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Messages - bitstopia2049

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91
General Discussion / Re: bitusd peg
« on: March 10, 2019, 05:05:12 am »
is there anything being done to help restore it ?

https://youtu.be/IXOoZ8Zd2eA?t=1105

This discussion about cashless societies is describing a very negative future if allowed to grow without alternatives..

The quickly approaching dangers of centralization of payment systems....

Why isn't a Bitshares marketing worker or the Foundation or Cryptonomex promoting the hell out of  BTS as the antidote ?!

BTS marketcap should be at least $5-6 billion even in its current state!   

Where's a smart whale when you need one.... geez!

92
General Discussion / Re: bitusd peg
« on: March 10, 2019, 04:59:44 am »
By bidding for the settlement fund we are essentially bidding for a position at a specific bitusd/bts price?

      YES, ( and the more collateral you bid the better your position)

-If enough bids happen and this revives, we essentially skip the step of having to sell bitusd for bts in the open market after borrowing bitusd into existence?    YES, essentially

-If the above is correct and we had enough BTS backing, we could essentially open a position at $0.01 with 1k debt and 100k collateral?    YES,

but you would not want to tie up that much collateral for a relatively small amount of debt.....

a revival will only happen when the MCR is greater than 1.75....

 either because the feed price has increased sufficiently - e.g auto revival

 or because the total amount of collateral bids is greater than 1.75 x #bitshares in the settlement fund..

or some combination of both..

93
General Discussion / Re: bitusd peg
« on: February 16, 2019, 08:04:48 am »

94
General Discussion / Re: bitusd peg
« on: February 05, 2019, 07:17:13 am »

The way you have worded your question kinda leaves it open to several interpretations,.I think if you ask your question more precisely it might be easier to answer...

Having said that, my view is simple..bidding on the settlement fund debt is basically betting on the future of BTS ( and indirectly I guess on the success of BEOS and EOS)   

 So the only question is how much do you want to bet..

i.e how much debt do you want to acquire and how much additional collateral do you want to add to your margin account to secure it..

If I understand your question correctly...the only way to "arb"...(i'm guessing you mean arbitrage) this is to buy bitUSD in the open market in exchange for whatever other assets you have which would "protect" you in case of a BTS price decrease.  e.g for every X amount of BTS collateral you can acquire Y bitUSD. {Also you could buy any other bitAsset as well I suppose}

HOWEVER...this kind of arbitrage strategy would only be worthwhile if bitUSD is revived and normal operations (i.e borrowing) are resumed..

I believe that some combination of BTS, BTC, ETH, etc...price increase within an overall bullish cryptocurrency market environment that coincides with a sufficient number of successful bids during the auction of the settlement funds,(enough to surpass the 175% MCR). will trigger the revival of bitUSD.

Maybe someone can correct me..but I think the size of the settlement fund is about   $5.7m ?   so a few whales could help jump start the process without putting too much their assets at risk...maybe .01%

I hear Jeff Bezos' ex-wife has some surplus assets..maybe BM can persuade her to invest in BTS instead of another Sotheby's Auction..Ha!

95
General Discussion / Re: bitusd peg
« on: January 13, 2019, 06:44:47 am »
Thanks for the response and the link to instructional video..Things are much clearer now..

I think I'm going to use a chunk of my income tax refund to invest in BTS,   ;D   The technology has got to be worth more than
a nickel and has more utility than "cryptoKitties"

This bear market.. just as much as a US government "partial" shutdown has to end sooner or later..

Given the outrageous prices of prescription medications in the USA...I've wondered why hasn't some entrepreneur developed
a dApp that would allow users to use bitUSD or other bitasset bitPeso etc. to pay to their regular online discount pharmacy..not only would they save money on drug prices but also transaction costs, FX fees, etc..and the pharmacies would save on costs as well..

I think this is the kind of "Use Case" that could raise BTS market profile to the level of prominence that BTC and ETH enjoy even though it's obvious they're use for consumer payments is limited by transaction speed..






96
General Discussion / Re: bitusd peg
« on: January 12, 2019, 11:14:19 pm »
How can people participate in the revival if there isn't any way to access the bid mechanism thru the reference wallet GUI ?

https://www.reddit.com/r/BitShares/comments/a0i56y/detailed_explanation_of_bitshares_global/

"This operation is not present in GUI wallet right now, but can be done by using bid_collateral command in CLI wallet or constructing the operation manually."

There's no step by step instructions in the Tech Support section of the forum either..

i.e how to access,
...the command lines that one would use

Isn't this at least something the BitShares Foundation would do in the "Public interest"  or to at least spark more interest in BTS by regular traders, speculators or just average Jjoes willing to a gamble.??

or is this bitAsset revival limited to "BTS insiders"... How could a benevolent whale participate (if such a person exists!) even if he or she wanted to?

BitShares needs a marketing guru or a miracle worker..it seems..

97
General Discussion / Re: Network hijack
« on: December 01, 2017, 04:07:33 am »
Seriously?   And theoretically who would they sell them to?

