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Topics - chigbolu

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1
General Discussion / PROPOSAL TO ADD INTEREST POOL
« on: March 28, 2023, 05:10:34 am »
Presently the only way to reward passive investors is via airdrop rewards.
Using airdrop rewards involve writing scripts which not all asset owners are capable of doing, it is also tedious and time consuming.
Bitshares has always rewarded the active users, most especially LTMs. Let's look at some of their benefits;
* 80% back on all fees payed to the network.
* Taker fee reward for buying an asset
* Market referral fee reward from refered users who trade actively
These rebates appear on their vesting balance.
It's time to start thinking about passive investors i.e those who hold and lend various assets on the platform. The market markers, etc.
The only way to truly include them is by having an interest pool for the asset.
This interest pool will act as an automatic airdrop pool, that rewards holders of the asset according to their the percentage of their holding.
The asset owner can delegate a portion of the market fees for the asset to the pool, or if it's not possible, he can fund the pool directly and set an interval for interest payment.
The interest payment would appear in the vesting balance of holders just like with active traders.
This feature would be really good for Liquidity pool holders who are interested in staking to earn passive rewards and Lenders who would like to use the credit facility of Bitshares. It would also increase liquidity on the platform.

2
General Discussion / Financial Crimes still persist on Bitshares
« on: March 01, 2022, 08:29:23 am »
The rise in cryptocurrency related crimes has increased over the years from hacks to rug pulls and bitshares is no exception.

Users are still not used to how the bitshares Blockchain works in terms of custody of funds. The gullible ones still fall for all manner of scam practices while the perpetrators go unpunished, this is a huge drawback in the fundamentals of bitshares that seriously needs to be addressed to improve user base.

I will raise two major scenerio that play out on bitshares. One is custodial scam and the other is proposal scam.

proposal scams have reduced a little due to the rise in cost of raising proposals, and the checkmates in place. However custodial scams are still an issue.

Due to the ease of naming accounts on bitshares, criminal elements are invested into phishing accounts and Ponzi schemes. There have been reports by gullible users of their funds being stolen by phishing accounts.

Some of these accounts are currently blacklisted but that seems not to be enough. There is need to cooperate with centralized exchanges like binance, Bittrex, Poloniex, etc where these criminals withdraw their illicit funds to curb down this criminality.

Once these criminals realize that their ill gotten wealth can be seized they will reduce their phishing schemes. This will also increase user confidence in the ability of bitshares to fight cryptocurrency related crimes.

3
What is CRUDE.BTX?
CRUDE.BTX is an asset that represents 1.5x (half bull/half bear) the price of Bitshares on the DEX. It is essentially a decentralised futures traded smartcoin on the DEX which can only be gotten by opening a margin above 1.5 with Leverage (CRUDE.LVRG) as collateral.

Why Futures Trading?
Futures trading is currently a lucrative means of getting rich in the cryptocurrency market and having a futures traded token on the DEX brings the opportunity closer to the bitshares ecosystem.

How do I benefit?
CRUDE.BTX as earlier said is a futures traded token, whose unique value comes from its supply and the value of its underlying asset CRUDE.LVRG against Bitshares. ( As a rule of thumb, its true value K = 1.5BTS (K is constant). However its notional value (spot price) can change based on other factors in order to benefit those who wish to trade the asset. These factors include the spot price of bitshares, the spot price of Leverage, number of days to expiration of contract, market volatility and market fees from trading the assets(Both Leverage and BTX). Currently all operations from a contract wallet called crude.btx-account which aims to buy up as much of the CRUDE.BTX token it can buy at notional value quarterly. Each bid the wallet makes ends after every Quarter after which a new bid is set at the notional value of that day. Thus the wallet aims to reduce the supply of CRUDE.BTX on the market in the hope of increasing the notional value above 1.5BTS, the perceived price with which it was borrowed.

As a trader you can benefit from this by either borrowing the asset into existence and selling it on the market for bitshares (Opening a Short Position) or bidding for CRUDE.BTX tokens on the market in the hope of gaining more bitshares in the future (Opening a Long Position) when its notional value has increased.

CRUDE.BTX/BTS MARKET This is the market of interest where the futures trading really happens, traders may constantly buy and sell the asset daily, but the major trades will happen on the 20th of each quarter where the BTX supply is bought at notional value. The other market traders can buy from is the CRUDE.LVRG market.

What Happens to the CRUDE.BTX that is bought by the contract wallet?
What happens is that the account would immediately ask for settlement and the resulting collateral burnt. This helps to control the supply of both tokens.

