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Messages - lil_jay890

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46
If any DEV seeing this, please we need this feature, If we want mass adoption in our DEX we need to have enough liquidity for all stable fiat assets, we will never see mass adoption if we rely only on users to create BITusd or BitCNY .

In fact, I'm proposing that the BTS blockchain automatically creates and pays an equal or fixed amount of value diversified in all Bit-assets. Not just in BitUSD. That way there will be liquidity distributed among all the Bit-assets too, we want liquidity in BitGold, BitSilver, BitEUR, BitUSD, bitCNY, Bitbtc. Witnesses and workers should like the idea too because they are incentivized in diversified assets and they know that diversification is the best and recommended way to store the value of money. And if in the future the more bit-assets are added to DEX like BitCHF or BitMXN,  etc the more diversification they will get

Bitshares is really appealing for traders but traders search two main things when choosing a broker liquidity and leverage. Leverage is also important for traders in Forex because Forex currencies only move less than a cent sometimes so there's logically the need of leverage to make a profit. 100-500X leverage is needed in forex. 3-10X is only needed in cryptos because they are far more volatile.

While I agree that in order to attract traders, you need to offer leverage, I don't believe this should be offered "on chain".

In the current forex market, it's the brokers that are offering the traders leverage.  Leverage is actually a tool that they exploit to make money since they know 90% of traders who use high leverage end up blowing up their accounts. The brokers  that allow 100x leverage don't pass the clients orders to the actual market, they take the opposite side of the trade and pocket any spreads or commissions as well as all the clients cash when they blow up from over leveraging.  It's a business plan that has worked for decades.

Bitshares is not designed to act as a broker and offer leverage. Not only are the mechanics to process the leveraged trade not present, but the risk management protocol would also need to be developed. All brokers have the possibility of blowing up in extreme market conditions, and I don't believe bts should be taking those risks. Bitshares needs to continue to act as an exchange like the nasdaq, and hopefully start making money off of fees.  Let third parties come in and offer leverage off chain.

Check out bitAssets dude, they do offer you leverage right "on chain", with no broker. Yes, short position with 1.75 collateral gives you 1.33x leverage, do your math. This 1.33x can be easily increased to at least what poloniex offers by bringing MCR down to 1.4.

Sorry dude.  I was addressing the post that mentioned 100-300 times leverage and that bts is not designed to offer that. And it shouldn't be adapted to try to compete with those brokers.

You are right though, bts does offer limited leverage

47
If any DEV seeing this, please we need this feature, If we want mass adoption in our DEX we need to have enough liquidity for all stable fiat assets, we will never see mass adoption if we rely only on users to create BITusd or BitCNY .

In fact, I'm proposing that the BTS blockchain automatically creates and pays an equal or fixed amount of value diversified in all Bit-assets. Not just in BitUSD. That way there will be liquidity distributed among all the Bit-assets too, we want liquidity in BitGold, BitSilver, BitEUR, BitUSD, bitCNY, Bitbtc. Witnesses and workers should like the idea too because they are incentivized in diversified assets and they know that diversification is the best and recommended way to store the value of money. And if in the future the more bit-assets are added to DEX like BitCHF or BitMXN,  etc the more diversification they will get

Bitshares is really appealing for traders but traders search two main things when choosing a broker liquidity and leverage. Leverage is also important for traders in Forex because Forex currencies only move less than a cent sometimes so there's logically the need of leverage to make a profit. 100-500X leverage is needed in forex. 3-10X is only needed in cryptos because they are far more volatile.

While I agree that in order to attract traders, you need to offer leverage, I don't believe this should be offered "on chain".

In the current forex market, it's the brokers that are offering the traders leverage.  Leverage is actually a tool that they exploit to make money since they know 90% of traders who use high leverage end up blowing up their accounts. The brokers  that allow 100x leverage don't pass the clients orders to the actual market, they take the opposite side of the trade and pocket any spreads or commissions as well as all the clients cash when they blow up from over leveraging.  It's a business plan that has worked for decades.

Bitshares is not designed to act as a broker and offer leverage. Not only are the mechanics to process the leveraged trade not present, but the risk management protocol would also need to be developed. All brokers have the possibility of blowing up in extreme market conditions, and I don't believe bts should be taking those risks. Bitshares needs to continue to act as an exchange like the nasdaq, and hopefully start making money off of fees.  Let third parties come in and offer leverage off chain.

