Bitcoin Forum

Since Open ledger is supposed to be starting up today:


Anyone open an Open ledger account for the purpose of trading (mostly I am considering trading BTC and dollars)?


https://bitshares.org/



It appears that that the fees are going to be pretty low, no?


https://bitshares.org/technology/decentralized-asset-exchange/



And, seems to be fairly secure to download the software, like NO ONE is going to run off with your coins, no?

https://bitshares.org/register/



In reviewing some of the materials, I am a little bit nervous about the whole decentralized process (which I understand is one of the whole purposes of bitcoin).  Currently, I keep my bitcoins with a variety of quasi-centralized arrangements (such as Circe, Coinbase, Blockchain and BTC-e).

I would like to hear about some of the experiences of others regarding this open ledger matter before I delve into it.

Why do you need this again  ???

he needs you to want this, because he wants BTS price to go higher...
...reported and hopefully will be moved to altcoin discussion

I was considering various ways to be able to trade BTC (into dollars and back again) with little to no fees (and also supporting the concept of decentralization).

In essence, in recent months I have divided my BTC portfolio into 4 subcomponents, and I have created trade scenarios (that I believe would work a lot better for me if I can minimize trading fees - and also potentially minimize taxable events)

have you read much into the open ledger project?

I could care less about BTS prices.  All I am considering is ways to facilitate easier and low cost BTC trading, as I described in my above post.

Does adding a question mark make it less of a forced attempt at advertising?

what is the use of this option, for the purpose of btc trading  that you can do it where you are going to trade , their you will find the transaction record.

I'm NOT advertising or in any way connected with BTS.

If there is another or a better way to exchange BTC for dollars with fairly minimal fees, then certainly I would be interested in that ... .or maybe even rephrasing the question to be able to discuss potential decentralized solutions for the purpose of trading BTC and USD with fairly low fees, while hopefully also avoiding the tax man.

Why not use traditional exchanges?

Understand that if you trade out of Bitcoin to their fiat-denominated "assets" there are considerable risks. First BitShares is not exactly decentralized, it relies on a certain number of masternodes. Exchanges are somewhat liable & regulated to a certain extent so that you have some type of recourse if your fiat deposit disappears, that is not the case with BitShares.

Do you really wanna trust your coin to a completely unproven and relatively shady cryptosystem with no public figures behind it?

I am NOT sure if I understand your question, because maybe I am NOT sufficiently familiar with how the exchange would work. 

I was of the understanding that once a person establishes an account, then s/he can designate holdings as s/he likes and then change that designation at any time with minimal fees.   

If there is (are) some other exchange-like services that allow the same kind of functionaity (that may even be better), then I would be interested in hearing about those kinds of possibilities.

Maybe what you're looking for is something like BitReserve?

Of course it is centralized but I would certainly trust them more than BitShares.

Actually, you may be correct that there may be more risk than is within my tolerance levels, and I suppose that is the reason that I am asking for the input of others before I delve in (even with only a small part of my BTC holdings).   Actually, I had also been considering Gemini for a similar purpose (since their fees only seem to be around .25% at the time being, but if I could accomplish some trading with even lower fees (without suffering too much risk), then I would be interested in that even more.

BitReserve has 0% conversion fees between currencies. Again, I wouldn't trust them with any significant amount and I'm not certain what type of regulations they are under...

I will wait and think about that in future,For now i even dont know does bts fork is succesfoul.New sites have bugs etc so i will wait and see

Actually, Bitreserve may serve my purposes just fine for now...   and possibly even into the future... thanks for providing that info.

Maybe in the beginning, I would hold about 10 BTC with them depending on how matters evolve.... and as time goes on maybe another better solution will reveal itself to serve my purpose(s).

I have looked at my total potential BTC trade quantity under my current version of my trade plan, and it appears that the most coins that I would need (up to BTC reaching $500) would be about 26 BTC. 

