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Messages - JonnyB

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46
General Discussion / Re: BTS is the top brand value
« on: October 10, 2017, 05:25:15 pm »
don't forget discord usage is growing aswel

https://discordapp.com/invite/GsjQfAJ

47
have you seen BTSbots.com?
Its an open source BTS bot where you don't have to hand over your private key

48
General Discussion / Re: bitUSD black swan possiblity
« on: September 16, 2017, 03:03:12 pm »
Bailing out margin calls with reserve funds is like bailing out banks with taxpayer's money.

Nobody complained about bitassets while BTS was going up. AFAIK nobody sent the profits from going short to the reserve pool.

If a black swan damages the reputation of BTS, then the solution is not to spend money on preventing black swans. The solution is to educate traders about the risks involved with bitassets.

1.) It is not bailing anyone out. When a short wants to close they need to buy back the BitUSD they borrowed. That price is made externally of the dex with feeds from poloniex etc. They wouldn't getting bailed out because they would be selling their BTS for less than the market price (feed).

Now if you argue that if they can get a better price on polo they should take it, it doesn't make sense because polo only has USDT. And secondly we want to encourage people to trade on the dex.

2.) People have always complained about bitassets for the same reason again and again since the beginning which is low liquidity and huge spreads.

3.)Good luck trying to tell traders what they should be doing in a free market. Of course we should use reserve pool money to make our stable coins secure and successful. Also what I propose is not inflationary in the way you probably think it is, the newly created BitUSD/BitCNY would not enter circulation unless someone pays above market price for it.

So again it's not bailing anyone out, your analogy about bailing out banks with taxpayers funds is all wrong.

Dude, when the BTS price is falling, more people buy bitAssets like bitUSD to stabilize their wallet. They then put buy orders of BTS at lower prices. This is exactly what I did yesterday. bitUSD is more attractive in a falling bts environment.

For point number 2, this is why you place limit orders and not market orders. Let the market come to you at your price. Trading 101. Dont chase the market.  There is no getting around spreads. Every stock and option has a spread and the more liquid the stock the tighter the spread. If BTS gets more liquid the spreads will get smaller, you can't force that without liquidity. This is an education opportunity, not a rule changing opportunity.

[member=12419]Bitshiz[/member] you say people buy BitUSD when BTS falls. But people also buy BitUSD when BTS hits new higher highs to lock in profit.
But lets assume what you say is correct and more people want to buy BitUSD when BTS falls. As BTS price falls and more and more BitUSD creators are getting margin called and the BitUSD supply is shrinking when people want it most.

There are ways to reduce the spread. Arbitraging, specifically across from poloniex can be done by purchasing BTS under the feed price which is my proposition.  Many listed firms do pay market makers to reduce spreads of their own stock. Also you state stocks and options always have a spread which is true but we are talking about BitUSD which we want to be used as a currency. Currencies have tiny spreads.

49
General Discussion / Re: bitUSD black swan possiblity
« on: September 15, 2017, 06:57:43 pm »
1.) It is not bailing anyone out. When a short wants to close they need to buy back the BitUSD they borrowed.

Of course it is bailing out. A short position contains a risk, and you want to use the reserve pool to cover that risk. In a downtrend, shorters will happily pay a 10% premium if they can thereby avoid a 100% risk.

3.)Good luck trying to tell traders what they should be doing in a free market.

I don't want to tell them how to behave. I want to tell them what the risks are, so they don't have a reason to complain when the market turns against them.

It's not risk free for sure but it is not a bailout of anyone.  It is essentially a large BTS long position. How is that bad?

50
General Discussion / Re: bitUSD black swan possiblity
« on: September 15, 2017, 06:41:01 pm »
I don't think that there is an easy way to fix this without breaking everything else. BitAssets do a good job when BTS is stable, they do amazingly good job, when BTS grows. Everything can't be good all the time in this life, and  bitAssets suck when BTS crashes. I guess, we have to live with this for now.

