BitShares Forum
Main => General Discussion => Topic started by: btswildpig on July 30, 2015, 04:43:35 am
-
After talking to few people , here is what I've learnt .
Tradebts was the first 1:1 gateway for BitCNY who provides exactly 1:1 exchange service . Namely if you have 1 BitCNY , they give you 1 CNY with only 0.2% service fee . And vise versa . Because of their service , BTC38 was able to accept BitCNY deposit and credit people with CNY balance .
The business was unsustainable from the start if considering the economical elements . (even with the delegate pay , which can't help much due to the rapid drop of BTS price )
1、With low fee , they can't generate profit that make sense . But if they try to raise the fee to even 0.5% , people will not use the service as they've publicly stated . (They said : The peg means 1:1 ratio , it must be 1:1 , otherwise it's no better than Visa or Master card , Why would I use that ? ) .
2、As a 1:1 gateway , they must hold a huge amount of BTS in order to run . ------- Short to themselves , etc , etc , operations needed in a single trend market , such as too many BitCNY , not enough BitCNY when there was constant need for covering shorts.... ------- That alone suffers great risk and lost in fiat value .
3、With the low liquidity in BTS , it's just too hard to maintain a 1:1 peg to fiat money with large amount of BitCNY because in the end it's backed by the liquidity .
4、While the fiat money is limited , the need for converting BitCNY to fiat never stops , maybe because people can "short to themselves with zero risks" , and they can use the BitCNY generated by themselves in exchange for fiat money , exactly like a loan . Sooner or later , fiat money will run out .
Under various circumstances , the service have to stop .
It doesn't take a genius to figure out the business is in the red all these time even with the delegate pay . But they've agreed that the delegate need to be voted down .
So , Please down vote tradebts.gulu .
-
Thanks for the report.. I trust you have shared the same in the Chinese community if it hasn't already become well known. +5%
-
Thanks for the report.. I trust you have shared the same in the Chinese community if it hasn't already become well known. +5%
Don't you worry , those people who enjoyed the 0.2% fee are screaming for blood to remove the delegate , and that's to a service that has served the community for more than 7 months .
Imagine what they will do to you . :P
-
Thanks for the report.. I trust you have shared the same in the Chinese community if it hasn't already become well known. +5%
Don't you worry , those people who enjoyed the 0.2% fee are screaming for blood to remove the delegate , and that's to a service that has served the community for more than 7 months .
Imagine what they will do to you . :P
Haha... ok then.. remind them to http://vote.bunkermining.com :) while they are taking care of voting :)
-
I am removing them from my slate ..
seems their webpage is down already ..
too bad
-
removed and voted.
-
In the increasingly sluggish market situation, it is true that you say
-
Voting is not positive