How can I be Sure of Profit?
The purpose of trading a futures market is to make big profits at low risks, all futures contracts are tailored according to the risk free return of the US treasury Bond matching the investment duration of the stock or asset. If the returns are lower than that of the Bond such asset would have no value for investment. CRUDE.BTX uses the spot price model of bitcoin futures to calculate its possible returns in price, however the interest rate used is slightly different from that of bitcoin, in that it factors in the notional value of the asset in terms of its supply and the income generated by the asset from trading, thus it varies whereas that of bitcoin is set to 1.

What is the Interest Rate for borrowing the asset?
The interest rate is dynamic and is calculated as follows:

Interest rate = ((Market Income + wallet Balance)/4)/CRUDE.BTX total supply)

The market income is calculated from the amount of CRUDE.LVRG or CRUDE.BTX available to claim as market fees, while the wallet balance is the equivalent amount of excess CRUDE.BTX tokens in BTS that can be bought from the market. Both are divided by 4 (an initial interest of 25% on any income generated) after which the result is divided by the current total supply of CRUDE.BTX. If the interest rate is equal to or above 2.5, the asset is profitable for shorts (borrowers), Below 2.5 is profitable for buyers (longs).

How do you get the notional value quarterly?
The Spot price or notional value to be used is calculated as follows;

Spot Price = ([1 + (Interest rate * (N/365))] + PP)/2

N = Number of days left before contract expiration

PP = Previous quarter price.

Currently the interest rate is very low (below 2.5), which means that it is more profitable to buy the asset directly from the market, similar to opening a long position on your bitshares tokens with future knowledge that it will be worth more than 1.5BTS soon. On the other side borrowers will be very reluctant to sell below 1.5 because they will be at risk of losing their margins in the future if they do….

4
General Discussion / Bitshares Technical Analysis thread
« on: March 17, 2021, 09:03:16 am »
This is thread where I'll be posting my monthly and daily TA for bitshares and other assets from now on... So... For the month of March bitshares has managed to improve it's position compared to last month and the new support line to look @ currently is 0.07USD.

On the weekly, bitshares seems to be escaping the rising wedge pattern I talked about last month, with a new ascending triangle pattern on the daily chart. It has two major higher lows currently with a possible third @ 0.07USD. The pattern may be invalidated below 0.0635USD but signs of a new downtrend will only begin to show from 0.05USD.

Price range may fall between 0.092USD upper and 0.0635USD lower due to bitshares volatility, but a tight range formation at current levels will show good health and hopefully catapult it's price to higher levels.

5
General Discussion / Bitshares TA for 15th February 2021
« on: February 15, 2021, 09:10:06 am »


Bitshares just broke down @ 0.08USD on the weekly for the third time. This shows that it will take a while for that resistance to break, the support level right now is at $0.05, which needs to be held in order to prevent a reversal of trend.... On the daily its a clear bearish signal with the formation of a huge rising wedge...
A build up of support at 0.05-0.065 is important to be able to break the 0.08 level and... Hopefully there will be a little range @ this levels pending further developments....
On the news front bitshares is now has futures contracts and FTX products... What's left is institutional re-investments and more adoption...

6
Price charts of Bitshares by traded on Binance.  From last year to this year, monthly technical analysis predictions and actual results, with commentary.  Provided by Bitsharescrude


Since November 2018 till date Bitshares has failed to reach the 0.08USD-0.09USD Mark which would have seen it rise back to significance in the crypto world, Its been two years since then and the cryptocurrency has never been thesame, whether it has the potential to reclaim that price is left to be said. For now let us look at the performance of the previous year.


January 1st - February 14th
During this time bitshares rallied from 0.015USD-0.04USD. It was at this time that Binance added BTS/USDT trading pair, at this time also Bitcoin was having a healthy rally. It was a 45day rally at a profit of 170% at the top.


February 15th - March 17th
Bitshares dropped from 0.035USD - 0.014USD in this period, a 66% drop. Much of it could be attributed to profit taking and the famous bitcoin low @3900USD.


March 18th - Sept 7th
This was Bitshares best rally period as it rose from a low of 0.014USD - 0.06USD, an over 300% gain, infact if you bought at Bitshares low of 0.00897, it would have been over 500% in gains during this 175day period. Much of the positivity was Bitcoin's strong rally, Bitshares protocol upgrades and NBS fork. During this time Bitshares was also added as a DEFI coin on coinmarketcap.


September 8th - November 3rd
There was a strong profit taking after the rally as displayed in this period. Bitshares fell from 0.05USD - 0.015USD close to 80% in losses on a 57day time frame.
During this time also Bitshares went through a transition period in governance and New Bitassets were created, BitUSD was global settled and BitCNY repegged in a series of attempt to restore parity to the blockchain.


