[ANN][BITS][Bitstar] Now on Cryptopia, Nova and Yobit new wallet fork in testing

[exoton]

your idea with the in wallet fiat things is realy good and it would bring the inwallet p2p exchange to a whole new level however I think it would be good if we would get a little more volume first.

If you have ideas about how to pull it off just message the dev , he is always very open about new suggestions , however I dont think he will be able to do it very soon since he is currently very busy and working on tons of different things

[Bitstar_coin]

I started buying BITS recently and I'm thinking about increasing substantially my position.

I think a detailed FAQ on the site would be helpful.

It seems the coin already has anonymity, something many coins are still struggling to get. It would be important to see a detailed description of the system of anonymity applied.

There are articles about the new "fiat exchange". It would increase transparency and, thus, trust, if a detailed description was offered and there was a recognition that it's only an assistance to the exchange of fiat. That it will be necessary to use the traditional means of fiat transfer.

To avoid this, I wonder if it could be created some kind of BitUSD pegged to the USD like the one created by BitsharesX. But it couldn't be on their terms, it seems their system can create BitUSD in rather lose terms, like the FED. It had to be backed by USD. Any purchase using BITS or bitcoin should be converted to USDs or another stable asset to avoid any risks of default in case of devaluation of bitcoin/Bits.

I see some value on the creation of a second coin inside the BITS system pegged to the USD:
1) The creation of a true "USD" exchange, with instant trades inside the system.
2) For the ones bearish on bitcoin, there would be a cryptocoin pegged to the USD working as a safe haven, that they could keep in their wallet.
3) Those USDs received from the sale of the pegged coin would be used to build a fund that could be used on conservative investments. Its profits (like interest earned lending those USDs, perhaps on Bitfinex, even if the rates went down a lot) could be used to support development of the system.
4) The fund should be managed by the devs or someone trusted with complete transparency, showing at every moment how much money it had. The exact number of the pegged coins should always be equal or inferior to the number of USDs in the fund.

Welcome to the coin and thanks for the input, I'll look at getting the OP rewritten this weekend, maybe hire a professional.

Regarding FIAT directly traded by us either with bits or second coin like you have said, we moved away from this idea currently as we would have to be licenced and to provide anti money laundering and anti terrorism systems and that would take a lot of funding, but will definitely look into your ideas

[exoton]

I started buying BITS recently and I'm thinking about increasing substantially my position.

I think a detailed FAQ on the site would be helpful.

It seems the coin already has anonymity, something many coins are still struggling to get. It would be important to see a detailed description of the system of anonymity applied.

There are articles about the new "fiat exchange". It would increase transparency and, thus, trust, if a detailed description was offered and there was a recognition that it's only an assistance to the exchange of fiat. That it will be necessary to use the traditional means of fiat transfer.

To avoid this, I wonder if it could be created some kind of BitUSD pegged to the USD like the one created by BitsharesX. But it couldn't be on their terms, it seems their system can create BitUSD in rather lose terms, like the FED. It had to be backed by USD. Any purchase using BITS or bitcoin should be converted to USDs or another stable asset to avoid any risks of default in case of devaluation of bitcoin/Bits.

I see some value on the creation of a second coin inside the BITS system pegged to the USD:
1) The creation of a true "USD" exchange, with instant trades inside the system.
2) For the ones bearish on bitcoin, there would be a cryptocoin pegged to the USD working as a safe haven, that they could keep in their wallet.
3) Those USDs received from the sale of the pegged coin would be used to build a fund that could be used on conservative investments. Its profits (like interest earned lending those USDs, perhaps on Bitfinex, even if the rates went down a lot) could be used to support development of the system.
4) The fund should be managed by the devs or someone trusted with complete transparency, showing at every moment how much money it had. The exact number of the pegged coins should always be equal or inferior to the number of USDs in the fund.

Welcome to the coin and thanks for the input, I'll look at getting the OP rewritten this weekend, maybe hire a professional.

Regarding FIAT directly traded by us either with bits or second coin like you have said, we moved away from this idea currently as we would have to be licenced and to provide anti money laundering and anti terrorism systems and that would take a lot of funding, but will definitely look into your ideas

maybe once the marketcap has a couple more zeros ... so in 3 months or so

[Bitstar_coin]

I started buying BITS recently and I'm thinking about increasing substantially my position.

I think a detailed FAQ on the site would be helpful.

It seems the coin already has anonymity, something many coins are still struggling to get. It would be important to see a detailed description of the system of anonymity applied.

There are articles about the new "fiat exchange". It would increase transparency and, thus, trust, if a detailed description was offered and there was a recognition that it's only an assistance to the exchange of fiat. That it will be necessary to use the traditional means of fiat transfer.

To avoid this, I wonder if it could be created some kind of BitUSD pegged to the USD like the one created by BitsharesX. But it couldn't be on their terms, it seems their system can create BitUSD in rather lose terms, like the FED. It had to be backed by USD. Any purchase using BITS or bitcoin should be converted to USDs or another stable asset to avoid any risks of default in case of devaluation of bitcoin/Bits.

