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maxvall
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January 11, 2021, 03:03:15 PM
Last edit: January 11, 2021, 03:38:23 PM by maxvall |
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Two news about bonded stablecoins: 1. OUSD can now be selected as reserve currency for new stablecoins 2. There is a new stablecoin called OCMC which tracks the total crypto market cap as reported by CoinMarketCap. Its current value is 343.774, which is the total marketcap in billions. You can use it to bet on overall crypto performance: buy when you expect it to rise, sell for OUSD when you expect it to fall. Direct link: https://ostable.org/trade/RC6N2RHP32DBL5G2JN3OREZBSUNPV5WQ#buyWelcome GCMC! GCMC is a new asset similar to OCMC, but reserve currency is represented by GBYTE instead of OUSD. GCMC also tracks the total cryptocurrency market capitalization as OCMC, but GCMC is priced in GBYTE. As a result, you make a profit when any of the GBYTE price or the total market capitalization of the cryptocurrency rises. When the GBYTE price and the total cryptocurrency market capitalization grow together, you get double the profit! Let's rock - BUY the dip! |
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tarmo888
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January 15, 2021, 09:01:39 PM |
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We are launching two rewards programs to improve the liquidity of GBYTE:
You do it for traders on Bittrex which is CEX. Why not to extend the reward program for traders on odex.ooo where there is almost no trades? As to CEX, why not to try to list some bounded stablecoins like OUSD, OAU, OBIT and such on some centralized exchange, say KuCoin for example? Because, centralized exchanges have trading pairs with other blockchains, if the GBYTE loses value on centralized exchanges then stablecoins need more GBYTE as reserve. In order to have more value in Bonded Stablecoins, GBYTE value needs to improve too and that value can come from people buying GBYTE at higher price. Luckily, there is a loop, if stablecoins need more reserve then the one who fixes the peg, gets rewarded, which means they fix the peg by buying GBYTE and if they do it at higher price, it fixes the peg without buying any extra governance tokens or selling stable+ tokens. oswap.io already has distribution https://liquidity.obyte.org/, but both odex.ooo and oswap.io are decentralized exchanges with Obyte tokens, they don't bring in value from other cryptocurrencies. They let Obyte users switch between different Obyte assets. Why would centralized exchange list OUSD, OAU, OBIT if they already have better alternatives with higher supply. There is not much point for listing OBIT if they already have BTC. These stablecoins make sense being traded on Obyte at same value they are being traded on centralized exchanges. There is more point if exchanges list IUSD, IAU or IBIT, but that's bit boring for them too because while there can be some price difference with ostable.org, there will not be much price difference if the stable+ coins are on-peg. What would make most sense to have listed on centralized exchanges from Bonded Stablecoins are GRD, GRB and GRAU because these are volatile speculative assets, which price depends on speculation of how much stable+ tokens get issued. |
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mishax1
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January 15, 2021, 09:49:57 PM |
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"To participate, you will need to create a read-only API key in your Bittrex account and join the rewards program with this key at trade.obyte.org." With this API you are able to read ALL user's balances and trades, somehow I'm not feeling too comfortable doing that. |
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tonych (OP)
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January 16, 2021, 01:21:49 AM |
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"To participate, you will need to create a read-only API key in your Bittrex account and join the rewards program with this key at trade.obyte.org." With this API you are able to read ALL user's balances and trades, somehow I'm not feeling too comfortable doing that. That's understandable. It's not uncommon that you have to sacrifice some privacy to get a benefit. To minimize the privacy impact, we don't require any other personally identifiable information, even email, so we can't (even if we wanted to) link your trading history to your identity. |
Simplicity is beauty
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tarmo888
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January 16, 2021, 09:17:37 AM |
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You do it for traders on Bittrex which is CEX.
stay away from Bittrex! Thanks for the heads up, but half a year ago I withdrew all my funds (including Gbyte) from that exchange. That is why I asked about KuCoin. Unfortunately KuCoin has no trading against Gbyte. Would be great if it was listed there. The team will probably have to think about this. I would stay away of KuCoin https://www.coindesk.com/hackers-drain-kucoin-crypto-exchanges-funds |
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tarmo888
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January 16, 2021, 09:24:08 AM |
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It's not only Bittrex who does that. Ever since they added fiat currencies and credit card payments, they have required more KYC because AML regulations require that. For random or bigger payments, they are forced to ask source of founds too. This is normal thing that happens in regulated exchanges. |
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tarmo888
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January 16, 2021, 09:36:44 AM |
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~
Thank you, and one of my questions is still waiting for the answer: How long will last the reward program for liquidity providers on oswap?
