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Messages - biophil

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61
General Discussion / Re: Massive BitAsset Growth ! - Analysis
« on: January 15, 2018, 08:27:52 pm »
If I want to realize my BTS profits, I sell BTS and buy BitUSD

But wouldn't that cause an inverse correlation ?

It could, but it would depend on the volumes involved. Think through what I'm saying in a little more detail and I bet you'll get it.

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The fact that there's BitAsset growth is the significant thing. It doesn't really matter where its coming from because the system is starting to work by virtue of delivering liquidity to complimentary markets

Agreed.

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The difference with Tether is that BitUSD is "real money" held on the blockchain so when you hold it it cannot be defaulted on. Tether on the other hand is just a worthless token promise. It's the bank that holds the actual liquidity. Subtle theoretical difference but huge practical one because in one case you could be holding bottle tops for all you know and in the other the real thing backed by real markets.

Yes, except that strictly speaking BitUSD can be defaulted on algorithmically if a "black swan" occurs. This is a very important systemic risk that, to my knowledge, has not been properly quantified. We just say "well we're pretty safe because imagine how difficult it would be for BTS to lose that much value in such a short time!" So I'm actively working to reduce my exposure to BitUSD.

But I'm pretty risk-averse, so maybe I'm overestimating the chances of a black swan.

62
General Discussion / Re: Massive BitAsset Growth ! - Analysis
« on: January 08, 2018, 07:22:27 pm »

the correlation between BTS and BitAssets is because BitAssets are being used by holders of BTS to store their recent profits.

How does that make sense ? They'd be taking the short side of the bit asset whereas to "cashout" (i.e. do a genuine profit take) they'd have to take the long side which means sell their BTS for BitAsset liquidity (or real dollars) as opposed to simply collateralising it.

If I want to realize my BTS profits, I sell BTS and buy BitUSD (open a long position in BitUSD). This drives up the price of BitUSD, which incentivizes BTS holders to borrow more BitUSD (open short positions) to satisfy my demand. Make sense?

If that's happening, it's possible that a BTS price increase drives the creation of BitUSD, not the other way around. Given the fact that all cryptos are pumping indiscriminately, I don't see any reason to suspect it's the other way around.

Of course in reality it's certainly not a question of one mechanism or the other; both are happening and it can be hard to disentangle them.

But this is all nitpicking. I agree with you that BitUSD is far superior to Tether, and it's important for us to get that message out.

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General Discussion / Re: Massive BitAsset Growth ! - Analysis
« on: January 08, 2018, 04:47:03 pm »
The correlation between BTS and BitAssets suggests to focus on these assets as a drive for BTS growth.

The other simple conclusion we could draw has the opposite causation:

the correlation between BTS and BitAssets is because BitAssets are being used by holders of BTS to store their recent profits. BTS has pumped wildly as it rides the ambient cryptocurrency wave, and BItAssets are the most natural place to cash out to.

Any way to tell whether it's one or the other?

64
Openledger / Re: Bitshares openledger wallet hacked??
« on: January 08, 2018, 04:32:04 pm »
From the transaction, it looks like 1FxPCi7XCZAycWZKrwNkSYotkHCfqjrHuH is your deposit address. Is that right? Openledger owns that address, not you. Once you sent BTC to it, Openledger moved it to another one of the addresses that they own -- this is pretty much what any exchange does when you send in a deposit.

Have you received your OPEN.BTC yet?

65
General Discussion / Re: Cryptofresh Block Explorer + MUSE now available
« on: January 08, 2018, 04:21:35 pm »
Hey, it is *extremely* frustrating that Cryptofresh doesn't provide information about collateralization for the various bitassets. You used to have a list of all open short positions for each of the smartcoins, but (apparently in the past month) that list has inexplicably disappeared. Why would you ever remove that crucial information?

TL;DR please give us back the information about collateral ratios for bitassets.

