BitShares Forum
Main => General Discussion => Topic started by: mike623317 on January 20, 2016, 05:21:42 pm
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If there is a big devaluation we need to be there with an EASY to use way for people to flee in to bitGold and bitSilver. All bickering aside, first impressions and ease of use I think are key.
I bet this will be big for Bitcoin and it should be for us too.
Hedge Fund Which Predicted The Subprime Crisis Expects Massive 50% Yuan Devaluation In 2016
http://www.zerohedge.com/news/2016-01-19/hedge-fund-which-predicted-subprime-crisis-expects-massive-yuan-devaluation-2016
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with the committee proposal we might get some more assets to help with that
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with the committee proposal we might get some more assets to help with that
One community member in telegram suggested we should shutdown all our markets and just stick to BTC USD CNY. because the rest have no liquidity they should just be eliminated.
Thoughts?
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with the committee proposal we might get some more assets to help with that
One community member in telegram suggested we should shutdown all our markets and just stick to BTC USD CNY. because the rest have no liquidity they should just be eliminated.
Thoughts?
+5%
But what will happen to those that hold other assets?
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with the committee proposal we might get some more assets to help with that
One community member in telegram suggested we should shutdown all our markets and just stick to BTC USD CNY. because the rest have no liquidity they should just be eliminated.
Thoughts?
What are the other markets? Does that include euro, silver, gold and oil (if we found a feed?) I think those should continue. The rest... seem kind of irrelevant atm. I don't know why we should cancel them though. What's the problem on offering that to whoever might want it in the future?
I don't see the difference between having them or not. I dont see any reason why they should be eliminated, other than witnesses having to pay for publishing their feeds... what will happen to that money then?
btw, how much is the pay of a witness?
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with the committee proposal we might get some more assets to help with that
One community member in telegram suggested we should shutdown all our markets and just stick to BTC USD CNY. because the rest have no liquidity they should just be eliminated.
Thoughts?
What are the other markets? Does that include euro, silver, gold and oil (if we found a feed?) I think those should continue. The rest... seem kind of irrelevant atm. I don't know why we should cancel them though. What's the problem on offering that to whoever might want it in the future?
I don't see the difference between having them or not. I dont see any reason why they should be eliminated, other than witnesses having to pay for publishing their feeds... what will happen to that money then?
btw, how much is the pay of a witness?
Its variable.. but with 25 witnesses its variable between them all.. but somewhere in the neighbourhood of 50k bts a month each before expenses including fees and servers etc.
I don't know.. at the same time someone else asked about the NASDAQ and SHANGHAI markets we got setup in 1.0 that since have not been really supported.
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I think we should keep euro, silver, gold. But I really don't see this as a priority... priority should be using the fees from the pool that the committee collected. In fact collecting them without having a plan on what to do with them first didn't even make sense...
I take this from bitcube the one I saw providing an update on the situation, saying the committee was figuring it out. It should have already done it before collecting the fees in the first place.
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Yeah it will be big for BTC. I think it could be good for a BitUSD or TUSD. btswildpig who is Chinese, doesn't seem to think so though,
+5% Congrats
I think there could be a good market for TCNY/TUSD this year?
CNY is 4% weaker vs. USD in the last 2-3 months.
If that trend continues a lot of Chinese people would really like exposure to TUSD?
be practical . Not a lot of Chinese people will like to be exposed to a crypto token that's rely on several people(I'm referring to those who give people the impression that if they walk away and BTS will go to zero ) to keep it running , or lack of liquidity .
It's a fun experiment .
I would rather expose myself to cold hard USD cash .
Except there's an annual limit of $50 000 which may go even lower if Yuan devaluation continues.
I don't know if you can view the link but there was an article last week that said that some people in China are even buying expensive .com domains as a way to move money from CNY to USD.
http://www.zerohedge.com/news/2016-01-05/heres-ultra-clever-way-chinese-are-circumventing-capital-controls
This is very complicated and risky in terms of getting value back. I think a good TUSD may be better by comparison.
Most Chinese people couldn't earn 50000 USD a year .
True. But the top 1% of Chinese households (15-30 million people) have an average net worth of $1.6 million
If a lot of their wealth is in Yuan denominated assets (Property, Chinese Stocks, other...) they will want to move more than $50k into USD/other if the Yuan is rapidly depreciating.
and you think those rich folks have nothing better than a crypto platform that only has hundreds of real users to divest their wealth , including using other people's quota ?
that's what i mean about being practical . you can only attract those who you can afford to attract .
