What differentiates Privatized BitAssets from Nubits?

[topcandle]

My bad guys-- I jumped mid-way into the conversation.  Didn't realize this was talking about a Privatized Nubits on the BTS network....

[monsterer]

Higher spread true.  But does that mean the peg won't share the same volatility of Bitusd?  That's what is really needed at first anyways.

The spread in a nuBits/bitUSD market would be as wide as the bitUSD volatility + nuBits volatility

[topcandle]

value floor at 1 USD

Oh I see.  So you guys aren't even trying to keep BitUSD equal to a dollar then, just more than $1.  Yah, in that case it's an asymmetric peg and it wouldn't work properly.  There are ways to do it, but not efficiently with the current software.

If it doesn't work, then a Bitusd will do a forced settlement and get the pegged price 24 hours later.  Not sure why you say it won't work.  Sounds like you still need to do more digging before you reach this conclusion.

If you find a way, I am ready to support it! I am oh such a sucker for untraditional ways of thinking which could in fact turn into a successful change of outcome.

I dont understand this statement?  This is whats going to be implemented in Bitshares 2.0.  Is there something I am missing?

[topcandle]

https://www.ccedk.com/bitusd-usd
There are over $10,000 in buy orders above $1.01.  As long as that's the case, a custodian trying to keep a peg with any kind of reasonable spread would drown.  Why aren't those people cashing in for 24 hours later at 1% gains?  That pair is highly unlikely to experience that kind of volume in a 24 hour period.  Forgive my ignorance of how bitUSD works.

Also, the 'it' i was referring to when saying it wouldn't work was an NBT/BitUSD shareholder supported peg.  I wasn't saying your entire cryptosystem doesn't work, as y'all are clearly still here.

Oh I gotcha.  Well Bitusd is not implemented yet, so I'm taking a glancing guess that those buy orders will stay above 1.01 in Bitshares 2.0.  The custodian will not have to maintain the spread.  People aren't cashing in for a 1% gain because they probably purchased it at a 1% cost.  So it would generally net out. 

[topcandle]

If it doesn't work, then a Bitusd will do a forced settlement and get the pegged price 24 hours later.  Not sure why you say it won't work.  Sounds like you still need to do more digging before you reach this conclusion.

As a market maker, how do you price that in though? It makes designing a model much more complicated - IMO it will just lead to a wider spread due to uncertainty.

Higher spread true.  But does that mean the peg won't share the same volatility of Bitusd?  That's what is really needed at first anyways. 

[openledger]

value floor at 1 USD

Oh I see.  So you guys aren't even trying to keep BitUSD equal to a dollar then, just more than $1.  Yah, in that case it's an asymmetric peg and it wouldn't work properly.  There are ways to do it, but not efficiently with the current software.

If it doesn't work, then a Bitusd will do a forced settlement and get the pegged price 24 hours later.  Not sure why you say it won't work.  Sounds like you still need to do more digging before you reach this conclusion.

If you find a way, I am ready to support it! I am oh such a sucker for untraditional ways of thinking which could in fact turn into a successful change of outcome.

[Nagalim]

https://www.ccedk.com/bitusd-usd
There are over $10,000 in buy orders above $1.01.  As long as that's the case, a custodian trying to keep a peg with any kind of reasonable spread would drown.  Why aren't those people cashing in for 24 hours later at 1% gains?  That pair is highly unlikely to experience that kind of volume in a 24 hour period.  Forgive my ignorance of how bitUSD works.

Also, the 'it' i was referring to when saying it wouldn't work was an NBT/BitUSD shareholder supported peg.  I wasn't saying your entire cryptosystem doesn't work, as y'all are clearly still here.

[monsterer]

If it doesn't work, then a Bitusd will do a forced settlement and get the pegged price 24 hours later.  Not sure why you say it won't work.  Sounds like you still need to do more digging before you reach this conclusion.

As a market maker, how do you price that in though? It makes designing a model much more complicated - IMO it will just lead to a wider spread due to uncertainty.

[topcandle]

value floor at 1 USD

Oh I see.  So you guys aren't even trying to keep BitUSD equal to a dollar then, just more than $1.  Yah, in that case it's an asymmetric peg and it wouldn't work properly.  There are ways to do it, but not efficiently with the current software.

If it doesn't work, then a Bitusd will do a forced settlement and get the pegged price 24 hours later.  Not sure why you say it won't work.  Sounds like you still need to do more digging before you reach this conclusion. 

[Nagalim]

value floor at 1 USD

Oh I see.  So you guys aren't even trying to keep BitUSD equal to a dollar then, just more than $1.  Yah, in that case it's an asymmetric peg and it wouldn't work properly.  There are ways to do it, but not efficiently with the current software.

