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Messages - Chuckone

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76
General Discussion / Re: Congratulations to BTS holders, back to the 7th place
« on: July 10, 2015, 12:31:49 pm »
I'm sorry for those who got burned with LTC! I wouldn't have liked being the unaware who bought at the highest, but in a sense don't play with fire if you don't want to get burned. I made a comment (an obvious one!) yesterday about the fact that a serious correction was about to happen with LTC and that investors were bound for a solid hangover. There's always a loser with these kinds of pumps, and usually it's the small time investor.

Predictable. But sad nonetheless.

77
Muse/SoundDAC / Re: Why is it so silent???
« on: July 09, 2015, 03:36:56 pm »
Lying low and slow playing is definitely a good strategy when you're working furiously behind the scenes. The competition will never see what's coming for them.

78
General Discussion / Re: what percentage of community members have short positions on the DEX?
« on: July 09, 2015, 02:01:07 pm »
Quote from: xeroc on July 09, 2015, 01:57:48 pm
Quote from: Chuckone on July 09, 2015, 01:56:16 pm
And just to make it clear, I understand the risks of a leveraged position.
Also make sure you have some BTS left to buy back the asset .. because you CANNOT use your leverage to close your position .. leverage can only be used for margin calls and when short expires ..

Yes xeroc, I've read it somewhere in here so I was aware of that fact, but thanks for the reminder, I won't forget!

79
General Discussion / Re: what percentage of community members have short positions on the DEX?
« on: July 09, 2015, 01:56:16 pm »
Quote from: cylonmaker2053 on July 09, 2015, 12:57:58 pm
Quote from: xeroc on July 09, 2015, 12:48:50 pm
Quote from: Chuckone on July 09, 2015, 12:33:38 pm
Will open shorts be rolled over from 0.9.2 to BTS 2.0?
Yes they will. .. and there will be a 30 day period for notice and reposition yourself in the dex prior to the pitch fork

Quote
I would like to have some input of experienced shorters on the best way to start doing it? I'm not afraid of risk, but I still want to be able to cover my short at any time. What would be a good starting point? (in % of the total stake shorted)
you can only cover your short at 'any time' if there is someone selling .. otherwise your short will expire and the client will put a buy order at the price feed .. that is what you can see in the BTS:bitUSD market .. the buy wall is made up of expired shorts .. mainly ..

although there is a trick to rolling shorts forward by buying your own new short and using the funds to cover your expiring position. Just place simultaneous buy and short orders for equivalent amounts and prices (in btw the highest bid and lowest ask, so there are no other buyers/sellers). this is only if you want to roll your short forward another 30 days, not if you want to actually close out the net position.

Thanks guys! I'll try it out with a small part of my stake first to get the hang of it. As I'm getting more familiar with the process and BTS 2.0 release approaches I'll probably increase my leverage. I wouldn't want to miss out the opportunity to increase my stake when the world realize the importance of BTS 2.0, and I'll be more than happy to help increasing bitAssets liquidity.

And just to make it clear, I understand the risks of a leveraged position. 

80
General Discussion / Re: what percentage of community members have short positions on the DEX?
« on: July 09, 2015, 12:33:38 pm »
Will open shorts be rolled over from 0.9.2 to BTS 2.0?

I haven't shorted once yet but as my stake is growing and my understanding of the process increases I'm getting more interested in shorting and helping create liquidity on the market. I don't think I could get margin called right now with enough collateral because of the price being so low, it can only get a little lower or a lot higher. I think the next few months will be a good time to be leveraged.

I would like to have some input of experienced shorters on the best way to start doing it? I'm not afraid of risk, but I still want to be able to cover my short at any time. What would be a good starting point? (in % of the total stake shorted)

Thanks for the input!

81
General Discussion / Re: Announcing Brownie Points (BROWNIE.PTS)
« on: July 08, 2015, 09:23:19 pm »
I guess I haven't done much in term of "sweat equity" for Bitshares, but I have been a follower since spring 2014, an AGS and PTS investor as well as an eager Bitshares buyer/holder.

