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Messages - Brekyrself

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Meet the honest.XAU smart coin. A derivative tracking the HONEST market value of 1 troy ounce of .999 percent fine Gold. All Backed by collateral held on the chain in a smart contract. Bitshares DeFi supercharges these smart coins essentially creating a Market Pegged Asset.

Phase 1: Be able to trade honest.XAU seamlessly between BTS, honest.BTC, and the stable coin honest.USD.



See the stats here: https://blocksights.info/#/assets/HONEST.XAU

How to get it?

Easy button: Trade for honest.XAU via the following liquidity pools

  • BTS / honest.XAU # 1.19.523
  • honest.USD / honest.XAU # 1.19.525
  • honest.BTC / honest.XAU # 1.19.524



Name your price: Use the DeFi Dex




Add to the ecosystem via borrowing & providing liquidity to the pools

  • Lockup your BTS as collateral to borrow honest.XAU for the best of both worlds. Go one step further and invest both BTS & honest.XAU in the liquidity pool to earn trading fee's!

Borrow:



Add Liquidity:



Where can it go from here?

  • Phase 2: Seamlessly trade between native assets such as BTC.
  • Phase 3: Real deal honest.MONEY. Created by being the gateway connection between all the smart coins such as honest.XAU, honest.BTC, honest.USD. Take a minute and study this map to fully understand the eco-system being created on the bitshares blockchain.


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honest.USD collateral backed stable coin starting to pickup steam. Borrow/Short/Add to Liquidity Pools!


3


The honest.asset eco system attempts to answer the age of question of how to create, distribute, and utilize sound money.

Let's face it, most blockchains such as bitcoin will never be used for day to day small transactions. This issue does not make bitcoin worthless, so why not utilize the value of bitcoin to provide the backing and collateral for an asset that can be sent worldwide, in under 3 seconds for a miniscule fee?

Why not have a native blockchain based stable coin backed by collateral everyone can see/audit?

Currently assets plugged into the honest.asset ecosystem are created by a user locking up AT LEAST 1.4x collateral, denominated in bitshares, to "borrow" the honest.asset. Here is one example how that looks: A user wants to borrow 10 honest.USD by putting up 3x the collateral of 21,000 bitshares.



With the honest.USD now borrowed by the user, they could send it anywhere in the world in under 3 seconds at a miniscule fee! An investor on the other hand, might place that honest.USD & bitshares into a liquidity pool to earn fee's from other users exchanges those assets.

Take this to the next step and by studying the map of honest.assets, you can see how all these assets & liquidity pools are tied together into honest.MONEY. Users and automated trading software continually balance out the prices of the assets by being able to move through honest.MONEY into any and all of the assets in the ecosystem.

Therefore, honest.MONEY becomes blockchain based sound money that is backed by the collateral users/investors placed to create the entire ecosystem in the first place.

What does the future hold?

Additional liquidity for each asset in the ecosystem.

Additional assets added to the ecosystem

Additional IN/OUT gateway's to exchange the native asset directly for an honest.asset. IE BTC > honest.BTC instead of BTC > gateway.BTC > honest.BTC. This reduces the users risk of being stuck with a non blockchain backed token. Gateways will eventually accept honest.BTC > BTC exchanges because honest.BTC holds value where as gateway.BTC is tied to a specific gateway, think Mt. Gox.BTC.

You can explore this ecosystem now by utilizing any of the bitshares wallets:

Decentralized Web Hosted DEX wallets (Make BACKUPS!)

Android Mobile wallet

Power Users and Traders use Astro UI (need both parts to work)


4
General Discussion / Indodax finished dumping their 47m bts?
« on: January 16, 2025, 03:00:08 am »
Looks like Indodax dumped all of their 47m at once.  Now just need Binance to finish selling their stash on Gate.








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General Discussion / HOW TO: Bitshares liquidity pools - Earn fee's!
« on: January 11, 2025, 07:57:17 pm »
What is holding you back from staking your Bitshares in a liquidity pool to earn fee's instead of having them sit idle? By doing so you are providing to the backbone (liquidity) of what bts stands for, a decentralized financial exchange DeFi.


The steps below will vary slightly depending which wallet used, however all are quite similar.

