Author Topic: Smart Coins - Where are we headed?  (Read 4290 times)

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Offline R

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With the recent hack of coincheck is there any reason not to issue additional bitASSETS beyond bitBTC?

There are reasons to issue them, but creating an asset is not enough to make it useful. Look at bitBTC. This asset makes a perfect sense, but liquidity ...
 

Bitshares has just began to revive it's luster for the last 6 months, liquidity has been ever increasing.  Do we have anything to lose by issuing a handful more?

@CoinHoarder I agree on offering index funds just like bitTWENTY.  How do we even get this started, create a BSIP?  Is this something the foundation @xeroc  can assist with organizing all of the communities requests?

If you look into |ephyr (zephyr.bitspark.io/), they're planning on creating many new market pegged assets for providing remittance around the world, so the more the merrier IMO!

Offline Brekyrself

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With the recent hack of coincheck is there any reason not to issue additional bitASSETS beyond bitBTC?

There are reasons to issue them, but creating an asset is not enough to make it useful. Look at bitBTC. This asset makes a perfect sense, but liquidity ...
 

Bitshares has just began to revive it's luster for the last 6 months, liquidity has been ever increasing.  Do we have anything to lose by issuing a handful more?

@CoinHoarder I agree on offering index funds just like bitTWENTY.  How do we even get this started, create a BSIP?  Is this something the foundation @xeroc  can assist with organizing all of the communities requests? 

Offline R

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You don't need to rely solely on witnesses/committee to provide price feeds, you can assign private price feed publishers too.

Any idea where I can find more information on this?  I'd like to see what technical resources are required to create & bootstrap markets.
If you launch the latest (Web/Light) wallet you'll see the feed producers list tab in the smartcoin settings now. You can easily add new price feed publishers & these BTS users can publish price feeds using BTS_Tools, xeroc's price feed scripts, etc. See Hero & Hertz for algorithm based asset inspiration.

Offline CoinHoarder

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There are reasons to issue them, but creating an asset is not enough to make it useful. Look at bitBTC. This asset makes a perfect sense, but liquidity ...

The free market has spoken... people have indicated that they prefer an IOU for the real thing (OPEN.BTC or GDEX.BTC) rather than a derivative (bitBTC). I view the cryptocurrency Smart Coins as effectively useless at this point... (other than for a small percentage of the userbase that wants to margin trade with them or stay in a completely decentralized and autonomous environment).

But I think cryptocurrency Smart Coins (bitBTC, bitLTC, etc.) may be different than equities, index funds, or commodities. Due to regulatory issues, there is no easy way for someone to setup IOUs for index funds or equities. Also due to custodial/regulatory issues, there is no way to set up IOUs for commodities either.

I think it can be a good for Bitshares marketing to create a few Index Fund Smart Coins. I think the options should represent a decently diversified portfolio. Something like:

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares
VBMFX - Vanguard Total Bond Market Index Fund Investor Shares
VFINX - Vanguard 500 Index Fund Investor Shares

Plenty of price feeds available for all three of those. They would represent ownership in the S&P 500 (VFINX), Bonds (VBMFX), and also the Stock Market as a whole (VTSMX).

I think this would be really good for marketing and bring more users into Bitshares. No other DEX can say they have such derivatives. Smart Coins are Bitshares' killer feature, but they need to be leveraged properly.
« Last Edit: January 27, 2018, 12:57:19 am by CoinHoarder »
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Offline yvv

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With the recent hack of coincheck is there any reason not to issue additional bitASSETS beyond bitBTC?

There are reasons to issue them, but creating an asset is not enough to make it useful. Look at bitBTC. This asset makes a perfect sense, but liquidity ...
 

Offline Brekyrself

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With the recent hack of coincheck is there any reason not to issue additional bitASSETS beyond bitBTC?

Offline Brekyrself

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You don't need to rely solely on witnesses/committee to provide price feeds, you can assign private price feed publishers too.

Any idea where I can find more information on this?  I'd like to see what technical resources are required to create & bootstrap markets.

Offline R

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You don't need to rely solely on witnesses/committee to provide price feeds, you can assign private price feed publishers too.

Offline CoinHoarder

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Why not have bitLTC or any of the other top 20 tokens?

We have BTWTY which represents top 20 tokens. We also have bitOIL, NASDAQ and a bunch of other tokens pegged to real world asset, but nobody provides price feeds for them. Witnesses should post price feeds and all these tokens will get alive.

 +5% +5% +5%

The "we're not ready yet" camp has always annoyed me when it comes to issuing additional Smart Coins. You will never know until they are up and running.

You guys better get to bootstrapping and network effecting this feature on the Bitshares chain before someone else eats your lunch...

I know of at least one chain (Ethereum) that if it implemented a SmartCoin smart contract tomorrow... it could steal Bitshare's thunder easily- like taking candy from a baby.
« Last Edit: December 31, 2017, 09:28:16 pm by CoinHoarder »
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Offline chamber

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Witnesses should post price feeds and all these tokens will get alive.

Is this the recommended procedure for setting up a witness?  Is there already a MPA for the S&P500?  If so, what's the symbol name? 

https://bitsharestalk.org/index.php?topic=24046.0

Offline yvv

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Why not have bitLTC or any of the other top 20 tokens?

We have BTWTY which represents top 20 tokens. We also have bitOIL, NASDAQ and a bunch of other tokens pegged to real world asset, but nobody provides price feeds for them. Witnesses should post price feeds and all these tokens will get alive.

Offline zapata42

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Interesting question, and it will be good to have a shared vision on that.

 I'm relatively new here but I would say:

 - focus shareholders efforts and marketing on some key smart coins such as bitUSD, bitCNY, bitEur, botBTC, bitGold to get liquidity on them
  - attract private business/company to issue others and let them pay for issuance  liquidity and marketing.

What do you think?

 

Offline Brekyrself

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I have been thinking about Smart Coins lately and wondering where do we draw the line between utilizing these or pushing businesses to issue UIA's?  At the moment we only have a few that overlap, for example bitBTC and open.BTC.

Why are we not adding more such as bitOIL, bitDowJones, bitXYZ Stock, to attract traders interested in futures beyond FX markets?  Some of these may require private $ price feeds however most should have pretty solid publicly available price feeds.

Why not have bitLTC or any of the other top 20 tokens?  We are an exchange are we not?  Sure they will have to transfer to BTS if there are not any gateways, however what comes first the chicken or the egg?