hey luke, i also bought some bitshares some days ago. I think it's a great technology and it will be worth far more in the future but for now I'm a bit confused with all the possibilities that come with openledger and this trading platform. You explained what you did to make some profit. Maybe you could do some more posts on what to do there and why? :)
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I haven't even made a profit yet. It's more about learning how things work. The "why" part is that this technology, if widely adopted, could greatly improve the world. A decentralized, open, secure exchange with a built in encrypted wallet is really useful. Sometimes it just takes some familiarity to poke around things and learn them.
I'm reffering to this part: "Today I created a $200 loan in bitUSD using 110,668 BTS as collateral (at a 3 to 1 collateral ratio). This created $200 in value, essentially out of nothing and with no central party's approval. I then bought 37,119.58 BTS with that bitUSD and if the price of BitShares continues to rise, at some point my sell order will hit to obtain $200 worth of bitUSD at a lower price in terms of BitShares to repay the loan and release my collateral. Best case scenario, it will only make me about $10 worth of BitShares (though, of course, the price could go the other way as well and I'd lose money), but the point was to learn something."
This is just something that I as an unexperienced user would never do because it doesn't come to my mind that I can do this. But then I didn't even use an exchange before so I should probably start searching for materials that explain to me what I can do on an exchange platform.
The thing is tough that with all these new blockchain techs we also need people that bring it to the rest of the world and it has to be understandable for everyone. I just thought that you could do this very well :) I think cronos video series is a start
Ah, the potential for $10 profit. Gotcha. Yeah, that's unrealized at this point. I could end up losing bitshares if the price of bitshares doesn't eventually go up.
Yeah, it's tricky stuff. I'm still learning what I can, but I'll try to explain it as best I can as well along the way.