I don't want to live it I want to improve bitshares and make it a viable global dex.
I'm open to other ideas but I don't see how creating a base layer of BitUSD/BitCNY is damaging in anyway.

51
General Discussion / Re: bitUSD black swan possiblity
« on: September 15, 2017, 05:56:06 pm »
Quote
Theres obviously an issue with lack of BitUSD/BitCNY when looking at those margin calls that were coming in.

Yes, there is an issue with bitUSD/bitCNY. This issue is an inherent flaw of bitAsset model, which was pointed out million of times by different people in crypto community. When BTS falls and bitAssets are in high demand, nobody in good mind wants to issue them by locking BTS collateral. This is the same as giving money away.

Yes theres an inherent flaw with bitasset model. This is why we need to create some base money, even fiat is about 3% debt free base money.
what do you suggest instead? if you think there's a flaw how would you fix it?

52
General Discussion / Re: bitUSD black swan possiblity
« on: September 15, 2017, 05:51:40 pm »
This crash proves to me that we need a base supply of both BitUSD and BitCNY.

If whales like [member=23]bitcrab[/member] need to exit their positions we need more BitUSD and BitCNY in the system.

We need a massive dedicated account used exclusively for creating BitUSD and BitCNY. 
This account should have all of its BTS as collateral at all times and hold no other assets.
It should be funded by a rolling worker proposal.
The BitUSD and BitCNY created would be used to purchase any BTS below the settlement price.
The BTS purchased would just get added to the collateral.
The account would never pay back its borrowed BitUSD and BitCNY because that would destroy the supply.

I really think this is needed for BitShares to be successful.

You are proposing to give money away.  You are welcomed to do this, but with your own money. Go ahead, create bitUSD and bitCNY during BTS crash using your own funds, I am very sure many people will be happy to buy them at a good premium.

I'm not proposing to give money away. I'm proposing we sell bitassets at a profit to increase their supply to benefit the whole system.

53
General Discussion / Re: bitUSD black swan possiblity
« on: September 15, 2017, 05:48:16 pm »
Bailing out margin calls with reserve funds is like bailing out banks with taxpayer's money.

Nobody complained about bitassets while BTS was going up. AFAIK nobody sent the profits from going short to the reserve pool.

If a black swan damages the reputation of BTS, then the solution is not to spend money on preventing black swans. The solution is to educate traders about the risks involved with bitassets.

1.) It is not bailing anyone out. When a short wants to close they need to buy back the BitUSD they borrowed. That price is made externally of the dex with feeds from poloniex etc. They wouldn't getting bailed out because they would be selling their BTS for less than the market price (feed).

Now if you argue that if they can get a better price on polo they should take it, it doesn't make sense because polo only has USDT. And secondly we want to encourage people to trade on the dex.

2.) People have always complained about bitassets for the same reason again and again since the beginning which is low liquidity and huge spreads.

3.)Good luck trying to tell traders what they should be doing in a free market. Of course we should use reserve pool money to make our stable coins secure and successful. Also what I propose is not inflationary in the way you probably think it is, the newly created BitUSD/BitCNY would not enter circulation unless someone pays above market price for it.

So again it's not bailing anyone out, your analogy about bailing out banks with taxpayers funds is all wrong.

54
General Discussion / Re: bitUSD black swan possiblity
« on: September 15, 2017, 04:29:30 pm »
We need a massive dedicated account used exclusively for creating BitUSD and BitCNY. 
It should be funded by a rolling worker proposal.

We have discussed this more than once. It is not the purpose of the reserve pool to take the risk away from traders.

Yes, and everytime it is discussed most people agree that something like this needs to be done.
Worker proposals are for anything that helps bitshares grow and improve and having a large supply of well collateralised BitUSD and BitCNY would reduce the chances of a black swan.
Theres obviously an issue with lack of BitUSD/BitCNY when looking at those margin calls that were coming in.
If either BitUSD or BitCNY did black swan how do you expect bitshares to recover from the the damage in reputation it would suffer if the peg failed.


