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Author Topic: What is happening (if anything) with BitCNY?  (Read 3007 times)
ikonic1
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April 06, 2016, 05:12:20 PM
 #1

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!
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April 06, 2016, 05:17:54 PM
 #2

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/
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April 06, 2016, 05:30:51 PM
 #3

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!

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.


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April 06, 2016, 07:02:30 PM
 #4

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!

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.

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April 07, 2016, 11:50:45 AM
 #5

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!

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!
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April 14, 2016, 09:44:03 PM
 #6

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?

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April 15, 2016, 02:38:02 AM
 #7

Relax man,

1 bitCNY can always be redeemed for at least 1 CNY (in BitShares) on the DEX.

That's how the coin is programmed.  So if you can pick up bitCNY for less than sticker price, then you can make a profit selling it on the DEX

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

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?"

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April 15, 2016, 02:48:43 AM
 #8

[...]

and by the way, bitGOLD, bitUSD, bitEUR all work the same way



oh snap!

u just learned BitShares!

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.]

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April 15, 2016, 01:16:29 PM
 #9

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.
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April 15, 2016, 03:24:02 PM
 #10

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.

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April 16, 2016, 06:37:31 AM
 #11

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.

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April 17, 2016, 06:36:52 AM
 #12

[...]

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.

[...]


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.

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April 17, 2016, 10:30:38 AM
 #13

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 

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April 17, 2016, 05:34:40 PM
 #14

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.


     
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.......Whitepaper.......
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