48
Do whatever you need to do to raise the value of blockpay.  While having detailed updates here were nice, I'm skeptical that you or bitshares Munich received any actual benefit by doing them.  They seemed like they took a long time to prepare, which is something the leader of r&d shouldn't have to do unless absolutely necessary.

49
General Discussion / Re: Bitshares price discussion
« on: April 06, 2017, 05:22:20 pm »
Buy bitBTC or OPEN.BTC.  I'm guessing the alt coin pump is coming to an end and bitcoin will probably bounce back to having %75-%80 market cap dominance.

Other than Xeroc's worker, there hasn't been anything really of note to get super bullish on BTS (I'm sure someone will post a huge list of all the great things coming for bts).  It's the same story with most of the other alts.  Random pumps.

Trolls can recognized by the fact they are hanging around on fora of coins they like to buy for lower prices and because of that spreading the word out that these coins are not going to rise any further, but instead will decline in value. Often this is because they are frustrated of missing out a first pump. They tell you to buy BTC instead, so when the alt coin (in this case BTS) starts rising again, you can easily convert back and boost the price even more for the troll, who has by then bought his stake against a lower price. [member=23744]lil_jay890[/member] seems a perfect example.

Calling someone a troll because they have a negative view of a financial instrument that you are long isn't an argument... It's an attempt to self-reinforce your own bias.

The whole "people are just talking negative so they can drive down the price to buy at lower prices" argument is BS.  Even with BTS getting in on the everything Alt pump, it's been bumping along the bottom of its range for years.  If this alt coin pump dies out, what do you think the odds are that BTS stays elevated?  I would say it's not very likely since BTS still has many of the same issues that IMO have caused it to fall.

Granted I'm not surprised a guy with 7 forum posts and who just created his account 2 weeks ago  is all bullish... You probably just bought in and were chasing the pump. 

50
General Discussion / Re: Bitshares price discussion
« on: April 06, 2017, 02:00:31 pm »
Buy bitBTC or OPEN.BTC.  I'm guessing the alt coin pump is coming to an end and bitcoin will probably bounce back to having %75-%80 market cap dominance.

Other than Xeroc's worker, there hasn't been anything really of note to get super bullish on BTS (I'm sure someone will post a huge list of all the great things coming for bts).  It's the same story with most of the other alts.  Random pumps.

51
General Discussion / Re: Bitshares price discussion
« on: March 29, 2017, 05:22:40 pm »
Finally BTS is joining the Alt coin pumps... $0.070 has been resistance for the last year.  If it can clear and hold above that, there is a good chance the bear market is over.

I am skeptical since BTS isn't really outperforming many currencies.  Dash and ETH are getting hundreds of millions of dollars pumped into them, while BTS is only up 7 mil.  Once the alt coin pump is over, how well BTS holds up will show if the bear market is done.  If bts breaks $0.070 but fail to hold above for more than a few days, BTS will probably test the lows again.

I thought we were looking at a failed bounce a few days ago, but it looks like we are going to give $.007 a test.  A break and hold above would finally move this thing out of it's seemingly never ending downtrend... It's still not showing a ton of relative strength vs the other alts though... It still hasn't made its way up the overall rankings ladder.  Plus this pump just seems to be a constant rotation between different alts, I mean look at the rocket that Bytecoin has been on...not sure what is causing that.

52
General Discussion / Re: Bitshares price discussion
« on: March 28, 2017, 09:14:54 pm »
[member=21490]Thom[/member] more importantly I want to stress the lack of marketing. And also that for some reason everyone hates BTS.. Try to say BTS to the moon in Polo troll box twice and you are banned..On the other hand everyone else scream all the time moon for ETH,DASH and everything else they want to promote and no one is banned.. Polo admins hate bts..

Poloniex, a centralized exchange that rakes in profit for a few, hates a decentralized exchange that could steal the money out of their pockets.
Do they hate it because the DEX is a threat to their business?
Or do they hate it because they are mal-informed and just think its one more shitcoin

If the centralized exchanges wanted, they could destroy BTS in a second.  They control enough BTS to vote in whoever they want.  One of the GIANT flaws in bts that almost everyone around here sweeps under the rug or chooses to ignore...  Just another reason DEX adoption has been tepid.

Even if Poloniex colluded with other exchanges, their votes would still be outnumbered by the top few proxies alone, not to mention including individual voters.  So yeah, no, that's yet another bogus theory from the king of FUD.  Oh wait, now you'll spin that exactly the opposite and say the voting power of proxies is a weakness of Bitshares.  Which of course is ridiculous as well.   But facts have never stopped you.  So why would they now?

