Actually , BitCNY holders can get a fair price anytime now at BTC38 .
I suspect BTC38 forget to update their English version page , the Chinese version page already says "it accepts no more than 50,000 BitCNY deposit every day directly turn into CNY balance on a 1:1 ratio ."
It's a more fair price than what you would get in the DEX because the DEX would never give you 1:1 price considering you actually need to sell your BTS at a unfair spread to get the fiat value you need .
So maybe now you can understand how transwiser is providing a peg that merchants would actually use , unlike the status with BitUSD .
Last time I check , no exchanges accepts BitUSD as deposit , most of them only provides a market place to trade with .
Thats good. I'm glad to see it. Does BTC38 also convert 1:1 CNY to bitCNY? I bet not, and if they do, probably not for very long.
That should be profitable for BTC38 as bitCNY should always trade above par and they can make the difference. Depending on the bitCNY=>BTS=>CNY conversion and liquidity as you mentioned.
I'd like to see some bitUSD=>USD 1:1 services , that's an easy trade for near guaranteed profits. I've considered doing this myself on a very small scale but I don't want to mess with US regulation I don't fully understand.
It would make more sense for an exchange to do it. Perhaps we'll see this at CCEDK soon.
They sell all their BitCNY to transwiser 1:1 .
The Bitcny deposited to BTC38 is the same CNY which deposited to BTC38 from bank, so yes it's obviously 1:1, and this business model have been running for a long time.
this is the reason why bitcny have a lot of users in China and most of them not even have a BTS account.
BTS need this kind of real business model, not a talking business model.
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