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how is btc38 going to sell the bitCNY at the peg? with BitUSD you can't sell at the peg at any time reliably. Only when shorts expire, and market bids for bitUSD are placed at the peg.
Quote from: matt608 on December 12, 2014, 02:02:17 pmQuote from: cn-members on December 12, 2014, 01:32:51 pmQuote from: matt608 on December 12, 2014, 11:21:03 amCan someone translate this page?http://www.btc38.com/general/5291.htmlIt would be a great link to send out to other exchanges (with translation in the email) to ask them to do the same thing.It's weekend , maybe wait until next week .Also , I doubt other exchange can copy the same thing , because it requires a 1:1 FIAT-BTA service like www.tradebts.com , BTC38 is working with such a service , BTC38 gets BitCNY then forward to www.tradebts.com , after which www.tradebts.com would send fiat money to BTC38 .Maybe bter could work with tradebts.com too? Or any Chinese exchange that allows deposit of CNY. btcchina etc, all the Chinese exchanges. Translation isn't needed for them though of course, but maybe an equivalent service to tradebts.com could be set up in other countries for bitUSD + other bitassets, then exchanges in those countries could accept bitUSD in the same way.Bter maybe following the path , I'm not sure . The main point for that notice :1. BitCNY <1:1> BTC38-CNY 2. set a limit for every user and daily volume to control the risk .3. tradebts.com also set a daily volume to control the risk .
Quote from: cn-members on December 12, 2014, 01:32:51 pmQuote from: matt608 on December 12, 2014, 11:21:03 amCan someone translate this page?http://www.btc38.com/general/5291.htmlIt would be a great link to send out to other exchanges (with translation in the email) to ask them to do the same thing.It's weekend , maybe wait until next week .Also , I doubt other exchange can copy the same thing , because it requires a 1:1 FIAT-BTA service like www.tradebts.com , BTC38 is working with such a service , BTC38 gets BitCNY then forward to www.tradebts.com , after which www.tradebts.com would send fiat money to BTC38 .Maybe bter could work with tradebts.com too? Or any Chinese exchange that allows deposit of CNY. btcchina etc, all the Chinese exchanges. Translation isn't needed for them though of course, but maybe an equivalent service to tradebts.com could be set up in other countries for bitUSD + other bitassets, then exchanges in those countries could accept bitUSD in the same way.
Quote from: matt608 on December 12, 2014, 11:21:03 amCan someone translate this page?http://www.btc38.com/general/5291.htmlIt would be a great link to send out to other exchanges (with translation in the email) to ask them to do the same thing.It's weekend , maybe wait until next week .Also , I doubt other exchange can copy the same thing , because it requires a 1:1 FIAT-BTA service like www.tradebts.com , BTC38 is working with such a service , BTC38 gets BitCNY then forward to www.tradebts.com , after which www.tradebts.com would send fiat money to BTC38 .
Can someone translate this page?http://www.btc38.com/general/5291.htmlIt would be a great link to send out to other exchanges (with translation in the email) to ask them to do the same thing.
Maybe bter could work with tradebts.com too? Or any Chinese exchange that allows deposit of CNY. btcchina etc, all the Chinese exchanges. Translation isn't needed for them though of course, but maybe an equivalent service to tradebts.com could be set up in other countries for bitUSD + other bitassets, then exchanges in those countries could accept bitUSD in the same way.
Upward pressure on bitUSD peg due to Chinese demand?
Quote from: merlin0113 on December 12, 2014, 06:56:57 amQuote from: ripplexiaoshan on December 12, 2014, 06:53:36 ambitCNY is now equal to CNY, 1:1. Great news Perhaps we should give whoever behind this to make this deal with btc38 happened a paid delegate position, just as a bonus.I also agree that this kind of marketing is the best. FYI, the honor belongs to Chinese marketing team. Let's see whether there will be bitUSD trade platform or not.
Quote from: ripplexiaoshan on December 12, 2014, 06:53:36 ambitCNY is now equal to CNY, 1:1. Great news Perhaps we should give whoever behind this to make this deal with btc38 happened a paid delegate position, just as a bonus.
bitCNY is now equal to CNY, 1:1. Great news
Quote from: merlin0113 on December 12, 2014, 07:20:51 amNo, I believe btc38 don't hold bitcny, at least for now. They will have bitcny changed into cny through tradebts.com (a counterparty to bitpay) right away.Thats great, this basically means we have bitpay for BTS now.
No, I believe btc38 don't hold bitcny, at least for now. They will have bitcny changed into cny through tradebts.com (a counterparty to bitpay) right away.
Thats very interesting. They are essentially accepting it just like it was regular CNY.Which is exactly what we want merchants to do - accept a bitasset as identical to the normal currency.
would be cool if btc38 could pass on interest on their bitcny customer deposits somehow
WHoever made this deal is the best marketing we have ever had.The bitCNY peg will be REAL now.
I strongly recommend you guys cancell sell order ASAP and have a nice ride, LOL
Yes, THE news is btc38 just announced it's approval of bitcny deposit.