Hmm... Take the top 4 exchange accounts.  They control almost 750million BTS which outnumbers all the proxies combined... but maybe that isn't a fact in your world.

You are correct though that I think the proxies centralize the system.  Even if the exchanges do nothing, 4-5 people have complete control of the chain.

Tbone, i've tried not to attack you personally unlike what you have done to me.  I try to point out flaws with the system. But if you are going berate someone for not using "facts", try using some facts yourself.

53
General Discussion / Re: Bitshares price discussion
« on: March 28, 2017, 05:58:54 pm »
[member=21490]Thom[/member] more importantly I want to stress the lack of marketing. And also that for some reason everyone hates BTS.. Try to say BTS to the moon in Polo troll box twice and you are banned..On the other hand everyone else scream all the time moon for ETH,DASH and everything else they want to promote and no one is banned.. Polo admins hate bts..

Poloniex, a centralized exchange that rakes in profit for a few, hates a decentralized exchange that could steal the money out of their pockets.
Do they hate it because the DEX is a threat to their business?
Or do they hate it because they are mal-informed and just think its one more shitcoin

If the centralized exchanges wanted, they could destroy BTS in a second.  They control enough BTS to vote in whoever they want.  One of the GIANT flaws in bts that almost everyone around here sweeps under the rug or chooses to ignore...  Just another reason DEX adoption has been tepid.

54
General Discussion / Re: Bitshares price discussion
« on: March 28, 2017, 11:49:50 am »
[member=23744]lil_jay890[/member] I seriously doubt that the reason bts price is low is due to the ICOs.. The true reasons bts price is low are the following IMHO:

1) People keep a lot of bts in external exchnages
2) People do not follow [member=23]bitcrab[/member] example in locking their bts and short sell bitassets. When bts was first launched we had bitusd $1 mil in existence and bts was worth between $0.03 - $0.05 (that is x8-x10 of current price).. The drop happened after the great idea of the merger and the huge reduction of bitassets supply because whales rushed to dump their holdings
3) Serious lack of marketing. We do not even spend a few dollars from the reserve pool to advertise bts in coinmarketcap at least..
4) Whenever the price is slightly up, most people rush to dump their bts holdings..
5) People have forgotten the vision of bts. Luckily a lot of people still believe in bts so we need to remind to others what bts can do to change our lives.

All you have to look at is the order books for basically any popular uia... They are totally skewed to the sell side. These sellers didn't invest in the uia with bts... They sent BTC or ethereum during the crowd sale and now they are trying to get out.  They need to dump for bts, send the bts to a centralized exchange, and then dump bts for BTC.... That addresses why there is so much bts on the centralized exchanges.

If the icos were actually bringing money into the bts ecosystem the order books would at least be level or slightly skewed to the buy side in these uias.

55
General Discussion / Re: Bitshares price discussion
« on: March 27, 2017, 12:16:19 am »
The problem has nothing to do with these ICOs. If BTS could blame its falling market cap on ICOs then Bitcoin and Ethereum would also be experiencing the same phenomena. How many ICOs are denominated in Bitcoin or Eth! The reality is more ppl want those projects than want Bitshares. We have not sold our product to the masses well enough or they see something that we do not. Likely it is both. Bitcoin was able to market itself as a decentralized payment network because it was number one. There are only so many hard money/deflationary money folk in this world and bitcoin got to them first. They are now brand loyal and where they do branch out they do so into "privacy coins". They are not worried about 3sec transactions, bitshares' main working attraction. Remember they are hoarders, they want bitcoin mainly for ideology, but also to "make money" speculating.  The next group of people that demand cryptos are the ones whom need it for illicit use. Again, BTS has not met this need and they go elsewhere for their cloaked/privacy transactions. Even if we implement it soon, will we have missed the boat again? The market is letting us know that we have not met its need enough to overcome prior inertia.     

The problem is the ICO's... Ethereum and Bitcoin are both much deeper markets than BTS and can handle the ICO's.  There is no where near enough liquidity on the DEX to handle all the sell pressure. 

What you are missing with the projects that raised money in BTC or ETH is that the investors had to enter the BTC or ETH ecosystem by purchasing BTC or ETH with fiat.  Bitshares UIA investors do not have to enter the BTS ecosystem in order to invest in the UIA... they can just buy BTC or ETH and send it to the UIA issuer.  The the UIA issuer sends the newly created UIA to the investor.  When a UIA investor wants to get out they sell the UIA for BTS and in most cases have no interest in holding volatile BTS so they sell the BTS for BTC or ETH.  This is the reason for the constant sell pressure, more energy leaving the system than entering.

