Author Topic: BIT20 Smartcoin, top 20 cryptos weighted index (ETF like)  (Read 16779 times)

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Offline Bhuz

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I'll have to share the info and name of the asset rather soon for reviewing the texts but I don't want someone to spend a bad joke on me a register the smartcoin asset name before I'm ready to create it.
So I'm thinking about create the smartcoin with the basic setting and all the permissions ON. So when I'm ready to launch it properly, I'll just have to tweak the settings and disable the permissions I don't want. That way, the smartcoin name is reserved and can speak freely about it and show the website under construction if needed.
Am I right to suppose that it's the good way to go ? I just fear to create the smartcoin with an irreversible setting. If I understand it well, if all the permission are allowed, it shouldn't be the case ... ? ... Right ? Guys ?

Sounds like the way to go. How I understand it, once something is disabled it can't be reabled. Is this right?

If you disable a permission, you can not enable it back again.
If you only disable a flag, you can enable it back.

So, until you are 100% sure, just keep all permissions enabled

Offline konelectric

I'll have to share the info and name of the asset rather soon for reviewing the texts but I don't want someone to spend a bad joke on me a register the smartcoin asset name before I'm ready to create it.
So I'm thinking about create the smartcoin with the basic setting and all the permissions ON. So when I'm ready to launch it properly, I'll just have to tweak the settings and disable the permissions I don't want. That way, the smartcoin name is reserved and can speak freely about it and show the website under construction if needed.
Am I right to suppose that it's the good way to go ? I just fear to create the smartcoin with an irreversible setting. If I understand it well, if all the permission are allowed, it shouldn't be the case ... ? ... Right ? Guys ?

Sounds like the way to go. How I understand it, once something is disabled it can't be reabled. Is this right?
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Offline EstefanTT

I'll have to share the info and name of the asset rather soon for reviewing the texts but I don't want someone to spend a bad joke on me a register the smartcoin asset name before I'm ready to create it.
So I'm thinking about create the smartcoin with the basic setting and all the permissions ON. So when I'm ready to launch it properly, I'll just have to tweak the settings and disable the permissions I don't want. That way, the smartcoin name is reserved and can speak freely about it and show the website under construction if needed.
Am I right to suppose that it's the good way to go ? I just fear to create the smartcoin with an irreversible setting. If I understand it well, if all the permission are allowed, it shouldn't be the case ... ? ... Right ? Guys ?
Bit20, the cryptocurrency index fund http://www.bittwenty.com
(BitShares French ConneXion - www.bitsharesfcx.com)

Offline CLains

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Offline EstefanTT

I've just created the INDEX on the testnet : http://testnet.bitshares.eu/#/market/BITSOMETHING_TEST
I will test it there until I have it right and then create it on the DEX. I'm now trying to understand the process of proving the price feed.

I'm also almost done with web site. I'm loooking for someone to review the explanations in english I have made about the index.
All the texts to review are regroup in a google doc of 1000 words, less than 2 pages. I need a english native person who will be able not only to review orthography but also re-shape the sentences in an serious and elegant way if necesary (not all the text sentences but some sentences will defenitively need this). My english is not good enough to let the texts as I wrote them.

It would take probably less that an hour to do that. Is someone interested in making 1000 bts by helping me with that, shoot me a PM !

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Offline EstefanTT

I don't understand the difference between permissions and flags, it seems the same to me ...
If you have permissions enabled you MAY use those features but don't need to do so ..
You can ACTUALLY enable a feature by enabling the corresponding FLAG!

Note, that, once you have disabled a PERMISSION!! you cannot re-enable it. It is like an indefinite opt-out!

Thanks for the explanation, make more sense now.

I was going to enable these 3 permissions :

# Enable market fee
# Allow issuer to force a global settling
# Allow witnesses to provide feeds

I'm not sure if I'm missing something important. Do you know a place where I can read more info about these permissions ?
« Last Edit: March 26, 2016, 12:33:08 am by EstefanTT »
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Offline Empirical1.2

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I'm still wondering about the default % of these two, is that seem ok for the index ?

Force settlement offset   1%
Max force settle vol   20%

If I was too guess, I would think you might have more people willing to go long than short, so you would probably want to offset that with settings that are more favourable for shorters. A force settlement offset of 5% should be more positive for people shorting the index as they would be less worried that they are going to be force settled against unexpectedly. I think, I'm not sure about that though.

