Ethereum & BitShares Partnership?

[devphp]

I understand and like 'free floating' asset prices, 'pegged' screams of manipulation of price. So what's the purpose of those, can anyone give a use case?

[juicyjuice87]

Crypto 3.0?
Game changer?
Lol please.  You people need to get out more

[FandangledGizmo]

I understand and like 'free floating' asset prices, 'pegged' screams of manipulation of price. So what's the purpose of those, can anyone give a use case?

The peg is still market determined. The difference is while anyone on NXT can create an Asset called NXTUSD.
For that to track the value of an actual dollar, it would either have to be backed by the issuer which is centralisation and nothing special at all kind of like Realcoin. Otherwise there's absolutely no reason anyone would value it at close to a dollar.

However BitAssets are covered by BTSX as collateral, so participants can agree to trade around the value of anything, Bitstocks, BitCurrency, BitCommodities etc. knowing the position is covered.

This video is a bit dated (They call it BitShares in the video when it's actually BitShares X now.)
http://m.youtube.com/watch?v=5BV55IrZi7g

As for use cases...

The Opportunity

Given the current global financial instability, geopolitical tensions & high levels of government debt, holding sizeable deposits of fiat, stocks or commodities is becoming increasingly risky within the current financial system. Therefore, BitShares X may need very little real-world proving under its belt, before it is seen by some very big players as an appealing hedge for a portion of their portfolio.

Indeed should those centralised risk factors get worse or even materialise - such as significant deposit confiscations - BitShares X will be in a dominant position to displace a large part of a multi-trillion dollar industry virtually overnight.

Target Markets

Traders

It should go without saying that the privacy, low costs, freedom from confiscation and other advantages of trading on a blockchain will appeal to many of the hundreds of thousands of traders currently engaged in trading currencies, commodities and stocks all around the world.

In order to support such trading activities, BitShares X introduces TITAN - A brand new privacy feature which allows for fully secure, anonymous transactions, transferred to and from easy to remember user-created, account names.
 
Bitcoin Retailers and Users

There are over 30K+ retailers who currently accept Bitcoin as payment; however the vast majority, due to tight retail margins and the relatively high volatility of Bitcoin,  transition directly back to fiat via a third party service like BitPay. Many of these retailers may wish to hold a portion of their revenue in Bit-Assets such as BitUSD.

Similarly the thousands of Bitcoin and alt-coin holders may also wish to hold a portion of their fiat earnings or savings in less volatile assets such as BitUSD, BitCNY or BitGold.

Existing Hotspots

Places like Ukraine, Venezuela, Argentina, Ghana and many Asian countries have significant capital controls that already restrict the flow of capital and foreign currency. The need for BitShares X to fill a void caused by these restrictions is clear, so it makes sense that there may be rapid adoption in areas like this, as they were also some of the strongest areas of initial Bitcoin adoption.

[scryptasicminer]

Crypto 3.0?
Game changer?
Lol please.  You people need to get out more

If you have any good suggestion and idea, please feel free to contribute.

[devphp]

However BitAssets are covered by BTSX as collateral, so participants can agree to trade around the value of anything, Bitstocks, BitCurrency, BitCommodities etc. knowing the position is covered.

Thank you, this is an important part.

So BitAssets are covered by BTSX as collateral. If I understand it correctly, NXT plans to do something like that within its Monetary System feature, where tokens are supposed to be issued covered by NXTs as collateral. NXTs would be 'locked' and a certain amount of tokens issued. Those 'locked' NXTs would set a minimum price in NXTs the issued tokens can be remeeded for. Of course, tokens can be traded above that price. That would be the best equivalent of Bitshares market pegged BitAssets. Provided I got your explanation right.

[FandangledGizmo]

However BitAssets are covered by BTSX as collateral, so participants can agree to trade around the value of anything, Bitstocks, BitCurrency, BitCommodities etc. knowing the position is covered.

Thank you, this is an important part.

So BitAssets are covered by BTSX as collateral. If I understand it correctly, NXT plans to do something like that within its Monetary System feature, where tokens are supposed to be issued covered by NXTs as collateral. NXTs would be 'locked' and a certain amount of tokens issued. Those 'locked' NXTs would set a minimum price in NXTs the issued tokens can be remeeded for. Of course, tokens can be traded above that price. That would be the best equivalent of Bitshares market pegged BitAssets. Provided I got your explanation right.

From your description it sounds like NXT will at some  point do a basic implementation of collateral.
It sounds like at best that system could give a base/minimum value & some security to some 'user issued' assets. It also seems from your description, it is just the issuer, not the market participants locking up NXT so the issuer can create a starting value for the asset. This is very different.