It's not like every transaction on the BTS blockchain isn't transaparent


I think you should read some of Dan Larimer's writings..

https://steemit.com/eos/@dan/in-defense-of-consortium-blockchains


It's one thing to engage in anonymous hacking and stealing bitcoins  or hijacking systems with ransomware e.g WannaCry

but stealing BTS  in broad daylight...?          Not happening...

If you want to dig into something that's really happening...

Look into the "Tethers Crew"  ....they've been pumping EOS with phantom tethers on Bitfinex for weeks  !

98
General Discussion / Re: Newbie question.
« on: December 01, 2017, 04:05:18 am »
Just open your bts wallet.

Click on "Exchange"  and then the select the crypto currency markets you're interested and buy or place an order but..

I would suggest you buy some Bitshares first, and/or bitusd..

also I would suggest before you do anything you take some time this weekend and read through some of these guides

https://steemit.com/bitshares/@Stan/bitshares-noob-notes

99
Would be also nice to get a comment from Stan on this whole situation and what's up with the billion hero campaign, and maybe also suggest the right marketing team for us

I agree..

since Stan has some hollywood connections..

why not take a chance and reach out to Ashton Kutcher....

He did a pretty good job for Airbnb...

A worker proposal should fund a contract for Kutcher to become a Bitshares promoter, evangelist,
I'm sure Stan could provide a 3 day crash course on the beauty and magnificence of BTS
with periodic refreshers.   I'm sure other ideas would emerge pretty quickly thereafter.

And everyone on the BTS richlist could throw a bonus his way into a dedicated multi-sig bitUSD account that would be
released and become his the day BTS reaches  $10 or more!

Godfather ?    O Godfather, Where Art Thou?  :-) 

100
It is not surprise, because most of people who read this forum (including myself) don't understand a crap in marketing. I guess, if you know how to do it, the best is just go ahead and do it.

I understand that..

Marketing is about delivering "feel good emotions" and "perceived trust" which is what investors thrive on.

Good technology like bitshares is about delivering "a stable, and reliable solution" which technogeeks thrive on.

Both technogeeks and investors need to participate together.  So if we're just delivering tech, but not good enough marketing, we need to improve.

Step 1: Have everyone realize this
Step 2: Create a worker proposal with a lead project person willing to take the responsibility of managing the project funds
Step 3: Approve the proposal
Step 4: Spend some money by paying marketers to encourage more money and more users to come into the system

The referral system is only one tiny part of what we need to do.

I read somewhere we have a bitshares foundation. I don't know who runs it, how many people are involved, or who funds them. None of that important information is on their website.

Step 2  should require a BONDED worker.....to guarantee performance and not just wasting the money on their "friends" marketing agency for a healthy kickback...there is too much corruption in the world to be naive about these things..

101
General Discussion / Re: review for price feeding
« on: November 19, 2017, 10:29:07 pm »
Why isn't the bitUSD:BTS market also similarly subject to a raised settlement offset?  maybe 2%, 3% ??

I've been observing that market all week and the settlement order book will be getting as long as a Dead Sea scroll pretty soon.

If bitUSD sellers have this "discounted escape valve" then it will artificially reduce BTS buy pressure on the DEX and I wonder if therefore this can be considered real "price discovery"... (regardless of the manipulations taking place on Poloniex)..  If everyone ( except CEX and predatory whales ) wants to see the universe of BTS expand to rival BTC and Ethereum, etc.  then this market mechanism that is unique to the BTS exchange
has to be managed in an effcient and fair manner so as to not disadvantage one party and discourage the creation of bitAssets and also  leads to a chronic undersupply.

From the perspective of a shorter it wouldn't be reckless to open a few short positions this past week, but even though it seems like a reasonable bet, is it really worth the risk that the shorter could become entangled in some mercenary whale's huge dump of forced settled bitUSD?

If I wanted to short I would have to maintain a defacto collateral ratio of 400% - 600%. if I wanted to get a good night's sleep.   
The situation we have now is a rather frustrating "chicken and egg" problem subject to the machinations of any mercenary whales in a thin market
and furthermore with the cumulative amount of bitUSD removed from circulation continues to stymie the growth of the bitUSD ecosphere.

Looking at the Settlement Order book....the amounts range from a low 10.14988 bts  to an avaricious 186,801 bts, which as of the moment
of this writing is =  bitUSD 1.086 - 19,997..  Why would anyone want force settle for a $1.09 worth of BTS ???!! 

Obviously under current market conditions and trading volumes the 24 hour settlement delay is not a sufficient disincentive...I always thought that forced settlement was to be used only under some sort of dire circumstances or market imbalance ?  Did bytemaster ever say why the delay was 24 hours and not maybe 36 or 48?

So I think at the very least the Witnesses need to stay on top of this and provide a more accurate feed price that actually reflects the realities of what's going on in the markets and if not they should be voted out because they are  undermining the rate of BTS value appreciation and the DEX cannot be considered as operating at an INDUSTRIAL grade performance level ready for PRIME time adoption by the rest of the world.

 With BTC busting through the $8k mark...is it realistic to think that any trader would short into existence any significant amount of bitBTC
if he knows that he could be prematurely forced to close his position ????! even though he was willing to take a ri$k that a BTC correction would be coming in the near future? 

This situation is only good for SUPER ASTRO MEGA-WHALES....I on the other hand need my sleep.!

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