Liquidity, Liquidity, Liquidity

[bitcrab]

anyone can persuade polo to open a BTS/USDT pair? that will help a lot.

[Permie]

3.) BitUSD:OPEN.USDT market
The best way to show people BitUSD is worth 1 USD is to create a market where BitUSD trades against a bearer asset that is worth 1 USD.  That would be USDT (see www.tether.to)
Bearer asset = Doesn't need to be kept in a named account.
I am trying to kick start the BitUSD:OPEN.USDT market with $1000 buy and sell walls and a 6% spread. Please take advantage of them or add some orders yourself. This market pair is easy for anyone to be a market maker in because  both assets have the same face value meaning you don't have to trust bot software  because orders don't need updating

 

So what you're describing here is a way for BTS Shareholders to profit, and at the same time improve the User Experience of bitshares?
Symbiotic profit for shareholder and community.

I know I've asked before, but could you describe the process of putting up 'sell walls' on the BitUSD:OPEN.USDT market?
Step by step instructions makes it far more likely a large portion of the shareholders will contribute to liquidity.

I think part of the problem is that holding bts in cold storage is very safe. Risking your investment on the exchange (if you fuck up) to make 6% by providing liquidity just doesn't seem worth it.

Do I need to open an account somewhere?
Register on tether.com?
Could you Spoon feed us the steps

3.) BitUSD:OPEN.USDT market
6.) Distribute BitUSD

Getting even small amounts of bitUSD in to users hands familiarises them with it and even if they dump it thats still adding trades to the market.
The idea of getting more bitusd out there is a good one and has been discussed many times on this forum. Who to and how is the tricky bit.

Are there any giftcards that use UIAs yet?
The possibility of bts shareholders making a profitable trade by exchanging bitGiftCard for physical gift card would be great.
Maybe that particular method is impossible, but some method by which bts shareholders can 'make a market' between the bts DEX and the physical world would be fantastic.

[ebit]

 

[bitcrab]

would like to borrow 10-30k bitUSD in a next 2 weeks to buy USDT at 1:1, if anyone can provide USDT liquidity, kindly fill the order there. please.

[JonnyB]

@Xeldal  which bot software are you using?

[Xeldal]

I get some idea, I will try to make below markets:

bitUSD:BTC
bitCNY:BTC
bitUSD:USDT
bitCNY:bitUSD

if these markets become prosperous, then DEX can be a hub to link China BTC traders and the exchanges outside China, and even CNY and USD markets.

maybe bots need to run not only inside DEX, but also with exchanges like polo, bitfinex, yunbi...?

This would be wonderful!  My bots are already linked to all these outside exchanges.

Can you use your bots to essentially mirror the bids and asks from poloniex on to the dex?

I used to do this but it was prone to so many errors, complications and vulnerabilities that I turned it off.  The existing bot is essentially the same thing only 10x more simple and you don't see the orders on the book until you run into them, which i understand isn't ideal.  It's nice to see fat books.  I'll look into what it will take to turn this back on but It will likely need a complete rework. 

[JonnyB]

I get some idea, I will try to make below markets:

bitUSD:BTC
bitCNY:BTC
bitUSD:USDT
bitCNY:bitUSD

if these markets become prosperous, then DEX can be a hub to link China BTC traders and the exchanges outside China, and even CNY and USD markets.

maybe bots need to run not only inside DEX, but also with exchanges like polo, bitfinex, yunbi...?

This would be wonderful!  My bots are already linked to all these outside exchanges.

Can you use your bots to essentially mirror the bids and asks from poloniex on to the dex?

[Xeldal]

I get some idea, I will try to make below markets:

bitUSD:BTC
bitCNY:BTC
bitUSD:USDT
bitCNY:bitUSD

if these markets become prosperous, then DEX can be a hub to link China BTC traders and the exchanges outside China, and even CNY and USD markets.

maybe bots need to run not only inside DEX, but also with exchanges like polo, bitfinex, yunbi...?

