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Messages - pgbit

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121
General Discussion / Re: How to associate a previously registered Founder ID with a Bitshares X account
« on: July 26, 2014, 07:28:09 pm »
Quote from: onceuponatime on July 26, 2014, 07:18:17 pm
Quote from: pgbit on July 26, 2014, 07:06:05 pm
Any info on this? I could not immediately find the answer browsing forums. ? might be stickied

http://wiki.bitshares.org/index.php/BitShares_X_Solutions#How_to_import_Keyhotee_IDs
The import via Bitshares-X worked just fine though. Thank you ++ for helping.

122
General Discussion / Re: How to associate a previously registered Founder ID with a Bitshares X account
« on: July 26, 2014, 07:21:44 pm »
"Bad gateway" for me at the moment on the download link.
-> http://bitshares.org/resources/downloads/

123
General Discussion / How to associate a previously registered Founder ID with a Bitshares X account
« on: July 26, 2014, 07:06:05 pm »
Any info on this? I could not immediately find the answer browsing forums. ? might be stickied

124
LottoShares / Re: LottoShares, You probably wouldn't be interested in this™ - It's Live!
« on: July 16, 2014, 11:59:01 am »
On importing a private key, an error occurs if the wallet is locked. The wallet does not specify what to do if this is attempted, but just displays an error number - implying perhaps that the private key was incorrect; so some users will need clearer instructions on this. To fix the problem, just unlock wallet before importing keys.

125
General Discussion / Re: Initial convergence of asset value to real value
« on: July 08, 2014, 07:55:20 pm »
The market peg for commodities may settle quite differently from a currency. A unit of currency obviously can be intangible already, so is more readily perceived in this way, whereas many virtual commodity assets are typically not - for most people - viewed as being traded like this. What helped me to understand this was appreciating that you - of course - are trading just on the market expectation and predicted price rather than the virtual product itself. It would be pretty daft to provide someone with an IOU note for a single banana or avocado, but for some (and not just the current avocado traders) there might be advantages to trade virtually within a global 2.1 billion dollar avocado (or whatever) industry.

126
General Discussion / Re: Initial convergence of asset value to real value
« on: July 08, 2014, 07:01:38 pm »
Quote from: bytemaster on July 08, 2014, 06:13:28 pm
Quote
I'm curious as to what you found useful about it. The link says:
[1] "...all traders in the blockchain expect BitUSD to peg to the dollar...",
[2] "...which leads them to trade in ways that reaffirm that expectation".
Therefore [3] "...the value of bitAssets will be equal to about the value of their real world counterparts".

But you've called the validity of 1 into question. That link just assumes 1, so either the link tricked your brain into forgetting about its concern, or it somehow inspired your brain into an amazing realization.

All traders speculate on what they think all other traders will be speculating in the future.   At any given moment you have to decide: will it go up, down, or hold.  If your position is "it won't hold a peg" then you must pick a direction and place your bets or abstain.   As a result everyone that doesn't have a rationale for the direction will exit the market.

If you don't think it will hold then you must assume the entire chain is worthless... so you sell and exit there is no way for you to make money because if you are right all collateral is worthless.  The peg will break, margins will be called the shorts will be wiped out and the longs will have a more shares in a worthless network.

Conclusion: only those who believe #1 are participating in the market.
It's getting clearer now -  a lot clearer. Thanks for the explanation, bm.

127
General Discussion / Re: Initial convergence of asset value to real value
« on: July 08, 2014, 11:31:11 am »
In my first post, I did mean to refer to user created assets - perhaps in other trading DACs - not the main BTS-X chains which for me would  immediately have a higher level of trust.

For example, when user created assets are allowed, a global banana company might (possibly) decide to create BANANAS as a chain, and although they might intend for their pricing to match the global banana price in kg quite precisely, others may initially have trouble taking the asset seriously.

In that situation, as a unqualified trading noob, I would guess that digital bananas might be 'offloaded' or traded at a lower price, forcing the asset to trade at a lower price than the real value of bananas, as confidence grows in the process this might then be expected to more closely approximate the real price. Is this flawed logic?

Anyway, I was imagining that the convergence of asset values will surely depend, perhaps *initially* foremost, on Trust. Once systems are established and DACs are trusted, this issue I would expect to diminish rapidly.

This is a potential problem for new players in the market, as surely they might be disadvantaged by a market leader effect once others are established; I wondered how this effect might be minimized. But then this leads on to how to win over Trust quickly.

