Bitcoin Forum

http://bitshares.org/faq/

https://wiki.bitshares.org

Congratulations to the BitShares team

Not really sure what this mean.

Care to explain it in layman term what bitshares is? and what BitUSD mean? For those who are not technical.

It means that you get the freedom & convenience of crypto-currencies, with the price stability of the dollar. You can use BitUSD for trade the same way you can use Bitcoin. But now you always know exactly what the price will be.

It also means that if you want to cash out your BTSX, you can trade them on the BitsharesX decentralized exchange with zero counterparty risk. You dont need to risk sending your shares to some shady exchange in China or wherever.

Holding BitUSD also gives you +5% interest, payed by the other side who is shorting BitUSD.

Hi boraf, sure, the following is from the FAQ:

What is a BitAsset?
BitAssets are an experimental digital asset class that are fungible and market-pegged to the value of anything from dollars, to gold, to gallons of gasoline. BitAssets can be transferred between users in the same way as bitcoins.

How does BitSharesX work?
There are two interlinked components to BitShares X: BitAssets and the Exchange. A BitAsset is a special type of token that tracks the value of a real-world asset; for example, one BitUSD will be worth one US Dollar. Users of BitShares X will be able to trade their BTSX for BitAssets on the decentralized exchange.


If you want to learn more please check the wiki (http://wiki.bitshares.org/index.php/Main_Page) and faq (http://bitshares.org/faq/).

Perhaps this meme will explain it:

https://i.imgur.com/pAtkOu9.jpg

The BitUSD Market has been started. It seems to be you can buy BitUSD for about 1 USD... See https://bter.com/trade/bitusd_usd (https://bter.com/trade/bitusd_usd)

Does one need to download a different wallet for BitUSD, or can you just send it from Bter to your BTSX wallet? ???

It's all built into the latest wallet.

https://github.com/dacsunlimited/bitsharesx/releases

BitCNY is in circulation!  :)
https://bter.com/trade/bitcny_cny

Good！

good news for P&P

that is all

Is that +5% interest a year, or for a shorter period?

Correct me if I'm wrong, but if BitUSD's purpose is to maintain a close value to the dollar, that's not going to happen.

Who gets my real dollar if I buy a bitUSD?  Basically, who was smart enough to have me give them a real dollar for a digital dollar not recognized by any shops or the US government?

Yes, I am being a bit of a troll, but it is also an honest question.

That's exactly why it will happen. Unless a pizza some day becomes > $20, BitUSD's purpose is to be worth $20 for 20 BitUSD...


The USD peg is only like 2 weeks old...you can't expect adoption yet...lol.

The person that is dumb enough to store value in a depreciating fiat currency or a bank that provides no meaningful interest to depositors. While you, on the other hand, receive a 5-10% annual return on your bitUSD.

New to BitSharesX, some questions:

1. Who issues the BitUSD?

2. What prevents the price from deviating from USD? Couldn't the BitUSD issuer not just issue more and more until the price drops.

WillowRosenberg


Basically, BitUSD is backed by BTSX as collateral with an open market.  It's difficult to grasp BitShares and BitUSD concept until you understand the whole system.  Start with these links.


ELI5 threads (Explain like I'm 5)
https://bitsharestalk.org/index.php?topic=8027.0

Start here to read the background on DPOS algorithm:
http://wiki.bitshares.org/index.php/DPOS

Continue here to read about the security and simplicity of sending to names instead of addresses:
http://wiki.bitshares.org/index.php/TITAN

Listen to this episode from a few weeks back:
Let's talk Bitcoin! episode 129.  Starts around 12 minute mark with the lead dev Dan.  Great listen.
http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-129-dogeparty-and-delegated-proof-of-stake

Which leads to the asset exchange:
http://wiki.bitshares.org/index.php/Bitshares_X

BitUSD market peg has been working
https://bitsharestalk.org/index.php?topic=8358.0

Finally finish up with this to really get you thinking about where bitcoin ideology will go:
http://bitshares.org/overstock-to-cryptostock/


With all the above were just scratching the surface of possibilities.

Lol Clout, well said.  8)

This is a beautiful sight to see, and so far the experiment of creating a decentralized autonomous US dollar derivative has been a great success!!