Author Topic: Listing BitUSD on centralized exchanges?  (Read 5269 times)

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Offline Simeon II

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Re: Listing BitUSD on centralized exchanges?
« Reply #15 on: July 30, 2014, 12:29:16 am »

No it gonna be bitUSD taking over the world!

BTSX will be just the foundation on which bitUSD exists!


PS Funny how I turned out to be the bigger optimist at the end...

Xeldal

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Re: Listing BitUSD on centralized exchanges?
« Reply #16 on: July 30, 2014, 12:33:59 am »
BTSX still needs a legacy connection of course.  I see the exchanges focusing on that and more specialized low latency front ends essentially built on top of the BTSX platform.

The more exchanges that adopt a bitUSD or BTSXasset, the more stable all exchanges get, through arbitrage.  and likely an increased overall trading volume.  I think it works to their favor to include it, across the board.


No it gonna be bitUSD taking over the world!

BTSX will be just the foundation on which bitUSD exists!


PS Funny how I turned out to be the bigger optimist at the end...

Except that bitUSD will ultimately be subject to the same fate as USD.  And that one, we know, may not last much longer.

Offline Simeon II

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Re: Listing BitUSD on centralized exchanges?
« Reply #17 on: July 30, 2014, 12:38:52 am »

Except that bitUSD will ultimately be subject to the same fate as USD.  And that one, we know, may not last much longer.

USD is a figure of speech. It is any  fiat currency you like. As for gold standard... it will come but I am too old to think it will be in my lifetime :)   I just turned 40....

Offline Empirical1

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Re: Listing BitUSD on centralized exchanges?
« Reply #18 on: July 30, 2014, 12:40:37 am »

Except that bitUSD will ultimately be subject to the same fate as USD.  And that one, we know, may not last much longer.

USD is a figure of speech. It is any  fiat currency you like. As for gold standard... it will come but I am too old to think it will be in my lifetime :)   I just turned 40....

I think some gold standard will come within 5 years myself.

Edit: Happy 40th!  :)
« Last Edit: July 30, 2014, 12:49:57 am by Empirical1 »

Xeldal

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Re: Listing BitUSD on centralized exchanges?
« Reply #19 on: July 30, 2014, 01:00:13 am »

Except that bitUSD will ultimately be subject to the same fate as USD.  And that one, we know, may not last much longer.

USD is a figure of speech. It is any  fiat currency you like. As for gold standard... it will come but I am too old to think it will be in my lifetime :)   I just turned 40....

as quick as bit*FIAT will be everywhere, so will bitGOLD.  Im 35 this year and I certainly expect it in mine. 

I figure gold will just naturally be the 'standard' unit of measure for value, eventually.  It will take USD not making sense anymore, for that to change.

Offline Simeon II

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Re: Listing BitUSD on centralized exchanges?
« Reply #20 on: July 30, 2014, 01:09:26 am »

Except that bitUSD will ultimately be subject to the same fate as USD.  And that one, we know, may not last much longer.

USD is a figure of speech. It is any  fiat currency you like. As for gold standard... it will come but I am too old to think it will be in my lifetime :)   I just turned 40....

as quick as bit*FIAT will be everywhere, so will bitGOLD.  Im 35 this year and I certainly expect it in mine. 

I figure gold will just naturally be the 'standard' unit of measure for value, eventually.  It will take USD not making sense anymore, for that to change.

Let's teach 75% of the population what bitUSD is.
Then we will teach them about bitGold.
One "small" step at a time.

Offline bitmeat

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Re: Listing BitUSD on centralized exchanges?
« Reply #21 on: July 30, 2014, 02:15:45 am »
Simeon II, I admire your optimism of BitUSD taking over BTC.

However, few notes:

1) Putting BitUSD on the exchanges would be a huge risk for them, as it will need to be backed by a collateral in BTSX. So when you hold a BitUSD position, you also need to have a big BTSX balance, to cover your position in case of a margin call. You can't really just hold a BitUSD position, without allocating desired BTSX to cover it. And the level of comfort with respect to margin call risk vary by each individual. So, I'm not saying it's impossible, it's just it won't be as simple as most picture it. In fact you will have to deposit BTSX on the exchange, and then the exchange would have to take and hold the BitUSD position on your behalf. At least that's how I understand it. Correct me if I am wrong. And of course they might change how it works by the time it's live (dry run 22? hehe) .

2) The strongest point BTC has is that it is now tied very closely with gateways to FIAT. Although still murky, regulations are starting to shape up, and big businesses are starting to use it. I'm almost certain no FIAT gateway, VC or public company would want to touch BitUSD, not for the foreseeable future. Actually let me rephrase that, they would LOVE to use it, but they will find themselves in a legal minefield and unable to find something within their comfort zone. May be that minefield will clear up with time.

