!!! Stupid Questions Thread !!!

[xeroc]

Can I just cancel an open order and everythig will be fine?

Mostly .. unless you are shorting and someone took your offer .. then you must cover (payback the bitUSD to the bank/eschange first)

[38PTSWarrior]

Can I just cancel an open order and everythig will be fine?

[Cryptofreakoutlaw31]

If you can't trade directly from BTC to BitUSD, like you said, you can go from BTC -> BTSX -> move to wallet/exchange app -> trade to BitUSD.

Your $480 will be "locked in" even if BTSX goes down in value.

This is exactly what I have been doing with a "twist".  I do the following:

1.) Buy BTSX on Bter in the 8100 - 8250 satoshi range for the last couple days. 

2.) After I buy the BTSX on Bter, I withdraw the BTSX from Bter to put it in my BTSX wallet

3,) Once it shows up in my BTSX wallet, then I immediately put a large chunk of that recent Bter purchase in BitUSD. 

4.) Rinse and repeat with the next BTSX purchase from Bter.
 

I do the above for each BTSX purchase that I buy from Bter.  The "twist" for me is that I do not put all of every BTSX purchase into BitUSD.  For example, I might put about 20%-60% of each BTSX purchase into BitUSD when it shows up in my wallet and keep the rest of that purchase order in BTSX.  Somewhat hedging myself just in case BTSX goes up from the 8100-8250 satoshi range but if it went down from current price levels (it goes down to 4000 sat/BTSX for example), then I can buy more BTSX with the BitUSD that I bought with the BTSX that I previously bought on Bter when it was in the 8100-8250 sat price range.   

[38PTSWarrior]

No, 50 bitUSD
Now the panic is coming

Edit: Do you think I should click cancel?

[tonyk]

I am in contact with a financial adviser now. He told me to buy BitUSD and short BitUSD at the same time with the same price. Just in case BTSX goes down, I have to close the shorts with the BitUSD I already have. What I don't know is what closing means. Also the buy order is pending and I don't have any BitUSD yet. Am I doing good so far?

Hope you started the first try with something small - like 1 bitUSD!!!!

1. Choose  a good price (in order for the short it must be above the median price. - as of this writing the median is 25.5514 and lowest ask is 24.90, so it will he hard for this to go through).... You can do it bitBTC I think - it is basically the same but the market is thinner, which is not a problem for this excersize there the median is 12,113.8704 and the lowest ask is 12,475.00. Anything between those 2 is ok. - So say tyou select 12250 as your price.
2.
 Go and put - buy order 0.1 bitBTC at 12250 -Do not hit confirm!!

put short order 0.1 bitBTC at 12250 - Do not hit confirm!!

Check your numbers and quickly confirm both orders, one after the other.


3. Back to the original question

If the price of BTSX goes down and starts to get close to the cover price (you can see your cover price in the GUI in the 'Open Orders', it is the number immediate left of each order called 'Margin' in the GUI.
 
To do that just run in the console:

wallet_market_cover ACCOUNTNAME 0.1 BTC "ORDER ID"  //replace acc.name with your acc. name and you can find the order # in the console running.

wallet_market_order_list BTC BTSX // that is for the bitBTC.



closing in this context means to act of going from having a position to not having one. In this you had 2 positions: - long 0.1 bitBTC and short 0.1 bitBTC. With the command you actually closed them both by sending the bitBTC to the short order...

Hope this helps....

[38PTSWarrior]

I am in contact with a financial adviser now. He told me to buy BitUSD and short BitUSD at the same time with the same price. Just in case BTSX goes down, I have to close the shorts with the BitUSD I already have. What I don't know is what closing means. Also the buy order is pending and I don't have any BitUSD yet. Am I doing good so far? 

[xeroc]

So how is the supply of bitUSD controlled? Is it in the market's hands somehow?

It is! .. the market participants can 'create' bitUSD by borrowing it from the
network giving up control over btsx worth twice the amount of the bitUSD ..
When they pay the bitUSD back .. they also get their bitUSD back from the network.

Got to wiki.bitshares.org and read the articles about BitShares_X and the "Market_Peg".
A Whitepaper will come soon .. i guess/hope

Is it that anyone can "create" bitUSD by borrowing it against BTSX? And then
it's essentially "destroyed" when you return it?

