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Just dont start marginng all in long with your BTS stack as your collateral.
- all exchanges which has bts on their exchange confirmed that they are aware of migration
Not just that, but this:
- all exchanges must force users to withdraw all their BTS or lose it forever
You might ask, why anyone would risk issuing an assets, when in case of margin call, they would loose their money. In my understanding the benefit would be a bridge fee as a profit. But is it that mean, that issuer will has to believe, that BTS price will rise? Is it not a too risky assumption for businesses like gateway/bride provider? Exchanges should earn money despite the fact that prices sometimes drops.
If they buy or sell bitUSD for a small spread on Open.usd the risk is less then on a centralized exchange since it'd just be an on/off ramp. However services like coinomat will do bitUSD to real (Visa) usd for a small spread.The external exchange isn't real USD either. It's an issued asset just like bitUSD.
Sorry my English maybe.
So if you have USD - you buy bitUSD with USD - from say Ronny's ccedk, and start trading in the DEX.
If you have BTC - you buy bitUSD with BTC on say polo or from blocktrades gateway.
More or less same as now, just BTS will be non-transferable, but only tradeable. That is to say the only way to get BTS is to buy them in the DEX itself for bitUSD (or other DEX Asset)
And how do you derive a settlement price for bitUSD, if you don't trade BTS against real USD at external exchange?
No, it is not like bitUSD. True that it is not a real USD though. It is an IOU which is hard pegged to 1 Fed Reserve USD. In contrast to USD IOU, bitUSD is loosely pegged to Fed Reserve USD, but has no counter party risk. In order to peg bitUSD to USD, you need to trade USD or some hard pegged IOU for BTS to derive a settlement price. What is your solution to this issue?
Why?
Isn't OL exchanging bitUSD for USD at 1:1 rate and say 0.25% commission even better?
OL already has their USD. It is called OPEN.USD. It is 1:1 pegged to USD, which is good. But it has a problem: a counter party risk, which bitUSD does not have.
In nuance (2c) it seems bitUSD is hard pegged too in contrast to how it is now.The external exchange isn't real USD either. It's an issued asset just like bitUSD.
Sorry my English maybe.
So if you have USD - you buy bitUSD with USD - from say Ronny's ccedk, and start trading in the DEX.
If you have BTC - you buy bitUSD with BTC on say polo or from blocktrades gateway.
More or less same as now, just BTS will be non-transferable, but only tradeable. That is to say the only way to get BTS is to buy them in the DEX itself for bitUSD (or other DEX Asset)
And how do you derive a settlement price for bitUSD, if you don't trade BTS against real USD at external exchange?
No, it is not like bitUSD. True that it is not a real USD though. It is an IOU which is hard pegged to 1 Fed Reserve USD. In contrast to USD IOU, bitUSD is loosely pegged to Fed Reserve USD, but has no counter party risk. In order to peg bitUSD to USD, you need to trade USD or some hard pegged IOU for BTS to derive a settlement price. What is your solution to this issue?
I think I got it. Is that mean, that to have a possibility of issuing bitCNY, we have to have a possibility of buying BTS directly by bitCNY ? etc?Wouldn't be that different than now. Buy BTS with some asset bought via a bridge or gateway then use that to collateralize the asset you want to issue.
The external exchange isn't real USD either. It's an issued asset just like bitUSD.
Sorry my English maybe.
So if you have USD - you buy bitUSD with USD - from say Ronny's ccedk, and start trading in the DEX.
If you have BTC - you buy bitUSD with BTC on say polo or from blocktrades gateway.
More or less same as now, just BTS will be non-transferable, but only tradeable. That is to say the only way to get BTS is to buy them in the DEX itself for bitUSD (or other DEX Asset)
And how do you derive a settlement price for bitUSD, if you don't trade BTS against real USD at external exchange?
More or less same as now, just BTS will be non-transferable, but only tradeable. That is to say the only way to get BTS is to buy them in the DEX itself for bitUSD (or other DEX Asset)
It would be an awesome development for bitshares and all crypto 2.0 if Ethereum passes bitcoin. It will break the idea that bitcoin is the only legitimate crypto currency and everything else is a "shitcoin". Investors and developers will then start looking at other crypto projects as viable investments instead of thinking the only investment/platform has something with a direct connection to bitcoin.
We are not robots that need to agree on everything. Debating and arguing has played a pivotal role in the development of society.
This "we all need to agree" on something is never going to happen. People are different. Embrace difference and embrace the right that you have to express your opinion that may me different from someone else's.
Really what do you expect when the only form of communication this community has is writing text on a forum that is read by someone else hours later? Of course context will be lost, but I still believe this is one of the most active and valuable communities in crypto. There's no need to try to stymie it's creativity.
Price is driven by demand. What the market will bear.6000 fixed or not, the point is, with one model you get to pay MT4 24x faster while at the same time providing MT4 users way lower fees than they're used to (I'm not sure about this part because I believe most would be crypto traders used to low fees maybe). I think that was his point.
I see. But according to economics 101, demand is determined by price. So 24x is not a realistic number. If we have 1000 BTS fee, he cannot recoup the cost 30x faster.
The point is, you cannot judge which fee is "killing referral" or which other is not. It also depends with demand and your business model.
IMHO traders want to see Coin:BTC or Coin:USD. Anything different from that muddies the water and makes us look too different and confusing.Using other currencies that BTS has a base is good for outsiders. We at the community might be more interested in BTS but people from the outside who are just OpenLedger clients want to trade the main, usual pairs, which makes the base currency in this case OPEN.BTC.
For new users it's way better to have OPEN.BTC with other currencies other than BTS for the simple fact that not everyone is interested in BTS, we want everyone to use the exchange, not just BTS holders.
If we don't make it attractive to the outside we won't grow. It won't be the community alone making the exchange grow, ever. New users looking to trade the main currencies in a safe way, will.
Thanks for the great input. I will keep making OPEN.BTC-BTS market and based on the poll result, will make BTS-OPEN.AAA market. Then new comers are able to convert BTC to BTS and can trade in DEX.
They can but that's another entry barrier to get in the dex from a new comer's pov. They just want to trade, they don't want to buy bitcoin, convert it to bts and then trade.
That's how I see it. Still, it's good to see a few bots working.
