Author Topic: proposal to create bitXCD  (Read 24778 times)

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Offline R

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so... any news on bitxcd?
It's operational, however no news regarding its adoption yet, it has far greater collateral than that which the FIAT XCD issuers provide so that's got to be appealing..

Offline fav

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so... any news on bitxcd?

Offline kenCode

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bitXCD support in the PalmPay point-of-sale app is now complete.
 

 
update for wednesday, april 25, 2018:
 
PalmPay UI and UX are getting a huge makeover right now.
www.PalmPay.io

The Settings screen has been completely replaced and reorganized which should make initial setup, security and backups a LOT easier.

The homescreen now resizes/scales properly for merchants that don't accept 8 different coins.

The transactions screen has also been completely recoded and now supports the exact keyed in amounts from the calculator screen for easier tax, accounting and reporting. Filter and Search tools have been added. A secondary backup system added for transaction info and app settings.

A few little bug fixes here and there, and less mobile data is used.

The QR code screen has been cleaned up a lot and the timer redone. NFC support being added soon as well.

eReceipts have been totally redesigned. PalmPay now sends a very nice looking detailed receipt right to the customer's phone, complete with item lines, business address/contact info, custom message to the customer and even the merchant logo image shows on the customer receipts now.

bitXCD (East Caribbean Dollar), bitMXN and BTS are now supported as output currencies for the merchant.

Agorise will release all these features in PalmPay v1.1 in the next week or so on keybase and google play and then immediately move on to the Carbon wallet launch the following day.
 
@bitcrab @Stan Ping me with any questions; I have to visit Antigua soon to assist with rollouts, would love to help where needed.
kenCode - Decentraliser @ Agorise
Matrix/Keybase/Hive/Commun/Github: @Agorise
www.PalmPay.chat

Offline kenCode

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Adding bitXCD as a customer input and merchant output asset choice in PalmPay this week.
PalmPay v1.0.3 will include it.
 
Discussion on telegram: http://t.me/Agorise
kenCode - Decentraliser @ Agorise
Matrix/Keybase/Hive/Commun/Github: @Agorise
www.PalmPay.chat

Offline R

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What's very interesting to note is that the ECCB's strategic plan for 2017-2021 lists their minimum foreign reserves collateral as between 60-80%, where as bitXCD can provide 101% bitUSD collateral & 175% BTS collateral, we're on track to massively out perform the ECCB & the XCD has a GDP of ~$5B which would be great for Bitshares!

https://www.eccb-centralbank.org/files/documents/Stategic_Plan/ECCB_Stategic_Plan_2017P2.compressed.pdf

Offline Ravid

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@bitcrab, it would be amazing if you could also provide some insight on what is happening on the Free Trade Zone's side (e.g. how do they plan to implement it, will they recognize it as a real currency, how much time they think it'll take etc.) if you know anything. I find this whole thing really fascinating

Offline xeroc

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For you information: pybitshares now can publish feeds for XCD .. you can use uptick for that with:

    uptick -x newfeed --cer 0.1 XCD 2.7 XCD/USD

the latest release of bitshares-pricefeed also knows how to do XCD. you can get the default config using:

    bitshares-pricefeed create XCD

then modify config.yaml

Offline R

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why do you need a MPA then? if the price is fixed, just make a UIA and add a sell order at this price

MPAs are massively more decentralized than UIAs - an UIA would introduce centralized risk, not good.

Offline yvv

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Feed lifetime   525600 min(1 year) #to make a 'static' price

3.a if in future XCD relax peg to bitUSD, one choice for us is to create another smartcoin which peg to XCD but backed by BTS to replace bitXCD

If the peg changed in the future, wouldn't it be enough to start feeding new price? I understand that in such a case feed lifetime set to 1 year could be problematic. Could we change it to something more reasonable, e.g. 1 month?  I guess that this kind of stuff doesn't change overnight.

No, it would not be enough just to start a new price. MCR would probably need to be changed too.

Offline paliboy

Feed lifetime   525600 min(1 year) #to make a 'static' price

3.a if in future XCD relax peg to bitUSD, one choice for us is to create another smartcoin which peg to XCD but backed by BTS to replace bitXCD

If the peg changed in the future, wouldn't it be enough to start feeding new price? I understand that in such a case feed lifetime set to 1 year could be problematic. Could we change it to something more reasonable, e.g. 1 month?  I guess that this kind of stuff doesn't change overnight.

Offline pc

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Thanks @bitcrab . I'm not an economics expert, so I suppose this makes sense. :-)
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de

Offline bitcrab

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I'm sure the info is available somewhere, but I'm too lazy to go searching... :-/ Nevertheless, I'm seriously interested in answers to the following questions:

1. What is the economic sense in an asset that has a fixed exchange rate to USD? Why should anyone not simply use USD instead?
2. Where does the "magic" value 2.7 stem from? Is there an economic reason for that value?
3. Can we be extremely sure that this value is not going to be redefined in the future?
3.a If we can't, we should have a plan how to handle such changes. Preferrably come up with a plan before creating the asset.
3.b If we can be sure, see question 1.

1. pegging with a powerful fiat is one of the ways of fiat design, HKD is also such kind of fiat, why HongKong government does not directly adopt USD or GBP but issue HKD instead? it's not easy to summarize but it make sense. if we would like to push CFTZ to come into Bitshares world, bitXCD is a better key that we can give to them than bitUSD.

2. officially defined.
3. not 100% sure, but 99.99% sure.
3.a if in future XCD relax peg to bitUSD, one choice for us is to create another smartcoin which peg to XCD but backed by BTS to replace bitXCD

and if we create bitXCD which peg to USD in a fixed rate, we are actually helping XCD.

Email:bitcrab@qq.com

Offline yvv

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I'm sure the info is available somewhere, but I'm too lazy to go searching... :-/ Nevertheless, I'm seriously interested in answers to the following questions:

1. What is the economic sense in an asset that has a fixed exchange rate to USD? Why should anyone not simply use USD instead?
2. Where does the "magic" value 2.7 stem from? Is there an economic reason for that value?
3. Can we be extremely sure that this value is not going to be redefined in the future?
3.a If we can't, we should have a plan how to handle such changes. Preferrably come up with a plan before creating the asset.
3.b If we can be sure, see question 1.

I guess, questions 1-3 should be addressed to Caribbean governments. But yes, we should be ready for scenario when they decide to relax the peg to USD.

Offline pc

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I'm sure the info is available somewhere, but I'm too lazy to go searching... :-/ Nevertheless, I'm seriously interested in answers to the following questions:

1. What is the economic sense in an asset that has a fixed exchange rate to USD? Why should anyone not simply use USD instead?
2. Where does the "magic" value 2.7 stem from? Is there an economic reason for that value?
3. Can we be extremely sure that this value is not going to be redefined in the future?
3.a If we can't, we should have a plan how to handle such changes. Preferrably come up with a plan before creating the asset.
3.b If we can be sure, see question 1.
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de

Offline pc

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Quote
MAXIMUM SUPPLY 100,000,000,000

I know that it's set to the same value for other smartcoins but is there any technical or practical reason to limit it to 100 billion? Can it be changed later?

The technical reason is that the total supply given as a multiple of the smallest possible unit should fit into an IEEE double floating point value, which has 52 bits of precision. With 4 decimals, 100bn is the largest power of 10 that fits into 52 bits.

IEEE double is the only native numeric type in some programming languages, most importantly JavaScript.
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de