I just had a look at http://coinmarketcap.com/assets/bitusd/ and I wonder how long it takes until somebody throws the exchange rate of bitUSD in Bitshares’ face.
Yesterday there was someone claiming that yesterday’s exchange rate ($1.13) was due to low 24h volume ($288) and the rate would be closer to $1 if only bitUSD had more volume.
Yesterday it looked like this: http://imgur.com/CFDLchf
Today and with a little more volume ($8348) it looked like this ($1.25): http://imgur.com/nz8iZTt
Bitshares currently up 40% today? lol! How can anybody seriously want to buy that after seeing how poorly their peg is being kept. It’s just not reliable when needed.
Oh, I think it was the other way round - Bitshares surged and as a result bitUSD got expensive.
I wonder whether it’s more the way coinmarketcap shows the information than a real problem.
Wouldn’t be the first time that the information from coinmarketcap needs to be taken with a pinch of salt.
I would have found a broken peg in the other direction worse, but all who want to buy bitUSD now need to wait or pay an uplift of - wait a second, let me have a look - 40%!
I really feel like picking on them
…might be in remembrance of all the bashing and all the pejorative behaviour by some Bitshares’ guys roughly a year ago. I might forgive, but I rarely forget
Somebody was explaining6 days ago the bitUSD volume were the reason for the high bitUSD price.
The volume has increased, so did the bitUSD price - and no, it didn’t look much better in the last days; follow the reddit thread if you can stand it…
There is a tesnet. Search for devshares. It exists during this actual version and will exist with 2.0. Original devshares (testing units with no value on a separate chain) will be migrated too if I’m not mistaken and from what I remember reading
Just in case somebody missed it - the series of bitUSD reports was continued:
In a nutshell: bitUSD is far from being a pegged crypto currency - at least compared to NBT!
With recognized price swings between $1.40 and $0.987796 in the last week it’s no wonder they have trouble with liquidity.
Who wants to have such a volatile stable currency?
Wow, what’s going on? The BTS market cap has gone up in recent weeks, but I don’t really pay attention to that community anymore. Is the inability to hold a peg being addressed? Is it even acknowledged as a problem? Do they simply ascribe it to not enough market makers? If so, how many more do they need?
I understand you are not in a position to defend them, but this strikes me as nothing short of a crisis that is evidently not being dealt with. Perhaps @chronos can provide some insight as he is/was a paid Bitshares delegate.