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Quote from: bigcat on September 07, 2014, 02:21:25 pmThey could be the next Liberty Reserve if the US thinks they are.Except they are run out of the UK
They could be the next Liberty Reserve if the US thinks they are.
Coino reminds me of eGold, which was shut down by the feds. It wasn't bad, but not that exciting either. It also had a far better name than Coino, which sounds like a joke.
Beavis: I am The Great Coino. I need TP for my Bunghole.
Quote from: delulo on September 06, 2014, 11:32:41 amQuote from: Markus on September 06, 2014, 10:48:22 amHow is this CoinoUSD different to a Ripple IOU?Ripple would be equal to NXT, both provide the infrastructure. Then a backer (Coino...) or a bank that acts as a gateway issues the USD IOU. I don't see a real difference except maybe that it might be easier for banks to plug into the ripple trading network (regarding interface and legal), which is my speculation though...So in Ripple both, the network and the IOU issuer are centralised.In NXT the network is decentralised but the IOU issuer still centralised.I wonder what the next step would be ....
Quote from: Markus on September 06, 2014, 10:48:22 amHow is this CoinoUSD different to a Ripple IOU?Ripple would be equal to NXT, both provide the infrastructure. Then a backer (Coino...) or a bank that acts as a gateway issues the USD IOU. I don't see a real difference except maybe that it might be easier for banks to plug into the ripple trading network (regarding interface and legal), which is my speculation though...
How is this CoinoUSD different to a Ripple IOU?
Agreed decentralized version beats centralized version. And I am very skeptical, I wouldn't touch for a long time to come but I really do hope it works, then nxt can take the idea, tweak it and make it our own As I understand though, when shorting, you take twice the amount that you are paying for the asset and put up some collateral, right?So what happens if it the price falls to the point where you don't have the assets to cover the loss? Is is automatically revoked?Let's say that the price of BTSX halves, does that mean that all those BitUSD suddenly disappear? I'm probably misunderstanding how shorting works.
Quote from: xeroc on September 05, 2014, 05:52:09 pmUnless tgey run with you dollars and leave you behind with coinos and no buyers It is indeed a risk of centralization. But odds of that happening are low.And if it happens we can always start up a fakeUSD asset that we claim is worth a dollar even though it's not backed up anything and use it to refund the customers their money. Maybe we can bring future fakeUSD assets into creation by shorting... Seriously I hope BitUSD is successful, I just don't see it though. Maybe if you hide the details from people so they think that BitUSD actually is backed by USD..Also, they are in the process of getting some kind of financial license in the UK to make sure everything is legal.
Unless tgey run with you dollars and leave you behind with coinos and no buyers
Quote from: Gentso1 on September 05, 2014, 06:10:59 pmQuote from: hughmanwho on September 05, 2014, 05:59:17 pmQuote from: xeroc on September 05, 2014, 05:52:09 pmUnless tgey run with you dollars and leave you behind with coinos and no buyers It is indeed a risk of centralization. But odds of that happening are low.And if it happens we can always start up a fakeUSD asset that we claim is worth a dollar even though it's not backed up anything and use it to refund the customers their money. Maybe we can bring future fakeUSD assets into creation by shorting... Seriously I hope BitUSD is successful, I just don't see it though. Maybe if you hide the details from people so they think that BitUSD actually is backed by USD..Also, they are in the process of getting some kind of financial license in the UK to make sure everything is legal.No one is claiming bitUSD is backed by USD. It is backed by btsx.To get BTSX you put USD, the value of all the BTSX out there right now it is 63 millions USD so bitUSD it is backed by USD.
Quote from: hughmanwho on September 05, 2014, 05:59:17 pmQuote from: xeroc on September 05, 2014, 05:52:09 pmUnless tgey run with you dollars and leave you behind with coinos and no buyers It is indeed a risk of centralization. But odds of that happening are low.And if it happens we can always start up a fakeUSD asset that we claim is worth a dollar even though it's not backed up anything and use it to refund the customers their money. Maybe we can bring future fakeUSD assets into creation by shorting... Seriously I hope BitUSD is successful, I just don't see it though. Maybe if you hide the details from people so they think that BitUSD actually is backed by USD..Also, they are in the process of getting some kind of financial license in the UK to make sure everything is legal.No one is claiming bitUSD is backed by USD. It is backed by btsx.