This would be wonderful!  My bots are already linked to all these outside exchanges.

[bitcrab]

I get some idea, I will try to make below markets:

bitUSD:BTC
bitCNY:BTC
bitUSD:USDT
bitCNY:bitUSD

if these markets become prosperous, then DEX can be a hub to link China BTC traders and the exchanges outside China, and even CNY and USD markets.

maybe bots need to run not only inside DEX, but also with exchanges like polo, bitfinex, yunbi...?

[bitcrab]

hope more USDT liquidity can be provided, in the next month Bitcoin buyers cannot withdraw BTC from China exchanges, it's a good time for BTSers to borrow bitUSD and buy BTC from polo or bfx, however a bridge that connect USDT and bitUSD is needed.

I myself need to buy a little big quantity of USDT at 1bitUSD, hope someone can sell...

There are 5000+ open.USD at 1bitUSD for sell.

I need USDT, not OPEN.USD, as I cannot withdraw the latter to other exchanges.

[天籁]

hope more USDT liquidity can be provided, in the next month Bitcoin buyers cannot withdraw BTC from China exchanges, it's a good time for BTSers to borrow bitUSD and buy BTC from polo or bfx, however a bridge that connect USDT and bitUSD is needed.

I myself need to buy a little big quantity of USDT at 1bitUSD, hope someone can sell...

There are 5000+ open.USD at 1bitUSD for sell.

[bitcrab]

hope more USDT liquidity can be provided, in the next month Bitcoin buyers cannot withdraw BTC from China exchanges, it's a good time for BTSers to borrow bitUSD and buy BTC from polo or bfx, however a bridge that connect USDT and bitUSD is needed.

I myself need to buy a little big quantity of USDT at 1bitUSD, hope someone can sell...

[Chronos]

I agree with JonnyBitcoin. Payment in BitUSD would be nice, but I strongly prefer a trustless solution.

[JonnyB]

although the process to increase witness payment is still on going, I am considering another possibility - to pay witness in bitUSD.
frankly speaking I have considered to use bitCNY to do this, as bitCNY has better supply and market depth than bitUSD, but more bitCNY supply may lead to one result that had happened: most of the bitCNY finally acculmate in transwiser and transwiser have to force settle. so maybe bitUSD is a better choise.

suppose 0.004$ is BTS price, then block payment should be 0.012$, 345.6 USD per day.

let reserve pool borrow 62208 bitUSD - which is total witness payment for 180 days, with 0.004$ as price and 5 as collateral ratio, that need 77,760,000 BTS for collateral - seems OK.

in order to get USD for position close, every week committee will place an order to sell 604800BTS  - the total weekly witness payment with 3BTS/block, with the price calculated out from some rules: the highest BTS price in the last week or other better rules.

It would be great if witnesses and workers could be paid in BitUSD automatically by the blockchain. Unfortunately bitshares is not designed to do this and as you suggest the only way is by trusting the committee with large collateral positions.

@xeroc latest worker is similar to this proposal, lets see how that goes


I'm not sure if shareholders would be happy to trust the comittee with such large amounts.

[bitcrab]

although the process to increase witness payment is still on going, I am considering another possibility - to pay witness in bitUSD.
frankly speaking I have considered to use bitCNY to do this, as bitCNY has better supply and market depth than bitUSD, but more bitCNY supply may lead to one result that had happened: most of the bitCNY finally acculmate in transwiser and transwiser have to force settle. so maybe bitUSD is a better choise.

suppose 0.004$ is BTS price, then block payment should be 0.012$, 345.6 USD per day.

let reserve pool borrow 62208 bitUSD - which is total witness payment for 180 days, with 0.004$ as price and 5 as collateral ratio, that need 77,760,000 BTS for collateral - seems OK.

in order to get USD for position close, every week committee will place an order to sell 604800BTS  - the total weekly witness payment with 3BTS/block, with the price calculated out from some rules: the highest BTS price in the last week or other better rules.