A public letter to poloniex: could you please list BTS at USDT market?
Poloniex Managers:
As a big trader in poloniex and also a member from BTS community, I now greatly suggest poloniex to list BTS at USDT market, as
1.BTS now has a big trading volume in various markets.
2.BTS/USD trading is very important to BTS ecosystem.
BTS is now listed in the top10 cryptocurrencies based on either mareketcap or trading volume, however most of the trading volumes are from BTS/CNY market, some are from BTS/BTC market, only less than 1% are from BTS/USD market.
In Bitshares ecosystem smartcoins play important role, based on financial and market logic derivatives like bitCNY, bitUSD are issued, these smartcoins are pegged to fiats, they are decentralized and can be transfered in blockchains. as an example, bitCNY now reached a supply of more than 80M and become more and more wildly used in trading and payment.
Comparing to bitCNY, bitUSD is less popular, because now it is not easy to convert bitUSD to fiat, and the more essential reason is that there are no deep enough BTS/USD market in the world. Even there are market makers or gateways that would like to provide bitUSD redemption service, they cannot find a BTS/USD market for them to do the necessary hedge trading.
I hope poloniex can list BTS at USDT market, this will definitely do good to both poloniex and BTS ecosystem, we can expect that it will bring big trading volume to poloniex and make it more attractive to BTS holders than before while competing with other exchanges. To BTS ecosystem, this will extend the possibility for more adoption of bitUSD.
Thanks and Regards
bitcrab
Bitshares Committee Member
So you trade USDT and don't feel enough risk yet?
Unfortunately, USDT is currently the only frictionless path for arbitrage between exchanges such as Bitfinex and Karken. We need to undertake grassroots marketing efforts to try and remedy this problem.
We really need to be encouraging exchanges that list BTS to be adding bitUSD, bitCNY, and Hero paired with USD/USDT/CNY. There is no logical reason for USDT to have such an enormous market cap when bitUSD has much better fundamentals.
The listing of bitUSD on exchanges would allow for interexchange arbitrage (a role currently being filled by USDT), which would increase demand for bitUSD (and thus BTS) from traders looking to make money on arbitrage without necessarily requiring them to understand the mechanics behind price-stable smartcoins.
bitUSD:USD pairs, and similar, should also increase liquidity on the DEX because savvy traders will rush to fill demand for bitAssets by borrowing more of it into existence.
Also, at Bittrex and HitBTC. Also, STEEM/USDT on all these exchanges.
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