55
General Discussion / Re: bitUSD black swan possiblity
« on: September 15, 2017, 02:54:41 pm »
This crash proves to me that we need a base supply of both BitUSD and BitCNY.

If whales like [member=23]bitcrab[/member] need to exit their positions we need more BitUSD and BitCNY in the system.

We need a massive dedicated account used exclusively for creating BitUSD and BitCNY. 
This account should have all of its BTS as collateral at all times and hold no other assets.
It should be funded by a rolling worker proposal.
The BitUSD and BitCNY created would be used to purchase any BTS below the settlement price.
The BTS purchased would just get added to the collateral.
The account would never pay back its borrowed BitUSD and BitCNY because that would destroy the supply.

I really think this is needed for BitShares to be successful.
If they are exiting bitUSD/CNY, they are in need of BTS. If they are heavy in the bitUSD and nobody is willing to buy it from them for their BTS then they are screwed and have to wait. That is the risk of taking on so much of an asset in low liquidity environment. Why would this be bad? They will get margin called as the price drops. Why is that a problem?
The other way around, they need to acquire BitUSD/BitCNY but can't because theres nobody selling it.

56
General Discussion / Re: bitUSD black swan possiblity
« on: September 15, 2017, 02:00:54 pm »
This crash proves to me that we need a base supply of both BitUSD and BitCNY.

If whales like [member=23]bitcrab[/member] need to exit their positions we need more BitUSD and BitCNY in the system.

We need a massive dedicated account used exclusively for creating BitUSD and BitCNY. 
This account should have all of its BTS as collateral at all times and hold no other assets.
It should be funded by a rolling worker proposal.
The BitUSD and BitCNY created would be used to purchase any BTS below the settlement price.
The BTS purchased would just get added to the collateral.
The account would never pay back its borrowed BitUSD and BitCNY because that would destroy the supply.

I really think this is needed for BitShares to be successful.

57
General Discussion / Re: London meet up
« on: September 13, 2017, 10:53:23 pm »
I'm arranging a London BitShares Meetup for the end of this month.
Was thinking just a casual meet in a quiet pub near Liverpool Street tube on Thursday 28th September from 6pm.
 How's this time for everyone?

Also I've created a UK BitShares telegram group so we brits can coordinate better:  https://t.me/joinchat/AV_2_Asn-YEoIvgmn4EJDg

58
General Discussion / Re: How would Trezor work with Bitshares?
« on: September 13, 2017, 08:00:32 pm »
That's the big question .. someone can certainly make a distinct page for bitshares/trezor integration .. but ideally, we would be integrated into trezor.io for sure.
I haven't heard back from satoshi labs for a while .. not sure they are interested in this.
If anyone can get a hold on them and convinces them that they could profit from it too .. let me know .. 80% of the hardware code is done already

When you say 80% of the hardware code is done already, what do you mean? because bitshares shares the same wif private key format as bitcoin or because of what got built at that Prague hackathon?
 



59
General Discussion / Telegram channel is turning to shit recently
« on: September 12, 2017, 08:52:14 am »
Theres been a large influx of noobs to the bitshares telegram group. While this is great news for Bitshares in general it's a shame theres so much spam talk and simple "when moon?" type comments. I've noticed a few other BTS telegram groups have sprung up and I've even created my own UK bitshares group. Also the bitshares discord group is becoming more and more popular.

I'm a silent viewer in the dev group but notice other non devs talking about non dev stuff which is surely annoying for the devs.

Maybe we need a bitshares veterans group with no noobs.

If you have a more niche bts group that you'd like more people to know about maybe post it here.

60
General Discussion / Re: market fees
« on: September 11, 2017, 05:23:33 pm »
Hi all,

This is probably a silly question, but I can't find detailed documentation about this. e.g. I want to trade on BTS:USD, aside from transaction fee, will I be charged with some extra fees on this market? And will we have the distinction of maker fee and taker fee as in other centralized exchanges?

Thanks,

you can view all fees here https://bitshares.org/wallet/#/explorer/fees

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