BTSX is covered around whatever the value the asset moves to because the market participants are providing the collateral at that level whenever a new trade occurs. So for example if BitGold doubles in price in a week then the collateral is there to back BitGold at that new price level.

Daniel Larimer and co are on another level with this. I would suggest heading over to their forums as I'm no expert other than to be able to see the huge game changer this is, if they work.

[devphp]

So for example if BitGold doubles in price in a week then the collateral is there to back BitGold at that new price level.

Ok, still don't see why not just let the price float freely, why put collateral to it every week?

Is there an equivalent of what this is all about in real world trading (stocks, bonds, whatever)? What is this financial instrument called? Maybe that can make it more clear.

[FandangledGizmo]

So for example if BitGold doubles in price in a week then the collateral is there to back BitGold at that new price level.

Ok, still don't see why not just let the price float freely, why put collateral to it every week?

Is there an equivalent of what this is all about in real world trading (stocks, bonds, whatever)? What is this financial instrument called? Maybe that can make it more clear.

The equivalent IS real world trading. What NXT is doing is letting you buy and sell.
BTSX is letting people short an asset and just like in the real world you have to post collateral to do that.

 As I say others can explain it better.

[CoinHoarder]

EDIT: Never mind... my memory is bad.. I was confusing devphp with ChuckOne

[bitjoint]

#1 Devphp is a Nxt developer

Nope, he is a php dev... which is even worst!  lol

Just wanted to chime in to say that this partnership is really promising. Don't worry about the noise that people with agendas is causing. The future looks bright for BitShares&&Ethereum...

[CoinHoarder]

#1 Devphp is a Nxt developer

Nope, he is a php dev... which is even worst!  

I retract my statement. I confused devphp with ChuckOne. This was the thread I was referring to in which ChuckOne wasted my time by asking questions he knew the answer to to prove his point: https://bitcointalk.org/index.php?topic=659349.0

I thought that was what devphp was doing here, but I confused him with ChuckOne, so maybe he had honest intentions. Although it still kind of seems like he has an agenda... I still retract my statement. Especially when devphp has 750+ posts on the Nxt forums and says things such as this:

Does it mean both Vitalik and Dan are so afraid of NXT that they have to join efforts now?

[clout]

So for example if BitGold doubles in price in a week then the collateral is there to back BitGold at that new price level.

Ok, still don't see why not just let the price float freely, why put collateral to it every week?

Is there an equivalent of what this is all about in real world trading (stocks, bonds, whatever)? What is this financial instrument called? Maybe that can make it more clear.

BitAssets are essentially contracts for difference between buyers, sellers and the blockchain.

[Spoetnik]

merge two scammy IPO's no one cares about into a new one ? brilliant LOL

those guys in the picture are going to have to work over time to counter all the negative feedback all over the web HHAHAHA

why not make another with URO too ?
i shouldn't say that they prob already considered it and that is Plan C LOL

[ChuckOne]

Perhaps it indicates the technological shortcomings of Ethereum and that they have to "annex" Bitshares (like Hitler annexed Austria to get their small arms / gold and then annexed Czechoslovakia to get their superior tanks).

Well, it basically goes like this:

Turing-completeness requires a lot of resources. PoW requires a lot of resources.

So, with PoS, they eliminate the latter and save more power for the former.

[CoinHoarder]

Perhaps it indicates the technological shortcomings of Ethereum and that they have to "annex" Bitshares (like Hitler annexed Austria to get their small arms / gold and then annexed Czechoslovakia to get their superior tanks).

Well, it basically goes like this:

Turing-completeness requires a lot of resources. PoW requires a lot of resources.

So, with PoS, they eliminate the latter and save more power for the former.

Good point. At least you are being more amicable now than your other Nxt friends. I really don't get the hatred that most Nxt users seem to have against Bitshares and Ethereum. I do not own any crypto currencies at the moment, so all of my opinions are as close to honest opinions as I can get, but I fear others are more worried about their personal agendas and what will make them the most rich. I discuss ALT coins out of genuine interest and the will to see them improved upon, mainly for academic purposes.

Honestly, I see great potential in Nxt, Ethereum, AND Bitshares. We as an ALT coin community... Arguably the Front runners in the cryptocoin 2.0 wars work together, much more will come of it rather than fighting all the time. I haven't really seen Eth/Bitshares supporters dogging on Nxt, why do you guys feel the need to? You guys say that Eth/Bitshares is scared of Nxt, but it kind of looks like it's the other way around...

I think all three have great potential. it is bad enough to have the Bitcoin/Litecoin nut hungers against us, we don't need more enemies than are necessary.

[Spoetnik]

Honestly, I do NOT see great potential in Nxt, Ethereum, AND Bitshares..
Their distribution model and agenda is all scam.. as a matter of fact ANY IPO coin or similar is a scam .