Offline Simeon II

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Re: Listing BitUSD on centralized exchanges?
« Reply #22 on: July 30, 2014, 02:31:52 am »

1) Putting BitUSD on the exchanges would be a huge risk for them, as it will need to be backed by a collateral in BTSX. So when you hold a BitUSD position, you also need to have a big BTSX balance, to cover your position in case of a margin call.


Well two things …on 2 totally deferent levels.

- When I say something, and when BM says exactly the same thing -they sound different. So, all posters in this thread, feel free to  ask BM directly, as in ‘how he sees it working’.

-As for my point of view bitUSD is already backed by BTS X (in most, and in all practical cases 99.99% so). It is still not implemented and tested.... but the idea is this to be the case in the final product. Special care also have been taken to prevent some purely hypothetical attacks … so take it for what it is….

merockstar

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Re: Listing BitUSD on centralized exchanges?
« Reply #23 on: July 30, 2014, 02:37:07 am »
this thread made me think about something.

if listed on coinmarket cap, the bitUSD market cap will always be equal to about the same as the supply, won't it?

Offline bitmeat

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Re: Listing BitUSD on centralized exchanges?
« Reply #24 on: July 30, 2014, 02:40:22 am »
@Simeon: Perhaps I am misinformed. Let's start with the simple question - Can a user transfer BitUSD to another user who has 0 BTSX in their account?

Or does the receiving user need to maintain BTSX for collateral?

merockstar

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Re: Listing BitUSD on centralized exchanges?
« Reply #25 on: July 30, 2014, 02:46:11 am »
@Simeon: Perhaps I am misinformed. Let's start with the simple question - Can a user transfer BitUSD to another user who has 0 BTSX in their account?

Or does the receiving user need to maintain BTSX for collateral?

the collateral is held by the network, if the person who did the shorting doesn't buy some from an exchange (centralized or not) and close their position, it gets destroyed when the margin gets reached. the person who went long bitUSD can do anything they want with it.

you caught me on the way out the door, but look for the article i wrote on market pegging, it should help clarify this for you patty.
« Last Edit: July 30, 2014, 02:48:11 am by merockstar »

Offline Simeon II

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Re: Listing BitUSD on centralized exchanges?
« Reply #26 on: July 30, 2014, 02:48:37 am »
@Simeon: Perhaps I am misinformed. Let's start with the simple question - Can a user transfer BitUSD to another user who has 0 BTSX in their account?

Or does the receiving user need to maintain BTSX for collateral?

Absolutly! ( If he has  bitUSD in his account of course)

btw merockstar can answer 95 % of those question for me...

[edit] the answer he managed to post is semi-confusing/not-what you needed to know/unrelated/ but true.
« Last Edit: July 30, 2014, 03:19:05 am by Simeon II »

merockstar

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Re: Listing BitUSD on centralized exchanges?
« Reply #27 on: July 30, 2014, 02:49:35 am »
@Simeon: Perhaps I am misinformed. Let's start with the simple question - Can a user transfer BitUSD to another user who has 0 BTSX in their account?

Or does the receiving user need to maintain BTSX for collateral?

Absolutly! ( If he has  bitUSD in his account of course)

btw merockstar can answer 95 % of those question for me...

sorry, didn't mean to step on your toes.

Offline bitmeat

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Re: Listing BitUSD on centralized exchanges?
« Reply #28 on: July 30, 2014, 02:51:07 am »
the collateral is held by the network, if the person who did the shorting doesn't buy some from an exchange (centralized or not) and close their position, it gets destroyed when the margin gets reached. the person who went long bitUSD can do anything they want with it.

I see where I got confused. I thought it required collateral on both ends. Wow this is going to make it a quite a wild ride then, as there will be plenty of market inefficiencies in a constant battle between speculators, and those who need to convert one way or the other.

Grab the popcorn, it will be quite the show to watch while the beast evolves. :)

Offline Simeon II

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Re: Listing BitUSD on centralized exchanges?
« Reply #29 on: July 30, 2014, 02:53:06 am »
@Simeon: Perhaps I am misinformed. Let's start with the simple question - Can a user transfer BitUSD to another user who has 0 BTSX in their account?

Or does the receiving user need to maintain BTSX for collateral?

Absolutly! ( If he has  bitUSD in his account of course)

btw merockstar can answer 95 % of those question for me...

sorry, didn't mean to step on your toes.

Nooo! I did not know you are leaving... I hoped you can do 95% of the work for me.
« Last Edit: July 30, 2014, 03:13:54 am by Simeon II »