I know these issues may have been raised before, sorry if I have missed posts covering this lot already.

EDIT: this is a useful link - http://wiki.bitshares.org/index.php/Market_Peg

128
General Discussion / Re: Initial convergence of asset value to real value
« on: July 07, 2014, 08:06:17 am »
Thanks everyone for all the explanations.

129
General Discussion / Re: BTSX trade is open on btc38
« on: July 07, 2014, 07:58:17 am »
How do those not using facebook login?

130
General Discussion / Re: BTSX trade is open on btc38
« on: July 07, 2014, 06:27:16 am »
Quote from: ripplexiaoshan on July 07, 2014, 02:51:04 am
http://www.btc38.com/trade.html?mk_type=btc&btc38_trade_coin_name=btsx


However, deposit and withdraw are not available now. The btsx are those from Feb 28th left on the btc38.

It's good to see what's the expectation of market before the official release of BTSX 1.0.
 +5% +5% +5%
Hmm. Has btc38 'inadvertently' / prematurely updated their BTS-pts ticker to say BTS-X? I assume its not BTS-X being traded (there are trades occuring) as the official BTS-X is not launched yet, right?

131
LottoShares / Re: LottoShares Screenshot
« on: July 03, 2014, 10:03:52 pm »
Like the layout as it is, some may prefer flashy layouts so maybe have different wallet skins? Looking forward to seeing it in action next week.

132
General Discussion / Initial convergence of asset value to real value
« on: July 02, 2014, 09:40:47 pm »
When an asset is first released, for example an asset that is planned to mirror the real time price of a commodity, how will this be affected initially in different trading conditions, for example if trading volumes are low? I might expect (or personally, I mean, have a wild guess) that the asset will more likely than not be undervalued. But I am not sure how the Bitshares X chains are initialized.

133
General Discussion / Re: Cryptsy USD
« on: June 30, 2014, 08:47:15 pm »
Quote from: delulo on June 30, 2014, 08:38:07 am
Quote from: sumantso on June 30, 2014, 12:38:25 am
Quote from: CLains on June 30, 2014, 12:24:38 am
Not sure, but i'm gonna go ahead and guess no.

Withdrew my remaining BTC and PTS just in case. Have a smattering of other alts but they are of hardly any value.
...because you think your acc gets frozen in case you don't verify it?
I think the answer is probably yes, even if not trading USD, over certain limits as below. Non-USD limits to be phased in over an unspecified timeframe.

Here's info from their blog:

http://blog.cryptsy.com/

"Question 1: 
When you launch USD, do limitations go into effect for non-verified users?
Answer:
No.  We will be phasing this part in and will let you know ahead of time exactly what the limitations are going to be.   We would like to give a chance for most of our users to get verified, especially those that would be affected by any deposit/withdrawal limits.
Question 2:
When you do impose limits, what will be limited?
Answer:
Deposit and Withdrawal amounts and daily/monthly limits.   Trade activity will not be limited.  If you are depositing or withdrawing more than $1k a day or $20k a month worth of cryptocurrencies, then you should go ahead and get the verification process started.  If you meet this criteria, we will also be contacting you directly if you are not verified.
Question 3:
Do I need to be verified to trade/deposit/withdraw USD?
Answer:
Yes
Question 4:
I tried to get verified but it got kicked back.   How do I finish the process?
Answer:
Contact our verifications team.  If you are who you say you are, then there is no reason we shouldn’t be able to get you verified.  It just may take some different documentation than what our standard system supports."


134
General Discussion / Re: Clarifications about BTS X plan
« on: June 25, 2014, 08:36:54 am »
Can someone clarify exact function of the chains BTSXI and BTSXV?

135
General Discussion / Re: Forcing people to lose their shares if they don't vote.
« on: June 21, 2014, 05:59:56 pm »
Quote from: toast on June 09, 2014, 03:14:19 pm
Quote from: mas on June 09, 2014, 03:11:18 pm
Well, 5% fee for not doing anything, or confiscating 5% of your account, comes out at the same.

Can anyone post a link or explanation on how this will operate?

This doesn't affect PTS. This is for future DACs only, and should be made clear by each individual DAC developer.
Obviously up to the DAC creators, but I think this would put people off, having any additional inactivity fee. Especially if it wasnt *entirely* clear i.e. in your face reminder about the fact.

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