It's now shown within the bitshares web/light clients.

Ahhh, very good. Had to dig around a little, but there it is. I might never have found it if you hadn't pointed me there! Thanks!

66
General Discussion / Re: Cryptofresh Block Explorer + MUSE now available
« on: December 22, 2017, 01:57:52 pm »
Hey, it is *extremely* frustrating that Cryptofresh doesn't provide information about collateralization for the various bitassets. You used to have a list of all open short positions for each of the smartcoins, but (apparently in the past month) that list has inexplicably disappeared. Why would you ever remove that crucial information?

TL;DR please give us back the information about collateral ratios for bitassets.

67
Has anyone tried the reset brainkey functionality? Seems like it would replace all private keys.



I have not; I've never put forth any effort to understand what that does. You're thinking it replaced all keys for all accounts in the wallet? That sounds useful.

68
General Discussion / Re: The Fork??
« on: July 17, 2017, 09:49:43 pm »
Does anybody know if OpenLedger has a policy on the possible fork? Such as, if the fork happens, will they credit OPEN.BTC holders both tokens?

69
To make a successful ICO, just make sure that you don't have no working prototype of your product, no business plan, no roadmap, nothing besides a vague white paper, use a lot of pseudo-scientific terms from wikipedia, make up a coupled of meaningless terms on your own, use them often and lie a lot.

don't forget bitcointalk bounties

And BY NO MEANS should you communicate to the public outside of a poorly-oragnized slack channel.

70
Technical Support / Re: Newbie needing help moving btc to btsx
« on: July 04, 2017, 01:55:43 am »
Oh dear. So that transaction of about 0.664 BTC is the one you sent? I don't know how the app created that from "Lana," but it's possible that your funds are lost. They are certainly not recoverable by anybody at OpenLedger or Bitshares. The only thing I can think is that maybe you could have some success by talking to the support people for your phone app.

71
Technical Support / Re: Newbie needing help moving btc to btsx
« on: July 03, 2017, 11:53:28 pm »
I don't think you've quite given us enough information to help you. What BTC wallet are you using? Did it give you a transaction ID (trxid)?

That long string of numbers and letters you sent doesn't look like anything I recognize; it's much too long to be a BTC address and it's not a trxid according to blockchain.info. What do you mean "the transaction went to" that object?

Also it worries me just slightly that you're saying "BTSX". It's been a long long time since we used the "X" as part of it. What BTS wallet are you using?

72
OpenLedger / Why are STEEM/SBD withdrawals disabled?
« on: July 03, 2017, 10:37:17 pm »
It's all in the title. It would be a nice customer-relations move to have a banner of some sort on markets whose deposits are disabled. Sure, buyer beware and all that, and I'm not threatening to libel you or anything - but it's extremely frustrating to find what looks like a good price only to discover too late that it's because the IOU in question isn't actually redeemable at the moment.

73
General Discussion / Re: BitCNY Price discrepancy
« on: June 22, 2017, 02:54:36 pm »
Vote for witnesses who provide accurate price feeds.

Not as simple as that. Trog is right - BTS has a different price in China than in the US. It'll even back out.

74
General Discussion / BitCNY Price discrepancy
« on: June 21, 2017, 11:15:33 pm »
I have been watching the BitCNY price slide downwards relative to bitUSD for the past several weeks. Right now, by dividing bitUSD and bitCNY price feeds, the implied bitCNY/bitUSD price is about 0.133. On the other hand, Google gives the exchange rate between CNY and USD at 0.146.

Why the discrepancy between exchange rates?

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In centralized exchanges they hold private keys for the tokens on their servers, it's dangerous as it can be stolen like what happened with Mt gox, some other exchanges hold tokens in "cold servers" that are not connected to the Internet
What about open ledger,  what do they do with the Bitcoins which I send to them in exchange for open bitcoin
How to know that these open Bitcoins are convertable to real Bitcoins

That I do not know.

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