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Main => General Discussion => Topic started by: cylonmaker2053 on February 16, 2016, 10:15:37 pm

Title: What is METAEX.BTC?
Post by: cylonmaker2053 on February 16, 2016, 10:15:37 pm: I'm seeing a relatively high trade volume for it on the DEX, but can't find a description. Is this a UIA? Does it represent some sort of ownership in https://metaexchange.info?
Title: Re: What is METAEX.BTC?
Post by: Akado on February 16, 2016, 10:19:31 pm: http://cryptofresh.com/a/METAEX.BTC

you can search all assets here http://cryptofresh.com/assets

It's metaexchange's btc IOU

edit: Yeah they're lacking a description on the asset.
Title: Re: What is METAEX.BTC?
Post by: Shentist on February 16, 2016, 10:26:09 pm: Quote from: cylonmaker2053 on February 16, 2016, 10:15:37 pm
I'm seeing a relatively high trade volume for it on the DEX, but can't find a description. Is this a UIA? Does it represent some sort of ownership in https://metaexchange.info?

yeah, we should update it, thanks for the feedback.

METAEX . BTC /ETH /NXT

representing our UIA tokens you can trade on the bitshares exchange and can transfer it instantly into real coins instantly via metaexchange.info.

at the moment we are providing liquidity only for the pairs METAEX.BTC/BTS and METAEX.BTC/bitBTC

to get some part of the liquidity pool who runs our service you can buy METAFEES. More informtion about METAFEES you find on https://metaexchange.info/invest and https://bitsharestalk.org/index.php/topic,20150.0.html
Title: Re: What is METAEX.BTC?
Post by: noisy on February 16, 2016, 11:47:47 pm: Quote from: Shentist on February 16, 2016, 10:26:09 pm
More informtion about METAFEES you find on https://metaexchange.info/invest and https://bitsharestalk.org/index.php/topic,20150.0.html

@Shentist
BTW, are you going to switch from buyback model to dividends model when code will be merged? This can convince me :)
Title: Re: What is METAEX.BTC?
Post by: cylonmaker2053 on February 17, 2016, 12:07:15 am: thanks for the quick responses! Very happy to get the introduction to http://cryptofresh.com/assets, but still not quite sure about the METAEX.BTC / NXT / ETH...just to clarify:

e.g. is METAEX.BTC a BTS-denominated UIA representing 1 BTC that can be liquidated on metaexchange for 1 BTC on demand? if so, this is an interesting gateway asset concept. What are the risks, drawbacks, anything else material?
Title: Re: What is METAEX.BTC?
Post by: Shentist on February 17, 2016, 05:28:01 am: Quote from: cylonmaker2053 on February 17, 2016, 12:07:15 am
thanks for the quick responses! Very happy to get the introduction to http://cryptofresh.com/assets, but still not quite sure about the METAEX.BTC / NXT / ETH...just to clarify:

e.g. is METAEX.BTC a BTS-denominated UIA representing 1 BTC that can be liquidated on metaexchange for 1 BTC on demand? if so, this is an interesting gateway asset concept. What are the risks, drawbacks, anything else material?

correct!

METAEX.BTC is transferable as a ratio 1:1 into BTC instantly. You can find on http://cryptofresh.com/a/METAEX.BTC how many METAEX.BTC in existence are availalbe. We are only creating METAEX.BTC if you
transfer BTC into METAEX.BTC via https://metaexchange.info/markets/METAEX.BTC/BTC. So it is a BTC UIA backed with 100 % BTC.

The risks are that we get hacked, but this is less likely then poloniex get hacked, because we have no system in place we are handling wallet balances for our customers.
Title: Re: What is METAEX.BTC?
Post by: Shentist on February 17, 2016, 05:32:21 am: Quote from: noisy on February 16, 2016, 11:47:47 pm
Quote from: Shentist on February 16, 2016, 10:26:09 pm
More informtion about METAFEES you find on https://metaexchange.info/invest and https://bitsharestalk.org/index.php/topic,20150.0.html

@Shentist
BTW, are you going to switch from buyback model to dividends model when code will be merged? This can convince me :)

as a major holder of METAFEES it would be nice, but we would ask all holders what they want.

I think this feature would only be good for the METAFEE holders, if the 0 fees are also integrated.
If you are a small holder and gets a fraction of cents as dividends, it is not be good for me to get dividends, because i cannnot do anything with them. If i want to transfer the transfer fees are probably higher
then the dividend.

