Author Topic: BitUSD needs liquidity for those that want to buy it.  (Read 13818 times)

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Offline BunkerChainLabs-DataSecurityNode

I am still yet to hear any convincing reason why this proposal could have a negative effect on bitshares.
Is there a consensus among the committee that demand for BitUSD is not the issue, it is the supply of BitUSD that is the issue?
If not from a worker proposal where does the committee suggest this supply should come from?

Another solution would fit nicely would be that all worker proposals are paid in BitUSD but this would require a hard fork.

@xeroc @bitcrab @Bhuz  @clayop @bitcube @abit @dele-puppy @BunkerChain Labs @ebit @Chris4210 @Harvey-xts

Initially I thought this was a good idea.. but the more I thought about it the more I saw too many issues as have been stated by different people.
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Offline BunkerChainLabs-DataSecurityNode

Another solution would fit nicely would be that all worker proposals are paid in BitUSD but this would require a hard fork.
That's not true. I proposed on several occasions to create a new multisig account (owned by the committee) that actually creates the workers for people looking to work for BitShares, gets the BTS and borrows bitUSD at ratio 3x or more) to pay them to the "employee" ...
All we need to do is to agree on this process since the shareholder needs to pay 3x - MORE for the worker in BTS terms to fund the collateral.

There is the problem to it. :) .. Everyone freaks out when they see the amount of BTS being asked for.. regardless of the conversion.. its the number they see they are voting on.

Other than the human issue.. I think its a fantastic idea though.
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Offline xeroc

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Another solution would fit nicely would be that all worker proposals are paid in BitUSD but this would require a hard fork.
That's not true. I proposed on several occasions to create a new multisig account (owned by the committee) that actually creates the workers for people looking to work for BitShares, gets the BTS and borrows bitUSD at ratio 3x or more) to pay them to the "employee" ...
All we need to do is to agree on this process since the shareholder needs to pay 3x - MORE for the worker in BTS terms to fund the collateral.

Offline ebit

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Quote
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I am still yet to hear any convincing reason why this proposal could have a negative effect on bitshares.
Is there a consensus among the committee that demand for BitUSD is not the issue, it is the supply of BitUSD that is the issue?
If not from a worker proposal where does the committee suggest this supply should come from?

Another solution would fit nicely would be that all worker proposals are paid in BitUSD but this would require a hard fork.

@xeroc @bitcrab @Bhuz  @clayop @bitcube @abit @dele-puppy @BunkerChain Labs @ebit @Chris4210 @Harvey-xts
Trying to control the money supply in order to induce a bubble is very fed-ish.

Yes it may work to bolster bts in the short term, but it goes against the principles of many members.
Yes,Who want to increase bitusd,please short your bts by yourself .don't stare at others.
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Offline lil_jay890

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I am still yet to hear any convincing reason why this proposal could have a negative effect on bitshares.
Is there a consensus among the committee that demand for BitUSD is not the issue, it is the supply of BitUSD that is the issue?
If not from a worker proposal where does the committee suggest this supply should come from?

Another solution would fit nicely would be that all worker proposals are paid in BitUSD but this would require a hard fork.

@xeroc @bitcrab @Bhuz  @clayop @bitcube @abit @dele-puppy @BunkerChain Labs @ebit @Chris4210 @Harvey-xts

Trying to control the money supply in order to induce a bubble is very fed-ish.

Yes it may work to bolster bts in the short term, but it goes against the principles of many members. As a long term affect I believe it would further the belief that bts is centralized.  The effects of bts being more centralized are unknown, but I think centralization perception is the leading cause of the bts bear market.

Offline JonnyB

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I am still yet to hear any convincing reason why this proposal could have a negative effect on bitshares.
Is there a consensus among the committee that demand for BitUSD is not the issue, it is the supply of BitUSD that is the issue?
If not from a worker proposal where does the committee suggest this supply should come from?

Another solution would fit nicely would be that all worker proposals are paid in BitUSD but this would require a hard fork.

@xeroc @bitcrab @Bhuz  @clayop @bitcube @abit @dele-puppy @BunkerChain Labs @ebit @Chris4210 @Harvey-xts
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Offline lil_jay890

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bitCNY supply has almost tripled since the optimization recommended by bitcrab...

If we want bitUSD to become more liquid and have a tighter peg, we have a proven template... without the need to tap the reserve funds

Coincidence does not necessarily mean causality.

True, but it was the only smartcoin to increase its supply drastically. It was also the only coin to have the optimization. If the increase was not due to the optimization, I would expect the other smartcoins would have also increased their supply.  But they did not.

Perhaps we should try the optimization on a smartcoin that's not bitUSD to see if the same results as bitCNY can be achieved.

Offline yvv

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Yes, I mean around 200 BTC inflow in the Bitshares platform per day.

BlockPay works like that.
We have 40 Ambassadors in around 20 countries. If each Ambassador signs up 5 stores per month, we start with around 200 BlockPay installation on the market. We will start with Bitcoin meetups, bars, and restaurants who just have to download the free app and can accept Bitcoin payments at zero costs.  Business are still paying with Coinbase, Xapo etc.

