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Topics - merivercap

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1
Hey guys!
Thought I posted about the event here already, but Stan Larimer will be part of one of the session panels at 100x Blockchain Investors Summit: https://100xinvestors.com discussing Altcoins.   
We have the who's who of the industry participating too... you can use discount code BITSHARES20 for 20% off!
 

2
Hey guys,
For those that don't know I was planning to run an experiment with a Smartcoin called CASH.USD to see if we could improve the design of bitUSD.  Unfortunately due to my lack of monitoring and no trading activity, there was a black swan on CASH.USD.   Luckily we only had about $250 created and half of it was owned by our accounts.   Although I'd like to have pursued the new design to see how well it worked, this was probably a sign that it is better for Bitcash to use bitUSD instead. bitUSD has close to a $4 million supply and good liquidity.  For anyone that holds CASH.USD, we'll reimburse everyone an equivalent amount of bitUSD since the global settlement feature after a black swan still does not work.   Thanks to all the witnesses that provided a pricefeed for CASH.USD!  Good news is that we'll be able to create more activity with bitUSD and help make it more liquid!  Hopefully we can continue to improve its design.  Let me know if you have any questions.  Onwards!

3
Hey all! 
So we have our Bitcash Trade beta up at: https://trade.bitcash.org 

It's somewhat similar to Shapeshift, Metaexchange and Blocktrades, but we use the bitcash Smartcoin to make it easier for people to buy Bitcoin, Ethereum, Steem, Bitshares etc. since everything is priced in dollars.

We also have our Bitcash Wallet up at: https://m.bitcash.org

There is a feature in the wallet that allows people to buy bitcash by connecting with others by phone/text using methods like Paypal/Venmo/Square Cash/Bank transfers.

Just looking for people to check it out and give feedback.  Let me know your bitcash account and will send you 1 bitcash to test the wallet and trade.    Thanks! 

4
Hey so I think it's great that BTS is moving up in price and that's what everyone is focused on, but what do you think of the increased transfer fees?

We're building a business for payments I'm starting to notice that fees are around 6,7,8 cents and climbing.. also can the committee members adjust this fee?

I think eventually we should implement the rate-limiting feature to eliminate transfer fees.  It had unanimous approval, but we haven't followed up on this....

5
Abstract
We at Bitcash propose to have the Bitshares committee custody and control the the CASH.USD and CASH.BTC Smartcoin assets.

Motivation
Several months ago we created CASH.USD and CASH.BTC Smartcoins to provide an alternative to bitUSD and bitBTC primarily because we felt that the current Smartcoin designs were not optimal and could significantly deter adoption. We strongly believe that the Smartcoin designs we have implemented are significant improvements over the current bitUSD and bitBTC designs. However after deep consideration, we at Bitcash have decided that decentralized key management is vital to security and that it is important to implement committee custody of Smartcoins sooner than later.

Rationale
Having alternative Smartcoins with distinct designs in the Bitshares ecosystem is extremely beneficial to the Bitshares ecosystem.  Making changes to a Smartcoin design is already contentious and difficult, especially when the Smartcoins are already being used.  Any design change with bitUSD or bitBTC could upset existing holders.  Some changes in design parameters could improve liquidity whereas others may be detrimental.  It is also difficult to isolate the cause of any particular improvement in liquidity because many external factors beyond design parameters affect liquidity.  Hence having a couple alternative designs at the same time could increase the chances of success and expedite mainstream adoption.  Dan Larimer has mentioned the experimental nature of Smartcoin parameter designs and purposely created Privatized Smartcoins to allow competition and even give companies an opportunity to monetize a good design. However our intent has always been to create an optimal design to benefit the Bitshares ecosystem. The best designs will attract the most participants, businesses and liquidity. Even small changes in parameters can make a significant difference.

Currently there are proposed changes to bitUSD under BSIP #17.  We support those changes and should make it somewhat closer to our CASH.USD design. However the reduction of forced settlement from 20% to 0.5% per hour is not enough. CASH.USD does not have forced settlement.  Furthermore the Maximum Short Squeeze Ratio for both bitUSD and bitCNY remain at 110% instead of 100.1% for CASH.BTC and CASH.USD. At this early stage of adoption, experimentation with more than one Smartcoin design is important.

