I've been silent about it during these last months but I have been working hard in the shadow.
Everything is finally done !
We have the website ready to be officialised and the last piece of the puzzle previously missing, we have the price feed python script ready to be used by the witnesses.

We will provide all the information about the way the index is made, how we build its composition, how often and how the revision is made, ...
We will also provide the source code in the website after seeing that everything is working properly.

We just need one more thing to have this new smartcoin running on the BitShares platform in a decentralised and trustless way ... some witnesses !

If in the future, there are hundreds of people running smartcoins in BitShares and asking the witnesses to publish their feed, we will have a problem.
So we though, witnesses should be rewarded if they provide a service.
That's why we decided to allocate a % of our future revenue of our market to the witness.

We need at least 3 witnesses producing the price feed to launch the smartcoin and be able to say that it's decentralised. As our market will grow, we will increase this number to add more security, decentralisation and robustness to our system. 

We will start giving away 3% of the market revenue to the first 3 witnesses producing our price feed.
It won't be much at the beginning but this market has a tremendous potential.

When we will increase the number of witnesses, we may simply divide this 3% between them or add some more % to the reward pool. This has still to be decided.

Why would a witness want to produce the feed ?

Bittwenty has been created to be a stable and strong index. It's not gonna be the best index out there but it's made to last and to be a reference. I intend to promote it in the cryptocurrency communities but also out there into the wild world of finance. I see Bittwenty as a tool allowing people who want to invest in cryptocurrencies but don't have the time to read every single project. I also see people using it as a  way to keep money but with lower volatility than a single cryptocurrency.
It has the potential to grow and produce hight income through the market fees.
They could benefit from these fees and have a bonus next to their witness pay.

Why would a witness want to be one the first ones to produce the feed ?

The first witnesses to produce the price feed will have a guaranteed place in the witness team producing this price feed.
(this is obviously true only if the witness keep producing the price feed)

Later on, I may produce an UIA to symbolise these % of the market revenue and distribute them but at the moment I'll simply ask to trust the Bittwenty team.
Anyway, the market still has to be launched and to grow, the rewards will be tiny at the beginning.

We will simply give the reward promise to the first 3 witness able to produce de price feed.
It should be very easy as everything is already done and coded.

I'll send the python script to any witness wanting to give it a try. It should run smoothly with only a couple of evident changes in the script.
I'll provide explanations through mail or skype if needed. 

If interested, please contact me at bittwenty @ gmail.com

Apply it for all committee coins now. Change the poll title.

This ^


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Now that blocktrades has reinstated the BTC<>SBD pair, it seemed like a good idea to go on about why it could be a good opportunity to park funds in SteemUSD rather than USD.

With that in mind, I wrote this small piece this sunny morning:

https://steemit.com/investment/@karnal/thinking-of-selling-your-bitcoin-for-fiat-currency-put-it-in-steemusd-instead

Hi,

If you want more views of your steem post, use that website to create a funccional link. This forum doesn't work with the steem link format.

I would have done it for you but I'm on my phone on tapatalk and can't select the link of your post.

http://steem.link

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You should page the whales you metionned to have their feedbacks.

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You are missing the point.

Anyway, we both express our opinion on that matter, we should stop the argumentation before it becomes completely out of subject and unproductive.

 

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Quote from: EstefanTT on July 16, 2016, 03:19:34 pm

I recommand to everyone to listen the hangout. Chris explain why the new website. It starts at the 20th minuts.

Looks like a no brainer when you listen to him. The money spend in the new website is nothing compare to what it can brings.

Just one guy visiting the website and having the idea of creating a smartcoin that bring 100 ppl with only 50$. These ppl buying in bts to reach the smartcoin and that's it, we have a positiv ROI.

Even if you have only 1 more % visitor digging in BTS instead of leaving (much of bitcoiner and steemer are probably doing that right now) would be worth it. Within the corse of the next year is a lot a ppl, that would speak to other ppl and so on. Only one of them beeing a small whale and boum ! We gain 5 stable % of MC and everybody wins.

Network effect is very important in cryptos. Right now our shop window is displaying the blueprint of BitShares, is way too technical to grap the attention of small entrepeneurs and general public.
To make a simple analogy, Tesla is not selling its cars with a photo of the interior of the electric motor and technical specs of the diferents parts of the car. They sell a very nice, low cost, fast electric car. If you want the specs, you dig ... Why ? Because you represent 5% of the visitors of the website.

Don't invest anything in BTS and hope it will take off is not the way to go.

There is two way this experiment can go.

1) we invest in every positive feature BTS can implement, we may lose a few % of MC now but when it takes off, we will be one the giant crypto projects in the future (every body here probably very rich). If it never takes off, it won't matter to have lost a few % at the begenning anyway. (No brainer)

2) we don't invest anything, we cross our fingers and wait. If it takes off that way, it won't matter to have lost a few % at the beginning because we will all made a big return on our investment BUT with no develoment we will be a the verge of beeing overtake by the tech, investors will run away considering their ROI and the danger of competition and the MC will fall back quickly. If we don't invest anything and it never takes off, it won't matter to have kept a few % of MC at the beginning by no diluting because the BTS won't be worth anything anyway.

I don't see any other possible evolution. When considering that, why not chose the only reasonable way ?

Let's start by upvoting the web site worker

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Sound like the same reason every time the website has reinvented again and again .

Well ... this is called evolution, you analyse what is wrong, what can be better and you make the change. If not, you disappear ...

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I think the price feed was initially envisioned by BM to deal with low liquidity market and have a objective price for the force settlement. When the MPA markets will have good liquidity and depth, the feed price won't have such an important role. 

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