Author Topic: bitusd peg  (Read 89857 times)

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Offline bitstopia2049

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Please voice your wishes, suggestions or ideas for the marketing worker in a constructive way, I will happily listen.

Stefan I sent you an email

Offline bitstopia2049

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Does anyone have any experience with this exchange?   Can the foundation make a proposal to them to add BTS-USD pair..?

Huobi has a BTS/USDT pair.
Since they got now a USD/USDT pair it shouldn't be a big problem to exchange them anytime.
Will have a look at it.

Great...it would certainly help to be able to refer people to a direct US fiat to BTS on ramp...

USDT  had a BIG problem in the US...Wells Fargo Bank cut off all fiat transfers and deposits for US citizens between Hong Kong..I think and US...

I don't have much time now (work) but will check later .

Offline bitstopia2049

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Please voice your wishes, suggestions or ideas for the marketing worker in a constructive way, I will happily listen.

https://cointelegraph.com/news/united-states-crypto-platform-huobicom-launches-fiat-crypto-trading

Does anyone have any experience with this exchange?   Can the foundation make a proposal to them to add BTS-USD pair..?

A direct fiat USD/BTS on ramp would be a major boon to a revamped Bitshares marketing campaign...

Obviously the sooner bitUSD is revived the stronger case the foundation can make...

Also..


https://www.newsbtc.com/2019/02/21/underestimate-samsung-galaxy-s10-crypto-millions-exposed-bitcoin/

I wonder if this announcement by Samsung had any influence on the BTS price spike on Upbit Exchange...Is Samsung aware of BTS' superior capabilities. ?

Is there a bitKRW asset? 

US$ =  1138 KRW   CNY = 169 KRW

yes there is..not much used though

Well maybe because they don't know it exists...Obviously based on the activity on Upbit Exchange there is a strong BTS interest there...

Can the foundation at least send an exploratory email to Samsung and reach out to them..?   
They are clearly looking for new things to put into their smartphones....they might even be willing to be a market maker in bitKRW... BTS won't succeed if we don't try..

What is the foundation being paid for?

Offline Thul3

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Does anyone have any experience with this exchange?   Can the foundation make a proposal to them to add BTS-USD pair..?

Huobi has a BTS/USDT pair.
Since they got now a USD/USDT pair it shouldn't be a big problem to exchange them anytime.
Will have a look at it.

Offline clockwork

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Please voice your wishes, suggestions or ideas for the marketing worker in a constructive way, I will happily listen.

https://cointelegraph.com/news/united-states-crypto-platform-huobicom-launches-fiat-crypto-trading

Does anyone have any experience with this exchange?   Can the foundation make a proposal to them to add BTS-USD pair..?

A direct fiat USD/BTS on ramp would be a major boon to a revamped Bitshares marketing campaign...

Obviously the sooner bitUSD is revived the stronger case the foundation can make...

Also..


https://www.newsbtc.com/2019/02/21/underestimate-samsung-galaxy-s10-crypto-millions-exposed-bitcoin/

I wonder if this announcement by Samsung had any influence on the BTS price spike on Upbit Exchange...Is Samsung aware of BTS' superior capabilities. ?

Is there a bitKRW asset? 

US$ =  1138 KRW   CNY = 169 KRW

yes there is..not much used though

Offline clockwork

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Still trying to wrap my head around bsip18 after reading: https://steemit.com/bitshares/@haruka/detailed-mechanism-of-global-settlement-black-swan-and-reviving-of-bitassets

Please correct me if I am wrong about the following:

-By bidding for the settlement fund we are essentially bidding for a position at a specific bitusd/bts price?

-If enough bids happen and this revives, we essentially skip the step of having to sell bitusd for bts in the open market after borrowing bitusd into existence?

-If the above is correct and we had enough BTS backing, we could essentially open a position at $0.01 with 1k debt and 100k collateral?

End of the day I want to borrow bitusd and buy more bts with it by using existing bts as collateral.  Since that is not available at the moment, is the above method correct to get a position when this revives?


Attempt at a quick and easy explanation.

Right now , there is X amount of bitUSD in existence in the wild backed by Y amount of BTS collateral (the settlement fund)

Assuming no bids,

at some point , if BTS rises enough, Y will be 1.75x the value of X. At that point, the asset owner (committee-account) would acquire a position  of X debt backed by Y collateral at 1.75 CR

(you can imagine that  the asset owner has an implicit bid at 0 ratio if noone else bids).

Now , every bid someone makes takes the form of Y' BTS  for X' amount of debt.

This lowers the price at which revival will take place (since backing collateral is increased by Y') and bidders acquire the relevant position until debt is covered (ordered by descending ratio). If debt is not covered, the owner implicit-bid picks up the rest.

To try with numbers:

Assume 100 BTS (settlement fund) is backing 10$ (bitUSD in circulation) and current price is 10 BTS/$.

Asset would be revived when BTS price rose enough so that 100 BTS = 17.5 USD.