November 4th - December 20th
Bitshares also had a short rally from 0.015USD - 0.035USD. This rally is attributed to NBS buy back and bitcoin's strong rally.
Bitshares is currently trading at 0.022USD.

Bitshares Major support zone was at 0.014USD. It was supported three times from this price with the exception of the 0.00897USD recoreded on March 13th.
Bitshares Major Resistance zone starts from 0.04USD. It had three rejections at this zone with the exception of September 7th when it rose to 0.06USD.

Prices to watch this year

From to Low High

Major Support 0.006USD - Major Resistance 0.08USD
Range 0.014USD - 0.04USD
Expected Gains 566%
Expected Losses -85%

Bitshares had eight green months last year, lets hope it builds on its achievements from last year.








 Brought to you by https://bitsharescrude.i.ng

Join our Liquidity pool, to help promote Bitshares in Nigeria
https://forms.gle/6yhoHZaFRerW1pQE8

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General Discussion / How to Profit From Bitshares’s AMM Liquidity Pool
« on: December 14, 2020, 02:26:20 pm »
Bitshares Automated Market Marker Liquidity Pool (AMMLP) is the newest addition to a host of financial tools on the Bitshares DEX. The primary aim of the pool is to provide liquidity for an asset pair usually asset B via trade swaps with asset A, this is good for assets that have no real market liquidity (i.e very few trades) where quick swaps(trade) can be done to access the token probably at a better price than on the real market or to buy in large quantities than is possible on the market. The pool is usually created with three assets/tokens, Asset A, which is the base asset that will be used to fund the pool (or swap) and Asset B, which is the asset that is withdrawn (or taken out of the pool) and Asset C which is the Liquidity pool token (N/B the asset used as the fee pool token must be UIA and must have a zero supply; any asset that fit this criteria can be used).
Asset C can be viewed as a smart contract token because it can only be issued when liquidity is provided to the pool, it is given to liquidity providers who have staked both Asset A and B. The first issue of asset C is used to determine the price of the pool, this cannot be changed from there onwards unless the provider removes liquidity and returns asset C’s supply back to zero (This is a risk as anyone can determine the starting price of the pool, its best practice to immediately fund the pool after creation). This makes the first liquidity provider the pool manager (the creator of the pool), he sets the initial price of the pool and then manages it from there onwards.
Now to the important part, how to profit, profiting from the AMMLP depends on a number of factors;
i. The purpose/aim of the pool: As earlier said the primary purpose is to provide liquidity for asset B, this translates into other use cases like arbitrage trading, mining, fund generation, and smart contracts.
ii. Pool management: the pool is originally supposed to be managed by the creator, who in most cases is supposed to hold more of the LP token, but this is not always the case as pools can be created and left to market forces.
iii. Market conditions: This is another important factor as the market conditions of the three assets usually determines how best one can profit from the Pool. For example if Asset A is more valuable than Asset B, traders will prefer to provide liquidity than to swap for asset B and vise versa. Traders will also provide liquidity if Asset C is perceived to be more valuable than both A and B.
iv. Asset Pool fees: This last factor is not too important as it only favors the asset owners, however the supply of the LP token depends on Asset A and the taker fee percent initially set by the pool manager, while the maker fees affect the swap smaller fees allow for easier arbitrage/swaps.
It is also important to note that selling asset C passes the contract rights to the new owner. Asset C is dynamic and can be redeemed by anyone who holds the token whether they added liquidity or not, also the supply of Asset C depends on the amount of asset A in the pool.
Currently the most liquid Pool is the BTS/CNY pool which holds up to 1.57million bitshares… Bitsharescrude has also started its own BTS/CRUDE.NGN pool and plans to hold up to 1.25Million BTS in swaps by 2021.

Follow the link below to see how to setup a pool

https://github.com/bitsharescrude/CRUDE.BTSP/issues/1

8
General Discussion / Bitshares TA for 13th December 2020
« on: December 12, 2020, 07:35:55 pm »
Bitshares has traded between 0.0273-0.0178USD. It is currently trading at 0.0215USD and is currently sitting on a descending to symmetric triangle pattern. In the short term BTS still shows signs of weakness and a break below  0.0195USD may cause continued sell pressure probably down to 0.016USD . Bitshares above 0.022USD may trigger an upward rally, there were chances for this yesterday but the bulls are probably not sure yet , so far in the long term bitshares looks poised for a nice rally up so for now just buy the dips.... ;D
CURRENT PRICE TARGETS
Uptrend ---> abv 0.024 -> 0.028-0.33USD
Downtrend ----> below 0.0195 -> 0.014-0.013USD
Sideways ---> 0.023-0.0195USD...

