151
General Discussion / Re: Forget Smartcoins, how about Dreamcoins?
« on: June 21, 2016, 04:36:02 am »
I'm not shorting that with a 10-foot pole. 
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152
General Discussion / Re: What can Bitshares learn from Ethereum crash?
« on: June 20, 2016, 03:24:42 pm »
Zoom out a bit. Bitshares has already been taken down. 
153
General Discussion / Re: Forget Smartcoins, how about Dreamcoins?
« on: June 20, 2016, 02:51:28 am »
BitUSD and "Sumo" serve the same stable-coin market, but shorters would prefer to short the weaker asset, USD, which means more USD would exist. And we have only anemic quantity of USD in existence, about 112000 tokens, so I would expect Sumo to cannibalize it and have fewer tokens in existence.
In short (haha pun), shorters wouldn't create it, so it would be a non-starter. They would prefer to short a fiat peg instead, which is what we actually need to get liquidity juiced up.
Disclaimer: I could be wrong.
In short (haha pun), shorters wouldn't create it, so it would be a non-starter. They would prefer to short a fiat peg instead, which is what we actually need to get liquidity juiced up.
Disclaimer: I could be wrong.
154
General Discussion / Re: bitCNY optimization committee proposal voting begins
« on: June 20, 2016, 02:45:08 am »
Also note: this 99% settlement rule allows for some inaccuracy in the feed price without penalizing organizations that offer one-to-one trades between SmartCoins and their backing asset. (Example: BitCNY to CNY via Transwiser.)
For this reason, combined with those in my prior post, I'm in support of this change.
For this reason, combined with those in my prior post, I'm in support of this change.
155
General Discussion / Re: Forget Smartcoins, how about Dreamcoins?
« on: June 20, 2016, 12:23:38 am »
Why not make it? Because nobody would short it.
156
General Discussion / Re: bitCNY optimization committee proposal voting begins
« on: June 19, 2016, 10:49:06 pm »
After extensive debate about BSIP 0016, it is now scheduled to go into effect on June 21. Some have argued that this breaches the implicit contract that smart coins are convertible to 100% of their BTS value. In this post, I argue that this change does not breach the contract.
The question comes down to this: what is the contract around BitCNY? I believe it is a social contract: a contract for stable value. This is why Bytemaster designed the forced-settlement parameter to be adjustable by the committee. It could have been hard-coded, which would be a technical contract for 100% BTS convertibility, but I think that would leave SmartCoin pegs more brittle, subject to greater volatility.
If the peg breaks out to the upside, the forced-settlement parameter can be lowered, to incentivize traders to bring it back down. If the price pushes below the peg, the parameter can be brought up to 100% to instantly correct it.
It should be noted that, similar to how other markets work, sometimes the expectation and potential of these changes is enough to affect the market. For example, traders are more likely to sell their BitCNY at 105% of the price feed, instead of letting the price creep even higher, when they know that the committee will step in to bring the peg back to sanity in the case of a runaway peg.
If the SmartCoin peg were a technical contract for 100% convertibility, it would have been designed as such, without making parameters changeable by committee. Instead, the committee does have this power, making it a social contract to track a price feed. This social contract will be maintained by BSIP 0016.
After we have time to observe the effect of this change on the market, I would like to propose that all other SmartCoin pegs (BitUSD, BitBTC, etc.) make a similar change to 99% convertibility. As some have pointed out, the consistency across the ecosystem would be desirable.
The question comes down to this: what is the contract around BitCNY? I believe it is a social contract: a contract for stable value. This is why Bytemaster designed the forced-settlement parameter to be adjustable by the committee. It could have been hard-coded, which would be a technical contract for 100% BTS convertibility, but I think that would leave SmartCoin pegs more brittle, subject to greater volatility.
If the peg breaks out to the upside, the forced-settlement parameter can be lowered, to incentivize traders to bring it back down. If the price pushes below the peg, the parameter can be brought up to 100% to instantly correct it.
It should be noted that, similar to how other markets work, sometimes the expectation and potential of these changes is enough to affect the market. For example, traders are more likely to sell their BitCNY at 105% of the price feed, instead of letting the price creep even higher, when they know that the committee will step in to bring the peg back to sanity in the case of a runaway peg.
If the SmartCoin peg were a technical contract for 100% convertibility, it would have been designed as such, without making parameters changeable by committee. Instead, the committee does have this power, making it a social contract to track a price feed. This social contract will be maintained by BSIP 0016.
