166
General Discussion / Re: [ANN] BlockPay -Your favorite store can now accept any crypto thanx to Bitshares
« on: April 07, 2017, 07:38:10 pm »
@kenCode Any updates this week? I always look forward to reading this thread on Friday's!
This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.
There has always been talk about adding additional price feeds such as stocks. If we raise the block reward what about requiring these additional feeds? Being able to play with stocks would be a nice incentive to use BitShares!Creating indices for stock (market pegged asset) is a business opportunity and can make the issuer a profit from trading fees. Thus I would think that it should be in his interest to set his own feed producers (which he can) and pay them for the service of providing an accurate feed
I think @Brekyrself was referring to adding additional network-issued MPAs and expecting/requiring witnesses to provide feeds for those assets in order to help justify higher pay.
I like this idea in theory. But unfortunately there isn't enough focus on liquidity, so I'm not confident we're making enough progress on that front to expect additional MPAs will ever become viable.
Even if OpenLedger were to disappear, what stops another gateway from stepping up and accepting Open assets in exchange for their asset? Trades on Open assets generate a fee given to the issuer, another gateway could simply swap these out. open.steem vs BitUSD would become blocktrades.steem vs BitUSD for example.
The issuer holds the reserve backing the asset. If the issuer disappears, it also means that the reserve disappears. Without the reserve, another exchange cannot offer the service you mention.and without liquidity its even riskier since you may not be able to close your positions.i would like to clarify this by saying that position can always be settled 1:1 for the underlying collateral; this is not a market sell operation but a smart contract that will destroy the smartcoin being settled and release the collateral to the settler at the price feed.
I think the hypothetical situation he refers involves the inability to get back the bitassets after creating and spending them. So, the question is: What if I buy all those $100k-worth bitUSD, and refuse to give them back? Creators of the bitassets would be willing to give more than 1 USD per 1 bitUSD, because according to their contract, they may get $2-worth of BTS per bitUSD. So this is a lose-lose situtation.
Thanks for the great explainer @GChicken, I now have a much better understanding of the process! On another note about smartcoins and user issued assets, it seems that some Smartcoins (bitUSD, bitCNY) have no counterparty risk as the collateral is held as BTS in a smart contract, whereas others like OPEN.BTC do- I need to trust and send Bitcoin to Openledger who I hope will then grant me one OPEN.BTC. Is there BTS collateral held for these assets aswell, pegged to the price feed of BTC or it solely based on the fact that I need to trust the issuer? E.g. if Openledger disappeared oneday could I still liquidate my OPEN.BTC for 100% of its face value in BTS.
On another note, how does the Bitshares client determine what pairs should be displayed, I see I can trade directly some Smartcoin pairs e.g. bitUSD:bitCNY however others not, assume this is based on volume? Thanks!
Correct; Smartcoins have no counterpart risk as they are backed by BTS held by a smart contract which is ran by the network.
Open.BTC is a UIA (User Issued Asset) and you need to trust the issuer (OpenLedger in this case) to honor that for you to retrieve your BTC back when you go to withdraw; very similar to BitFinex.BTC or PoloniEX.BTC, the BTC you trade on these platform is just known of BTC as they are the sole issuer of the 'token/coupon' that represents BTC on their platform; but again there is the same level of trust.
Openledger doesn't show collateral positions under account overview. It is their bug or... feature.
Use official GUI, it's safer for your funds, offers lower minimum collateral and better overview page (collateral positions included)
I used openledger webwallet since day 1 and the collateral positions were shown properly until today..I switched obviously to the official client now and everything is fine and shown as it should be...No more openledger web wallet for me from now on..
@ccedk whoever did this to openledger wallet needs to get fired mate..There is absolutely no logic not to show the collateral positions..