Background. Bit20 (BTWTY) has been operating as a transparent representation of the largest market capitalization cryptocurrency projects continuously over five years. Because the assets themselves function as public and open DAOs, anyone is free to access the published feeds and create their own contracts on the BitShares blockchain. The project has always had a team monitoring and updating the parameters of the index.


Over the years, the team behind Bit20 has responsibly maintained the software and governed over fair value pools. Further, they have taken on increasing responsibilities while releasing a series of projects (Bit20, Twentix, Blocktivity). After long consideration in conversations EstefanTT will shift day-to-day operations of the BTWTY & TWENTIX asset & website to JohnR. After this transition JohnR and a small team will continue operation of the assets including maintaining community communication. First priority will be improving the asset from global settlement. Ensuring full value for token holders is first priority.


Management: The new operator for the Bit20 and Twentix indexes will be John Conlin.

“As the new operator of the Bit20 technology and its historical legacy, it is my primary concern that all holders and supporters receive the experience promised them when the project began. I’ve been a frequent poster on bitsharestalk.org, served as a Committee Member, and cultivated meaningful relations with other individuals and businesses. I care about a reputation for honesty and will put significant resources behind this project – aligning my incentives with fellow token holders.”

“It will not be easy, but I look forward to helping the Bit20 DAO reach greater success than ever.”

Estefan & I will answer any questions of both current token holders and prospective token holders.

John
Telegram - @nonfungible_john
BTS – “johnr”

Thank you for the explanation. So, how can I determine for a specific asset if it was completely borrowed into existence or if some of the supply was issued by some centralized individual or organization?

Furthermore, in the BTWTY page (https://wallet.bitshares.org/#/asset/BTWTY) the asset is listed with the permission "ISSUER MAY TRANSFER ASSET BACK TO HIMSELF". So it seems that the individual who controls the issuing account (in this case estefantt) is able to just transfer the assets back to himself as he wishes. Is there a good reason that this permission flag is enabled? It seems that most other assets (HERO, BitUSD, ...) have this flag enabled as well. In the case of BitUSD the issuer is the committee-account, so that I assume that it is much harder to make use of this permission. But in the case of BTWTY and HERO, it seems that it makes the asset completely centralized and controllable by the one individual who is listed as issuer. Am I missing something here as well? Thank you.

Hi, I 'm the founder of Bit20.

To understand fully the mechanics behind Bit20 I recommend to read the following webpages:

Website : http://www.bittwenty.com
Market : http://cryptofresh.com/a/BTWTY
Bitshares smartcoins : https://bitshares.org/technology/price-stable-cryptocurrencies/

Here you'll find the latest news.

News : https://steemit.com/@blocktivity

There are a big difference between permissions and flags. Permissions are possibilities, flags are real. I leave all permission as standard but I only have 2 active flags : "Charge market fee" and "Witness fed asset". You can see them here : http://cryptofresh.com/a/BTWTY

For any further questions, I would prefer if we use the Bit20 Telegram channel. I'm more reactive there. I only check this forum from time to time.

Telegram group : https://t.me/bittwenty

Steemit is by far the brightest social and blockchained-based platform out there. I would suggest anyone to have a look if you still don't know it.

As the blogs look much better and professionals on Steemit platform than forums, from now on, I will post the revisions and other Bit20 announcements there. I'll leave this forum open for questions, debate or any other kind of interactions.

Here is the link to the official Bit20 announcement Steemit channel: https://steemit.com/@EstefanTT

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Noticed that we have opened a telegram channel if you want to be closer to the Bit20 community

Telegran link : https://t.me/joinchat/BdGiiAyHOiLHs4oiHqV2Kg

Thanks for the investigation Wackou, so am I correct in saying that if the price feed had more witnesses for this asset and if the price feed is an average of witness feeds, this can help reduce black swans in future? Although such a sharp divergence in feed pricing likely still would black swan the asset even with twice the amount of witnesses correct?

