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Messages - chigbolu

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151
General Discussion / Re: ANN: VNC-7 DEBT SECURITY TOKEN
« on: May 01, 2020, 07:37:44 am »
Sadly my fundraising venture has failed woefully, it's safe to say bitshares isn't the place for charity, however the tokens are still on the order books...
Here are the attributes of my token
LIMITED SUPPLY: only 1,000,000
Redeemable for it's equivalent amount in Naira
Guaranteed rise in value, via monthly buy backs
Custom token made only for my account
Token can no longer be updated as ownership has been transferred to null-account
Meant to be used as a debt security...

152
General Discussion / Re: [Committee] Fee schedule overhaul
« on: May 01, 2020, 12:46:35 am »
Recently there are some victims tricked into buying "fake" assets E.G. WAZIRX and ZILLIQA on chain. There was a discussion among the committee members, we think it may be a good idea to raise asset creation fee, since that fee is like listing fee in centralized exchanges, but is way too cheap in comparison.

Current fees are (in US $):
Code: [Select]
    "asset_create": {
        "long_symbol": 50,
        "symbol4": 2000,
        "symbol3": 8000,
        "price_per_kbyte": 0.01,
    },
In other words, 50$ to list a new token.

Note: a half of asset creation fee will be put into the fee pool of new created asset and can be redeemed soon after the creation, 80% of the remaining 50% (aka 40% of total) fee will go to the referral system, which means it only costs a LTM account 10% of the listed amounts to create new assets.

On the other hand, if the fee is too high, it may hinder legit business e.g. gateways.

I propose that we increase the long/4-char/3-char asset creation fee set to 500$/5000$/25000$.

Please discuss.
Instead of that why not designated asset markers that show fake assets from real ones, increasing the fee for asset creation will discourage legit gateways and small bitshares holders from creating their own assets. Asset marking has been done before, for example with openlegder and cryptobridge assets, this time it can be applied as default so that people will know the assets are fake, legit gateways and asset owners are then verified, that's the best solution.

153
General Discussion / Re: ANN: VNC-7 DEBT SECURITY TOKEN
« on: April 26, 2020, 11:24:50 pm »
I have now adjusted the parameters for the asset, I have also transfered ownership to null-account in order to increase the authenticity of the asset, I have also set up an order book.
https://bts.ai/market/VNC7DST_BTS

154
General Discussion / Re: ANN: VNC-7 DEBT SECURITY TOKEN
« on: April 26, 2020, 08:25:58 am »
VNC7DST is a UIA created to act as a bond on the bitshares platform, users or benefactors who purchase the token are in effect lending money which will be payed back in the form of buy backs.
Traditional forms of borrowing and fund raising require a lot of paperwork and legalities, and are sometimes ineffective for small entrepreneurs, using the advantages of the BTS platform and it's business model, the VNC7DST token is a one stop solution as a digital debt investment on the bitshares blockchain.
Due to a lack of support, I have decided to change my approach, I will be selling all my tokens on the open market at a starting price to be decided later, I am still thinking of the best way of approach in order not to make futher adjustments later on.

