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Messages - bitmeat

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16
General Discussion / Re: Bitshares price discussion
« on: November 04, 2015, 04:12:49 am »
Quote from: bytemaster on November 04, 2015, 02:15:10 am
I leave town for one day and you all let the bottom fall out.   

If there is a market need for what BitShares solves then BTS has a future.  If there isn't a market need then it will remain small serving a niche.  The need for BTS is in times of crisis where decentralized exchanges are needed because all of the centralized exchanges fall down.

NBT has 600 BTC volume on Polo. Clearly there is a need, but somehow BTS is not the chosen one. I've been repeating the same thing for 2 years now. Unless there is liquidity and commitment from the stakeholders to provide such liquidity for BitUSD to track USD as closely as possible, BTS won't take off. Why can't we dedicate printed BTS to go to that, instead of delegates? i.e. have the blockchain provide some liquidity. This is the only reason NBT works and people trust it. Because it's always way less than 1% fluctuation from USD.

17
General Discussion / Re: Bitshares price discussion
« on: November 03, 2015, 08:03:25 am »
Quote from: Tuck Fheman on November 03, 2015, 08:00:06 am
Sometime in 2016 ...

"Hey, remember when BitShares was at 700 sats?  Those were the days!"

"Hey, remember when BitShares was at 2400 sats?  Those were the days!"
"Hey, remember when BitShares was at 2000 sats?  Those were the days!"
"Hey, remember when BitShares was at 1600 sats?  Those were the days!"
"Hey, remember when BitShares was at 1200 sats?  Those were the days!"
"Hey, remember when BitShares was at 800 sats?  Those were the days!"

Coming next:

"Hey, remember when BitShares was at 400 sats?  Those were the days!"
"Hey, remember what BitShares was?  Those were the days!"

All jokes aside, crypto serves an important part of society - tax on greed. All you greedy bastards got fleeced.

 8)

18
General Discussion / Re: Bitshares price discussion
« on: November 03, 2015, 05:28:18 am »
Quote from: Tuck Fheman on November 03, 2015, 05:13:25 am
Quote from: bitmeat on November 03, 2015, 05:06:43 am
Relax this isn't "the bottom". :)

Oh yeah, what is "the bottom"?

Remember MemoryCoin? Oh, it was so memorable. It will play out kinda like that.

19
General Discussion / Re: Bitshares price discussion
« on: November 03, 2015, 05:06:43 am »
Quote from: Tuck Fheman on November 03, 2015, 04:57:18 am
Quote from: lzr1900 on November 03, 2015, 04:52:23 am

700！！
OMG.

Dammit, was only able to get some in the 800's.

Relax this isn't "the bottom". :)

20
General Discussion / Re: Bitshares price discussion
« on: November 03, 2015, 04:45:48 am »
Quote from: jsidhu on November 03, 2015, 03:57:38 am
Aslong as they keep developing price will always recover sooner or later

I disagree. "If you build it, they will come." only works if you are building the right thing.

21
General Discussion / Re: Bitshares price discussion
« on: November 03, 2015, 03:25:18 am »
Quote from: bitmeat on October 21, 2015, 02:31:45 am
Do I hear 1200? 1200, going once, going twice... What? 1000! 1000, going once,... 800?! Oh my!

Price is irrelevant. There are still plenty of weak hands that gave it a final go and are now very bitter. It's OK. It's just how it works.

I don't think Stan's or Dan's comments/articles full of hype/hope will have any effect anymore. I admire the optimism, but no.

BTS hype is over, I believe that now the only thing that can take it higher is real utility and that will take some time to truly develop.

For that reason, I'm mostly out. Enjoy the ebbs and flows. I'll be waiting way, way, waaaay lower to get in. I could care less if it quadruples from here short term. I don't think it will be a sustainable jump even if there is one.

Good luck everybody! :)

Just because...

22
General Discussion / Re: Ethereum price discussion
« on: October 30, 2015, 05:18:53 am »
I think Microsoft hosting ETH nodes is a big deal. Many people were not sure about liabilities associated with hosting ETH nodes. But having a big player behind kind of blesses it.