Bitcoin is being used for this purpose and the article I linked to showed some Chinese are buying expensive .com domains as a way to move money.
So I think TUSD could be simpler and cheaper than buying .com's as a way to move wealth and is also preferable to Bitcoin which exposes you to a lot of volatility unless you trade out of it very quickly.
You are right that BTS is still small though.
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I think we should keep euro, silver, gold. But I really don't see this as a priority... priority should be using the fees from the pool that the committee collected. In fact collecting them without having a plan on what to do with them first didn't even make sense...
I take this from bitcube the one I saw providing an update on the situation, saying the committee was figuring it out. It should have already done it before collecting the fees in the first place.
There were various ideas that revolved around the same theme. In the end it was decided to just take the baby step of how to actually access the funds. That was where consensus started. I am not a trader so my thoughts on its are not as advanced as some. I am in the camp however of encouraging a tighter peg to boost utility of the assets. Others think a wider spread will attract more trading. I can tell you that it is being treated very seriously.. and in the midst of it all we are still trying to get more organized.
I am sure whatever is done it will be a nice little shot in the arm for the markets. I emphasize little though...its not a whole lot.
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Yeah it will be big for BTC. I think it could be good for a BitUSD or TUSD. btswildpig who is Chinese, doesn't seem to think so though,
+5% Congrats
I think there could be a good market for TCNY/TUSD this year?
CNY is 4% weaker vs. USD in the last 2-3 months.
If that trend continues a lot of Chinese people would really like exposure to TUSD?
be practical . Not a lot of Chinese people will like to be exposed to a crypto token that's rely on several people(I'm referring to those who give people the impression that if they walk away and BTS will go to zero ) to keep it running , or lack of liquidity .
It's a fun experiment .
I would rather expose myself to cold hard USD cash .
Except there's an annual limit of $50 000 which may go even lower if Yuan devaluation continues.
I don't know if you can view the link but there was an article last week that said that some people in China are even buying expensive .com domains as a way to move money from CNY to USD.
http://www.zerohedge.com/news/2016-01-05/heres-ultra-clever-way-chinese-are-circumventing-capital-controls
This is very complicated and risky in terms of getting value back. I think a good TUSD may be better by comparison.
Most Chinese people couldn't earn 50000 USD a year .
True. But the top 1% of Chinese households (15-30 million people) have an average net worth of $1.6 million
If a lot of their wealth is in Yuan denominated assets (Property, Chinese Stocks, other...) they will want to move more than $50k into USD/other if the Yuan is rapidly depreciating.
and you think those rich folks have nothing better than a crypto platform that only has hundreds of real users to divest their wealth , including using other people's quota ?
that's what i mean about being practical . you can only attract those who you can afford to attract .
Bitcoin is being used for this purpose and the article I linked to showed some Chinese are buying expensive .com domains as a way to move money.
So I think TUSD could be simpler and cheaper than buying .com's as a way to move wealth and is also preferable to Bitcoin which exposes you to a lot of volatility unless you trade out of it very quickly.
You are right that BTS is still small though.
Check out CMC.. all ships are rising including Bitshares.
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Check out CMC.. all ships are rising including Bitshares.
My personal view is that financial crises, including devaluations are generally good for crypto-currencies but less so for crypto-companies.
It would be different if the market believed we had a liquid, tightly pegged USD or Gold product that would benefit from Yuan flight & general global market turmoil.
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with the committee proposal we might get some more assets to help with that
One community member in telegram suggested we should shutdown all our markets and just stick to BTC USD CNY. because the rest have no liquidity they should just be eliminated.
Thoughts?
My own view is Gold and Silver must be kept because these are the traditional havens from devaluations.
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I didn't see "predicts" in that article; the quote said China "should" devalue its currency. That actually would be great for the world economies if it happened, but my money is on slower responses.
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I didn't see "predicts" in that article; the quote said China "should" devalue its currency. That actually would be great for the world economies if it happened, but my money is on slower responses.
not sure . if yuan devalues , China will have a better advantage exporting products , but higher expense to import products .
so those who want to sell things to China will be hurt .