Bitcoin Forum

I bought a small amount on Poloniex some time ago. The BitX environment strikes me as innovative and forward-focused.

However, the volume of BitCNY on Polo is dire. Amazingly, today there has been volume of almost 1 BTC. Usually it is about 0.2 BTC.

Can anyone please tell me what is going on? Why is this coin so under-appreciated? Many thanks!

BitCNY will have more volume on the internal BitShares exchange, not many will trade it on a 3rd party exchange.  If you have not created a BitShares wallet, you can do so at bitshares.openledger.info.  Simply transfer your BitAssets into your wallet and trade on the internal exchange with more volume.

http://coinmarketcap.com/exchanges/bitshares-asset-exchange/

There are so many Alts that are on Poloniex, only a few will actually be sucessful, some might be good ideas but too late to the party, others are just scams or trying to get involved in the boom.

I don't know about BitCNY (rubbish name by the way) but unless something serious happens, with less than 1 btc volume per day, it will be hard to see a big price increase coming.

BitCNY is not an alt coin or block chain.  BitCNY is a derivative(market pegged asset) of CNY on the Bitshares block chain.  The whole idea of BitCNY or BitUSD, BitEuro, etc... are to maintain those values, thus you will not see "a big increase in price coming."

Read up on the BitShares project to better understand this.  They are trying to produce a decentralized exchange, financial platform, FX markets, Fee Backed Assets, the list goes on and grows daily.  One of the issues with BitShares is the scope of the project, its like hearing about BTC for the first time and will take a lot of research to understand its importance.

Thank you for the explanation. My impression then is that there is no "rational" or "logical" reason why BitCNY or BitUSD should be cited on Poloniex. In terms of the "big increase", I would note that, according to Poloniex, the monthly price range from 13,333 to 244,394 (with two spikes) which shows some kind of actionable price increase. You can see this if you look at March 18 and March 20. I'm curious as to why (if there is an obvious reason) these spikes occurred? Thanks again!

If the market tries to ensure that 1 bitcny = 1 CNY and i bitusd = 1 USD then the values of bitcny and bitusd will drop as bitcoin goes up, is that correct?

Right now you need about 400 usd or bitusd to buy one bitcoin or 2700 cny or bitcny.

If bitcoin doubles relative to those currencies then you will need 800 usd or 5400 cny?

So a bitusd or bitcny will be worth only 50% what it is worth now?

Sort of looks like somebody developed an "asset" to milk noobs, is that right, and the spikes are just signals that the cows are at the milking machine?

The point though is to try and keep the price of 1 bitCNY at 1 CNY?

So at 2700 CNY per bitcoin, $400 a btc, a person can spend 1 btc and buy, very roughly, 2700 bitCNY?

And if the price of btc doubles to 5400 CNY then the price of bitCNY, in btc, will drop 50%?

It looks like somebody figured out a way to use "assets" to con noobies.

1) A person buys 0.1 btc worth of bitCNY when btc is at 2700CNY or 400USD.

2) The price of bitcoin doubles to 5400CNY or 800USD.

3) The person's 0.1 btc investment is now worth roughly 0.05 btc, they have lost 50% of their bitcoin.

It's a shiny suit and tie scam to suck money from people who don't understand what they are buying.

"See. That wasn't so hard to learn now was it?"

I'll respond to what you added to your post.

If that really is what "Bitshares" is about then it is intended to give inexperienced people the illusion of trading in cryptos, when, in effect, it is only letting others use the naivete of the inexperienced people to profit.

A lot of really sophisticated talk about financial shit on the Bitshares website I notice. I hope newcomers to crypto don't get sucked into scumbaggeries like that. People should not invest blindly, but specifically targeting naive people is worse.

[edit to add My criticism is about marketing this kind of derivative on an exchange like Poloniex, without marketing, nor even mentioning, the other side of the contract. Stability Shares does strike me as deceptive and most useful to clever scammers, but there will eventually be practical uses for almost any derivative a person could create.]

BitAssets (bitUSD, bitCNY, ... bitGold) are designed to track the price of those "real world" assets without counterparty risk on the blockchain.

So think of them as financial tools.  You can switch your exposure to price movements in 3 seconds by trading between them.

Think of BitShares as a special purpose currency factory that offers a way to create a variety of useful hybrid "smart coins" that breed desirable features from multiple currency strains.  Some are trustless.  Some engineer blockchain-assisted trust.  Some represent real assets mapped onto the blockchain by trust alone. Others are stable with respect to external assets that may or may not be stable themselves.  Some are deterministically self-contained mathematical constructs.  Others extract order from the unpredictable external consensus of generally clueless people.  Our industry is generating a Cambrian Explosion of new coin species. 

So, when you evaluate any particular coin, you shouldn't be comparing it to some preconceived idea of what your ideal one-size-fits-all universal coin should be.  That's like saying everyone should standardize on a single retirement mutual fund.   The blockchain world has moved waaaaaay beyond that.