Background
Our Smartcoins are defined to be worth the same as the corresponding asset. Hence one CASH.USD should trade for $1 and one CASH.BTC should trade for one bitcoin. Companies like Bitcash are expected to maintain bridges to support the 1:1 exchange or place orders at the price feed when necessary to reinforce the price feed and provide CASH.USD and CASH.BTC holders the ability to liquidate at the price feed when necessary.  The price feed determines the social consensus of what amount of BTS is equivalent to $1 or 1 bitcoin at any given time.  Currently we use witnesses to provide the price feed.  All the parameters are designed to support the social consensus that the value of CASH.USD is equivalent to one dollar and the value of CASH.BTC is equivalent to one Bitcoin.

Differences compared to bitUSD and bitBTC:

  • Merchants or CASH.USD holders will not have a price floor guarantee.  If merchants/holders do not have a gateway or buyers that will exchange a CASH.USD 1:1 for a dollar, they may have to exchange it for BTS and may get more than or less than one dollar when selling BTS.
  • User forced-settlement will be disabled to protect CASH.USD creators.  Any user can create CASH.USD and will not be burdened with the uncertainty of being manually force-settled and should be comfortable creating and maintaining a long-term supply of CASH.USD.  Creators of CASH.USD will only be force-settled when they are undercollateralized.
  • The maximum short squeeze price is set at 100.1% so that when creators who borrow CASH.USD into existence are margin-called, the settlement price will be at the price-feed.
Parameters:
MSSR: 100.1%
MCR: 175%
No forced settlement
Witnesses provide price-feed 

Theory:
All fiat dollars are treated the same even when they are distinctly different.  Just think about the the qualitative difference between coinage, checkbook money, federal reserve notes, and digital dollars from Venmo/Square Cash/Paypal.  The reason such varied forms of money are treated as equivalent is because there is a social consensus of dollar equivalence.  Without a social consensus, digital dollars may be traded for more than a dollar for its convenience, and coinage less than checkbook money for its inconvenience.  However most everyone treats any form of the dollar the same. 

Banks create checkbook money, the dominant part of M1 money supply, out of thin air and allow this money to circulate in the economy.  Usually banks use real estate assets as collateral to create monetary assets.  These monetary assets aka debt-money aka checkbook money  are merely accounting entries, but they are treated the same as federal reserve notes (green paper dollars in your wallet) or coins.  Again there are distinct qualitative differences between checkbook money, federal reserve notes & coins.  The current Bitshares system functions precisely the same way as banks, but instead of real estate, BTS is used as collateral.

Banks create debt/checkbook money that are defined to be dollars, and the real estate collateral that backs this money can fluctuate in value.  As long as the real estate value is greater than the value of the money banks create, banks are not concerned.  In the Bitshares ecosystem, members can create an equivalent type of debt/checkbook money on the blockchain when they create CASH.USD (or borrow CASH.USD) into existence using BTS.  Hence there should be no difference between the checkbook money banks create in the current banking system compared to the CASH.USD that members create on the Bitshares system as long as the social consensus defines both types of debt-money to be valued as dollars. 

What if someone trades CASH.USD for something other than a dollar?  In a free market someone can trade three quarters for one federal reserve note or a one dollar check, but that doesn’t mean trading three quarters for a dollar is part of the social consensus nor should a number of bad trades dictate what the social consensus is.  Hence as long as there is no external reason or design parameter that would lead one to believe CASH.USD is worth anything other than a dollar there will be a social consensus that it is.  The current CASH.USD design should support this reasoning.

Specification:
Account owner of bitcash-reg will change the issuer designation of CASH.USD and CASH.BTC Smartcoins from bitcash-reg to the committee-account.

