I really think Bitshares needs to find a way to collateralise with bitcoin instead of BTS. (don't worry BTS will still have value because its need to pay fees)
You can just create another (private) MPA e.g. YOUR.USD backed by YOUR.BTC.
You can't do this through the UI yet, but it's in the works:
https://github.com/bitshares/bitshares-ui/issues/1537Yes we could create bitUSD backed by OPEN.BTC but as a centralised IOU people won't trust it. Hence the need for a trustless BTC / sidechain.
ACCT/trustless BTC (and other cryptos) is a good proposal & on the core roadmap, but people are also seemingly willing to trust entities like USDT which may be using cryptocurrency as backing collateral - if an UIA had the marketcap of USDT with semi-proven backing collateral (1up on USDT lol) then that'd bring a lot of value to the BTS DEX (fees at least).
What would be cool would be the ability to back an MPA with one of many identically weighted EBA (<gateway>.BTC), or perhaps an MPA backed by multiple differently weighted cryptos configured something like the following?
"reference_asset": {"name": "Multipass.USD", "amount": 1, "feed_price": bitUSD.median_feed_price}
"allowed_backing": {
"BTC": {"allowed_tokens": [<gateway(s)>.BTC, bitBTC], "feed_price": (reference_asset["feed_price"]/bitBTC.median_feed_price)},
"ETH": {"allowed_tokens": [<gateway(s)>.ETH, bitETH], "feed_price": (reference_asset["feed_price"]/bitETH.median_feed_price)},
"USD": {"allowed_tokens": [<gateway(s)>.USD, bitUSD], "feed_price": (reference_asset["feed_price"]/bitUSD.median_feed_price)},
"BTS": {"allowed_tokens": [BTS], "feed_price": (1/reference_asset["feed_price"])},
}
It'd be pretty neat to be able to settle an USD & get a portfolio of crypto worth $1 in return 👍