Awesome job! I just have one small note
“merchants have a financial incentive to advertise BitUSD as the preferred payment mechanism, because they know that $1.00 is the lower bound on what BitUSD is worth.”
Actually, you are guaranteed to receive $0.99 worth of BTS, not $1.00. On the other hand, you basically never need to use force settlement because you can sell it on the market for better price.
Ok, I think that makes sense. That quote you're responding to is actually straight from the bitshares website, perhaps they were oversimplifying the concept.
They are not oversimplifying, it changed couple of months ago.
Gotcha.