New guys.. your welcome (for sharing my Legendary crypto insights into the world of altcoins)

just do it.. get naked.... get in, then.. say it !



let the Genius of Spoetnik wash over you and bask in the glory and bear witness to my glorious path.. i shall lead you all
away from the suffering of paid forum scammers trying to sucker you out of your money.

Don't fall victim to their evil ways !
The greatest trick the devil ever did was tricking people into thinking he was not real.
And that is precisely what these scammers do.. they buy into a scam / ponzi / pyramid scheme on the ground floor cheap
then they come here and play games posting all kinds of dumb deceitful crap trying to lure other guys higher up on the pyramid..
until eventually they DUMP hard on you naive guys.. it happens time after time and everyone knows it.

Don't be low hanging fruit noobs.
I am your crypto-savior and will battle all the evil for you guys, come with me and worship and be free !
And you that have lost your way i can help you clear away your crypto-sins
Judgement day is coming and Spoetnik loves you all !

Let Spoetnik into your heart !

[brekyrself]

Spoetnik

Do you have some knowledge about these being scams?  Please share because all we see is your opinion, no fact.  Also please explain how BitShares is an IPO coin?

[Spoetnik]

The only reason Spoetnik hates NEM was because he didn't register as a stakeholder, even though he somehow made it on NODE's stakeholder list (which was inspired by NEM's distribution but couldn't muster the same 3000 distribution).

i am not on any list guy LOL
and i don't get jealous of being in on Ponzi schemes early either..

unfair distribution models in a scene overloaded with corruption is the problem.
the problem is not that i missed my opportunity to get in on a pyramid scheme early..
it's that we have 340,000 forum accounts and 1,000 coins and a new coin comes out even more scammier than the last
which is the Bitcoin killer.. then dumped and forgotten.
Why do we need 1,000 coins ?

edit:
1,001 NOW !
after reading this topic we have one more

[devphp]

Good point. At least you are being more amicable now than your other Nxt friends. I really don't get the hatred that most Nxt users seem to have against Bitshares and Ethereum. I do not own any crypto currencies at the moment, so all of my opinions are as close to honest opinions as I can get, but I fear others are more worried about their personal agendas and what will make them the most rich. I discuss ALT coins out of genuine interest and the will to see them improved upon, mainly for academic purposes.

Honestly, I see great potential in Nxt, Ethereum, AND Bitshares. We as an ALT coin community... Arguably the Front runners in the cryptocoin 2.0 wars work together, much more will come of it rather than fighting all the time. I haven't really seen Eth/Bitshares supporters dogging on Nxt, why do you guys feel the need to? You guys say that Eth/Bitshares is scared of Nxt, but it kind of looks like it's the other way around...

I think all three have great potential. it is bad enough to have the Bitcoin/Litecoin nut hungers against us, we don't need more enemies than are necessary.

I like and own both NXT and Bitshares.
There is no hatred.
However, if you haven't seen Bitshares supporters dogging on NXT, it doesn't mean there hasn't been any dogging (comparison table of Bitshares vs other cryptos is one example, which would have stayed hugely skewed if not corrected in time or Dan's own article why Bitshares is above NXT is another). Perhaps you haven't followed these issues because you don't own any cryptos.

It will be to everyone's benefit if supporters of both coins try to present objective view of their favorite coin without distortions of reality. Both NXT and Bitshares supporters have been biased sometimes, that's a fact. Both coin supporters should try to get rid of that bias. My question on market pegged assets was genuine interest, because this term can be loosely interpreted and I was interested what Bitshares' definition is. I am learning, and ask questions. By the way, this helps everyone reading these threads get answers too.

Not sure about Ethereum though, it doesn't exist on live net yet, and it's hard to tell what it can or cannot do.

[TaunSew]

The only reason Spoetnik hates NEM was because he didn't register as a stakeholder, even though he somehow made it on NODE's stakeholder list (which was inspired by NEM's distribution but couldn't muster the same 3000 distribution).

i am not on any list guy LOL
and i don't get jealous of being in on Ponzi schemes early either..

unfair distribution models in a scene overloaded with corruption is the problem.
the problem is not that i missed my opportunity to get in on a pyramid scheme early..
it's that we have 340,000 forum accounts and 1,000 coins and a new coin comes out even more scammier than the last
which is the Bitcoin killer.. then dumped and forgotten.
Why do we need 1,000 coins ?

edit:
1,001 NOW !
after reading this topic we have one more

 
Uhh yes you are.  You registered for NODE and you sent money in.  You just forgot about it.  It's hypocritical to hate NEM yet you're somehow on the list for another fair distribution coin.