What is a "consensus market" (BitAssets).
Every "quick / 30-second" explanation of BitUSD I have seen just explains what shorting means. To anyone who already knows what it means and is confused about "ok but why does 1 USD = 1 BitUSD" there is no "quick" answer, except maybe a link to wiki.bitshares.org. Right now the closest thing to a name for the thing that makes BitAssets possible is "market peg" but it does not describe the system or asset class.
Let's start calling "BitAsset markets" --> "consensus markets"
Please help collect threads that are about "consensus markets" and not "trading mechanics"
What is a "consensus market" (BitAssets).
Every "quick / 30-second" explanation of BitUSD I have seen just explains what shorting means. To anyone who already knows what it means and is confused about "ok but why does 1 USD = 1 BitUSD" there is no "quick" answer, except maybe a link to wiki.bitshares.org. Right now the closest thing to a name for the thing that makes BitAssets possible is "market peg" but it does not describe the system or asset class.
Let's start calling "BitAsset markets" --> "consensus markets"
Please help collect threads that are about "consensus markets" and not "trading mechanics"
The original whitepaper called them polymorphic digital assets. I think that is the best technical description. But that is more a scholarly description than something everyone would make sense of.
We need to make it simple enough that even a teenager with no trading experience can understand. I've settled on calling them market simulations and market pegged simulated assets. It simulates the buying power and we don't need to go into detail how it does it.
Consensus markets is a pretty good term as well. It's more precise than simulated market because it has enough detail to explain how it works. I think simulated market is better for legal reasons though because it's distinguished from the real markets.