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General Discussion / Re: Migrating to BTS 2.0 is confusing
« on: October 14, 2015, 01:40:14 am »
I'm running Bitshares 2.0!! It was easy as pie migrating to 2.0 thanks for the help guys.
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It shouldn't be difficult if you stick to his guide:
http://docs.bitshares.eu/migration/index.html
The only tricky part might be getting your BTS 0.9.3c wallet synced.
I'm not sure if bitshares decentralized asset exchange is going to be the first fully decentralized (OTC) market allowing crypto-traders to trade FX or CFDs but is it possible for fully decentralized FX trading or CFD trading to exist with or on the bitshares asset exchange? Is this the point of bitshares?
IMO no man-made system can be fully decentralized. I like to think of it on a scale of 0 to 100, with 0 being fully centralized and 100 being fully decentralized. Nothing is a 0 and nothing is 100. All financial systems fall somewhere in between including fiat currencies such as the dollar or euro. The real question we should ask is, "is it sufficiently decentralized?" Actually, I would take it a step further and ask, "Is it sufficiently secure?" because cryptography provides a large portion of security but is not directly tied to decentralization. The end result should be a system where users cannot get their assets stolen or transactions censored, either directly or through inflation of the base asset. For example, when your brokerage will not allow 500:1 leverage, that is a direct result of censorship, meaning the system you are using is not sufficiently secure. Also, when the fed starts another round of QE, that is inflation of the base asset which is also not sufficiently secure.
Right now, only bitcoin and related 1.0 technologies are sufficiently secure. Nxt may be the only technology that can be considered 2.0 and sufficiently secure, depending on your perspective. Bitshares, ripple, stellar, and ethereum are not sufficiently secure at this point, but plan to be in the future. The main difference is that only bitshares will offer sufficiently secure assets (bitassets which are pegged to the value of physical world assets) other than the native currency.
This is still very much a work in progress. I am guessing that in less than 5 years you will be able to do this:
in a sufficiently secure environment powered by bitshares... at a fraction of the fees... using 500:1 leverage... trading corn, wheat, copper, usd, jpy, chk, ect, ect, ect. At least that is the plan.
disclaimer: This is still and experiment. No guarantees.
Well balanced and well stated.
I will be super excited when OTC can be traded on BitShares!
I'm not sure if bitshares decentralized asset exchange is going to be the first fully decentralized (OTC) market allowing crypto-traders to trade FX or CFDs
I dont know who will be first
but is it possible for fully decentralized FX trading or CFD trading to exist with or on the bitshares asset exchange?
yes
Is this the point of bitshares?
one of them
Will crypto-traders be able to speculate on the exchange rate of paired market pegged assets (i.e. biteurbitusd, bitusdbitjpy.) or underlying prices of bitgold, etc.?
I am doing this as we speak but with BTS as a go between or common unit of comparison for trade. Ask anybody here and they will tell you that they have "shorted bitUSD in preparation for the official BitShares release date." Right now Tony K, who just bought in last week and shorted bitUSD, is covering his short positions with a huge gain and still has not even sold his BTS! So the answer is definitely "yes and we can pay our developers to make this functionality simpler"
Will there be assets pegged to other commodities? (i.e. brent, copper, platinum, palladium, corn, cocoa, sugar, exotic currencies etc.)
yes
. Will traders be able to trade with leverage?
Yes, but additional collateral will need to be secured by either the trader or a third party offering such a service (in the same manner that such collateral is required to be held by brokerages in real life). This feature will not be available immediately but is entirely possible and therefore will be added later. Exactly when it will be added depends on weather this feature is voted in first second third or even later. If you really really want this feature installed sooner rather than later then you can either campaign for it within the community or buy enough BTS to sway the political vote in your favor
Will crypto-traders be able to enter or exit the market in both rising and falling markets?
yes
I'm asking because I want to trade, but regulation has killed the Forex Market.
BitShares is regulated by users like you and me. So if we want to add regulation to limit our own capabilities: such as what markets we have access to, then we can vote on the blockchain to restrict our own trading. Because BitShares is regulated only by its own users, then you are basically free until you decide to limit your own fredoms.
US Traders can't trade CFDs, regulated brokers don't offer 1:500 leverage anymore, there are a lot of scams out there so I'm looking for a solution to this in a cryptocurrency. Will bitshares offer any of this or is this somehow capable through bitshares?
Again, yes, leveraged trading is possible as long as there is sufficient collateral in the system. In other words. You and I would do this on the blockchain. You would put up $100 and probably like 10% as additional collateral. I would lock up $100,000 assuming 200% collateral requirements (whatever amount agreed upon by the collective community through continuous voting parameter). Then you trade. If at any time, your $50,000 imvestment falls by 0.2% (based on your leverage %) then your position is automatically closed by the blockchain ( margin called) with the proceeds of that sale going toward the repayment of my principal first then your 10% collateral second. As long as your investment does not lose more than 0.2%, the. you keep trading and paying me margin fees.
Or is it even possible for a fully decentralized OTC market to exist?
Welcome to BitShares. Margin trading is easy when anybody can be a broker. What many don't see when pointing to the possibility of a market black swan or possibility of a massive price swing basing their fears on Wall Street's "Black Anyday" fail to see how absurd this is when market trading is allowed 24-7.
In other words, the old "purchase index futures by the brokers to either gap down or up at the opening bell to blow past your trading stops ( to stop you out at a bigger loss than if your actual stop loss price was hitduring "open market hours") just to cover their trades later in the day while they pocket your extrordinary loss, and close the days trading out right at your stop loss just to piss u off is not possible when the market never closes. In other words, welcome to 24-7 trading where volatility is reduced by never reducing the available trading hours (the market ther never closes can never "gap" anywhere)
First of all you don't want 500:1 leverage. Banks don't use more than 10:1 max... 500:1 is a gimmick to steal your money.
Second of all im sure it is possible to allow for crosses to be traded ice usdjpy etc.. I come from a forex background too so i know that industry well.
What would be cool is if our charting was as easy as meta trader and offered a way to make EAs to trade symbols through smart contracts.. It would create liquidity and would bring in pretty much all of the retail forex market (few $ billion max)
Where do you guys see the price in one months time?
Lets get some predictions going for fun
$QORA up 50.3%
Where? It didnt move at all on polo.
I'm sure most of you already agree, but don't lose sight of the big picture. We are still very very undervalued. Don't sell too early.
Hodling 'til $10 club reporting in.
I would say it is likely we break below 6 million market cap. That would flush out a lot of the bitUSD shorts via margin calls. Then it will be likely that BTS goes much higher very quickly, leaving all the holders who got stopped out no opportunity to buy back in. Effectively leaving them with massive losses and nothing. It's just how markets work, they screw as many people as possible.
Maybe a spike. Do not be long BTS on margin right now.
Margin long BTS = asking to have all of it taken from you at the low.
Buy and hold BTS = you can ignore what happens and wait for 2.0 release.
I have a large and continuing to grow quantity of BTS loaned out to people shorting. There are a lot of BTS sold short...