So, to wrap up, the 0 fee feature should be implemented before we consider to switch the model.
Title: Re: What is METAEX.BTC?
Post by: cylonmaker2053 on February 17, 2016, 01:50:21 pm: Quote from: Shentist on February 17, 2016, 05:28:01 am
Quote from: cylonmaker2053 on February 17, 2016, 12:07:15 am
thanks for the quick responses! Very happy to get the introduction to http://cryptofresh.com/assets, but still not quite sure about the METAEX.BTC / NXT / ETH...just to clarify:

e.g. is METAEX.BTC a BTS-denominated UIA representing 1 BTC that can be liquidated on metaexchange for 1 BTC on demand? if so, this is an interesting gateway asset concept. What are the risks, drawbacks, anything else material?

correct!

METAEX.BTC is transferable as a ratio 1:1 into BTC instantly. You can find on http://cryptofresh.com/a/METAEX.BTC how many METAEX.BTC in existence are availalbe. We are only creating METAEX.BTC if you
transfer BTC into METAEX.BTC via https://metaexchange.info/markets/METAEX.BTC/BTC. So it is a BTC UIA backed with 100 % BTC.

The risks are that we get hacked, but this is less likely then poloniex get hacked, because we have no system in place we are handling wallet balances for our customers.

Very interesting! Has the asset ever traded at a discount to par? I'm guessing it should carry a persistent premium.
Title: Re: What is METAEX.BTC?
Post by: Akado on February 18, 2016, 04:53:21 pm: Quote from: cylonmaker2053 on February 17, 2016, 01:50:21 pm
Quote from: Shentist on February 17, 2016, 05:28:01 am
Quote from: cylonmaker2053 on February 17, 2016, 12:07:15 am
thanks for the quick responses! Very happy to get the introduction to http://cryptofresh.com/assets, but still not quite sure about the METAEX.BTC / NXT / ETH...just to clarify:

e.g. is METAEX.BTC a BTS-denominated UIA representing 1 BTC that can be liquidated on metaexchange for 1 BTC on demand? if so, this is an interesting gateway asset concept. What are the risks, drawbacks, anything else material?

correct!

METAEX.BTC is transferable as a ratio 1:1 into BTC instantly. You can find on http://cryptofresh.com/a/METAEX.BTC how many METAEX.BTC in existence are availalbe. We are only creating METAEX.BTC if you
transfer BTC into METAEX.BTC via https://metaexchange.info/markets/METAEX.BTC/BTC. So it is a BTC UIA backed with 100 % BTC.

The risks are that we get hacked, but this is less likely then poloniex get hacked, because we have no system in place we are handling wallet balances for our customers.

Very interesting! Has the asset ever traded at a discount to par? I'm guessing it should carry a persistent premium.

https://metaexchange.info/markets/METAEX.BTC/BTC

according to this 1 METAEX.BTC gets you 0.997 BTC and vice-versa
Title: Re: What is METAEX.BTC?
Post by: cylonmaker2053 on February 18, 2016, 05:11:00 pm: Quote from: Akado on February 18, 2016, 04:53:21 pm
https://metaexchange.info/markets/METAEX.BTC/BTC

according to this 1 METAEX.BTC gets you 0.997 BTC and vice-versa

so a very small premium to par, i suppose as compensation for liquidation convenience on metaexchange.
Title: Re: What is METAEX.BTC?
Post by: Shentist on February 18, 2016, 05:30:15 pm: Quote from: cylonmaker2053 on February 18, 2016, 05:11:00 pm
Quote from: Akado on February 18, 2016, 04:53:21 pm
https://metaexchange.info/markets/METAEX.BTC/BTC

according to this 1 METAEX.BTC gets you 0.997 BTC and vice-versa

so a very small premium to par, i suppose as compensation for liquidation convenience on metaexchange.

thats the normal transaction fee we take.
Title: Re: What is METAEX.BTC?
Post by: cylonmaker2053 on February 18, 2016, 08:27:56 pm: Quote from: Shentist on February 18, 2016, 05:30:15 pm
Quote from: cylonmaker2053 on February 18, 2016, 05:11:00 pm
Quote from: Akado on February 18, 2016, 04:53:21 pm
https://metaexchange.info/markets/METAEX.BTC/BTC

according to this 1 METAEX.BTC gets you 0.997 BTC and vice-versa

so a very small premium to par, i suppose as compensation for liquidation convenience on metaexchange.

thats the normal transaction fee we take.

gotcha...what do you do with the fees?