BitShares Forum
Main => General Discussion => Topic started by: bizzyb on October 17, 2015, 07:33:29 pm
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Hi all, my lack of understanding of Bitshares 2.0 will be apparent with this question, but I'm still interested in finding out as it seems a very interesting and forward thinking project I'd like to get involved with.
I'm the project lead for an altcoin called MonetaryUnit (MUE)
www.MonetaryUnit.org
https://bitcointalk.org/index.php?topic=778322.0
I want to automate our savings service - bank.muecentral.com (users deposit their MUE and receive 10% APR on their deposits)
and our soon to launch BTC loans service MUE lend (users deposit their MUE with us and we release a BTC loan equivalent to 50% of the current market value of MUE)
Would our coin (a pure POW quark algo coin) have to "migrate" to the bts system, or can it somehow remain still a POW coin in its own right, but have the automated savings and loan business integrated in the bitshares system?
I hope that makes sense, and I look forward to a thorough BTS schooling ;)
B
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I believe you would issue a user issued asset for your coin on the bitshares blockchain - like bitgold, bitusd, biteuro.
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Have a look and see if any of this is relevant to what you want to do: https://bitshares.org/technology/user-issued-assets/
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Welcome!
Is there a reason you want to keep mining instead of migrating? A large effort went into BitShares methods of providing better and more scalable security than mining more efficiently than mining can, so you'd miss out on that if you used the BitShares chain peripherally without running natively on it.
Does the MUE bank invest the deposits to earn the interest, or does it pay it out of newly minted MUE?
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Hi all, my lack of understanding of Bitshares 2.0 will be apparent with this question, but I'm still interested in finding out as it seems a very interesting and forward thinking project I'd like to get involved with.
I'm the project lead for an altcoin called MonetaryUnit (MUE)
www.MonetaryUnit.org
https://bitcointalk.org/index.php?topic=778322.0
I want to automate our savings service - bank.muecentral.com (users deposit their MUE and receive 10% APR on their deposits)
and our soon to launch BTC loans service MUE lend (users deposit their MUE with us and we release a BTC loan equivalent to 50% of the current market value of MUE)
Would our coin (a pure POW quark algo coin) have to "migrate" to the bts system, or can it somehow remain still a POW coin in its own right, but have the automated savings and loan business integrated in the bitshares system?
I hope that makes sense, and I look forward to a thorough BTS schooling ;)
B
Welcome! I hope you find some good info here. Curious about MUE Lend...please correct me if I understand it wrong...what is the value in depositing MUE worth x and receiving a loan of BTC worth x/2 ? Wouldn't it make more sense to just sell MUE for BTC?
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I believe you would issue a user issued asset for your coin on the bitshares blockchain - like bitgold, bitusd, biteuro.
Thanks for the reply
Have a look and see if any of this is relevant to what you want to do: https://bitshares.org/technology/user-issued-assets/
Thanks for the reply, I'll look into it
Welcome!
Is there a reason you want to keep mining instead of migrating? A large effort went into BitShares methods of providing better and more scalable security than mining more efficiently than mining can, so you'd miss out on that if you used the BitShares chain peripherally without running natively on it.
Does the MUE bank invest the deposits to earn the interest, or does it pay it out of newly minted MUE?
I guess I would like the "independence" of the coin remaining on it's own network/chain with the benefits of the bts system.
Like traditional banking, the earnings made on the BTC loans can be used to purchase MUE to not only provide buy support,
but also fund the interest payments in the savings accounts.
Welcome! I hope you find some good info here. Curious about MUE Lend...please correct me if I understand it wrong...what is the value in depositing MUE worth x and receiving a loan of BTC worth x/2 ? Wouldn't it make more sense to just sell MUE for BTC?
Thanks :)
So, this is designed to be a "service" to the MUE community, and also, generate a revenue stream that can be invested to provide buy support.
The value here is in providing users the benefit of keeping their MonetaryUnit holdings, whilst also being able to release some of the value.
They "could" use this BTC to buy more MUE, adding value to their held MUE.
It does assume that the user sees value in the longer term for MUE, and similarly to a pawn brokers, they are able to keep ownership of their investment, whilst also realising some value from it.
MUEbank & MUElend are meant to be mutually beneficial and self sustaining.
Thanks for the feedback.
Having read this forum for a while it does seem to be a much more constructive and positive environment for discussion than some "other" leading crypto forums ;)