Author Topic: On The Importance of Bit.GOLD  (Read 358 times)

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Offline romiio01

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On The Importance of Bit.GOLD
« on: August 14, 2019, 05:53:21 am »
Fiat currencies are constantly depreciating, most prominent being CNY or USD on this exchange. Gold has been used as a store of value for hundreds+ years. It is almost always better to store your fiat in gold than fiat itself, since gold has shown that it doesn't lose its purchasing power.
12BET
Famous quote: "Gold will store its value, and you'll always be able to buy more food with your gold."

We need to boost the Bit.GOLD market volume and liquidity, it actually almost never makes sense to store in fiat bitassets (unless gold is in a massive bubble). This is very important for traders who need liquidity in a bear market.

Thoughts?

Offline bitcrab

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Re: On The Importance of Bit.GOLD
« Reply #1 on: August 14, 2019, 06:05:46 am »
take bitBTC as an example.

for bitCNY, the risk happen when BTS price go down.

for bitBTC the risk also happen when BTC price go up.

it is not feasible to make bitBTC, and bitGOLD to peg well.
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Offline xeroc

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Re: On The Importance of Bit.GOLD
« Reply #2 on: August 14, 2019, 10:06:57 am »
I agree with @bitcrab on bitBTC. The value proposition of bitBTC is marginal. bitGOLD, I believe could have value but it is really difficult to bootstrap a market there - or do you have a good idea to do so?
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Offline Methodise

Re: On The Importance of Bit.GOLD
« Reply #3 on: August 15, 2019, 02:25:47 am »
bitGOLD could be an interesting, unique proposition for Bitshares, given that the market for true crypto stable coins is led by Dai (USD). Crypto bros aren't that keen on fiat == stable. Gold bug's don't like anything non-physical. bitBTC is a horrendously volatile madness that nobody should HODL. Silver no longer makes sense in a cryptocurrency world. bitGOLD is a perfect crypto stable coin..

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Offline bench

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Re: On The Importance of Bit.GOLD
« Reply #4 on: August 15, 2019, 11:05:38 pm »
A chicken egg problem.
Shorter wants to short assets, which loose value and hodler wants to hold assets which increase in value.

Problem would not be so big, when demand of BTS would be higher.

Offline bitstopia2049

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Re: On The Importance of Bit.GOLD
« Reply #5 on: August 16, 2019, 05:44:38 am »
A chicken egg problem.
Shorter wants to short assets, which loose value and hodler wants to hold assets which increase in value.

Problem would not be so big, when demand of BTS would be higher.

Maybe newbies, or students or anyone who wants to pratice using small amounts of $5,10, $20, etc..There's no better way to learn than to Just Do It...like Nike says..Ha..!

BTS demand would increase dramatically if there was even a 10k or 20k young people across the globe who would short or buy even $3 bitGold to make a little money..and then "graduate" to larger transactions...All BTS supporters should try in indirect ways to market and promote BitShares...I tried on Youtube but I got acct. "temp. disabled" really quick..LOL...but if there were thousands doing it..they couldn't catch everybody..:-)   

How many H.S, college and university students would watch a Youtube video showing...  "How to Short bitGold and make a little money every week".... before it went viral and had 2 million hits...?.

Answer:  https://bitsharestalk.org/index.php?topic=28518.msg333097#msg333097..


Bitshares needs to attract more diverse groups of people..not just focusing on crypto, or trader, or finance people.etc.,..That's why originally BTC became so popular.. All BTS supporters should become informal teachers on social media..or unofficial mentors if we want the ecosystem to grow... Doesn't cost anything but time...


Offline bitstopia2049

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Re: On The Importance of Bit.GOLD
« Reply #6 on: August 16, 2019, 07:18:13 am »
take bitBTC as an example.

for bitCNY, the risk happen when BTS price go down.

for bitBTC the risk also happen when BTC price go up.

it is not feasible to make bitBTC, and bitGOLD to peg well.

Guide for Newbies...SHORT position considerations    Others who have experience trading should provide more advice also

(i.e Simplified ..Basic...what to consider if you want to short bitGold)

BitGold (price moves)    Versus BTS (market)   Gold price vs. Fiat                               Effect            

Worst case                        up                       up                          tandem effect requires more BTS to payoff debt   

Hedge Action:  Acquire BitUSD, BitCNY, BitXXX to extent desired to cover X% loss


Best case                       down                      down                       tandem effect requires less BTS to close short position;
MCR & BTS collateral value increase

Hedge Action:  If hedge was established then better to hold asset since stablecoins will convert into fewer BTS;
or alternatively buy more gold since price has decreased


Dependent scenarios                   up                      down                       net effect +ve if  down > up percentage wise


Hedge Action:     Smartcoins would convert to more BTS;  hold or speculate & buy or short more Gold


                                         down                up                 net effect -ve if up >  down % wise   

Hedge Action:  bitXXX converts to less BTS; & bitXXX cost of gold is higher; Best to hold stablecoin or buy gold if price spike is anticipated.

Tried to post using a excel table but HTML did not work.

Here's a link to a PDF which is easier to read/download..

https://www.pdf-archive.com/2019/08/16/bitgold-shorter-considerations-pdf/   


« Last Edit: August 16, 2019, 02:48:23 pm by bitstopia2049 »

Offline bench

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Re: On The Importance of Bit.GOLD
« Reply #7 on: August 16, 2019, 11:09:07 pm »
All BTS supporters should try in indirect ways to market and promote BitShares...I tried on Youtube but I got acct. "temp. disabled" really quick..LOL...but if there were thousands doing it..they couldn't catch everybody..:-)
Do you consider to set up a vimeo, d-tube or bitchute account and reupload your videos.
« Last Edit: August 17, 2019, 10:53:33 am by bench »

Offline bitstopia2049

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Re: On The Importance of Bit.GOLD
« Reply #8 on: August 17, 2019, 01:23:18 pm »
All BTS supporters should try in indirect ways to market and promote BitShares...I tried on Youtube but I got acct. "temp. disabled" really quick..LOL...but if there were thousands doing it..they couldn't catch everybody..:-)
Do you consider to set up a vimeo, d-tube or bitchute account and reupload your videos.

No...I didn't try those alternate platforms....unfortunately YouTube is where the vast majority of video info gets distributed...and BTS needs demographic diversity and  different segments of younger people to become brand loyal to BTS.....Again look at DOGECOIN....right now  #29    322m        BTS #52   $108m

How is it this guy  PewDiePie is approaching ...100M subscribers..?   
https://www.youtube.com/channel/UC-lHJZR3Gqxm24_Vd_AJ5Yw


Offline Customminer

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Re: On The Importance of Bit.GOLD
« Reply #9 on: August 17, 2019, 02:39:38 pm »
There's infinite gold in space, which once tapped into will render gold worthless. That'd be a pretty good scenario for shorters 😂