We do recognize that in doing so the committee will have control over future parameter changes. However we would like the committee to acknowledge and uphold the principles of our alternative design, namely:  1) the forced settlement feature is to remain permanently disabled (bitcash-reg may permanently disable before transfer ) 2) the maximum short squeeze ratio is to be as close to 100% as possible so under-collateralized settlement will be sold as close to the price feed as possible. These parameters are foundational to the success of CASH.USD and CASH.BTC and key to their designs.

Discussion:
Will having two Smartcoin assets be confusing for users?
Bitcash will independently promote CASH.USD and CASH.BTC.  Any other company or user can choose to do the same.  It will just be one of the many tradeable assets among the many Smartcoins and UIAs that exist on the platform.  Although having too many Smartcoin options may be confusing, having just 2 or even 3 variations is worth any minor inconvenience.

What maintenance or changes should the committee expect in the future?
There should be very little maintenance other than keeping the fee pool balance funded.  The parameters for the Smartcoins are based on the principles stated above and should require little to no changes going forward. 

Summary:
We propose to have the Bitshares committee custody and control the the existing CASH.USD and CASH.BTC Smartcoin assets. Our main motivation is to decentralize ownership of these alternative Smartcoins.  The transfer of ownership should require no action from the Bitshares committee and will only require the committee to keep the fee pool funded after the change in ownership of the asset.  One CASH.USD is defined to be equivalent to a US dollar and expected to be traded 1:1 excluding fees by social consensus.  One CASH.BTC is defined to be equivalent to one Bitcoin and expected to be traded 1:1 excluding fees by social consensus.

https://github.com/bitshares/bsips/issues/15


Hey all, above is the draft of the BSIP to change ownership of CASH.USD and CASH.BTC Smartcoins to the committee.  Hope those in the committee will support this, but wanted to open it up for general discussion here.  Thanks!!!

6
Introducing a counterparty-free smartcoin exchange

Hello Bitshares community!

Thanks to Cryptonomex, svk and the Bitshares community the Bitshares exchange GUI is rock solid and continually improving. Thank you guys! This has enabled us at BitCash to tweak the GUI and create a very focused Smartcoin exchange we are calling BitCash MegaX! It will first allow people to trade Bitshares for Bitcoin using a BTC smartcoin and also trade Bitshares & Bitcoin with both a BTC & USD smartcoin! No counterparties! We won’t custody any assets! It will be a Smartcoin Exchange! You can check out the alpha version of our exchange at: https://bts.bitcash.org. Right now we have a few small orders in the Bitshares/Bitcoin exchange, but feel free to start trading and start creating a cash.BTC & cash.USD supply! We plan to start making the market for the other two pairs soon. Here is a GUI screenshot

How do the smartcoins we use compare with bitBTC or bitUSD?
Our design is different as described here “Introducing: CASH.USD …. where one is worth $1” In short the maxium short squeeze ratio is 100.1% and there is no forced settlement. It’s very favorable for those that want to create a long term supply of smartcoins and that’s incredibly important for our ecosystem! Witnesses provide the price feed.

How can you help create supply?
As mentioned above all you have to do is click on the Borrow CASH.BTC or CASH.USD button on the upper right of the trading screen and provide sufficient BTS collateral. There is very little risk creating supply and selling cash.BTC for BTC. You can charge 0.1% to 1+% to go back and forth between the two. It’s better than having your BTS just sit there! You’ll make money! Just create a supply and be a bridge! You won’t be manually forced settled and if you don’t have enough collateral your positions will be sold at the price feed! It’s that simple and you should have peace of mind. If you’re a longstanding member of the Bitshares community I’ll be happy to exchange one cash.BTC for one BTC anytime!

Let me know if you guys have any questions. Hope you guys check out and support BitCash MegaX, the Counterparty-Free Smartcoin Exchange!

Also posted on Steemit

7
General Discussion / Move Bitsharestalk to Steemit?
« on: May 08, 2016, 08:40:18 pm »
Discuss moving the Bitsharestalk.org forum over to Steemit (From Steemit post)

Hey all. As we can all see the Steemit platorm is progressing well and many of us are excited about the great potential. There may have been some disappointment that Bytemaster shifted his focus to Steemit instead of Bitshares, but over time I think more and more in the Bitshares community will discover how the success of Steemit can be a great boon for the Bitshares community. Most people here are from Bitshares anyway so might as well bring everyone else over and work together to make both projects reach its full potential!

