Author Topic: deposits in openledger  (Read 3917 times)

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Offline traderex

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deposits in openledger
« on: March 02, 2016, 10:41:56 pm »
hey,

im trying hard to understand the concept of the exchange's deposits, but cant get my head around it.
do i deposit btc on 'blocktrades'?
and then gateway adress or bridge adress?

can i deposit bought obits to openledger?
is obits a smartcoin that runs on bts blockchain?

does it have a wallet?

im new to bts and smartcoins..

tnx :D

Offline dannotestein

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Re: deposits in openledger
« Reply #1 on: March 02, 2016, 11:42:07 pm »
It really depends on what you want to do/buy. There are multiple options:

1) You can use BTC to buy some other cryptocurrency such as BTS via the BlockTrades bridge.

2) You can deposit BTC to a gateway and get an IOU token which can then be traded on OpenLedger. The 3 available IOU tokens for BTC are TRADE.BTC (from BlockTrades), OPEN.BTC (from OpenLedger/CCEDK), or METAEX.BTC (from MetaExchange). Depending on which one you get, you can then trade that IOU BTC on an appropriate market. In other words, there's an TRADE.BTC/BTS market and there's a separate OPEN.BTC/BTS market. In this case, there's effectively 3 different exchanges with 3 different BTC/BTS markets. You can choose which exchange to use based on liquidity of the the markets you're interested in and your trust of that exchange.

OBITS is a token you can buy that appreciates in value based on the fees collected by OpenLedger. It exists on the BitShares blockchain and is transferable/tradeable there. There's several such tokens offered by various businesses that operate on BitShares.
« Last Edit: March 02, 2016, 11:43:49 pm by dannotestein »
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Offline clayop

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Re: deposits in openledger
« Reply #2 on: March 03, 2016, 12:20:42 am »
IMO this post shows good news and bad news both.

Good one is that new users are coming and will use our services.
Bad news is that new comers are confused by our system, implying our service is not that user friendly.

Ronny, I want to encourage you to invest some fund to build openledger exchange frontend, in which people can use your service intuitively.
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Vote for me and see Korean Bitshares community grows
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Offline traderex

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Re: deposits in openledger
« Reply #3 on: March 03, 2016, 07:42:42 am »
thank you for the replys, explained alot.

I have used lots of exchanges, and wish to invest in obits and openledger cause i believe in a self sustainable business, kindda my dream.
altho, bts caught my eye sight now as well ;)
That said, after researching and reading alot,
the exchange is difficult to understand (ccedk has its own btc value - open.btc ? O_O)
does open.btc will always be valued same as "standard" btc?

how do smart coins such as gold , silver, any open.coin backed by real gold or real btc exactly?

and yes, u can rest assure that ppl from outside bts community, like myself, will hear about this, tnx to PR being done.

and if you really want to get some attention, make a btctalk ANN. it just seems sketchy without it and it takes time to find this section in bts forum!
also no coin specs nowhere.. took me a while to discredit this project as a scam due to all above.

tnx again,
« Last Edit: March 03, 2016, 07:50:48 am by traderex »

Offline ccedk

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Re: deposits in openledger
« Reply #4 on: March 05, 2016, 11:48:24 am »
thank you for the replys, explained alot.

I have used lots of exchanges, and wish to invest in obits and openledger cause i believe in a self sustainable business, kindda my dream.
altho, bts caught my eye sight now as well ;)
That said, after researching and reading alot,
the exchange is difficult to understand (ccedk has its own btc value - open.btc ? O_O)
does open.btc will always be valued same as "standard" btc?

how do smart coins such as gold , silver, any open.coin backed by real gold or real btc exactly?

and yes, u can rest assure that ppl from outside bts community, like myself, will hear about this, tnx to PR being done.

and if you really want to get some attention, make a btctalk ANN. it just seems sketchy without it and it takes time to find this section in bts forum!
also no coin specs nowhere.. took me a while to discredit this project as a scam due to all above.

tnx again,

OPEN.BTC is same as BTC, similar to any other centralized exchange, the only difference is that on OpenLedger you are clearly told that as long as you are trading on the platform, you are trading with an IOU.

It goes like this:

BTC deposit to OPEN.BTC in deposit section of CCEDK on OpenLedger

You are now able to trade on any markets already active, or create a market on your own(any market you wish for) with this asset called OPEN.BTC. On other centralized exchanges they call it BTC when you trade with it, while in fact it is an IOU, untill you decide to withdraw, then your btc is sent from a common cold wallet, well i some cases even from the hot, and you are back to having the real value in your own wallet.

On OpenLedger the only currencies you can say are backed with collateral, and this way as secure as the demand and supply indicates are the smartcoins like bitusd, biteur, bitcny, bitsilver etc as well as BTS itself. The rest are in fact worth the value the ISSUER says as long as you trust that issuer, it is an I owe you (IOU), and this issuer owes you on platform untill you ask it back again.

The beauty of the DEX also named BTS platform or in this case hosted on OpenLedger, it is that you are able personally to create whatever market you wish to focus on, then go out and tell the world that this pair is now active, and you can do this all on your own.

Withdraw to BTC to your wallet outside OpenLedger deducted BTC network fee, and you are back with BTC on your hands 1:1 same as any other centralized excahnge.