155
Now that Openledger has come clean to say they are no longer in service it is now time for Bitshares as an entity to explore other ways of bringing liquidity to the DEX especially for the remaining bridges, Openledgers reasons for closing is that they could no longer meet with the demands of their DEX projects for the customers and due to the current cryptocurrency climate in their host country they had to close shop. This means that at a point they were no longer making money from their investment,this is an exchange that has been existing since the beginning of bitshares which is pretty bad. This also means that the remaining bridges might probably close shop too if the situation continues.
This is why Bitshares as a whole must have some sort of frame work or regulation to forestall a repeat of such occurences in the future, a lack of change in approach may lead to loss of confidence in bitshares by DEX users and newbies who are considering a venture in bitshares and ultimately the death of bitshares DEX structure, there has to be a fail proof way of safeguarding the assets of DEX users, such that the closure of a bridge would not have much impact on the users afterall it is they who provide liquidity on the DEX. The Bitshares token is safe, however, what good is it if it can not deliver on its promise of decentralised trading for all crypto-asset class (Bitcoin and the others).
Bitshares has the solution to this problem already, yes there is already a form of exchange on the DEX that does not rely on  bridge exchanges, a trustless bridge in the form of Hash Time Locked Contracts (HTLC), where users use smart contracts to validate asset exchange without a third party, we also have many gateway services available.
The use of HTLC introduces another form of bridge exchange known as teller exchanges, these exchanges will no longer be custodians of users funds, but will act as an exchange terminal for the bitshares network helping users to have access to the DEX trading functionality without being worried of losing their funds.
How can this be achieved, firstly the bitshares network can create a pseudo asset, a form of security token or semi-fungible asset using the laid down parameters available on the network, say for example Bit.BTC (Must be UIA not a smart asset) which can be traded on the DEX, after issue, the asset ownership would be transfered to null-account so that no one else has control of it, and then the issued coins would be sold for BTS by the bitshares committee through an account set up for this (Current bridge exchanges may be given first right of purchase). This account would be the first seller and will sell the coins in batches according to the market demands and at exactly or almost thesame price as bitcoin, as it is committee owned it is immutable and trust will be guaranteed. Now this is where the tellers come in; holders of the psuedo asset can then post trades on their sites where they are matched with other users who are in need of the asset on the DEX (current bridge exchanges can also perform this service), another way is the use of gateways like blocktrade, atomicpay, gatehub, etc. that will exchange the asset 1:1 for bitcoin at a prescribed fee supposing the user doesnt want to use the HTLC teller method.
Using this pattern future bridge exchanges would no longer need to create their own assets but instead would be given first rights of purchase and special previleges to be able to sell and exchange the assets ( bitcoin for example) to users at reasonable costs. It also makes every user a potential exchange.

156
General Discussion / ANN: VNC-7 DEBT SECURITY TOKEN
« on: April 19, 2020, 11:37:42 pm »
VNC7DST is a UIA created to act as a bond on the bitshares platform, users or benefactors who purchase the token are in effect lending money which will be payed back in the form of buy backs.
Traditional forms of borrowing and fund raising require a lot of paperwork and legalities, and are sometimes ineffective for small entrepreneurs, using the advantages of the BTS platform and it's business model, the VNC7DST token is a one stop solution as a digital debt investment on the bitshares blockchain.

157
General Discussion / Buy Buy Buy 3
« on: April 17, 2020, 06:31:59 am »
Most good traders know that historical support and resistance is one of the bed rocks of making money in trading, this is because those lines show us the point of distribution and the point of accumulation, ie demand and supply, last night I did a little digging into one of my analysis on the 0.016USD level for bitshares, guess what I discovered, it's actually an important level for bitshares, in one of my analysis I noted that below this price level BTS would lose its top 100 market cap spot, and so far it has not lost this level for months now except a few times when the market became very volatile. In conclusion the BTS buy range right now is between 0.017-0.012, it's pretty high but it's due to BTS volatility, the time to accumulate is now cos in the coming months we might not see BTS at this price anymore...

158
General Discussion / Re: Market making contest (main thread)
« on: April 17, 2020, 06:08:25 am »

So, which committee can answer these questions?


Quote from: binggo on March 09, 2020, 12:08:26 am

    Now i must question the Market making contest:

    1. Did the MM have checked the trade volume for so long time?or considered it as a measure of the "liquidity"?

    2. Did the MM have checked the growth rate of new effective users for so long time?or considered it as a measure of the "result"?

    3. Did the MM have a BSIP for the community to vote?or the fund can be used easily by Committee without the vote of the community?

    In a way, the MM became a joke slowly, only have expenditure,nothing gained.
In my own opinion I think the MM contest has not reached it's full potential because of a few reasons, lack of marketing awareness, loss of trust in gateways by many DEX traders, loss of traders to better DEX applications, and lack of stimulus ie small reward to risk ratio especially as BTS price has fallen... And not in any way the committees fault, mind you MM is still one of the programs keeping BTS afloat.

159
General Discussion / Re: BTS TA FOR 12TH APRIL 2020
« on: April 13, 2020, 05:04:02 am »
Currently BTS price is close to 0.018USD thesame levels it was at by this time last month, bitshares traded between 0.013 to 0.019USD  within that time. So far BTS has recovered by almost 30% from the lows of last month, however it currently trying to break the 0.018USD level which has become resistance, failure to breakout may lead to a retest of the 0.013USD support, it still all dependent on bitcoin's performance which has also been good so far. Bitshares has not had any new developments on the fundamental though it is good to know that a few Workers are on ground in terms of development and upgrades, the reduced support for the refund workers shows that there is now confidence in quality of workers being voted... Hopefully a few positive news may boost the price back to 0.04USD and beyond.
First support is still holding at 0.016USD