Step 1: Learn about Liquidity Pools https://youtu.be/cizLhxSKrAc?feature=shared

Step 2: Start with which ever wallet you like best, TRY them all... ALWAYS BACKUP YOUR WALLET.

Reference wallet: https://github.com/bitshares/bitshares-ui/releases

The reference wallet does work however it is out classed by the following 3 options.

Web based wallet: https://app.xbts.io/#/pools

Mobile Android App (fantastic): https://github.com/bitshares/bitshares-mobile-app/releases/tag/v7.18-android-bin

Astro-UI is SIMPLE to use and beyond FULLY functional however you need both of these pieces of software working together. Once you see how these two pieces of software work together, you might never use any of the other wallets again:

https://github.com/BTS-CM/astro-ui

https://github.com/bitshares/beet


Step 3: Choose a pool

Now you must choose the other asset you will add to the pool along with your Bitshares.

One of the most common trades for all blockchains is going TO AND FROM stable coins. For example Bitcoin > USDT when you feel the price of btc will fall and back from USDT > Bitcoin when you feel the price of btc will rise.

One such smart asset stable coin on the Bitshares blockchain is honest.USD.

Knowing this, the honest.USD smart asset stable coin and BTS pool should have high trade volumes compared with a pool of lesser known assets.

r/BitShares - HOW TO: Bitshares liquidity pools - earn fee's!




Step 4: Acquire the other asset

In this example, the easy way to acquire honest.USD is to simply use the pool itself!

https://app.xbts.io/#/pool/HONEST.USDBTSMM

Exchange however many bitshares for the desired quantity of honest.USD. Try a small amount, under 5000 bts. Now you hold both assets and are ready to add them to the pool.

The better way to do this is by utilizing the foundation of smart assets themselves. Why does honest.USD have value? This method requires additional BTS that will be locked away until you return the honest.USD you created...

Browse to the bts / honestUSD MARKET.

Click BORROW.

You must place AT LEAST 1.4x collateral to borrow. Use 3x for this example and put 21,000 bts as collateral. This allows you to acquire ~10 honest.USD.

Borrow (create) the asset.

You now have 10 honest.USD

r/BitShares - HOW TO: Bitshares liquidity pools - earn fee's!




Step 5: Add assets to the pool

Browse to the pool in whichever wallet you are utilizing: https://app.xbts.io/#/pool/HONEST.USDBTSMM

Add both assets to the pool and you will receive x amount of the pool asset: HONEST.USDBTSMM.


Step 6: Monitor the pool over time

You can now keep an eye on the pool over time to see how many fee's are being generated and if it makes sense to keep your assets in the pool.

As seen on the xBTS web wallet: "By adding liquidity you'll earn % of all trades on this pair proportional to your share of the pool. Fees are added to the pool, accrue in real time and can be claimed by withdrawing your liquidity."


Step 7: Remove assets from pool

Perhaps after a month another pool has massive volume and you would like to add liquidity there.

Simply withdraw your funds leaving you with both bts & honest.USD.

Trade the honest.USD for another asset or bts itself.

IF YOU BORROWED honest.USD into existence and want to close that out, go back to the bts / honest.USD MARKET, click borrow, enter the amount of honest.USD you borrowed, and click update position. The reference wallet has a button labeled "pay max debt" to make it easy. This now unlocks and returns to you the BTS you put in as collateral when borrowing. That honest.USD is not burned and no longer circulates, thus completing the circle on how/why honest.USD has underlying value.


Step 8: Never stop learning

Some more basic information on how honest.ASSETS work on the bitshares DeFi blockchain: https://honest.gold/

The possibilities around DeFi are far reaching.

6
Jumpstarting a dev fund like this is perfect way to attract more attention to the, hopefully, self sustaining chain.

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General Discussion / Re: Why have you stopped using BitShares?
« on: April 19, 2024, 07:23:47 pm »
Have you gained further insight into this issue?

How were you affected by the Telegram group bans?

Starting with the Telegram group bans.  It is obvious to many, IO Banker is a hinderance with the bitshares community.  This becomes a problem across platforms, as differing views and constructive criticism is what drives innovation.