If BTC is more volatile (rather than a straight shot upwards), then I would probably need far fewer than 26 BTC for selling purposes... My need for 26 BTC worst-case scenario assumes that every time I sell BTC from my sell allocation, the BTC prices keep going up and goes past $500. 

Because  I have other BTC, prices going up is NOT a really bad scenario, but it is one in which I would end up using the most BTC in my projected trading scenario. 

I suppose if something like a price spike like that were to occur, there may be circumstances in which I may decide to hold back on selling BTC, until BTC prices reach some kind of price-stable plateau?

I created a bitreserve account, and then I went through the second step of verifying my identity.

Over an hour ago, I sent 10 BTC to the account; however, currently it appears that the 10 BTC are NOT yet available for moving around within my bitreserve account, maybe NOT until after the transfer has been sufficiently confirmed.  I looked at the blockchain link, and that shows 9 confirmations.

Overall this seems as if it may largely work for my purposes; however, I would like to find some kind of free service in which I could schedule the buying of BTC in advance... I am less concerned about prescheduling selling, but it would be nice to be able to preschedule the triggering of BTC buys if the price goes below a certain price point.  Currently, I will probably mostly just have to use a BTC price alarm to alert me if BTC prices go below a certain point.

Update:

Bitreserve changed its name to Uphold, right while my 10 BTC was waiting transfer... so seemed to delay my receipt of those funds...

In the end I got the funds, and I have been using the Uphold account for trading BTC for free.  It seems to work pretty well, even though currently my trading amount has been relatively small amounts.  I will increase my amounts as BTC prices go up, assuming that BTC prices will continue to go up in the coming months. 

It looks like I got about 10 months of decent BTC/USD free trading on Uphold, but now they are changing their fees.. actually increasing their BTC/USD trading fees from 0% to .45%, beginning August 1... in a couple of days.


https://uphold.com/en/blog/posts/uphold/uphold-introduces-new-pricing-structure


All good things must come to an end?


Take advantage of what you can while you can, because it may not be in the future?

https://i.imgur.com/bE90Sw9.jpeg

Open ledger account for trading and investing with dollar is not issue. But the Matter is how can you manage this accounts to make your profits. And I also do not think the fees will be low or will be equalized because because is decentralized Currency which USA government or any other authorities can control it to be equal with the fiat currencies. Therefore, bitcoin will beat fiat currency (dollar) always.

https://i.imgur.com/S62CctT.jpeg

If I will advise, it is not good to keep your bitcoins for multiple accounts  because if you forget your passwords you will be in serious danger.  Having one account for bitcoin is good as multiple if it is not better of. The total amount that can be gotten from the varieties of wallet or accounts can be gotten from one account. Example: if I have 20 BTC and I keep it in my wallet, when Bitcoin raise up I can sell it to gain profit.

No I don't think so, JJG maybe sceptical to minimize his assets and trading transaction taxations or fees. He's also obliged to have spread wings on diverses of decentralized storage networks where his bitcoins are storedd. So he needed a recording facility to enable him have his different portfolios being trapped in a particular or single network While taking adequate assurance of his assets being self custodial.

To clarify.. the last couple of posts in this thread caused me a bit of confusion, since it seems that when I opened this thread in October 2015, I was just getting used to figuring out ways that I could sell bitcoin as the price went up and then buy back as the price went down, and attempting to do so without hardly paying any fees, yet also it seems that over the years, I slowly got involved in putting my BTC on various exchanges so that I could set limited orders (both on the buy side and on the sell side), and I became somewhat less concerned about the fees - since many places seemed to have some level of fee, and I also learned to build in any kind of spread to make sure that if I either bought or sold it would account for any fees that might exist...

In several senses, this topic likely has outgrown itself, especially since today's options seem to be quite different from when I was inquiring about it, and probably there are threads that are better tailored and including members (or OPs) who are more engaged with the reason that they created the thread in the first place - which for me, I seem to be in quite a bit of a different place, so in that regard, it seems best to lock this thread - which I am going to do - and if any member feels that there is some last word that they need to put in this particular thread, then contact me by PM to let me know what that might be..