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Topics - chigbolu

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1
General Discussion / New potential Scam assets
« on: October 16, 2020, 04:04:50 am »
Dear bitshares community, especially newbies, new scam assets have been created, they take the names of popular ethereum projects, to deceive you and also give a restrictive form of withdrawal with outrageous withdrawal sums, always check the Asset's background before buying and avoid psuedo ethereum assets, they are all created by unknown entities. Be warned!!!
Here are some new scam coins
KUSAMA
CREAM
old ones
GROESTLCOIN
BSVBEAR
ZILLIQA

Always trade with well known bridge exchanges like
XBTS, GDEX, RUDEX, BLOCKTRADE, IO-BANKER, etc.
You have been Warned!!!


2
General Discussion / The smallest unit of bitshares
« on: October 13, 2020, 01:02:29 pm »
The smallest unit for bitcoin is Satoshi
For ethereum it's Wei
For Litecoin it's litoshi
For Ripple it's called a drop
Other coins have so why not bitshares, pick from the option what the smallest unit of bitshares should be called or better still tell us if you know....

3

In the past month bitshares has fallen from 0.033USD to 0.019USD approximately, about 48% loss in value, this drop is mostly attributed to the aftermath of the NBS fork as selloff continued. After the fork there were also rule changes to the use of bitassets, bitUSD and co on the DEX. BitUsd has been global setteled while bitCNY max supply and borrowing paramaters have been updated to limit borrowing, also forced settlement of bitEur was also disabled in attempt to improve borrowing of the asset. New bitassets with original parameters were also created during this time, these assets would carry the original design of bitassets and also would have little interference in terms of price feed manipulations etc.
Bitshares price is currently at 0.0198-0.02USD with low trade volumes which indicate that the selloff is over and bitshares is now in recovery mode, however the 0.02USD support line is now a resistance which may hold for a while before a new breakout to 0.022USD can occur both prices are currently key to a new uptrend. Bitshares should range between 0.022 and 0.018USD for the maintime until recovery is complete. the 0.018USD price is currently the strongest support for bitshares now and considered the bottom of the round curve. AN expanded curve could also form below this price at 0.013USD but hopefully with all the postive hype bitshares should hold up at 0.018USD.
Prices to watch
Uptrend 0.02USD, 0.022USD, 0.028USD
Downtrend 0.015USD and 0.013USD
     

4
General Discussion / BTS TA FOR 12TH SEPT 2020
« on: September 12, 2020, 07:14:37 pm »
After a roller coaster couple of weeks that saw bitshares rise to as high as 0.06USD, bitshares is currently trading at 0.032USD which is close to a local support line on the weekly. Further drop will see it go to as low as 0.02USD in the worst case scenerio, where it will then consolidate for another uptrend.
Bitshares gained over 114% in its massive run much of which is attributed to the NBS fork, before tumbling down by about 50% in value. Hopefully it will sustain the current price and take a green outlook in the coming weeks and into the end of the year.
Now that the fork is over it will interesting to see how things will go for bitshares, will there be competition with NBS or will one of them fade away, it is all down to what happens in the coming weeks.
Prices to look out for
Uptrend 0.04, 0.045 and 0.053USD
Downtrend 0.028, 0.025 and 0.02USD.

5
General Discussion / BTS TA FOR 12TH AUGUST 2020
« on: August 12, 2020, 01:14:08 am »
Bitshares has traded between 0.028-0.0227USD. This means that BTS has slowed down on its uptrend and is now plotting a sideways trend in the range 0.028-0.025USD in the short term. In the long term its still on an upward trajectory, however this would change below 0.025USD which is a critical support for bitshares short term. Below 0.025USD bitshares would drop back to 0.022USD to retest that support and probably back down to 0.0177USD.
CURRENT PRICE TARGETS
Uptrend ---> abv 0.028 -> 0.033-0.04USD
Downtrend ----> below 0.025 -> 0.022-0.0177USD
Sideways ---> 0.028-0.023USD
The hype around the Bitshares 4.0 Update seems to have cooled off as shown in the sideways price, this is coupled with the fact that bitshares was ominously ommitted from the list of defi- coins which would have been a good PR for bitshares and that bitshares has dropped out from the top 100 cryptocurrencies making it even more oblivious to the crypto community. Hopefully the upcoming fork on the 20th of Aug due to the new voting system might drive some fresh interest in bitshares and see the price go up again.

