Locking up Bitcoin for BitUSD

[xeroc]

How do I create a privatized bitasset?

http://docs.bitshares.eu/bitshares/tutorials/mpa-create-manual.html

[bitacer]

You have just described the current fiat monetary system we have now. Thank you

Exactly, hence trustless bitassets are better because they require collateral and supplies can't be gamed and the asset doesn't depend on anyone to survive. If a business with a privatized asset went bankrupt most likely their assets would become worthless. With trustless assets that doesnt happen

Could you give me an example of each please, for a trust-less and the rest

[bitacer]

What do you think about BTS being locked against  issuer's asset?

I don't understand your question

something like BTS backed asset

aren't all current bitassets backed by BTS?
you can have your own privatized bitasset be backed by BTS .. or any other asset ..
but you can not have your UIA be backed by BTS .. at least not in a trust-less manner

many are backed by promise of future returns, and then that expectation is traded with bts , at that moment what happens is that we create extra bts in the system , because those bitassets now have the purchasing power of those bts. right now 1 million BTS worth of OPENPOS in the system means there is 1 million BTS more as a purchasing power which is represented by the OPENPOS . No?

[Akado]

You have just described the current fiat monetary system we have now. Thank you

Exactly, hence trustless bitassets are better because they require collateral and supplies can't be gamed and the asset doesn't depend on anyone to survive. If a business with a privatized asset went bankrupt most likely their assets would become worthless. With trustless assets that doesnt happen

[bitacer]

You have just described the current fiat monetary system we have now. Thank you

[Akado]

How do I create a privatized bitasset?

It's just a normal UIA. For example OPENBTC from OpenLedger is OpenLedger's privatized Bitcoin asset. TCNY is bitcrab's privatized CNY asset. However you should back it up as the community will make sure that you have what you claim to have, otherwise you could just print a million  ACER.USD and sell them. People want to know you have what you claim to have.

[bitacer]

How do I create a privatized bitasset?

[xeroc]

What do you think about BTS being locked against  issuer's asset?

I don't understand your question

something like BTS backed asset

aren't all current bitassets backed by BTS?
you can have your own privatized bitasset be backed by BTS .. or any other asset ..
but you can not have your UIA be backed by BTS .. at least not in a trust-less manner

[bitacer]

What do you think about BTS being locked against  issuer's asset?

I don't understand your question

something like BTS backed asset

[xeroc]

What do you think about BTS being locked against  issuer's asset?

I don't understand your question

[bitacer]

What do you think about BTS being locked against  issuer's asset?

[xeroc]

AFAIK, the MAKER project on ethereum plan to issue stable currency with BTC as collateral, how can they do this? is the same way possible on Bitshares?
and in NXT there are also MULTIGATEWAY that bridge BTC and NXT platform, which makes the  BTC in NXT close to real BTC, any thing can be learned from?
one problem in Bitshares is how to supply enough smartcoin, if BTC can be introduced as collateral, things will be much better.

MAKER cannot use tokens of non-ethereum chains as collateral, so can't we.
NXT only has IOUs .. and we have them too ..

Since btc have to be owned by some key(s) (potentially multisig) you will always have the issue of a trusted middle men ..

[bitcrab]

AFAIK, the MAKER project on ethereum plan to issue stable currency with BTC as collateral, how can they do this? is the same way possible on Bitshares?
and in NXT there are also MULTIGATEWAY that bridge BTC and NXT platform, which makes the  BTC in NXT close to real BTC, any thing can be learned from?
one problem in Bitshares is how to supply enough smartcoin, if BTC can be introduced as collateral, things will be much better.
 

[bitacer]

Would it be possible to lock-up Bitcoin or Ether as collateral to create BitUSD? Attracting large communities with useful features seems like a nice win.  As a more out there question, would it be possible to transmit Bitcoin over the Bitshares network so it could take advantage of the 3 second transfer times (something to do with autobuy/sell BitBTC)?

I would say lock-up BTS to create any asset, UAI for sure. In an earlier post I gave the example of MILK and CHEESE , in a real world if there was NO concept of money existed , how a cheesemaker create a cheese ? by locking-up the desired amount of MILK in the CHEESE. Does that make any sense ? Just like any asset in real life the market will decide which asset is traded the most, but there wont be any dilution like we have now with those IOU-crytpos.

[xeroc]

you can only use BTS to back bitUSD, but you can create a new (privatized) bitasset that uses some other asset (within BitShares) as collateral.

If we had liquidity (for instance in bitBTC:OPEN.BTC) we (or OpenLedger) could offer a swap for bitBTC or OPEN.BTC to real BTC and have people use the 3sec confirmation time ..
All we need is liquidity