At that time, committee-account would acquire a position 100 BTS collateral tied up , 10 USD debt and 1.75 CR.

Now...if instead you placed a bid for 75 BTS for 10$ of debt, total collateral would reach 175BTS for the total 10$ fulfilling the 1.75x requirement and teh asset would be revived instantly.

You would then acquire a 175 BTS /10$ debt position , essentially "gaining" 100BTS (albeit tied up in a long position).


Offline bitstopia2049

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Please voice your wishes, suggestions or ideas for the marketing worker in a constructive way, I will happily listen.

https://cointelegraph.com/news/united-states-crypto-platform-huobicom-launches-fiat-crypto-trading

Does anyone have any experience with this exchange?   Can the foundation make a proposal to them to add BTS-USD pair..?

A direct fiat USD/BTS on ramp would be a major boon to a revamped Bitshares marketing campaign...

Obviously the sooner bitUSD is revived the stronger case the foundation can make...

Also..


https://www.newsbtc.com/2019/02/21/underestimate-samsung-galaxy-s10-crypto-millions-exposed-bitcoin/

I wonder if this announcement by Samsung had any influence on the BTS price spike on Upbit Exchange...Is Samsung aware of BTS' superior capabilities. ?

Is there a bitKRW asset? 

US$ =  1138 KRW   CNY = 169 KRW



Offline bitstopia2049

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I know nothing about video games...but is there any marketing worker focused on this sector?   
It seems that  3 second block times would be perfect for their use

There is no worker currently for this. I am working by myself on a game (idle style game) that should be theoretically possible to track on-chain. But it is slow going since it is a side project. If there was a worker that supported work like that it would make development happen faster...

I hear you...I think the sooner bitUSD is revived, along with a market cap increase, the more willingness there will be for stakeholders to allocate resources and vote for sector focused workers to be approved..

As per usual during bear markets - use the time to prepare for when the bull returns  (i.e work on improving the product)

Offline bitstopia2049

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By bidding for the settlement fund we are essentially bidding for a position at a specific bitusd/bts price?

      YES, ( and the more collateral you bid the better your position)

-If enough bids happen and this revives, we essentially skip the step of having to sell bitusd for bts in the open market after borrowing bitusd into existence?    YES, essentially

-If the above is correct and we had enough BTS backing, we could essentially open a position at $0.01 with 1k debt and 100k collateral?    YES,

but you would not want to tie up that much collateral for a relatively small amount of debt.....

a revival will only happen when the MCR is greater than 1.75....

 either because the feed price has increased sufficiently - e.g auto revival

 or because the total amount of collateral bids is greater than 1.75 x #bitshares in the settlement fund..

or some combination of both..


@bitstopia2409

How is call price calculated in the steemit example?  I am trying to figure out real life examples to bid...

https://steemit.com/bitshares/@haruka/detailed-mechanism-of-global-settlement-black-swan-and-reviving-of-bitassets
Basically...in the Alice example...

Debt / Feed Price   =>   $50 / 0.50 bitUSD/bts   =  100 bts      {so this is the current value of the debt in BTS}

Therefore  Collateral Ratio (CR) =   150 bts / 100 bts  = 1.5

The call price  =>   Debt / Collateral =   50 bitUSD / 150 bts  =  0.333 bitUSD / BTS

The main thing to remember is that the call price will change with the changing Feed Price..so therefore you want to add a prudent amount of collateral so that with price volatility you afford yourself adequate protection...or at least as much as you can afford...otherwise your stomach will churn with each price movement..

e.g  if Maintenance CR = 1.75  and Debt = 100 bitUSD  and Feed Price = 0.50 bitUSD

using the same calculation you would need 350 BTS minimum collateral and call price  0.28 bitUSD { but you should have an MCR  much > 1.75}

if you were to increase your collateral to say.. 400, 450, 500, 750 BTS then your corresponding call price would decrease to 0.25, 0.22, 0.20, 0.133 respectively
so even if there was a sudden drop in feed price from 0.50 with sufficient collateral hopefully you would not get margin called
and would have time to either add more collateral or reduce your debt position..

Offline Brekyrself

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By bidding for the settlement fund we are essentially bidding for a position at a specific bitusd/bts price?

      YES, ( and the more collateral you bid the better your position)

-If enough bids happen and this revives, we essentially skip the step of having to sell bitusd for bts in the open market after borrowing bitusd into existence?    YES, essentially

-If the above is correct and we had enough BTS backing, we could essentially open a position at $0.01 with 1k debt and 100k collateral?    YES,

but you would not want to tie up that much collateral for a relatively small amount of debt.....

a revival will only happen when the MCR is greater than 1.75....

 either because the feed price has increased sufficiently - e.g auto revival

 or because the total amount of collateral bids is greater than 1.75 x #bitshares in the settlement fund..

or some combination of both..


@bitstopia2409

How is call price calculated in the steemit example?  I am trying to figure out real life examples to bid...

https://steemit.com/bitshares/@haruka/detailed-mechanism-of-global-settlement-black-swan-and-reviving-of-bitassets

Offline sschiessl

Please voice your wishes, suggestions or ideas for the marketing worker in a constructive way, I will happily listen.

