Author Topic: BitAsset Predictions & Speculation  (Read 5873 times)

0 Members and 1 Guest are viewing this topic.

Offline toast

  • Hero Member
  • *****
  • Posts: 4001
    • View Profile
  • BitShares: nikolai
Re: BitAsset Predictions & Speculation
« Reply #30 on: February 27, 2014, 03:42:51 pm »
I think BitUSD will trade at a premium to USD within the Bitshares system thanks to the interest.


The first chain won't pay interest anymore
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline Empirical1

  • Hero Member
  • *****
  • Posts: 884
    • View Profile
Re: BitAsset Predictions & Speculation
« Reply #31 on: February 27, 2014, 05:21:57 pm »
I think BitUSD will trade at a premium to USD within the Bitshares system thanks to the interest.


The first chain won't pay interest anymore

Oh OK, I really need to read up on Bitshares more. So much I don't understand about it.

I guess for BitUSD to start trading at a premium then, they'd have to start Cyprus-ing bank accounts elsewhere in the world then BitUSD may start to trade at a premium as it's not in 'confiscatable'

Offline zavtra

  • Jr. Member
  • **
  • Posts: 22
    • View Profile
Re: BitAsset Predictions & Speculation
« Reply #32 on: February 27, 2014, 06:08:21 pm »
The fact that everyone is obsessed with bitUSD signifies to me that bit only do the majority of you not even believe in the core concept of Cryptocurrencies, but in addition, you are also becoming too greedy to ever make this succeed.

Face it, you are all really just trying to figure out how many dollars you can sell your bitshares for. Frankly, anyone doing so has missed the point entirely, and the more I see speculation about it, the less and less confidence I have in this whole system.

The dollar price of a bitshare should be enough for you. You shouldn't have to worry about bitUSD.

The viability of crypto currencies is contingent upon their evolution. No currency is viable if its value cannot remain stable. It doesnt matter what you think it is relatively more secure or serves as a better medium of exchange. A currency must maintain its usefulness as a store of value, otherwise it is not a valid currency. If you think people are obsessed with bitUSD you missed the point. Bitshares isnt simply a PoS coin that takes out the need for mining, it is a bank with 200% reserves that gaurantees that any bitUSD or any bitAsset retains the value (or highly correlated value) of the real world asset from which it is derived. The notion of bitUSD or any other asset allows for price stability in the network even as the underlying currency of the network may be subject to volatility. The whole point of the experiment is bitUSD. If the price of bitUSD to bitshares does not reflect the price of real USD to bitshares, then bitshares is worthless.

I'm curious as to what you think is the core concept of cryptocurrencies.

The core concept of cryptocurrencies is that they are intended to not only replace standard fiat currency, but completely debase the central root of power for all central banks around the world. You are all so quick to forget that cryptocurrencies are a serious, viable threat to the MOST powerful entities in the world, which are central banks.

It is for this same reason that all these central banks are trying so hard to ban it. But they are slow and cold blooded, and time and time again are failing to realize that it cannot be banned without shutting the internet off. However, their control over currency is their root of power.

The majority of you seem to be forgetting that bitcoin's essentially arose out of and was proliferated by anarchist communities and the criminal underworld, and that any coins that promise anonymity like the old days continue to flourish and receive support for good reason.


The whole point of BTS X is the BitAssets. Without BitAssets, BTS X is just another shitcoin and we'd all be wasting our time here.

Obviously this is true, but what I'm saying is that BitFiatAnything should not be the one everyone is focused so hard on. Frankly, I'm not even going to purchase or make a move on a single bitUSD, because I'm more interested in any companies that may list themselves here.

You may also be forgetting that this will give many companies the opportunity to be listed publicly where they otherwise could not be.
« Last Edit: February 27, 2014, 06:10:21 pm by zavtra »

Offline toast

  • Hero Member
  • *****
  • Posts: 4001
    • View Profile
  • BitShares: nikolai
Re: BitAsset Predictions & Speculation
« Reply #33 on: February 27, 2014, 06:19:34 pm »
There are two transitions that both have to happen: one from non-distributed-consensus systems to distributed-consensus (blockchain) systems, and one from fiat to crypto. BTS X is more for the first than for the second, though it will inevitably help both.

This whole movement is bigger than just money systems.
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline isza

  • Jr. Member
  • **
  • Posts: 22
    • View Profile
Re: BitAsset Predictions & Speculation
« Reply #34 on: February 27, 2014, 07:20:34 pm »
Quote
If we renamed BitUSD to BitCENT (with everything else unchanged, just the name), would it start tracking the price of a cent instead?
If anything works at all, then yes.

I am not sure if your answer is sarcastic or not. Do you really think it only depends on the name and nothing else?

If you created a BitAsset called BitAOEUI, what would it track?

Offline biophil

  • Hero Member
  • *****
  • Posts: 880
  • Professor of Computer Science
    • View Profile
    • My Academic Website
  • BitShares: biophil
Re: BitAsset Predictions & Speculation
« Reply #35 on: February 27, 2014, 07:26:34 pm »
Quote
If we renamed BitUSD to BitCENT (with everything else unchanged, just the name), would it start tracking the price of a cent instead?
If anything works at all, then yes.

I am not sure if your answer is sarcastic or not. Do you really think it only depends on the name and nothing else?

If you created a BitAsset called BitAOEUI, what would it track?