Here are some of the top reasons to move:

1. Steemit Is A Great Platform for Forum Discussion.
It’s easy to read, has great UI/UX, has collapsable threads and more. There is already discussion of moving the Bitsharestalk forum to use new software. I liked Bitsharestalk because of the familiarity, great discussion and memories, but there is a time and place for everything and I think it’s a perfect time to be reborn on the Steemit platform.

2. Synergy
Bytemaster invented and is vested in both Steemit and Bitshares. The success of either will enhance the other. The Bitshares decentralized exchange is a natural bridge/gateway/exchange platform for STEEM and STEEM dollars to trade with all the many other cryptocurrencies out there!

3. Working Together As A Team
First off, it’s far more convenient to use one forum than go back and forth between the two to read the same content. We will be diluting our time, resources and efforts using two forums. Again many of us STEEMers are from Bitshares anyways. Oftentimes independent-minded individuals like many of those in the Bitshares community like to do their own thing and that’s great, but many other times it’s better and necessary to work together as a team. I think this is one of those times.

4. Replacement for Bitshares Worker Proposals
It was extremely difficult funding Bitshares projects with the DAO for a variety of reasons, but Steemit allows Bitshares contributors to be rewarded for a wide range of projects and even just valuable ideas!
Just look at the potential for Bitshares-related projects here:
BlockTrades
SmartcoinPOS
BeyondBitcoin Hangouts

…and we’re just getting started! Steemit can be a large part of the funding mechanism we’ve been looking for all along to foster and grow the Bitshares ecosystem!

So what say you Bitshares community?

8
Just curious what the community thinks about the current platform & ecosystem after BM's mumble.....

9
General Discussion / Introducing: CASH.USD …. where one is worth $1
« on: April 11, 2016, 07:57:33 am »
SYMBOL: CASH.USD (aka bitCASH.USD)

There now exists a smartcoin CASH.USD that I firmly believe will be commonly exchanged 1:1 with the US dollar.  CASH.USD is defined and henceforth declared to be worth exactly $1 dollar.  The price feed will be the social consensus of what amount of BTS is equivalent to $1 at any given time.  Currently we use witnesses to provide the price feed.  All the parameters are designed to support the social consensus that the value of CASH.USD is equivalent to one dollar.

Differences compared to bitUSD:
-Merchants or CASH.USD holders will not have a price floor guarantee.  If merchants/holders do not have a gateway or buyers that will exchange a CASH.USD 1:1 for a dollar, they may have to exchange it for BTS and may get more than or less than one dollar when selling BTS.   

-User forced-settlement will be disabled to protect CASH.USD creators.  Any user can create CASH.USD and will not be burdened with the uncertainty of being manually force-settled and should be comfortable creating and maintaining a long-term supply of CASH.USD.  Creators of CASH.USD will only be force-settled when they are undercollateralized.

-The maximum short squeeze price is set at 100.1% so that when creators who borrow CASH.USD into existence are margin-called, the force-settlement price will be nearly identical to the price-feed.

Note: CASH.USD is an alternative to bitUSD and is experimental.  The plan is to transfer this smartcoin to the committee in the future if and when it gets enough traction.

Parameters:
MSSR: 100.1%
MCR: 175%
No forced settlement
Witnesses provide price-feed 

TLDR Theory:
All fiat dollars are treated the same even when they are distinctly different.  Just think about the the qualitative difference between coinage, checkbook money, federal reserve notes, and digital dollars from Venmo/Square Cash/Paypal.  The reason such varied forms of money are treated as equivalent is because there is a social consensus of dollar equivalence.  Without a social consensus, digital dollars may be traded for more than a dollar for its convenience, and coinage less than checkbook money for its inconvenience.  However most everyone treats any form of the dollar the same. 

