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You can buy and sell lts but your allocations from ags and pts won't mature until later.
I managed to get some BitUSD sold into USD on bter at .90 which is probably near what i paid for it in BTSX. Guess I need to get verified now or convert to BTC and send to coinbase. Just testing how easy/hard to convert to fiat so far....Most people are dumping into BTC or CNY, not the USD.No I don't but why such interest in BitUSD buyers? Thats all you guys have been talking about for last several posts. Unless you are holding many BitUSD's and looking to unload.
Because it's a big deal. If there are no BitUSD buyers, then the whole experiment that BTSX is, doesn't work.
There is a breakdown somewhere and I'm trying to figure out where. It could be a bootstrapping problem - no BitUSD buyers = no support = no trust in the system = even less BitUSD buyers.
Add to that the other theory above, that it is just not worth for anyone to buy this high, since I believe there are theoretical maximums.
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You need to trust in the idea of bitassets and how they are valuable to the crypto currency community, which will thus make the price eventually rise above what it was a couple days ago. It also annoyed me that you yourself are seemingly trying to pump and dump BTSX... ...
Good call.
I liked the point BM made in another post that you can buy BitUSD cheap and sell it cheap. For me this means when I take into consideration how much I paid for it, selling it at a similar discount is not so bad!
Also, as a delegate I am operating at a loss but hope to break even soon. Partly because i am probably using a too high end server but I'd rather do that then miss blocks! I don't think there are any wealthy elites yet from being a delegate. Kinda hard work actually keeping up with the releases and not missing blocks.
Yes, you can buy it cheap and then sell it cheap but still for a profit. But there is still an inequality of opportunities which is causing the price inequality:
If you have BTSX and you want to bet on BTSX going up then you only have one option: Short a BitAsset.
If you have BTSX and you want to bet on BTSX going down, then you don't just have the one option of buying BitUSD, you can also sell for BTC - which for many people will be a better option.
Because of this the price of BitUSD will not reach parity with USD, which is not good for the success of Bitshares.
I didn't mean to suggest you were a super rich elite who is sitting on your arses doing nothing, so I'm sorry if that's how it came across. I just saw someone else post that delegates were making something like $125 per month before BitAsset trading even started. Also if delegates are keeping all the money and not spending it on doing things to help Bitshares, then I don't think many people will choose to get involved in a system like that over something which shares the money out to everyone who has coins (ala NXT) or anyone who sets up a node (ala Crypti), because if its a choice between me having money and someone else having money, and everything else is equal, I'm always going to choose to have the money myself.
Once you can more easilly get actualy USD fiat or purchase goods and services with it, people will have more confidence in owning it.
Right now, if you look at the BitUSD "markets" on bter with a goal of converting to USD fiat, it doesn't inspire confidence IMHO.
Maybe I'll start a Pizza broker business that only takes bitUSD.
I see 500 dollars on either side usd/bitUSD 1:1 with a 10% difference,
https://bter.com/trade/bitusd_usd
I think people are still learning the best strategies.... I made some money over night with the following strategy.bytemaster, you are wrong. The current market mechanic is flawed.
1) Buy BitUSD when prices BTSX is high and BitUSD is cheap vs USD
2) Sell BitUSD at the "peg price" (I make money on corrections automatically)
3) Places shorts low to catch a market correction. (when the market overshoots on the down side I get solid short positions)
4) Cover shorts with USD that was bought cheap.
Anyone who wants to trade on the BTSX volatility can make a killing right now.
So for the BTSX bull who is also a trader the slight discount on BitUSD vs USD is irrelevant and mostly a constant offset that will gradually move closer and closer to the peg over time as liquidity is added.
Using the price feed to set a floor price for valid bitUSD shorts is imperative. The good news is that this will make bitUSD really work and it will actually track the value of the dollar nicely! Please act quickly.
Agent, I am going to disagree with you on this one. The price needs to offer people incentive to go long USD and thus the peg will currently be biased and thus BitUSD is currently 14% cheaper than USD. To me 14% seems like a reasonable premium to entice people into BitUSD. It means many people want to leverage up and are so sure of their position they are willing to do it at 14% above market. The next time we get to bubble highs you will see this spread approach 0 or go negative as demand for a hedge increases.
So if you want to trade BitUSD vs USD you just have to ask yourself which way will the spread be moving and trade accordingly.
If we were to use "price fixing" as you suggest then you would just dry up the supply of BitUSD and nothing would happen. I already hate the 10% limits on either side of the feed which were interfering the other day.
That's what I have been doing.
You can check it works, because I can now buy more (a fair bit mind you) then what I originally had in BTSX to begin with.
It's actually quite amazing, the peg is holding really well too.
I'm in bitUSD atm too.. I don't think this is the floor.
The peg is almost spot on.. I think we can consider the experiment a success.
If the experiment is a success that is what we should be talking about. Why should we care if the price of BTSX goes down even more if we can make money from the process? We know the price will eventually go back up so we can short BitBTC or BitUSD.
It seems to be the perfect market so far as long as the peg holds.
I wasn't complaining. It was pretty apparent last night that today would play out like it did.who's calling the bottom?
.000055
Give the market time to develop. Most of the people who are using it right now were hot on BTSX. What we need to do is promote the heck out of BitUSD and find ways for people to spend it, etc.
Real quick I know that this particular instance of BitUSD doesn't offer
BTW BitUSD is worth about $0.90 right now shouldn't people be buying it up right now since it is 'cheap'
Also, why would people be shorting right now when it seems to make more sense to buy BitUSD right now?
What Donkey said, most of the people are (super) bullish on BTSX. The simple accurate reason.
Right, but value of BTSX is currently going down..
Give the market time to develop. Most of the people who are using it right now were hot on BTSX. What we need to do is promote the heck out of BitUSD and find ways for people to spend it, etc.
Real quick I know that this particular instance of BitUSD doesn't offer
BTW BitUSD is worth about $0.90 right now shouldn't people be buying it up right now since it is 'cheap'
Also, why would people be shorting right now when it seems to make more sense to buy BitUSD right now?
Give the market time to develop. Most of the people who are using it right now were hot on BTSX. What we need to do is promote the heck out of BitUSD and find ways for people to spend it, etc.
We're working diligently behind the scenes here to get USD direct to bitUSD. Yeah, local bitcoins is a super fast way to get BTC. Then just buy on one of our four exchanges for BTSX. I recommend BTER. B
We need it to go both ways usd-bitUSD and bitUSD-usd.......I would really like bitUSD-visa gift card (as long as the mark-up was small). That is until we can get enough merchants to just take bitUSD.
For the fact that it is not tracking perfecrly now to be evidence that you need feeds you would have to explain why you wouldnt see undervalued usd at this point with feeds. There has not yet been any event that whose outcome would have depended on what the feeds said assuming they were sourced from bter and btc38
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Using feeds as a floor for initial shorts would make the price track very well. The reason the price is undervalued is because people are allowed to short it into existence below the actual value of a dollar.
I know the "purists" don't like it, but we need to use the price feeds guys. We need to use the median price feed as a floor for new issuance. Without the price feeds it doesn't work!
