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Messages - chigbolu

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1
What is CRUDE.BTX?
CRUDE.BTX is an asset that represents 1.5x (half bull/half bear) the price of Bitshares on the DEX. It is essentially a decentralised futures traded smartcoin on the DEX which can only be gotten by opening a margin above 1.5 with Leverage (CRUDE.LVRG) as collateral.

Why Futures Trading?
Futures trading is currently a lucrative means of getting rich in the cryptocurrency market and having a futures traded token on the DEX brings the opportunity closer to the bitshares ecosystem.

How do I benefit?
CRUDE.BTX as earlier said is a futures traded token, whose unique value comes from its supply and the value of its underlying asset CRUDE.LVRG against Bitshares. ( As a rule of thumb, its true value K = 1.5BTS (K is constant). However its notional value (spot price) can change based on other factors in order to benefit those who wish to trade the asset. These factors include the spot price of bitshares, the spot price of Leverage, number of days to expiration of contract, market volatility and market fees from trading the assets(Both Leverage and BTX). Currently all operations from a contract wallet called crude.btx-account which aims to buy up as much of the CRUDE.BTX token it can buy at notional value quarterly. Each bid the wallet makes ends after every Quarter after which a new bid is set at the notional value of that day. Thus the wallet aims to reduce the supply of CRUDE.BTX on the market in the hope of increasing the notional value above 1.5BTS, the perceived price with which it was borrowed.

As a trader you can benefit from this by either borrowing the asset into existence and selling it on the market for bitshares (Opening a Short Position) or bidding for CRUDE.BTX tokens on the market in the hope of gaining more bitshares in the future (Opening a Long Position) when its notional value has increased.

CRUDE.BTX/BTS MARKET This is the market of interest where the futures trading really happens, traders may constantly buy and sell the asset daily, but the major trades will happen on the 20th of each quarter where the BTX supply is bought at notional value. The other market traders can buy from is the CRUDE.LVRG market.

What Happens to the CRUDE.BTX that is bought by the contract wallet?
What happens is that the account would immediately ask for settlement and the resulting collateral burnt. This helps to control the supply of both tokens.

How can I be Sure of Profit?
The purpose of trading a futures market is to make big profits at low risks, all futures contracts are tailored according to the risk free return of the US treasury Bond matching the investment duration of the stock or asset. If the returns are lower than that of the Bond such asset would have no value for investment. CRUDE.BTX uses the spot price model of bitcoin futures to calculate its possible returns in price, however the interest rate used is slightly different from that of bitcoin, in that it factors in the notional value of the asset in terms of its supply and the income generated by the asset from trading, thus it varies whereas that of bitcoin is set to 1.

What is the Interest Rate for borrowing the asset?
The interest rate is dynamic and is calculated as follows:

Interest rate = ((Market Income + wallet Balance)/4)/CRUDE.BTX total supply)

The market income is calculated from the amount of CRUDE.LVRG or CRUDE.BTX available to claim as market fees, while the wallet balance is the equivalent amount of excess CRUDE.BTX tokens in BTS that can be bought from the market. Both are divided by 4 (an initial interest of 25% on any income generated) after which the result is divided by the current total supply of CRUDE.BTX. If the interest rate is equal to or above 2.5, the asset is profitable for shorts (borrowers), Below 2.5 is profitable for buyers (longs).

How do you get the notional value quarterly?
The Spot price or notional value to be used is calculated as follows;

Spot Price = ([1 + (Interest rate * (N/365))] + PP)/2

N = Number of days left before contract expiration

PP = Previous quarter price.

Currently the interest rate is very low (below 2.5), which means that it is more profitable to buy the asset directly from the market, similar to opening a long position on your bitshares tokens with future knowledge that it will be worth more than 1.5BTS soon. On the other side borrowers will be very reluctant to sell below 1.5 because they will be at risk of losing their margins in the future if they do….

2
General Discussion / Re: Bitshares Technical Analysis thread
« on: August 27, 2021, 03:46:44 pm »
Its been a while I wrote something reasonable as regards to Bitshares Technical Analysis, so I decided to do a little research into some of the fundamentals of Bitshares in terms on on chain demand and supply, NFTs and Liquidity Pools..

