BitShares X Now Trading!!!

[CoinHoarder]

just for my own clarification (correct me if I am wrong, it is important to me)

in Counterparty, NXT, Mastercoin etc. you can create an asset, which has the character of an IOU and is just backed by the trust in the issuer. With Bistshares you have a collateral which is liable for the created BitUSD. Example Bitshare is worth 100 units and creates 33 bitusd - these 33 bitusd units are basically subtracted from the Bitshare? Is this the idea?

If the pegging mechanism works this is really really great.

Thats exactly what I was wondering. But according to that video its open market not pegging mechanism. Also, its not clear to me what happens with colateral in case of fall of btsx price. They claim noone can take money from you.

If BitsharesX falls, the collateral is taken from the short side to compensate the longs for the fall of BitsharesX

The shorts end up with less BitsharesX and the longs end up with more BitsharesX.

[atoni]

just for my own clarification (correct me if I am wrong, it is important to me)

in Counterparty, NXT, Mastercoin etc. you can create an asset, which has the character of an IOU and is just backed by the trust in the issuer. With Bistshares you have a collateral which is liable for the created BitUSD. Example Bitshare is worth 100 units and creates 33 bitusd - these 33 bitusd units are basically subtracted from the Bitshare? Is this the idea?

If the pegging mechanism works this is really really great.

Thats exactly what I was wondering. But according to that video its open market not pegging mechanism. Also, its not clear to me what happens with colateral in case of fall of btsx price. They claim noone can take money from you.

If BitsharesX falls, the collateral is taken from the short side to compensate the longs for the fall of BitsharesX

The shorts end up with less BitsharesX and the longs end up with more BitsharesX.

I see thank you. So if it falls by more then 50% your longs are not covered?

[CoinHoarder]

just for my own clarification (correct me if I am wrong, it is important to me)

in Counterparty, NXT, Mastercoin etc. you can create an asset, which has the character of an IOU and is just backed by the trust in the issuer. With Bistshares you have a collateral which is liable for the created BitUSD. Example Bitshare is worth 100 units and creates 33 bitusd - these 33 bitusd units are basically subtracted from the Bitshare? Is this the idea?

If the pegging mechanism works this is really really great.

Thats exactly what I was wondering. But according to that video its open market not pegging mechanism. Also, its not clear to me what happens with colateral in case of fall of btsx price. They claim noone can take money from you.

If BitsharesX falls, the collateral is taken from the short side to compensate the longs for the fall of BitsharesX

The shorts end up with less BitsharesX and the longs end up with more BitsharesX.

I see thank you. So if it falls by more then 50% your longs are not covered?

Yes, the way I understand it.. if it falls by more than 50% then your long position is released as you have lost all of your collateral.

[CoinHoarder]

just for my own clarification (correct me if I am wrong, it is important to me)

in Counterparty, NXT, Mastercoin etc. you can create an asset, which has the character of an IOU and is just backed by the trust in the issuer. With Bistshares you have a collateral which is liable for the created BitUSD. Example Bitshare is worth 100 units and creates 33 bitusd - these 33 bitusd units are basically subtracted from the Bitshare? Is this the idea?

If the pegging mechanism works this is really really great.

Yes, the benefit compared to counterparty/mastercoin/etc. is that the value of the commodity is determined in a trust less manner. Someone on Mastercoin can create a "gold" asset and you need to trust them that they have as much gold as they say they do. Bitassets can determine the price of gold in a decentralized manner that requires no trust.

I will admit the dynamics of going long/short can be a bit confusing, but the way it has been described by Daniel I see no reason why it would not work. It is an important experiment, because if it does work it is revolutionary. I personally believe it will work.. or at least it sounds like it will, but I suppose something could happen that no one expects.

I think your assessment of bitusd was correct, X amount of BitsharesX equals 1 bitUSD as determined by the BitsharesX free market. Once the bids(longs) and asks(shorts) fill in, market consensus should be reached similar to how it is on centralized exchanges. Collateral is held and released depending on how the value of BitsharesX moves. Which in theory should keep bitUSD equal to the value of a US dollar. This is the first completely decentralized method of determining the value of a dollar (or any other commodity) as compared to a crypto currency.

This is all new territory for everyone, me included. It seems people are being hesitant to explain this at the risk of sounding like an idiot. I guess I have no shame.. feel free to correct me if I am wrong.

