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Topics - Method-X

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General Discussion / BitShares X "Ask Me Anything" starts exactly 1 hour from now.

« on: September 08, 2014, 03:08:37 pm »

Where: http://www.reddit.com/r/BitcoinMarkets/comments/2ftfti/bitshares_x_ama_trade_btc_derivatives_on_the/

When: 12pm UTC -05:00

We will be answering questions, I will be giving out BTSX and helping users get accounts registered.

General Discussion / Huobi’s offers fixed-interest bitcoin investment product, sells out in 1 hour.

« on: September 07, 2014, 06:19:06 pm »

http://pando.com/2014/09/02/huobis-new-fixed-interest-bitcoin-investment-product-should-have-the-hairs-on-your-neck-standing-at-attention/

- Backed by mining profits (?)
- 16% interest

I'd be interested to hear what Dan thinks of this.

General Discussion / AMA + BTSX Fauset in /r/BitcoinMarkets @ Monday 12pm UTC-05:00

« on: September 06, 2014, 06:21:27 pm »

I'm hoping to get a few people on board my strategic seeding effort. Lets start with an AMA in /r/BitcoinMarkets this Monday at 12 PM. - Users who frequent this sub are the early adopters we should be targeting now. That should be obvious.

We'll do 3 things:

Answer questions.
Hand out BTSX.
Get user accounts registered.

Who's with me?

EDIT

- Join us in #bitshares on irc.freenet.net to better coordinate.
- I'll be handing out the BTSX so no worries.

General Discussion / Proposal : "Dead Coins" Fed Back To The System

« on: September 05, 2014, 06:44:56 pm »

Here's a half baked idea I've been mulling over for the past few weeks...

One of the unique properties of cryptoassets (for better or worse) is that people die and their coins/shares/tokens essentially disappear forever. Their loss becomes everyone elses gain in the form of deflation. But what if those little "units of power" could be harnessed in more strategic ways by the system itself?

Lets say after XYZ number of blocks (i.e. ~3 years worth of blocks), private keys which have not demonstrated control over their tokens are seized by the system and kept as a "rainy day fund" (or for any other reason deemed worth by the electorate).

- This also has the side benefit of incentivising both voting and spending since both demonstrate control over your private key.

- TITAN allows for one account with pretty decent anonymity; as a result most tokens will be under the control of one master private key and not spread out over numerous addresses to maintain anonymity. This feature makes the idea I'm proposing much more practical.

- This would allow network fees to be directed as interest (as proposed by Bytemaster) while still maintaining an emergency reserve.

- Clients can automatically issue warnings to users who haven't proven control over private keys in XYZ number of blocks. This would prevent the vast majority of people from forgetting about tokens and losing them as a result.

Possible issues I foresee are :

- People forgetting about their assets / not aware of the dead coin rule.

- Some technical reason TITAN cannot allow for this.

Technical Support / !!! Stupid Questions Thread !!!

« on: September 05, 2014, 12:43:35 pm »

Check your ego at the door!

Ask the questions you've always wanted to ask but were too embarrassed to admit you didn't know.

Examples :

- Market dynamics, PEG
- Shorting, margin calls
- BitShares X application

General Discussion / BTSX as default unit in "transfer" tab.

« on: September 05, 2014, 04:06:12 am »

The default unit when sending funds should always be denominated in BTSX. Currently it's alphabetical and will eventually result in someone sending someone else 10 BTC when they really meant 10 BTSX.

Technical Support / [SOLVED] BitUSD stuck in limbo

« on: September 03, 2014, 04:57:27 pm »

Under the edit tab in my account, it looks like I've got 100 USD trapped in limbo. What do?

SOLVED!

I imported the very first backup I created. I first attempted restoring my latest backup but that resulted in all the same errors with voting and transaction scanning. It would appear this is an issue with the way backups were / are made.

Once the blockchain was synced, I input the following into the console:

Code: [Select]

wallet_regenerate_keys methodx 1000
All keys were regenerated and within 10 minutes of the scan, I had access to all funds again.

Finally I can start playing the markets!

General Discussion / bitGLD to XAU bridge being considered by RippleSingapore

« on: September 03, 2014, 03:28:30 am »

http://www.reddit.com/r/BitShares/comments/2f91ps/bitgld_to_xau_bridge_being_considered_by/

General Discussion / Demand for BitUSD: What are the low hanging fruit?

« on: September 03, 2014, 01:22:12 am »

Let's have a brainstorming session!

Our product is BitUSD. If there is demand for BitUSD there will be demand for trading on the exchange. With this in mind, who does BitUSD (as things are right now) appeal to the most? Who are the low hanging fruit?