6
General Discussion / BTS TA for 12TH JULY 2020
« on: July 12, 2020, 11:43:32 am »
Currently BTS price is close to 0.0252USD which is close to an old resistance of 0.0263, above this resistance is the 0.032-0.035 resistance levels which are critical to restore the bitasset pegs. Bitshares is over 15% up from where it was at this time last month. Bitshares traded between 0.0207 to 0.027USD within that time a rough 30% gain if u had caught both positions. So far BTS appears to be in an uptrend channel on the daily and 4H charts and is testing the 0.024-0.025USD, with current resistance at 0.027USD level, a failure to hold support may lead to a crash to the 0.022USD.
LEVELS TO WATCH
SUPPORT LEVELS: 0.0245, 0.022, 0.020
RESISTANCE LEVELS: 0.026, 0.035, 0.040

7
                                   
OFFICIAL WEBSITES
https://bitsharescrude.i.ng
https://data.bitsharescrude.i.ng
DESCRIPTION
bitsharescrude is a class of asset called CRUDE with the first asset being CRUDE.NGN or simply put the Naira asset, which is pegged to the forex price of the Naira on the stable USDT market and is meant to reduce the entry cost and risk of getting into cryptocurrency trading.
MECHANICS
The asset is purely meant for DEX trading, but it can also be used as physical collateral or exchanged for physical cash. It has two markets where it derives it's value, a speculative one ngn/BTS and a stable one ngn/usdt, all the market data will be added on the data page so that users can keep track of the Asset's progress.
You can support the project by trading the pairs actively, it's a new market to speculate on do give it a try....

8
General Discussion / BTS TA FOR 12TH JUNE 2020
« on: June 12, 2020, 01:10:17 pm »
Currently BTS price is at 0.021USD which is currently below the 0.022USD resistance recall from last month it was also a resistance level last month before it was broken for a while, bitshares traded between 0.0178 to 0.0243USD within that time a rough 26.9% gain. So far BTS appears to be in an uptrend despite the drop to 0.02USD a failure to hold support at 0.0196 may lead to a crash to the 0.0177USD this may lead to a reversal of it happens. Hopefully Bitshares planned release in June called BTS4.0 may lead to price increase by month end.
LEVELS TO WATCH
SUPPORT LEVELS: 0.0175, 0.0196, 0.0215
RESISTANCE LEVELS: 0.022, 0.024, 0.03

9
                                   
"CRUDE.NGN" Making P2P Transactions Easier for Nigerians


 CRUDE.NGN BIT-PAPER

This asset aims to bridge the gap between the NAIRA and the bitshares ecosystem

- Introduction:
For long the cryptomarket in Nigeria has suffered from a lack of dollar availabilty which is needed by their foreign counterparts to be able to purchase their crypto assets, due to high regulations against remittance services and counter party risks associated with virtual currencies, this has led to high fee charges and loss of interest in virtual currencies by Nigerians. The Central Bank of Nigeria has also said that virtual currencies are not legal tender in Nigeria and has warned Banks from using virtual curriencies to transact business due to the unregulated nature of the assets. Cryptocurrencies are actually data assets that are transferred from person to person for services rendered, the persons involved must have value for the data asset for it to be useful, if the asset loses its value for any reason what so ever, the person holding the asset will deem it worthless and consequently might have lost a considrable amount of money(cash). This is why the Central Bank is against the use of virtual currencies, they represent no real value physically and cannot actually be used for anything else outside their scope. It is therefore necessary for participants to understand this reality before using virtual currencies.
CRUDE.NGN
This asset is meant to reduce the risks and difficulties associated with holding cryptocurrencies (virtual currencies) for people in Nigeira who understand virtual currencies and wish to participate in speculating on the value of other crypto-assets, and for Bitshares speculators who want to speculate on the Naira as well as sell Cryptocurrencies for NGN. Its use is as expressly stated and is not meant to be used as a legal tender for any reason whatsoever, however holders of the asset may redeem it for real cash at designated outlets that are willing to accept it. These designated outlets then sell it on the blockchain for BTS, thus keeping the cycle. The Asset has been designed to be as trustless as humanly possible by the issuer (following the guidelines stipulated by bitshares.org).

SPECIFICATIONS
CRUDE.NGN will be a User Issued Asset (U.I.A), [N/B there will also be CRUDE.NGN as smartcoin in the future backed with BTS].

U.I.A Parameters
owner can issue assets to himself
the asset is centralised
Holders must be whitelisted (flag)
Disable confidential transactions (flag)
Issuer must approve all transfer (flag)
enable market fees (enabled)
Issuer may transfer asset back to himself (disabled)
Max Supply 10,000,000,000,000.00 (ten trillion to 2d.p)
Protocol
HTLC, Private memo and merchant

Asset class
UIA Utility token, Semi-Custodial, Hybrid cryptocurrency

Account Authority
vnc7

Market Restrictions
(N/B other tradeable assets may be owned by fraudsters trade with caution)

HOW IT WORKS
The issuer or (designated outlets) will operate like a blockchain-teller helping local crypto-traders/users with Crude-Naira liquidity for their Naira at lower costs. These local users will bid for their favourite cryptocurrencies with their CRUDE.NGN. As long as the owner can back the supply of the CRUDE.NGN with BTS/USDT he will not run out of service. The owner is the first issuer (the first local teller) the naira he issues is equal to the money he wants to use for trading BTS, this money is assumed to be lost by the owner.

