The honest.asset eco system attempts to answer the age of question of how to create, distribute, and utilize sound money.

Let's face it, most blockchains such as bitcoin will never be used for day to day small transactions. This issue does not make bitcoin worthless, so why not utilize the value of bitcoin to provide the backing and collateral for an asset that can be sent worldwide, in under 3 seconds for a miniscule fee?

Why not have a native blockchain based stable coin backed by collateral everyone can see/audit?

Currently assets plugged into the honest.asset ecosystem are created by a user locking up AT LEAST 1.4x collateral, denominated in bitshares, to "borrow" the honest.asset. Here is one example how that looks: A user wants to borrow 10 honest.USD by putting up 3x the collateral of 21,000 bitshares.



With the honest.USD now borrowed by the user, they could send it anywhere in the world in under 3 seconds at a miniscule fee! An investor on the other hand, might place that honest.USD & bitshares into a liquidity pool to earn fee's from other users exchanges those assets.

Take this to the next step and by studying the map of honest.assets, you can see how all these assets & liquidity pools are tied together into honest.MONEY. Users and automated trading software continually balance out the prices of the assets by being able to move through honest.MONEY into any and all of the assets in the ecosystem.

Therefore, honest.MONEY becomes blockchain based sound money that is backed by the collateral users/investors placed to create the entire ecosystem in the first place.

What does the future hold?

Additional liquidity for each asset in the ecosystem.

Additional assets added to the ecosystem

Additional IN/OUT gateway's to exchange the native asset directly for an honest.asset. IE BTC > honest.BTC instead of BTC > gateway.BTC > honest.BTC. This reduces the users risk of being stuck with a non blockchain backed token. Gateways will eventually accept honest.BTC > BTC exchanges because honest.BTC holds value where as gateway.BTC is tied to a specific gateway, think Mt. Gox.BTC.

You can explore this ecosystem now by utilizing any of the bitshares wallets:

Decentralized Web Hosted DEX wallets (Make BACKUPS!)

• https://ex.xbts.io/market/BTS_XBTSX.USDT

Android Mobile wallet

• https://github.com/bitshares/bitshares-mobile-app/releases/tag/v7.18-android-bin

Power Users and Traders use Astro UI (need both parts to work)

• https://github.com/BTS-CM/astro-ui
• https://github.com/bitshares/beet

Looks like Indodax dumped all of their 47m at once.  Now just need Binance to finish selling their stash on Gate.

What is holding you back from staking your Bitshares in a liquidity pool to earn fee's instead of having them sit idle? By doing so you are providing to the backbone (liquidity) of what bts stands for, a decentralized financial exchange DeFi.


The steps below will vary slightly depending which wallet used, however all are quite similar.

Step 1: Learn about Liquidity Pools https://youtu.be/cizLhxSKrAc?feature=shared

Step 2: Start with which ever wallet you like best, TRY them all... ALWAYS BACKUP YOUR WALLET.

Reference wallet: https://github.com/bitshares/bitshares-ui/releases

The reference wallet does work however it is out classed by the following 3 options.

Web based wallet: https://app.xbts.io/#/pools

Mobile Android App (fantastic): https://github.com/bitshares/bitshares-mobile-app/releases/tag/v7.18-android-bin

Astro-UI is SIMPLE to use and beyond FULLY functional however you need both of these pieces of software working together. Once you see how these two pieces of software work together, you might never use any of the other wallets again:

https://github.com/BTS-CM/astro-ui

https://github.com/bitshares/beet


Step 3: Choose a pool

Now you must choose the other asset you will add to the pool along with your Bitshares.

One of the most common trades for all blockchains is going TO AND FROM stable coins. For example Bitcoin > USDT when you feel the price of btc will fall and back from USDT > Bitcoin when you feel the price of btc will rise.

One such smart asset stable coin on the Bitshares blockchain is honest.USD.

Knowing this, the honest.USD smart asset stable coin and BTS pool should have high trade volumes compared with a pool of lesser known assets.

r/BitShares - HOW TO: Bitshares liquidity pools - earn fee's!




Step 4: Acquire the other asset

In this example, the easy way to acquire honest.USD is to simply use the pool itself!

https://app.xbts.io/#/pool/HONEST.USDBTSMM

Exchange however many bitshares for the desired quantity of honest.USD. Try a small amount, under 5000 bts. Now you hold both assets and are ready to add them to the pool.

The better way to do this is by utilizing the foundation of smart assets themselves. Why does honest.USD have value? This method requires additional BTS that will be locked away until you return the honest.USD you created...

Browse to the bts / honestUSD MARKET.

Click BORROW.

You must place AT LEAST 1.4x collateral to borrow. Use 3x for this example and put 21,000 bts as collateral. This allows you to acquire ~10 honest.USD.

Borrow (create) the asset.

You now have 10 honest.USD

r/BitShares - HOW TO: Bitshares liquidity pools - earn fee's!




Step 5: Add assets to the pool

Browse to the pool in whichever wallet you are utilizing: https://app.xbts.io/#/pool/HONEST.USDBTSMM

Add both assets to the pool and you will receive x amount of the pool asset: HONEST.USDBTSMM.


Step 6: Monitor the pool over time

You can now keep an eye on the pool over time to see how many fee's are being generated and if it makes sense to keep your assets in the pool.

As seen on the xBTS web wallet: "By adding liquidity you'll earn % of all trades on this pair proportional to your share of the pool. Fees are added to the pool, accrue in real time and can be claimed by withdrawing your liquidity."


Step 7: Remove assets from pool

Perhaps after a month another pool has massive volume and you would like to add liquidity there.

Simply withdraw your funds leaving you with both bts & honest.USD.

Trade the honest.USD for another asset or bts itself.

IF YOU BORROWED honest.USD into existence and want to close that out, go back to the bts / honest.USD MARKET, click borrow, enter the amount of honest.USD you borrowed, and click update position. The reference wallet has a button labeled "pay max debt" to make it easy. This now unlocks and returns to you the BTS you put in as collateral when borrowing. That honest.USD is not burned and no longer circulates, thus completing the circle on how/why honest.USD has underlying value.


Step 8: Never stop learning

Some more basic information on how honest.ASSETS work on the bitshares DeFi blockchain: https://honest.gold/

The possibilities around DeFi are far reaching.

Quote from: abit on January 04, 2025, 07:57:20 pm

Once again, it is very clear that ByBit does not own that account. It is owned by the scammer.

...

By the way, judging from the text you quoted, after you started replying to me, I edited my post and supplemented some info. Maybe you missed it. See https://bitsharestalk.org/index.php?topic=34110.msg350735#msg350735