BitAssets 3.0 - For Community Review

[xeroc]

vote for hard forks on the chain so that shareholders give a go or no go ... at least that is what I would like to see happen

doesn't this already exist? if I don't update my client i'm voting for the old ways, no?

This does not exist ... its be subject of discussions ...

I imagine a voting process similar to delegate voting in which the shareholders can approve the protocol changes of a new release .. no fixed hard fork time .. but approved by shareholders ..
@toast had a nice blog article about this in his own blog which unfortunatelly disappeared

[Tuck Fheman]

vote for hard forks on the chain so that shareholders give a go or no go ... at least that is what I would like to see happen

doesn't this already exist? if I don't update my client i'm voting for the old ways, no?

[xeroc]

I would guess this proposal will be finished when we can vote for hard forks on the chain so that shareholders give a go or no go ... at least that is what I would like to see happen

[tsaishen]

I realize the need to pivot as much as anybody. 

But I need to know if there is a minimum length of time we can expect the new rules to be in effect once they take effect. 

In the case of gemspace changes like this have a major impact on our business. 
Not in a negative way per se, but it's a rules change that the investor must now be made aware of. 

Whenever a change like that happens, we have an obligation to communicate the change to the investor base and explain to them the potential impacts to their investments.  We also need to give them time to exit the market under the older rules if they so desire.  This means we need to communicate with them as much as possible in advance.

Also when are these changes slated to take effect?  I agree they are good changes, but what we have to communicate to our users, are the rules as they stand when they enter and any changes we foresee in the future.

Thanks!

[clayop]

Isn't 1% fee too much? What about 0.3~0.5% as many gateways do?

[xeroc]

After 6 months following the launch of his Top 10 cryppto coin, Dan begins perfecting his core invention.

After 40 months following the launch of his Top 10 crypto coin, Charlie begins perfecting his invention:

http://bitcoinist.net/litecoin-official-branding-guide/

No wonder Litecoin trades at 5 times the marketcap of BitShares!

Haha ..

Note: Did you know that @cass is working on the exact same thing for BitShares, already?

[starspirit]

Market symmetry is important.  Charging interest to shorts will reduce the demand for shorting while complicating things.   The only interest rate I could see making sense is a GLOBAL interest rate charged on all shorts put in place to govern the total issuance of all BitAssets backed by BTS.

Yield on USD is best accomplished by a bond market with fixed terms.  BitUSD == checking, bond == CD.

The current lack of demand for shorting at interest is two-fold:

i) USD in the external market has zero interest anyway, so why should shorts pay more? However in other currency markets (especially if financial repression eventually ends) there is a meaningful yield. If bitCurrency holders get zero interest in these markets, we will find it is the demand for currency that will disappear.

ii) We are in a powerful bear phase for crypto and BTS. This has removed the financial incentive for leverage on BTS. This is a cyclical issue, not a permanent one. If BTS enters a strong uptrend there will be no way for shorts to incentivise currency ownership, only through the bond market.

If yield only exists in the bond market, then in either case above, where external interest rates are higher, or where the BTS cycle is more bullish, we will see all transactional use of the currency disappear due to the high opportunity cost.

This still suggests to me that interest is highly desired as a clearing mechanism in the currency market, regardless of the existence of a bond market, assuming we can build it in. Though it is only a recent view I have come to myself.

[speedy]

So does this mean you cannot earn yield just holding bitUSD, you need to put it to bond market to earn yield, right?
Does this apply to all bit assets like bitBTC?, bitCNY? and what about BTS bond market?

That is the BTS bond market. You can easily lend out all of your BitAssets at any rate you choose, with the collateral requirements you choose from the lender. Most competitive rate will be the first to be borrowed. Its equivalent to Bitfinex liquidity providing.

You lend out BitBTC, and someone borrows it so that they can short BitBTC/BitUSD, paying you interest in the process.

Also I imagine there would be no reason not to have all your BitUSD available on the bond market at all times - might as well make your money work for you.

Thats how I understand it anyway.

Edit: Oh I see youre asking if you can put BTS on the bond market as well? I dont see why not. Someone might be super bearish and buying BitUSD is not enough for him.

[joele]

Market symmetry is important.  Charging interest to shorts will reduce the demand for shorting while complicating things.   The only interest rate I could see making sense is a GLOBAL interest rate charged on all shorts put in place to govern the total issuance of all BitAssets backed by BTS.

Yield on USD is best accomplished by a bond market with fixed terms.  BitUSD == checking, bond == CD.

So does this mean you cannot earn yield just holding bitUSD, you need to put it to bond market to earn yield, right?
Does this apply to all bit assets like bitBTC?, bitCNY? and what about BTS bond market?

[Tuck Fheman]

Reporter : "Janet, have you heard about BitShares?"



Jan : "Why no, what are Beet Chairs?"

Reporter : "You can create your own USD with BitShares, and it's backed with collateral."

[speedy]

Market symmetry is important.  Charging interest to shorts will reduce the demand for shorting while complicating things.   The only interest rate I could see making sense is a GLOBAL interest rate charged on all shorts put in place to govern the total issuance of all BitAssets backed by BTS.

Yield on USD is best accomplished by a bond market with fixed terms.  BitUSD == checking, bond == CD.

I am so excited about the bond market. Being able to lend out (from my wallet) my BitUSD at a rate I choose so that anyone can borrow it to buy BitBTC with leverage - that will be huge. If we can make that super easy in the web wallet then there is no reason we cant get a $4.5million daily transaction volume:

http://coinmarketcap.com/exchanges/bitfinex/
https://www.bitfinex.com/pages/howitworks#lending

[bytemaster]

Market symmetry is important.  Charging interest to shorts will reduce the demand for shorting while complicating things.   The only interest rate I could see making sense is a GLOBAL interest rate charged on all shorts put in place to govern the total issuance of all BitAssets backed by BTS.

Yield on USD is best accomplished by a bond market with fixed terms.  BitUSD == checking, bond == CD.

[speedy]

Isn't it possible, albeit unlikely that the least collateralized short has less than 100% collateral?

Thats why least prioritized shorts are cancelled first, so that hopefully never happens.

[bitmarket]

Isn't it possible, albeit unlikely that the least collateralized short has less than 100% collateral?

[Empirical1.2]

* bitAsset holders can be guaranteed a return with only 1% loss in 24 hours, which is much better than up to 30 days! 

  I think that change, changes everything. It's huge.