BitShares Forum

Main => General Discussion => Topic started by: Molite on March 27, 2016, 06:57:59 pm

Title: OPEN.BTC ?
Post by: Molite on March 27, 2016, 06:57:59 pm

What is the "open" how is it different thane regular BTC exchange

Im new I looked around a bit but couldn't figure it out

 

Title: Re: OPEN.BTC ?
Post by: pc on March 27, 2016, 07:09:47 pm

OPEN.* assets are IOUs backed by CCEDK.com. You can deposit actual bitcoin and receive OPEN.BTC, or "withdraw" OPEN.BTC and receive actual bitcoin.
Check the "Deposit/withdraw" page on your "Account" tab at bitshares.openledger.info .

Title: Re: OPEN.BTC ?
Post by: Molite on March 27, 2016, 07:14:42 pm

Yes thanks, I have made a deposit and it shows up as OPEN.BTC

I just dont understand what the difference between OPEN.BTC and BTC they seem to be different markets?

Title: Re: OPEN.BTC ?
Post by: speedy on March 27, 2016, 07:31:27 pm

Quote from: Molite on March 27, 2016, 07:14:42 pm

Yes thanks, I have made a deposit and it shows up as OPEN.BTC

I just dont understand what the difference between OPEN.BTC and BTC they seem to be different markets?

All the 3 letter markets (BTC, USD, GLD) are Smartcoins / market pegged assets that are counterparty free, backed by collateral from BitUSD shorters who have to buy back USD to cover their short positions.

The markets with prefixes (OPEN.BTC, METAEX.BTC) are IOUs that are equivalent to deposits on another exchange.

Yes the gui could show this difference more clearly.