Echoing Erizo, I'm really interested in the answer to how BitCNY works with Magic Wallet as well

Good idea erizo and yvv. Setting up a gateway can't be that hard. The only issue I can think of is that gateway fees might be expensive. I don't know what magicwallet charges, but my guess is that it's at least 2% (if not more) given my knowledge of China Union Pay. I used to work in payments btw. 

In Europe, fees for card processing (e.g. Visa/Mastercard) is regulated so its typically <0.40%. I know the rates in the US and other countries can be much higher. Thanks again for the comments.

Hi everyone - thanks for the responses. While it's great that one can trade bitUSD/OPEN.USD, the broader issue is that there's no clean way to trade the peg. Looking at OPEN.USD volumes, they are quite limited. If one could trade bitUSD/USD directly, I'm sure the peg would much closer to 1:1 similar to Tether. If you guys have any other ideas, please let me know. Thanks again.

Hi,

More newbie questions. Despite this week's Tether news, I've noticed that Tether volumes remain strong. Despite bitUSD's obvious advantages over Tether, I think it's clear that the market values the fact that USDT/USD usually trades very close to 1:1 (until it spectacularly blows up in the future, but that's for another topic).

If I wanted to back the peg and maintain bitUSD/USD near 1:1 (with my own funds, for example), how would I trade this pair? I can deposit fiat USD via OpenLedger, but from what I can see, I pretty much have to buy BTS in order to trade BitUSD. Is there no way to trade bitUSD/open.USD? The same question applies for bitEUR and bitCNY. I think there's an obvious opportunity to allow speculators to help maintain the peg. Cheers.

Thanks so much for both of these replies. Interestingly, the solution to the 'global settlement event' is exactly how BitMEX operates (you know more about this than I do, so I'm guessing you know that already). Thanks again for the overview.

So I understand how BitUSD (and other pegged assets) are collateralized by BitShares. I also get that positions are liquidated if and when the BitShares held as collateral fall below the required minimum. So here is my question: what happens if the market gaps when volatility becomes extreme? Isn't there a chance that pegs such as BitUSD break in the event of a black swan? I'm not challenging the underlying BitShares technology (I think it's an amazing invention), I'm just trying to better understand the risks. The fact that the pegs have held since 2014 is pretty amazing. Cheers.