[FandangledGizmo]

just for my own clarification (correct me if I am wrong, it is important to me)

in Counterparty, NXT, Mastercoin etc. you can create an asset, which has the character of an IOU and is just backed by the trust in the issuer. With Bistshares you have a collateral which is liable for the created BitUSD. Example Bitshare is worth 100 units and creates 33 bitusd - these 33 bitusd units are basically subtracted from the Bitshare? Is this the idea?

If the pegging mechanism works this is really really great.

Thats exactly what I was wondering. But according to that video its open market not pegging mechanism. Also, its not clear to me what happens with colateral in case of fall of btsx price. They claim noone can take money from you.

If BitsharesX falls, the collateral is taken from the short side to compensate the longs for the fall of BitsharesX

The shorts end up with less BitsharesX and the longs end up with more BitsharesX.

I see thank you. So if it falls by more then 50% your longs are not covered?

Yes but it's not just that one trade. As the price is falling other people will be making trades creating new collateral. So big moves are not a problem only a flash crash of 60% maybe. But they take the trading fees and put them in like a black swan insurance fund in case that ever happens. So the backing should be there.

As I say I'm no expert feel free to ask your questions on the forum.

[CoinHoarder]

What happens?  He makes a post: "You dun understand how Bitshares werks"

It is the ad Hominem or Ad Hominemous chain within Bitshares X, proprietary technology.

You've been trolling Bitshares all day. You are not even putting in the effort to understand bitassets. Other posters and I are trying our best to explain it to new users and understand it ourselves. It is complicated, but just because you don't understand it doesn't mean that others can't. It is complicated to learn how Bitcoin works at first too, this is the same, but I think over time it will become more clear as more discussions are had about it and the market goes live.

Go back to the Nxt forums and leave us alone. Sure, BitsharesX may be in a mini bubble due to price rising so fast. That does not mean that this is not a revolutionary idea. Bitcoin and every other crypto currency has gone through many mini bubbles and they are still alive and kicking. So what if BitsharesX price crashes? It does not change the fact bitassets are revolutionary.

[nakaone]

just for my own clarification (correct me if I am wrong, it is important to me)

in Counterparty, NXT, Mastercoin etc. you can create an asset, which has the character of an IOU and is just backed by the trust in the issuer. With Bistshares you have a collateral which is liable for the created BitUSD. Example Bitshare is worth 100 units and creates 33 bitusd - these 33 bitusd units are basically subtracted from the Bitshare? Is this the idea?

If the pegging mechanism works this is really really great.

Yes, the benefit compared to counterparty/mastercoin/etc. is that the value of the commodity is determined in a trust less manner. Someone on Mastercoin can create a "gold" asset and you need to trust them that they have as much gold as they say they do. Bitassets can determine the price of gold in a decentralized manner that requires no trust.

I will admit the dynamics of going long/short can be a bit confusing, but the way it has been described by Daniel I see no reason why it would not work. It is an important experiment, because if it does work it is revolutionary. I personally believe it will work.. or at least it sounds like it will, but I suppose something could happen that no one expects.

I think your assessment of bitusd was correct, X amount of BitsharesX equals 1 bitUSD as determined by the BitsharesX free market. Once the bids(longs) and asks(shorts) fill in, market consensus should be reached similar to how it is on centralized exchanges. Collateral is held and released depending on how the value of BitsharesX moves. Which in theory should keep bitUSD equal to the value of a US dollar. This is the first completely decentralized method of determining the value of a dollar (or any other commodity) as compared to a crypto currency.

This is all new territory for everyone, me included. It seems people are being hesitant to explain this at the risk of sounding like an idiot. I guess I have no shame.. feel free to correct me if I am wrong.

ty for your explantation - I worked through this in february and had quite the same understanding. As well as you I think the idea is brilliant but I have a few concerns:

For me it is obvious that 1 bitUSD will not be equal to 1 USD for quite a time - whereas I see some advantages of a bitusd there will at least be a small percentage of depreciation due to the possibility of technical faults etc. pp. - will this difference be corrected? (still indifferent if a correction is good or bad)

Ask yourself - if you could have one real dollar or a bitusd - which one do you take (especially in the foreseeable future)? Long term if it works out it would be wonderful if they would be treated equally.

All that concerns given, I see a huge market potential if it somehow works well: Derivative markets, sports betting etc. pp (maybe in the very near future bitcoin exchanges which are not allowed to use "real" USD)

Really looking forward to the next weeks - I have a background in economics and this is also on a theoretical level very interesting.