You can't fake volume very easily/for very long when you're paying 0.2% per trade can you?

except you are the exchange owner... so the fees come back to you...

That's why I first consider the MC, because it's the only thing you can't fake. The only way to manipulate the MC is by pouring your money in the coin ;p

A lot of cryptos claim to have X supply on the market but you can't be sure they really distributed them, so their market cap is inflated but this is often obvious by their much lower volume.

(As an extreme example, have an ICO for 100 million coins, raise 100 BTC but 99.9 BTC actually came anonymously from you. Now there's only 100 000 coins on the market you don't own. Building their price up to $1 a coin would be fairly cheap and now your DAC/Coin would be valued at $100 million, but it would be clear your market cap is inflated because of the low volume.)
« Last Edit: March 25, 2016, 07:11:07 pm by Empirical1.2 »
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Offline xeroc

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I don't understand the difference between permissions and flags, it seems the same to me ...
If you have permissions enabled you MAY use those features but don't need to do so ..
You can ACTUALLY enable a feature by enabling the corresponding FLAG!

Note, that, once you have disabled a PERMISSION!! you cannot re-enable it. It is like an indefinite opt-out!

Offline EstefanTT

I'm still wondering about the default % of these two, is that seem ok for the index ?

Force settlement offset   1%
Max force settle vol   20%

I'm now wondering about the permission, I would choose these ones :

Enable market fee
Allow issuer to force a global settling
Allow witnesses to provide feeds

I don't understand the difference between permissions and flags, it seems the same to me ...

I'm almost done the website, it has been a crazy week with very little sleep and a lot of <#/'=var"@! ... I just need some precision to these grey areas and I will be ready to go live with the web site and actually create the index on the DEX.
Bit20, the cryptocurrency index fund http://www.bittwenty.com
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Offline EstefanTT

A few month ago, there was a debate on the "PERCENT OFFSET OF FORCED SETTLEMENTS" and the "MAX FORCE SETTLE VOL" for BitUSD and other smartcoins. I think TCNY have done it differently that BitUSD.

They are set by default that way  :

Force settlement offset   1%
Max force settle vol   20%

Do someone have an opinion on wich kind of values would fit better to an index ?
« Last Edit: March 25, 2016, 03:18:55 pm by EstefanTT »
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Offline EstefanTT

Wouldn't a Top 5 or 10 make more sense than 20?

At least today, we can find ~10 interesting, original, promising crypto projects.

Agree with you, at this moment 10 will be better.

It depends on how your index is weighted. 10 seems a little to small to me, lots of good coins from 10 to 20. Obviously, they don't have the same weight that the top ones.

Bit20, the cryptocurrency index fund http://www.bittwenty.com
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Offline EstefanTT

You can't fake volume very easily/for very long when you're paying 0.2% per trade can you?

except you are the exchange owner... so the fees come back to you...

That's why I first consider the MC, because it's the only thing you can't fake. The only way to manipulate the MC is by pouring your money in the coin ;p
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Offline Creat0r

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Wouldn't a Top 5 or 10 make more sense than 20?

At least today, we can find ~10 interesting, original, promising crypto projects.

Agree with you, at this moment 10 will be better.

Offline liondani

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You can't fake volume very easily/for very long when you're paying 0.2% per trade can you?

except you are the exchange owner... so the fees come back to you...

Offline Empirical1.2

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+5% +5% +5%  for the initiative !!!


some thoughts...

I think if you want to stick to the "best" 20 crypto's you should use the first 20 with the biggest volume NOT the 20 with the  biggest marketcap.... because we will see many shitcoins on the list very often....
if bit20 is depended from marketcap only it will be very misleading...  And not only use the 24h volume of course... we can use the top 20 crypto with the biggest weekly or monthly volume....

if you want to stick only with the marketacap then I prefer a bit10 index instead of the bit20 so that crap coins get out-filtered...

I support this point. Market cap is a bad measure of performance. Issue trillions of shit coins and get #1 market cap. Look at ripple for example. Trade volume is the only good way to evaluate crypto token performance.

trade volume is also easily faked

It depends what exchanges you reference I guess. You can't fake volume very easily/for very long when you're paying 0.2% per trade can you?

(Coinmarketcap for example excludes the BTC exchanges with no fees from their calculations http://coinmarketcap.com/currencies/bitcoin/#markets )
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