THEORY
It is believed by speculators (Bears and Bulls) that if left unchecked by the issuer, all cryptocurrencies will always certainly tend to zero. This means that at a certain point in time the value of every virtual currency or asset ever designed was/is zero. The owner(first user) recognises this asset equality, In order words every cryptocurrency has its equivalent value to another based on certain conditions. If those conditons are met, then two virtual currencies can have thesame value (Asset Market decay).
Asset market or asset value decay It is the amount of time it takes for a valued asset (could be real money or in this case USDT) which is equivalent to an IOU asset (CRUDE.NGN) to be sold. In order words it is the amount of time it takes for an asset's value in dollar to be zero (Dollar is the abosulute currency of measurement worldwide). In the case of CRUDE.NGN this decay period has been set to 24hrs max, meaning that foreign holders who cannot sell the virtual currency for real cash have 24hrs from last update (Check records page) to redeem their CRUDE.NGN for USDT, holding it above that time frame is risky, however the owner owes it as a service to maintain the pegged value of his asset so the risks are minimal, also the owner has set enough BTS on the other side of the market to buy up the remaining supply of CRUDE.NGN which is also impossible, so the owner never loses because the asset supply is backed by twice its amount in real naira, BTS and USDT. The more money in the bank account of the owner the more he can issue for BTS sales. The cycle of CRUDE.NGN is ended after all the CRUDE.NGN is sold back to the owner, The owner then sets up another USDT buy order (price feeding) with the gains from his BTS via asset exchange, that is equivalent or more than the total supply of the asset (CRUDE.NGN) and then updating the current decay time (last update date), to continues the service. (In the future, the owner believes that foreign speculators will always have USDT available to buy up the naira and as long as there is someone willing to back CRUDE.NGN with BTS/NAIRA (CASH), CRUDE.NGN will always exist).

LSA (LIQUIDITY MANIPULATION): It is the responsibilty of the asset owner as first trader to maintain the order books and provide liquidity for the asset, however this leads to "wash trading" which has a negative effect on the CRUDE.NGN market economy (LSA events). LSA simply means long/shorting attack, this happens because every trade involves loss or gains. During wash trading the owner is assumed to sell and buy to himself so it does not count as a trade but instead market manipulation since there is no net loss or gain, this begins to change once new users enter the market, the asset owner now has to buy and sell to the new users rather than himself killing the wash trading effect and bringing in the potential for gains or losses on either side. This leads to LSA and in a bid to control the market price of CRUDE.NGN the asset owner is faced with loss in either CRYPTO or USD. This can be countered by devaluing the naira to black market rates on the USDT market or by stopping liquidity manipulation. Both options are not suitable currently due to market conditions, this brings us to another solution which is more feasible and practical.
BMV AND BMR
Since CRUDE.NGN is a digital asset that is pegged to the forex value of the naira, it creates a disparity with real naira (not really 1:1 with Naira). The Naira has two forex rates, a black market rate and an official (CBN) rate. This means that the naira has two values; a black market value (BMV), which is the price with which cryptocurrencies are bought with naira and a CBN value (FOREX VALUE), which is the price at which the naira is sold by CBN; this CBN value is what CRUDE.NGN is pegged to and thus its true value (CBN value = CRUDE.NGN). *The BMR shows the ratio of the two values (BMR = NGN/CRUDE.NGN or BMV/CBN), this disparity will seize to exist when BMR = 1.

THE MARKET
The users aim is to supply liquidity to the BTS and crypto markets by bidding with his naira for BTS (BTS/CRUDE.NGN). The resulting BTS is used to buy USDT which will be used to buy back the CRUDE.NGN on another market CRUDE.NGN/USDT at forex (CBN) rates. This creates two markets, a speculative one and a stable one. The stable market will always be assumed to be closed by the end of the day. *Markets are deemed closed after business hours

THE TECHNOLOGY
CRUDE.NGN is based on the technology of the bitshares blockchain. Bitshares has for a very long time been a pioneer of decentralised exchanges, bridges and gateways, starting from Openledger down to Xbts. Its matching engines allow users (or market markers) to speculate on the price of their assets. So far Bitshares has grown in development to be one of the most outstanding trustless exchange system ever designed in the world of cryptocurrencies, it has both merchant, POS/Teller, P2P and other forms of electronic data transfer on the blockchain, with high tech security features and a decentralised own your data policy "Brain-Key". Bitshares uses the graphene technology to deliver its services as well as a roboust DPOS (Delegated Proof of Stake) system of governance which creates a distributed autonomous organisation (DAO) that is based around the needs of its community *(https://how.bitshares.works/en/master/).

MARKET TERMS FOR CRUDE.NGN
DOUBLE MARKING/SPENDING
This is the act of selling a virtual IOU in order to buy it back with the backing asset on another market. Double Marking is only possible as long as the backing asset is more or equal to the IOU in equivalent value. The equivalent value for an asset is zero if there is only one backing authority or user (No Backing 1crude-1bts--> 0). EXCESS BTS This is the extra amount of BTS waiting to back a CRUDE.NGN. it is usually found on the market as pegs(bids and ask). Excess BTS are usually maintained at least daily by the user using the 3DAY MA OF THE ASSET. The excess BTS in the market indicates that there is enough cover for CRUDE.NGN and that CRUDE.NGN has a healthy demand (This is valid as long as the peg is maintained via the peg cycle; bitshares has a maximum peg cycle of 1 year). Excess BTS for CRUDE.NGN must come in the form of market markers, unless there is already trust established between both parties. N/B Speculators should always check the excess BTS available for trade and compare to the current supply of CRUDE.NGN if the supply is not greater than zero (A must always be > or equal to 0), the Asset is deemed to have lost value (You are now holding a worthless asset).

