Yunbi bitUSD market is operational, but we need to raise new funds: CFSUSDA

[onceuponatime]

Could we please have an update. Is the bitUSD bot running at Yunbi?

[Rune]

The plan is to reward it in CFSCOIN. It will not be liquid for a while but will gain its value from 30% of the income through a buy&burn bot that buys and reduces supply, increasing price.

Since there's little volume traded for UIAs, what happens in the event I need to sell and there are no buyers?  Or will there be a margin call?  Sorry if that's a stupid question but I haven't read-up on the trading details in awhile.

CFSCOIN will be meant as a long term investment. At first there will likely be no market at all and it will be effectively worthless, until cryptohedge starts to generate enough income to bid up the price.

[yellowecho]

The plan is to reward it in CFSCOIN. It will not be liquid for a while but will gain its value from 30% of the income through a buy&burn bot that buys and reduces supply, increasing price.

Since there's little volume traded for UIAs, what happens in the event I need to sell and there are no buyers?  Or will there be a margin call?  Sorry if that's a stupid question but I haven't read-up on the trading details in awhile.

[Rune]

I see a CFSUSD/BitUSD ......... but no CFSUSDA/BitUSD?

It usually can take a while before new assets show up. Try to restart your client or wait a bit.

There will be an early funder reward for CFSUSDA similar to other CFS assets, but since the bter hack made everything a lot more complicated we won't announce what the reward will be until we know the outcome of the bter situation.

Will the reward be in CFSCOIN?  I'm new to the concept so can you tell me how liquid these assets will be?  I'm asking because the market action on the exchange seems non-existent so it's unclear to me how I can calculate risk.  As I've said before, I'd love to help since the concept of investing in a hedging bot interest me greatly but I'm still trying to grasp the details.

The plan is to reward it in CFSCOIN. It will not be liquid for a while but will gain its value from 30% of the income through a buy&burn bot that buys and reduces supply, increasing price.

How much liquidity do you need (bitUSD) to get the bot started at the YunBi BTC/BitUSD market?

We will put any amount we get on there. Even 1 bitUSD helps.

[ubits]

I see a CFSUSD/BitUSD ......... but no CFSUSDA/BitUSD?

[yellowecho]

There will be an early funder reward for CFSUSDA similar to other CFS assets, but since the bter hack made everything a lot more complicated we won't announce what the reward will be until we know the outcome of the bter situation.

Will the reward be in CFSCOIN?  I'm new to the concept so can you tell me how liquid these assets will be?  I'm asking because the market action on the exchange seems non-existent so it's unclear to me how I can calculate risk.  As I've said before, I'd love to help since the concept of investing in a hedging bot interest me greatly but I'm still trying to grasp the details.

[onceuponatime]

How much liquidity do you need (bitUSD) to get the bot started at the YunBi BTC/BitUSD market?

[xeroc]

Gonna buy some later ... maybe tomorrow..

Btw .. do you have documentation of how the bot works?

edit: I'm in .. though just with a few bucks

[Riverhead]

From the Exchange:
     关于钱包问题，比特儿具体是怎么做的，我们也不是非常清楚，毕竟他们也不会将钱包存储方案告知我们。但是可以肯定的说，我们的技术团队非常强大，使用了很多的安全手段，所采用的安全方案也是经过安全团队的审计的。云币的冷钱包做到了真正的隔离，热钱包中也只保存5%的资金，您完全可以放心。

Translation：
Yunbi Pingping (admin)：

We don't know how exactly Bter.com deal with their wallet , after all they won't tell us their storage plan . But it's safe to say that our technical team are very capable and used a lot of security measures that are vetted by security teams . Cold storage of Yunbi.com are factually isolated from the outside world , the hot wallet only contains 5% of the funds . You can be assured.

[Rune]

It pains me to have to ask for more funds while we have client funds outstanding and no idea when, and even how much, it will be possible to pay back.

But the YunBi BTC/BitUSD market is now operational and the market maker bot is ready to create liquidity, but since all of our CFSUSD funds are locked up on bter there's no other way than ask the community for more money. It's important we get YunBi liquid as soon as possible so shapeshift can resume bitUSD service again.

It's hard to say but I do believe that YunBi seem more competent than bter and I don't think we have to fear their cold wallet can get hacked the same as bter's was.

If you want to help fund the liquidity of the bot, then go to the internal exchange and search for CFSUSDA:bitUSD. It is sold like CFSGOLD, 1:1 for bitUSD with a 0.1% fee, and will increase in NAV as the bot makes a profit off market making. Eventually we will merge this temporary asset with CFSUSD once the full situation from bter is understood. We will try to keep a minimal amount of the funds on YunBi, and deposit and withdraw them according to the bots needs.

There will be an early funder reward for CFSUSDA similar to other CFS assets, but since the bter hack made everything a lot more complicated we won't announce what the reward will be until we know the outcome of the bter situation.

Meanwhile we will continue to work on how to get the CFSUSD and CFSGOLD funds out of bter and find out the best model for compensating clients.