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Messages - George_Bitspark

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Hi Bitshares Community!

I am George, Co-Founder and CEO of Bitspark and I am writing here today to hopefully gain your support for a place on the Bitshares Committee for our account bitspark-delegate. I first became aware of Bitshares in 2014 and attended a meet up in Hong Kong for a presentation about it by one of the BTS team, at the time (to my detriment) I wasn’t able to fully grasp the implications of Bitshares until I started seriously looking into it again in 2017 when bitcoin fees became an issue for our business.

You may be aware over the last year and a half we at Bitspark have been quite active in the Bitshares community. We started off in 2017 with our successful ZEPH tokensale where we identified some core features on the roadmap: launching our DEX Gateway (Sparkdex), beginning buybacks of ZEPH, deployment of our new centralised Bitspark product built entirely on the DEX for fiat money transfers and a mobile app for DEX assets to be deposited, withdrawn and exchanged for cash. I am pleased to say that almost all of those roadmap goals have been met with the exception of the mobile app which the new version is due in a month at the end of Q2.

On the marketing front we have been advocates for Bitshares at every opportunity and I daresay have probably got more coverage than every project on Bitshares combined- from about 2018 onwards we mention Bitshares wherever we can. For example, when searching for Bitspark you’ll see articles from many global publications with huge audiences like:






South China Morning Post:

….and many more we lost count, including New York Times, Accenture, AFR, Cointelegraph, Bitcoinist, Podcasts, TV interviews and many more including this article with an interesting headline for BTS holders: “BTS spikes 24% as token gets mainstream attention from CNBC”

Suffice to say I think this is a positive on the marketing front for Bitshares.

Bitspark was the first cryptocurrency remittance company in 2014 and ever since then we have been evolving and improving our products for our customers who are mainly people looking to send money for cash in/out in various SE Asian countries- this is our core business and expanding the ability for more people in more currencies to be able to exchange cash to crypto is our goal. It is out belief that right now Bitshares is best suited to be able to achieve this due to the ability to create a stablecoin for any national currency without the counterparty risk of needing collateral held in a centralised entity.

Our goals on the committee would be as follows:

* Ensure Bitshares can adapt to changing market conditions quickly and quick decisions can be made by the committee
* Ensure the continued viability of Committee issued assets and voice concerns about parameter changes we feel would jeopardise this
* Advocate for a fee structure that maintains the cheapest possible costs for customers of Bitshares balance with a slight deficit to the reserve pool as we believe spending money now is what’s required to get greater gains in the future.
* General support for proposals that increase the adoption, growth and usage of Bitshares in real products and services.

Apart from advocacy on the committee our plan to add value to Bitshares over the coming months is as following:

* Continue adding more fiat deposit and withdraw currencies for Bitshares assets. Right now you can deposit withdraw and exchange all Bitshares assets on for fiat. Yes fiat.
* Add more BTS collateralised stablecoins to the DEX
* Launch our revamped mobile app suitable not just for money transfers but for any crypto user globally to cash in/out crypto and fiat.
* Start adding more feeds to our witness nodes and feed committee assets with prices, open source our own feeds for our assets
* Support workers, BSIPs and proposals which continue to add value for BTS, in some cases fund development.

So given this, we think we would be a valuable addition to the committee and we welcome you to please vote for us at bitspark-delegate

Edit: Update: Ready for voting, made the proposal should see it in your voting section now on DEX-->Committee

General Discussion / Re: BTC MPA backed by gateway.BTC
« on: April 06, 2019, 02:29:00 pm »
I thought there was a BSIP for this, but having a browse of the BSIP repo I dont see it there (multiple MPAs/UIAs backing one asset, currently limit is 1)?

Valera's contributions to Hackthedex and Bitshares community are welcome. Will be voting.

Stakeholder Proposals / Re: [Worker] Bitshares UI Worker Proposal for 2019
« on: February 11, 2019, 03:15:07 pm »
Thanks for the proposal Startail, looking forward to having you onboard as the new manager. You have our support and we will be voting on the new worker tomorrow. Regarding future improvements, it seems rather like a maintenance and streamlining of existing infrastructure which is necessary however is there a core design philosophy or goal on what the bitshares UI should be? Many of the github requests are 'can the UI add X feature' or 'it would be cool if you could do Y', will these tasks be prioritised from the perspective of 'the user should be able to experience X' or is the core design not looking to change much? User centric design is core to any UI/UX project and finding and sourcing the needs of the user is fundamental.

Excellent article and wow this is a really good usage of Bitshares smartcoins!

Saw there was some needed votes on this, have voted it back in. Looking forward to the updates guys good work!

Would like to see some evidence of open source work already for this for us to consider a vote.

Have discussed with team at OpenLedger to see if we can bring this to fruition in a BSIP.

