continued...
[7:31:59 PM] Josh:
That's a meme
[7:32:16 PM] K W:
which is completely against the concept of bitcoin and all digital currency in the first place
thats just crazy
[7:32:45 PM] Bart:
> Josh
> We should be doing workers for marketing
sorry but dont yet have the terms right, what is a 'worker'? just like a freelancer for the ecosystem? and what I mean with corporate is big office in Zug, advertising campaigns, professional communications, business development, a proper partnership program, marketmakers on the exchange and so on
> Josh
> When there is a freight train right here
they are pretty agile still
[7:33:17 PM] Josh:
> Bart
> sorry but dont yet have the terms right, what is a 'worker'? jus
You make a worker proposal and the shareholders vote
If approved it gets funded
You do the job
80+ million dollars in reserve rn
[7:33:43 PM] Jonas:
> Dolores del Ano
> GIF
Hello
[7:33:43 PM] Bart:
> Josh
> If approved it gets funded
I see. Seems like a big hurdle to campaign for stuff liek that
[7:34:04 PM] Josh:
> Bart
> I see. Seems like a big hurdle to campaign for stuff liek that
Well
[7:34:11 PM] Bart:
> Josh
> 80+ million dollars in reserve rn
altho I can think of someone very handsome that can do a great advertising campaign for lets say 10 mil
[7:34:20 PM] Josh:
If you were trying to get a few million for a cable news add campaign
You would have to convince a few people at the very least lol
[7:34:51 PM] Bart:
> Josh
> If you were trying to get a few million for a cable news add cam
ah there are better places but yeah then it could be worth it
[7:34:57 PM] Josh:
> Bart
> altho I can think of someone very handsome that can do a great a
Put in a worker.
[7:35:03 PM] Bart:
> Josh
> You would have to convince a few people at the very least lol
hehe you'd be surprised how much business I get just cause I know a guy
[7:35:23 PM] Josh:
> Bart
> ah there are better places but yeah then it could be worth it
Hero is an asset for fixed income folk. For funds and pensions
It has a rock steady value and is gaurenteed to appreciate
[7:35:52 PM] Bart:
> Josh
> Hero is an asset for fixed income folk. For funds and pensions
well I was talking about bitshares but ok get your point
[7:35:59 PM] Josh:
Fox news + Bloomberg are the perfect places to advertise this
> Bart
> well I was talking about bitshares but ok get your point
HERO is an asset on bitshares
Hero is a bitshares smartasset
[7:36:36 PM] Bart:
> Josh
> Fox news + Bloomberg are the perfect places to advertise this
ah you'd have to educate the market... never a good idea
> Josh
> Hero is a bitshares smartasset
I knwo but I meant the DAX to be specific... hehe all these brands!
[7:37:23 PM] Josh:
> Bart
> I knwo but I meant the DAX to be specific... hehe all these bran
The sex has low liquidity
[7:37:36 PM] Bart:
> Josh
> The sex has low liquidity
yours maybe
[7:37:54 PM] Josh:
If you have a line of people ready to buy hero then the "community" will short them into existence
> Bart
> yours maybe
Lol
[7:38:34 PM] Bart:
but yeah it has low liquidity, made this point earlier, they need to work on market making mechanisms or at least be more active in getting them on board
[7:38:37 PM] Tom:
everybody can buy HERO with his smartphone. That's the part i am most exited about... no idea how that works
edited
[7:38:38 PM] Josh:
That's why Stan Larimar Is on a campaign right now to promote the Hero to wealthy Hollywood types
[7:38:41 PM] Mateusz Kowalewski:
> K W
> PRC mouthpiece?? explicit govt approval?? saving face??
Sounds the same to what I think now for a while. So others are acctually suspecting the the exact same thing. The chines goverment is very deep concerned in bitcoin. Everything else makes no sens. The only qustion remining is, how deep other states (like the us) are in that bussines.
[7:39:03 PM] Tom:
HERO Whales are already ready....