The problem comes from the fact that we only have had 3 witnesses with 2 different version of the script providing the price feed.
It was necessary because we were in the testing phase and we had to make some change since the market inception.

The solution is a system the check the coherence of the new PF with the previous one, more witnesses and different scripts. This is what we will have when the market will be relaunched.

On the 21st day of every month, Bit20 runs an algorithm that creates its new composition. By this process, it always includes the most promising coins. Some coins appear in the index and others disappear. Some of them gain weight and other lose some of it. This new composition swap with the previous one without any disturbance of the index price.

We have run this operation yesterday. Here is the new composition of the Bit20 Index Fund:

BTC / 45802864660 USD / 10 % / 1.3729080571151 coins / 2782.75 USD
ETH / 21004746485 USD / 10 % / 16.993825805106 coins / 224.814585 USD
LTC / 2329412021 USD / 10 % / 85.431272535297 coins / 44.7196885 USD
ETC / 1488458592 USD / 10 % / 240.6244783362 coins / 15.87727035235 USD
DASH / 1386652697 USD / 9.6908906808352 % / 19.860450223695 coins / 186.419032726 USD
XEM / 1372267347 USD / 9.590355878893 % / 24030.020904655 coins / 0.1524741496 USD
MIOTA / 806183302 USD / 5.6341679970041 % / 7421.3523096666 coins / 0.290043 USD
XMR / 600317850 USD / 4.1954374521395 % / 39.545834399725 coins / 40.5314511 USD
STRAT / 512680669 USD / 3.5829680555235 % / 262.91802219672 coins / 5.2064083132 USD
BCC / 419175256 USD / 2.9294873841125 % / 16.090153636757 coins / 69.558 USD
VERI / 409717046 USD / 2.8633868534283 % / 5.2585441855467 coins / 208.032 USD
QTUM / 407485920 USD / 2.8477941976697 % / 136.17011840017 coins / 7.98992 USD
EOS / 400728396 USD / 2.8005679336608 % / 615.10047493905 coins / 1.739465 USD
ZEC / 371173836 USD / 2.5940201724948 % / 4.7612325628377 coins / 208.146733172 USD
ANS / 367054750 USD / 2.5652331429687 % / 133.5001160786 coins / 7.341095 USD
BTS / 353766437 USD / 2.4723651963701 % / 6934.062861147 coins / 0.1362198796 USD
STEEM / 326337322 USD / 2.2806715188457 % / 634.87244499065 coins / 1.37243538325 USD
WAVES / 321447500 USD / 2.2464980516515 % / 267.00023215721 coins / 3.214475 USD
ICN / 267928500 USD / 1.8724701645896 % / 267.00023215721 coins / 2.679285 USD
BCN / 262378844 USD / 1.8336853198129 % / 489017.8276222 coins / 0.0014325697 USD

The composition is sent in the BitShares Blockchain so the witnesses can read it and publish the price in the decentralised exchange. This system guarantees decentralisation and prevent any market manipulation. Here it is:
http://cryptofresh.com/u/bittwenty.feed

You will find on the website the composition with the updated price of each coin and the total value of the index



Next, a glance at the state of the market since its creation on the BitShares Decentralised Exchange

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@EstefanTT

It is unfortunate that btsbots provide incorrect price feed for bit20. This makes the use of bot for bit20 very difficult. If you could collaborate with @alt to help him fix this, running bot on bit20 would be sweet.

I will contact him

On the 21st day of every month, Bit20 runs an algorithm that creates its new composition. By this process, it always includes the most promising coins. Some coins appear in the index and others disappear. Some of them gain weight and other lose some of it. This new composition swap with the previous one without any disturbance of the index price.

