Price stable assets: Attempt at grassroots marketing for BitShares, noteworthy changes in USDT:bitUSD pair.
Has anyone else taken note of the USDT:bitUSD pair on the DEX recently? That particular pair used to always trade >1bitUSD, but for the last 2 weeks it has consistently been <1 bitUSD, and with increased volume.
Aside from the arbitrage possibilities this presents, the suggestion is that the market is beginning to view bitUSD as a superior safe haven to USDT (which should be a no-brainer to anyone who bothers to read Tether's terms of service).
We need to do what we can to accelerate this trend. There is rational reason that USDT's market cap is over a quarter billion dollars, while bitUSD sits at a measly $3.5M. I have personally been spreading the word that market pegged assets are superior to pseudo-cryptocoins such as tether, and I know that others have been doing the same - we need to keep doing this. But by itself, getting the word out there may not be enough. One of the problems spreading awareness does not help resolve is that getting from a centralized to bitUSD takes several steps more than it needs to.
Those of us who trade on centralized exchanges in addition to the DEX should reach out to the exchanges we trade on with requests that they add a bitUSD:USD pair (or similar). More people use SmartCoins as a safe haven in times of uncertainty will increase demand for BTS, and the new arbitrage opportunities opened up would be icing on the cake, as they would be increase liquidity.
bitUSD should absolutely replace USDT as the USD proxy for exchanges. If people had any idea that USDT is backed by some bank account in Hong Kong that may or may not exist they would stampede into bitUSD. Like so many things with Bitshares it just comes down to marketing and outreach. Bitshares needs to hire a bitUSD ambassador asap.
informative job dude
I've found the bitshares Dex to be full of opportunites. The ease with which you can move into and out of different currencies makes it possible to "dabble" in different coins and make adjustments in positions without the fear of being demolished by fees. I think this is a great way to get comfortable with crypto. The speed of transactions is also noticeable. After waiting 30 minutes for Bitcoin confirmations on other exchanges it's nice to see the quick transaction times hen using the bitshares dex.
I've been looking at different arbitrage opportunities on the Bitshares DEX. I got a little risky and borrowed some bitSILVER as BTS was falling (if I really wanted safety I'd have just bought bitUSD, i suppose.) I made a few BTS while it crashed. Now I'm holding straight BTS as it starts its climb up again. I cannot overstate how impressed I am with the BTS DEX. It - Just - Works. Super low fees per transaction means that nobody should be afraid to adjust their positions midstream. I have such control over the trades, and it is so easy to correct something once you've made a mistake. I'm still learning, but I just want to scream to the world, "BITSHARES WILL SET YOU FREE".
Nice post!
like it and upvote
Hi @ashaman, great content and upvoted like always. I've a question to an cryptotrader like you. I made a top 5 of my favourite cryptoinvestment for the coming period. Would you agree with some of them? Here is my crypto top 5 if you are interested.
I have mixed feelings about Dash. The instamine breaks darksend privacy, because that depends on masternodes being independently run. The instamine means there are individuals for whom performing a Sybil attack on the masternode system is trivial in terms of the resources required. IOTA and Golem are among the whitepapers I'm trying to find the time to read. Why no BTS? Or XMR?
BTS!
Hello friend, great post, I congratulate you :-) @ashaman
Interesting post. A little over my head but I like to try and keep in touch with the new things? Well you know what I mean. X
nice and amazing post thanks for information
Waawwww,, amazing