[7:39:42 PM] Josh:
> Bart
> but yeah it has low liquidity, made this point earlier, they nee
You have to have some sort of agreggate demand before you can have liquidity. Nobody knows the Hero exists or is even possible rn. That's what an advertising campaign would fix
[7:39:44 PM] K W:
> Mateusz Kowalewski
> Sounds the same to what I think now for a while. So others are a
so probably the whole country dumped btc at the same time
thats why it dove deeply
[7:39:57 PM] Jonas:
> Josh
> The sex has low liquidity
Eat pineapple
[7:40:03 PM] Bart:
> Mateusz Kowalewski
> Sounds the same to what I think now for a while. So others are a
Lets not get too crazy but it's not inconcievable that they are trying to achieve a stated goal which is to have a world currency. Commerce without borders and so on.
[7:40:08 PM] Josh:
> Jonas
> Eat pineapple
XD
[7:40:23 PM] Bart:
> Josh
> You have to have some sort of agreggate demand before you can ha
ok sorry but I wasnt talking about hero again
[7:40:31 PM] Scott:
> Tom
> HERO Whales are already ready....
Tom how does Hero effect bts?
[7:40:39 PM] Tom:
LOL
[7:40:44 PM] Josh:
> Scott
> Tom how does Hero effect bts?
Fees
[7:40:55 PM] Bart:
> Jonas
> Eat pineapple
[Photo]
[7:40:57 PM] Tom:
every HERO bought has 200% BTS locked up in collaterals
[7:41:20 PM] Josh:
If people want hero it will drive up the price of bts
[7:41:25 PM] Bart:
Ok this is starting to feel like the polo trollbox
[7:41:30 PM] Tom:
soooo... price will go crazy
edited
[7:41:36 PM] Josh:
The dex earns fees on the creation, trade and settlement of the hero
Dam
[7:41:49 PM] Tom:
haha
[7:42:25 PM] Mateusz Kowalewski:
> K W
> thats why it dove deeply
No, I don't think so. It's only unsall market manipulation to get more of this stuff cheaply. Bitcoin is an important technologi, and the country holding the most will have a good future. The chines goverment carres a lot about the future of chine. They think strategaly in long terms...
[7:42:33 PM] Josh:
Hero is like a profitable financial product the bitshares, as a company, can sell
If we are successful, the sale of heros will do wonders for the shares of the company
[7:43:21 PM] Bart:
> Josh
> Hero is like a profitable financial product the bitshares, as a
plus it doesnt hurt that the USD is the global reserve currency right now and it would be mighty convenient if it wasnt anymore
for china
[7:43:47 PM] Josh:
You can keep a million dollars in HERO and withdraw 50k every year gaurenteed
[7:43:51 PM] Bart:
sorry that was in reply to the other message
ok enough about this Hero
[7:44:15 PM] Josh:
Lol
[7:44:47 PM] Tom:
But it's such a great plan!
[7:45:02 PM] Bart:
yeah I have some snake oil to sell you
[7:45:26 PM] Tom:
Bart have read the article?
[7:45:31 PM] Josh:
Investing in the hero is investing in the future of bitshares, trading volatility for gaurenteed returns.
[7:45:47 PM] Bart:
> Tom
> Bart have read the article?
yes it reads like an advertorial that is light on details
[7:46:04 PM] Tom:
but don't you understand the underlying mechanisme
it's ingenious...
[7:46:10 PM] Bart:
> Tom
> but don't you understand the underlying mechanisme
I do.
[7:46:14 PM] Josh:
> Bart
> yes it reads like an advertorial that is light on details
Do you understand how to short the dollar using the DEX?
[7:46:22 PM] Mateusz Kowalewski:
> Bart
> yeah I have some snake oil to sell you
Oh, I like some snakeoil. If I can buy cheap and sell for much more afterwards I want a lot of that snakeoil! :wink:
[7:46:25 PM] Tom:
and Stan has the connections to pull it through
[7:46:49 PM] Bart:
> Josh
> Do you understand how to short the dollar using the DEX?