I converted my best friend to Bitshares, helped him set up a wallet and he bought a significant stake. He's a hodler as much as I am. Now I'm spreading the word around to people I know, sending them links about all the partnerships and the media coverage out there. When BTS 2.0 is out there I'll switch gear as it'll be much easier to get people onboard.

I also regularly post on the forum and try to generally keep the discussion positive and constructive, and I counterbalance FUD with a believer attitude, even if sometimes I may appear as a fan boy.

All in all I may not have done much compared to others, but I believe my small contribution has been positive.

I'm not asking much though, as I know a lot of people around here did an incredible job!

82
General Discussion / Re: Why is Litecoin going insane?
« on: July 08, 2015, 05:09:52 pm »
I believe some investors are bound for a solid hangover. A 4 fold increase in the last month... Correction time is coming soon IMO

83
General Discussion / Re: Congratulations to BTS holders, back to the 7th place
« on: July 07, 2015, 12:30:46 pm »
I hold. And everytime I see the share price drop significantly, I buy (whatever I can spare). If this makes me a bagholder, than so be it. I invest in people and in the technology, and I believe in the core dev team. As long as they're working on the project the way they have been from the beginning, I will keep holding and buying. Maybe I'll lose everything I invested, that's the risk I'm willing to live with. On the other side, if the team delivers only partially on their promises (and I believe they will), then I'll be handsomely rewarded.

I don't believe in the "get rich quick" schemes. Building solid fundamentals, partnerships and creating organic growth takes time. Not six months to a year. More like five years. And Bitshares 2.0 will be working with other startups, increasing the probability of Bitshares success since any of these startup could go viral, thus increasing significantly Bitshares revenues. THAT will increase Bitshares market value.

Do Bitcoin, Litecoin or Dogecoin can boast to have a profitable business model? They have their utility as a store of value or token of exchange, but other than that they don't generate any profit.

A profitable business is not built on hype and speculation. It's built on solid metrics and business deals.

84
General Discussion / Re: Financial analysis comparing Bitshares and Bitcoin
« on: July 07, 2015, 12:12:19 am »
Quote from: MrJeans on July 06, 2015, 10:49:54 pm

I am not suggesting that we should start comparing DACs to brick and motor companies, however we could use this to compare DACs to other DACs. Perhaps in the future DACs need to be profitable and reduce their P/Es to survive.

^^This!

No matter what is the coin being pumped at the moment, strong financial metrics will always create value and attract serious investors in the long run.


85
General Discussion / Re: Bitcoin rocketing through the roof, BTS left behind
« on: July 06, 2015, 04:49:44 pm »
It's unfortunate, but it seems the market don't put much value in BTS potential.

It's like comparing BTS to a highly intelligent teenage girl that is rejected because she lacks social skills, even though she has a lot of potential and only needs to develop it. At some point she's going to become a beautiful, articulate, highly educated (and highly paid!) young ambitious woman and all those who rejected her at the time will understand it was a mistake. But for the time being, she's left aside and the other teenage boys don't consider her interesting.

BTS ain't sexy right now. Even though it has much potential, investors don't see it yet. I don't say that BTS is undervalued compared to its intrinsic value, but in the speculative world of crypto finance, there's much hype and not a lot of investing based on fundamentals.

So until there's a 2.0 out there generating profits and several success stories of business partnerships, I don't think BTS will come anywhere near "the moon".

A shift in the general perception will need to happen so people outside this forum start to believe Bitshares IS the next best thing after Bitcoin.

86
General Discussion / Re: Bitshares price discussion
« on: June 29, 2015, 05:17:19 pm »
Quote from: cylonmaker2053 on June 29, 2015, 01:41:42 pm
Quote from: allseeinguy on June 24, 2015, 10:05:46 pm
Only a few weeks ago the market cap was 8-9M USD. There's a lot of dumping (profiting) now as a result. Remember not everyone see's bitshares as a long term investment, to some its just another coin to play with.

exactly...crypto markets are so illiquid considering that they're globally accessible, so prices are even more so driven by marginal traders who can have very short term anchor points. someone buying in at $8M market cap would have every justification to close out their trade at these prices and feel good about themselves. they may not feel as good about themselves when it's at $80M or $800M, but so be it...

