BitsharesX is taking Litecoin and Bitcoin down

[ruletheworld]

Bitcoin still have more trust than all the altcoins out there.

For most investors and consumers who are in the know, all altcoins are still considered pump and dump coin.

Investors "in the know" are investing in legitimate new experiments such as BitShares, Nxt, and ethereum.  All of these are attempting to expand upon BTC with additional functionality.

Who are these "investors in the know"?

[smoothie]

a coin that shits their pants so much it can't even face the community around here and avoids having a thread on btctalk (possibly because of fears of being exposed for logic flaws) should "take litecoin and bitcoin down"?

gtfo!
people don't fall for this BS.  


... what if ... you can't trade bitUSD for anything else than their counterparts and the shit is a hermetic system in a system? Huh? What then? You can't trade that shitty btsx-things of the lower order for anything else than options IN the system or btsx since the contracts always need a counterpart.

So where is the dev now answering the concern?

Where is your nice bitBTC on the open market? Where can i buy btsx-options directly for btc or fiat? Nowhere. and that'll probably never change.

Very likely the reason of btsx avoiding btctalk.

You can trade bitUSD on bter now:

https://bter.com/trade/btc_BITUSD
https://bter.com/trade/bitusd_usd

i'll take actual USD in my possession over BITUSD any day for a long long time.

Step back and look at the bigger picture.  International business to business transactions or hell look what happened in Cyprus.  USD in your mattress is one thing but in a bank or exchange its just an IOU...  The market peg, if it works, will bring value to many individuals who do not have easy access to investing in stocks, metals, foreign currency etc...  Its another way to hedge inflation.

Check out this article and see if it starts to paint a larger picture.
http://bitshares.org/overstock-to-cryptostock/

I'm talking about actual physical cash (USD).

lol as if I didn't realize that banks operate on digital cash (USD).

[AdamWhite]

Bitcoin still have more trust than all the altcoins out there.

For most investors and consumers who are in the know, all altcoins are still considered pump and dump coin.

Fiat currencies still have more trust than all the crypto coins out there.

For most investors and consumers who are in the know, all Bitcoin type things are still considered pump and dump Ponzi schemes.

Goose -> Sauce -> Gander

(This an endorsement of keeping an open mind and not being a herd animal, not an endorsement of BitsharesX.)

STFU Simon

[X7]

Bitcoin still have more trust than all the altcoins out there.

For most investors and consumers who are in the know, all altcoins are still considered pump and dump coin.

Fiat currencies still have more trust than all the crypto coins out there.

For most investors and consumers who are in the know, all Bitcoin type things are still considered pump and dump Ponzi schemes.

Goose -> Sauce -> Gander

(This an endorsement of keeping an open mind and not being a herd animal, not an endorsement of BitsharesX.)

How does a hero member say for most investors and consumers in the 'know' all Bitcoin type things are still considered pump and dump Ponzi schemes..

Are you saying you agree with the idea that a decentralized peer to peer trustless store of wealth is a pump and dump as opposed to what? the federal reserve printing monopoly money which we give belief to, give me a break.
Read the article below before you say things like Fiat currency has trust - it is not trust my friend it is ignorance.. We do not understand it and go about our regular day to day lives living in total perpetual ignorance.

If I miss understood you I apologize but it read that way.

http://thebitcoinmovement.com/bitcoin-peoples-bailout-currency-vs-money/

[CoinHoarder]

i'll take actual USD in my possession over BITUSD any day for a long long time.

I'm talking about actual physical cash (USD).

lol as if I didn't realize that banks operate on digital cash (USD).

There are obviously some advantages to having physical cash compared to bitUSD (Bitshare's digital USD version), but there are also some disadvantages. I think it is silly to write off the whole idea of decentralized market pegged assets due to their real life counterparts being "safer." Do you also not have a bank account, not use debit or credit cards, and never buy gift cards as presents? I would argue all of those things are not as safe as "physical cash in your possession." Furthermore, you could make the argument that Bitcoin/Litecoin are not as safe as physical cash in your possession.. I just don't get your point.