EQUIVALENT NAIRA
This the amount of naira in the user's wallet that can be backed with real naira/BTS. In other words its the amount of real cash or BTS equivalent to CRUDE.NGN that the account owner has in his bank account or BTS wallet *proof of balance.

ASSET SUPPLY DECAY
This is the decay of an asset as a result of decrease in supply either due to limited supply, increased demand or due to acts of God. The asset supply decay for CRUDE.NGN is the amount of the asset that is currently in supply. (max supply decay is 10 trillion), it must always be zero **see double marking above.

Balance Sheet This is the value of the last BTS bid to CRUDE.NGN total supply, it must always be greater or equal to zero every cycle** See Asset Supply Decay. This also ensures that the BTS market for CRUDE.NGN never runs out i.e no Naira demand no new naira to issue. *BTS demand for the total naira supply should always be double for the CRUDE.NGN to be healthy**See Double marking.
SECURITY
The CRUDE.NGN is only as secure as the next user who can back its total supply with BTS. However here are some guidelines that protects you

Initial devalue: this is the amount of CRUDE.NGN that was first issued to the creator, it is assumed to be unbacked by any dollar (N50,000).
KYC/AML there is no need for that as the CRUDE.NGN never leaves the system in truth, except there is need to issue large amounts (above 1 million naira cash) of CRUDE.NGN to a single entity, this is usually done if a Large investor wants to use CRUDE.NGN for speculation.
Risks, there's no risks as the asset holders are the ones who get value for the naira in cash. Only BTS speculators who cause asset decay are at risk.
Whitelisitng, there is currently a regulated market on the bitshares exchange. This means that trade outside the BTS market is not permitted. However BTS holders with CRUDE.NGN can always redeem their CRUDE.NGN for USDT in the stable market.
Bridge exchangers, they are merchants and big institutions that run their private engines on bitshares, they also offer IOU services like CRUDE.NGN
ODP: Short for own your data policy is the act of keeping all the signing keys for your bitshares wallet by your self, if this cannot be done appropraitely by you, you can request for an institution that keeps physical possesions safe to do it for you. However it is not really necessary if you know the brain-key to your wallet should a loss of device happen.
P2P: Crude.ngn uses a P2P electronic data exchange system that enable users to hold the naira as an asset and exchange it for real cash, Note CRUDE.NGN can never be used as legal tender it can only be exchanged for Cash.
CRUDE.NGN BURN: This is the transfer of CRUDE.NGN to the owner's wallet, for a service to be rendered, CRUDE.NGN is usually lost by this pattern as the User converts for physical naira, or, USDT in the market (Its vise versa) fees may apply for service rendered, the longer the burn time the more the CRUDE.NGN supplied or issued.
Multi-Sig: This is the act of securing your bitshares wallet by creating multiple account owner permissions on one account. Such wallet may either be owned by the owner or by a group of people.
SUPPLY
The supply of CRUDE.NGN is heavily dependent on the number of local users holding it or BTS users willing to back it.
The supply of CRUDE.NGN is an indication of the level of wealth the owner can lose to BTS and USDT at anytime, the larger the supply the larger the market.
Liquidity is dependent on user adoption.
Big investors are limited to transactions of up to 1 million naira only, *anything above that would require bank supervision due to the Money Laundring act.
Large foreign holders can also buy the Naira via asset exchange between CRUDE.NGN and an equivalent amount of BTS. This is done by sending the BTS to the owners's wallet. The owner then Issues the equivalent amount of CRUDE.NGN and USDT in the ratio 50:50 to the the large holder,the 50% USDT is used to back the newly issued CRUDE.NGN. The large holder must be ready to spend the BTS (forced CRUDE.NGN Issue). It can only be recovered on the BTS market or via USDT exchange on the other side of the market.
ASSET EXCHANGE
In order to bring in more naira supply new players must be ready to spend either real naira as cash, or BTS or USDT just like the initial issuer, if its real Naira, the new player is given the equivalent amount of CRUDENGN  his money can buy. Same applies for USDT and BTS.
For new USDT players, they get the equivalent amount of CRUDE.NGN.
For new BTS players, they get the equivalent amount of CRUDE.NGN and USDT in the ratio 50:50.
For long the cryptomarket in Nigeria has suffered from a lack of dollar availabilty which is needed by their foreign counterparts to be able to purchase their crypto assets, due to high regulations against remittance services and counter party risks associated with virtual currencies, this has led to high fee charges and loss of interest in virtual currencies by Nigerians. The Central Bank of Nigeria has also said that virtual currencies are not legal tender in Nigeria and has warned Banks from using virtual curriencies to transact business due to the unregulated nature of the assets.
Cryptocurrencies are actually data assets that are transferred from person to person for services rendered, the persons involved must have value for the data asset for it to be useful, if the asset loses its value for any reason what so ever, the person holding the asset will deem it worthless and consequently might have lost a considrable amount of money(cash). This is why the Central Bank is against the use of virtual currencies, they represent no real value physically and cannot actually be used for anything else outside their scope. It is therefore necessary for participants to understand this reality before using virtual currencies. (This truth is so for all virtual currencies)