I know nothing about video games...but is there any marketing worker focused on this sector?   
It seems that  3 second block times would be perfect for their use?

https://www.cryptonewsz.com/blockchain-boom-in-the-virtual-games-divisions-trending-now-more-than-ever/12434/


Also I know there is a bounty program for acquiring exchange listings..

Was anyone responsible for today's BTS listing on Upbit Exchange (S. Korea) ? or are they just smart operators?

https://coingape.com/bitshares-bts-fusion-fsn-flash-rise/

I don't have games in the focus at the moment. I think those short-term click adventures are all focusing on EOS atm

Offline iamredbar

I know nothing about video games...but is there any marketing worker focused on this sector?   
It seems that  3 second block times would be perfect for their use

There is no worker currently for this. I am working by myself on a game (idle style game) that should be theoretically possible to track on-chain. But it is slow going since it is a side project. If there was a worker that supported work like that it would make development happen faster...

Offline abit

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Can someone explain the best way to "arb" this in terms of USD? I can just buy BTS, and sell on the BTS/USD market (for a higher price, in exchange for risk of holding BitUSD)?
IMHO the best way is to participate in collateral bidding, you'll get a (cheap) debt position if succeeded, in the risk of being margin called later. The higher current BTS price is, the higher potential profit and lower risk will you have.
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Offline bitstopia2049

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Please voice your wishes, suggestions or ideas for the marketing worker in a constructive way, I will happily listen.

I know nothing about video games...but is there any marketing worker focused on this sector?   
It seems that  3 second block times would be perfect for their use?

https://www.cryptonewsz.com/blockchain-boom-in-the-virtual-games-divisions-trending-now-more-than-ever/12434/


Also I know there is a bounty program for acquiring exchange listings..

Was anyone responsible for today's BTS listing on Upbit Exchange (S. Korea) ? or are they just smart operators?

https://coingape.com/bitshares-bts-fusion-fsn-flash-rise/

Offline bitstopia2049

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I think if there is one downside to decentralization is that there is no leader or CEO to take charge and provide the drive and vision going forward...

Absolutely!

Looking at the current Stablecoin universe -  https://ecoin4dummies.com/2019-stable-coins-year-reasons/

The market leader is USDT - centralized, and main questions is does it really have the fiat it claims to back it., and suspicions around the people behind it?

USDC (Poloniex {Goldman Sachs}, Gemini $,  DAI and .Paxos - (ERC 20 tokens).. each have their weaknesses.

BTS has..

...transaction speed capability of  100k/sec  and minimal transaction costs....What's the best network speed for ERC 20 based token can theoretically achieve?

...the capability of an entity (government) to birth its own MPA...
(Wasn't there a project related to issuing EC$ - Eastern Caribbean dollar on the DEX for the seven nations of the Organization of Eastern Caribbean States?)

With growth potential embodied in BEOS (EOS), Quintric, BitSpark, multilingual gateways, merchant POS terminals, User Issued Assets, etc.,

and fundamental features of being trustless (no counterparty) and relatively energy efficient.

why shouldn't BTS smartcoins be the leader of the pack..?

A very good article here for those who need a primer...

https://multicoin.capital/2018/01/17/an-overview-of-stablecoins/

{excerpt..}
Stablecoins are one of the highest convexity opportunities in crypto. They aim to become global, fiat-free, digital cash, so the total addressable market (TAM) is simply that of all the money in the world: ~$90T. The opportunity for stablecoins is, intrinsically, the largest possible TAM. This vision is larger than that of Bitcoin itself. A fiat-free currency that’s price stable will challenge the legitimacy of weak governments around the world

....four features that a cryptocurrency needs in order to become global, fiat-free, digital cash:

    Price stability
    Scalability
    Privacy
    Decentralization (i.e. collateral is not held by a single entity, like Tether)


BTS is lagging in the Privacy area...it needs to make that Stealth feature available like yesterday..

It is entirely possible that stablecoins could provide the desired stability without maintaining a perfect peg. In fact, once economies develop around the stablecoin itself, the peg will begin to matter less and less. If merchants are willing to hold and accept USD-pegged stablecoins, and they in turn pay their suppliers in the same stablecoin, and that stablecoin is widely used as a medium of exchange, then maintaining a perfect peg becomes increasingly less important.


why should BTS (and all other crypto it seems) prices go up and down based primarily on BTC's movement? 

Particularly when the BTC price can be manipulated because ...

https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market

“I think there are a few hundred guys,” says Kyle Samani, managing partner at Multicoin Capital. “They all probably can call each other, and they probably have.”


Cboe pulls the plug on bitcoin futures trading — for now
https://www.marketwatch.com/story/cboe-pulls-the-plug-on-bitcoin-futures-trading-for-now-2019-03-15

I think the sooner BTS can "delink" itself from the volatility of BTC the sooner it will be able to cut it's own path to the top -- based on its own merits..