I havent traded much on the dex, but I understand shorting and fixed income etc
[7:47:00 PM] Tom:
haha
ok
edited
[7:47:29 PM] Josh:
> Bart
> I havent traded much on the dex, but I understand shorting and f
Use the Dex to create 1$ and short it
[7:47:36 PM] Tom:
so come back in a month and then we will talk about the HERO idea again... it's difficult for outsiders to grasp the mechanisme
[7:47:41 PM] Bart:
> Josh
> Use the Dex to create 1$ and short it
yes its just a naked short no
[7:47:43 PM] Josh:
It's a 0 interest loan
[7:47:55 PM] Tom:
oh my god BARt!
haha
[7:48:06 PM] Josh:
A naked short?
I lost like $20 figuring out how the system works xD
[7:48:55 PM] Bart:
> Josh
> A naked short?
Naked short selling, or naked shorting, is the practice of short-selling a tradable asset of any kind without first borrowing the security or ensuring that the security can be borrowed, as is conventionally done in a short sale.
[7:49:13 PM] Josh:
Then it's not a naked short
[7:49:15 PM] Bart:
since it is 'created' thats what it comes down to
[7:49:29 PM] Josh:
Because you fully collateralize the debt at least 1.75x
[7:49:34 PM] Bart:
its an artificial construct that comes down to the same thing imo
you always have to have collateral
[7:50:24 PM] Josh:
No not in the same way
See regular margin you collateralize against losses
On bitshares you collateralize against the entire debt
[7:51:02 PM] Bart:
it just means you have lower leverage
[7:51:36 PM] Josh:
Well, it's a different sort of leverage, but yes it's lower. And it's also much less risky
[7:52:04 PM] Bart:
> Josh
> Well, it's a different sort of leverage, but yes it's lower. And
you can do that on any normal trading platform.
[7:52:14 PM] Josh:
> Bart
> you can do that on any normal trading platform.
No
Bitshares is the only platform you can do this
[7:52:34 PM] Bart:
hehe yes. just adjust your position size to ensure you have a less leveraged position compared to your margin
[7:52:48 PM] Josh:
Can you borrow BTC on Poloniex, withdraw it and use it to buy a car?
Because you can on bitshares
[7:53:04 PM] Bart:
but who said anything about that
[7:53:23 PM] Josh:
I'm trying to illustrate that it's not the same
Can you borrow BTC on any platform, anonamously, withdraw it and use it to buy a car?
[7:54:01 PM] Bart:
look you dont have to convince me, I think bitshares is awesome. It has some shortcomings though and some of the things you just told me have been done by fiat fx brokers for ages
[7:54:22 PM] Josh:
> Bart
> look you dont have to convince me, I think bitshares is awesome.
I'm not trying to convince you?
[7:54:24 PM] Bart:
> Josh
> Can you borrow BTC on any platform, anonamously, withdraw it and
but this is not the whole story, you have to give collateral
[7:54:30 PM] Josh:
I just don't think you understand
> Bart
> but this is not the whole story, you have to give collateral
Of course
[7:54:45 PM] Bart:
> Josh
> I'm not trying to convince you?
I meant you are preaching to the choir
[7:54:58 PM] Josh:
So how is the hero snake oil?
It's an private asset backed on average 5x more than it's worrh
[7:55:20 PM] Bart:
I dont know that it is, I just didnt like the chearleading
[7:55:30 PM] Josh:
And spits out 5% apr
[7:55:50 PM] Bart:
also 5% will compound really quickly to unmanageable size
edited
[7:56:23 PM] Josh:
> Bart
> also 5% will compound really quickly to unmanageable size
It only works if bitshares as a company profits and grows
[7:56:34 PM] Bart:
yeah so not that risk free after all...
[7:56:58 PM] Josh:
It's not risk free, it's gaurenteed
You will get your money
Worst case scenario, bitshares totally implodes and everyone looses
[7:57:46 PM] Bart:
> Josh
> Worst case scenario, bitshares totally implodes and everyone loo
and you dont get your moeny
money
[7:57:55 PM] Josh:
But when debt is settled the only people that loose are the shorters
Nothing is risk free
The us government could implode and the dollar could hyper inflate
Everything is based on trust
[7:58:28 PM] Bart:
> Josh
> Nothing is risk free
hmm you described it as fixed income for retired folks. I guess if I were a compliance officer I wouldnt be too happy
[7:59:37 PM] Josh:
> Bart
> hmm you described it as fixed income for retired folks. I guess
So they can issue a cease and desist to bitshares?