160
General Discussion / BTS TA FOR 12TH APRIL 2020
« on: April 12, 2020, 04:43:05 pm »
Currently BTS price is close to 0.018USD thesame levels it was at by this time last month, bitshares traded between 0.013 to 0.019USD  within that time. So far BTS has recovered by almost 30% from the lows of last month, however it currently trying to break the 0.018USD level which has become resistance, failure to breakout may lead to a retest of the 0.013USD support, it still all dependent on bitcoin's performance which has also been good so far. Bitshares has not had any new developments on the fundamental though it is good to know that a few Workers are on ground in terms of development and upgrades, the reduced support for the refund workers shows that there is now confidence in quality of workers being voted... Hopefully a few positive news may boost the price back to 0.04USD and beyond.

161
simple solution:

BALLOTS:

chain offers ballots
ballots cost one bts per ballot

ballots are not transferable and non returnable; effectively proof of bts burn.

STAKE:

bts must be stake locked to vote

user specifies days of lock, machine counts down

user may add (but not take away) funds or duration to the countdown clock at any time.

during stake lock bts is non transfer / trade

POWER:

voting power = min(bts locked, ballots owned) * days of stake locked bts remaining





COLLATERAL:

add to that any bts held as collateral cannot be locked for voting.

PROXY:

add to that that proxy decays linearly over 365 days and requires user to vote stake lock their bts against owned ballots for proxy to have power.

RESULT:

Now you want to vote? first you burn a bts to buy a ballot.  It is difficult with custodial funds.
and you want to vote you stake lock on countdown timer. This is also difficult with custodial funds
and if you want to proxy your voting power you are held to same standard.
collateral bullshits occurring are patched 
legally bts is still a required "utility voting token" to fill ballots owned, purchased only with bts

now you want to gamble with the switches in bitshares voting box you have "bts futures" and "burnt bts" on the line, not just proof of momentary wealth. interests in promoting the bts core token price in the future are aligned with votes

you want to be an owner?  buy in and act like an owner.

problem solved


ps move everything to likert scales
That's a genius solution, however I'd prefer staking instead of outright burn, just my opinion though...

162
General Discussion / Re: ANN: HONEST Market Pegged Assets
« on: April 06, 2020, 10:27:29 am »
@litepresence
I suggest the smart coins should be added to the market maker contest even if it's one pair, this may help with liquidity and incentivize people to consider holding the Honest asset.... As currently liquidity and awareness is still poor... 🤔🙄

163
General Discussion / The need for BTS to license bridge exchanges
« on: April 03, 2020, 04:50:03 pm »
From my understanding, bridge exchanges are semi-centralized exchanges that make use of bitshares graphene technology, they are semi-centralized because the UIAs are created on the bitshares chain/network. Aside this advantage they have the features of other centralised exchanges and the owners can bail out with user funds at any time and because owning their UIAs is dependent on trust, thus even though the BTS chain is fully decentralized and trustless, it relies on these bridge exchanges which requires trust for liquidity and more functionality i.e ability to trade other cryptocurrencies like Bitcoin, ethereum etc. Unlike traditional CEX I think more should be done to licence or legalize these bridge exchanges, I mean most of the top exchanges like coinbase, binance, etc have some form of licence and legal framework with which they operate. For bitshares to attract more users it has to have some form of licence or legal framework or policy guiding the use of it's technology, this will also ensure to some extent the safety of users who entrust their funds to bridges, as well as improve the quality of exchanges that run on the bitshares network. There would also be improved accountability on the bridges. There's even nothing wrong in having licensed exchanges like binance and coinbase building a DEX on the bitshares network.

164
I suggest a new coin for voting, the coin will be airdropped to active accounts through a form of whitelisting, this removes BTS core token's responsibility as a coin for voting. Whitelisting will ensure only active accounts can receive the coins, it also removes the possibility of proxy voting as the airdrop will happen to single accounts....

165
General Discussion / Did you sell at 0.04USD??
« on: March 18, 2020, 09:01:56 am »
After the last bitshares rally that took BTS to approximately 0.04USD there has been an even sharper decline, which prompts me to ask this question, I did sell a little of my BTS but not to buy below, I sold them at that time to buy a few personal things, I never envisaged that BTS would go so low again, so I didn't prepare well enough, not that I regret it, it's just that I could have accumulated more BTS than I currently have, however we still have roughly 9-8 months before the year ends so there's still time to make amends, so did you sell? Did you see the future in February?...




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