BitUSD is in circulation! BitCNY too

CoinHoarder

legendary

Activity: 1484

Merit: 1026

In Cryptocoins I Trust

Great Chart Gallery of BitUSD on BitScreener: https://bitscreener.com/coins/bitusd/chart_gallery

https://i.imgur.com/J2Xwj79.png

This is a beautiful sight to see, and so far the experiment of creating a decentralized autonomous US dollar derivative has been a great success!!

CoinHoarder

legendary

Activity: 1484

Merit: 1026

In Cryptocoins I Trust

Quote from: clout on September 14, 2014, 04:43:29 PM

Quote from: SomethingElse on September 14, 2014, 09:14:48 AM

Quote from: ifinta on September 11, 2014, 05:24:23 PM

The BitUSD Market has been started. It seems to be you can buy BitUSD for about 1 USD... See https://bter.com/trade/bitusd_usd

Who gets my real dollar if I buy a bitUSD? Basically, who was smart enough to have me give them a real dollar for a digital dollar not recognized by any shops or the US government?

The person that is dumb enough to store value in a depreciating fiat currency or a bank that provides no meaningful interest to depositors. While you, on the other hand, receive a 5-10% annual return on your bitUSD.

Lol Clout, well said. Cool

brekyrself

hero member

Activity: 547

Merit: 502

Quote from: WillowRosenberg on September 14, 2014, 04:58:52 PM

New to BitSharesX, some questions:

1. Who issues the BitUSD?

2. What prevents the price from deviating from USD? Couldn't the BitUSD issuer not just issue more and more until the price drops.

WillowRosenberg

Basically, BitUSD is backed by BTSX as collateral with an open market. It's difficult to grasp BitShares and BitUSD concept until you understand the whole system. Start with these links.

ELI5 threads (Explain like I'm 5)
https://bitsharestalk.org/index.php?topic=8027.0

Start here to read the background on DPOS algorithm:
http://wiki.bitshares.org/index.php/DPOS

Continue here to read about the security and simplicity of sending to names instead of addresses:
http://wiki.bitshares.org/index.php/TITAN

Listen to this episode from a few weeks back:
Let's talk Bitcoin! episode 129. Starts around 12 minute mark with the lead dev Dan. Great listen.
http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-129-dogeparty-and-delegated-proof-of-stake

Which leads to the asset exchange:
http://wiki.bitshares.org/index.php/Bitshares_X

BitUSD market peg has been working
https://bitsharestalk.org/index.php?topic=8358.0

Finally finish up with this to really get you thinking about where bitcoin ideology will go:
http://bitshares.org/overstock-to-cryptostock/

With all the above were just scratching the surface of possibilities.

WillowRosenberg

newbie

Activity: 55

Merit: 0

New to BitSharesX, some questions:

1. Who issues the BitUSD?

2. What prevents the price from deviating from USD? Couldn't the BitUSD issuer not just issue more and more until the price drops.

clout

full member

Activity: 207

Merit: 100

Quote from: SomethingElse on September 14, 2014, 09:14:48 AM

Quote from: ifinta on September 11, 2014, 05:24:23 PM

The BitUSD Market has been started. It seems to be you can buy BitUSD for about 1 USD... See https://bter.com/trade/bitusd_usd

Who gets my real dollar if I buy a bitUSD? Basically, who was smart enough to have me give them a real dollar for a digital dollar not recognized by any shops or the US government?

The person that is dumb enough to store value in a depreciating fiat currency or a bank that provides no meaningful interest to depositors. While you, on the other hand, receive a 5-10% annual return on your bitUSD.

nomoreheroes7

sr. member

Activity: 326

Merit: 250

King of all the land

Quote from: Nullu on September 14, 2014, 07:17:05 AM

Correct me if I'm wrong, but if BitUSD's purpose is to maintain a close value to the dollar, that's not going to happen.

That's exactly why it will happen. Unless a pizza some day becomes > $20, BitUSD's purpose is to be worth $20 for 20 BitUSD...

Quote from: SomethingElse on September 14, 2014, 09:14:48 AM

Quote from: ifinta on September 11, 2014, 05:24:23 PM

The BitUSD Market has been started. It seems to be you can buy BitUSD for about 1 USD... See https://bter.com/trade/bitusd_usd

Who gets my real dollar if I buy a bitUSD? Basically, who was smart enough to have me give them a real dollar for a digital dollar not recognized by any shops or the US government?

Yes, I am being a bit of a troll, but it is also an honest question.

The USD peg is only like 2 weeks old...you can't expect adoption yet...lol.

