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257
General Discussion / Re: Solution to High Volatility potentially breaking the BitUSD Peg
« on: February 21, 2014, 01:19:01 am »
To prevent margin call flash crash:
How about triggering a margin call not based on the current price but based on the trailing average price of the last x blocks?
How about triggering a margin call not based on the current price but based on the trailing average price of the last x blocks?
258
General Discussion / Re: Confusing Bitshare / Pts
« on: February 20, 2014, 11:12:20 pm »
Compare this to the entitlement date and payout of dividends of company stock.
- You have to have shares in your account at a certain point in time (here 28/2 24:00h)
- The next day the stock will trade ex-dividend (roughly lower by the value of the dividend, here by an unknown amount because the value of BTSX is not established well yet)
- Some time later the dividend will be transferred to your cash account (here you will have to install BTSX client and import your PTS wallet.dat, the date will be sometime mid March)
- You have to have shares in your account at a certain point in time (here 28/2 24:00h)
- The next day the stock will trade ex-dividend (roughly lower by the value of the dividend, here by an unknown amount because the value of BTSX is not established well yet)
- Some time later the dividend will be transferred to your cash account (here you will have to install BTSX client and import your PTS wallet.dat, the date will be sometime mid March)
259
General Discussion / Re: BitShares X Status Update
« on: February 20, 2014, 11:01:39 pm »When do i need to make sure i have all my PTS in my wallet in order to receive BTS when it comes out? Is March 1st a good deadline?
That would be exactly 1 day too late.
That would be a catastrophe. You should send out a notice via mail titled "urgent" or something like that, and likewise update the invictus.io site with an "alert" on the frontpage. There are a million people clicking protoshares on coinmarketcap.com now watching the frontpage of invictus.io wondering why the price is rising. This is perhaps your main source of publicity right now.
coinmarketcap.com is rank 2000 in the USA. That's better than coindesk.com
That's how I found out about this whole thing too. When Protoshares appeared on coinmarketcap the first time I thought: "What's that? Something new and right into the top 10? I'd better check it out."
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BitShares PTS / Re: So I just bought a ProtoShare (PTS) ... now what?
« on: February 20, 2014, 04:47:54 am »
You can send it to me.
Pe6KqWyJG4biVgi3EhMuubvSksUcWja2LN
Thx
Pe6KqWyJG4biVgi3EhMuubvSksUcWja2LN
Thx
261
General Discussion / Re: Solution to High Volatility potentially breaking the BitUSD Peg
« on: February 20, 2014, 04:34:07 am »That's what we're already doing (the "rules" are not exactly the same, like your margin suggestion is 10% etc), except we're creating/destroying BTS instead of having an account that does trades. As long as your design only has one "network market bot", these designs are equivalent to the user when you view your funds as % BTS on marketbut still have something I want to issue:
1. bitusd never be create
2. can we limit total amount of bts not more then 400,000,000?
In this particular case, BTS will only grow in the event BitUSD needs to be honored. The supply is limited and shrinking except in rare events (that may never happen).
Dan, do you think adjusting the transaction fee formula in a way that it would get rid of BTS more quickly if ever the amount of outstanding BTS was more than 4 million is an option? I suggested that in the second post in this thread.
Or do you think this scenario is too rare to be considered?
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BitShares PTS / Re: China seems to have taken an interest in PTS...
« on: February 20, 2014, 02:08:07 am »Any news causing the current price spike in China?
PTS is trading over 0.02 BTC on btc38. Cryptsy only slowly catching up.
Most likely just people wanting a piece of BTS, thus converting some of their BTC or alt coins into PTS...
Apparently just panic buying due to the looming BTS deadline.
我也感谢
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General Discussion / Re: Solution to High Volatility potentially breaking the BitUSD Peg
« on: February 19, 2014, 10:21:31 am »all the bit assets which are destroy should transfer to this account.If they are destroyed they can't be transferred because they don't exist anymore.
Quote
and all short possision which can not cover should transfer to this account.A short position without collateral has a negative value. Nobody would want to have it - least buy it.
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General Discussion / Re: Solution to High Volatility potentially breaking the BitUSD Peg
« on: February 19, 2014, 09:36:08 am »
(Only just saw you posted this in the status thread as well.)
Do you mean buying back the surplus BitUSD with newly minted BTS? You'd get my vote on that - even though it might theoretically tear down the 4M BTS limit. Maybe increase transaction fees in the unlikely event that there are more than 4M BTS around?
Do you mean buying back the surplus BitUSD with newly minted BTS? You'd get my vote on that - even though it might theoretically tear down the 4M BTS limit. Maybe increase transaction fees in the unlikely event that there are more than 4M BTS around?
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General Discussion / Re: BitShares X Status Update
« on: February 19, 2014, 09:33:27 am »Today we had an excellent training session on how to increase our productivity. It will be paying dividends in the weeks ahead.
I also solved a major issue in the design of BitShares X as it relates to how we handle the case where the collateral is insufficient to back the short position and thus the result is unbacked BitUSD in circulation. Considering the value of BitShares X is directly related to the degree to which the holders of BitShares X are willing to guarantee the purchasing power of BitUSD it seems that a decentralized Bank should take the same approach as their centralized counterparts... Sell new shares in the bank to raise capital to cover the losses. In effect all BTS holders would provide 'insurance' against the 50% discontinuity event that would blow out a short position. The reason why BTS longs would insure the BTS shorts is because they entire value proposition of BitShares X is derived from the promise of BitUSD remaining pegged. If the BTS holders can increase the value of BTS by providing this insurance against a very rare event, it should in turn increase confidence and thus increase the value of BTS.