Firstly Bitshares is currently trading @ 0.057USD with support at 0.054-0.05USD and Resistance at 0.06-0.065USD. After a rise from 0.03USD bitshares seems about to form a new trend pattern although the uptrend may still continue but the 100% rise in price from July is pretty impressive. Hopefully we get more highs in the coming months. However any good price changes are dependent on the following factors:

1. Bitcoin: Bitshares is heavily dominated by this coin and part of its current rise in price is as a result of the strong uptrend of bitcoin in July. It is also clear too from the recent price dump this week where Bitcoin has also fallen from 50k to 46k.

2. Adoption: Despite the good news that Bitshares has adopted a new governance approach and the announcment of staking by the BTSMG group and also other news like liquidity pools and NFTs. Bitshares adoption is still stagnant. There has been no real change both in the wallet holders or trading volumes on the DEX. Infact it has been poor to be honest. Hopefully things change in that direction and more people come in.

3. DEX Trading:  Trading on the DEX is still difficult for new users, sometimes I find it difficult too, although there has been much improvements to the UI. However every now and then new users still complain of being scammed of huge sums of money by phising accounts and all manner of scammers from fake markets to fake addresses its still an easy place to lose money and if more work is not done to improve the UI, user adoption will still continue to be a problem. Coupled to this is the fact that there are only two recognised gateways left in XBTS.io and Gdex.io. Of the two XBTS.io is the most active and appears to currently boost the highest trade volumes. However for a blockchain that can be used as a DEX to create gateway tokens this is very poor and needs to change in the future if bitshares is to improve in price. WE NEED MORE GATEWAYS good ones.

4. Developers: From my own point of view Bitshares has very few developers working on it, I dont know if its the programming language or if developers just don't find the project interesting enough, which is appaling considering the amazing features that bitshares boasts. WE NEED MORE ACTIVE DEVELOPERS if this token is to go anywhere. Also most of the cool features of bitshares can only be accessed by the few developers we have, not that its bad though but this an area I feel needs some work, I personally feel that if more tutorial videos on bitshares-python is done or on how to setup bitshares core in windows or that kind of stuff, that bitshares will attract interest from developers especially those newbies like me too :), I also miss our telegram bots even pool tool we dont know what happened :(  ....

In general the fundamentals for bitshares are good as we now have a host of new features but more work needs to be done to get people to use it. The more people that see Bitshares DEX as useful to them, the more  the price will rise.

PRICE LOOK OUT as we approach September

UPTREND above $0.07 (Strong resistance @ 0.10USD)
RANGE $0.05-$0.06
DOWNTREND below $0.05 (strong support @ 0.042USD)

Finally from my research it will surprise you to know that only 17million BTS are locked in our liquidity pools that's about 0.58% of BTS total supply.
Also I discovered that most of the supply of bitshares are on centralised exchanges (talk about counter productivity) the very thing we dislike is what we are promoting by puting our bitshares in their hands. Although Binance offers us futures trading and High liquidity (currently about 5million USD   >:( >:() but cant we have those things right here on the DEX, yes we can and we should. Finally our top 100 richest wallets hold 68% of the total supply of Bitshares, not that its good or bad but most of it is either in exchanges or just lying dormant when they can be used for voting, staking, etc... Just saying and there is still another huge 950million Bitshares floating somewhere mmmmhhh.... Check here to see more data
https://fund.bitsharescrude.i.ng.....

3
Since we are in the era of liquidity pool staking on the bitshares DEX, Bitsharescrude has decided to take advantage of its own stake pools by offering the following stake and earn reward programs;

1. CRUDE.LVCNY/CRUDE.STHLP

Stake bitCNY and CRUDE.LVRG to earn CRUDE.STHLP(STH/LVRG) tokens monthly. To be eligible users must hold @ least 10% of the total supply of the CRUDE.LVCNY asset (APY: dynamic).

2. CRUDE.LPT/CRUDE.BTSP

Stake bitCNY and CRUDE.NGN to earn CRUDE.BTSP(BTS/NGN) monthly. Users must hold 10% of the total supply of the CRUDE.LPT asset to be eligible (APY: 6%).

3. CRUDE.BTX/CRUDE.TRDDEFI

CRUDE.BTX is an FTX like instrument that follows 1.5 times the daily price change of BTS. Hold a minimum of 100CRUDE.BTX tokens and be in the top 100 holders to be eligible for CRUDE.TRDDEFI (BTS/LVRG) weekly airdrops. (APY: 144% CAPPED @ 1,000,000CRUDE.BTX).

