Author Topic: First 16 BitAssets? (previously: How does a BitAsset first appear in a chain?)  (Read 10270 times)

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Offline MaxPWR

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hehe - I say you need the most basic commodity that all these cryptos are based on - electricity.

But...you'd need really fast confirmation times :P

Or, you could do its centrist proxy - carbon credits.

Please don't do carbon credits...
You can't stop the signal, Mal. Everything goes somewhere, and I go everywhere.

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Offline bytemaster

Only the currency chain will be limited to 16. It all comes down trx volume. 


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Offline speedy

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Ok Im sure its fine, but I still have my doubts about each chain only having 16 assets.

Lets say I use the first chain Bitshares X to make a profit on USD - I then have to trade that altcoin away before I can use the profit to trade on the Bitshares NYSE chain, and even then I can only trade a subset of 16 stocks in the NYSE. Wouldnt this be a limitation and a hassle for most serious traders? Its seems really complicated to actually use. Add to this the fact that the profit from 1 chain is worth less than the equivalent PTS invested to get in, because PTS gets you all chains.

Today you can get a regular spread betting account that lets you trade anything in the world from the convenience of 1 account. Why cant this eventually be possible with Bitshares?

And btw is there any time frame for a stocks chain? Stocks would be even more interesting than currencies because you could trade outside of normal hours.

Offline bytemaster

Thanks for the explanation. Yes having separate blockchains for the type of markets you are interested is definitely a clever efficiency mechanism.

So do you envision one chain for currencies, one for the NASDAQ, one for the FTSE etc?

And are the separate chains initiated by Invictus, or can anyone start a chain?

Anyone can start one, but the SCSL license on the BitShares code will require honoring PTS/AGS holders ;)

What if someone basically copies the BTS source code for a new chain but changes it a little bit?

They still have to honor AGS/PTS holders with at least 10% and anyone could fork their code to honor AGS/PTS holders with 50/50 if they attempt to claim 80% for a few small changes.
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Offline santaclause102

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Thanks for the explanation. Yes having separate blockchains for the type of markets you are interested is definitely a clever efficiency mechanism.

So do you envision one chain for currencies, one for the NASDAQ, one for the FTSE etc?

And are the separate chains initiated by Invictus, or can anyone start a chain?

Anyone can start one, but the SCSL license on the BitShares code will require honoring PTS/AGS holders ;)

What if someone basically copies the BTS source code for a new chain but changes it a little bit?

Offline Amazon

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While I don't disagree with anything specific I think we ought to have more discussion about the assets in the original chain before launch.
What's the reasoning behind having such an emphasis on currencies?

Current distribution:
1 BTS
1 cryptocoin (BTC)
2 bullion (gold, silver)
1 commodity (oil)
1 stock (I3)
10 currencies

I don't think it is necessary to have 10 currencies. Trading USD is like trading with entire FOREX market.
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Offline bytemaster

While I don't disagree with anything specific I think we ought to have more discussion about the assets in the original chain before launch.
What's the reasoning behind having such an emphasis on currencies?

Current distribution:
1 BTS
1 cryptocoin (BTC)
2 bullion (gold, silver)
1 commodity (oil)
1 stock (I3)
10 currencies

Because currencies are the most heavily traded against one another.  I would like to group chains by sectors of the market.  I view gold/silver as currencies.   Oil and I3 are the only to outliers but because Oil is backing the dollar and i3 is the creator of it I thought it would be a good mix. 

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Offline toast

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While I don't disagree with anything specific I think we ought to have more discussion about the assets in the original chain before launch.
What's the reasoning behind having such an emphasis on currencies?

Current distribution:
1 BTS
1 cryptocoin (BTC)
2 bullion (gold, silver)
1 commodity (oil)
1 stock (I3)
10 currencies
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Offline bytemaster

Will this create different Bitshare prices?

BitShares is more of a category, the chains will have names such as:

TechShares, EnergyShares, CurrencyShares and each will have a different price based upon supply and demand.
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Offline Bitcoinfan

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Offline bytemaster

Anyone can start one, but the SCSL license on the BitShares code will require honoring PTS/AGS holders ;)

I better hold on to my PTS then :)

One more question - if there are separate blockchains for each group/type of assets, do I have a separate balance for each of them? If I make a profitable trade in one chain, will I then have to trade that profit on an exchange if I want to switch to a different chain?

Btw I think Bitshares could be a game changer because it will allow people to get around so many national restrictions. For example the Chinese have restrictions on investing in overseas assets, whilst the US has restrictions on CFD trading. Bitshares just allows everyone to get around all of this. Anonymous decentralized trading on any asset in the world - this could be as big as bitcoin itself.

Bigger than bitcoin ;)

Each chain is separate and is a unique DAC with its own stock which will float against other DACs. 

Cross chain trading should facilitate trading between chains.
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Offline speedy

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Anyone can start one, but the SCSL license on the BitShares code will require honoring PTS/AGS holders ;)

I better hold on to my PTS then :)

One more question - if there are separate blockchains for each group/type of assets, do I have a separate balance for each of them? If I make a profitable trade in one chain, will I then have to trade that profit on an exchange if I want to switch to a different chain?

Btw I think Bitshares could be a game changer because it will allow people to get around so many national restrictions. For example the Chinese have restrictions on investing in overseas assets, whilst the US has restrictions on CFD trading. Bitshares just allows everyone to get around all of this. Anonymous decentralized trading on any asset in the world - this could be as big as bitcoin itself.

Offline bytemaster

Thanks for the explanation. Yes having separate blockchains for the type of markets you are interested is definitely a clever efficiency mechanism.

So do you envision one chain for currencies, one for the NASDAQ, one for the FTSE etc?

And are the separate chains initiated by Invictus, or can anyone start a chain?

Anyone can start one, but the SCSL license on the BitShares code will require honoring PTS/AGS holders ;)
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline speedy

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Thanks for the explanation. Yes having separate blockchains for the type of markets you are interested is definitely a clever efficiency mechanism.

So do you envision one chain for currencies, one for the NASDAQ, one for the FTSE etc?

And are the separate chains initiated by Invictus, or can anyone start a chain?

Offline bytemaster

Will it be possible to use Bitshares to trade on stocks as well? That asset enum has only 16 values at the moment, but will it eventually be extended to include popular stocks such as Apple, Google etc?

It seems a bit limiting to have a fixed enum for assets - wouldnt it be possible to allow the bitshare holders to vote new assets into existence?

 The issue isn't the number of assets, but the volume of transactions.  Unlike bitcoin, a market blockchain would have many more transactions.  Too many markets on a single chain will result in high transaction fees.

  This is why we have many competing BitShares chains and why owning AGS / PTS is important because it will get you a cut in EVERY chain not just the first.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.