Author Topic: BitShares X Status Update  (Read 173008 times)

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Offline donkeypong

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What deadline? They already are testing things.

lzr1900

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Shouldn't we will have the xts this week as BM said?Miss the deadline again?good job I3.good job BM.Any excuses?lol

Offline zhangweis

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1) Yes the inactivity fee applies to all balances.   The BitUSD collected by this fee is sold for BTS and the BTS is destroyed to pay dividends to shareholders.
2) A long time a go when I was implementing dividends via direct accounting this applied.  Once I switched to implicit dividends (via fee destruction) it was no longer viable to pay this way. 

Instead what the dividends on collateral does is increase the backing on the BitUSD over time.
To have something which price linked with fiat is so important that it's very important to make bitUSD and bitCNY work.
 
I think it was a good idea to support bitUSD value with interest of collateral. Actually the burning of bitUSD transaction fee has the similar effect but you've decided to buy and burn BTS instead.

Now with implicit dividends I think we can still get the similar approach by returning same amount of BIP instead of BTS when shorters cover the short. The dividends (new collateral BIP - old collateral BIP) can still go to all the holders of bitUSD. It's more complex in implementation but I think it's really important to have some thing supporting the bitAsset to prevent price going to 0 instead of just a name link between bitUSD and USD. I hope we can find an easier way to dispatch dividends.
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Offline bytemaster

1. Does 5% inactivity fee apply to bitAssets like bitUSD?
2. I remember that the interest of collateral (XTS) will go to holders of bitAsset. I believe this can support the price of bitAsset and prevent its price goes to 0. As the interest is got from transaction fees, will this calculation be based on block by block? If yes, I wonder what is the simplest way to implement it in wallet code as for each block you need to calculate that and adjust the balance of bitAsset holder.

1) Yes the inactivity fee applies to all balances.   The BitUSD collected by this fee is sold for BTS and the BTS is destroyed to pay dividends to shareholders.
2) A long time a go when I was implementing dividends via direct accounting this applied.  Once I switched to implicit dividends (via fee destruction) it was no longer viable to pay this way. 

Instead what the dividends on collateral does is increase the backing on the BitUSD over time.

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 toast

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1) yes 2) there is no interest for the first chain and the bitasset's price is supported by a market peg, not interest. When there is a chain with interest it comes out of short position's collateral and not tx fees.

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Offline zhangweis

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1. Does 5% inactivity fee apply to bitAssets like bitUSD?
2. I remember that the interest of collateral (XTS) will go to holders of bitAsset. I believe this can support the price of bitAsset and prevent its price goes to 0. As the interest is got from transaction fees, will this calculation be based on block by block? If yes, I wonder what is the simplest way to implement it in wallet code as for each block you need to calculate that and adjust the balance of bitAsset holder.
Weibo:http://weibo.com/zhangweis

Offline sudo

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What happens with the extra bitAssets paid as fee?
 All is converted to BTS or as much as needed.

All is converted to BTS and destroyed.


 +5% +5%
bts x is the core

lzr1900

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This week will launch the test blockchain,is it true?is that means my xts will be liquid?

Offline bytemaster

What happens with the extra bitAssets paid as fee?
 All is converted to BTS or as much as needed.

All is converted to BTS and destroyed.
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 tonyk

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What happens with the extra bitAssets paid as fee?
 All is converted to BTS or as much as needed.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline MrJeans

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Bytemaster, do you have a solution yet for how transaction fees are paid for direct BitUSD -> BitGold swaps?

I guess the problem of destroying some of the BitAssets as tx fees is that it could theoretically make it impossible for shorts to cover their positions, because there arent enough BitAssets to go around as they were destroyed in tx fees.

Thats why Im wondering if youve got a solution for this.

Yes, I have a solution to this problem.  You will be able to pay trx fees in BitUSD or BitGold at 2x the going rate of paying them in the native shares.   The fees will the be used to purchase BTS on the market and the purchased BTS will be destroyed.

A very elegant solution  +5%
Neat  +5%

Offline speedy

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Bytemaster, do you have a solution yet for how transaction fees are paid for direct BitUSD -> BitGold swaps?

I guess the problem of destroying some of the BitAssets as tx fees is that it could theoretically make it impossible for shorts to cover their positions, because there arent enough BitAssets to go around as they were destroyed in tx fees.

Thats why Im wondering if youve got a solution for this.

Yes, I have a solution to this problem.  You will be able to pay trx fees in BitUSD or BitGold at 2x the going rate of paying them in the native shares.   The fees will the be used to purchase BTS on the market and the purchased BTS will be destroyed.

A very elegant solution  +5%

Offline bytemaster

Bytemaster, do you have a solution yet for how transaction fees are paid for direct BitUSD -> BitGold swaps?

I guess the problem of destroying some of the BitAssets as tx fees is that it could theoretically make it impossible for shorts to cover their positions, because there arent enough BitAssets to go around as they were destroyed in tx fees.

Thats why Im wondering if youve got a solution for this.

Yes, I have a solution to this problem.  You will be able to pay trx fees in BitUSD or BitGold at 2x the going rate of paying them in the native shares.   The fees will the be used to purchase BTS on the market and the purchased BTS will be destroyed.
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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Bytemaster, do you have a solution yet for how transaction fees are paid for direct BitUSD -> BitGold swaps?

I guess the problem of destroying some of the BitAssets as tx fees is that it could theoretically make it impossible for shorts to cover their positions, because there arent enough BitAssets to go around as they were destroyed in tx fees.

Thats why Im wondering if youve got a solution for this.

Offline bitmeat

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Sounds great!! Thanks for the update!


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