[CoinHoarder]

ty for your explantation - I worked through this in february and had quite the same understanding. As well as you I think the idea is brilliant but I have a few concerns:

For me it is obvious that 1 bitUSD will not be equal to 1 USD for quite a time - whereas I see some advantages of a bitusd there will at least be a small percentage of depreciation due to the possibility of technical faults etc. pp. - will this difference be corrected? (still indifferent if a correction is good or bad)

Ask yourself - if you could have one real dollar or a bitusd - which one do you take (especially in the foreseeable future)? Long term if it works out it would be wonderful if they would be treated equally.

I agree with you on this point. Everyone seems skeptical the system will work as advertised. A US dollar will be worth more than a bitUSD dollar in the immediate future after the market is launched, how long is anyone's guess. A BitUSD dollar will not be equal to a US dollar until two things happen, proper market depth is established (a large number of longs and shorts) and people see the system works and become less skeptical. Much like it is explained in the video.. a GoxDollar is not equal to a Btc-eDollar is not equal to a WellsfargoDollar is not equal to a BitusdDollar is not equal to a real US dollar.  

All that concerns given, I see a huge market potential if it somehow works well: Derivative markets, sports betting etc. pp (maybe in the very near future bitcoin exchanges which are not allowed to use "real" USD)

Really looking forward to the next weeks - I have a background in economics and this is also on a theoretical level very interesting.

I agree.. There are a lot of neat things you can do with bitassets if they work as described. It is really exciting.

[brekyrself]

just for my own clarification (correct me if I am wrong, it is important to me)

in Counterparty, NXT, Mastercoin etc. you can create an asset, which has the character of an IOU and is just backed by the trust in the issuer. With Bistshares you have a collateral which is liable for the created BitUSD. Example Bitshare is worth 100 units and creates 33 bitusd - these 33 bitusd units are basically subtracted from the Bitshare? Is this the idea?

If the pegging mechanism works this is really really great.

Yes, the benefit compared to counterparty/mastercoin/etc. is that the value of the commodity is determined in a trust less manner. Someone on Mastercoin can create a "gold" asset and you need to trust them that they have as much gold as they say they do. Bitassets can determine the price of gold in a decentralized manner that requires no trust.

I will admit the dynamics of going long/short can be a bit confusing, but the way it has been described by Daniel I see no reason why it would not work. It is an important experiment, because if it does work it is revolutionary. I personally believe it will work.. or at least it sounds like it will, but I suppose something could happen that no one expects.

I think your assessment of bitusd was correct, X amount of BitsharesX equals 1 bitUSD as determined by the BitsharesX free market. Once the bids(longs) and asks(shorts) fill in, market consensus should be reached similar to how it is on centralized exchanges. Collateral is held and released depending on how the value of BitsharesX moves. Which in theory should keep bitUSD equal to the value of a US dollar. This is the first completely decentralized method of determining the value of a dollar (or any other commodity) as compared to a crypto currency.

This is all new territory for everyone, me included. It seems people are being hesitant to explain this at the risk of sounding like an idiot. I guess I have no shame.. feel free to correct me if I am wrong.

ty for your explantation - I worked through this in february and had quite the same understanding. As well as you I think the idea is brilliant but I have a few concerns:

For me it is obvious that 1 bitUSD will not be equal to 1 USD for quite a time - whereas I see some advantages of a bitusd there will at least be a small percentage of depreciation due to the possibility of technical faults etc. pp. - will this difference be corrected? (still indifferent if a correction is good or bad)

Ask yourself - if you could have one real dollar or a bitusd - which one do you take (especially in the foreseeable future)? Long term if it works out it would be wonderful if they would be treated equally.

All that concerns given, I see a huge market potential if it somehow works well: Derivative markets, sports betting etc. pp (maybe in the very near future bitcoin exchanges which are not allowed to use "real" USD)

Really looking forward to the next weeks - I have a background in economics and this is also on a theoretical level very interesting.

It is a very interesting experiment to say at least.  If the peg does not work, here is the plan from Bytemaster:

https://bitsharestalk.org/index.php?topic=7231.0

[Djinou94]

Why Bitshares is better than NxT?

[CoinHoarder]

Why Bitshares is better than NxT?