This problem could be fixed if these UIA investors had to enter the BTS ecosystem before they could invest... That is impossible the way the current system is designed.  There needs to be a reason for them to stay in the system.  This is how Wall Street makes money... They keep people in the game.

If you have ever seen "Wolf of Wall Street" there is a good, yet vulgar, scene that explains how wall street makes money:

Matthew Mcconaughey: "Fuck the Clients.  Your only responsibility is to put meat on the table"
"Name of the Game, move the money from the clients pocket into your pocket"

Leo: "Right, but if you can make the clients money at the same time it's advantageous for everyone, correct?"

Matthew Mcconaughey: "Wrong... If you got a client who bought a stock at 8 and now its at 16, he's all fucking happy and wants to CASH IN.  Liquidate and take his money and run home. YOU DON'T LET HIM DO THAT!"
"You know what you do, you get another brilliant idea.  You get him another stock to reinvest his earnings and then some."
"Meanwhile he thinks he is getting shit rich, which he is, ON PAPER.  But you and me, the brokers, we're taking home cold hard cash via commission."

Leo: "Right, that's incredible sir..."

Matthew Mcconaughey: "Keep the clients on the ferris wheel.  That's the name of the game".

Bitshares is the game.  If bts token holders want to make money, you need more money entering than leaving.  You need to appeal to the gambling/risk taking side of people.  You need to have them keep investing, 


56
General Discussion / Re: Bitshares price discussion
« on: March 26, 2017, 07:02:26 pm »


I will reiterate my point that the ICO's that are being done on bitshares are seriously retarding any ability for bts to gain traction to the upside.  They put so much sell pressure on bts and suck so much liquidity out of the system.  There simply isn't enough liquidity being provided by a few dozen traders running bots to support multiple 7 figure ICO's.  I know there is no way to change it now, but until BTS can regulate the amount of ICO's it allows, this sell pressure will be constant.

Had not considered that. Thanks.


Sent from my XT1254 using Tapatalk

Could you explain this in simple terms?
Do you mean that ICO investors are cashing-out of the ecosystem constantly?

Yes... I've explained it a few times, so I'm just going to post a quote from a little while ago.


Sorry, but your explanation lacks an independent first reason that is not the same reason BTS would go down without the UIA tokens as well.

Lets try this again...

1. A third party creates a UIA in the BTS Ecosystem.... Lets call it SCAM.UIA
2. Third party promotes SCAM.UIA, saying it the key to decentralized, deregulated, liberty for all, fortunes
3. In order to get in on this wonderful investment, you need to send DOLLLARS or BITCOIN to this third party
4. The third party then sends you a whole bunch of shiny new SCAM.UIA tokens

So lets review what has happened so far.  The scammer has created a token out of thin air and sold it to you for real currency or bitcoin.  You are hoping that he will take that money and create something wonderfully profitable and then distribute the money back to you via buy back or dividends.

Unfortunately....

5.  Once the SCAM.UIA tokens are distributed, all the investors are locked into the BTS ecosystem.
6.  All these investors have lots of initial "paper" wealth. But SCAM.UIA's trading book is extremely thin.
7.  Some of the original SCAM.UIA buyers wanted to sell on the first pop, but the books are too thin
8.  The books are too thin because there is not enough BTS holders, who were not involved in SCAM.UIA's ICO, willing to buy SCAM.UIA on the open market
9.  Original investors start selling SCAM.UIA because there was no initial pop and barely any buy orders on the books.
10.  All of a sudden the trading book for SCAM.UIA is loaded with sells with hardly any buy orders.
11.  This leads to steady sell pressure on SCAM.UIA.  Many of these investors who are selling SCAM.UIA have no interest of being in the BTS ecosystem, holding BTS, or using the DEX.
12.  What are these uninterested investors who just received BTS for their SCAM.UIA going to do??? That's right! SELL THEIR NEWLY ACQUIRED BTS!
13.  What do they sell it for??? bitcoin, ethereum, or fiat.
14.  What does selling BTS for fiat do to the price of BTS?? Causes it to decline.

