Quote from: led_lcd on February 19, 2014, 12:11:32 AM

All,

I've been discussing with busoni who operates Poloniex the possibility of Poloniex basically issuing and underwriting the value of 1 XBTC = 1 BTC.

I have already issued 21M XBTC (divisible, non callable). It isn't locked because I'm getting an error locking it but this will be done prior to any sale of XBTC.

The idea is that Poloniex will create an service which will buy and sell XBTC to BTC at a fixed value of 1:1. The fee will be kept low + tx fees.

Pros
* Frictionless trading against XBTC
* More choice in the way the DEX is utilized

Cons
* Further centralized risk on Poloniex

If the idea goes forward, I'll transfer the asset to himself so there will be no more XBTC in circulation than what he sells.

How does everyone feel about this?

Hi Led_lcd,
That sounds like a good idea. However, I cannot read the remember the protocol rules very well. Can the asset issuer issue more coins after the initial issuance. If that is the case there might be some risk.