BitShares Forum
Main => General Discussion => Topic started by: bitacer on November 16, 2015, 03:57:32 pm
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Hey, how does an UIA like OPENBTC keep its price , do they have a price feed for it. or do they have to manually adjust their own price as the market price generally changes ? I am confused .Right now an OPENBTC is 80 thousand BTS , what happens when market moves up or down. I am trying to understand the mechanism when an uia is used as in openbtc.
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Hey, how does an UIA like OPENBTC keep its price , do they have a price feed for it. or do they have to manually adjust their own price as the market price generally changes ? I am confused .Right now an OPENBTC is 80 thousand BTS , what happens when market moves up or down. I am trying to understand the mechanism when an uia is used as in openbtc.
I think the reason is you can withdraw 1 openBTC to you BTC address as 1 BTC anytime. of cause you need to trust the openledge(CCEDK)
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UIAs have no pricefeeds
compare it to sending BTC into Poloniex. They call it BTC, but you are actually trading internal UIAs from Poloniex. Till you are sending out, then you have BTC again.
It is the same system, but in bitshares the current available UIAs are called trade(Blocktrades), metaex(metaexchange) and openCOIN(openledger)
in the future more UIAs will join and you can hop between different exchanges instantly and if you dont like the counterparty risk go into pegged assets with a feedprice (counterparty free, pegged with collateral)
would be like instant transfer from bittrex into poloniex, because you see a great abitrage opportunity. over time this will hopefully evolve in bitshares.
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UIAs have no pricefeeds
compare it to sending BTC into Poloniex. They call it BTC, but you are actually trading internal UIAs from Poloniex. Till you are sending out, then you have BTC again.
It is the same system, but in bitshares the current available UIAs are called trade(Blocktrades), metaex(metaexchange) and openCOIN(openledger)
in the future more UIAs will join and you can hop between different exchanges instantly and if you dont like the counterparty risk go into pegged assets with a feedprice (counterparty free, pegged with collateral)
would be like instant transfer from bittrex into poloniex, because you see a great abitrage opportunity. over time this will hopefully evolve in bitshares.
man i personally cant wait to see this added, particularly the ability to instant transfer and arbitrage across exchanges from within bts... sounds sexy :)