Deposit and withdraw like in this case with BTC is possible as well with the altcoins ETH, DASH, DOGE, PPC, LTC, EMC, NBT, NSR, BKS and in fact also with MUSE which is coming from its own wallet.

Regarding mentioning on bitcointalk, do you mean Openledger is not mentioend or are you talking OBITS, becasue all is mentioned there over and over again, but maybe not clearly stated.

You might have a point, that I need to emphazize a bit more on this on bticointalk.
« Last Edit: March 05, 2016, 11:50:57 am by ccedk »
OBITS - a token of appreciation  http://obits.io/
OpenLedger Webwallet - https://bitshares.openledger.info
ICOO Prelaunch ICO asset - http://icoo.io/

Offline d3adh3ad

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Re: deposits in openledger
« Reply #5 on: March 05, 2016, 06:52:12 pm »
Ronny, has openledger provided proof of solvency for any open.assets? I'd like to use them. I know they require trust but less trust would be nice.

Offline dannotestein

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Re: deposits in openledger
« Reply #6 on: March 05, 2016, 07:16:39 pm »
Ronny, has openledger provided proof of solvency for any open.assets? I'd like to use them. I know they require trust but less trust would be nice.
Hi,

BlockTrades handles the cryptocurrency OPEN. assets other than the fiat ones. In general, you can tell how much OPEN asset is outstanding by visiting:
https://bitshares.openledger.info/#/account/openledger-wallet/overview

To check the balance for OPENMUSE and OPEN.MUSE against MUSE held:
95000000 (OPENMUSE issued)
-68067821 (OPENMUSE in openledger-wallet)
+95000000 (OPEN.MUSE issued)
-35940102 (OPEN.MUSE in openledger-wallet)
-30841901 (OPEN.MUSE tied up in market orders by openledger-wallet,  to allow conversion of OPENMUSE)
-213551   OPENMUSE fee pool held by openledger-wallet
-118006   OPEN.MUSE fee pool held by openledger-wallet
---------
54818619 OPENMUSE and OPEN.MUSE outstanding (not held by openledger-wallet)


This matches against the MUSE held (we have more MUSE than we have OPEN versions):
http://muse.cryptofresh.com/u/openledger-wallet
55100000  (MUSE in openledger-wallet on muse blockchain)

We could prove the reserves for other coin types as well, but it's more work for us, since we would need to prove we own the balance for that coin on it's blockchain. But as you can see from the openledger-wallet page, the amount of outstanding BTC, which is probably one of the largest by value, isn't that high:
70 OPENBTC issued
- 59.55 OPENBTC held by openledger-wallet
+130 OPEN.BTC issued
- 45.78 OPEN.BTC held by openledger-wallet
-23.96 for open market orders
= 70.71 BTC IOUs outstanding
« Last Edit: March 05, 2016, 07:26:14 pm by dannotestein »
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Offline d3adh3ad

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Re: deposits in openledger
« Reply #7 on: March 05, 2016, 08:53:57 pm »
Thank you @dannotestein

Offline jemcrowne

Re: deposits in openledger
« Reply #8 on: April 05, 2016, 03:56:49 pm »
Amen to this or this will die...People want simplicity and not complications...Gather people from all corners of the globe for an all intensive close door training to teach about this robust but complicated platform so they can go teach it in each country they reside in respectively



IMO this post shows good news and bad news both.

Good one is that new users are coming and will use our services.
Bad news is that new comers are confused by our system, implying our service is not that user friendly.

Ronny, I want to encourage you to invest some fund to build openledger exchange frontend, in which people can use your service intuitively.

Offline omgurindanger

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Re: deposits in openledger
« Reply #9 on: April 12, 2016, 03:44:49 pm »
how do i deposit BTS to my open ledger account from exchange likes Polo or Bittrex?

Offline dannotestein

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Re: deposits in openledger
« Reply #10 on: April 12, 2016, 03:51:46 pm »
how do i deposit BTS to my open ledger account from exchange likes Polo or Bittrex?
Just withdraw the BTS to your openledger account name (name shown in webwallet). With OpenLedger, your account is your own wallet.
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Offline omgurindanger

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Re: deposits in openledger
« Reply #11 on: April 25, 2016, 05:40:24 am »
thanks for replying.
I do not see any  BTS address for my open ledger account name.  When withdraw BTS from exchange, i need to provide a BTS address. (or I can just provide my open ledger name?)

The only BTS address I see in my openledger account is through "deposit/withdraw" tab, then Metaexchange bridge.
Do i miss anything?

Thanks in advance.

Offline xeroc

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Re: deposits in openledger
« Reply #12 on: April 25, 2016, 06:43:03 am »
thanks for replying.
I do not see any  BTS address for my open ledger account name.  When withdraw BTS from exchange, i need to provide a BTS address. (or I can just provide my open ledger name?)

The only BTS address I see in my openledger account is through "deposit/withdraw" tab, then Metaexchange bridge.
Do i miss anything?

Thanks in advance.
We have told exchanges repeatedly not to ask for an ADRESS in case of BitShares but for the account name because that is really everything you need, the account name.
It works pretty much like mail, or twitter and identifies your account uniquely.
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline omgurindanger

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Re: deposits in openledger
« Reply #13 on: April 26, 2016, 01:56:54 am »
thanks, it works with just the account name.