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Author Topic: [2014-07-28] CD: Coinapult Launches LOCKS, a Tool to Eliminate Bitcoin Price Vol  (Read 5180 times)
Coinapult
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August 11, 2014, 04:11:09 PM
 #41

I think that everyone in this thread should take a look at bitshares-x (http://bitshares-x.info).
Basically is a distributed bank were you can hold your deposits in any currency (first iteration will have bitUSD, bitGold and bitBTC).
These are market-pegged assets or collateralized network issued IOUs .. If you have 1 bitUSD it will always be worth 1 USD worth of BTSX (the crypto that this network use).
The pegging is being done with a prediction market running in the blockchain that have 10 second confirmation time using DPOS (delegated proof of stake).
BTW: This bank makes money with transactions fees, inactivity fees, margin calls fees and this revenue goes directly to the shareholders. Just owning the underlying crypto BTSX (the one that bitUSD is backed) you are a shareholder.
For me is the most innovative thing ive seen since bitcoin.
Sadly the OP is about eleminating btc price volatilty .. I am pretty sure most people
around do not realize the power of the bitUSD and the bitGLD ..

if you guys don't know what bitUSD is => blame educate your self

Our CEO Ira Miller recently wrote a blog post for Coinapult regarding BitShares / Ripple / other altcoins and altchains, addressing this very question:

https://medium.com/@Coinapult/locks-comparisons-5141257af8e8

Please share your thoughts and comments!

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August 11, 2014, 04:14:23 PM
 #42


Dear Coinapult,

Please explain who gets the difference between future price of bitcoin ($646 for December contract, according to icbit.se) and the current price ($578). According to my calculations, it is 12%, not 1-2% you have mentioned.

In other words, if I move one bitcoin to icbit.se and short December contract, I get $646 worth of bitcoins in December. With you, I only get $578 minus fees and spread. (In fact, I don't even have to move whole bitcoin to icbit.se, only 1/leverage worth of bitcoin).

Bingo.

This is less about "making the world a better place" and more about certain co-founders making back what they lost in the Mt. Gox implosion.

Locks is not a futures contract with a specific date at which it can be redeemed. Users can unLock their coins at any time. A futures contract would demand a price premium because the bitcoins are irredeemable for an allocated period of time. Locks allows basic Bitcoin users the ability to protect their value from fluctuations, without having to be a professional trader.

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August 16, 2014, 07:24:21 AM
 #43


Dear Coinapult,

Please explain who gets the difference between future price of bitcoin ($646 for December contract, according to icbit.se) and the current price ($578). According to my calculations, it is 12%, not 1-2% you have mentioned.

In other words, if I move one bitcoin to icbit.se and short December contract, I get $646 worth of bitcoins in December. With you, I only get $578 minus fees and spread. (In fact, I don't even have to move whole bitcoin to icbit.se, only 1/leverage worth of bitcoin).

Bingo.

This is less about "making the world a better place" and more about certain co-founders making back what they lost in the Mt. Gox implosion.

Locks is not a futures contract with a specific date at which it can be redeemed. Users can unLock their coins at any time. A futures contract would demand a price premium because the bitcoins are irredeemable for an allocated period of time.

this is simply not true. cryptoexchanges work 24/7, so user can close his position any time he wants.

Quote
Locks allows basic Bitcoin users the ability to protect their value from fluctuations

so does selling futures, and with much better results, it seems.

Quote
without having to be a professional trader.

you don't have to be a professional trader to realize that having $X worth of bitcoin is better than having $X - 12% worth of bitcoin.

but I get your unspoken point - you've meant to say that your service is targeting users who are so dumb that they can't figure out how to sell futures on icbit.se. nice business model, bro.
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August 17, 2014, 10:35:10 PM
 #44

@ Coinapult

Coinapult,

how does it help the farmer in Ghana exactly?

What (real world) use cases do you see for it? What advantages does it have towards something like Realcoin or BitUSD (part of Bitshares x) if it works ? With Realcoin you also have the qualities of Bitcoin (fast and cheap transfers) plus price stability. And with Realcoin you buy price stability at the price of trust in the company that is backing Realcoin (trust in the effectiveness of the market peg with Bitusd)? What advantages does LOCKS have? Because it has the disadvantage that you loose 1% every time you want to use your Bitcoins to transfer them...
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