Author Topic: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD  (Read 8288 times)

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Offline crazybit

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Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #15 on: January 16, 2014, 12:08:48 am »
how BitUSD beg to USD?imagine BitUSD is the USD currency futures.


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Offline Geneko

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Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #16 on: January 16, 2014, 12:12:41 am »
how BitUSD beg to USD?imagine BitUSD is the USD currency futures.


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Ok , I have imagined. How it goes further? What is Bitshare roll?

Offline crazybit

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Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #17 on: January 16, 2014, 12:20:12 am »

how BitUSD beg to USD?imagine BitUSD is the USD currency futures.


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Ok , I have imagined. How it goes further? What is Bitshare roll?
Bitshares likes the currency futures exchange,the currency futures will eventually beg to the real currency through market activities .


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Offline Geneko

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Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #18 on: January 16, 2014, 12:31:00 am »

how BitUSD beg to USD?imagine BitUSD is the USD currency futures.


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Ok , I have imagined. How it goes further? What is Bitshare roll?
Bitshares likes the currency futures exchange,the currency futures will eventually beg to the real currency through market activities .


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You didnt explained mechanism how it works ;) This is still fogy. I didn't understood this "Bitshares likes the currency futures exchange"
You mean they are like currency future exchanges? Bitshare is not exchange , rather it is backing asset for future contract.

Offline crazybit

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Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #19 on: January 16, 2014, 12:42:29 am »


how BitUSD beg to USD?imagine BitUSD is the USD currency futures.


Sent from my iPhone using Tapatalk

Ok , I have imagined. How it goes further? What is Bitshare roll?
Bitshares likes the currency futures exchange,the currency futures will eventually beg to the real currency through market activities .


Sent from my iPhone using Tapatalk

You didnt explained mechanism how it works ;) This is still fogy. I didn't understood this "Bitshares likes the currency futures exchange"
You mean they are like currency future exchanges? Bitshare is not exchange , rather it is backing asset for future contract.

The "BitShares" i mentioned is the system which is under development, The "Bitshare"you means is the BTS,it is a backing asset in the system,there are diffident concept.


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Offline Geneko

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Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #20 on: January 16, 2014, 01:01:54 am »
Ok, there it seams much inconsistency and misunderstanding in terms we use. We should take care of it first.
I am not  a bot that could easily distinguish difference between "BitShares" and "Bitshare".

So what represents Bishares X? Market for BitUsd and usd currency futures, right? What is Bts roll in that market?


Offline toast

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Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #21 on: January 16, 2014, 01:13:11 am »
They are peace of bet from every market move.

I like this.

BitShares provide a decentralized price feed. The only common point people all across the network have is that the "BitUSD" asset has the words "USD" in it. If someone wants to "attack" this price feed and cause it to deviate from real USD/BTS, and they don't have a large majority of BTS, the opposing market forces from the rest of the network are enough to push the price down and take money from the attacker, because everyone else has the choice of either "cooperate towards USD and make money if other do too" or "defect and hope to make money if enough people coincidentally defect in the same direction as you".
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Offline bytemaster

Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #22 on: January 16, 2014, 01:18:17 am »
They are peace of bet from every market move.

I like this.

BitShares provide a decentralized price feed. The only common point people all across the network have is that the "BitUSD" asset has the words "USD" in it. If someone wants to "attack" this price feed and cause it to deviate from real USD/BTS, and they don't have a large majority of BTS, the opposing market forces from the rest of the network are enough to push the price down and take money from the attacker, because everyone else has the choice of either "cooperate towards USD and make money if other do too" or "defect and hope to make money if enough people coincidentally defect in the same direction as you".

Toast gets a 1 PTS tip... this is an accurate description though it is can certainly be improved upon...  note this bounty pays for multiple answers...
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Offline Geneko

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Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #23 on: January 16, 2014, 01:44:07 am »
They are peace of bet from every market move.

I like this.

BitShares provide a decentralized price feed. The only common point people all across the network have is that the "BitUSD" asset has the words "USD" in it. If someone wants to "attack" this price feed and cause it to deviate from real USD/BTS, and they don't have a large majority of BTS, the opposing market forces from the rest of the network are enough to push the price down and take money from the attacker, because everyone else has the choice of either "cooperate towards USD and make money if other do too" or "defect and hope to make money if enough people coincidentally defect in the same direction as you".

Toast gets a 1 PTS tip... this is an accurate description though it is can certainly be improved upon...  note this bounty pays for multiple answers...

Congratulations Toast, only I thought it was mine description  :D

Offline bytemaster

Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #24 on: January 16, 2014, 01:49:34 am »
Geneko, your statement "They are peace of bet from every market move." does not describe how the peg works and 'they' is ambiguous in your statement. 
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline wasthatawolf

Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #25 on: January 16, 2014, 02:06:59 am »
Buying BitUSD within BitShares X is like buying part of an index fund that tracks the USD value of a share(s) of the stock exchange itself (BTS).

Offline BTSdac

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Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #26 on: January 16, 2014, 02:08:04 am »
Bitcoin rise and fall dramatically , but BitUSD can keep rise moderately
github.com :pureland
BTS2.0 API :ws://139.196.37.179:8091
BTS2.0 API 数据源ws://139.196.37.179:8091

Offline Geneko

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Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #27 on: January 16, 2014, 02:08:31 am »
Geneko, your statement "They are peace of bet from every market move." does not describe how the peg works and 'they' is ambiguous in your statement. 

Ok I all try with something more accurate. How about:

They are insurance policies against future Bitusd and Usd price difference.

Offline wasthatawolf

Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #28 on: January 16, 2014, 02:12:18 am »
Geneko, your statement "They are peace of bet from every market move." does not describe how the peg works and 'they' is ambiguous in your statement. 

Ok I all try with something more accurate. How about:

They are insurance policies against future Bitusd and Usd price difference.

Wouldn't that be future BTS to USD price difference?

Offline Markus

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Re: 1 PTS Analogy Bounty for How BitShares X works to peg BitUSD to USD
« Reply #29 on: January 16, 2014, 02:22:32 am »
It is supposed to be like a future contact with infinite maturity.

This nailed it for me.
I agree that is a very good one.

I would have picked that one too :)