BitShares Forum
Main => General Discussion => Topic started by: starspirit on October 17, 2014, 08:22:16 am
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Technically it might be that BitAssets need to be backed by BTSX, I'm not sure. What else, if anything, is within the realms of practical possibility?
e.g. Can BTC be used to back BitBTC?
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BTSX is the only easy solution.
If we could trust delegates enough to run other cryptocurrency clients and keep other coins in multi signature addresses, it may be possible to tie Bitcoin or another cryptocurrency into the system. I think that would require a massive amount of code that doesn't already exist though.
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In theory you could use any asset ON THE BLOCKCHAIN to back any other asset's (shorts)
as an example, use bitGLD as collateral for bitUSD ..
however this would lead to people shorting BTSX against USD (not the other way round) and increase the supply of BTSX for 2B+ ..
and that would break the promise to the shareholders and thus is not considered in BTSX in the near future ..
however, in a mumble session, BM mentioned that one could create a new DAC BTSY to give it a shot
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BTSX is the only easy solution.
If we could trust delegates enough to run other cryptocurrency clients and keep other coins in multi signature addresses, it may be possible to tie Bitcoin or another cryptocurrency into the system. I think that would require a massive amount of code that doesn't already exist though.
What if Bter is a delegate? Couldn't they redeem our IOU on Bitshares X through the client?
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In theory you could use any asset ON THE BLOCKCHAIN to back any other asset's (shorts)
as an example, use bitGLD as collateral for bitUSD ..
however this would lead to people shorting BTSX against USD (not the other way round) and increase the supply of BTSX for 2B+ ..
and that would break the promise to the shareholders and thus is not considered in BTSX in the near future ..
however, in a mumble session, BM mentioned that one could create a new DAC BTSY to give it a shot
It will not actually increase the supply as all the BTSX created by shorting GLD are backed by GLD which is backed by BTSX. So any BTSX created are actually backed by another "locked" BTSX (GLD used is also locked). If we exclude locked assets from the calculations then we will never exceed 2B BTSX.
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From another thread:
One thing, fairly easy to implement and creating demand for BitAssets instantly would be:
Allow shorts post their collateral in BitAssets, not just BTSX.
For example if you think the BTC/USD ratio is overvalued and will sink, you can't hedge that in BitShares. It would be cool to be able to short BitBTC against BitUSD. This creates extra demand for BTSX because the BitUSD used in the collateral would have to be created by somebody else in the first place, using BTSX as collateral.
That would be nice.
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@emski .. thanks ... makes much more sense in my head now!