Would rather this worker proposal go towards paying listing fee + some bonus bounty for the person who lobbied it. This is how you get listed, yep most exchanges are fake volume but nobody cares when it can bring new actual users to Bitshares. I'd support this with our vote with the above change^.

General Discussion / Re: Marketing Proposal
« on: December 05, 2018, 05:12:12 am »
You need coindesk to carry it.

Look at this article that Edan Yago wrote: some more research, the guy isn't really a journalist. Click his name, he does 1 or 2 articles a year.

But his opinions were published. His CementDAO was featured at the top of the article "for free".

Coindesk (which a lot of people read) rarely reports on Bitshares -- whether we think we're important or not. That is because we haven't followed this:

Simply blogging, and sending out tweets, requires you to build your own following.   Take an existing following and get those eyeballs to see what you have to write about... coindesk gives free advice on how to get that done.  Other publications will tell you how to get it done there too..

I have written things for Coindesk and am good friends with some of the people there. Happy to do a piece mentioning Bitshares, will work on one in my spare time, but for Coindesk or other publications to carry it it needs a unique angle/insight/insider perspective. Just posting about transactions per second goes to the spam folder.

Regarding marketing proposal, essentially a worker for this needs to have defined goals, KPIs and messaging, thats how these things work. The people in Bitshares are strong on technical knowledge but weak on business/sales/marketing knowledge. I would prefer a worker proposal that would be done by a professional company as to do it right its alot of work and not simply 'just post something on twitter'.  Will ask around some of the crypto PR companies and see if anything shows up.

We would be hesitant to vote until it is open sourced on Github. If this is a community project then this should be #1 priority and should already be possible given codebase already exists.

Would that require additional switch on UIA/Token management/creation ? e.g. "Allow borrow", "Set interest %", etc...

On the legal side, it would allow users/gateways to actually provide service of "Money Lending", which is without proper licencing not allowed in most countries of the world.
- Who would be taking responsibility ? Blockchain ? *(if not ignore next question)* If does, how blockchain earns from UIA as part of the process ?

Or it would be done on core level, and instead of UIA we will re-issue BTC, ETH, and others as new form of half smart-assets half UIA assets ?

Apologies if my questions not have much sense, I'm trying to clarify it for myself.


1. In terms of UIA creation and adding a 'can it be borrowed' switch yeh thats a good idea I hadnt thought of. Ideally any on the DEX could be used in this P2P lending market unless otherwise noted.

2. It does not make gateways liable for lending as this is a P2P swap market, the gateway is not involved in any part of this process its two users interacting on the DEX. Also Bitshares assets are not 'money' and would not fall under any clauses anyway.

3. In terms of who takes responsibility, the blockchain ensures trustlessness on execution of everything. Any interests go to the lender directly. It should work with any assets on the Bitshares DEX. If you want to lend or margin trade ZEPH for BTS then as long as there is a lending orderbook for that it can be done.

great idea.

my concern:

what kind of assets can be used as collateral? only BTS or some UIA such as OPEN.BTC, GDEX.EOS also available? anyway in the  cryptocurrency market BTC,ETH, EOS, etc occupy the most share.

margin trading need good liquidity of the collateral, now even BTS/bitUSD is not in satisfactory depth. so I am also considering other forms of bond market:

A borrow 100$ of bitUSD from B, with X interests and Y terms and put 110$ worth of GDEX.EOS to collateral, A can get the collateral back by paying the debt and interests, when the expire time arrive and A does not pay back the debt and interest, the collateral will be sent to B.

this kind of borrowing is widely used in China OTC market, it do not rely on the collateral liquidity in an exchange.

Any asset could be lended or borrowed from any other asset on the DEX and this would determine what collateral to make (e.g. if its BTS/bitUSD then only these two currencies can be used as collateral, but if its bitUSD/GDEX.BTC then only those currencies). Most of the time exchanges like Bitfinex and Poloniex set the markets they want available for lending, some have liquidity some do not but I think its best if we keep it open for the market to decide what assets should have lending orderbooks and which ones not. If no liquidity for the desired leverage then margin traders could only borrow the maximum amount of liquidity available on the Ask orderbook market.

The example above you gave is very similar to how this proposed system works yep.

I just wrote some initial ideas on how we can add Margin Trading via P2P swap contracts and an active lending market to the DEX which in my is the biggest single change we can do to add multiples more liquidity, volume and price pressure on BTS. Feedback welcome

Check it here
Good idea, but lack of specifications.

If you really want this to be implemented in BitShares, please create a BSIP document via pull request here:

By the way, is related.

Thanks, at this stage its not meant to be a BSIP- first we need to facilitate community feedback on what would be required, then can look at creating a formal BSIP as it indeed requires more specification.

I just wrote some initial ideas on how we can add Margin Trading via P2P swap contracts and an active lending market to the DEX which in my is the biggest single change we can do to add multiples more liquidity, volume and price pressure on BTS. Feedback welcome

Check it here

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