On a more positive note,

Haven spoken to many people online/offline in regards how/why/when they utilize a blockchain has narrowed down one sticky point for sure.

Ease of use was the common denominator.

This leads back to why centralized exchanges such as coinbase and now the btc etf have gained massive volumes.  Many older users are simply hesitant to trust themselves with self custody, stating it was too difficult to manage.  People are comfortably with what they know, the banking and investment houses as we have today.  One user brought up how quickly people's mind will change if they faced banking capital controls such as were instituted in Greece awhile back.

Point blank, Bitshares needs a modern, simple, easy to use UI.  One app with the same interface across platforms would be a homerun.

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General Discussion / Why have you stopped using BitShares?
« on: March 12, 2024, 07:43:41 pm »
Historically BitShares was always top 5 for operations in a 24 hour period, see: Blocktivity

What happened?

The blockchain space has been moving towards DeFi for quite awhile and with recent regulations around the world, DeFi is no longer a choice, but a requirement. BitShares has the ability to become the clearing house for transacting in other crypto.

How should development time be spent?
How to onboard new users?
How to attract new developers to build apps on top of the BTS blockchain?
How to grow the community once again?
UI - Ease of use and understanding has always been an issue with BitShares. DeFi is complicated and overwhelming for new users. A simple and advanced user interface would greatly improve new user experiences. This can be seen with any modern day stock exchange broker, bank website, even coinbase.

Bitassets - These were a giant draw to utilize the Bitshares blockchain. They have been globally settled multiple times now and have frustrated many traders. The underlying algorithms have been tweaked to prevent gaming the system however they still remain in a globally settled state. Is it as simple as bringing back these stable"ish" coins to regain liquidity?

Documentation - Update all documentation to ELI5 standard. BTS is way beyond a standard send/receive blockchain. Simplified documentation for developers is a must, otherwise they will get overwhelmed, frustrated, and look elsewhere.

Simplified Gateway Setup - Many redundant gateways / liquidity pools will be required for users to exchange crypto. Simplify the process to setup a hosted wallet/gateway/liquidity pool.

What do you think will jump start the community once again?

9
Stakeholder Proposals / Re: [Worker Proposal] Core Team 2019
« on: December 17, 2019, 05:10:49 pm »
Is the old core team going to add a new worker proposal ?

No, the 2019 Core Team does not intend to create a 2020 WP. Individuals may be providing proposals for future development effort.

This is terrible news, the core team has done so much for Bitshares!  What's the reasoning behind this?

10
Now that it is glaringly obvious that the current BTS downtrend has nothing to do with "price manipulation" and "short selling" on a CEX, but is due to a global BTC downtrend, can you guys finally scrap the "temporary" threshold price and just feed the true price?

Or what is the excuse du jours?

This is a must.  If this were to happen however and real price is fed, I feel many people with a short position will get closed quickly.  Perhaps give a time frame for people to either close their position or add additional collateral?

11
Stakeholder Proposals / Re: [Worker] Bitshares UI Worker Proposal for 2019
« on: September 05, 2019, 06:12:45 pm »
Really sorry to see this valuable worker proposal de-activated, I hope it gets reactivated soon.

Even if the workers get reactivated in 1-3 months, no guarantee the current developers will come back.  They are already looking for jobs elsewhere.

12
I will take this thread to express my opinion about what was discussed here and what is discussed also in related threads and other communication channels.

I do agree with bitcrab that bitshares is ill, we had been in downtrend for so long that we need to face trouble after trouble. The dumping of BTS we do with the workers systematically is currently making the overall situation to be worst.

Everybody haves different opinions on what is needed and what can be at least temporally suspended but some action should be taken to avoid the full collapse.

In my opinion , when waters calm down we should keep track of our profits, right now as far as i know fees are not enough to pay the witnesses. We should start by trying to make fees pay for the witnesses even if we dont do it that way as a measure of self sustainability without using the reserves. Then increase the profits the DAC makes. A higher BTS price will of course help.

As part of the core team i must say the worker i belong is one of the workers that takes a huge amount of the reserves so i suppose it will suffer, just as the rest. As i am inside the core team i know we are in the right direction with our development but the shareholders are the ones that should decide that.
We dont only bring new features that will be directly translated in more usage and fees collected but we also secure and optimize the network to make sure our technology can keep advancing and holding businesses of all kind.