[7:59:53 PM] Bart:
> Josh
> So they can issue a cease and desist to bitshares?
no that wasnt the point I was making
[7:59:55 PM] Josh:
If you are on fixed income it's one of the best deals you could get
If you are living off returns
[8:00:35 PM] Bart:
> Josh
> If you are on fixed income it's one of the best deals you could
Fixed income is typically another word for Bonds, which are considered the safest asset class (which is obv not true but lets save that for another time)
at best this can be equated to junk bonds
nothing wrong with that
just not something you shoulkd advbise grandpa to get into
neither is it a good marketing audience, its too complicated to understand
[8:02:24 PM] Josh:
Think about it like this, what is the total supply of all issued smart coins? Because if the shorters loose there is an +80 million dollar reserve that will take that short position
4 mil CNY and 1mil USD rn?
[8:02:52 PM] Bart:
> Josh
> Think about it like this, what is the total supply of all issue
Dollars or BTS at todays exchange rate? what if crypto crashes
[8:03:32 PM] Josh:
> Bart
> Dollars or BTS at todays exchange rate? what if crypto crashes
Well what if the stock exchange implodes like on 2008?
[8:03:57 PM] Jonas:
> Bart
> Dollars or BTS at todays exchange rate? what if crypto crashes
It can't crash it's the future
[8:04:20 PM] Bart:
> Josh
> Well what if the stock exchange implodes like on 2008?
yeah ok lets not have this debate. It's a nice product but I dont think its as suitable for mainstream as you think
> Jonas
> It can't crash it's the future
lol ok
[8:11:02 PM] Tom:
> Bart
> yeah ok lets not have this debate. It's a nice product but I don
Bart. Bitshares and Hero are complex concepts... please do your research properly... with the many steem articles... you don't have the necessary understandings yet to opininate correctly...
[8:11:22 PM] Bart:
> Tom
> Bart. Bitshares and Hero are complex concepts... please do your
which part of what I said was incorrect
James Fucker joined the group
[8:11:57 PM] Tom:
you don't get it... I only say that much. Still some study work to do for you.
[8:12:20 PM] Bart:
haha just cause Im not chearleading. Enjoy talking your book!
[8:13:55 PM] Tom:
enjoy reading up the necessary articles...
[8:43:39 PM] Russ:
So what would play out if a bunch of hero gets shorted into existence then bts value craters? I guess the original shorter would lose their collateral? How would the hero keep gaining interest after that?
Not trolling, genuinely curious
Wouldn't the specific hero who's collateral got settled be kinda an orphan coin at that point not backed by anything?
[8:57:22 PM] Stan Larimer:
The question you should ask is - what would a company be worth that runs a counterparty risk free currency that appreciates by 5% and is used by everybody in the world as an alternative to government fiat. What would that network effect alone be worth?
We are going to create that company and its shares are going to back the currency as hard collateral. Just like shares of Microsoft, Tesla and Google but with no counterparty risk.
When you look at the end game, you can't say that its a Junk bond because its backed by a Fortune Ten company's shares.
First prize is $300,000,000, 2nd is 150M, 12th is $10M.
When this contest gets rolling "your gonna see some serious shit" as Doc Brown once said.
[9:00:46 PM] Russ:
Haha
[9:01:48 PM] Stan Larimer:
Will it be all the Indigenous Tribes of the world that win or the AARP with its 38M members?
[9:02:21 PM] Josh:
I want to see lambos in the Serengeti
[9:02:27 PM] Stan Larimer:
Which of the 12 Good Causes are the governments going to tell can't cash in their prize money?
[9:02:42 PM] Josh:
[9:03:40 PM] Josh via @gif:
[GIF]
[9:04:50 PM] Stan Larimer:
When you have half the world competing in The Amazing Heros reality TV series, to see who can back the most Heros, there will not be much likelihood of a collapse in buying pressure.
