Main > General Discussion
Is Bitshares worse for crypto than Comex is for gold?
bytemaster:
Mastercoin works a lot like bitshares I earned a 3 bitcoin tip for pointing out to JR's how his original design did not work. He then updated his design based upon what I was doing with bitshares
Mastercoin still relies on a trusted price feed and in that aspect is fundamentally broken. Mastercoin also suffers from scalability issues.
Sent from my iPhone using Tapatalk
luckybit:
--- Quote from: bytemaster on November 26, 2013, 11:14:59 pm ---The difference between COMEX and BitShares is that on the COMEX they are no collateralized positions.
Someone who wanted to short BTC would have to buy 2x much value in BTS. Therefore, they would be pushing the price of BTS through the roof in an attempt to manipulate BTC down. Now when people consider BTS to be overvalued the manipulators will be stuck in a massive short squeeze.
In conclusion, manipulators cannot manipulate BTC down, they can only manipulate PTS up.
Remember, BitBTC is a promise to pay 1 BTC worth of value in BTS. It can never manipulate the value of BTC itself.
--- End quote ---
It seems to work a lot like Mastercoin to me.
Empirical1:
Thanks for the reply Bytemaster!
--- Quote from: bytemaster on November 26, 2013, 11:14:59 pm --- Remember, BitBTC is a promise to pay 1 BTC worth of value in BTS. It can never manipulate the value of BTC itself.
--- End quote ---
Similarly, a Comex contract is a promise to pay 1 Ounce Au worth of value in $ & yet it easily manipulates the value of Au itself?
(In theory Comex can settle in Au but they make in difficult to do for most participants.)
So atm I still think my above concerns are valid. Though I do see that unlike US$, which the Comex manipulators have unlimited access to, and which are printed by a central source. BTS have a cap and have to be acquired on the open market so it's possible that my concerns are moot even if BTC buyers and sellers start pricing off BTS because they think it gives a more accurate indication of BTC value than centralised exchanges.
Also I should add I do actually own PTS for BTS even though i have these newb concerns, thanks for taking time to explain some of it, Im sure I'll understand it better eventually :)
bytemaster:
The difference between COMEX and BitShares is that on the COMEX they are no collateralized positions.
Someone who wanted to short BTC would have to buy 2x much value in BTS. Therefore, they would be pushing the price of BTS through the roof in an attempt to manipulate BTC down. Now when people consider BTS to be overvalued the manipulators will be stuck in a massive short squeeze.
In conclusion, manipulators cannot manipulate BTC down, they can only manipulate PTS up.
Remember, BitBTC is a promise to pay 1 BTC worth of value in BTS. It can never manipulate the value of BTC itself.
Empirical1:
--- Quote from: smiley35 on November 26, 2013, 07:02:44 pm ---To add on to what phoenix is said, don't forget that we are on the verge of decentralized exchanges. Mastercoin, Colored coins, Bitshares itself. Why would we follow bitbtc when we can just look at the value of the real thing.
--- End quote ---
Thanks for the replies guys.
As the Bitshares video and you seem to say smiley35, it is hard to derive the true value of BTC from centralized exchanges so we would be checking decentralized exchanges to 'look at the value of the real thing?'
But when you say 'why would we follow the bitbtc ratio to derive the value of BTC', do you mean bitshares will be such an insignificant decentralized exchange when compared to Mastercoin/colored coins that most people will be discerning the real (non centralized exchange) BTC value from them instead?
Navigation
[0] Message Index
[#] Next page
Go to full version