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RE: Which Cryptocoin Could Overthrow Bitcoin? 哪种密码货币可以颠覆比特币？
KK...i wanted to ask you something about Bitshares...i tried testing the liqudity and sold a measly $6000 worth of open.BTC for BitUSD and it took forever to get filled...i used the lowest bid listed on the order book...do you suggest market orders??? i was surprised that there was not enough orders to fill this small request..and plus i thought BitUSD filled almost immediately since they are comparable to the USD..how can anyone with real size be confident they will get filled ????thanks for any feedback friend..cheers
Hi Shawn,
The bitUSD market is not as liquid as it should be, but thankfully AEX.com just added real bitUSD trading pairs on their site so the volume is picking up nicely. This will help with liquidity issues in the near term. For now, bitCNY is the most liquid bitAsset on the DEX. It works the same way as bitUSD so maybe you can try that next time.
AEX.com will be adding new bitCNY trading pairs next week so that's going to bring in a significant amount of capital into the DEX.
FYI, these bitAssets are not like traditional cryptocoins (funny to say traditional when referring to crypto). BitAssets are created when a short position is created and BTS is used as collateral to support the creation say bitUSD. Once the short position is closed out the associated bitAsset is removed from the market. Therefore, the available bitAssets on the DEX is always changing.
Thanks for the great response KK...really appreciate it...cheers friend
KK...i had one more question..i hope i'm not taking too much of your time..i know you are busy with the great tweets and being an ambassador for Bitshares...Is BitCYN just as stable as BitUSD? I'm not too familiar with the chinese yuan..ive heard stories that it is manipulated by the chinese government and has had some wild swings in the past when they intervine...does the collateral backing soften this volatility? Also, i use the same sign on password and account name if i decide to use another DEX that is using the Bitshares blockchain??? or do i create a new wallet? An example would be if I see a coin that's not offered on Bitshares, but it's on CryptoBridge, do i need to set up a new local wallet with them and create a totally different username and password, or do i use the same info as on my Bitshares account? Thanks for any help friend...cheers
Sorry for the delayed response. I wish that Steemit would notify me of your questions, but maybe I need to check my settings.
So bitCNY is the same as bitUSD as it is pegged to the underlying currency. That being said all MPAs use the past 7 day average to smooth out any potential volatility. This isn't going to stop the price from dropping if it continues for more than a week, but it does give you time to get out if you learn of some sort of negative government influence.
Regarding your account, if you have a local wallet and have your .bin file and/or brainkey (make sure you have a copy of your brainkey saved) you can use your .bin file and password to restore your account on any gateway. There's no need to create a new account. With the brainkey, you can restore your account and create a new password, without the need of your old password so this info is extra sensitive.
If you don't have a copy of your brainkey, just go to Settings --> Backup --> Change the drop-down menu to Brainkey and then click the button below. Write the line of texts somewhere safe and store if properly.
Here's a link to a Quick Reference Guide I created yesterday. It's filled with all sorts of links and important information.
http://bit.ly/BTS_Quick_Reference_Guide
Kevin..just looked at your re-steems on this site and what a great plethora of useful information...the Arise team up is huge news...i don't think it's really sunk in yet for everyone...I wanted to just ask you which DEX you feel comfortable moving some size to...to me it seems Bitshares has the most liquidity...i've seen a steady increase in volume for not only BitUSD and BitCYN but for other coins...if you were dealing with six figures would you feel Bitshares is the most reliable? The reason i ask is because if i decide to move on BTC or others i want to make sure there is enough liquidity for my fills...if you know of any links of sites that show current liquidity on DEX's I would appreciate it..thanks for any advice or personal experience Kevin..thanks so much for all you do for the community...cheers
Hi Shawn,
You can use this site to see the trading volume for the DEX, to include all of the gateway coins.
https://www.cryptofresh.com/assets
If you're trying to move six figures then I would try the DEX first to see if there's enough demand. The more liquidity the DEX has the better. It will bring other major traders to the DEX and increase your ability to execute the trades you want.
If the DEX falls short of your needs, then there really aren't any other viable options that have a well designed working product and enough liquidity to support the volume you require.
Perfect...thank you kindly Kev for the responses..you've been extremely helpful....im encouraged by the increase in the volume on the Bitshares DEX in the last 2 months...i have seen a substantial increase but i just wanted to ask another person that has moved some size before to get another perspective...Thanks for all of you contributions here and on Twitter and other outlets..you have been a great ambassador...cheers friend
Hello Kevin...i've been doing my best to educate newbs thinking about investing in Bitshares and using the exchange..there are a few videos out that are telling people they must buy BTS to use as collateral if they want to use BitUSD or other stable assets...it's my understanding that you don't need to put up collateral unless you are borrowing or using leverage..i was never asked to put up BTS collateral when i park my funds into BitUSD...isn't it already backed up by allocated BTS and then verified by Witnesses?? thanks for any clarification..im going to clarify these things on these videos so people can get correct information..cheers friend
There's no capital requirement to hold bitUSD that you purchase on the open market.
You only need BTS as collateral if you want to create more bitUSD via a margin loan.
Perfect thank you sir..i've seen multiple youtube channels claiming this so im glad i was able to educate them as well...thanks kev..cheers
Many thanks KK..this was extremely helpful information..i'll make sure to do my part and share this knowledge with others to help them on their journey to the DEX..i've got my bin files saved in safe locations...thanks again my friend