Looks like bitBTC might be live
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I bought some a couple of days ago so with my luck down short term. If I panic sell, then it will surely go up In this ugly bear market I am happy so long as my funds are not losing value ..
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Markets are being paused whenever you want
There is a required market depth built into the system, and when everyone in the BitShares team pull their funds the market pauses because there is too little market depth. Any collection of people or even a BitShares whale could unpause the market at any time and defy the wishes of the dev. team but they don't as it would destroy their value. The bitBTC and bitCNY markets will start as soon as the delegates publish their price feeds. The core devs have no direct control over what the delegates do, delegates are independent and voted into their positions by shareholders, the core devs only appeal to what they think is the best thing to do. I think what we are seeing is that the various incentives here (for core devs, for investors, for traders and for delegates) are correctly aligned with the best interests of the BitShares system. The basic mechanic of the peg has been working contrary to 16 months of FUD directed at Daniel Larimer, and with the DPOS system they now have a million tools at their disposal to tweak the market mechanic to work just right. The reason that the only cap in the top five on coinmarketcap.com not falling atm is BitShares is that people have confidence that the small bugs that do exist will be figured out. Smart money knows what's up, and I believe the next 6 months is going to be huge for BitShares. But let us see
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BitShares X started at 30 million when it went liquid. Naturally investors who had waited too long dumped, and price went down to 15 million. After a while it became clear that bitUSD was going live, along with other good news. The price skyrocketed up to 110 million. Then came the inevitable crash: down to 45 million before bouncing back up to 60. In sum, an almost 10x increase from the lowest point to peak, then crash and bounce to approximately half of the peak.
Where have we seen this before? Oh right, during every bubble.
It is impossible to tell from this action alone what sort of long term price we will see. People who believe in the system think this was no accident. That it will bump along this price until the next bubble. People who don't believe in the system generally have no idea what it is about. bitBTC and bitCNY is going live any second now, and the marketing push has not even begun yet. Couple this with the fact that there are several new BitShares products on the horizon that will help grow the ecosystem..
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Hey guys and gals, Just wanted to let you know that if you sign up to the Thunderclap Campaign for BitShares you get some free bitUSD to play around with, depending on how many followers you got. Useful if you want to check out how the bitAssets in BitShares X works. The basic idea is that bitUSD for instance, should approximately track the value of the dollar. You can see what bitUSD is currently trading for over at bter. We got 83/100 so we just need 17 more within the next few days so I appreciate the help
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You guys fail to see CfA's central claim: The whole universe is an expanding bubble scam.
CfA is simply asking us to accept Impermanence as the Highest Truth.
CfA's antidote to impermanence is the Path of No Attachment.
CfA has attained the state of the Laughing Buddah.
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Quark and Mega and all that was in the middle of the Bitcoin hype bubble cycle..
Now it's deadly quiet and BitShares is rocketing just because of its features and potential. There has been very little marketing, very little evangelizing, and as far as the media goes, they don't seem to have picked up on the whole crypto 2.0 idea yet.
Ethereum, BitShares, NXT, eMunie, etc. are in a race to make compelling 2.0 crypto products to the whole world, and soon people will start to notice and the media will use it to spice up the Bitcoin news-cycle narrative.
We all know it's going to happen, it's just a question of when.
And when it happens it will not matter how high NXT or BitShares or Ethereum is, they will all go 10x from where they are.
