Just repeating the same question from BitShares v1, will there be a "pay on secret reveal" tx type in BitShares 2.0? preferably for both BTS and SmartCoins like BitUSD.

I would love to be able to trade BitUSD for BTC without needing a centralized exchange.

I just fired up the gui client and could not find the "withdraw_password_type" in the console screen.

Where can I find it?

Looks like the same design crispweed over on BTT came up with (and implemented) back in May: https://bitcointalk.org/index.php?topic=628547.0

So is this "withdraw_password_type" tx already in BitShares and working? Theoretically we could do a BTSX to SwapBill trade as a test?

Already supported at protocol level

Not sure what that means.. I guess technically Bitcoin supports this at a protocol level as long as someone changes the client to create and accept these two new tx types (PayOnSecretReveal & SecretReveal).

So i'm assuming it also needs to be implemented in Bitshares? How much work would it be? Is anyone interested in implementing it?  I think it would increase demand for BitUSD if people can swap it for their own prefered coin.

What can I do to help make this happen? A couple of new API calls would be a good start perhaps?

It seems to me the biggest issue facing BitShares right now is the lack of BitUSD demand.. I bought some early on and then found it very hard to sell due to non existing buy orders on the books.

Is there any plans to improve this situation? Otherwise no one will buy BitUSD and the system is useless.

Something like LocalBitcoins for BitUSD would be my recommendation.

You meet up with local sellers, hand over a $20 dollar note and seller transfers you $20 dollars BitUSD.

Quick and easy, no exchange rate haggling!

If I have a bag of the best oranges the world has ever tasted and I create a BitOrange asset to trade shares of the bag of oranges whats the BTSX/BitOrange price going to be?  The price has to follow what people are actually paying to receive a physical orange and BitOrange will follow that.. if the volume of BitOrange is 50% or more of physical orange purchase volume then the price cant really be considered accurate because all that volume is not actually affecting the physical exchange price at all.

Yes I agree, the current gold market and most markets today are 90% speculation and not based on physical delivery.. thats unfortunate and probably a reason why the world is in a financial mess right now.

I highly doubt BitBTC will become the biggest BTC market.. if it did I wouldn't trust the price.. unless BitShares can integrate delivery of actual bitcoins into the software somehow.

Firstly, let me start by saying congrats on the BitSharesX going live.. i've been playing around with it and its working well.

I just wanted to share my thoughts on the platform, its positives and negatives..

I love the idea of a decentralized BitUSD, its the only way to get around the obstacles that centralized exchanges were facing dealing with fiat currencies and there associated regulations.

I also believe the market will keep the price of BitUSD where it should be (although the first major short squeeze will be fun to watch).

Now this is not really a problem, more of an observation, if we can create BitUSD out of thin air using BTSX as collateral and start trading it, how do we determine the price of USD/BTSX?  obviously we can check other centralized markets and use their prices.  And the good (and bad) thing with USD is there is so much of it out there, traded everywhere its nearly impossible to determine an accurate price so we just go with what the big boys tell us.

But what if we wanted to create an BitAsset based on an asset that did have limited supply and demand, and had illiquid markets.. the BitShares "virtual" version would never be able to take over as the leading marketplace or primary point for determining price because no one is actually swapping the real asset.

So my conclusion is USD/BTSX is probably the best market for BitShares because we just accept the price the big boys tell us.. but BitShares can never become the primary exchange for Bitcoin, potentially even Gold due to it not being able to determine its own real price.  It can only be a small percentage of the real markets that actually demand swapping/depositing of the real asset.
Saying that, even if BitShares fulfills only a small percentage of trading for a given asset, maybe that's enough to facilitate a virtual representation of said real asset enough that they can be transferred around on a blockchain p2p style with no restrictions or red tape

TLDR; Without supply and demand of actual assets there can be no independent price discovery.