Regarding bounding stablecoins, I still don't understand the collateralization behind them. For example, what assets are used for OUSD and OAU to secure them? Are they fully collateralized? Who really controls the back-up fund? Where that fund is placed? Liquidity distribution was launched in October and it's length was evaluated in December, it's all in the announcement. Next evaluation whether it should continue or not will be in April https://medium.com/obyte/liquidity-mining-8cce2bf3722eWe initially plan the distribution for 2 months, after which it will be re-evaluated. Update of December 21: the distribution period is extended for 4 months, until the end of April 2021. IUSD, IBIT, ITH, IAU have GBYTE as reserve asset. OUSD, OBIT, OETH, OAU are just stablecoins without interest and can be exchanged with stable+ tokens. TOTAL_CAP has OUSD as reserve asset. It's proper DeFi, humans don't control it, it's locked in smart-contract (Autonomous Agent) and can be taken back at price, which is based on multidimensional bonding curve formula when redeeming governance token or stable+ token. |
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ewibit
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January 16, 2021, 05:56:53 PM |
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It's not only Bittrex who does that. Ever since they added fiat currencies and credit card payments, they have required more KYC because AML regulations require that. For random or bigger payments, they are forced to ask source of founds too. but they have to give you the chance to withdraw your assets and then end the business relationship and not just confiscate everything; - not even the fiat banks act like that! even long-time registered customers (with KYC) are affected by the fact that they can no longer get their property! That is expropriation!  |
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tarmo888
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January 16, 2021, 06:06:55 PM |
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It's not only Bittrex who does that. Ever since they added fiat currencies and credit card payments, they have required more KYC because AML regulations require that. For random or bigger payments, they are forced to ask source of founds too. but they have to give you the chance to withdraw your assets and then end the business relationship and not just confiscate everything; - not even the fiat banks act like that! even long-time registered customers (with KYC) are affected by the fact that they can no longer get their property! That is expropriation! Nope, exchanges can confiscate if you can't explain the source. AML applies to fiat banks too, they have to ask additional questions when you move more than $10k, but they can ask you the origin of the funds even with much smaller amounts. Doesn't matter if you have done the basic KYC or not, AML laws require them to ask more questions. Most banks ask extra questions even when you withdraw money from exchange, back to your bank and they freeze deposit once you explain it's origins. Doesn't matter how much you withdraw. There isn't much difference from regular bank and regulated exchange. Not you keys, not your Bitcoin. |
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ewibit
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January 16, 2021, 07:07:20 PM |
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Soon the first lawsuits regarding DSGVO (Data Protection Regulation in EU - General Data Protection Regulation GDPR) will come when more and more people are supposed to fill in these private data in this bunglingly made PDF which is (allegedly) sent out by Bittrex via email link. You can't even check if the document is really authorised by Bittrex! |
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ewibit
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January 16, 2021, 07:12:09 PM |
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Nope, exchanges can confiscate if you can't explain the source. AML applies to fiat banks too, they have to ask additional questions when you move more than $10k, but they can ask you the origin of the funds even with much smaller amounts. Doesn't matter if you have done the basic KYC or not, AML laws require them to ask more questions.
Most banks ask extra questions even when you withdraw money from exchange, back to your bank and they freeze deposit once you explain it's origins. Doesn't matter how much you withdraw.
There isn't much difference from regular bank and regulated exchange.
Not you keys, not your Bitcoin.
Yes, but you can decide for yourself whether you want to enter into a business relationship with this bank or whether you want to accept changed conditions or cancel them if you don't like them! |
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tarmo888
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January 16, 2021, 09:22:51 PM |
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Nope, exchanges can confiscate if you can't explain the source. AML applies to fiat banks too, they have to ask additional questions when you move more than $10k, but they can ask you the origin of the funds even with much smaller amounts. Doesn't matter if you have done the basic KYC or not, AML laws require them to ask more questions.
