BitSharesX
Solves some pretty big problems IMO:
- transaction times (10 seconds flat, 5 on average)
- volatility (bitAssets, like bitUSD)
- profitable (bitcoin, as a system - operates at a net loss... how sustainable is that??)
Also - poll seems faulty - I don't have the option to vote... I can just see the results
This thread is being spammed by sock puppets... but NXT wins poll by 2:1 margin.
The BTSX pegs will crumble... when REAL volatility comes along...
If they cannot be SETTLED for fiat or physical commodity they will fail in a spectacular fashion. Ka-boom.
Can you please run through an example to show how it will crumble? I noticed Bter has a market for BitUSD/USD thus could get out directly?
Well, the world's commodity exchanges for > 100 years...
Have relied on SETTLEMENT in commodity (corn) or cash (USD) on a specific date...
To maintain viabililty and order on their exchanges... especially when things get crazy.
So BitShares (a bunch of academics and coders)...
Is saying that all these silly market professionals have been wrong for a century...
They have a simple way to replace compulsory settlement.
So, great, their "pegs" are holding to within 5% in dead markets...
In a market that's 80% Chinese traders and totally manipulated...
Wait till some real volatility comes along... a 20% swing in one of their "pegs".
Then we will see... the Bitshare markets will likely stop trading... and people will get screwed.
For example, short positions are "closed out" with a 5% penalty when margin runs out.
The above sentence assumes an orderly market and BIDS and OFFERS.
What if there are no bids/offers? What happens to shorts/longs that are >>> bankrupt?
They could have paid a consultant from the Chicago Board of Trade $10,000 to AUDIT BitShares...
You know, a market professional not some economics professor or C coder...
Then I could have had faith in their approach...
But these types of people always insist of reinventing the wheel in a vaccum.
Please do not take offense however I am still only seeing opinions here, is there something wrong with the market mechanics that will cause it to collapse where others will not? Where did you get 80% Chinese traders and manipulation from? My research into BTSX has shown me quite the opposite, however I am always open to hear what educated others have to say.
I have been watching this thread discussing their market mechanics and they appear quite solid to meet the goal of maintaining a peg.
https://bitsharestalk.org/index.php?topic=9029.0 I may be giving the benefit of the doubt however they appear to be heading the the right direction to help the community. To be honest watching their forum, I have not seen any other community work at the pace they have been along with accepting feedback from everyone.
Poll