I think Nxt is better in some ways, but worse in others. Nxt has more features in one crypto currency (more features in general at the moment), and Bitshares is creating many crypto currencies (or Distributed Autonomous Corporations) that have specific purposes. That is one thing I don't like about Bitshares... they have many different DACs using their own token and they are not all in one token like in Nxt, but I understand why they did it this way as they are technically businesses and it is important for organization/accounting/Etcetra that they be separated. In my opinion, Bitshares has much better distribution, along with the following innovative features:

Each Bitshares DAC has a few general features. An improved PoS algorithm called Delegated Proof Of Stake, 15 second block times, and built in anonymity via TITAN. Then the more specific features are split into different crypto currencies (or DACs):

So far there is:

BitsharesX - bitassets - Has the ability to determine the value of a commodity (US dollar, Euro, Gold, Silver, Etcetra) in a completely decentralized manner. The price is determined on a decentralized market place in which people take different positions on each commodity.. IE. going long or short.

BitsharesVote - Decentralized voting - has many features.. Haven't researched it enough to explain them.

BitsharesDNS - Decentralized DNS - has many features.. Haven't researched it enough to explain them.

There is a lot more information here: http://bitshares.org/

[testz]

Why Bitshares is better than NxT?

I think Nxt is better in some ways, but worse in others. Nxt has more features in one crypto currency (more features in general at the moment), and Bitshares is creating many crypto currencies (or Distributed Autonomous Corporations) that have specific purposes. That is one thing I don't like about Bitshares... they have many different DACs using their own token and they are not all in one token like in Nxt, but I understand why they did it this way as they are technically businesses and it is important for organization/accounting/Etcetra that they be separated. In my opinion, Bitshares has much better distribution, along with the following innovative features:

Each Bitshares DAC has a few general features. An improved PoS algorithm called Delegated Proof Of Stake, 15 second block times, and built in anonymity via TITAN. Then the more specific features are split into different crypto currencies (or DACs):

So far there is:

BitsharesX - bitassets - Has the ability to determine the value of a commodity (US dollar, Euro, Gold, Silver, Etcetra) in a completely decentralized manner. The price is determined on a decentralized market place in which people take different positions on each commodity.. IE. going long or short.

BitsharesVote - Decentralized voting - has many features.. Haven't researched it enough to explain them.

BitsharesDNS - Decentralized DNS - has many features.. Haven't researched it enough to explain them.

There is a lot more information here: http://bitshares.org/

+5

IMHO: Nxt it's "Microsoft", BitShares it's "Apple" - doing same, but in different way.

[profitofthegods]

IMHO: Nxt it's "Microsoft", BitShares it's "Apple" - doing same, but in different way.

That's actually quite a good comparison - NXT can do more things sometimes for a lower cost, but Bitshares X looks like it will be a bit more up market with higher quality features.

[100coins 1up]

From the current BTSX exchange sites, which ones allow you to buy with fiat?
And which one do you consider as being more reliable (easy and straightforward to put money in and out)?

[joele]

Bytemaster proposed paying interest/rewards on BitAssets, like bitUSD, bitCNY, bitBTC will earn interest by holding them.
https://bitsharestalk.org/index.php?topic=8396.0;topicseen

[cryptofan5]

Still don't get it: how bitsharesx is ultimately different from bitcoin or any other surrogate coin?

[joele]

Still don't get it: how bitsharesx is ultimately different from bitcoin or any other surrogate coin?

You should download the wallet to find out how http://bitshares-x.info/

[testz]

Still don't get it: how bitsharesx is ultimately different from bitcoin or any other surrogate coin?

BitSharesX is not a coin - it's first decentralized bank and exchange.
Please look here for details: http://wiki.bitshares.org/index.php/BitShares_X

As a surrogate coins you can count BitSharesX assets like BitUSD, BitBTC, etc.

[CLains]

Bytemaster proposed paying interest/rewards on BitAssets, like bitUSD, bitCNY, bitBTC will earn interest by holding them.
https://bitsharestalk.org/index.php?topic=8396.0;topicseen

Yup that's huge. I suggest people get in now if ever.

[jirepatri]

please send me a bitshare, so that I can register my account in order to be able to retrieve my bitshares from bter. they only accept registered accounts... but these cost bitshares... Thanks for your help in advance

Account Key:     BTSX5LWRMASCLqMpFpu61KkdSfjjjyMosPSJ4GKx5Qa45Zz5KCXmZ9