Every time the market cap of BTS will increase significantly, we'll see traders cashing out their profit, satisfied they made a good return on their investment. They'll be looking for the next pump on another alt. So each big rise will be followed by a retreat of the price. But each retreat following a rise will leave BTS at a higher market cap then before. Include in this mix the fact that more and more clients will be using the Bitshares blockchain and you've got organic growth. So instead of a period of stable/declining prices after a retreat while waiting the next pump, the price will continue to steadily increase. I don't have a crystal ball, but I believe BTS is in for a wild ride in the next 12 to 18 months.

87
General Discussion / Re: BitLicense
« on: June 26, 2015, 01:59:01 pm »
Quote from: bytemaster on June 26, 2015, 01:51:25 pm
Looking over the BitLicense the requirements are vague and demanding just to apply.   The $5000 submission fee is the least of the costs associated with it.

The costs seem really prohibitive. Is it really necessary to deal with that kind of hurdles if Cryptonomex only design software and do consultation? I believe Cryptonomex should stick to software and blockchain development as its core business and avoid putting itself in the line of fire of regulatory thugs.

Then, down the line, if Bitshares pays off and CNX wants to diversify it might become a good idea.

88
General Discussion / Re: Poll: Community perception of Cryptonomex
« on: June 25, 2015, 01:47:54 pm »
Quote from: Thom on June 25, 2015, 01:27:42 pm

This makes the assumption that whoever wants Cyptonomex couldn't afford to buyout their investment in BTS and provide an adequate monetary incentive to walk away, plus the allure of building a new chain with some really innovative, cool new features, a definite temptation for many devs.

Don't say it isn't possible.

Is it probable? Who knows for sure. I don't think it is. I rate the integrity of BM and the dev team very highly for their dedication to first principles. They're not perfect, such as the weakened stance on privacy & anonymity (if it were strong they would be rolling out the 3-tiered solution BM has proposed [for a 2M BTS fee] with the launch of 2.0).

So although the vesting schedule is very important to retain Cryptonomex's interest in BTS, it's conceivable it could be bought out. How dedicated to BTS is Cryptonomex as a team based on the first principles BM continues to espouse, and how loyal to those principles and to BM are the investors and dev staff?

You need to decide that for yourself. I for one believe they are very loyal and highly motivated to the success of BitShares technology that will be disruptive to the corrupt financial institutions and break their monopoly, to empower millions if not billions of people to trade freely.

I cannot say a buyout is impossible. Highly improbable, but not impossible. What I believe is more likely to happen is Cryptonomex will expand their dev team the day a big corporation wants to use its services to start a whole new blockchain using Graphene. But I highly doubt CNX will completely turn their back to Bitshares. The vesting shares will be one of the most important asset on CNX books. And even if a corporation wants to buy them out, why would that corporation want those vesting shares to lose a lot of value when CNX leaves the Bitshares project? Not a smart move either.

89
General Discussion / Re: Poll: Community perception of Cryptonomex
« on: June 25, 2015, 12:13:40 pm »
I remember when BM started the first thread related to the paid workers.

https://bitsharestalk.org/index.php/topic,16130.0.html

It's almost a two month old post, but it's clearly stated that the BTS the dev team will earn will be vested. So in order to be able to cash on their hard work Cryptonomex shareholders will have to stick to Bitshares for a while, at least until they can sell their vested Bitshares. It wouldn't be a wise move to leave the project with several millions vesting BTS.

Edit: This info should be enough to alleviate most of the concerns (it did for me), since in a few years from now the Bitshares project should be mostly autonomous and its survival and prosperity shouldn't be dependant on Cryptonomex.

90
Technical Support / Re: [ANN] BANX Capital Joins BitShares Exchange Network
« on: June 23, 2015, 07:06:23 pm »
Quote from: mike623317 on June 23, 2015, 06:59:13 pm
Quote from: Ander on June 23, 2015, 06:55:02 pm
I guess its just a thing in crypto to see EVERY single project accused of being a scam.
We could probably find threads on bitcointalk accusing every single top 20 coin of being a scam. 
Those people say Bitshares is a scam for a million different reasons.
Communist!

Haha! you sound like DecentralizedEconomics on BTT :P

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