Low hanging fruit #1

Darknet markets. This will be controversial I'm sure, but it's true. Vendors on the darknet markets do NOT like the volatility of bitcoin. Especially as of late, since it's been going down for a long time. If given the choice, most would convert BTC -> USD but they don't because of KYC rules on exchanges. They desire a stable place to park their excess profit until they need it.

This is what a typical darknet market vendor wants:

BTC -> BitUSD (hold until they need to cash out) BitUSD -> BTC -> Localbitcoins

They don't even need to spend it. They just want the stability.

Low hanging fruit #2

BitUSD on-ramps in countries like Argentina. This is less low hanging than #1 because there is currently nowhere to spend it. It would be used only as a store of value and nothing else. I don't know much about Argentina but I'd assume there are other assets they could hold their buying power in.

General Discussion / What would the psychological effect of dropping the "Bit" in BitUSD be?

« on: September 02, 2014, 05:39:15 pm »

What would the effect of calling BitAssets simply "USD", "GLD", "CNY" be? The peg seems to be as much a psychological phenomenon as it is market mechanics... so why not drop "Bit" altogether?

I would argue the "Bit" in front of USD is a constant reminder that the two are somehow different. Remove this reminder and I predict the peg will track closer to the real USD.

Thoughts?

General Discussion / "What Is BitShares?" infographic -- your input is appreciated.

« on: September 02, 2014, 05:18:50 pm »

I'm working on a "What is BitShares?" infographic and would like some input.

EDIT: Here is the final version:

Download the .PSD

(consider this infographic open source, with full GNU rights)

General Discussion / Can someone respond to these criticisms of BitAssets...

« on: August 31, 2014, 07:45:14 pm »

http://www.reddit.com/r/BitShares/comments/2f1gu6/bitsharesx_explain_it_like_im_five/

I don't understand the market dynamics enough to give a coherent rebuttal.

General Discussion / BitSharesX: Explain It Like I'm Five (my attempt)

« on: August 30, 2014, 10:36:35 pm »

I started a blog called nullstreet.com -- I intend to center it around DACs. This is my 2nd post.

BitSharesX = A decentralized exchange for trading derivatives (called BitAssets).
BTSX = Shares of BitSharesX. Functions the same as the "coins" you're used to.
BitAsset = A derivative of a real world asset. Is derived from BTSX.
BitUSD = A BitUSD is a BitAsset. It's value is pegged to the value of 1 (real) USD.

The goal of BitSharesX is to eliminate the volatility associated with bitcoin and all other altcoins. Cryptocurrencies cannot be used as money because they are too volatile. Bitcoin can swing in value as much as 20% in a day, making it unlikely any normal person would use it as money or to store value. "BitAssets" exist within the BitSharesX exchange and were devised as a way to offer all the benefits of a cryptocurrency with the stability of a real world asset (USD, gold, EUR, CNY, etc). This can be accomplished through the use of derivatives. Let me explain...

A BitAsset is "pegged" to the value of a real world asset like USD, gold or CNY. To maintain this peg, the value of the BitAsset dynamically changes as the value of both the real world asset changes and as the value of BTSX changes. If 1 USD = 10 BTSX, 1 BitUSD = 10 BTSX. If we wake up tomorrow and BTSX has gone up in value and 1 USD = 9 BTSX, 1 BitUSD would = 9 BTSX.

Think of BitAssets (BitUSD, BitGLD, BitCNY) as a cryptocurrency that "holds" a bunch of BTSX shares inside of it -- if either the asset or BTSX change in value, the number of BTSX inside the BitAsset change to always equal the value of the real world asset.

Here's a visual representation:

General Discussion / VIDEO TUTORIAL on how to use the BitSharesX app and trading basics?

« on: August 30, 2014, 03:07:22 am »

If you all want this market to function the way it's supposed to, someone needs to start creating video tutorials on how to use the BitSharesX app and explaining the basics of trading. I guarantee you there are a bunch of people just like me who have no idea what they're doing so we don't bother using the exchange to its full potential. For example, I would like to know (in plain english) when I should convert to bitUSD, when would be a good time to short a bitAsset, etc. There is so much I would like to know but have no idea where to start learning.

Anyone else feel the same way?

General Discussion / Where can I learn to trade / use the BitSharesX app?

« on: August 30, 2014, 02:57:03 am »

I know many of you are very experienced traders and know your stuff, so at the risk of sounding stupid, how can I learn these concepts? When should I convert my BTSX into bitUSD (or any other asset), when should I "short" a bitAsset? I'm trying my best to wrap my head around all of this but it's not coming fluidly. I need some sort of educational resource...

There should be a video tutorial on how to use the BitSharesX app and also the basic concepts.

I can't be the only non-trader who's interested in BTSX?