[9:04:54 PM] Josh:
traffic in 2025
[Photo]
[9:06:11 PM] Stan Larimer:
Once we have a billion Heros out there changing hands BitShares will be profitable enough to continue taking shares out of circulation indefinitely - even after the contest ends.
[9:06:13 PM] Josh:
> Stan Larimer
> When you have half the world competing in The Amazing Heros real
have you given any thought as to what the HERO money machine can do for charities?
[9:06:23 PM] Stan Larimer:
Did I mention there will be a sequel?
[9:06:24 PM] Josh:
I have some Ideas
[9:06:39 PM] Bart:
Clearly there is counterparty risk as Hero is collaterized with BTS? Used by everybody in the world? Alternative to government Fiat? Backed by a fortune 10 company??
[9:07:01 PM] Stan Larimer:
Well, each of the 12 leading teams will have picked its own charity/cause to support.
[9:07:09 PM] Bart:
Some very very optimistic statements here.
[9:07:14 PM] Spike Spiegel:
bts isn't a party really
[9:07:37 PM] Stan Larimer:
Yes. Watch the movie. Read the article. It's all laid out for you.
[9:07:40 PM] Spike Spiegel:
tbh I'm also curious what happens on forced liquidation if borrower no longer has the coins
[9:07:53 PM] Stan Larimer:
And attracting some BIG whales interest.
John Edgar Congote Calle joined the group
[9:08:47 PM] Bart:
Yeah I'm sorry but all this "no risk, everyone is interested! It's gonna replace world Fiat! " Talk should make anyone very suspicious
[9:09:30 PM] Stan Larimer:
Well you can always take the blue pill, wake up in your bed, and believe whatever you want.
[9:09:36 PM] Spike Spiegel:
there's definitely risk with everything imo
[9:09:40 PM] Stan Larimer:
He who has ears, let him hear.
As Satoshi once said to Dan: "If you don't understand or won't believe, I don't have time to convince you...sorry."
And I didn't say "no risk", I said "no counterparty risk"
[9:11:29 PM] Spike Spiegel:
> Russ
> So what would play out if a bunch of hero gets shorted into exis
Looks like collateral is returned to borrowers (or maybe owners of tokens)
https://steemit.com/bitshares/@btswolf/bitshares-short-selling-bitusd
Steemit
BitShares short selling BitUSD — Steemit
Hi guys, here is my 4th diagram, BitShares - short selling BitUSD. "BitShares Assets basic overview"… by btswolf
[9:11:58 PM] Josh:
if you breath you are at risk of dying
[9:11:59 PM] Russ:
> Spike Spiegel
> Looks like collateral is returned to borrowers (or maybe owners
Thanks, just trying to get a feel for the economics.
[9:12:12 PM] Stan Larimer:
The hero will be backed by shares in a uniquely positioned global company backed by the industry and charity of humanity - not debt or rehypothicated gold.
[9:12:16 PM] Bart:
> Stan Larimer
> As Satoshi once said to Dan: "If you don't understand or won't
Reminds me of this (don't know you so don't take it personally): Senator, I served with Jack Kennedy. I knew Jack Kennedy. Jack Kennedy was a friend of mine. Senator, you're no Jack Kennedy.
[9:12:53 PM] Stan Larimer:
Heh... great line...cheap shot.
Anyhow, I'm calling "eight ball in the corner pocket". Place your bets.
[9:14:34 PM] Bart:
> Stan Larimer
> Heh... great line...cheap shot.
Sorry
) best of luck, will keep an eye on hero
[9:17:09 PM] Ram Vish:
> Stan Larimer
> The question you should ask is - what would a company be worth t
In a free world worth as reserve currency. Hard to quantify. In a world where power stems from the barrel of a gun (as Mao said), hard to say.
[9:20:05 PM] Stan Larimer:
Just scale back to where instead of a search engine or a social network or an operating system you are operating the largest real time industrial grade light speed financial system in the world - what would such a company be worth?