All other promos have been cancelled to facilitate the success of this three promotions.
The CRUDE.BTSP reward promotion  is aimed at bringing CRUDE.NGN back to its initial pegged value of 100CNGN/CNY, once this is achieved, the promo will be reviewed. While the others are aimed at improving adoption of the CRUDE.LVRG asset as a model brand cryptocurrency on Bitshares and have been set up to continue for the forseable future. Users are encouraged to try out the liquidity pools at this early stage where there is less competition.
All the funds for the reward are gotten from the profits from market making, liquidity pool swaps and personal finance, users can follow reward progress on https://fund.bitsharescrude.i.ng.

Since we are in the era of liquidity pool staking on the bitshares DEX, Bitsharescrude has decided to take advantage of its own stake pools by offering the following stake and earn reward programs;

1. CRUDE.LVCNY/CRUDE.STHLP

Stake bitCNY and CRUDE.LVRG to earn CRUDE.STHLP(STH/LVRG) tokens monthly. To be eligible users must hold @ least 10% of the total supply of the CRUDE.LVCNY asset (APY: dynamic).

2. CRUDE.USDTLP/CRUDE.STHLP

Stake XBTSX.USDT and CRUDE.LVRG to earn CRUDE.STHLP(STH/LVVRG) monthly. Users must hold 10% of the total supply of the CRUDE.USDTLP asset to be eligible.

3. CRUDE.BTX QUARTERLY BUY BACK

CRUDE.BTX will have a quarterly futures price which is dependent on the trading performance of bitshares and market fees generated from CRUDE.BTX and CRUDE.LVRG every quarter starting from 20th September. The contract wallet is crude.btx-account an initial settlement price has been set to reflect the last quarter performance based on supply and income generated.

All other promos have been cancelled to facilitate the success of this three promotions.
Users are encouraged to try out the liquidity pools at this early stage where there is less competition.
All the funds for the reward are gotten from the profits from market making, liquidity pool swaps and personal finance, users can follow reward progress on https://fund.bitsharescrude.i.ng.

4
Consistency is important in business and that has been a lacking tool for me and my project at the moment. The reasons being that I am virtually the only one doing all the work for it, so it is expected that my CRUDE.ASSETS will experience high volatility in prices and incur severe losses in capital.

As the sole proprietor of this project it has not been an easy ride and without the help of Abit, Europa and the Twentix community, especially Johnr, I would not have gotten to the level where the project is now.

I started with the idea of having a stablecoin in Naira that would bridge the gap between fiat and bitshares in my locality and nation at large, however due to limitations i have been unable to setup an automated process for this and I have also not been able to attract local interest for the currency. That coupled with my poor management of the currency has led it to drop from a peg of 65naira per CNY to 1000naira per CNY. Notwithstanding I have now corrected my mistakes on this currency by setting up a seperate wallet to issue and account for the reserve funds used to  peg the currency. The wallet is currently managed only by me, however hopefully with time that will no longer be necessary as I hope to find a way to automate the process without much inteference from me. Apart from my Naira stablecoin, I also developed the idea of inverse margin trading by creating the CRUDE.BTS asset which can be borrowed using CRUDE.NGN as collateral. This asset is meant to represent bitshares 1:1 and so far I have been very successful with the concept. I have also delegated the crude-ngn wallet to manage this asset as well since it has the power to borrow it at will and account for its supply. The concept behind CRUDE.BTS is that of margin calls, with the aid of this asset one can avoid margin calls from borrowing using bitshares as collateral. Another benefit is that one can hold both bitshares and a stablecoin at the same time thus benefiting from it no matter the price of bitshares. The only draw back for CRUDE.BTS currently is that I do not know how to automate its price feed, if I did then the coin would become perfect. Lastly I then created CRUDE.LVRG, which was meant to represent 5x the price change of bitshares on a weekly basis. However due to some lacklustre situations and poor concentration I lost 15 thousand Bitshares from my wallet and at that time it was almost all the money I had on me for the project. This mistake ended up being costly and I have not been able to recover even up till now. Luckily for me Abit seeing my pain in his generosity offered to return the 15 thousand bitshares back to me, this I heartily accepted, I even promised to pay back every penny with time. In order to begin the process of paying back I switched my CRUDE.LVRG tokens from an FTX to a reward token as a means of raising funds from other well meaning bitshares users who might have had interest in my project. The idea was to fast track repayment while working out a system to reward those who had contributed by buying the token.