The advantages of having physical cash in your possession are pretty obvious, so I will highlight some of the disadvantages. Physical cash can be:
- Easily confiscated by the government [bitUSD- (if you secure it properly) could not confiscated]
- Easily taxed (no one can force taxes on transactions with a decentralized block chain)
- Limited transactions (you can't send it anywhere in the world on a whim)
- Someone can easily short change you without you noticing (cannot happen with cryptocurrencies)
- Someone can give you fake dollar bills as change or payment (cannot happen with cryptocurrencies)
- You cannot easily speculate on the price of the dollar with cash (with bitUSD you can conveniently go long or short)
- Etc.

There are uses for decentralized digital forms of FIAT and commodities, and that is what makes Bitsharesx valuable (and me a fan boy of them.)  

[ArticMine]

The real test of the BitsharesX concept list in comparing bitUSD/USD https://bter.com/trade/bitusd_usd with BTSX/XBT http://coinmarketcap.com/currencies/bitshares-x/. At the recent low on August 29 in BTSX/XBT we saw bitUSD/USD trade at 0.71. This makes a lot of sense since the drop from the high in BTSX/XBT was over 50% resulting in the bitUSD being under capitalized and consequently the low price.

In short it appears that the prediction market would only work if BTSX/XBT does not drop enough to cause the bitUSD to be under capitalized.

[CoinHoarder]

The real test of the BitsharesX concept list in comparing bitUSD/USD https://bter.com/trade/bitusd_usd with BTSX/XBT http://coinmarketcap.com/currencies/bitshares-x/. At the recent low on August 29 in BTSX/XBT we saw bitUSD/USD trade at 0.71. This makes a lot of sense since the drop from the high in BTSX/XBT was over 50% resulting in the bitUSD being under capitalized and consequently the low price.

In short it appears that the prediction market would only work if BTSX/XBT does not drop enough to cause the bitUSD to be under capitalized.

The Bitshares community is brainstorming different market restrictions for shorts that could be done to make sure the market peg holds. It has been fairly accurate thus far, but it could be improved upon. It has worked pretty well though as a hedge against BTSX bubbles. For instance, in the recent mini bubble.. Those that bought bitUSD at the peak and sold it in the trough ended up with almost double the amount of BTSX than if they would of just held BTSX.

[CoinHoarder]

I wanted to elaborate on the benefits of bitassets, as I'm not sure that everyone understands them thoroughly quite yet.

Along with being able to use them to hedge your investments, they can also be used as an alternative to centralized exchanges. Trading on the decentralized exchange in BTSX is safer because you can do so without going through a trusted third party (a centralized exchange), where you are instead exchanging btsxIOUs for xbtIOUs or xbtIOUs for usdIOUs, and your funds could theoretically be seized, stolen, or held until you comply with some sort of kyc (know your customer) procedure.

It is safer than trading on an exchange if you are trading just for the sake of trading. If you are trading to spend them then that is another story, but I have a feeling the bitasset infrastructure will fall into place to allow people to do that. With multi coin payment processors and gateways the ability to spend bitassets could be extended to anything you can buy with any other Cryptocurrency.

[krach]

The real test of the BitsharesX concept list in comparing bitUSD/USD https://bter.com/trade/bitusd_usd with BTSX/XBT http://coinmarketcap.com/currencies/bitshares-x/. At the recent low on August 29 in BTSX/XBT we saw bitUSD/USD trade at 0.71. This makes a lot of sense since the drop from the high in BTSX/XBT was over 50% resulting in the bitUSD being under capitalized and consequently the low price.

In short it appears that the prediction market would only work if BTSX/XBT does not drop enough to cause the bitUSD to be under capitalized.

yup and when a big dump comes.......

[CoinHoarder]

The real test of the BitsharesX concept list in comparing bitUSD/USD https://bter.com/trade/bitusd_usd with BTSX/XBT http://coinmarketcap.com/currencies/bitshares-x/. At the recent low on August 29 in BTSX/XBT we saw bitUSD/USD trade at 0.71. This makes a lot of sense since the drop from the high in BTSX/XBT was over 50% resulting in the bitUSD being under capitalized and consequently the low price.

In short it appears that the prediction market would only work if BTSX/XBT does not drop enough to cause the bitUSD to be under capitalized.

yup and when a big dump comes.......