This change would shift the losses that BitUSD holders would currently pay to the BTS holders and thus collectively BTS holders are backing all BitUSD and BitUSD holders have something with much lower risks.
Do you mean buying back the surplus BitUSD with newly minted BTS? You'd get my vote on that - even though it might theoretically tear down the 4M BTS limit. Maybe increase transaction fees in the unlikely event that there are more than 4M BTS around?
edit: discussion continues here: https://bitsharestalk.org/index.php?topic=3015.msg37866#msg37866
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Marketplace / Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« on: February 19, 2014, 07:53:59 am »Growing up in a world where money tends to travel digitally rather than physically gives a bit of a different perspective on things. To me, the money in my bank feels more 'real' than physical paper money, because the money in my bank is what I tend to buy things with and what I use to pay for bills. Because of this, I'm going to flip things around and try to explain BitUSD from a perspective that I don't think has been explored yet:
BitUSD is pegged to the USD because it says it is.
That may seem a little hand wavy, but the social meme of a perceived value from branding is a lot more powerful than people tend to assume. Take paper money. There's no reason a $5 bill has to buy the same amount of stuff as the abstract concept of '$5'. You could just as easily walk into a grocery store and find that you can purchase 2 loaves of bread for $5 sent through your debit card where a $5 paper bill might only buy you a single loaf of bread. This rarely happens, however, because the expectation that others will value the $5 paper bill at $5 motivates people to treat it as being worth $5.
With bitUSD, the expectation that 1 bitUSD will be worth 1 USD keeps it at equilibrium. If people sell their bitUSD and the price drops, then this will trigger investors to buy, as they expect the long term value to be larger than the current value. This, in turn, drives the price back up. If people buy enough to push the price above 1 USD then this triggers sells, as the current price is higher than the perceived value. This, in turn, drives the price back down to its perceived value. This is called a 'nash equilibrium': The value of something that is arrived at by the actors in a system because of the perception that the other actors will arrive at the same value.
Cool, that one is definitely worth one PTS.
Person 1: So you think that just because you name a virtual asset, its value will be that of what you name it after??? Just because this one is called "GLD" it will have more than 1000 times the value of the one called "USD"??
Person 2: Yes, what do you think is the difference between a 100 dollar bill and a 1 dollar bill.
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General Discussion / BitShares X in the News
« on: February 19, 2014, 07:12:30 am »
Since media coverage of BitShares X is expected to increase in the near future I thought we might start something like a press review thread.
Bitcoin triggers security startups
http://www.journalgazette.net/article/20140216/BIZ/302169971/1031/BIZ
Quote: "To reduce the risk of currency-exchange website owners stealing users’ money, Larimer and his team of more than 15 full-time employees are building BitShares, a Bitcoin exchange where the participants jointly run and manage the operation.
While users usually have to trust their money and data to a private company to buy and sell Bitcoins, the members of BitShares also double as safekeepers. Since the technology will be distributed as bits of software across members’ computers, no single person will have access to all of the money or the central system.
“No company can run away with your funds, so you don’t have to worry about that,” Larimer said. “There’s no central place to rob.” His exchange is on track to debut this year, he said."
Maybe one day there will be some good articles where the journo has actually understood what BitShares is. We're not quite there yet.
Bitcoin triggers security startups
http://www.journalgazette.net/article/20140216/BIZ/302169971/1031/BIZ
Quote: "To reduce the risk of currency-exchange website owners stealing users’ money, Larimer and his team of more than 15 full-time employees are building BitShares, a Bitcoin exchange where the participants jointly run and manage the operation.
While users usually have to trust their money and data to a private company to buy and sell Bitcoins, the members of BitShares also double as safekeepers. Since the technology will be distributed as bits of software across members’ computers, no single person will have access to all of the money or the central system.
“No company can run away with your funds, so you don’t have to worry about that,” Larimer said. “There’s no central place to rob.” His exchange is on track to debut this year, he said."
Maybe one day there will be some good articles where the journo has actually understood what BitShares is. We're not quite there yet.
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General Discussion / Re: Best strategy for PTS/BTC
« on: February 19, 2014, 05:08:09 am »When should we make sure that we have are wallets stocked with PTS in order to receive BTS?
The last PTS block with a timestamp in February is the one. Timezone is always GMT.
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General Discussion / Re: Price rising too fast
« on: February 19, 2014, 02:55:54 am »
Any news causing the current price spike in China?
PTS is trading over 0.02 BTC on btc38. Cryptsy only slowly catching up.
PTS is trading over 0.02 BTC on btc38. Cryptsy only slowly catching up.
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General Discussion / Re: Best strategy for PTS/BTC
« on: February 19, 2014, 12:42:51 am »
There is no such thing as AGSX, you probably mean BTS X.
3) has the advantage of being liquid - you can sell it again if you want to. The disadvantage is, that if you are only interested in BTS X holding PTS will only give you about 40 % the amount of BTS X per dollar compared to buying AGS.
Regarding the choice between 1) and 2): That changes from day to day. You will have to have a look at agsexplorer.com or angelshares.info to check out. The last two weeks using BTC was up to 20 % better, the last two days there was not much difference at all (± 5 %).
There is not really a difference between 2) and 4) ?
3) has the advantage of being liquid - you can sell it again if you want to. The disadvantage is, that if you are only interested in BTS X holding PTS will only give you about 40 % the amount of BTS X per dollar compared to buying AGS.
Regarding the choice between 1) and 2): That changes from day to day. You will have to have a look at agsexplorer.com or angelshares.info to check out. The last two weeks using BTC was up to 20 % better, the last two days there was not much difference at all (± 5 %).
There is not really a difference between 2) and 4) ?
