Author Topic: Explain it like I'm 5 challenge! (bitUSD creation)  (Read 980 times)

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Offline devlux

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I recently had a fascinating & frustrating discussion with a potential investor who is a complete crypto-noob.
This person has "kinda heard of bitcoin" but never owned or traded any sort of crypto asset.

I was trying really hard to divert him away from buying bitcoin.
Instead I wanted to interest him in buying and holding BTS.

Here's the problem.  Despite the fact that I'm working to create ATMs that deal in BTS & bitUSD directly, I could not explain in layman's terms how an individual could go about creating bitUSD for themselves.

The onus for creating bitUSD is that right now there is almost a 25% premium.  Now admittedly the market depth is crap, only $144k in total according to coinmarket cap.  So someone could easily dump $10 or $20k and push that premium down to realistic levels.  But how?

I fired up a browser, logged into wallet.bitshares.org, hit the exchange and suddenly found myself a bit lost.
I could not show this person how to create even a single bitUSD despite having BTS in my own account.

Can someone please create a step by step guide?
You can  assume the person has 1 BTC in a wallet somewhere like Mycelium.
You can safely assume that the person doesn't want to install anything else on their computer and is happy just doing everything via the web. 

You can assume that installing anything, especially the bitShares wallet and having to wait for blocksyncing would be a deal killer for them.

You can assume that they have a registered account already and it's sitting on wallet.bitshares.org.
You can assume they'll buy BTS directly on metaexchange or shapeshift.
You can assume that they'll send all the BTS to their wallet and you can assume that they'll be willing to short the whole wad into bitUSD at market.

Make a nice guide with pics / screenshots and there is 1,000 BTS reward for you.