I see some value on the creation of a second coin inside the BITS system pegged to the USD:
1) The creation of a true "USD" exchange, with instant trades inside the system.
2) For the ones bearish on bitcoin, there would be a cryptocoin pegged to the USD working as a safe haven, that they could keep in their wallet.
3) Those USDs received from the sale of the pegged coin would be used to build a fund that could be used on conservative investments. Its profits (like interest earned lending those USDs, perhaps on Bitfinex, even if the rates went down a lot) could be used to support development of the system.
4) The fund should be managed by the devs or someone trusted with complete transparency, showing at every moment how much money it had. The exact number of the pegged coins should always be equal or inferior to the number of USDs in the fund.

Welcome to the coin and thanks for the input, I'll look at getting the OP rewritten this weekend, maybe hire a professional.

Regarding FIAT directly traded by us either with bits or second coin like you have said, we moved away from this idea currently as we would have to be licenced and to provide anti money laundering and anti terrorism systems and that would take a lot of funding, but will definitely look into your ideas

maybe once the marketcap has a couple more zeros ... so in 3 months or so

Nothing is off the table that's for sure.

[Coinfan]

I called it a coin, but actually, it wouldn't have to be a coin. At bitsharesX they call it an asset.

I already wrote about the legal issue (https://bitcointalk.org/index.php?topic=689902.msg7900395#msg7900395). I don't think trading an asset pegged to the USD changes the nature of the obligations of the BITS system. And the asset could be controlled by an entity autonomous to the BITS system.

But it's your call.

Excellent work. I'm investing on it and I guess that says more than any words.

[exoton]

I called it a coin, but actually, it wouldn't have to be a coin. At bitsharesX they call it an asset.

I already wrote about the legal issue (https://bitcointalk.org/index.php?topic=689902.msg7900395#msg7900395). I don't think trading an asset pegged to the USD changes the nature of the obligations of the BITS system.

But it's your call.

Excellent work. I'm investing on it and I guess that says more than any words.

wow thats quite a text , nice work !

[Bitstar_coin]

I called it a coin, but actually, it wouldn't have to be a coin. At bitsharesX they call it an asset.

I already wrote about the legal issue (https://bitcointalk.org/index.php?topic=689902.msg7900395#msg7900395). I don't think trading an asset pegged to the USD changes the nature of the obligations of the BITS system. And the asset could be controlled by an entity autonomous to the BITS system.

But it's your call.

Excellent work. I'm investing on it and I guess that says more than any words.

Nice write up, and I agree with what your saying, we will defiantly consider it further.  Just need to complete the open jobs I already have first, otherwise we'll have lots of half finished jobs all over the place.   

[Coinfan]

The main point seems to be: the asset would have to be traded only using BITS, but at the current price of the USDs. Then the fund would convert the bits to USDs or other stable currency/asset in order to do the conservative investments. This way, the pegged asset wouldn't be a convertible currency.


But it was just an idea. I completely agree that you should finish the projects you have in hands.

[Bitstar_coin]

The main point seems to be: the asset would have to be traded only using BITS, but at the current price of the USDs. Then the fund would convert the bits to USDs. This way, the pegged asset wouldn't be a convertible currency.


Bit it was just an idea. I completely agree that you should finish the projects you have in hands.

Yes defiantly a good idea, especially when you consider the other plans we already have regarding ecommerce etc and allowing people that sell with bits to auto exchange out, we want to make the ecommerce platform as streamlined as possible.  So defiantly something we'll be looking into more asap.

[exoton]

The main point seems to be: the asset would have to be traded only using BITS, but at the current price of the USDs. Then the fund would convert the bits to USDs. This way, the pegged asset wouldn't be a convertible currency.


Bit it was just an idea. I completely agree that you should finish the projects you have in hands.

Yes defiantly a good idea, especially when you consider the other plans we already have regarding ecommerce etc and allowing people that sell with bits to auto exchange out, we want to make the ecommerce platform as streamlined as possible.  So defiantly something we'll be looking into more asap.

awesome , need to get more money to be able to buy more

[exoton]

I got a question , does anyone know a way to make staking more effective , I cant have the pc running 24 / 7 , it runs about 10 hours a day and I am currently at a network weight of 62k  rising quicker then it is used up^^

[Bitstar_coin]

I got a question , does anyone know a way to make staking more effective , I cant have the pc running 24 / 7 , it runs about 10 hours a day and I am currently at a network weight of 62k  rising quicker then it is used up^^

Yes, you need to merge your inputs by sending your coins back to yourself.  you need to do this every week or two as staking breaks them back down again, you will lose a days stake, but rather than having hundreds of small inputs you have some larger ones (this also means smaller fees if you do send a large transaction later). 

There are down sides to this also, more staking is better for the network (makes transactions faster), also if you have a say 5000 input and only send 500 coins, then 4500 coins lose out on staking for a day as they are considered modified.