Try to answer this question: Is there any difference between a $1 bill and a $100 bill besides the number written on it?
Support our research efforts to improve BitAsset price-pegging! Vote for worker 1.14.204 "201907-uccs-research-project."

Offline toast

  • Hero Member
  • *****
  • Posts: 4001
    • View Profile
  • BitShares: nikolai
Re: BitAsset Predictions & Speculation
« Reply #36 on: February 27, 2014, 07:31:01 pm »
Quote
If we renamed BitUSD to BitCENT (with everything else unchanged, just the name), would it start tracking the price of a cent instead?
If anything works at all, then yes.

I am not sure if your answer is sarcastic or not. Do you really think it only depends on the name and nothing else?

If you created a BitAsset called BitAOEUI, what would it track?

Not being sarcastic. Have you read the whitepaper?
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline toast

  • Hero Member
  • *****
  • Posts: 4001
    • View Profile
  • BitShares: nikolai
Re: BitAsset Predictions & Speculation
« Reply #37 on: February 27, 2014, 07:32:42 pm »
How do you think BitUSD even works at all?
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

clout

  • Guest
Re: BitAsset Predictions & Speculation
« Reply #38 on: February 27, 2014, 07:33:08 pm »
Quote
If we renamed BitUSD to BitCENT (with everything else unchanged, just the name), would it start tracking the price of a cent instead?
If anything works at all, then yes.

I am not sure if your answer is sarcastic or not. Do you really think it only depends on the name and nothing else?

If you created a BitAsset called BitAOEUI, what would it track?

The asset name is merely a description of what the market should track the price of. That is to say that participants in a given market are making predictions of what the price of the underlying asset will be in the immediate future. BitCents is ambiguous as it does not elaborate on what currency the market should track. If you wanted the bitAsset to track the Usd in cents  well then you can simply use BitUSDinCents. These are derivative markets for the predicted value of real assets. No rational actor would enter into a market for which he or she is unsure as to what asset the bitAsset derives its price. No one would enter into a market for BitAOEUI because it unclear what this should track.

Offline pariah99

  • Full Member
  • ***
  • Posts: 66
  • I'm so meta even this acronym.
    • View Profile
Re: BitAsset Predictions & Speculation
« Reply #39 on: February 27, 2014, 07:39:08 pm »
No one would enter into a market for BitAOEUI because it unclear what this should track.

Not if Pat Sajak starts selling BitVowel on Jeopardy...

clout

  • Guest
Re: BitAsset Predictions & Speculation
« Reply #40 on: February 27, 2014, 07:49:20 pm »
No one would enter into a market for BitAOEUI because it unclear what this should track.

Not if Pat Sajak starts selling BitVowel on Jeopardy...

You got me, thats the one exception

Offline isza

  • Jr. Member
  • **
  • Posts: 22
    • View Profile
Re: BitAsset Predictions & Speculation
« Reply #41 on: February 27, 2014, 08:09:25 pm »
Quote
If we renamed BitUSD to BitCENT (with everything else unchanged, just the name), would it start tracking the price of a cent instead?
If anything works at all, then yes.

I am not sure if your answer is sarcastic or not. Do you really think it only depends on the name and nothing else?

If you created a BitAsset called BitAOEUI, what would it track?

Try to answer this question: Is there any difference between a $1 bill and a $100 bill besides the number written on it?

Okay. I could also issue my own type of bills. Let's assume it's a special kind of paper that nobody can copy. How is BitUSD different from that? What is the difference that lets BitUSD track its nominal price?
« Last Edit: February 27, 2014, 09:31:21 pm by isza »

Offline mint chocolate chip

Re: BitAsset Predictions & Speculation
« Reply #42 on: February 27, 2014, 08:25:18 pm »
Quote
If we renamed BitUSD to BitCENT (with everything else unchanged, just the name), would it start tracking the price of a cent instead?
If anything works at all, then yes.

I am not sure if your answer is sarcastic or not. Do you really think it only depends on the name and nothing else?

If you created a BitAsset called BitAOEUI, what would it track?

Try to answer this question: Is there any difference between a $1 bill and a $100 bill besides the number written on it?

Okay. I could also issue my own type of bills. Let's assume it's a special kind of paper that nobody can copy. How is BitUSD different from that?

two-ply is an ass-et

Offline toast

  • Hero Member
  • *****
  • Posts: 4001
    • View Profile
  • BitShares: nikolai
Re: BitAsset Predictions & Speculation
« Reply #43 on: February 27, 2014, 10:01:11 pm »
Quote
If we renamed BitUSD to BitCENT (with everything else unchanged, just the name), would it start tracking the price of a cent instead?
If anything works at all, then yes.

I am not sure if your answer is sarcastic or not. Do you really think it only depends on the name and nothing else?

If you created a BitAsset called BitAOEUI, what would it track?

Try to answer this question: Is there any difference between a $1 bill and a $100 bill besides the number written on it?

Okay. I could also issue my own type of bills. Let's assume it's a special kind of paper that nobody can copy. How is BitUSD different from that? What is the difference that lets BitUSD track its nominal price?

You don't have someone's collateral tied up in a trustless distributed value store which will get called if that value falls too far below the value of a SpecialPaper.

I'm still not sure, have you read the whitepaper?
https://docs.google.com/document/d/1RLcjSXWuU9vBJzzqLEXVACSCdn8zXKTTJRN_LfoCjNY/edit?disco=AAAAAH7fcks
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.