My instinct told me to defend myself
I'm not going to gamble anymore, I get this feeling somethings wrong. First Tether just published 100 Million Tether, second Bitfinex took down their data, third they hired two law firms. I don't like the sound of it but one thing I know somethings off. I bought bitUSD with my Bitshares. If I'm right, atleast I save something. If I'm wrong and all of these are my imagination. Life will move on, I'll go buy Bitshares at loss.
I'm just saving myself from the worst case scenario. Goodluck everyone! Don't get tethered!
I would convert the BitUSD to BTS as it is still cheap... then you use all as collateral to borrow yourself the bit.USD then in 2 / 3 months when BTS is really way much you can close the margin....
Winner winner chicken dinner. !!!
Good job. !!!
Can you elaborate it more. Before that, so I have to pay my debt with Bitshares right?
@docmastery is simple. When the price of BTS in bitUSD (bitUSD/BTS) goes up, what is happening right now you can extend your profits by borrowing bitUSD and giving BTS as collateral.
You do this on dashboard. Go to your portfolio and click a dollar sign in borrow column in your BTS holding position.
USD margin dialog box open and you set amount of bitUSD you want to borrow from the blockchain in debt text edit line. Then with you set with ratio slider an amount of BTS collateral. The ratio must be greater then 1.75 but optimal is around 2 to 2.5.
When you satisfied with your choice, you hit update position button and magic, your bitUSD position is risen for amount borrowed. After a while when price rise enough you close (release) your debt in margin positions and make nice extra profit.
I can make more detail tutorial if you want and support me.
Now I go to a drink with my friend and have a nice evening (it's 20:55 in Slovenia now, a right time to go out).
You are missing an important step.
What you have described actually has no effect other than putting yourself at risk of accidental margin call.
Borrowing bitUSD by itself is a neutral position. Because you owe the same bitUSD you just borrowed. If you borrow 100 bUSD no matter what BTS price does, you will still owe exactly 100 bUSD. In closing this position you will simply get back the BTS you had to lock up to borrow. Nothing will have changed in your balance except you needlessly paid a couple transaction fees.
If you want to leverage your BTS you must first borrow bitUSD and then purchase more BTS (or something else) with that borrowed bUSD. And then hope whatever you just bought with the borrowed money goes up in value. I do not recommend anyone doing this that is not fully aware of the risks and how it works. This is a great way to lose all your money.
Yes you are right. In the hurry I really miss the most important step. It nice to have so many eyes and ears here to monitor and correct things. Thanks for your comment and correction.
Thank you so much @xeldal, I never tried borrowing bitUSD and either do I know how it completely works. Thank you so much!
heyy @tombort .. will be nice if you can make a litte tutorial whit some screenshoot captures what are you talking about...
:)
blessings
Ok, for BitShares fans always!
thanksssss!!!
Thank you @tombort! I'll re-entry once the market corrects.
Thanks for this write up. Really helped me out.
To close margin your borrowing or creating bitUSD. So to close margin you would pay back bitUSD
WANTED MARX DEVELOPER ( in old fashion western way ) we offer a bounty of 20 000 Marxcoins for the registering of Marxcoin asset into Bitshares have a look at these 2 posts for details.
https://steemit.com/crypto/@abol/wanted-marx-developer-in-old-fashion-western-way
https://steemit.com/bitshares/@buckland/bitshares-bounty-20-000-marxcoins-one-masternode-register-the-marxcoin-asset-into-bitshares
I understand why you bailed on Tether (I did the same) but Tether is not related to the BTS DEX. In fact, if Tether did blow up I would imagine that it would drive more people to BTS.
I hope that you are able to buy back into BTS at a fair price. I'd hate to see such a dedicated BTS hodler miss the train.