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Topics - Markus

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General Discussion / BitEUR is trading
« on: November 10, 2014, 09:58:29 pm »
With now 52 price feeds BitEUR has become the fifth market to open.


General Discussion / Insufficient feeds for USD and CNY
« on: September 20, 2014, 12:30:46 pm »
This site ( shows that the number of price feeds for USD and CNY has dropped below 51 (50 at the point of writing).
My client (0.4.15-a) cannot load the USD and CNY markets, it gets stuck showing the three circles and an empty GUI. I am using Win7.

I can access the BitBTC/BTSX market. Anybody else having the same issue?

We have lots of BitAssets on the blockchain that are waiting to be traded for the first time. All it needs are price feeds and a few orders. It would be nice if some delegates started publishing those feeds. I think the orders will then follow suit as the min depth requirement was substantially reduced to 500 kBTSX on either side of the market.

This is what's missing.

BitGLD (Gold)     trading since 28 September 2014
BitSLV (Silver)     22 valid feeds
BitWTI (Oil)

BitPTS (BitsharesPTS)     22 valid feeds
BitLTC (Litecoin)     22 valid feeds
BitPPC (Peercoin)     22 valid feeds

BitAUD (Australian Dollars)     22 valid feeds
BitCAD (Canadian Dollars)     22 valid feeds
BitCHF (Swiss Francs)     22 valid feeds
BitEUR (Euros)     34 valid feeds
BitGBP (Pounds Sterling)     22 valid feeds
BitHKD (Hong Kong Dollars)     22 valid feeds
BitJPY (Japanese Yen)     22 valid feeds
BitMXN (Mexican Pesos)     22 valid feeds
BitNZD (New Zealand Dollars)     22 valid feeds
BitRUB (Russian Rubles)     22 valid feeds
BitSEK (Swedish Kronor)     22 valid feeds
BitSGD (Singapore Dollars)     22 valid feeds
BitTRY (Turkish Lira)     22 valid feeds

edit: I'll try to keep the current market status up to date. Live data is available here:

General Discussion / BitShares X in the News
« on: February 19, 2014, 07:12:30 am »
Since media coverage of BitShares X is expected to increase in the near future I thought we might start something like a press review thread.

Bitcoin triggers security startups
Quote: "To reduce the risk of currency-exchange website owners stealing users’ money, Larimer and his team of more than 15 full-time employees are building BitShares, a Bitcoin exchange where the participants jointly run and manage the operation.
While users usually have to trust their money and data to a private company to buy and sell Bitcoins, the members of BitShares also double as safekeepers. Since the technology will be distributed as bits of software across members’ computers, no single person will have access to all of the money or the central system.
“No company can run away with your funds, so you don’t have to worry about that,” Larimer said. “There’s no central place to rob.” His exchange is on track to debut this year, he said."

Maybe one day there will be some good articles where the journo has actually understood what BitShares is. We're not quite there yet.

BitShares AGS / 1 AGS worth more than 1 PTS
« on: February 17, 2014, 12:05:30 am »
For the first time ever more than 5000 PTS and more than 70 BTC were donated in a single day.
5583 PTS according to

… seems like last minute buying has really started.

An interesting article about us without even being mentioned!  :)

“One of the biggest questions with a project like this is: How do you fund software development?” he said. “People usually say, ‘I’ll make a company, and then I’ll raise money,’ but at that point it’s not really decentralized anymore.”

U. researchers develop Bitcoin prediction market

General Discussion / Do BitShares need an interest rate?
« on: January 05, 2014, 10:35:16 am »
2) BitAssets will now receive a predictable, hardcoded 5% interest return, and short positions will pay a 5% borrowing cost.

There has been some discussion in the BitShares Status Update thread but I think this topic deserves its own thread.
After thinking about this for some time I wanted to share some thoughts. My question is:

Why do BitShares need interest payed by the shorts to the longs? Without it the BitAsset would track the real-life asset much better.

Essentially, what you are creating with this interest/dividend is an bond with a 5 % coupon and infinite maturity. The price of this asset will be highly susceptible to market interest rates changes. In theory causing the price of the asset to change the same magnitude as the interest rate: for example a rise from 3 % p.a. fo 4 % p.a. (4/3 = a 33 % rise) should lead to a drop in asset value by 25 % (to 3/4). Compare this volatility to a 30 year (the longest maturity available) US treasury bond.

The price of the BitAsset will be (much) higher than the real-life asset where the coupon (5 % assumed) is much higher than the market interest rate. For BitUSD with a US treasury bond yield of 3.9 % p.a. this effect might be negligible (the NPV calculation quoted in the BitShares white paper states 114 %*, I arrive at 128 %). For assets which normally don't fetch an interest (Gold, JPY, etc.) this will be a huge difference: A 100 year 5 % coupon JPY bond in an environment where you normally get 0.8 % p.a. would trade near 400 %, a 30 year bond just above 200 %.

In BitShares there is no need to charge the shorts a penalty. In real life you have to pay for shorting because you need a counter-party. Being long in any asset is quite a natural thing and you can do that on your own. Being short requires somebody to lend you the asset first before you to then sell it. This loan is open as long as your short position is open. In Bitshares being long and being short seem to be equivalent as both need a counter-party, so why disincentivise shorts? Would this not choke the supply?

If you want to fix these issues then at least every BitAsset will need its own interest rate. But my gut feeling is, the lower the rate the better, zero best.

* Is that calculation available anywhere? The paper only states the result.

General Discussion / Global Weather Forecast and Archive
« on: December 04, 2013, 01:26:20 am »
Based on the concept of BitShares. Instead of creating BitAssets whose value is supposed to mirror a real life asset (USD, Gold, …) the "assets" in this DAC would be a certain weather information at a certain point in time and space.

For example: Maximum temperature in Adelaide, South Australia on 15th Dec 2013 in °C.

When the point in time is still far ahead the orderbook spread would be wide, after a while the first trade would happen and the market price should fluctuate according to the best forecast, then approach the real temperature. After the point in time has passed the fair value is known*) and shorts and longs should slowly pull out of the market at that price (same as with BitAssets).

*) This could be defined in advance as the data of a certain weather station. But this could incentivise manipulation. Instead the location doesn't have to be defined that exactly as the market will have to find a consensus anyway.

For those who are just interested in the weather data, there is no need for trading. And even if no trade ever happens, the bid/ask spread still contains valuable information.

Issues I can think of:
- Many rather small markets
- Who decides which markets to create

Of course this must not be limited to "max daily temperature", any weather data would be possible: Min temp, temp at x o'clock, mm of rainfall, hours of sunshine per day, average windspeed of a day, etc.

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