You give them USD, via bank transfer, and they give you CoinoUSD in return.If you want to cash out, you give them back your CoinUSD, and they give you $1 per 1 CoinoUSD asset.More details: https://coinomat.com/coinousd.php
Quote from: bytemaster on September 05, 2014, 03:09:09 pmI would love to see CoinoUSD issued as a user issued asset on BTSX and trade against BitUSD Personally with CoinoUSD I would be afraid of a bankrun + government shutdown, etc. BitUSD has different risks and the market will eventually price them accordingly. Here is the interesting thing... the risk for BitUSD is only the "spread" and over time that will narrow. The "volatility" you state was at launch and prior to restrictions on shorting being introduced. Give it time to mature before you judge it.Either that.. or BTSX is in a little bit of a bubble at the moment, volume will drop as speculators get bored and move to the next coin, and the spread will increase and it'll fall apart. Couple other potential risks.What shorting restrictions were removed?We'll see.. would be really cool to have decentralized fiat in crypto. I just happen to be very skeptical.I don't see any reason that CoinoUSD should have problems with this asset, it's not like they are offering unlicensed stock. If buying/selling BTC is legal, no reason CoinoUSD shouldn't be. All Coinomat is saying is that they are willing to buy your CoinoUSD from you for $1 and sell it to you for $1. I definitely think this will be more stable than BitUSD.Quote from: Gentso1 on September 05, 2014, 03:12:24 pmcouple questionsHow are coinoUSD created?Who holds this USD that coinoUSD is backed by?You say you can take coinoUSD and cash out to bank account, how exactly do you do this?Run by coinomat.comYou give them USD, via bank transfer, and they give you CoinoUSD in return.If you want to cash out, you give them back your CoinUSD, and they give you $1 per 1 CoinoUSD asset.More details: https://coinomat.com/coinousd.php
I would love to see CoinoUSD issued as a user issued asset on BTSX and trade against BitUSD Personally with CoinoUSD I would be afraid of a bankrun + government shutdown, etc. BitUSD has different risks and the market will eventually price them accordingly. Here is the interesting thing... the risk for BitUSD is only the "spread" and over time that will narrow. The "volatility" you state was at launch and prior to restrictions on shorting being introduced. Give it time to mature before you judge it.
couple questionsHow are coinoUSD created?Who holds this USD that coinoUSD is backed by?You say you can take coinoUSD and cash out to bank account, how exactly do you do this?
Quote from: Empirical1.1 on September 05, 2014, 04:20:03 pmQuote from: Gentso1 on September 05, 2014, 03:12:24 pmWho holds this USD that coinoUSD is backed by?That's what I want to know.It's probably a centralised entity like Realcoin where you have to trust CoinoUSD won't do a runner and know that if .gov doesn't like it they can just seize their backing dollars/assets or target them through their banking partners.CoinoUSD will probably be backed by centralised seizable collateral but BitUSD is backed by decentralised unseizable collateral.and thats what I am also thinking. The biggest problem I have with nxt is that their asset's are backed by trust. All the assets I found on the exchange were based either on the reputation of a board member or trusting a business of some kind that was just created with no history.Are assets are backed by btsx. Now btsx has a real world value and we don't have to trust anyone. It's also important to note that the more the platform is used the more daily burning occur's and the more the value of btsx will rise(through utility). It's like it own little self feeding ecosystem. The more you use it the more value btsx has and the more value btsx has the stronger the backing of the asset's that are created.
Quote from: Gentso1 on September 05, 2014, 03:12:24 pmWho holds this USD that coinoUSD is backed by?That's what I want to know.It's probably a centralised entity like Realcoin where you have to trust CoinoUSD won't do a runner and know that if .gov doesn't like it they can just seize their backing dollars/assets or target them through their banking partners.CoinoUSD will probably be backed by centralised seizable collateral but BitUSD is backed by decentralised unseizable collateral.
Who holds this USD that coinoUSD is backed by?
Quote from: hughmanwho on September 05, 2014, 03:04:53 pm Problem of course is that it's centralized.I guess no comments are needed..
Problem of course is that it's centralized.
I'm assuming you guys know with BitUSD, basically people short BTSX to create BitUSD out of thin air, and other can buy or sell them. Problem is it's fluctuated from anywhere between $0.71 and $0.999 (or $2 upon opening). It has some potential as a prediction market.. but those are swings of 30%, it's certainly not stable enough for a merchant to decide to store his money in that form. And personally, I'd be afraid of a bank run.CoinoUSD is an assset, run on the Nxt asset exchange that is backed by actual dollars. At any point in time, you can take a CoinoUSD asset and send it to your CoinoUSD account, which will allow you to cash out and end up with an actual dollar bill sitting in your bank account. Because they hold on to USD to back CoinoUSD, no worry of a bank run. Problem of course is that it's centralized.So, question is what do you guys think about BitUSD vs CoinoUSD?