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Topics - JonnyB

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46
General Discussion / Radical ideas for liquidity
« on: January 27, 2016, 08:21:51 pm »
The dex is not a decentralized exchange without a functioning smartcoin. Trading UIAs is nice but can be done faster and cheaper on poloniex.
We are 4 months in to bts 2.0 and none of the smartcoins are liquid. Something big needs to change.
People keep saying we just need a bridge to smartcoins but nobody will provide that bridge without liquidity
Here are some radical ideas of how to increase liquidity.

- The committee or a worker proposal should use reserve pool funds to create smartcoins and sell them in to the market at feed price plus 10%
- Abandon all smartcoins except BitUSD to drive liquidity to it and then think about adding another smartcoin in a years time.
- Get all gateways to offer the same btcUIA instead of each having their own separate ones. Could be a multisig wallet controlled by committee.
- Get the reserve pool to pay for a bitcoin-BitBTC bridge with guaranteed 2-way liquidity
- Limit trading pairs in the GUI to just USD vs XXX
- Buy an existing exchange like poloniex and migrate its backend over to bitshares.
- Pay some altcoins that are struggling but have big communities to migrate their coins over to bitshares through proof of burn.

Loads of people are going to moan about these ideas but we need to prove a smartcoin works.
The trading volume of USD:BTC over the last 24hrs is actually zero as it is on most days.

47
General Discussion / Bitcoin sidechain instead of bitBTC ?
« on: January 26, 2016, 02:03:33 pm »
The concept of sidechains is one where real BTC gets locked up in another blockchain contract and a token is issued in its place which can be redeemed at any time without human involvement.
So it is essentially a bitcoin IOU but from a decentralised smart contract instead of a company or person.

The guys at blockstream claim they have got sidechains working in a first version that they call liquid and say companies like bitstamp and bitfinex are using it.

If they really have made a working sidechain for bitcoin can't this be integrated into bitshares to replace BITBTC?

48
General Discussion / 10k of bitUSD just got destroyed for no reason
« on: January 21, 2016, 12:09:53 am »
Forced settlement is an essential function of smartcoins it is a function that gives guaranteed liquidity at feed price for sellers.

at 23:56pm UTC 20th jan a bts account named BRENTALLSOP had over 10k bitusd force settled at feed price.

I had a buy order for 10k in bitusd at just over feed price.  Why didn't our orders match?

If they had matched , BRENTALLSOP would have got a better price. 10k of bitusd wouldn't have been destoyed, loads of creators of bitusd wouldn't have just had their position liquidated. And I would have got some cheap bitusd.

the exchange engine needs to be updated so orders like this will get matched in the future.


49
General Discussion / Welcome to TheDex.org
« on: January 08, 2016, 11:44:01 pm »
www.THEDEX.org

This is my domain for which I intend to build an exchange/gateway in the coming months. Currently it is just a quick mockup of how I would like it to look and the links at the top all link to openledger via my own affiliate links.
I want thedex.org to be familiar and simple for traders like myself and I don't see the need to explain the technicalities of bitshares or even mention bitshares.

I'm planning on forking the gui and making these changes:

- change the whole colour scheme and style so it is easily recognised as thedex.org
- limit the gui so the trade pairs only allow trading against my own UIABTC (this how other exchanges work and helps with liquidity)
- trade specific UIA tokens from other providers such as metaexchange and openledger
- trade UIAs only including DOLLARS and maybe YUAN (I own these UIA tokens already)
- Use uphold.com accounts as an easy simple gateway to and from fiat
- have the main site and gui as one page instead of 2 separate ones like openledger is doing now.

I previously set up the UK's largest network of bitcoin ATMs (12) and have since sold my half of the company and now run telebit.org
I have been involved with bitcoin from the early days co-founding the largest btc meetup (London)  and used to live with both Amir taaki and Vitalik Buterin aswell a recruiting the lead dev for ethereum.
I see bitshares as the future of all exchanges and have invested heavily in BTS and now want to build my own exchange. However I cannot code and am looking for a co-founder who can to work with me on this exchange.
I will be in prague and budapest over the next week but will be looking to get started on this when I am back. If you think you are on the same page as me when it comes to creating an exchange and can code please get in contact either on here or via telegram or twitter @JonnyBitcoin

PS
I also think these changes should be made to the main website   https://github.com/bitshares/bitshares.github.io/issues




50
Technical Support / If I have my brainkey and know my password why do i need a backup.bin file?
« on: January 07, 2016, 10:44:53 pm »
If I have my brainkey and know my password why do i need a backup.bin file?

