There will be plenty of people willing to short BitLISK at even a 1/4 of what it's trading for on Yobit.
Can/t we create BitLISK and only enable forced settlement once LISK is properly trading?
But what would we use for price feeds in this case?
If there's no forced settlement, I don't think we need price feeds right now because the market will know price feeds & forced settlement are coming and trade accordingly. Then once it's released we use price feeds from whichever main exchange/s are trading it.
Alternatively you could use the YoBit IOU LISK price as the price feed for now & add other exchanges as real LISK begins being traded though I doubt there will be much LISK demand at YoBit prices.
For some reason I'm having trouble wrapping my mind around the idea of a BitAsset with no price feed.
I don't 'think' it's a major issue because the price feeds and forced settlement will be available once LISK is trading so people should trade accordingly. Perhaps others can give their opinion.
We'd have to move quick but it could create quite a lot of exposure & demand for BTS.
I agree that someone here should do something. I have been very vocal about my belief that this would create great exposure for the DEX, both on the forum and in private with Ronny. I tried to get him to escrow some collateral from me in exchange for issuing an asset representing a portion of my Lisk ICO shares. But he is too busy with the Moscow conference. And I don't know that there is another good way to do it that will be trusted. Thoughts?
If there was a BitLISK, ICO LISK holders could just short it.
In terms of CCDEK yes that could be successful too. He could make a fortune right now. I would pay a 20% commission to sell some of my LISK at anything near YoBit prices.
Ronny could offer LISK for Sale on CCEDK and then credit it to LISK ICO owning forum members based on a combination of trust and collateral as well as not letting them withdraw the BTC from their account until they've sent actual LISK to the exchange once it's launched.
So for example he could say I trust you're good for 10 000 LISK Empirical1.2. I will credit your account with 8000 LISK which you can sell. However the account will be locked for withdrawals until you deposit 10 000 LISK which must be done within 72 hours of when LISK officially begins trading.
Ronny could easily get 300 000 LISK which could be put up for sale. At current YoBit prices 20% commission on that would be $500 000 profit for CCEDK in a matter of weeks.
(The high commission also allows for a high failure rate even amongst trusted members of this community and as prices are clearly inflated at the moment even if a small % of people failed to provide actual LISK the BTC they would have received for them in their locked account should more than cover the purchase of actual LISK once trading if required.)
Yes, pretty much my sentiments. Although personally, I was thinking of a lower commission since I'm willing to put up some collateral and give him a screenshot of my Lisk ICO exchanges. But yes, I think among some of the members of the community who have established some reputation, we could come up with a nice chunk of Lisk to enable a nice little market to trade on the DEX.
Regarding the BitLisk option, I'm just wondering how we would explain to people (especially outside this community) that they can trust this asset that we just shorted into existence all of a sudden. I mean, it's not issued by the blockchain, the issuer is not a trusted organization, and this particular asset would have no track record in the marketplace. That doesn't mean people wouldn't buy into it or that it wouldn't work. And of course if it did work, it would be awesome for us on several levels. I'm just having a hard time getting my head around it.
Yeah I would be willing to provide collateral and ICO screenshots too. But I would pay 20% commission at these prices any day of the week.
In terms of BitLISK. I imagine people would be willing to short it at far lower than YoBit prices which means the incentive to be a buyer & take that risk would be that you could get it for much cheaper than elsewhere at this stage. With the knowledge that you could redeem it 1 BitLISK for 1 LISK worth of BTS once LISK trading starts. I think there'll be a market for it but as I say maybe some other people have some opinions on it, there's often things i miss.
Ok, so walk me through this. What absolutely guarantees that they will be able to redeem 1 BitLISK for 1 LISK worth of BTS? Forced settlement? What are the potential pitfalls there? What if the market becomes extremely volatile and there isn't a lot of liquidity? What is the risk for those of us shorting BitLISK into existence, both before and after price feeds become available and forced settlement must be instituted?
As for the price feeds, so they would be coming from external Lisk:BTC markets once real LISK trading begins, correct? Does that mean that BitLISK needs to trade against BTC? Would it be BitBTC? OPEN.BTC? What about BTS? I imagine it would be best if it was not fragmented among multiple pairs. But if it was BTS, how would that work with the Lisk:BTC price feeds? Don't worry about answering that if you think it should only trade against some version of BTC.
By the way, what prevents people that don't have ICO Lisk keys from shorting BitLISK? Ok, I guess that doesn't matter as long as they have enough collateral. But again, I'm having trouble wrapping my mind around that. Enough collateral based on what? And would people trust that it's properly collateralized?
I'm certainly not shooting the idea of BitLISK down. I'm just trying to get comfortable with it. It would be amazing if this could work. And I appreciate you advancing the idea.
Topic: Is there a creative way to sell Lisk on the Dex prior to the mid April launch? (Read 11540 times)