These 14 steps have happened with the majority of the UIA's issued on the BTS platform.  Unless a UIA creator starts making a profit and buys back bts on the open market with his fiat profit, he has in essence taken energy out of the system.  The UIA creators, especially the big ones that raise a ton of money, put an incredible amount of stress on the tiny amount of traders who use the DEX.  If the UIA is going to stay profitable the DEX traders need to provide buy support.  Problem is there is not enough traders with excess capital to provide this support.     

57
I read a rumour last year that 'Moonstone' (is it finished yet?) was working on enabling Trezor support with their wallet.

BTS needs to persuade crypto-traders who currently use centralized exchanges (potential bts customers) to trade large sums of money using the DEX.
When a simple key-logger could steal their funds irreversibly it's a pretty hard sell.
If you have to enter your super-secret password on a possibly compromised computer, are you going to trust it to trade $10,000's of value?

Could the reason for low liquidity/trading activity on the DEX be due to the perceived risk of keylogger theft?

[member=37127]JonnyBitcoin[/member] made a video in 2015 about using the Trezor with an adroid phone, but that was for bitcoin. Not bitshares.
https://www.youtube.com/watch?v=g5lwtqsMoAI
Could this android app be modded to work with an android bitshares wallet?

Is there desktop computer Windows support to use trezor with bitshares?


EDIT: I found a steemit post talking about the Trezor Hackathon where [member=120]xeroc[/member] and [member=11456]svk[/member] developed Trezor integration for Steem. 
Quote
https://steemit.com/steem/[member=11456]svk[/member]/trezor-hackathon-putting-steem-on-the-trezor

Does it work for BitShares?

I believe this is one of the main reasons BTS hasn't caught on.  You are completely correct that a key logger or forgotten password are bigger concerns to typical traders/investors than a MT.Gox scenario.  99% of people trust their banks/brokers for fraud and password forgetting protection.  I doubt that will change anytime soon, and if it does there will be much bigger problems in the world to worry about other than Crypto.

Can you imagine telling people unfamiliar with crypto "Well if you lose your password or don't backup your wallet and clear your browser, all your money is gone.  Oh and make sure there is not malware on your cpu, because it might also steal your password and transfer your funds.  But look on the bright side, You will never lose your funds because of a bankruptcy... Well as long as your funds are in a MPA and not a UIA.  You could still lose all your funds if they are in a UIA..."

What do you think the reaction would be??? Most likely "I think I will stick with my broker/bank that is federally insured, offers fraud protection, and access to my account if I lose my password".

58
General Discussion / Re: Bitshares price discussion
« on: March 26, 2017, 04:11:20 pm »
More and more this is looking like another failed bounce... Shit ton of money came into alt coins and BTS benefited from that pump.  Unfortunately bitshares has fallen to 33 overall on CMC.... lower than before the pump. 

I will reiterate my point that the ICO's that are being done on bitshares are seriously retarding any ability for bts to gain traction to the upside.  They put so much sell pressure on bts and suck so much liquidity out of the system.  There simply isn't enough liquidity being provided by a few dozen traders running bots to support multiple 7 figure ICO's.  I know there is no way to change it now, but until BTS can regulate the amount of ICO's it allows, this sell pressure will be constant.

59
The 100th ranked coin on coinmarketcap.com right now is HEAT, with a market cap of $1.6millon.

In the bitUSD:bts market on the DEX, the current volume of buy orders is $84,000. The current volume of sell orders is $24,000.

If either of these 2 numbers (or the sum of them) becomes large enough one day to surpass $1.6m then would bitUSD be eligible for a ranking on coinmarketcap?
I think it would be great advertising, both for bitUSD and for bitshares. "How can bitUSD be within a separate cryptocurrency?" they'll ask


https://coinmarketcap.com/assets/bitusd/

60
Let's not let this opportunity slip away!

Well duh.
 
We're just now starting to test transactions and create the first API. Remember how many months it has taken us just to write all the crypto? Remember the months it has taken us on the "trustless setup" algo? Remember the months it has taken us to develop the C-IPFS implementation for the automated Stealth backups?
 
In a few months when Stealth has been thoroughly tested by us, AND all of the components above, AND by the public, then we can think about advertising. Until that time, guess what? Like we used to say in the military, hurry up and wait. I'm not going to rush Stealth at all. At, all.
 
If you want me to stop posting weekly updates on our progress so that you feel better, I will.

While we do not want you to rush something out... the mention of this being months away is concerning.  How many months? 1-3, 3-6, 9-12?

This information is important because if it is the latter, I believe there is a high probability that you will need to come back to the market and raise funds via blockpay dilution.

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