Author Topic: Depoposit and withdraw BTS from Bitshares 2.0?  (Read 4893 times)

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Offline wolfram

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Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #15 on: April 28, 2016, 07:58:04 pm »
If have illustrated my problem with the following image. In Account>Deposit/Withdrawal I have BTC, in "Trade" I have no BTC so I can not trade.


Offline xeroc

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Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #16 on: April 28, 2016, 08:05:15 pm »
You have TRADE.BTC not BTC, nor OPEN.BTC
Search for the TRADE.BTC:BTS market
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Offline yvv

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Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #17 on: April 28, 2016, 08:39:14 pm »
TRADE.BTC has zero liquidity. You better withdraw your BTC and deposit back through CCEDK or Metaexchange.

Offline svk

Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #18 on: April 30, 2016, 06:40:03 pm »
I'm tempted to remove the TRADE. assets from the wallet tbh, would be much better to just have OPEN. assets. Especially since it's run by the same company..

What's Dan N's handle here again? Someone tag him for me please..

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Offline wolfram

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Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #19 on: April 30, 2016, 10:09:11 pm »
Thank you for your answers, but I still think it is very confusing and counterintuitive. A software like this should be easy to use so that even a monkey can use it. I dont think most people my patience to ask questions for two weeks to figure out how to be able to do the most simple trade.

Quote
TRADE.BTC has zero liquidity. You better withdraw your BTC and deposit back through CCEDK or Metaexchange.

If the market associeted with TRADE.BTC has zero liquidity why does it still exist? Where do I deposit BTC to do trade with BTC not OPEN.BTC or TRADE.BTC?
« Last Edit: April 30, 2016, 10:49:36 pm by wolfram »

Offline speedy

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Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #20 on: April 30, 2016, 11:19:42 pm »
If the market associeted with TRADE.BTC has zero liquidity why does it still exist? Where do I deposit BTC to do trade with BTC not OPEN.BTC or TRADE.BTC?

There is a chicken & egg problem here, but there is quite a lot of liquidity with OPEN.BTC -> BTS. Everyone is free to create their own assets on the open ledger.
When you deposit BTC into Poloniex, you are getting "Polo.BTC" - they arent real BTC in your wallet anymore. The same concept applies to OPEN.BTC.

Offline wolfram

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Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #21 on: April 30, 2016, 11:23:35 pm »
Quote
There is a chicken & egg problem here, but there is quite a lot of liquidity with OPEN.BTC -> BTS. Everyone is free to create their own assets on the open ledger. When you deposit BTC into Poloniex, you are getting "Polo.BTC" - they arent real BTC in your wallet anymore. The same concept applies to OPEN.BTC.

But there is a asset called BTC and I would like to be able to trade it. So where do I deposit BTC from outside to have the BTC asset in the exchange?

Offline speedy

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Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #22 on: April 30, 2016, 11:38:36 pm »
Quote
There is a chicken & egg problem here, but there is quite a lot of liquidity with OPEN.BTC -> BTS. Everyone is free to create their own assets on the open ledger. When you deposit BTC into Poloniex, you are getting "Polo.BTC" - they arent real BTC in your wallet anymore. The same concept applies to OPEN.BTC.

But there is a asset called BTC and I would like to be able to trade it. So where do I deposit BTC from outside to have the BTC asset in the exchange?

Are you sure you dont mean BitBTC, the market pegged asset? Maybe paste a link to the market/asset your talking about on Openledger.

Easiest way to get BitBTC is to deposit your BTC into BTS (using Blocktrades) and then trade on the BTS/BitBTC market.
« Last Edit: April 30, 2016, 11:42:14 pm by speedy »

Offline wolfram

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Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #23 on: April 30, 2016, 11:50:11 pm »
If you look in the picture that I have posted above there is a BTC:BTS market. BTC looks very much like bitcoin to me. I have zero BTC in this market and want to be able to deposit BTC so I will have more then zero. It should be the most simple thing imaginable to do.
« Last Edit: May 01, 2016, 12:54:23 am by wolfram »

Offline dannotestein

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Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #24 on: May 01, 2016, 02:32:06 am »
If you look in the picture that I have posted above there is a BTC:BTS market. BTC looks very much like bitcoin to me. I have zero BTC in this market and want to be able to deposit BTC so I will have more then zero. It should be the most simple thing imaginable to do.
The confusing truth is that the BTC you are referring to is actually BitBTC, not BTC. BitBTC is a "smartcoin" in BitShares nomenclature (https://bitshares.org/technology/price-stable-cryptocurrencies/). It is a derivative whose value tracks that of BTC, but not on a 1-1 basis and it's not directly exchangeable for BTC (unless you can find someone willing to exchange it at that rate). Early on, the powers that be at the time decided to use BTC as the wallet symbol for BitBTC, so it's not an easy thing to change now.

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Offline svk

Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #25 on: May 01, 2016, 07:51:30 am »
If you look in the picture that I have posted above there is a BTC:BTS market. BTC looks very much like bitcoin to me. I have zero BTC in this market and want to be able to deposit BTC so I will have more then zero. It should be the most simple thing imaginable to do.
The confusing truth is that the BTC you are referring to is actually BitBTC, not BTC. BitBTC is a "smartcoin" in BitShares nomenclature (https://bitshares.org/technology/price-stable-cryptocurrencies/). It is a derivative whose value tracks that of BTC, but not on a 1-1 basis and it's not directly exchangeable for BTC (unless you can find someone willing to exchange it at that rate). Early on, the powers that be at the time decided to use BTC as the wallet symbol for BitBTC, so it's not an easy thing to change now.
It actually is called bitBTC in the GUI now, even though it's called BTC on the blockchain. All smartcoins owned by the committee-account get the bit prefix.
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Offline yvv

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Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #26 on: May 01, 2016, 04:27:32 pm »
Thank you for your answers, but I still think it is very confusing and counterintuitive. A software like this should be easy to use so that even a monkey can use it. I dont think most people my patience to ask questions for two weeks to figure out how to be able to do the most simple trade.

Quote
TRADE.BTC has zero liquidity. You better withdraw your BTC and deposit back through CCEDK or Metaexchange.

If the market associeted with TRADE.BTC has zero liquidity why does it still exist? Where do I deposit BTC to do trade with BTC not OPEN.BTC or TRADE.BTC?

You don't have BTC on bitshares blockchain. You have a token which represents BTC. This token can be issued by different parties. TRADE.BTC, OPEN.BTC, METAEX.BTC, bitBTC etc. Just like on different bitcoin exchanges, but all collected into single blockchain. You have to understand this before trading. If you feel yourself like a monkey, don't touch this thing. Go to a zoo, they will put you into comfortable cage and will feed you with banana for free for the rest of your life. Pretty good deal.

 

Offline Pheonike

Re: Depoposit and withdraw BTS from Bitshares 2.0?
« Reply #27 on: May 01, 2016, 04:43:49 pm »


Think of like Poloniex, Bitfinex, Kraken, etc all shared the same order book. They would not share wallets therefore they each would issue their own BTC because that's the only one they could trust. BitBTC is backed by the blockchain itself so only have to trust the Bitshars code.