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Messages - prozachj

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General Discussion / Re: Bitshare app
« on: July 07, 2017, 01:06:43 am »
You seem to have a slight misunderstanding of how crypto wallets in general work. They don't "store" coins,  they store private keys that allow you to transfer the value you own on the blockchain, which is public and distributed. The coins are never in your wallet, they are never in any one place. They exist due to the consensus of the network.

Bitshares is no different, the wallet stores your keys. The keys allow you to transfer the value of your BTS or other assets.

Whether or not a particular asset on the bitshares network is more free of counter party risk will depend on the asset, but in general BTS and the bitX smartcoins carry no counter party risk and therefore less risk than anything you have on a centralized exchange.

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General Discussion / Re: New to BitShares
« on: May 26, 2017, 12:59:18 am »
Quote
This means that the blockchain will pay the trader the price-feed value of the SmartCoin that he is re-selling.

Is the feed-price value for a settlement determined at the time you request the settlement or at the time of settlement?

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General Discussion / Re: New to BitShares
« on: May 22, 2017, 01:32:02 pm »
Thank you for the clear explanations. I was definitely conflating smartcoins and UIAs. I think the fact that the markets tab in the BitShares UI doesn't separate them (there are UIA markets under the bitUSD tab etc) or meaningfully denote them may have contributed to that confusion.

I am correct that trading in smartcoin markets seems to incur less counter party risk than trying to trade the cryptocurrencies via UIAs?

Is being a short seller really required for smartcoin creation? Couldn't I just as easily lock up BitShares to go long say bitGold or bitOil?

Quote
I hope you become part of the community

I guess, technically I am part of the way there, just need to pull my BitShares out of my current exchange and put them into my wallet.  ;D






4
General Discussion / New to BitShares
« on: May 21, 2017, 10:56:52 pm »
Hey BitShares community! Discovered the platform recently while looking for ways to reduce counter-party risk in my crypto trading (not get goxed). The DEX is pretty exciting, but I also have to admit that consuming information and documentation about BitShares and becoming proficient with the platform and the technology behind it is going to take me some time. The community here seems really great (and surprisingly small given the apparent value I see in the DEX) so I thought I'd introduce myself.

I'm from Houston, Texas. I work in software security and came from the web development world before finding my talent for breaking things. In my spare time, I'm building a vegetable farm and trading crypto.

I'm prozachj in most places on the net and HClO4Burns in a few others in case you want to look me up.

Now for a few questions (feel free to tell me to go bugger off and read the docs):

The DEX seems to eliminate counter party risk for trades, but it seems to me that most of the smartcoins being issued by a gateway mean that risk is reintroduced if I ever want to take value out of the platform (say to buy something). I understand that the contracts that back the coins don't rely on a counter party to peg the value, but what happens if the gateway runs off with the underlying peg coins? How would I then turn my OPEN.x or TRADE.X into X?

What happens if the value of BitShares goes so low (or a specific coin so high) that there is no longer a way to satisfy the smart contract that keeps the peg?

Can someone give me the TLDR on witnesses?

Same for forced settlements?

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