Oh .. no need to explain .. too late .. you probably already "get it" :-)

On a related note--bytemaster was talking about price feeds for bitUSD a while
back. We aren't still using these, are we? And are there any similar "crutches"
in the BitSharesX system currently?

We are currently using price feeds to restrict the prices for shortes (when you
create bitUSD). Once the liquidity is stronger in the market, the price feeds
will have no meaning anymore.

Once you have bitUSD you can trade them completely INDEPENDENT of the price feed..
Only shorts are limited to be within +-10% around the feed (afair)

[roadscape]

Question about bitUSD.

I read that a fixed value requires variable supply (and vice versa). This makes sense.

So how is the supply of bitUSD controlled? Is it in the market's hands somehow? Is it that anyone can "create" bitUSD by borrowing it against BTSX? And then it's essentially "destroyed" when you return it?

On a related note--bytemaster was talking about price feeds for bitUSD a while back. We aren't still using these, are we? And are there any similar "crutches" in the BitSharesX system currently?

[xeroc]

How exactly do I go about shorting bitUSD?  Can anyone give me an example of ideal conditions that will earn profit?

You short bitUSD to someone that wants to have them for a certain price ..
no you owe the network (btsx hold as colletaral worth 2x the bitUSD you shorted)

when/if the bitUSD price (in terms of btsx per bitUSD) goes down, you can buy up bitUSD and give them back to the network .. the network releases the collateral and you can gain from the difference


//edit: too bad .. that guy delete his question .. was a good one though :-)

[xeroc]

Is there any problem with running the BTSX Client (NOT running delegate), with the same wallet open, possibly making transactions in both instances, on 2 computers. It shouldn't but need someone to confirm this. Thanks.

In theory this is possible .. but you need to have the wallet duplicated in two distinct folders on the hard drive .. as well as the blockchain
there is a parameter where you can define the "main" folder to store stuff in "--data-dir" (or similar)

BUT not recommended: https://bitsharestalk.org/index.php?topic=8156.0

You WILL experience the "UNKOWN" issue alot

[tonyk]

Is there any problem with running the BTSX Client (NOT running delegate), with the same wallet open, possibly making transactions in both instances, on 2 computers. It shouldn't but need someone to confirm this. Thanks.

[liondani]

How is it possible after a delegate misses a block to produce the next one after 65 minutes without missing any other except the first one?

I have experienced that!
After missing the block 458545
I produced the block 458539 (after 65 minutes)
in the meantime I didn't produced a block as I should and as my wallet informed me several times with info's like this:
  "wallet_next_block_production_time": "at least 2 minutes in the future",

https://bitsharestalk.org/index.php?topic=6406.msg113783#msg113783

[xeroc]

What 250 BTSX? If you want to tip me - send it to either Clains or Xeroc - they both run very good and important community development programs!

Additionally - I advise you to not enter any short orders before the next release. The covering is broken right now!!!!

Cool thanks for the help,  I've sent it to Xeroc

thanks for the tip. I've sent it over to the other account:

Code: [Select]

default (unlocked) >>> wallet_transfer 250 BTSX xeroc talktip.xeroc "from tylerdurden"
RECEIVED            BLOCK     FROM                TO                  AMOUNT                  MEMO                                        FEE                 ID     
======================================================================================================================================================================
2014-09-11T08:55:43 PENDING   xeroc               talktip.xeroc       250.00000 BTSX          from tylerdurden                            0.50000 BTSX        d04750cf
https://bitsharestalk.org/index.php?topic=7338.msg113528#msg113528

[tonyk]

excuse my noob questions.

Will it ever be possible to send my BTC straight to my bitshare wallet and convert it into BTSX or bitBTC?

My understanding is this is possible in nxt with MGW or whatever.  Will things like that ever be possible in this ecosystem?

I just hate sending btc to these third party exchanges to have them take cut etc.

It will be possible. When exactly? I do not know. Soon hopefully.

[jaran]

excuse my noob questions.

Will it ever be possible to send my BTC straight to my bitshare wallet and convert it into BTSX or bitBTC?

My understanding is this is possible in nxt with MGW or whatever.  Will things like that ever be possible in this ecosystem?

I just hate sending btc to these third party exchanges to have them take cut etc.