It hurts me how the Chinese community think we are corrupt. It is true that the hour in the core is well paid but the reality those hours are generally for submitted code. I spend 12 hours a day working in Bitshares and some days i bill 0 of those hours as there was not work that could be presented to the community in github. A decrease of developer hour price will just make the developers to bill more hours. With a high hour price we can catch the best developers and guarantee the quality of the core.

I am going to tell this and i hope nobody get offended:

Put the core work in Chinese kids hands for 10 usd an hour and bitshares will probably be dead in a few months with luck independently of the price. The bitshares core haves the highest quality standards than any other graphene project, it is a very hard work for men(or woman), not for kids.

Well said.  I hope everyone voting for the refund worker reads your quote and understands you kept working for bitshares through the last number of years when everyone else left!

13
@tshen @bitcrab
The worker system is what makes bitshares unique and now we cut off the very people trying to advance bitshares?  If we do not pay the developers, they will simply find another job to put food on the table.  Once they are gone, it's game over, they will not come back.

It has been suggested before to create multiple 100k refund workers so it's easier include or exclude all the workers.  No time like the present to do this and get development funded again.

14
General Discussion / Re: bitusd peg
« on: March 30, 2019, 01:37:15 am »



Thanks again.

I misunderstood the steemit article thinking by bidding the system was providing additional collateral as incentive to bid however the bts received at the end of the day is just what you would get by selling bitusd at a certain price?

Using the system before GS was simple, borrow bitusd with safe CR, sell bitusd at market price for bts.  If bts went up in price, your in the green, if it went down, your in the red.

That brings up the question with bidding. in the UI there is the label of "bid price."  Does this mean that if the system revives and our bid is included that is the price we borrow and sell bitusd for bts at?  Or is the price the system revives at where bitusd is sold for bts?

Yes....the Settlement Price

NO the bid price is just for ranking purposes and to determine if your bid will be included when the revival happens, several bidders could outbid you for example and push your ranking down..After the revival it is up to you when, how  or if, you want sell the bitUSD...The BTS price will be going up and down per usual trading activity...
[/quote]

So the only real incentive to bid is for quicker revival of bitUSD?

15
General Discussion / Re: bitusd peg
« on: March 29, 2019, 06:51:58 pm »


@bitstopia2049 & clockwork, thank you for the replies.

Please confirm the following hypothetical bid for BitUSD

mcr 1.75
GS 0.051
Debt I will take 10,000 bitUSD
Additional Collateral I provide 400,000 bts
CR 59.608
call price would be 0.029

Based on the formulas and bitUSD revives with my bid being inclusive, I am essentially "rewarded" an additional 200,000 bts as collateral in the long position?

I think the easiest way to approach it to make it less confusing..is to settle on what level of CR you want and then work from there...

Let's say upon revival you wish to maintain a minimum CR 3.00 with 10k debt position;  Settlement price = 19.55496 bts/bitUSD

So you will need in total $30,000 in collateral.
and the revival price is 11.17426 bts/bitUSD   (without bids)
So total BTS required = 335,228
The collateral associated with 10k debt in the settlement fund = 195,550
Therefore additional collateral required  =  139,678 with your starting call price =  0.02983 bitUSD
and your bid position  13.96 bts/bitUSD  and  CR  =  0.831

Always keep in mind however that you are taking on debt,I wouldn't consider the settlement collateral a "reward"....It is a bet.
You can do the same calculation using the revival price including bids if you want.

[/quote]

Thanks again.

I misunderstood the steemit article thinking by bidding the system was providing additional collateral as incentive to bid however the bts received at the end of the day is just what you would get by selling bitusd at a certain price?

Using the system before GS was simple, borrow bitusd with safe CR, sell bitusd at market price for bts.  If bts went up in price, your in the green, if it went down, your in the red.

That brings up the question with bidding. in the UI there is the label of "bid price."  Does this mean that if the system revives and our bid is included that is the price we borrow and sell bitusd for bts at?  Or is the price the system revives at where bitusd is sold for bts?

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