Bitshares Insurance Token For USDT Default

in bitshares •  8 years ago  (edited)

This brilliant idea was initially made by @jonnybitcoin now its in hands of BigBetsGroup that brought ETFBTC prediction market before.

On Bitshares decentralized exchange OpenLedger we can trade all types of coins but also assets pegged to FIAT it bitCNY or bitUSD but also other types of things - prediction markets.

Currently USDT stopped being redeemable at 1 USD read more in THIS post.

And on Bitshares theres an insurance token to trade worth 0.5 USD now.

This asset USDTETHERDEFAULT will be worth 1 BitUSD if www.tether.to OMNI asset:USDT is unredeemable at 1:1 (minus fees) for real USD to bank accounts for registered users before the end of 2017. If USDT is unable to be redeemed for a max 28 days but then becomes redeemable again this will not be defined as a default. If unredeemable for more than 28 days it will. This default may happen due to Hacking, theft, incompetance, law, regulation, omni flaws, bitcoin blockchain flaws, unknown reasons. It will pay out for any reasons listed above.

The market is directly here ON THIS LINK
You can check for other markets ie BTS/STEEM/BTC by using menu on the right

N00b friendly explanation

As it has not been possible to redeem USD tether (USDT) for USD to a bank account since 20/4/17 the countdown till settlement has begun. If USD redemptions to bank accounts are not re enabled by 18/5/17 USDTETHERDEFAULT will be settled as a default. This default outcome will mean USDTETHERDEFAULT will be worth 1 bitUSD.
So if you buy now cheaper than 1 USD and nothing will go better, you will make money. Of course decision is on you i just give an example.

Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips!
bitshares bitcoin blockchain beyondbitcoin money
8 years ago by

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    • [-]
      ·  8 years ago 

    Since today I'm finally able to upvote, so here you are, one for you.
    Nice robot :)

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    2 votes
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      ·  8 years ago 

    thanx! :)

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      [-]
        ·  8 years ago 

      @verelst check this out

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        1 vote
        [-]
          ·  8 years ago 

        Hehey, i know this little guy :)... working on some new ones right now!

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          1 vote
          [-]
            ·  8 years ago 

          Holy shit Batman what a brilliant idea.

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            1 vote
            [-]
              ·  8 years ago 

            Nice info. Digging the new banner.

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              1 vote
              [-]
                ·  8 years ago 

              Thanks i also love the bot graphic, i got it yesterday from genuine streemian

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              3 votes
              [-]
                ·  8 years ago 

              First time I've looked at your fuk blog, really interesting and informative! Helps noobs like me understand the different currencies too

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                [-]
                  ·  8 years ago 

                Enjoy, remember to signup there!

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                  [-]
                    ·  8 years ago (edited)

                  Do we need verification with this '0penLedger' ? If not, I'm joining first thing when I get up. @kingscrown, you still da man!
                  Who does your graphic designs by the way? I may have asked you awhile back but forgot, thx
                  Resteemed

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                    [-]
                      ·  8 years ago 

                    no you dont, its 100% decentralized

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                      1 vote
                      [-]
                        ·  8 years ago 

                      I was waiting for this answer but just had to ask anyway ha! Thx playb0i!

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                        [-]
                          ·  8 years ago 

                        Only if users utilize OpenLedger's fiat gateways.

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                          1 vote
                          [-]
                            ·  8 years ago (edited)

                          @scythian
                          Could you be so kind to go into more detail?

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                            [-]
                              ·  8 years ago (edited)

                            https://openledger.info/v/

                            The nice thing we hope others are starting to realize is when you consider all the tools needed to run a full economic loop separate from central banking, BitShares ecosystem is constructing them right now and getting very close to meeting the velocity of money requirements. In our opinion BitUSD is already more secure to store in a personally controlled BitShares/OpenLedger account than any AMY/KYC central bank that deals only in fiat.

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                              2 votes
                              [-]
                                ·  8 years ago 

                              Have you checked this out by the way, just discovered it recently, amazing track record of bitcoin and altcoin trading by a kind of hedge fund, totally legit and very profitable: https://ethtrade.org/agent316773

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                                [-]
                                  ·  7 years ago 

                                USDT has to be redeemable for all registered users of Tether? ie. Right now they are making claims that people can deposit 7+ figures at once, will claims that withdrawals in that range are possible, but leaving it un-redeemable for the majority of users be considered default?

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                                  [-]
                                    ·  8 years ago 

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