Banks create checkbook money, the dominant part of M1 money supply, out of thin air and allow this money to circulate in the economy.  Usually banks use real estate assets as collateral to make monetary assets.  These monetary assets aka debt-money aka checkbook money  are merely accounting entries, but they are treated the same as federal reserve notes (green paper dollars in your wallet) or coins.  Again there are distinct qualitative differences between checkbook money, federal reserve notes & coins.  The current Bitshares system functions precisely the same way as banks, but instead of real estate, BTS is used as collateral.  (Read more here: http://bit.ly/1TmWL2J )

Banks create debt/checkbook money that are defined to be dollars, and the real estate collateral that backs this money can fluctuate in value.  As long as the real estate value is greater than the value of the money banks create, banks are not concerned.  In the Bitshares ecosystem, members can create an equivalent type of debt/checkbook money on the blockchain when they create CASH.USD (or borrow CASH.USD) into existence using BTS.  Hence there should be no difference between the checkbook money banks create in the current banking system compared to the CASH.USD that members create on the Bitshares system as long as the social consensus defines both types of debt-money to be valued as dollars. 

What if someone trades CASH.USD for something other than a dollar?  In a free market someone can trade three quarters for one federal reserve note or a one dollar check, but that doesn’t mean trading three quarters for a dollar is part of the social consensus nor should a number of bad trades dictate what the social consensus is.  Hence as long as there is no external reason or design parameter that would lead one to believe CASH.USD is worth anything other than a dollar there will be a social consensus that it is.  The current CASH.USD design should support this reasoning.

Currently governments reserve monetary creation and liquidity for the banking monopoly.   What if we all had that power?  For example a person who has a $500,000 home can decide to create a $250,000 loan on it and treat that loan as money in his/her community.  If he/she splits the $250,000 into 2,500 Ben Franklins and circulates them around his/her community the person  just created monetary liquidity from a previously illiquid real estate asset.    In the Bitshares ecosystem we all now have the power to create our own dollar-based money from BTS collateral and use it as we wish!  That’s actually how money works in the modern economy.  CASH.USD can very well be money in the new blockchain economy and if it is, cheers for the future.

Why create CASH.USD and how do I do it?

- One reason to create CASH.USD is to help the Bitshares ecosystem become more useful and get CASH.USD to circulate in the economy.  If that’s your reason that’s great!  You can create CASH.USD, sell it for dollars and put those dollars in a bank.  You can help the ecosystem without incurring much risk at all.   People can use CASH.USD to store value or purchase goods and services without worrying about a bank or government limiting or freezing their account!

- You can also just spend the CASH.USD you create to buy goods and services and pay it back later on.  It’s like having a credit card or equity-line on your BTS collateral. 

- You can use CASH.USD to buy other investments such as stocks, bonds, gold, real estate and more.  (Warning: Remember you are creating a loan and leverage with CASH.USD so if you use it for speculative activities and the value of your  investments go down you still have to pay back CASH.USD so you’re adding risk with your new investments!)

- You can also use CASH.USD to buy more BTS!
( Warning: As above you are creating a loan and leverage so if the value of BTS goes down the value of your BTS collateral goes down you may have to sell your BTS at the price feed.  The upside of leverage is that if BTS goes up you will magnify your gains, but the downside is if BTS goes down you will magnify your losses.  You are adding risk when you buy additional BTS!)   

- If you are comfortable with the concepts above and understand the risks you can go to your OL web wallet, go to Explore -> Assets and search for CASH.USD.  Click the Trade button on the right.  Then on the upper left side of the screen click ‘Borrow CASH.USD’, enter an amount and create your monetary liquidity and do with it what you want!  You may want to start with at least three times the collateral in BTS to begin with.

Obligatory Disclaimer
[ Warning: While CASH.USD may be valued at one dollar, it is not government-issued and is not legal tender.  It is a blockchain asset.  There are no guarantees or FDIC insurance.  Before taking action, please consider all risks and uncertainties including and not limited to: technological, investment & legal.   The above is purely educational and informational and does not constitute advice.  You are purely at your own discretion and free will.    The government will not protect you.  Please be aware Bitshares is an experiment albeit currently much smaller than the Federal Reserve Board experiment of quantitative easing ….and PS ..welcome to the future! ]

If you have any questions ..1 ...2….3 … go...