SomethingElse

full member

Activity: 210

Merit: 100

Looking for the next big thing

Quote from: ifinta on September 11, 2014, 05:24:23 PM

The BitUSD Market has been started. It seems to be you can buy BitUSD for about 1 USD... See https://bter.com/trade/bitusd_usd

Who gets my real dollar if I buy a bitUSD? Basically, who was smart enough to have me give them a real dollar for a digital dollar not recognized by any shops or the US government?

Yes, I am being a bit of a troll, but it is also an honest question.

Nullu

hero member

Activity: 532

Merit: 500

Quote from: pythonista on August 25, 2014, 01:35:06 PM

Perhaps this meme will explain it:

Correct me if I'm wrong, but if BitUSD's purpose is to maintain a close value to the dollar, that's not going to happen.

old fart

member

Activity: 308

Merit: 10

Bitcoin is the future

Quote from: pythonista on August 25, 2014, 01:30:37 PM

It also means that if you want to cash out your BTSX, you can trade them on the BitsharesX decentralized exchange with zero counterparty risk. You dont need to risk sending your shares to some shady exchange in China or wherever.

Holding BitUSD also gives you +5% interest, payed by the other side who is shorting BitUSD.

Is that +5% interest a year, or for a shorter period?

newuser01

sr. member

Activity: 434

Merit: 250

Quote from: boraf on August 25, 2014, 01:25:15 PM

Quote from: instacalm on August 25, 2014, 01:12:42 PM

Quote from: LightRider on April 30, 2011, 03:54:27 AM

BitUSD is in circulation!!

http://bitshares.org/faq/

https://bitsharestalk.org/index.php?board=5.0

Congratulations to the Invictus team for this monumental step!

Not really sure what this mean.

Care to explain it in layman term what bitshares is? and what BitUSD mean? For those who are not technical.

good news for P&P

that is all

LifeisGreat88088

full member

Activity: 149

Merit: 100

Good！

testz

legendary

Activity: 1764

Merit: 1018

BitCNY is in circulation!

https://bter.com/trade/bitcny_cny

brekyrself

hero member

Activity: 547

Merit: 502

Quote from: Yuzu on September 11, 2014, 10:01:47 PM

Does one need to download a different wallet for BitUSD, or can you just send it from Bter to your BTSX wallet? Huh

It's all built into the latest wallet.

https://github.com/dacsunlimited/bitsharesx/releases

Yuzu

sr. member

Activity: 368

Merit: 250

Does one need to download a different wallet for BitUSD, or can you just send it from Bter to your BTSX wallet? Huh

ifinta

full member

Activity: 733

Merit: 109

The BitUSD Market has been started. It seems to be you can buy BitUSD for about 1 USD... See https://bter.com/trade/bitusd_usd

pythonista

newbie

Activity: 35

Merit: 0

Perhaps this meme will explain it:

https://i.imgur.com/pAtkOu9.jpg

instacalm

hero member

Activity: 798

Merit: 500

Quote from: boraf on August 25, 2014, 01:25:15 PM

Not really sure what this really mean.

Care to explain it in layman term what bitshares is? and what BitUSD mean? For those who are not technical.

Hi boraf, sure, the following is from the FAQ:

What is a BitAsset?
BitAssets are an experimental digital asset class that are fungible and market-pegged to the value of anything from dollars, to gold, to gallons of gasoline. BitAssets can be transferred between users in the same way as bitcoins.

How does BitSharesX work?
There are two interlinked components to BitShares X: BitAssets and the Exchange. A BitAsset is a special type of token that tracks the value of a real-world asset; for example, one BitUSD will be worth one US Dollar. Users of BitShares X will be able to trade their BTSX for BitAssets on the decentralized exchange.

If you want to learn more please check the wiki and faq.

pythonista

newbie

Activity: 35

Merit: 0

Quote from: boraf on August 25, 2014, 01:25:15 PM

Not really sure what this mean.

Care to explain it in layman term what bitshares is? and what BitUSD mean? For those who are not technical.

It means that you get the freedom & convenience of crypto-currencies, with the price stability of the dollar. You can use BitUSD for trade the same way you can use Bitcoin. But now you always know exactly what the price will be.

It also means that if you want to cash out your BTSX, you can trade them on the BitsharesX decentralized exchange with zero counterparty risk. You dont need to risk sending your shares to some shady exchange in China or wherever.

Holding BitUSD also gives you +5% interest, payed by the other side who is shorting BitUSD.

boraf

full member

Activity: 315

Merit: 103