So is the 2x BTSX that you need to borrow bitUSD based on the USD price of BTSX or the units?
If BTSX is trading at $.50 each, then I need 4 BTSX to borrow 1 bitUSD?
So, the whole bitshares concept could have been done on the NXT blockchain using NXT as the store of value and creating a bitUSD asset. (I assume they didn't cause the devs could create BTSX's for free.)
I wonder too, how close this is to the NXT monetary system. It sounds very similar to me.
There is nothing stopping Nxt from implementing something similar to bitassets. I think that first mover advantage is important though and BitsharesX has them beat there. Look at how far Bitcoin's first mover advantage has got them, I think we can all agree there are many more technically advanced crypto currencies with more features and improvements over it, yet it is still the king of crypto currencies.