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Messages - GaltReport

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31
General Discussion / Re: Idea: make the blockchain a bond market lender
« on: November 11, 2015, 11:35:22 pm »
Not clear to me .. do you propose to use bit USD as collateral for BTS then?

I think we had this discussion already some time ago and agreed that shareholders do not want to have BTS inflated like that .. Besides that, it would be pretty much possible (although, I am not sure about "guaranteed" profits)

If you want to go long USD, you borrow BTS from the bond market, buy it, pay interest on the loan, sell it, give back the BTS + interest, or get margin called. Either way the blockchain gets its BTS back 100% plus profits.

edit: shorts are more tricky, though.

The blockchain doesn't need to profit, people do.
The blockchain needs to facilitate people profiting, or do all the people exist to serve the profit of the blockchain?

Why would people lend if they can't get any interest? If they have to compete with the blockchain itself then they'll just lend on Poloniex. Where will people get 5 or 10% yield from to bring liquidity?

The blockchain could bring liquidity but it would only be temporary, it would be unnatural, and unsustainable.

I agree with this from my perspective as a BitShares user.  Interest & Dividends are strong incentives.

32
Stakeholder Proposals / Re: Worker Proposal Review
« on: November 11, 2015, 03:22:44 am »
I'd also like to see a proposal for bond market / margin trading, which should be linked imo, with the bond market providing the lending for the margin trading, like at polo.
And also prediction markets. :)

Then these proposals could form the roadmap for all the things bitshares needs now.

 +5% - Yes, me too.

33
Okay, tested this and it seemed to work very quickly!  Good Job.

34
Stakeholder Proposals / Re: Worker Proposal Review
« on: November 10, 2015, 03:47:32 pm »
and what is the incentive for a regular user to go lifetime?

Receive a discount on receiving transactions and receive a discount for trading.
There's no incentive for the normal user to go lifetime, but there is a HUGE incentive for the merchant to go lifetime, I would guess that more than 50% of all merchants would appreciate a 2-3 cent fee instead of 10+ cents for a $80 one-time fee. Huge opportunity IMHO.

What is the discount for trading for a lifetime member?

35
Stakeholder Proposals / Re: Worker Proposal Review
« on: November 10, 2015, 03:22:28 pm »
This all sounds good.  I like the KYC integration.  What is the timeframe for this?

36
We've created TRADE.MUSE which is a backed UIA for MUSE coin. Currently, you can purchase TRADE.MUSE from http://blocktrades.us using MUSE, then sell it on any TRADE.MUSE market in the Bitshares Decentralized Exchange. Similarly, if you purchase TRADE.MUSE on the decentralized exchange, you can exchange it for MUSE on the blocktrades web site. Soon you will also be able to deposit/withdraw TRADE.MUSE directly in the web wallet as well.

Tried transferring 5 TRADE.MUSE via blocktrades as instructed on yoursite w/the specific memo requested and I got a fee of something like 212 TRADE.MUSE so I cancelled.  Seems similar to the earlier problem I had transferring meta fees.

The site also said to transfer 9 TRADE.MUSE to receive 5 MUSE ??

Since latest MUSE (NOTE) price is about 0.2 BTS, the fee exchange rate is set to 0.2. So transfer fee of (40+xxx BTS) / 0.2 = 212 TRADE.MUSE.

Okay, is 1 TRADE.MUSE redeemable for 1 MUSE?  Wondering about the 9 TRADE.MUSE to receive 5?

I think 1 TRADE.MUSE is redeemable about 0.9995 MUSE, after transfer fee (200 TRADE.MUSE)

Maybe it will make more sense to me at larger amounts.  Thanks.

37
We've created TRADE.MUSE which is a backed UIA for MUSE coin. Currently, you can purchase TRADE.MUSE from http://blocktrades.us using MUSE, then sell it on any TRADE.MUSE market in the Bitshares Decentralized Exchange. Similarly, if you purchase TRADE.MUSE on the decentralized exchange, you can exchange it for MUSE on the blocktrades web site. Soon you will also be able to deposit/withdraw TRADE.MUSE directly in the web wallet as well.

Tried transferring 5 TRADE.MUSE via blocktrades as instructed on yoursite w/the specific memo requested and I got a fee of something like 212 TRADE.MUSE so I cancelled.  Seems similar to the earlier problem I had transferring meta fees.

The site also said to transfer 9 TRADE.MUSE to receive 5 MUSE ??

Since latest MUSE (NOTE) price is about 0.2 BTS, the fee exchange rate is set to 0.2. So transfer fee of (40+xxx BTS) / 0.2 = 212 TRADE.MUSE.

Okay, is 1 TRADE.MUSE redeemable for 1 MUSE?  Wondering about the 9 TRADE.MUSE to receive 5?


38
We've created TRADE.MUSE which is a backed UIA for MUSE coin. Currently, you can purchase TRADE.MUSE from http://blocktrades.us using MUSE, then sell it on any TRADE.MUSE market in the Bitshares Decentralized Exchange. Similarly, if you purchase TRADE.MUSE on the decentralized exchange, you can exchange it for MUSE on the blocktrades web site. Soon you will also be able to deposit/withdraw TRADE.MUSE directly in the web wallet as well.

