Bitshares: What about "basket currencies"?

[d5000]

Bitshares has, until now, the best-working concept for market-pegged assets.

The problem of BitUSD and BitEUR is that you are dependent from central banks. Although USD and EUR actually are relatively stable, in theory, there can be harsh devaluations and even monetary reforms. On the other hand, assets like gold (and so BitGOLD) and oil are too volatile to have real utility as a currency.

Wouldn't be a "basket currency" the solution to this problem? I have an "asset basket" in mind that should include different kinds of commodities like oil, cereals and soybeans. The trade with many of these commodities is concentred on a single place or exchange (like soybeans in Chicago), so it should not be a problem to issue a market-pegged asset for them.

Then, the Bitshares software should give a possibility to create a "basket currency" from a free selection of market-pegged assets.

What do you mean? Was this perhaps already discussed in the Bitshares community?

[monsterer]

Then, the Bitshares software should give a possibility to create a "basket currency" from a free selection of market-pegged assets.

What do you mean? Was this perhaps already discussed in the Bitshares community?

You can create a pegged asset yourself (if you do it before the 5th it will cost 500 BTS, otherwise 5000 BTS). Then the only barriers to getting this running is to modify the feed scripts to gather the BTS price for your basket of assets, put in a pull request and get 51 delegates to update their scripts.

[StanLarimer]

True.

Option 2:  You can take the amount you would like to invest in such a basket and split it up into the appropriate do-it-yourself mix of all the other assets.  The combination will perform like it was a custom asset while enjoying the market depths of the established "pure" BitAssets.  The nice thing about this is that you can rebalance the mix in ten seconds anyway you like.

Option 3:  As BitShares grows, all kinds of new assets are expected to be defined.  Surely someone will offer a basket you like sooner or later using the Option 1 method.

Option 4:  Do it as a User Issued Asset the way DACX.com has begun to issue its own derivatives on the BitShares block chain.  They take expensive shares like Apple, Tesla, Berkshire Hathaway and break them up into micro shares.  Nothing says the same thing couldn't be done with a hybrid mix of currencies.  This option still depends on the counterparty trustworthiness of the issuer like any centralized exchange.

Option 5:  To be announced soon.  

[d5000]

Thanks! I thought there could be only one feed per asset for delegates. So delegates can be given a mix of different sources as feed? Or would I have to set up the feed with the "basket price" myself?

I haven't found a (non-techie-friendly) tutorial on how to create new market pegged assets, so if there is one I would be happy if you can provide me the link.

[robrigo]

Thanks! I thought there could be only one feed per asset for delegates. So delegates can be given a mix of different sources as feed? Or would I have to set up the feed with the "basket price" myself?

I haven't found a (non-techie-friendly) tutorial on how to create new market pegged assets, so if there is one I would be happy if you can provide me the link.

You would need to set up the rules of your basket yourself, and then delegates would need to update their feed scripts to include it (at least 51 have to publish it for the market to be open). They could source the price data for each commodity they are factoring into the basket from different markets.

There is an API command to do it; currently the fee is 500,000 BTS to create a new MPA.

[monsterer]

There is an API command to do it; currently the fee is 500,000 BTS to create a new MPA.

No - short named assets are 500k, long named assets are 500 BTS, until tomorrow, when they'll be 5000 BTS - doesn't matter if you're creating an UIA or an MPA, fees are the same

[robrigo]

There is an API command to do it; currently the fee is 500,000 BTS to create a new MPA.

No - short named assets are 500k, long named assets are 500 BTS, until tomorrow, when they'll be 5000 BTS - doesn't matter if you're creating an UIA or an MPA, fees are the same

Thanks for clarifying monsterer!