This brought about my first promo bitsharescrude-fund, the idea was to  hold contributors funds and mine in the wallet till year end after which 10% would be disbursed back to them as bitshares. It was during this time that liquidity pools were developed for which i designed the first liquidity pool for CRUDE.NGN/BTS. I also set up a market marker reward program for STH, EVRAZ, TWENTIX and YOYOW. This piqued a little interest from the community at that time.
Also then, Johnr and I struck a few deals in CRUDE.BTS, NGN and TWENTIX coins. However financial constriants caused me to  sell most of the TWENTIX tokens to keep the project alive. That coupled with the fact that most of my funds were deplicting with no account for the loss discouraged me from continuing the market marker reward programs, which in true sense was fizzling out on its own already. However I was determined to continue my project so I decided to focus on improving the funds in the bitsharescrude-fund wallet which I wanted to use to reward contributors to my project.

This I did by setting up more liquidity pools (NGN/CNY, BTS/CBTS and TWENTIX/CBTS pools), after I discovered how effective liquidity pools were at generating profits from swaps between two assets, I decided to create another liquidity pool this time centered around my reward token CRUDE.LVRG with CNY.

After creating the pool I decided that it would be better to set up my reward program around the pool token, and thus instead of distributing contributors reward @ year end as initially planned the lure and power of liquidity pools caused me to redistribute the funds according to how they had contributed not in bitshares but rather in CNY. The reason why CNY was used was that the price of bitshares had gone so high then that I would make a huge loss if I tried to return all the bitshares I had been given. Each user was encouraged to add liquidity to the pool of which only Johnr responded, the other major holder of the CRUDE.LVRG asset opted to sell his tokens in the market for reasons best known to him. After the distribution I setup a new reward system that would payout holders of the CRUDE.LVCNY asset monthly until the total supply of CRUDE.LVRG is reached. I also increased the total supply to approximately 200 million tokens due to the fact that the top holder refused to stake his share as I had hoped he would and also to extend the duration of the reward as the reward would be paid out as CRUDE.LVRG.  After this change of plan I decided to create a new FTX token CRUDE.BTX, this time with better setup as a smartcoin with thesame idea of x5 the price of bitshares weekly, I even ran a lot of promos in the telegram channel to drum interest all to no avail.

This led me to rethink the asset's setup and readjust its parameters. It now currently runs at 1.5x the price of bitshares daily and I have also setup a quarterly buyout contract using another wallet crude.btx-account that would buy the CRUDE.BTX tokens every four months based on performance. The wallet is also used to account for the supply of the CRUDE.BTX tokens which I or any user borrows and is pegged at 1.5BTS.

A few days back I got the idea again to center my liquidity pools around the CRUDE.LVRG token and setup a franchise that would see the CRUDE.LVRG (LEVERAGE) Asset as the main investment instrument of the bitsharescrude-fund. This idea came after I saw how ineffective it was to manage the liquidity pools of CRUDE.BTS and CRUDE.NGN due to their stable nature and constant need to account for them. This led me to once again reorganise my liquidity pools and burn off any excess supply as well as change my payoff terms to Abit by offering to swap CRUDE.BTS for CRUDE.LVRG as repayment option.
This brings us to now, I have now set up seven liquidity pools and counting for CRUDE.LVRG and one FTX token CRUDE.BTX. I hope to setup some more as well as raise up  interest in them with time.
I am also building my business around the idea of Leveraging by using the power of liquidity pools, and FTX smartcoin tokens to build a good bitshares portfolio right on the DEX.
I want to encourage well meaning bitshares holders to take a sneak peak at CRUDE.LVRG and my other assets and contribute to making it a success right on the DEX all the data relating to the project is displayed on my website https://fund.bitsharescrude.i.ng for transparency and I also want to assure everyone that I will no longer be inconsistent with my project but rather build it to greater heights.


5
Since we are in the era of liquidity pool staking on the bitshares DEX, Bitsharescrude has decided to take advantage of its own stake pools by offering the following stake and earn reward programs;

1. CRUDE.LVCNY/CRUDE.STHLP

Stake bitCNY and CRUDE.LVRG to earn CRUDE.STHLP(STH/LVRG) tokens monthly. To be eligible users must hold @ least 10% of the total supply of the CRUDE.LVCNY asset (APY: dynamic).

2. CRUDE.LPT/CRUDE.BTSP

Stake bitCNY and CRUDE.NGN to earn CRUDE.BTSP(BTS/NGN) monthly. Users must hold 10% of the total supply of the CRUDE.LPT asset to be eligible (APY: 6%).