# CRUDE.NGN
This asset is meant to reduce the cost of getting USDT (a virtual dollar) for people in Nigeira who understand virtual currencies and wish to participate in speculating on the value of other crypto-assets, and for Bitshares speculators who want to speculate on the Naira as well as sell USDT for NGN. Its use is as expressly stated and is not meant to be used as a legal tender for any reason whatsoever, however holders of the asset may redeem it 1:1 for real cash at designated outlets that are willing to accept it. These designated outlets then sell it on the blockchain for BTS, thus keeping the cycle. (N/B CRUDE.NGN cannot be bought at any outlet it can only be redeemed by its users for physical money). CRUDE.NGN will be a User Issued Asset (U.I.A), [N/B there will also be CRUDE.NGN as smartcoin in the future backed with BTS]
    owner can issue assets to himself
    the asset is centralised
# U.I.A Parameters
    Holders must be whitelisted (flag)
    Disable confidential transactions (flag)
    Issuer must approve all transfer (flag)
    enable market fees (enabled
    Issuer may transfer asset back to himself (disabled)
    Max Supply 10,000,000,000,000.00 (ten trillion to 2d.p)
# Protocol
HTLC, Private memo and merchant
# Asset class
UIA Utility token, Semi-Custodial, Hybrid cryptocurrency
# Account Authority
vnc7
# Market Restrictions
(N/B other tradeable assets may be owned by fraudsters trade with caution)

# HOW IT WORKS
The Asset has been designed to be as trustless as humanly possible by the issuer (following the guidelines stipulated by bitshares.org), in other to reduce the risks associated with holding virtual currencies. The issuer or (designated outlets) will operate like a blockchain-teller helping local crypto-traders/users with USDT liquidity for their naira at lower costs. These local users will bid for CRUDE.NGN with their USDT/BTS. As long as the owner can back the supply of the CRUDE.NGN with BTS/USDT, he will not run out of service.
The owner is the first issuer (the first local teller) the naira he issues is equal to the money he wants to use for trading BTS, this money is assumed to be lost by the owner.
 
# Flaw/Weakness
The only flaw to this asset is its centrality, the more outlets (LOCAL CRYPTO USDT TRADERS) that use it the more safer it becomes.

# THEORY
It is believed by speculators (Bears and Bulls) that if left unchecked by the issuer, all cryptocurrencies will always certainly tend to zero. This means that at a certain point in time the value of every virtual currency or asset ever designed was/is zero. The owner(first user) recognises this asset equality, In order words every cryptocurrency has its equivalent value to another based on certain conditions. If those conditons are met, then two virtual currencies can have thesame value (Asset Market decay).
- Asset market or asset value decay is the amount of time it takes for a valued asset (could be real money or in this case USDT) which is equivalent to an IOU asset (CRUDE.NGN) to be sold. In order words it is the amount of time it takes for an asset's value in dollar to be zero (Dollar is the abosulute currency of measurement worldwide). In the case of CRUDE.NGN this decay period has been set to 24hrs max, meaning that foreign holders who cannot sell the virtual currency for real cash have 24hrs from last update (Check records page) to redeem their CRUDE.NGN for USDT, holding it above that time frame is risky, however the owner owes it as a service to maintain the pegged value of his asset so the risks are minimal, also the owner has set enough BTS on the other side of the market to buy up the remaining supply of CRUDE.NGN which is also impossible, so the owner never loses because the asset supply is backed by twice its amount in real naira, BTS and USDT. The more money in the bank account of the owner the more he can issue for BTS sales. The cycle of CRUDE.NGN is ended after all the CRUDE.NGN is sold back to the owner, The owner then sets up another USDT buy order (price feeding) with the gains from his BTS via asset exchange, that is equivalent or more than the total supply of the asset (CRUDE.NGN) and then updating the current decay time (last update date), to continues the service.
(In the future, the owner believes that foreign speculators will always have USDT available to buy up the naira and as long as there is someone willing to back the CRUDE.NGN with BTS/NAIRA (CASH), CRUDE.NGN will always exist).

# THE MARKET
The users aim is to supply liquidity to the BTS market by bidding with his naira for BTS (BTS/CRUDE.NGN). The resulting BTS is used to buy USDT which will be used to buy back the CRUDE.NGN on another market CRUDE.NGN/USDT. This creates two markets, a speculative one and a stable one. The stable market will always be assumed to be closed by the end of the day.

# THE TECHNOLOGY
Bitshares has for a very long time been a pioneer of decentralised exchanges, bridges and gateways, starting from Openledger down to Xbts. Its matching engines allow users (or market markers) to speculate on the price of their assets. So far Bitshares has grown in development to be one of the most outstanding trustless exchange system ever designed in the world of cryptocurrencies, it has both merchant, POS/Teller, P2P and other forms of electronic data transfer on the blockchain, with high tech security features and a decentralised own your data policy "Brain-Key".