[exoton]

I got a question , does anyone know a way to make staking more effective , I cant have the pc running 24 / 7 , it runs about 10 hours a day and I am currently at a network weight of 62k  rising quicker then it is used up^^

Yes, you need to merge your inputs by sending your coins back to yourself.  you need to do this every week or two as staking breaks them back down again, you will lose a days stake, but rather than having hundreds of small inputs you have some larger ones (this also means smaller fees if you do send a large transaction later). 

There are down sides to this also, more staking is better for the network (makes transactions faster), also if you have a say 5000 input and only send 500 coins, then 4500 coins lose out on staking for a day as they are considered modified.

ok , then i will send my coins to the exchange wallet and then send them back in 4-5 stacks over the day , or should i send them in one chunck ?

[Bitstar_coin]

I got a question , does anyone know a way to make staking more effective , I cant have the pc running 24 / 7 , it runs about 10 hours a day and I am currently at a network weight of 62k  rising quicker then it is used up^^

Yes, you need to merge your inputs by sending your coins back to yourself.  you need to do this every week or two as staking breaks them back down again, you will lose a days stake, but rather than having hundreds of small inputs you have some larger ones (this also means smaller fees if you do send a large transaction later). 

There are down sides to this also, more staking is better for the network (makes transactions faster), also if you have a say 5000 input and only send 500 coins, then 4500 coins lose out on staking for a day as they are considered modified.

ok , then i will send my coins to the exchange wallet and then send them back in 4-5 stacks over the day , or should i send them in one chunck ?

You don't need to send them to an exchange, just send from your address back to your address, you just get charged one fee then.  Chunks is personal preference really, theres nothing stopping you having them as one input, they will get broken back down again in a few stakes.

[exoton]

I got a question , does anyone know a way to make staking more effective , I cant have the pc running 24 / 7 , it runs about 10 hours a day and I am currently at a network weight of 62k  rising quicker then it is used up^^

Yes, you need to merge your inputs by sending your coins back to yourself.  you need to do this every week or two as staking breaks them back down again, you will lose a days stake, but rather than having hundreds of small inputs you have some larger ones (this also means smaller fees if you do send a large transaction later). 

There are down sides to this also, more staking is better for the network (makes transactions faster), also if you have a say 5000 input and only send 500 coins, then 4500 coins lose out on staking for a day as they are considered modified.

ok , then i will send my coins to the exchange wallet and then send them back in 4-5 stacks over the day , or should i send them in one chunck ?

You don't need to send them to an exchange, just send from your address back to your address, you just get charged one fee then.  Chunks is personal preference really, theres nothing stopping you having them as one input, they will get broken back down again in a few stakes.

ok , thanks for your help !

[Bitstar_coin]

I got a question , does anyone know a way to make staking more effective , I cant have the pc running 24 / 7 , it runs about 10 hours a day and I am currently at a network weight of 62k  rising quicker then it is used up^^

Yes, you need to merge your inputs by sending your coins back to yourself.  you need to do this every week or two as staking breaks them back down again, you will lose a days stake, but rather than having hundreds of small inputs you have some larger ones (this also means smaller fees if you do send a large transaction later). 

There are down sides to this also, more staking is better for the network (makes transactions faster), also if you have a say 5000 input and only send 500 coins, then 4500 coins lose out on staking for a day as they are considered modified.

ok , then i will send my coins to the exchange wallet and then send them back in 4-5 stacks over the day , or should i send them in one chunck ?

You don't need to send them to an exchange, just send from your address back to your address, you just get charged one fee then.  Chunks is personal preference really, theres nothing stopping you having them as one input, they will get broken back down again in a few stakes.

ok , thanks for your help !

If you haven't already, enable the advanced coin control window, then view it, you can see your current number of inputs in there.

[jakiman]

Polo wants to delete BITS market.
Any idea what we can do to save it?

Some successful buying and selling would help. There seems to be a deadlock there. But even if they do it's not the end of the world.

Using QTL Trader and using the Warp Factor Volume feature, you can create 10 BTC trade vol artificially while only costing you trade fees.
I guess you can also do this with other trading bots or just selling/buying your own orders really quickly manually.

[Mark81]

I have thinked that bitstars.net casino idea forward from their perspective. Today they use bitcoin as their main coin to players and have thinked to add some other coins also like dogecoin and bitstar, etc. But as I see why they should use bitstar is reasons of combo. First is idea of rewarding program like flymiles were they should reward loyal players with bitstar cause it gives them value directly and possible it will grow in future as eCommerce platform is ready so use case of bitstar would be outside of their casino. I say win and win again! 

[Mark81]

And second thought of the reason is that main use of bitstar at their casino is solid no matter what coins they ad. They can even give players to choose if he wants to take profit as bitstar and later sell reward back to casino with gains or do with it what ever he wants. It might be also be she

[tim14]

For those of you who want to see BitStar listed on another exchange  >  https://www.crypto-trade.com/voting
jakiman got the voting started several weeks ago. You do need to
register and complete 3 trades to be able to vote 1X per hour.
Paid votes are accepted as well.