[monsterer]

An NBT/BitUSD peg:
There are arguments that can be made about who would benefit more from such a pegged pair.  However, a simple compromise could easily be reached between the two parties such that all users of BitUSD can utilize the liquidity of NBT markets while still keeping their funds primarily in BitUSD.  Such an operation would need to be paid for, and the compromise would be such that Nu pays for the NBT side and BitAssets pays for the BitUSD side.  Of course there would be no price feed, 1 NBT = 1 BitUSD.

I don't think this would actually work, since bitUSD is designed to have a value floor at 1 USD, and will trade at a premium at other times, whereas (I think) nuBits is pegged at parity with USD?

Certainly if I added a nuBits/bitUSD market to metaexchange right now,  bitUSD would trade at $1.25 worth of nuBits and above, but that's the 'old' bitUSD...

edit: having said all that, I think having a nuBits/bitUSD market would be a good thing in the long run. If anyone has 10 or so BTC worth of bitUSD and we can get a similar amount of nuBits together we could have an interested party run a metaexchange node to provide liquidity for that market.

[Nagalim]

If y'all can figure out how to get together a couple hundred bitUSD, or at least pass the idea around, I could get a thread going on the nubits forum, or even draft up a motion.  We could probably get bter or ccedk on board with an nbt/bitUSD pair, I'm sure Ronny would be thrilled if we asked him.  I could support the pool as a NuPond project myself.  We could even do a 4% spread, y'all swing by as much as 30 or 40% some days, so even that should be very beneficial.

Anyway, I'll just throw that at the board and see if it sticks.

[Randomaniac]

[...]Both communities only have to gain with this and any other discussion.[...]

Discussion would be nice. So far I've mostly seen insults, prejudice and mockery.
There are for sure exceptions like @cass, @betax or @akado in this thread (I hope I don't tread on someone's toes forgetting him/her in this list), but I'm not going to waste time in environments in which "normal" or friendly behaviour is the exception.

....well I found for you the perfect avatar to use on our forums 



edit:
 I improoved the avatar 

tony was ahead of his time and went long on the wrong wave.  tony's funny in a dennis leary vs george carlin death match sort of way.  and while all this was heppening the nubits team was making some money by teaching the humans what a focussed and trusted team of investors and developers can do for those looking to hedge the crypto decline of 2014.  a fine service considering the primitive tools available.  an effort and.purpose that they can b proud of.  and judging by the recent rise in bts price on news of a launch date,   it looks like those who made money on Peercoinubits will be timing the next set of bts waves

tony was ahead of his time and went long on the wrong wave.  tony's funny in a dennis leary vs george carlin death match sort of way.  and while all this was heppening the nubits team was making some money by teaching the humans what a focussed and trusted team of investors and developers can do for those looking to hedge the crypto decline of 2014.  a fine service considering the primitive tools available.  an effort and.purpose that they can b proud of.  and judging by the recent rise in bts price on news of a launch date,   it looks like those who made money on Peercoinubits will be timing the next set of bts waves

well said...but I truly doubt anyone who saw Nub as something  good, can appreciate the true beauty of BTS. Something like doubting that just because Nazi party has come to power against oppression, its members will ever deeply appreciate democracy.

[the above is figure of speech of course - Nubits is not Nazi nor Ponzi in any way shape or form...faar, faar from it]

Yes.. and yes to your previous comments. 

[Akado]

FYI: TomJoaD answered me, he will join this conversation later this day!


Pls guys let's not hijack this thread.. come on, let's calm down and try to stick to facts and give a warm welcome ..
i'm really appreciated his joining! my 2 cents

 

This! Both communities only have to gain with this and any other discussion. We both want to succeed and our objective is the same, provide stable currencies with the best peg possible in the more secure and decentralized way. We all can learn a lot with each other, who knows, this could even spark the next big idea for decentralized currencies that could be a considerable better way to achieve it, other than the ways we found out. I would appreciate if members from Nu community didn't leave. Whoever doesn't like each other, please just ignore, it's not that hard. We are all in the same boat, we all want the same. What if both communities have completely different ways to achieve a stable currency or whatever they want to achieve? What matters is trying to develop the best way possible and this is done much more easier than working separately, without discussing and sharing ideas from both sides.

The fact I choose this or that way, doesn't make it the supreme way, both can succeed or fail miserably. It's up to us to try and do something better.

[phillyguy]

maybe we can someone from nubits team on here to join this discussion..

What did you guys want to know? We're very friendly. You can come join our board if you have any questions discuss.nubits.com

I may not be from the NuBits team, but I'm quite familiar with it
Aren't we all friendly?

Ehhhhh I'm not sure I would go that far given the posts I read about NuBits on here over the past year, but it's nice to see ponzi scheme isn't being thrown around so loosely anymore.

Touché!