A big dump already came and it didn't kill the value of bitUSD. BTSX went from 0.00009679 to 0.00005053 on the 25th through the 29th. It lost almost half of its value, but the market peg held right around where it has been. Admittedly, the market peg is not perfect, but everyone is brainstorming on how it can be made more correct. During the crash, the value of bitUSD never went below $0.86 USD, with it mostly being within the range of $1 to $0.90 USD. Additional restrictions on shorts were put into effect yesterday and it has been more accurate.. $1 to $0.91. You can see the Bitshares community is brainstorming ways to reach parity and instill confidence in bitassets ability to reach parity: https://bitsharestalk.org/index.php?topic=7953.0

I think everyone in the Bitshares community knows how important it is for bitassets to resemble as closely as possible the value of their real life counterparts. Fwiw, bitBTC started trading last night and it has been tracking more accurately than bitUSD. I speculate this is because there is more demand for Bitcoins and less demand for FIAT... makes sense really. Everyone that owns BTSX seems to be pretty bullish on it, so the buy support for bitUSD is lacking. I think the Bitshares community are for the most part pretty bullish on Bitcoin too, so I expect this to be less of a problem for bitBTC.

[devphp]

A big dump already came and it didn't kill the value of bitUSD.

That was not a big dump, only what ~50-60%. Check history charts of Bitcoin, dumps as big as 90% are possible. Bitshares just started its sail.

[nikola384]

A big dump already came and it didn't kill the value of bitUSD.

That was not a big dump, only what ~50-60%. Check history charts of Bitcoin, dumps as big as 90% are possible. Bitshares just started its sail.

With the amount of time you spend on this forum (and others), sure php is not in great demand nowadays. 

[devphp]

With the amount of time you spend on this forum (and others), sure php is not in great demand nowadays. 

Don't be envious

[asdlolciterquit]

-->http://coinmarketcap.com/ and http://coinmarketcap.com/currencies/bitshares-x/

this thread is just a try to pump BitsharesX.

BitsharesX price is going down, like any other cryptocoin and have a volume 24h more than 7 times lower than litecoin's volume. And i don't even talk of bitcoin.

[krach]

If bitsharesX price dumps , then the assets and "pegs" will suffer.

AND

On a conceptual level, why is BitsharesX still obsessed with USD a centralized currency backed by war and destruction, I would hope that people that build interesting technology could look beyond trying to "peg" USD, just drop all the USD crap.

What is the obsession of "taking down" litecoin and bitcoin? Please explain what you mean exactly by "taking down"?
Is this the forward thinking innovative thininking going on in BitshareX heads? To "take down" other crypto, and then.... sell your BitsharesX and move to an island?



If BitsharesX gets really low I might pick up some, I suggest waiting for the big dump, and I mean BIG ,just wait.

In the meantime you can take part in the BotsharesX IPD Initial Public Drop which was started when the Central committee of Delagates COD reached consensus.

http://dogepartytalk.org/viewtopic.php?f=16&t=47&sid=7cd8f2b593b9011399fb0cdc12b3cced

[Bansheroom]

-->http://coinmarketcap.com/ and http://coinmarketcap.com/currencies/bitshares-x/

this thread is just a try to pump BitsharesX.

BitsharesX price is going down, like any other cryptocoin and have a volume 24h more than 7 times lower than litecoin's volume. And i don't even talk of bitcoin.

There is no reason to pump btsx, it will go up without help.

BitsharesX is not like any other crypto, you obv. have no clue what you are talking about.

[krach]

BitsharesX is not like any other crypto, you obv. have no clue what you are talking about.

And it comes out!

We are all stupid because we have questioned the base risk of the whole bitshares system!

When there was a 50% drop bitusd was at 0.79 and when there is a 500% drop, what then?

[nomoreheroes7]

BitsharesX is not like any other crypto, you obv. have no clue what you are talking about.

And it comes out!

We are all stupid because we have questioned the base risk of the whole bitshares system!

When there was a 50% drop bitusd was at 0.79 and when there is a 500% drop, what then?

lol @ > 100% drop being mathematically possible

[krach]

lol @ > 100% drop being mathematically possible

 

NEGATIVE VALUE FOR HOLDING!

[krach]

For discussions sake lets say it goes down to 5% of orginal value, what artifical steps would the central commitee of bitshares have to take to maintain the peg?


How much does it cost for a company to launch an asset on the network?