# MARKET TERMS FOR CRUDE.NGN

# DOUBLE MARKING/SPENDING
This is the act of selling a virtual IOU in order to buy it back with the backing asset on another market. Double Marking is only possible as long as the backing asset is more or equal to the IOU in equivalent value. The equivalent value for an asset is zero if there is only one backing authority or user (No Backing 1crude-1bts--> 0).
EXCESS BTS
This is the extra amount of BTS waiting to back a CRUDE.NGN. it is usually found on the market as pegs(bids and ask). Excess BTS are usually maintained at least daily by the user using the 3DAY MA OF THE ASSET. The excess BTS in the market indicates that there is enough cover for CRUDE.NGN and that CRUDE.NGN has a healthy demand (This is valid as long as the peg is maintained via the peg cycle; bitshares has a maximum peg cycle of 1 year). Excess BTS for CRUDE.NGN must come in the form of market markers, unless there is already trust established between both parties.
N/B Speculators should always check the excess BTS available for trade and compare to the current supply of CRUDE.NGN if the supply is not greater than zero (A must always be > or equal to 0), the Asset is deemed to have lost value (You are now holding a worthless asset).

# EQUIVALENT NAIRA
This the amount of naira in the users wallet that can be backed with real naira/BTS.
# ASSET SUPPLY DECAY
This is the decay of an asset as a result of decrease in supply either due to limited supply, increased demand or due to acts of God. The asset supply decay for CRUDE.NGN is the amount of the asset that is currently in supply. (max supply decay is 10 trillion), it must always be zero **see double marking above.
- Balance Sheet
This is the value of the last BTS bid to CRUDE.NGN total supply, it must always be greater or equal to zero every cycle** See Asset Supply Decay. This also ensures that the BTS market for CRUDE.NGN never runs out i.e no Naira demand no new naira to issue. *BTS demand for the total naira supply should always be double for the CRUDE.NGN to be healthy**See Double marking.

# SECURITY
The CRUDE.NGN is only as secure as the next user who can back its total supply with BTS. However here are some guidelines that protects you
- Initial devalue: this is the amount of CRUDE.NGN that was first issued to the creator, it is assumed to be unbacked by any dollar (N50,000).
- KYC/AML there is no need for that as the CRUDE.NGN never leaves the system in truth, except there is need to issue large amounts of CRUDE.NGN to a single entity in cash, this is usually done if a Large investor wants to use the real naira. (the large investor buys the crude.ngn from the market with BTS and redeems it at an outlet in Nigeria for cash, it may require bank supervision due to the amount of money involved)
- Risks, there's no risks as the asset holders are the ones who get value for the naira in cash. Only BTS speculators who cause asset decay are at risk.
- Whitelisitng, there is currently a regulated market on the bitshares exchange. This means that trade outside the BTS market is not permitted. However BTS holders with CRUDE.NGN can always redeem their CRUDE.NGN for USDT in the stable market.
- Bridge exchangers, they are merchants and big institutions that run their private engines on bitshares, they also offer IOU services like CRUDE.NGN
- ODP: Short for own your data policy is the act of keeping all the signing keys for your bitshares wallet by your self, if this cannot be done appropraitely by you, you can request for an institution that keeps physical possesions safe to do it for you. However it is not really necessary if you know the brain-key to your wallet should a loss of device happen.
- P2P: Crude.ngn is a P2P electronic data exchange system that enable users to hold the naira as an asset and redeem it for real cash, Note CRUDE.NGN can never be bought with NGN it can only be redeemed.
- CRUDE.NGN BURN: This is the transfer of CRUDE.NGN to the owner's wallet, for a service to be rendered, CRUDE.NGN is usually lost by this pattern as the User converts for physical naira, or, USDT in the market (Its vise versa) fees may apply for service rendered, the longer the burn time the more the CRUDE.NGN supplied or issued.
- Multi-Sig: This is the act of securing your bitshares wallet by creating multiple account owner permissions on one account.
Such wallet may either be owned by the owner or by a group of people.
NOTE
- The supply of CRUDE.NGN is heavily dependent on the number of local users holding it or BTS users willing to back it.
- The supply of CRUDE.NGN is an indication of the level of wealth the owner can lose to BTS and USDT at anytime, the larger the supply the larger the market.
- Liquidity is dependent on user adoption.
- Large holders can buy with cash or BTS  (They have to either buy BTS with the owner physically in cash or Buy CRUDE.NGN on the DEX with BTS)
- Large foreign holders can also buy the Naira via asset exchange between CRUDE.NGN and an equivalent amount of BTS. This is done by sending the BTS to the owners's wallet. The owner then Issues the equivalent amount of CRUDE.NGN.
Forced crude Issue
This happens when the bitshares demand for naira has gone 10x or more higher than supply or when a large investor wants CRUDE.NGN, it involves a reissue of the asset to improve supply (creating new CRUDE.NGN), The NGN must be backed so the owner issues in the ratio 50:50 CRUDE.NGN and USDT at certain charges to the investor, the USDT backs the new supply...

