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?
I'm going to attempt to instigate more feedback on this.
I'll explain one big advantage of the above.
If Poloniex proves to be trustworthy, then a XBTC will have and maintain the same buying power as a BTC.
This means you can trade XCP for XBTC without using btcpay. You can totally avoid the troll orders because XCP and XBTC can be both held in escrow.
This will hold true for any Counterparty asset vs BTC.