51
Technical Support / I want to be a faucet
« on: January 04, 2016, 06:26:40 pm »
I want to pay for new users to register. I want to be a registrar / faucet

is there any easy way to do this?

52
General Discussion / Openledger/bitshares is down for me, anyone else?
« on: January 01, 2016, 11:47:58 pm »
Openledger/bitshares is down for me, anyone else?

53
General Discussion / We need some base money in the exchange.
« on: December 31, 2015, 04:20:49 pm »
The dex is struggling to get going and I think we need to create maybe $50,000 BITUSD and 100 BITBTC using reserve funds as collateral and sell it in to the market at feed price +5% with the proceeds of the sale going back into the reserve funds.

Although I would like to create bitBTC into existence myself I'm not currently confident I'll be able to buy back the bitBTC at a reasonable price in the future to close my collateral position. I've bought 5 BITBTC at a huge premium (+30%) and I'm unlikely to sell anytime soon. Meaning those who wish to exit their collateral positions will be unable to as I'm not selling and I hold 10% of total supply. 
Smartcoin creators need to be bolstered by a supply of smartcoin liquidity and this should come from the reserve pool.

does anyone know if the reserve pool has an actual account?



54
General Discussion / We should all be force settling for profits: A how to guide
« on: December 01, 2015, 11:05:47 am »
Just a quick video explaining force settlement and why its not bad.

https://vimeo.com/147439584

55
General Discussion / A simple fiat bridge into smartcoins
« on: November 29, 2015, 07:29:20 pm »
I've  come up with a simple elegant solution for a fiat bridge which could really help with liquidity and trust in smartcoins.

I suggest we build a bridge from uphold.com fiat tokens to bitshares smartcoins.   

So if you send any smartcoin to (BTS account name: uphold) I will credit your uphold account 1:1 with the same fiat denomination which you can then withdraw to your bank account through uphold.com at zero cost.

Bridging the other way would come at a premium but would allow bank transfers into smartcoin in a simple 2 step process.

I'm not a dev but would like to work with one to make this a reality.

56
General Discussion / Stupid committee proposal: Urgent call for help by the BitCNY holders community
« on: November 29, 2015, 05:11:53 pm »

Holders of CNY had the value of their smartcoin value decimated overnight when the peg floor was removed from beneath them by a simple committee vote.

whats the point of a smartcoin if it doesn't have a guaranteed minimum value?  why has the peg been removed?

Maybe the feed providers were feeding in the wrong price.
Maybe transwiser didn't understand the business they were in.
Maybe someone someone was sad that they might lose money.

I think we need to vote in some new committee members who have more conviction in the value and purpose of what a smartcoin is and does.


57
General Discussion / Bitshares Meetup in the UK on the 22nd Dec in manchester
« on: November 27, 2015, 04:44:29 pm »
I'm doing a Bitshares meetup on the 22nd Dec in manchester (UK) at madlab on edge street

http://www.bitcoinmanchester.org.uk/meetings/bitcoinmanchester-20/

http://www.meetup.com/Bitcoin-Manchester/events/227039202/
Modify message

58
General Discussion / settlement explained
« on: November 27, 2015, 02:43:11 pm »
Ther seems to be alot of confusion about the settle ment process, could somebody explain settlement rules clearly.

If you settle does it settle immediately or in 24hrs and at what price feed?
what is SQP?
 If every smartcoin holder settled would all smartcoins cease to exist?
why are people moaning that the shorts are having a hard time with the current rules?
 

59
General Discussion / instant profits from instant settlement?
« on: November 27, 2015, 12:28:46 am »
Am I right in thinking If I buy smartcoin with bts for less than the settlement price I can then instantly settle it and make a profit?

60
General Discussion / btc:bts market not working ?
« on: November 23, 2015, 03:04:38 am »
btc:bts market not working for me in light client and webwallet. other markets are fine. what gives?

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