ASSET EXCHANGE
In order to bring in more naira supply new players must be ready to spend either real naira as cash, or BTS or USDT just like the initial issuer, if its real Naira, the new player gets the equivalent amount of CRUDENGN. Same applies for USDT and BTS.

Project Sponsors

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Website:
https://bitsharescrude.wordpress.com/
https://bitsharescrude.i.ng
https://data.bitsharescrude.i.ng
https://github.com/bitsharescrude/crude.ngn, https://github.com/bitsharescrude/XBITS-HTLC, https://github.com/bitsharescrude/bitshares-Naira-test, https://github.com/bitsharescrude/XBITS-RECORD
    Explorer: https://bts.ai https://wallet.bitshares.org/#/explorer/blocks

Wallet
    Wallet(window): https://wallet.bitshares.org/ https://ex.xbts.io/
    Android Wallet: www.PalmPay.io, bitsy wallet btspp.app bitshares mobile wallet

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Disclaimer
https://github.com/bitsharescrude/bitshares-naira-terms

10
General Discussion / REDUCE CREATE ASSET FEES
« on: May 30, 2020, 08:20:00 am »
Currently Create asset fees have been increased by a whopping 1000%
This pose a problem for small businesses and entrepreneurs who would love to create low risk tokens for projects or non-profit tokens for giveaways and memes. The solution of creating a one stop Token with subsequent price reduction for multiple.token is not enough.

Since the fee increase was as a result of the abuse of the low fee entry by rogue miscreants and fraudulent entities, I suggest that;

The fees be reduced at least back to the previous amounts for Lifetime members especially the longer Symbols option.
*** Asset creation fees
Longer Symbols: Lifetime Members 2413BTS/ Basic members 24130BTS***
Or completely scrap the asset specific features for basic member and make it exclusive for LTMs
Or create a above 10 or more symbol option that is cheaper
The asset create feature is a very important part of the BTS platform that gives it a competitive edge as a well known DEX in the cryptosphere, I appeal to the committee and those in charge to review urgently this fee increase and take appropriate corrective measures before the next core release scheduled in June.

11
General Discussion / MARKET FEE SHARING AND BSIP 86
« on: May 26, 2020, 05:54:21 am »
Market fee sharing as described by BSIP86 involves giving a part of the income from the market fees of any asset to the network, it's meant to improve the profitable of BTS as a core token, since the accumulated fees are presumably used by the committee to buy back/burn BTS from the market. Market fees sharing is not new to BTS, infact it has been existing since inception starting with the 80% cashbacks on all transactions for LTMs, it is also already implemented on major bitassets and stands at 0.1% currently, these fees go to committee account, however out of this 0.08% goes to LTM referral accounts leaving a paltry sum as actual income on these assets (bitUSD, CNY,,etc), another asset GDEX.BTC also uses this referral reward pattern but only gives out 20% of it's fees instead of 80% as done in the bitassets, XBTSX uses the STH staking pattern to reward holders with their market fee income, other markets may have their rewarding system as well too, for example the market maker contest is another form of market fee sharing. BSIP86 if implemented will make all DEX asset owners to also reward the network (committee account) via market fee sharing which will either lead to an increase in the percentage charge (currently 0.1% for most assets) or a decrease in revenue for the asset owners (mostly bridge exchanges), that being said let us see the losers and gainers of this new system.
Firstly the losers, these are the parties that stand to lose a lot from the BSIP86: they include bridge exchanges and ordinary DEX users. Bridges would lose 50% of their revenue ( by default market fee sharing is set to 50%), considering the low trade volumes on the DEX and current low user base, add that to monthly running costs, it will only be a matter of time before the remaining exchanges pack up or jump ship, this will cause a ripple effect on the ordinary BTS users who still patronize these exchanges, firstly they will have to pay more to use the services of the BTS DEX, secondly they stand a risk of losing the value of their bridge assets should any of the remaining exchanges bail out, thirdly the new DEX economy model reward system may not be enough to cover for the expenses made on the DEX, add all these risks and you have a lot of discouraged retail traders leaving the chain for greener pastures.
This takes us to the gainers; they include the Whales, LTMs, and Committee account. The Whales are big stakeholders, who benefit from the BTS economic model, they have a huge stake in BTS including huge collateral positions and strong voting power, they will also gain a lot if BTS appreciates in price and through juicy incentives, the new market fee sharing will have no effect on them as they do not involve themselves in day to day trading activities, plus they also decide who makes the rules via their voting stake so this ensures things will always be in their favour, next is the LTMs who get 80% cashbacks on their fees including other juicy incentives, they won't be affected since their expenses are lesser than that of ordinary users, finally we have the committee account that stands to gain 50% of the revenue from all assets on the DEX that charge market fees. BSIP86 may lead to a capitalist type of system where the chain is run for profit, this may be good in the short term, especially for the gainers, however in the long run it could also be the death of BTS as we know it since BTS was originally meant to be used as a DAC meant for the gains of all stakeholders and not just for profit of a few elite members. Finally a simple solution to BSIP86 could be to remove the market fee referral reward on all bitassets, this will automatically increase the amount committee account earns from it's assets (LTMs already have so many other benefits) there will thus be enough for development of the BTS network another option would be to reduce LTM cashbacks to 50% or less.