When somebody says "So think of them as..." you can guess they are about to try to assfuck you. And then "deterministically self-contained mathematical constructs", oh no, and "a special purpose currency factory" oh yes yes yes.

The bitxxx market on Poloniex can be summarized as "Here is an oppportunity to convert your money into bitcoin, then buy an asset that will decline in value as bitcoin increases in value".

Why is it marketed on Poloniex? Because it provides capital to sneaky fucknuts using complicated terminology who want cheap money to invest that they can pay back at a discount.

I get the cynicism.  At the end of the day someone must buy these tokens at stated face value.  
"deterministically self-contained mathematical constructs"
The determination is self contain IF AND ONLY IF large lots of these pegged tokens can move large lots of value at stated value.

But crypto really, honestly needs these pegs.
"So think of them as..."
Yes tools.  You can trust your $usd in a bank account, a MtGox account, BitAssets account, or a Nubits ledger.  But your going to need to trust someone until you convert your $money into physical gold or silver.  Everything else is credit, so was once said.

These virtual gold, silver, CNY, USD, EUROs are need in crypto to port value.
So yes again, they are important tools.

Hold them like a hot potato, pass them quickly for someone else to hold.

I personally would use them to move fiat value from exchange to exchange.  And opening a fiat/crypto pairing can thus be accomplished with these virtual products.

Long term there will be a DAC or DAO, depending on their motives, that becomes widely trusted with these kinds of products.  There will likely be depositor insurance, and small interest yields, and function just like a bank account less the overhead.

But for long term storage of commodity money.  A greater revolution is needed.  These virtual gold, silver, CNY, USD issuers are going to have to actually hold in a vault the real physical product.  Which is a legal stick icky spot to stand.  But some one will build it, and they will come.

I don't know where to start so I just picked one paragraph.

Moving fiat value from exchange to exchange can be done with any coin.

The dishonestly, by itself, of Bitshares marketing should make people cautious.

no coins (even BTC) lack the precision to move fixed amounts
but agree on the past marketing
personal experience with PTS or whatever it was; was not pleasant 

No one has stayed with the Bitshares team long enough and felt their entire experience to be pleasant. If you do, you've not been with the coin for long enough. That being said, there is still some innovative technology behind Bitshares that cannot be said for a hundred other altcoins. It's hard to know which will be the stronger force in the longer run.

do you mean this @BitCnyBot? it looks like it is an airdrop and raindrop that is being run by scammers, because I see they make 2 same token name but have different contracts
BITCNY 0x2d94594f818cc519954638f5400c5b4390b1dbfe (https://etherscan.io/token/0x2d94594f818cc519954638f5400c5b4390b1dbfe?a=0x6FA2bfCB8c77F9198a09634c797f71ec6aED7dB2)
BITCNY 0xa86d05ceb0b539b9928a55a65e47b913a58459c2 (https://etherscan.io/token/0xa86d05ceb0b539b9928a55a65e47b913a58459c2?a=0x6FA2bfCB8c77F9198a09634c797f71ec6aED7dB2)
Their wallet https://etherscan.io/address/0x6FA2bfCB8c77F9198a09634c797f71ec6aED7dB2

their website is also unclear https://raindrop.bitcny.app/

Thank you for these helpful links.
I believed them and participated in the airdrop, but now I think it's just another SCAM
  They didn't even announce it here on the forum

The website is too simple and as it is made in a hurry, there is no preparation at all.  Before investing it is best to find as much information as possible about any project. to avoid fraud in the crypto industry. Same token name with different address contracts. It's in his wallet 6.165 Eth or $7,414.72  from a different address.

A coin can be undervalued for several reasons:
the first and foremost is that the organizers of the project do not have any authoritative past, because of this people do not trust this project.

However, what is most surprising and curious , is the daily trading volume on the token ! , which is counted in millions of dollars! . Could the Airdrop token be a fake token !?
103000000 $ TODAY

Hi how do i make bitcoins, do i just post?

Damn! I thought airdrop is legit so I joined with my Ethereum address and follow their twitter account and also telegram, their twitter account looks so damn real enough, what am I missing here? , now I see it's total fake, maybe BitCNY never introduced any Airdrop campaign I think, this is so annoying

I also trusted them and promoted Airdrop, even I have more than 50 referrals, and after I searched deeply, this is what I found.😔

don't trust too much airdrops that promise big rewards bro, you want to know other scams by that airdrop?
they now say if partner with ethereum and bitcoin | Double Giveaway :D
https://t.me/c/1377668528/387073

https://i.imgur.com/UZMurzT.png

immediately report the telegram airdrop so as not to deceive more people

Yes bro, I noticed that, they are trying to defraud the investors, after they exploited us to publish their project on the social media, all their accounts must be reported.
By the way, Twitter closed their account.