I like "notes" for general asset and "vibes" for per-artist asset.
Example: As alt-coins tend to be priced in Bitcoin on the exchanges, their $ price tends to rise and fall depending on Bitcoin's price. I suspect Bitshares Music price would be very volatile in the first year but we want the price we charge for songs to be stable and the stock prices of our artists to move independently on their own news. Just pricing songs, stocks and graphs in $ with our conversion in brackets behind should largely address this.
Unless BitUSD is confirmed to work and added to bitshares music, the blockchain has no control over USD-denominated trades. Centralized altcoin exchanges price things in BTC for a reason - they aren't trading USD!
Centralized altcoin exchanges price things in BTC for a reason - they aren't trading USD!
Regards the pricing of songs...
If a song is priced @ $0.5 it simply means when you buy a song you will be charged $0.5 worth of Bitshares, thereby giving you a stable and advertisable price. (As opposed to saying a song costs 1 Bitshare or whatever, the $ value of which will fluctuate wildly.) This is far preferable and doesn't require BitUSD.
- If 1 Bitshare currently trades @ $0.5 then 1 Bitshare per song would be deducted from your account & the artist would receive 1 Bitshare per download that day.
- If 1 Bitshare currently trades @ $0.25 you would have 2 Bitshares deducted from your account to purchase a song & the artist would get 2 Bitshares per download.
Regards the pricing of stocks...
Traders often keep the alt-coins around their current BTC specific level, because exchanges currently force them to place their buy and sell orders at BTC levels, thereby making them mirror Bitcoin price fluctuations more than they need too.
Eg. Bitshares is listed and graphed currently @ 0.0063 BTC (Which is also convertible to $4.16 each.)
Buyers are putting in orders below 0.0063, sellers are putting orders in above.
If Bitcoin's price doubles, Bitshares buyers will end up paying $8+ for a Bitshare even though it may still only be 0.0062 BTC. Thereby making Bitshares track Bitcoin as opposed to moving more independently.
If on the other hand the exchange showed the $4.16 price with (0.0063 BTC) in brackets and the graph also showed the dollar conversion. Then traders would have the option to put in buy and sell orders around that dollar price instead.
So when you place a buy order for Bitshares at $4. The exchange will simply buy Bitshares with Bitcoin when the conversion rate for Bitshares priced in Bitcoin equals $4. This does not require BitUSD. But making that adjustment would allow alt-coins or other assets to move more independently and fluctuate closer to a $ price rather than mirroring Bitcoin's price.
The concept may be easier to see if we had 'Silvercoin' which was redeemable for one real ounce of silver.
Traders wouldn't want to put in buy orders at volatile BTC levels but rather $ levels.
The exchange would simply calculate the current dollar value of Silvercoins, (Even though it is traded in Bitcoin) & when that current $ value hit your buy and sell level the purchase or sale would be made in Bitcoin.