10
General Discussion / Why are we deprecating Annual Membership?
« on: March 16, 2016, 03:05:25 am »
Per mumble at 3:41 : https://soundcloud.com/beyond-bitcoin-hangouts

Why?  I think annual membership is important.

Shouldn't there be a process for making a change to this feature?


11
Technical Support / Accessing regular webwallet on mobile?
« on: February 27, 2016, 06:38:37 am »
I have issues accessing the webwallet from the mobile browser.  I get a blank screen on my iPhone5. 

Does anyone know what the reason may be?  I heard others are able to access it fine with an iPhone 6 or android.

Does anyone else have the same problem or know what the reason can be?  Thanks!   

12
General Discussion / Theory and Late Night Musings on Smartcoins
« on: February 03, 2016, 07:58:34 am »
Part 1
So every once in a while I revisit the theory of Smartcoins.  At this point the best way for me to describe how Smartcoins are created is explaining the idea of creating monetary assets using debt.  It's actually much like how traditional banks create money, but we can discuss that some other time.

The basic idea is that you can take any asset: home, car, TV and create monetary assets from it.  If a home costs $500,000 you can create a $200,000 loan from it and use it as money.  You can take your car that's worth $5,000 and create a loan on it for $2,000 and use it as money.  You can do the same with a $1,000 TV.  You can create  a $200 loan and use it as money.   Hence you can really monetize any asset that exists in the world if you wanted to.

In the case of Bitshares, the DAC is the asset that you can create monetary assets from.  Feel free to read a white paper we've been working on here: http://bit.ly/1KpkGfe

Part 2
Ok so let's talk about the Bitshares platform right now.  We can click a button and create USD Smartcoins using BTS as collateral.  If we borrow $10,000 that is our debt to the network and we eventually have to pay that back.  The price feed determines about how many BTS that $10,000 is worth every hour or so.  Currently we would have to purchase $10,000 in USD Smartcoins from  the network to extinguish our debt. 

Let's think about this scenario.  Let's say the Bitshares DAC is worth $10,000,000.  Let's say hypothetically one person Bob owned most of the network and wanted to create $4,000,000 in USD Smartcoins and clicks a button to do.   Let's further assume Bob sends  these $4,000,000 USD Smartcoins to wallet B from his wallet A and loses his key to wallet B.  In this scenario Bob can never purchase the USD Smartcoins back to extinguish the debt because there is none available, and if the Bitshares DAC falls to $7 million in value (1.75x USD Smartcoin total debt) it would seem that there would be a black swan/global settlement. 

Part 3
If the above is true, what about allowing people to extinguish the USD Smartcoin debt by paying in BTS.  The price feed always determines the USD Smartcoin/BTS price every hour.  In this scenario Bob can take $4,000,000 he has in his bank, purchase BTS and extinguish the debt and prevent any global settlement from occurring.

This also leads to having USD Smartcoin assets in the ecosystem that are not tied to any debt.  The reason this can occur is because outside capital was put into the ecosystem.  Bob now may have a debt outside the ecosystem of $4,000,000 or he could just be really wealthy.   In any case let's say out of good fortune Bob finds his lost key for wallet B.  He can now pay his outside debt with the USD Smartcoins he recovered.

Part 4
The mechanism above allows us to create monetary assets independent of the supply of USD Smartcoins in the ecosystem.  It may minimize the potential for global black swan settlements.   All that is required is that if someone creates a debt, they pay back the network with the equivalent value based on the price feed.  It can be with internal assets or external assets via BTS.  Thinking about this further, theoretically we don't even need an internal trading market or liquidity.  We can use external pricing as the measure of value.  Of course having good internal markets and using price feeds based on internal markets may prove more reliable in estimating value in the long run.

Anyways.. just some quick late night musings and wanted some feedback to see if this made sense, and if I'm missing something etc... thx. 

