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Messages - matt608

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826
I'd be curious to see replies to this too.  I've just bought more BTSX and decided against buying PTS as right now it would involve keeping up with and understanding every single dac released, though I will continue to investigate them and may change my mind. 

It seems to me that a decentralized exchange for bitassets in the form of bit-currencies (bitUSD etc), bit-commodities (bitGLD etc) and even potentially a stock market (bitGOOG etc) is a huge prospect. PTS seems like a separate thing, smaller, cool and requiring an equally large time-investment to understand them all.

I'm still not sure whether DACs released to PTS holders benefit BTSX holders...

827
General Discussion / Random idea about bitUSD
« on: September 25, 2014, 04:20:02 pm »
Now that there is bitUSD this could be used to measure market cap of other coins/dacs and have new features or funds unlocked after enough growth.

Once a coin or dac reaches a certain market cap for a sustained period of time according to the bitUSD price in the decentralized exchange, that coin/dac could have new features or funds become unlocked.  Kind of like time-stamping, but rather than being released after a certain number of days or blocks, it could be released after a certain increase in market cap.

Not sure what this could be used for...

828
2nd reply from HitBTC, sounds pretty positive!

"Thank you for the information.
We will need some time to make all the preliminary arrangements on our side.
I will get back to you as soon as we are ready to discuss the implementation itself and the technical details."

They don't need contacting again so please don't push them further about this.

Got a negative reply from bitstamp:

"Thank you for reaching out to us regarding your inquiry. However Bitstamp is not currently looking to add additional crypto assets to our exchange platform."

829
Technical Support / Re: !!! Stupid Questions Thread !!!
« on: September 25, 2014, 03:54:56 pm »
Thanks xeroc

830
General Discussion / Re: Do we need a BitPay?
« on: September 25, 2014, 03:14:01 pm »
Looking at Dogecoin's gains in the last few days you can definitely see the perceived market value of greater merchant utility.

I think PayPal is working the three main payment processors, BitPay, Coinbase and GoCoin.

GoCoin also processes LiteCoin and Dogecoin payment. So the PayPal news has been a big boost for DogeCoin as it brings Dogecoin payments to PayPal merchants.

Approaching GoCoin may have some merit?

Gocoin is one of the exchanges I contacted yesterday:
https://bitsharestalk.org/index.php?topic=8384.msg120269#msg120269




831
Technical Support / Re: !!! Stupid Questions Thread !!!
« on: September 25, 2014, 03:07:45 pm »
I missed the whole fund raising for Bitshares-X with AGS and I'm a bit in the dark as to how the dev team is funded.  Currently as I understand it there is a dev team working full time with at least 1 full time marketer, is that correct?

Do they have a fund they are currently spending their way through to fund the full time work?  If so, how much of this fund is left?  When will it run out and what happens when it does?

Forgive me if this is a stupid question but I'm just wondering about this.  With it being open source it can be a bit hard to tell who is 'official' or full time and who is just contributing because they've bought BTSX.  I don't know if there's a breakdown of the 'core' team somewhere?


832
I don't think we should rush to start too many markets.  Starting a market is a pretty big commitment.   Every market makes the delegate job more difficult by making them publish more feeds and it's better if all delegates don't rely on the same automated script to publish feeds.  I am opposed to starting any more "crypto" type markets... I don't see any point to bitLTC bitNXT etc.  I don't even see a whole lot of reason/need for bitBTC.

A very small number of solid liquid markets is best at the moment, wait until the assets are really useful and people really have a desire for more.  Don't do something just to do it because I don't think we have agreed on a way to stop/unwind/retire support for a market.  As long as there are a few people holding on to some random asset you sort of owe it to them to keep a feed in place.  Worst case we could probably discontinue a market by giving a lot of notice and saying all shorts will be closed and bitassets credited BTSX at feed price but this will probably look bad.

Agree, a solid bitUSD with millions or billions in market cap is more useful than a bunch of smaller assets.

833
General Discussion / Re: Pledge your support of the task force as ....
« on: September 25, 2014, 11:27:11 am »
I've been helping marketing the bitassets to third party exchanges.  I got an interested reply today from hitbtc.  Here's a record of my work (also earlier in the thread):
https://bitsharestalk.org/index.php?topic=8384.msg120740#msg120740

I hope if I have success with any of these exchanges the bitshares-X community will tip a few btsx for my time.  It takes a long time to craft such pitches.

Edit:  HitBTC say they're looking into implementing bitassets!


834
Got an interested reply from Hitbtc:

"Thank you for reaching out to HitBTC. Your proposal looks rather interesting and we are glad that you are considering the cooperation with us.
I have studied the information on Bitshares X on your site and on wiki; the project description is very impressive. By the way, do I get it right that the project is not launched yet?
I wonder if you can explain me in more detail how it all will work. What are your conditions and what is required from our side?
Thank you,"

I replied with the following:

"Thank you for the prompt reply, and for taking the time to understand our project.  Bitshares-X is a very large and multifaceted project but I'll explain as succinctly as I can.  We are essentially a decentralised bank and exchange which operates on 200% reserve. 