After we have time to observe the effect of this change on the market, I would like to propose that all other SmartCoin pegs (BitUSD, BitBTC, etc.) make a similar change to 99% convertibility. As some have pointed out, the consistency across the ecosystem would be desirable.
157
Stakeholder Proposals / Re: [Worker Proposal] Chronos Crypto videos
« on: June 18, 2016, 04:12:34 am »
Well, that's a bit of a setback, eh? A large voter has stopped supporting the worker with his 21 proxy followers, and now the worker is sharply under the threshold to receive worker pay.
Anyone have any ideas to get this jump-started again? I'll be able to put out one more video at the most with what remains of the pay. Let's not let this be the end.
One trick would be to vote down the refund and burn workers, until they're below the Chronos worker. This wouldn't have any other side-effects with the current worker line-up (except for the bad taste of vote manipulation).
Anyone have any ideas to get this jump-started again? I'll be able to put out one more video at the most with what remains of the pay. Let's not let this be the end.
One trick would be to vote down the refund and burn workers, until they're below the Chronos worker. This wouldn't have any other side-effects with the current worker line-up (except for the bad taste of vote manipulation).
158
General Discussion / Re: One of top10 BTS/OL affiliates is going down..
« on: June 17, 2016, 09:44:54 pm »
Where's my -5%? 
SFYL.
Thanks for the reminder. Back up your .bin file, and keep your encryption key.
Who was your voting proxy? Those votes will never change...
SFYL.Thanks for the reminder. Back up your .bin file, and keep your encryption key.
Who was your voting proxy? Those votes will never change...
159
General Discussion / Re: [ANN] Moonstone.io development and crowdfunder diary
« on: June 17, 2016, 07:35:45 pm »
Keep up the good work!
160
General Discussion / Re: Is now the best time to buy BTS? Would you take out a loan to do it?
« on: June 15, 2016, 04:35:06 pm »cheap things like chronos video wont help too (with all due respect, just my opinion)Guess I need to charge more. Then it won't be a cheap thing.
162
Stakeholder Proposals / Re: Proxy: xeroc
« on: June 14, 2016, 10:12:49 pm »
The reason you have so much support @xeroc is because you're too honest! Your proxy power is awfully overwhelming, yet I don't fear for the network. Thanks for your hard work to support Bitshares.
By the way:
By the way:
* Lack of alternatives: There simply are not many people around that want to be a committee memberI'm happy to act as committee member if everyone thinks that would be helpful. As you can see, I meet the first qualification: active on the forums.
163
General Discussion / Re: [ANN] Bitshares simple wallet template
« on: June 14, 2016, 04:53:23 pm »Since your account name and password become your brain key in this case, it is important that you use a very long password, 16 characters at least.I recommend a very complex password. We don't know what kind of key crackers may be designed in the future.
164
General Discussion / Re: NuShares military tank to park outside Bitshares office
« on: June 12, 2016, 03:05:08 am »Maybe we should offer to send a peacekeeping force over to NuLand in the event of a price implosion and resulting civil unrest.Civil unrest? Price implosion? Already happened. Here's some of the drama. https://discuss.nubits.com/t/withdrawn-make-firing-and-replacing-incompetent-liquidity-providers-our-top-priority/4036/1
165
General Discussion / Video preview: Buying Bitshares the Easy Way
« on: June 11, 2016, 06:52:00 pm »
Hi all,
I'm posting this to open up feedback on an upcoming video: Buying Bitshares the Easy Way. This preview video is marked as private, just for you BTS forum members, to give you a chance to provide feedback on the script. You can expect the final version to go to production later this month.
One other note: I'll mention that you already need to have your wallet created to follow these steps. I'll cover the actual creation of the wallet (and securing it) in a separate video.
Watch the preview video: Buying Bitshares the Easy Way
Thanks!
I'm posting this to open up feedback on an upcoming video: Buying Bitshares the Easy Way. This preview video is marked as private, just for you BTS forum members, to give you a chance to provide feedback on the script. You can expect the final version to go to production later this month.
One other note: I'll mention that you already need to have your wallet created to follow these steps. I'll cover the actual creation of the wallet (and securing it) in a separate video.
Watch the preview video: Buying Bitshares the Easy Way
Thanks!
