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Thanks to BitCNY now there is more volume on BitShares Asset Exchange than on all other centralized exchanges combined for BTS pairs. http://coinmarketcap.com/currencies/bitshares-x/#markets
Quote from: pc on April 07, 2015, 07:29:37 amSpeaking of interest - why are shorters offering interest in this market? They are effectively encouraging USD/CNY holders to continue holding, increasing their problem of not being able to cover.I agree to an extent but I'm shorting with a tiny interest in this market so my shorts are competitive with other shorts so I can lock in at a certain price.
Speaking of interest - why are shorters offering interest in this market? They are effectively encouraging USD/CNY holders to continue holding, increasing their problem of not being able to cover.
Quote from: pc on April 06, 2015, 09:36:40 pmIn a bear market it is better for you if you don't short, even if that means buying at a higher than average price.i would think it would be better to short to myself a portion of my BTS and get interest for bit bitCNY. This would be a solution.
In a bear market it is better for you if you don't short, even if that means buying at a higher than average price.
Quote from: Shentist on April 06, 2015, 09:29:08 pmIf someone needs CNY he or she should short to himself. Ok, it is expensive to do it, but this is the system. This would also help to stabilize the prices, because someone would use BTS to short bitCNY into existence. You would be market neutral so it would be the same as you are holding BTS, but i agree you would need to have more BTS then a couple of weeks before.Which means these people need to buy BTS. Which is how the system is supposed to work. Demand for bitAssets leads indirectly to purchases on BTS in this way.
If someone needs CNY he or she should short to himself. Ok, it is expensive to do it, but this is the system. This would also help to stabilize the prices, because someone would use BTS to short bitCNY into existence. You would be market neutral so it would be the same as you are holding BTS, but i agree you would need to have more BTS then a couple of weeks before.
Quote from: Shentist on April 06, 2015, 09:29:08 pmIf someone needs CNY he or she should short to himself. Ok, it is expensive to do it, but this is the system. This would also help to stabilize the prices, because someone would use BTS to short bitCNY into existence. You would be market neutral so it would be the same as you are holding BTS, but i agree you would need to have more BTS then a couple of weeks before.What someone "should" do (i. e. with the global good in mind) is not necessarily what is best for himself (i. e. in his local situation). Kind of like a prisoners' dilemma with a lot of prisoners.In a bear market it is better for you if you don't short, even if that means buying at a higher than average price.
Quote from: Shentist on April 06, 2015, 09:14:16 pmsorry to say this,butyou are talking for "traders", who want to cover without selfshorting (because they are lacking the BTS or they want to get out without a high loss).This is not a problem of the system, just some traders who get caught on the wrong foot. Happens all the time on NASDAQ etc. too. So, they have to buy with bad prices, this is freemarket!Not just that , there is high demand for BitCNY these days from non-trader too . Bad price is for anybody , including those business and their customers who uses BitCNY .
sorry to say this,butyou are talking for "traders", who want to cover without selfshorting (because they are lacking the BTS or they want to get out without a high loss).This is not a problem of the system, just some traders who get caught on the wrong foot. Happens all the time on NASDAQ etc. too. So, they have to buy with bad prices, this is freemarket!
Quote from: btswildpig on April 06, 2015, 04:02:14 pmDemand from BitCNY comes from : 1、BitCNY can be deposit into BTC38 as CNY on a 1:1 ratio , it increases the usage of BitCNY because of the low spread . 2、People are stockpiling BitCNY for a crowd-funding project . 3、To cover the short position .Hm... you may be on to something there... you forgot4. People want to get out of BTS due to its falling price, without leaving the BitShares ecosystemThe combination of 3+4 is very dangerous, because it creates a self-enforcing feedback loop that drives the BTS price into the ground.
Demand from BitCNY comes from : 1、BitCNY can be deposit into BTC38 as CNY on a 1:1 ratio , it increases the usage of BitCNY because of the low spread . 2、People are stockpiling BitCNY for a crowd-funding project . 3、To cover the short position .
Would having a western counterpart of BitSharesMining who pays in BitCNY help?
Quote from: btswildpig on April 06, 2015, 08:11:04 pmQuote from: nomoreheroes7 on April 06, 2015, 08:01:57 pmQuote from: btswildpig on April 06, 2015, 07:56:32 pmQuote from: onceuponatime on April 06, 2015, 07:47:56 pmso, if I am trying to short some bitCNY into existence, why is nobody buying them?Because the price of BTS is too low , people don't want to sell BTS for BitCNY at this point . They want BitCNY , they also don't want to trade their BTS for it . So you need to wait for someone who is willing to dump their BTS for BitCNY at this point , but not likely because the price is really low , everybody I know refuse to do so .If they want BitCNY but don't want to pay BTS for it...why not buy more cheap BTS and immediately convert it? I don't see the problem.Gotta pay something to get BitCNY lol.less than 2000 USD worth of BitCNY -- BTS order with decent price . Because of the shortage of BitCNY , so it's natural that no body is willing to sell BitCNY to buy BTS either , got it ? They could always short into existence. MetaExchange says they have little demand at the moment.
Quote from: nomoreheroes7 on April 06, 2015, 08:01:57 pmQuote from: btswildpig on April 06, 2015, 07:56:32 pmQuote from: onceuponatime on April 06, 2015, 07:47:56 pmso, if I am trying to short some bitCNY into existence, why is nobody buying them?Because the price of BTS is too low , people don't want to sell BTS for BitCNY at this point . They want BitCNY , they also don't want to trade their BTS for it . So you need to wait for someone who is willing to dump their BTS for BitCNY at this point , but not likely because the price is really low , everybody I know refuse to do so .If they want BitCNY but don't want to pay BTS for it...why not buy more cheap BTS and immediately convert it? I don't see the problem.Gotta pay something to get BitCNY lol.less than 2000 USD worth of BitCNY -- BTS order with decent price . Because of the shortage of BitCNY , so it's natural that no body is willing to sell BitCNY to buy BTS either , got it ?
Quote from: btswildpig on April 06, 2015, 07:56:32 pmQuote from: onceuponatime on April 06, 2015, 07:47:56 pmso, if I am trying to short some bitCNY into existence, why is nobody buying them?Because the price of BTS is too low , people don't want to sell BTS for BitCNY at this point . They want BitCNY , they also don't want to trade their BTS for it . So you need to wait for someone who is willing to dump their BTS for BitCNY at this point , but not likely because the price is really low , everybody I know refuse to do so .If they want BitCNY but don't want to pay BTS for it...why not buy more cheap BTS and immediately convert it? I don't see the problem.Gotta pay something to get BitCNY lol.
Quote from: onceuponatime on April 06, 2015, 07:47:56 pmso, if I am trying to short some bitCNY into existence, why is nobody buying them?Because the price of BTS is too low , people don't want to sell BTS for BitCNY at this point . They want BitCNY , they also don't want to trade their BTS for it . So you need to wait for someone who is willing to dump their BTS for BitCNY at this point , but not likely because the price is really low , everybody I know refuse to do so .
so, if I am trying to short some bitCNY into existence, why is nobody buying them?
We have extremely low demand for bitCNY on metaexchange - not sure if that is due to the chinese community not knowing about us, or what...https://metaexchange.info/markets/BTC/bitCNY
this summer
they can buy on metaexchange.info