200 BlockPays with let us say 1 BTC (550 USD) per day in Bitcoin sales brings in 200 BTC/day.

But how does it work?

BlockPay generates a Bitcoin QR-Code from our partner Blocktrades.us and the money will be converted through Blocktrades in BitUSD, BitEUR, BitCNY.

Bitcoin->Blocktrades->BitUSD ->?

What are the Merchant options?


a) Sell BitUSD for USD
b) Sell BitUSD for BTC to USD
c) Settle BitUSD for BTS to BTC to USD
d) Keep BitUSD and pay bills, salaries and other services from other partners ( Do you have a service for bitUSD ;) )

No matter what the business will do with their BitUSD, they will get it. And we will have a big increase in Liq on BitShares.

These are sweet dreams. Let's see if they will ever come true.

Offline yvv

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bitCNY supply has almost tripled since the optimization recommended by bitcrab...

If we want bitUSD to become more liquid and have a tighter peg, we have a proven template... without the need to tap the reserve funds

Coincidence does not necessarily mean causality.

 

Offline Chris4210

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Yes, I mean around 200 BTC inflow in the Bitshares platform per day.

BlockPay works like that.
We have 40 Ambassadors in around 20 countries. If each Ambassador signs up 5 stores per month, we start with around 200 BlockPay installation on the market. We will start with Bitcoin meetups, bars, and restaurants who just have to download the free app and can accept Bitcoin payments at zero costs.  Business are still paying with Coinbase, Xapo etc.

200 BlockPays with let us say 1 BTC (550 USD) per day in Bitcoin sales brings in 200 BTC/day.

But how does it work?

BlockPay generates a Bitcoin QR-Code from our partner Blocktrades.us and the money will be converted through Blocktrades in BitUSD, BitEUR, BitCNY.

Bitcoin->Blocktrades->BitUSD ->?

What are the Merchant options?


a) Sell BitUSD for USD
b) Sell BitUSD for BTC to USD
c) Settle BitUSD for BTS to BTC to USD
d) Keep BitUSD and pay bills, salaries and other services from other partners ( Do you have a service for bitUSD ;) )

No matter what the business will do with their BitUSD, they will get it. And we will have a big increase in Liq on BitShares.
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Offline JonnyB

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Ok, so we don´t have enough people who would like to sell their BitUSD?

How will our situation change if:
- 200 BTC flow into BitShares every day, and will be converted into BitUSD
-  50% of the new BitUSD will be sold to on the market because they want to cash out

If the BitUSD cannot be sold against USD, the BitUSD has to be settle and the BTS has to be sold to get the equivalent amount in USD back.

We will have that situation in a few weeks after the launch of BlockPay. Any BitUSD buyers?

This sounds incredible if true.
When you say converted into BitUSD what do you mean ?
If you mean use the BTC to buy BitUSD you won't be able to as nobody will sell you that amount of BitUSD  without huge mark ups.
If you mean selling the 200btc for BTS then creating the BitUSD and then selling it  you will have money tied up in collateral for the BitUSD you just sold.
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Offline lil_jay890

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bitCNY supply has almost tripled since the optimization recommended by bitcrab...

If we want bitUSD to become more liquid and have a tighter peg, we have a proven template... without the need to tap the reserve funds

Offline Pheonike

personally I do not like this idea, business should be done by businessmen.
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I dislike this as well and have cast that vote multiple times already.
For me, this is not the time to use our reserves to improve the liquidity .. not yet..

Can you give reasons why?

I think it has something to do with the lack of utility that thus is not driving any real demand. By doing something like this 'today' we are creating an artificial market that is more likely to lead to something like nubits than towards growing.

That's just my guess anyways.. not a trader!
What do you mean? At minimum a hedge against btc is a utility. Look at this  btc dump. I used tether on polo to hedge. Would have been nice to have used bitusd.

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« Last Edit: August 03, 2016, 02:22:10 am by Pheonike »

Offline Akado

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Ok, so we don´t have enough people who would like to sell their BitUSD?

How will our situation change if:
- 200 BTC flow into BitShares every day, and will be converted into BitUSD
-  50% of the new BitUSD will be sold to on the market because they want to cash out

If the BitUSD cannot be sold against USD, the BitUSD has to be settle and the BTS has to be sold to get the equivalent amount in USD back.

We will have that situation in a few weeks after the launch of BlockPay. Any BitUSD buyers?

You mean just "200 btc" or you really meant 200btc/day? Although that would be the best thing to have ever happened to BTS, it sounds like a stretch... a huge, huge stretch.

keep up the good work with BlockPay  +5%
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Offline Chris4210

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Ok, so we don´t have enough people who would like to sell their BitUSD?

How will our situation change if:
- 200 BTC flow into BitShares every day, and will be converted into BitUSD
-  50% of the new BitUSD will be sold to on the market because they want to cash out

If the BitUSD cannot be sold against USD, the BitUSD has to be settle and the BTS has to be sold to get the equivalent amount in USD back.

We will have that situation in a few weeks after the launch of BlockPay. Any BitUSD buyers?
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