BitShares Forum

Main => General Discussion => Topic started by: Thul3 on July 23, 2019, 08:44:41 pm

Title: How are current worker funds bitcny / bitusd being changed to fiat/major asset ?
Post by: Thul3 on July 23, 2019, 08:44:41 pm

Am asking that question just on the purpose if its possible that because of lack of liquidity on DEX against major assets some workers are forced to sent their BTS funds to CEX'es to sell it against BTC or USDT to be able to collect the needed fiat or major asset for their worker.

Is it possible that this also creates an unwanted sell pressure against BTS we should have a look at.

I guess chinese workers are collecting bitcny and changing it to CNY via magicwallet.
What about the other workers which can't use this CNY fiat gateway solution ?

Title: Re: How are current worker funds bitcny / bitusd being changed to fiat/major asset ?
Post by: abit on July 24, 2019, 01:17:35 pm

Quote from: Thul3 on July 23, 2019, 08:44:41 pm

Am asking that question just on the purpose if its possible that because of lack of liquidity on DEX against major assets some workers are forced to sent their BTS funds to CEX'es to sell it against BTC or USDT to be able to collect the needed fiat or major asset for their worker.

Is it possible that this also creates an unwanted sell pressure against BTS we should have a look at.

I guess chinese workers are collecting bitcny and changing it to CNY via magicwallet.
What about the other workers which can't use this CNY fiat gateway solution ?

Check every worker.

E.G.
* The mobile team worker receives BTS directly, not sure if they sell.
* BBF escrow workers receive bitCNY, all operations are on DEX -- BTS got sold to the market to get bitCNY.

Title: Re: How are current worker funds bitcny / bitusd being changed to fiat/major asset ?
Post by: clockwork on July 25, 2019, 06:07:30 am

Quote from: Thul3 on July 23, 2019, 08:44:41 pm

Am asking that question just on the purpose if its possible that because of lack of liquidity on DEX against major assets some workers are forced to sent their BTS funds to CEX'es to sell it against BTC or USDT to be able to collect the needed fiat or major asset for their worker.

Is it possible that this also creates an unwanted sell pressure against BTS we should have a look at.

I guess chinese workers are collecting bitcny and changing it to CNY via magicwallet.
What about the other workers which can't use this CNY fiat gateway solution ?

Personally I use bitCNY pay to buy BTS on Dex. Stash most of it.

Rare occasion I need to cash some out, I sell for LTC and send to coinbase