It's almost too simple a thought but I'll post it here anyway..

It struck me a good route to marketing bitUSD; bitGDP etc will be to pitch at existing cryptocurrencies users and play into the idea that Bitcoin and other cryptocurrencies are volatile. Putting those bitAssets forward as a shelter from volatility, even if that is to cover a temporary fear of a coin's price falling, might be an easy way to encourage those already into crypto to see the advantage of a stable cryptocurrency.

One step beyond is then alerting them to the idea that if the USD caves then shorting that might be bring faster rewards than holding another coin whose real value is still too tightly bound via BTC into the USD.

Getting bitAssets considered as useful in the real world might follow more easily if they are already being used in a way that has people consider them as equivalent to digital fiat.

Bitshares could market BitUSD to all bitcoin or crypto companies who want to shield themselves from the volatility of bitcoin without having to convert to fiat held in a bank account.  BitUSD could then become the de facto "bank account" for all crypto companies. 

Maybe design some sort of a seal for companies with this setup to use as advertising... "Value Protected by BitShares"

Quote from: cn-members on November 13, 2014, 01:38:26 pm

Just wondering , what's the difference if I sell some Namecoin on BTC38 for BTC instead of this service ?

don’t need to open an account, less steps for the same result...

Streamlining the process like this is huge in facilitating broader adoption of cryptocurrencies.

This service is awesome.  I just used it for the first time to convert some Namecoin that's been sitting in my Bitminter account into Bitcoin.  Very quick and easy and great UX.

I've heard some talk on the boards of a web based BitShares wallet in development.  If bitUSD is integrated into ShapeShift, it would be fairly easy to integrate into the web wallet, via Shapeshifts API, to allow new users to deposit BTC and receive bitUSD in their wallet.  Users could then withdraw bitUSD directly to BTC. 

Integrating ShapeShift into a web wallet would also be a great selling point for getting bitUSD supported on their platform. 

I've favored Distributed Applications over DACs after reading David Johnston's white paper.  It's a much clearer explanation of the software itself.

Need to nail down what it is exactly you're trying to describe: the software or the community that forms around it.

Did the snapshot happen?

Notes are the collateral required for the BitUSD used on the music blockchain.

So if we manage to displace a billion dollar music industry (meaning tons of BitUSD now trading around on the BitShares Music blockchain) that means a LOT of demand for Notes since they are needed as collateral for each an every BitUSD.

Does that make sense?

THIS is what is confusing people.  The use of the term "BitUSD" interchangeably whether you are referring to USD pegged assets on the Bitshares Music chain or the BitsharesX (soon to be Bitshares) chain.

BitUSD is the USD pegged asset collateralized by Bitshares. 

The USD pegged asset collateralized by Notes should be NoteUSD.

Quote from: oco101 on October 24, 2014, 07:24:02 pm

Quote from: Riverhead on October 24, 2014, 07:18:47 pm

Quote from: Marky0001 on October 24, 2014, 07:16:18 pm

lol... in the presale thread it was explained that you can buy bitUSD with Notes, so you can buy Artistcoin in the next step...

so what you are saying is that it will be another bitUSD? but i can buy Artistcoin with bitUSD which is being traded on bter

If both bitUSD's are pegged well and therefore fungible the exchanges might offer a bridge....but...your point is well taken. It would be a confusing nightmare.

However, I don't see why they couldn't be transfered back and forth via Bter. The biggest roadblock to fungible is perhaps that one is backed by BTS and another by NOTES.

Yes that why you probably need to name them differently. bitUSd, notesUSD, playUSD etc. It is still confusing ..

If BTER had NoteUSD you could trade between BTS and Music chains if they would do NOTE/bitUSD and BTS/NoteUSD pairs. I guess it's not that much different than current USD held at bricks and mortar banks. Until recently it was not easy to transfer ChaseUSD to WellsFargoUSD and certainly not for free or quickly.

The BankUSD analogy doesn't work.  This is why you only see one fiat USD on every exchange.  With pegged assets you must specify the chain, BitUSD and NoteUSD are two different assets even though they are both pegged to USD.

BitUSD on the BitShares chain should be looked at as the standard currency of the entire BitShares ecosystem. 

Pegged assets on a BitShares fork are better defined as low volatility units of account for that specific DAC.

This distinction needs to be made abundantly clear to anyone participating in the Bitshares Music crowd sale.