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It is quite entertaining seeing what people are saying about me. As someone who believes in finding free market solutions to secure our life, liberty, and property and whom is more anarcho-capitalist than anyone I have ever met it is absolutely hilarious that I am being accused of following Helicopter Ben. My core value system is centered around property rights and my economics are Austrian. The problem this thread has is that everyone is talking past each other and that is understandable given how hard it is to internalize the market mechanics and then explain what you know to others. The primary assumption is that there exists a crypto-asset with no counter party and a non-zero value. IE: bitcoin, Nxt, and BTSX. The secondary assumption is that the volatility of this asset is within some reasonable range. 200% initial collateral seems to be reasonable, but it could easily be 400% if the volatility called for it. Given these assumptions we then assume there are two individuals in the free market that want a "contract for difference". Contracts for difference are well established and proven and even used in counter party. One person is given price stability and the other is given leverage. If you assume the contract for difference was settled by a 3rd party price feed then it is clear how it would work. So given those initial fundamentals we can slowly build up to BitAssets. The first step is to take the same contract and remove the 3rd party price feed and instead use Nash Equilibrium. Both parties will want to exit at some point and thus have to agree on a price in the future. Assuming they were both equally wanting to exit their position the price they would agree at would be the "fair price". Now clearly if there are only two parties to the trade they may not want to exit at the same time. So you allow the "long" side to sell his position to others and you allow the "short" side to cover with anyone. If someone wants to be a stubborn jerk and not settle then that is fine.... eventually a margin call will be triggered. The peg will fluctuate as the relative demand for longs vs shorts settling causes the peg to have a settlement premium sufficient to motivate settlement. I think it is fairly clear that if there is a price feed from a trusted source that was used to enforce settlement then the system would work to the extent that you could trust the feed. The hypothesis is that this price feed is irrelevant given a market full of speculators and market makers willing to hold until a short voluntarily covers at a fair market price. I hope that through this perspective I have shown what the economic incentives are and how the core principles are sound. All that remains to be seen is whether "market consensus and speculation" is enough to enforce a peg via a "decentralized price feed" or "prediction market" mechanic. My understanding of game theory and economic incentives tells me this will work, but even if I am wrong I know that price feeds can be used as a "trusted" judge on the "smart contracts for difference". It is an entirely different game to trust someone to produce a fair feed (or 101 someones) than to trust someone to maintain a vault full of gold. +101
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in 1 day 8/21
the snapshot will be taken. if you hold pts make sure to transfer your shares to your wallet with your private key. if you are not sure, that your transaction will get threw, please contact if your exchange will honor the snapshot. bter and btc38 will honor, poloniex consider it.
So I bought some BitShares PTS... is it the wallet from 17th of february(githubdate) the one I need to transfer my PTS to ? Yes, here the official repo and releases for Windows and Mac: https://github.com/BitShares/BitShares-PTS/releasesthank you very much ! so the screenshot is taken of all addresses and PTS balances? and later on the shares will be credited through my wallet? tried to figure it out on myself.. but im really familiar with that system^^ Yes, later you will import your PTS wallet (where was balances at snapshot) and get your shares. I purchased my first PTS shares today partly so that I could receive shares in these two new DAC launches, as well as subsequent ones. Will we be required to import our PTS wallet for each and every DAC that is launched or will that process eventually be automated? You'll need to import your PTS wallet, but it may become simpler than it is now. There are talks of upgrading PTS, but nothing definite yet.
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How long? Well..
A few days ago it was challenging NXT, now it's challenging Ripple, and neither the marketing campaign nor bitAssets are launched yet..
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All the economical incentives are aligned with growth of the system,
1. People who want to do decentralized trading with advanced trading options can soon do so. 2. Those who want to the price stability of USD but like the other features of crypto can soon buy it on chain. 3. People who have the talent and skills can go build a business on the BitShares platform right now and make a killing. 4. Those who want to support the BitShares network can earn a living as a delegate by getting enough votes from shareholders. 5. Main developers have a pool of BTC that they are converting into BitShares X, as well as a pool of AGS/PTS that gives them stake in new BitShares chains.
... List goes on and on actually.
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so far only BTER and BTC38 are honouring the snapshot.
August 21 is coming, so if you hold PTS in other exchanges talk with them to honour the snapshot or transfer the PTS back to your wallet you control the privat keys.
Maybe Poloniex can be convinced. They have just integrated BitShares X. There is also talks of replacing PoW in BitShares PTS with DPOS long term. That would be interesting. Give everyone who holds BitShares PTS a 1:1 in a DPOS-based PTS.
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When it gets closer to the snapshot how is it determined which block represents the snapshot?
In the FollowMyVote newsletter that "The official snapshot of the VOTE DAC will take place at 23:59:59 UTC on August 21, 2014!" I am fairly certain that the same holds for BitShares DNS. Last block August 21th UTC.
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Okay, I'm ready! Mister Sun bring it Damn i think you're ready. Love that picture.
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Five days left until snapshot! Holding BitShares PTS in your wallet or at Bter/BTC38 is the best way to aquire BitShares DNS ahead of time! More info in this thread.
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