3. CRUDE.BTX/CRUDE.TRDDEFI

CRUDE.BTX is an FTX like instrument that follows 1.5 times the daily price change of BTS. Hold a minimum of 100CRUDE.BTX tokens and be in the top 100 holders to be eligible for CRUDE.TRDDEFI (BTS/LVRG) weekly airdrops. (APY: 144% CAPPED @ 1,000,000CRUDE.BTX).

All other promos have been cancelled to facilitate the success of this three promotions.
The CRUDE.BTSP reward promotion  is aimed at bringing CRUDE.NGN back to its initial pegged value of 100CNGN/CNY, once this is achieved, the promo will be reviewed. While the others are aimed at improving adoption of the CRUDE.LVRG asset as a model brand cryptocurrency on Bitshares and have been set up to continue for the forseable future. Users are encouraged to try out the liquidity pools at this early stage where there is less competition.
All the funds for the reward are gotten from the profits from market making, liquidity pool swaps and personal finance, users can follow reward progress on https://fund.bitsharescrude.i.ng.

6
Starting From August
  • CNGN SWAP AND STAKE
  • XBTSX.STH/CLVRG/CNY STAKE AND EARN
  • Fantasy Football Resumes

7
General Discussion / Re: Bitshares Technical Analysis thread
« on: August 01, 2021, 05:15:20 am »
https://www.tradingview.com/x/o3h8KIhA

V-shaped recovery, with neckline @ 0.043 - 0.047...

8
General Discussion / Re: Bitshares Technical Analysis thread
« on: May 27, 2021, 09:16:26 am »

9
Eligible Wallets for CRUDE.NGN Accumulation Reward
Note: To be eligible for this reward you must score above 1000CNGN in accumulation monthly. Reward is limited...

Account   Balance   Accumulation   Reward (CLVRG)
chato1   7763.53   7763.53   525660.97
accracreditunion   3861.62   5358.92   362847.20

Eligible Wallets for CRUDE.BTS Accumulation Reward
Note: To be eligible for this reward you must score above 50CBTS in accumulation monthly and all rewards will be paid in CRUDE.LVRG.

Account   Balance   Accumulation   Reward(CLVRG)
bit20-operations-agent-01   51.94674   51.95   60884.72
lode   33.89823   126.75   148555.41
accracreditunion   277.30032   190.09   222795.52

Congratulations to the winners of the first accumulation program

10
Bitsharescrude FPL competition Winners
Manager of the Season
1. Ade Emma
2. Desalu Temitope
3. Ayebakuro Daniel

11
General Discussion / Re: Bitshares Technical Analysis thread
« on: May 24, 2021, 03:58:07 pm »

Possible double bottom formation
Current price to watch from this current position...
UPTREND: above 0.07USD
RANGE: 0.07-0.04USD
DOWNTREND: Below 0.04USD



12
ANNOUNCEMENT 🎙
BTX AUCTION
CRUDE.BTX is a smartcoin that represents the average daily price change of bitshares @ 5x Leverage...
It is backed by CRUDE.LVRG.

What should be the market value of CRUDE.BTX?
 
https://bts.ai/market/CRUDE.BTX_CRUDE.LVRG
How to get CRUDE.LVRG
https://bts.ai/market/CRUDE.NGN_CRUDE.LVRG
https://bts.ai/market/CNY_CRUDE.LVRG

13
New Targets
* CNY/NGN Liquidity Pool
* BTS/CBTS Liquidity Pool
Targets achieved

14
General Discussion / Re: Bitshares Technical Analysis thread
« on: April 13, 2021, 05:47:55 am »
CURRENT PRICE WATCH
UPTREND $0.16, $0.18, $0.2, $0.29
Range $0.15, $0.14, $0.12, $0.11
DOWNTREND $0.1, $0.087, $0.07, $0.063

On the weekly and daily bitshares is forming an expanding wedge with current top @ $0.164, it is currently falling to the middle of the wedge @ $0.1, hopefully it stays within this range for bearish selloffs, the monthly charts show a parabolic curve formation that has its current peak at $0.164 and bottom below $0.03. The daily and hourly charts show bearish movements towards $0.1.
Our support zones for the current short bear trend lies at 0.1-0.07USD, while our current resistance line sits @0.164USD.

15
CRUDE.NGN, and CRUDE.BTS market fees have been raised to 1% to raise more funds for upcoming accumulation reward program in June..

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