9
General Discussion / Analysis of My Bitshares transaction blunder
« on: December 02, 2020, 03:36:58 pm »
Yesterday  at about 15:00 Nigerian time, I accidentally sent 15000BTS to a fake binance wallet  https://bts.ai/tx/d155375c023afafe01a892c5616a191effd02ed8 ;  binanace-bts-1 instead of binance-bts-1 the extra letter 'a' cost me to lose over half my life's worth...
Much of this cosmic comical error is attributed to my negligence and mental temprament which admittedly at the time of making this transaction was unstable (No right thinking person would make this mistake). However 10% of the blame falls on the bitshares UI I used to make the transfer. I say 10% because I still would have confirmed the transaction 9 out of 10 times due to the aforementioned conditions. The confirmation write up on the UI was too tiny to read and there was no clear way to know if I was sending to the wrong wallet unless with proper analysis.

That being said my Gross inability to perform a simple copy and paste operation was ultimately my undoing and no fault of anyone but myself... My advice to Bridge exchanges is to improve the send function of their UI by making the write up more legible and by adding an extra feature called favorite wallets, so that users that want to perform familiar transactions can easily do so without much scrutiny and mistakes.... Also a new option to make memo transactions compulsory should be added, this is to avoid sending BTS to external wallets without memo...

I sincerely apologise to everyone at Bitshares who have been supportive of my project and I promise to do better next time...
The project will now be on halt for now due to liquidity issues until my position improves...

10
General Discussion / Who owns this wallet?
« on: December 01, 2020, 02:56:50 pm »
Please who is the owner of this address https://bts.ai/details/account/binanace-bts-1????

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General Discussion / CRUDE.LVRG and it's potential for profit
« on: November 23, 2020, 01:50:12 pm »
CRUDE.LVRG is a leverage token, that derives it's value from the price change of Bitshares, due to Bitshares high volatility, the price change is calculated weekly and multiplied by 5, the resulting price is then reflected on the order books.
CLVRG is a new form of derivative market different from the options and margin market and carries much less risks than both, because collateral is not needed to open positions, only initial capital is required, to invest in CLVRG.
Profit is earned by the severe price flunctuations generated by the asset, wild swings up and down even at little percentage changes, is the perfect haven for cryptocurrency traders, who wish to make more profit.
It is worth noting that assets like this are already existing on other platforms, they include btcup, btcdown, ethup/down, wavesup/down, adaup/down, etc.... and they have been very successful.
CLVRG follows thesame principle as the other leverage asset, each LVRG token created = 5x its amount in bitshares, so when 1CLVRG is sold whether at profit/loss, it is equivalent to 5BTS being sold on the market.

12
General Discussion / Default price Feeders for new Asset CRUDE.BTS
« on: November 13, 2020, 08:28:53 am »
Here is a list of price Feeders I have set for the asset CRUDE.BTS...

New feed producers

in.abit
clone
xbtsio-wallet
zapata42-witness
btspp-witness
vnc7

If you wish to be added to the list please indicate...

13
General Discussion / Bitshares TA for 12th November 2020
« on: November 12, 2020, 09:29:47 am »
Bitshares has traded between 0.02-0.014USD. It currently trading at 0.019USD below 0.02USD which is currently a short term resistance. In the long term BTS may stay below 0.02USD to continue a sort of accumulation. Bitshares above 0.022USD will trigger an upward rally, so far it still shows signs of weakness, probably due to the slowness of development and Bitcoin's strong run, hopefully new features are released that can draw interest from the public, for now just buy the dips.... ;D
CURRENT PRICE TARGETS
Uptrend ---> abv 0.022 -> 0.028-0.33USD
Downtrend ----> below 0.017 -> 0.014-0.013USD
Sideways ---> 0.02-0.018USD...

14
General Discussion / New potential Scam assets
« on: October 16, 2020, 04:04:50 am »
Dear bitshares community, especially newbies, new scam assets have been created, they take the names of popular ethereum projects, to deceive you and also give a restrictive form of withdrawal with outrageous withdrawal sums, always check the Asset's background before buying and avoid psuedo ethereum assets, they are all created by unknown entities. Be warned!!!
Here are some new scam coins
KUSAMA
CREAM
old ones
GROESTLCOIN
BSVBEAR
ZILLIQA

Always trade with well known bridge exchanges like
XBTS, GDEX, RUDEX, BLOCKTRADE, IO-BANKER, etc.
You have been Warned!!!


15
General Discussion / The smallest unit of bitshares
« on: October 13, 2020, 01:02:29 pm »
The smallest unit for bitcoin is Satoshi
For ethereum it's Wei
For Litecoin it's litoshi
For Ripple it's called a drop
Other coins have so why not bitshares, pick from the option what the smallest unit of bitshares should be called or better still tell us if you know....

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