Bitshares-X is live now.  The current bitassets are listed here:
http://www.bitsharesblocks.com/assets

The bid depth and ask depth for any asset needs to reach a certain threshold before going live and the number of live feeds must be over 51.  So far bitUSD, bitCNY and bitBTC have been 'unlocked' and are currently tradable within our downloadable client as well as on a few third party exchanges.  You'll see bitGLD and bitEUR are highlighted in orange and they will become tradable next.  There is no individual who decides when a bitasset will 'unlock', anyone can create one and then the market decides to 'unlock' it once there is enough demand to support the market peg, which keeps the price tightly pegged to the 'real world' price. 

As Bitshares-X grows, any fiat currency or commodity will be tradable all within the Bitshares-X decentralised exchange.  For example bitOIL, will track the price of oil and let oil speculators trade, and bitSLV will do the same for silver and bitGLD for gold.  Real world assets tradable in cryptocurrency with all the benefits it brings such as privacy, security, simplicity, open to all, almost no fees.

What we are initiating currently with exchanges including HitBTC, is understanding of bitassets. 

Bitassets can be added to HitBTC, similar to adding multiple cryptocurrencies.  The difference is that bitassets, as they are released, appeal to entire new markets.  Having bitGLD, once it launches, on your exchange would mean you could advertise to gold speculators, and likewise with bitSLV, bitOIL, opening up huge channels of new users.  There can even potentially be bitassets such as bitGOOG tracking the price of Google stock, resulting in an entire stock exchange within the bitshares client, as well as currencies and commodities! 

We therefore encourage HitBTC to expand into bitassets now, in such a way that it is ready to add other bitassets in the future and stay one step ahead of the game in the crypto-exchange ecosystem.   At this stage this would meaning adding bitUSD, bitCNY and bitBTC as tradable options.

I hope this explanation contains the key information,

I'd be happy to answer any more questions about Bishares-X you may have,

Regards"

835
General Discussion / Re: Incentivize taking BTSX off the exchanges
« on: September 25, 2014, 09:54:30 am »
there needs to be a super simple BitUSD Wallet to support these on ramps.   no btsx functionality  included.

That sounds interesting.  Individual wallets for the most popular crypto assets.  Not everyone wants to have all the other stuff.

836
General Discussion / Re: The BitShares Big Picture
« on: September 25, 2014, 09:43:55 am »

Heads of to Dan for his passion, dedication and vision!

I think you mean hats off.  No need to decapitate yourself or others in appreciation of Dans work.    :D   But I agree with the sentiment.

LOL

837
General Discussion / Re: *** Official grassroots marketing parent thread ***
« on: September 24, 2014, 09:49:08 pm »
Very positive coverage of bitUSD by coinreport here, please upvote on reddit:
http://www.reddit.com/r/Bitcoin/comments/2hddo9/a_little_cryptoasset_sanity_maidsafecoin_supernet/

839
I also don't think bitcoin will crash and burn causing bitshares to immediately take its place. I think it will be more of a slow progression where bitshares takes litecoin's place as number 2 and slowly starts to catch bitcoin eventually surpassing it. And I think the mainstream doesn't even know enough about bitcoin to realize what just happened. They will just think it got renamed or something.

Agreed.  First we need to take the #2 spot, which will get us a LOT of attention.  (Will ripple update its supply to 100B to stay ahead then?  Hehe). 

I think we could see a scenario where Bitcoin goes into another bubble and goes up 10x.  And Bitshares goes up 100x.  It would still only be 10% the size of bitcoin at that point.

If BTC went up x 10 I bet a ton of traders would hedge against it crashing by buying bitassets such as bitUSD, that way they wouldn't have to pay capital gains tax like they would if they went into fiat as no gain would have been realised.

840
General Discussion / Re: Do we need a BitPay?
« on: September 24, 2014, 08:15:43 pm »
We need a coinbase like exchange for bitUSD to USD and other fiat first. I would love to do this, although, beyond registering as a Money Business and maintaining compliance in my state and with FinCEN, I have no clue how to create a website for that.

Developing a peer-2-peer transaction site will be helpful, or simply contact localbitcoins.com to see if they can add bitUSD.


Nice idea.  I see the domain http://localbitusd.com/ has been taken by a domain squatter.

I was going to say http://localbitshares.com/ or http://localbitassets.com/ would be a better name,
but of course....

There's a local litecoins site https://www.litecoinlocal.org/

It can't be too hard to clone it and have someone manage it who knows how to keep it secure etc.

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