We have run this operation yesterday. Here is the new composition of the Bit20 Index Fund:

BTC / 33466725332 USD / 10 % / 1.3560949564735 coins / 2047.895 USD
ETH / 11377850088 USD / 10 % / 22.402660303053 coins / 123.9647454061 USD
XEM / 1987540515 USD / 10 % / 12575.472318352 coins / 0.220837835 USD
LTC / 1382715584 USD / 10 % / 102.82128131986 coins / 27.009389936 USD
DASH / 725308576 USD / 8.5034181874375 % / 23.794811670675 coins / 99.2450951061 USD
ETC / 655379046 USD / 7.6835739764117 % / 298.94180280172 coins / 7.137965 USD
XLM / 517353271 USD / 6.0653787360591 % / 31141.759425676 coins / 0.05408945 USD
XMR / 499540382 USD / 5.8565428704628 % / 47.191958490703 coins / 34.4644309352 USD
BCN / 437629790 USD / 5.1307115878504 % / 595554.65992168 coins / 0.00239251 USD
STEEM / 277727491 USD / 3.2560389829456 % / 760.23611010903 coins / 1.18943 USD
SC / 249203834 USD / 2.9216315435029 % / 85067.716440735 coins / 0.009538025 USD
BTS / 222005577 USD / 2.6027629117326 % / 8470.0114148986 coins / 0.0853391672 USD
DOGE / 205890538 USD / 2.4138324064853 % / 356364.47325837 coins / 0.001881094 USD
GNT / 205929879 USD / 2.4142936349693 % / 2685.6849971206 coins / 0.2496507084 USD
GAME / 205699490 USD / 2.411592585957 % / 204.41014892712 coins / 3.2764177632 USD
GNO / 199808181 USD / 2.3425236878961 % / 3.5964135044609 coins / 180.889 USD
STRAT / 194427340 USD / 2.2794394465992 % / 320.35403935923 coins / 1.976039591 USD
REP / 191425862 USD / 2.2442505305172 % / 35.814690065416 coins / 17.4023510701 USD
MAID / 165105928 USD / 1.9356792370382 % / 1473.4567627467 coins / 0.3648327205 USD
WAVES / 165332000 USD / 1.938329674135 % / 325.58809111446 coins / 1.65332 USD

The composition is sent in the BitShares Blockchain so the witnesses can read it and publish the price in the decentralised exchange. This system guarantees decentralisation and prevent any market manipulation. Here it is:
http://cryptofresh.com/u/bittwenty.feed

You will find on the website the composition with the updated price of each coin and the total value of the index



Next, a glance at the state of the market since its creation on the BitShares Decentralised Exchange

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Quote from: EstefanTT on April 12, 2017, 01:02:45 pm

Quote from: nmywn on April 03, 2017, 04:14:03 pm

Quote from: karnal on April 03, 2017, 12:19:08 pm

Any thoughts on how to clear that silly 0.04 debt also welcomed .. i sold to some lucky souls slightly above the price feed, thinking that would erase the debt (yeah, no) .. as far as I can see there's only two options, buying more or shorting more.. the next order is 50%+ away from the settlement price and shorting more seems like an awful idea

To pay your debt you need BTWTY.

What you did is borrowing BTWTY. You only needed to click on "close position" if you changed your mind.
Then you have sold the BTWTY you have borrowed. That's a different story.

You ask me for an egg, I lend it to you. Then you sell the egg. Now, in order to give me back the egg, you have to buy another one.

Same think with BTWTY, You have sold the ones lent to you by Bitshares. You have now to buy the BTWTY to repay BitShares for the ones it lent you. If you increase your debt, you're not closing your position but increasing the BTWTY borrowed to Bitshares.

The best way to do it is to observe the BTWTY and BTS market and chose the right moment to buy back the BTWTYs. If you expect the BTS price to increase with the Stealth announcement and other development, you can wait and buy you BTWTY back when BTS reach 0.02$. You will have make money (BTS) on the overall operation.

It would appear I got margin called at some point in the last 3 days. Lost about $400.

Expensive lesson.

I'm sorry to hear. I guess it happens during the high volatility we had lately. I would guess lots of traders have been margin called on several markets during these times.