pay USD to Exchange A (via a convenient ATM they have) to have EXA.USD placed my BitShares account.
During this time I'm exposed to Exchange A counterparty risk.
I might then offer EXA.USD for BitUSD in a market whose depth is a function of Exchange A's popularity.
Now I'm in BitUSD and can trade deeply against holders of BitUSD referred by all exchanges
to obtain deep markets in assets offered for sale by users referred by all exchanges.
During this time I have no counterparty risk - just blockchain systemic risk.
When its time to leave I might decide to exit through Exchange B (because they have a debit card I like)
I trade BitCNY against EXB.CNY in a market whose depth is a function of Exchange B's popularity.
During this time I'm exposed to Exchange B counterparty risk.
So 99% of the time I'm completely inside the BitShares blockchain, and exposed to exchange risk only for a few seconds while I'm "just passing through".
This doesn't bother the member exchanges, because they have a stake in the fees from all my transactions while I'm nice and safe inside the blockchain and doing transactions among a bigger economic pool of users and assets and services from all exchanges.
--- End quote ---
So the exchanges can provide the following services?
1) Act as a gateway between external assets and on-chain assets
2) Act as a reputation-dependent issuer of IOUs for external assets such as fiat, BTC or alt-coins
3) Act as a traditional exchange in facilitating markets for its own customers
4) Marketing and earning referral fees from BitShares users
5) Offer ancillary services of benefit to the community (cards etc)
Each of these activities can earn profit for the exchange.
My interpretation of the discussion so far is that the benefit of shared market depth relates to trading between on-chain assets (both user and market issued) after users have passed through the exchange-specific IOU gateway.
I think that if exchanges can issue IOUs as tokens, for fiat or any other external asset, that is a benefit to users. It allows users to trade freely in the IOU based on the reputation of the issuer, the price will reflect any growing concerns with the issuer, and in the event of a problem they can be liquid even if they don't realise full value.
--- End quote ---
This should lead to a Cambrian Explosion of new financial products.
Hard to predict what will catch on, but opportunities for innovation abound.
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