Most banks ask extra questions even when you withdraw money from exchange, back to your bank and they freeze deposit once you explain it's origins. Doesn't matter how much you withdraw.
There isn't much difference from regular bank and regulated exchange.
Not you keys, not your Bitcoin.
Yes, but you can decide for yourself whether you want to enter into a business relationship with this bank or whether you want to accept changed conditions or cancel them if you don't like them! What are you talking about? Did somebody forced you to use the exchange? Did your bank asked your agreement when they started following the new 5th Anti-Money Laundering Directive (AML5D)? No, they did not. If you make a transfer to your bank account and they find it suspicious, they will ask source of funds. If you make a transfer to your bank account and the amount is bigger than 10 000 USD, they will have to ask source of funds even if it's not suspicious. Regulated centralized exchanges are like banks, they have to follow AML laws. If you held more there than you can afford to lose and you can't explain the source then it's your fault. |
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maxvall
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January 17, 2021, 05:16:33 AM |
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I have one question about bonded stablecoins. Is any way to redeem both t1 & t2 (e.g. IUSD & GRD) in one TX to minimise curve fee and t2 price impact?
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ewibit
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January 17, 2021, 08:25:21 AM
Last edit: January 17, 2021, 09:50:24 AM by ewibit |
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Did your bank asked your agreement when they started following the new 5th Anti-Money Laundering Directive (AML5D)?
No, they did not.
of course, every customer received a notification about the changed terms and conditions and could agree or not -> if not - dissolution of the business relationship. In which country do you live? From Bittrex comes only a terse email and a week to react! and that in the holiday season when many are not regularly active in the Internet. Please note, if you do not respond within 7 days your account will be disabled. is that serious business for you? edit: It almost looks like you have some kind of business relationship with Bittrex. Profit-sharing? End of the discussion on this topic here with you |
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tarmo888
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January 17, 2021, 05:04:00 PM |
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I have one question about bonded stablecoins. Is any way to redeem both t1 & t2 (e.g. IUSD & GRD) in one TX to minimise curve fee and t2 price impact?
I think so, but there is no UI for that yet, it needs to be done programmatically with headless-obyte or obyte.js library. For example, chatbot can generate payment request for multiple assets, oswap.io does that for adding liquidity. |
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tarmo888
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January 17, 2021, 05:31:59 PM |
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Did your bank asked your agreement when they started following the new 5th Anti-Money Laundering Directive (AML5D)?
No, they did not.
of course, every customer received a notification about the changed terms and conditions and could agree or not -> if not - dissolution of the business relationship. In which country do you live? From Bittrex comes only a terse email and a week to react! and that in the holiday season when many are not regularly active in the Internet. Please note, if you do not respond within 7 days your account will be disabled. is that serious business for you? edit: It almost looks like you have some kind of business relationship with Bittrex. Profit-sharing? End of the discussion on this topic here with you Maybe ease off on smoking weed - you are getting paranoid. First thinking that exchanges follow KYC and AML rules to scam people and then thinking anyone who understands why they do KYC and AML, must be paid off. Grow up and don't keep/send on centralized exchange more than you are ready to lose. |
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tarmo888
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January 17, 2021, 05:44:48 PM
Last edit: January 17, 2021, 06:34:23 PM by tarmo888 |
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It's proper DeFi, humans don't control it, it's locked in smart-contract (Autonomous Agent) and can be taken back at price, which is based on multidimensional bonding curve formula when redeeming governance token or stable+ token.
Right, it's not locked forever therefore collateralization depends on the "will" of someone, who has the power to withdrew from Autonomous Agent. One more question for good measure. How to choose GByte - OUSD 0,1% pool to swap tokens? When I click swap tab it always force me to land on 0,3% pool but I would prefer to make a swap on 0,1% one. Any exchange is not "a fortress", including BittrexIt's locked not in terms of time, it's locked in a sense that you need to return governance token or stable+ token in order to get back the reserve asset. It's basically a decentralized exchange. I think oswap.io picks a pool that has better price for your amount. Many cases, the pool with less liquidity has better price only for very small amounts because the exchange rate for small pool changes fast as you try yo exchange more. You can also send tokens to that specific AA without the UI and the tokens will get swapped. |
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