Tried transferring 5 TRADE.MUSE via blocktrades as instructed on yoursite w/the specific memo requested and I got a fee of something like 212 TRADE.MUSE so I cancelled.  Seems similar to the earlier problem I had transferring meta fees.

The site also said to transfer 9 TRADE.MUSE to receive 5 MUSE ??

39
General Discussion / Re: Bitshares price discussion
« on: November 06, 2015, 04:02:04 pm »
You can margin call with your own BTS, this is what I did just now.

For example, make a 100 000 BTS deposit and you can margin call (long in my case). Just be very careful to have a large marge (Est. Liquidation Price 175 in my case).

This is the way I found to buy BTS with no money. If you do it cleverly (say buy 10 000 BTS for a deposit of 100 000 BTS), it should be ok. If every BTS holder do it margin dumpers are dead.

This is exactly what everyone of us including BM should have been doing..The level of comfort depends to each of us..Since I didn't have much BTS and I wanted to support the price, I got margin long with my bts as collateral but unfortunately not having a lot of comfort I played a very risky game and lost big time..Someone with millions BTS may support the price by creating walls and have a lot of comfort not to get margin called since he would use for 1 mil BTS to buy 300k BTS and not 2.5 mil BTS..
We all want to trade eventually in our platform but until this is ready we could have supported the price in Polo, BTS become expensive, people want to learn what is BTS and gradually we move on from Polo to our DEX..

Instead of that even people preaching about BTS in here all the time, when they show the dumping started to dump as well and once the dumping starts it never ends..Even at this level and with BTC retracing there is no buy support in Polo..Hence in the future we will end up with a great product, "worthless" BTS and desperate hodlers who for the last two years have supported the project losing their money..

Anyway...

This is interesting...to hear strategies that BTS holders can use not just to HODL BTS...but take active steps to support BTS price with varies levels of risk. 

40
General Discussion / Re: [ANN] Metaexchange fee sharing!
« on: November 06, 2015, 03:29:41 pm »
the fee pool is not funded

How does this get corrected?

Can you tell me what you did to generate the error you got?

I got this error just trying to transfer METAFEES to another account.

41
General Discussion / Re: Best Exchange Website
« on: November 06, 2015, 12:40:54 am »
I suggest changing the black background,  or give the user the option to switch to a white or lighter color background.

According to a study made, 50% of the population suffers from astigmatism which makes reading light letters on dark backgrounds hard on their eyes.

http://graphicdesign.stackexchange.com/questions/15142/which-is-easier-on-the-eyes-dark-on-light-or-light-on-dark

 +5% - Thank You.  I thought it was just cause I am old(er)...  I can't stand dark background.

42
I think the advanced trading interface (screen shots provided) is terrible for 99% of crypto users / traders.   But it may well be the best for technical traders / day traders.

I can see tremendous value in making the exchange data available in a format that is easily integrated with external interfaces.

 +5% replicating Poloniex/BitFinex would be much better for most crypto users/traders imo

Agree.  Don't set unrealistic expectations with the resources you have. 

43
Yeah, okay. Well, THAT's a trading engine, isn't it? So I guess that's what our GUI needs to look like if we're going to attract serious traders?

No, we don't need that GUI. BTC-E is compatible with it but most people don't use it.
I would say you just need a sufficient GUI which right now we don't have yet. We don't even have a troll box yet.

  +5% - Sufficient GUI plus business development/partners/liquidity is what I think.

44
Are there any special fiat deposit/withdraw verification/requirements and/or restrictions for U.S. residents?

45
Technical Support / Re: The way how gateways should work.
« on: November 03, 2015, 02:20:39 pm »
It would be nice if someone would explain the whole concept(s) of "gateways" because up until recently I thought of it only as a way to get BTC converted to BitShares BTS and "Smartcoins" but now it seems that they are also used to store IOUs for the "real" BTC/ETH etc...in your Bitshares wallet which are supposedly redeemable on their respective exchange (counterparty risk I guess if you hold it in Bitshares for a long time) for real BTC/ETH.

When you use a traditional exchange, you essentially hold an IOU in their trading interface which is ultimately accounted on their private servers. Exchanges can instead issue their IOUs on the public blockchain, and since BitShares has a trading interface, we can trade there instead of on the private servers of an exchange. The idea with BitShares is that you can move from FIAT and Crypto into IOUs that are publicly accounted on the blockchain, and further, that you can move away from these IOUs that carry counterparty risk (you trust the exchange to back them) into SmartCoins that have collateral posted on the blockchain, trustlessly and autonomously ensuring that the value backing it is there.

Bytemaster has a good explanation here:

http://bytemaster.github.io/article/2015/01/05/The-Future-of-Crypto-Currency-Exchanges/

Okay, thanks very much I will read some more.

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