Steem dollar is more liquid than BitUSD. We should copy its key feature. by jonnybitcoin

bitshares · @jonnybitcoin · Aug 16 '16 (edited)

$446.72

Steem dollar is more liquid than BitUSD. We should copy its key feature.

<html>
<p>BitUSD &nbsp;&nbsp;0.8 BTC buy wall / 1.3 BTC sell wall</p>
<p>http://i.imgur.com/ie3ZgSn.png</p>
<p><br></p>
<p>Steem Backed dollar 50 BTC buy wall / 30BTC sell wall</p>
<p><br></p>
<p>http://i.imgur.com/9wmWt30.png</p>
<p>There are a lot more Steem dollars around than BitUSD and they are much more liquid.&nbsp;</p>
<p><br></p>
<p>The key reason is because the Steem blockchain creates the Steem dollars autonomously and distributes them.&nbsp;</p>
<p><br></p>
<p>The Bitshares blockchain only creates and distributes BTS but relies on traders to create the BitUSD.</p>
<p><br></p>
<p>If the Bitshares blockchain paid our witnesses and workers in BitUSD instead of BTS it would have the following effects.</p>
<p><br></p>
<p>- Reduce selling pressure on BTS</p>
<p>- Create a large supply of BitUSD&nbsp;</p>
<p>- Create liquidity and confidence for traders to short even more BitUSD in to existence.</p>
<p>- Easier to understand how much worker proposals are being paid /asking for</p>
<p>- Workers would know how many dollars they were getting paid each month.</p>
<p>- We wouldn't be increasing the current inflation rate of BTS from what it is now</p>
<p><br></p>
<p>This proposal was the result of a long discussion here: https://bitsharestalk.org/index.php/topic,22935.0.html</p>
<p>Ultimately this would need a hard fork, money for development and shareholder consensus.</p>
<p><br></p>
<p>This has also been posted on the Bitsharestalk forum here:&nbsp;</p>
<p>https://bitsharestalk.org/index.php/topic,23028.0.html</p>
</html>

👍 blocktrades, tombstone, fuzzyvest, rainman, witness.svk, hipster, ihashfury, kencode, cyber, glitterfart, teamsteem, officialfuzzy, hedge-x, johnsmith, billbutler, nabilov, chris4210, chhayll, onighost, sandra, stan, linouxis9, jchch, unosuke, truthtaco, paco, idealist, jason, svk, anonymint, geoffrey, mf-tzo, fminerten1, noisy, mibenkito, bue, aizensou, anonymous, rimantas, jonnyrevolution, hcf27, jonnybitcoin, bitshares101, velourex, proctologic, craig-grant, mustafaomar, deepsynergy, valtr, rawnetics, craigwilliamz, jabberw0cky, karbonxx, madwallace, sacode, ppitonak, cm-steem, spartako, dahaz159, manoami, bue-witness, boy, murh, coar, and 19 others

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@mf-tzo · Aug 16 '16

I fully agree with you mate. Workers should be paid in bitassets (bitusd or bitcny) and we should also introduce interest on deposit for people holding those bitassets.

In this post https://steemit.com/bitshares/@mf-tzo/proposal-to-reward-bitassets-holders-with-interest
I recommended to reward with Open.xxx asset as interest for marketting reasons...Many oposed.. Maybe it would also be easier to reward bitasset holders in bts (personally I would prefer that) so they can chose later what to do..

So all in all, I think a worker proposal, allocating interest in the form of bts to bitasset holders and workers getting paid in bit.xxx asset are two important things that need to be done

👍 cm-steem, humanearl

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@clains · Aug 16 '16 (edited)

BitShares should have a massive upgrade integrating all the best features from Steem. 

The question is how to fund it.

👍 jonnybitcoin, jabberw0cky, dahaz159, xomtux, humanearl

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@johnsmith · Aug 17 '16

$0.24

Put the roadmap on Steemit and get all the Bitshare's whales to upvote. Actually, break the upgrade into milestones and make a post when each milestone is complete. Whales review code and if it's up to snuff they upvote the milestone post.

👍 clains, billbutler, bue, anonymous, ppitonak, bue-witness, boy, mini, daniel.pan, bunny, healthcare, helen.tan, moon, xomtux, humanearl

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@billbutler · Aug 18 '16

That...... is a great idea!

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1 reply

@noisy · Aug 16 '16

Hi!

Long time, no see :)

 I totally agree. I even posted this idea once on forum:
https://bitsharestalk.org/index.php/topic,21449.msg278949.html#msg278949

👍 jonnybitcoin

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@johnsmith · Aug 17 '16

Absolutely agree with paying all network costs in bitUSD/CNY/GLD/SLV or whatever bitAsset the recipient chooses. In hindsight this is so obvious... ;D

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@kencode · Aug 17 '16

$0.08

yep, we could really use more bitEUR and bitSILVER here in Europe for sure. BlockPay terminals give everyone a place to spend it too.

👍 billbutler, sandra, jonnybitcoin, fury, perky

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@johnsmith · Aug 19 '16 (edited)

It would be so awesome to see bitSILVER and bitGOLD get some traction as a currency... the perfect antidote to everything that is wrong with current fiat system.

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@anonymint · Aug 17 '16

> The key reason is because the Steem blockchain creates the Steem dollars autonomously and distributes them. 

Isn't is also because STEEM DOLLARS can be redeemed as STEEM by the blockchain at the $1 valuation. This keeps the SD pegged to ~$1.

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@jonnybitcoin · Aug 17 '16

$0.05

BitUSD can be redeemed as BTS by the bitshares blockchain at the $1 valuation.

👍 sandra, anonymint, ppitonak

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@billbutler · Aug 18 '16

Wouldn't it be cool if there was a gateway for SBD to bitUSD?

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@jademont · Aug 17 '16

I agree with this proposal, but the committee seem not very active...

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