12
General Discussion / BTS TA FOR 12TH MAY 2020
« on: May 12, 2020, 09:35:28 am »
Currently BTS price is close to 0.018USD which is currently acting as a critical support, recall from last month it was a resistance level as at this time. Bitshares has traded between 0.016 to 0.022USD within that time a rough 37% gain if u had caught both positions. So far BTS appears to be in a downtrend channel on the daily and 4H charts however it is testing the 0.017-0.018USD support as mentioned earlier, with current resistance at 0.0215USD level, a failure to hold support may lead to a crash to the 0.013USD a main support line when Bitcoin crashed to 3000USD in March, once again BTS is still heavily dependent on bitcoin's performance; this shows in the fact that BTS has devalued heavily against the King of coins, however Bitshares is planning a new release in June called BTS4.0 with massive new features like P2P lending and new improved upgrades to Bitshares governance this may lead to price increase.
LEVELS TO WATCH THIS MONTH
SUPPORT LEVELS: 0.0175, 0.015, 0.013
RESISTANCE LEVELS: 0.0195, 0.022, 0.03

13
Now that Openledger has come clean to say they are no longer in service it is now time for Bitshares as an entity to explore other ways of bringing liquidity to the DEX especially for the remaining bridges, Openledgers reasons for closing is that they could no longer meet with the demands of their DEX projects for the customers and due to the current cryptocurrency climate in their host country they had to close shop. This means that at a point they were no longer making money from their investment,this is an exchange that has been existing since the beginning of bitshares which is pretty bad. This also means that the remaining bridges might probably close shop too if the situation continues.
This is why Bitshares as a whole must have some sort of frame work or regulation to forestall a repeat of such occurences in the future, a lack of change in approach may lead to loss of confidence in bitshares by DEX users and newbies who are considering a venture in bitshares and ultimately the death of bitshares DEX structure, there has to be a fail proof way of safeguarding the assets of DEX users, such that the closure of a bridge would not have much impact on the users afterall it is they who provide liquidity on the DEX. The Bitshares token is safe, however, what good is it if it can not deliver on its promise of decentralised trading for all crypto-asset class (Bitcoin and the others).
Bitshares has the solution to this problem already, yes there is already a form of exchange on the DEX that does not rely on  bridge exchanges, a trustless bridge in the form of Hash Time Locked Contracts (HTLC), where users use smart contracts to validate asset exchange without a third party, we also have many gateway services available.
The use of HTLC introduces another form of bridge exchange known as teller exchanges, these exchanges will no longer be custodians of users funds, but will act as an exchange terminal for the bitshares network helping users to have access to the DEX trading functionality without being worried of losing their funds.
How can this be achieved, firstly the bitshares network can create a pseudo asset, a form of security token or semi-fungible asset using the laid down parameters available on the network, say for example Bit.BTC (Must be UIA not a smart asset) which can be traded on the DEX, after issue, the asset ownership would be transfered to null-account so that no one else has control of it, and then the issued coins would be sold for BTS by the bitshares committee through an account set up for this (Current bridge exchanges may be given first right of purchase). This account would be the first seller and will sell the coins in batches according to the market demands and at exactly or almost thesame price as bitcoin, as it is committee owned it is immutable and trust will be guaranteed. Now this is where the tellers come in; holders of the psuedo asset can then post trades on their sites where they are matched with other users who are in need of the asset on the DEX (current bridge exchanges can also perform this service), another way is the use of gateways like blocktrade, atomicpay, gatehub, etc. that will exchange the asset 1:1 for bitcoin at a prescribed fee supposing the user doesnt want to use the HTLC teller method.
Using this pattern future bridge exchanges would no longer need to create their own assets but instead would be given first rights of purchase and special previleges to be able to sell and exchange the assets ( bitcoin for example) to users at reasonable costs. It also makes every user a potential exchange.

14
General Discussion / ANN: VNC-7 DEBT SECURITY TOKEN
« on: April 19, 2020, 11:37:42 pm »
VNC7DST is a UIA created to act as a bond on the bitshares platform, users or benefactors who purchase the token are in effect lending money which will be payed back in the form of buy backs.
Traditional forms of borrowing and fund raising require a lot of paperwork and legalities, and are sometimes ineffective for small entrepreneurs, using the advantages of the BTS platform and it's business model, the VNC7DST token is a one stop solution as a digital debt investment on the bitshares blockchain.

15
General Discussion / Buy Buy Buy 3
« on: April 17, 2020, 06:31:59 am »
Most good traders know that historical support and resistance is one of the bed rocks of making money in trading, this is because those lines show us the point of distribution and the point of accumulation, ie demand and supply, last night I did a little digging into one of my analysis on the 0.016USD level for bitshares, guess what I discovered, it's actually an important level for bitshares, in one of my analysis I noted that below this price level BTS would lose its top 100 market cap spot, and so far it has not lost this level for months now except a few times when the market became very volatile. In conclusion the BTS buy range right now is between 0.017-0.012, it's pretty high but it's due to BTS volatility, the time to accumulate is now cos in the coming months we might not see BTS at this price anymore...

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