13
General Discussion / Trading Contest on the Testnet?
« on: January 25, 2016, 09:52:25 pm »
Hey so [member=120]xeroc[/member] created a test asset called PEG.FAKEUSD to help me test out some parameters and I thought it might be fun to trade with play money.  PEG.FAKEUSD currently uses a feed from Poloniex trading. 
(Note: Forced settlement is set at 90% , MSSR is roughly 100%, MCR is 175% )

Because:
1) It's easier to trade play money without risk.
2) It's good training for users just like there is simulated trading on many traditional platforms.

Why don't we have a trading contest?  I'll gift $10 worth of BTS in a pool for the winner if 10 others make a pledge to the pool?

Maybe some trading rules:
1) Contest winner is the person with the most TEST from trading PEG.FAKEUSD
2) Contest ends February 29th, midnight ET, US
3) Must trade at least 100 PEG.FAKEUSD per day to qualify.

When you register you get 1,000,000 TEST shares which is about $3,000 PEG.FAKEUSD.  Register at: http://testnet.bitshares.eu/

What do you guys think?  Who's in?


14
General Discussion / Digital Currency Exchange Cryptsy Suspends Trading
« on: January 06, 2016, 04:35:23 am »
Cryptsy, the digital currency exchange that has been dogged by rumors of insolvency amid persistent issues related to user withdrawals, has said that it has suspended its trade engine.

"Trade engine and withdrawals paused while we investigate cause of lag. Your patience is appreciated. Thank you," a message on the main Cryptsy page read at press time.

The exchange, which specializes in the trading of alternative cryptocurrencies (altcoins), has long been the subject of controversy. The exchange reported roughly 235 BTC in volume over the past 24 hours, but has long faced criticism over issues involving the withdrawal of user funds

Posts on social media and emails provided to CoinDesk provide evidence that some users have had issues taking their money out of the exchange since this fall. The continued issues – and what some users say is a lack of clarity from the exchange’s management team – have prompted claims that the exchange is insolvent or is the target of regulatory scrutiny.

The withdrawal complaints have prompted popular altcoin pricing site CoinMarketCap to delist the exchange, a move it also attributed to "skewed" prices on the platform. The site stated on Twitter that it would add Cryptsy after the issues are resolved.

In the past, Cryptsy has attributed the problems to technical issues, as well as denial-of-service attacks.

The problems have elicited comparisons to Mt Gox, the now-defunct Japan-based bitcoin exchange that, prior to its collapse, blamed technical problems for withdrawal problems and ultimately cut off access to customer funds.

Cryptsy did not immediately respond to a request for comment.

http://www.coindesk.com/altcoin-exchange-cryptsy-takes-trade-engine-offline/

15
I'm currently testing out the system.

The other day I borrowed 1BitUSD at a Feed price of around 269 I believe.  I post initial collateral of: 543.32667BTS

Today I clicked on 'Borrow BitUSD'

It shows me:
Feed price: 0.00367914 USD/BTS                                 ( 271.8028 BTS/USD )
Margin Call Price: 0.00334467 USD/BTS                     ( 298.9831 BTS/USD )
Your Call Price: 0.00321925 USD/BTS                          ( 310.6317 BTS/USD)

Under debt:
I enter 1 USD

I increase the collateral to 2.0x and it shows me:
543.60556

I select 'Update Position' and it says 'Collateral change:'   0.27889BTS

Ok so based on what I'm seeing so far:
1) All bitUSD creation is always based on the price feed?
2) I can always add or subtract collateral based on the feed price.
3) Call price is set about 12.5% below the feed price?
4) Question:  If the bitUSD borrower puts up 543.60556 BTS when we have 271.8028 BTS/USD, where does the BTS go?  In a pool?
5) If someone wants to purchase bitUSD with BTS for let's say 271.8028 BTS/USD where does the buyers 271.8028 BTS go?  In the pool?
6) I'm just wondering if the current protocol is designed for 3x collateral per bitUSD or 2x collateral ...
7) I'm also wondering why we can't borrow bitUSD with a limit order or is that something you can you do in the CLI?  Seems weird to me that you have to rely on the price feed when posting collateral, but the trading typically doesn't use the price feed.   

If someone can elaborate that would be great.  Thanks. 









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