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Messages - fuzzy

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BitShares PTS / Re: Protoshares Cloud Mining
« on: November 16, 2013, 03:13:25 pm »
Definitely interested....Please keep us posted.

General Discussion / What, exactly, are BitShares Priced in?
« on: November 12, 2013, 11:58:10 pm »
The following is an excerpt from chat in the ProtoShare's IRC:

--Wild0wnes:   i've watches all of them twice and i still can't explain it
--Wild0wnes:   reminds me of the days when i was trying to understand bitcoin
--Preturd:   hm...
--Preturd:   well it seems like when you boil it down
--Preturd:   the ONLY thing we need to know
--Preturd:   is that the BlockChain provides a decentralized, yet predictable and transparent means of enforcing the rules that would ultimately fall victim to crime syndicates in a centralized system
--Preturd:   thereby routing corruption of the system without firing a shot...but instead through simple adoption of a better, less corrupt and Free-Market-Driven technology.
--Preturd:   very interesting
--Preturd:   the question to me though is....does one buy a stock using bitshares? are they first converted to dollars or other "sovereign" fiat?
--Preturd:   and if so...all shares must still have a price based on different denominations of bitshares
--Wild0wnes:   yeah the part i still don't get is the HOW the shorting guarentees the price of a bitUSD stays at 1:1
--Wild0wnes:   bitUSD = USD
--Wild0wnes:   i understand people are supposed to short it if its above and long it if its low but i still don't understand what guarentee that it would be a good oportunity to go long
--Preturd:   @wild0wnes i am of the belief that everything will be priced in BitCoin...the new World Reserve currency
--Wild0wnes:   i believe its independant of bitcoin.... only based on it
--Preturd:   but that is the ONLY place they show BitShares at i am wondering if it is only a mechanism for shorting stocks (and currencies)
--Wild0wnes:   well the bitshares i get (kinda)
--Wild0wnes:   its the bitUSD i don't
--Wild0wnes:   how they can create a "stock" that everyone is supposed to go long when its worth less than a buck a share
--Wild0wnes:   above "stock" i'm talking about is the bitUSD (and i'm sure bitYEN and others to come later)
--Wild0wnes:   well the bitshares i get (kinda)

These are pretty important questions because nublets are going to need to learn the specific details of how this technology works.  This is a good primer, but we could probably use a little more depth in this:  especially with regard to the denomination of BitShares Converted to other currencies...

Looking forward to hearing from the community with regard to this.

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