23
General Discussion / Re: Bitshares price discussion
« on: October 25, 2015, 10:18:07 am »
Quote from: gunailei on October 25, 2015, 09:49:58 am
why so many bts sold at this price level? for what? Sell at a loss? why? why? why? why just at polo? no btc38?
 :'(

Because on Polo people can short. Which is NOT selling at a loss, if they cover lower.

24
General Discussion / Re: Burn BTS to create BitAssets.
« on: October 24, 2015, 07:58:34 am »
Quote from: Riverhead on October 24, 2015, 07:51:21 am

There's more to a market maker than listing an asset for sale. The work comes in determining the price to list it for on the DEX. The USD/BTS ratio is a moving target and therefore the orders constantly need to be canceled and recreated. Someone needs manage the tolerance to market fluctuations and the interval to which this affects orders. IMHO that's a lot to ask of a blockchain with 3 second blocks.

You can have a liquidity settlement that doesn't happen every block and requires 2/3 of witnesses to confirm the price at that time.

Let's say you even have that only happen once a week, still better than having months of waiting and relying on people to actually come in and actively provide liquidity. Even if you release bots - most people just won't bother. Part of being a BTS holder should be assuming the risk to provide stability for asset holders. In fact the more stable and liquid the assets are, the more interest there will be in BTS.

Can someone get @bytemaster to comment on this?

25
General Discussion / Re: Burn BTS to create BitAssets.
« on: October 24, 2015, 12:10:49 am »
In fact lack of blockchain as a market maker is my biggest disappointment with BTS.

If implemented, it basically means that all the shareholders are investing in the market maker. And don't have to run a bot or anything, just hold BTS. Then the blockchain takes care of providing liquidity.

If I see this implemented or interest in it being implemented I would renew my interest in BTS big time.

I think Maker is trying to do something similar but is far more complicated for the end user than it needs to be.

26
General Discussion / Re: Burn BTS to create BitAssets.
« on: October 24, 2015, 12:07:23 am »
BM liked the idea for its simplicity, but ultimately people thought that if you can create BTS by burning assets, feeds could be manipulated and the network could be compromised.

But I think some checks and limits could be put into place to prevent that.

You are not really "burning" you are effectively trading against the feed itself. In other words the blockchain itself is a market participant ensuring liquidity, but not preventing others trading within the spread.

27
General Discussion / Re: Burn BTS to create BitAssets.
« on: October 23, 2015, 11:56:57 pm »
That's basically half of my proposal from a year ago.

My idea was to fix liquidity problems by making the blockchain be a market maker. Kind of how NBT works but decentralized.

So you burn BTS and create BitUSD or other assets at feed price. No third party is involves - just trader and blockchain.

But then also allow burning of BitUSD to create BTS - I.e. Go the other route as well.

People were too concerned with BTS potentially getting diluted if it can be created out of assets. But in reality I think it would've attracted more serious capital, where you wouldn't be locked in a roach motel, unable to get in or out.

Add to that making it a parameter voted by community for the spread so the blockchain is actually profitable itself. E.g. 1% around feed price - you can convert unlimited amounts.


28
General Discussion / Re: Bitshares price discussion
« on: October 23, 2015, 02:32:20 am »
There can be squeeze on the way down too, if people bought big on margin, there will be selling pressure no matter what.

Just hope that 200 BTC is not on margin, because if it is and it gets eaten... there isn't enough BTC below for them to cover. (Very hypothetical scenario but still)

29
General Discussion / Re: How to bootstrap bitUSD liquidity?
« on: October 22, 2015, 09:56:02 am »
Basically, do the same thing NBT did - have not just a price feed tool, but also a tool that provides liquidity to the acct owner.

Have a parameter, such as % around price feed. e.g. I'd set mine to 1% around price feed.

I know NBT is more centralized, but there are some good lessons to be learned from their experiment.

30
General Discussion / Re: Bitshares price discussion
« on: October 22, 2015, 01:35:09 am »
so... what's more likely? double from here or half?

Choose:

  • 700 satoshi
  • 2800 satoshi

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