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.
I've seen at least one currency pegged asset so far - this one...
USDbitfnx - Each 1 USDbitfnx asset represents 1 USD deposited at bitfinex.com.
I this case an asset is only put into circulation if there is a real dollar supporting it.. The purpose of this asset is not to provide a dollar equivalent but this or something like it issued on NXT or another Crypto with an asset exchange would achieve a traceable crypto token with a with real $$$ backing the token.
Am I right in understanding that with BTS is there is no guarantee that you can redeem 1 BTSX for 1 USD because you do not need to deposit a USD somewhere to create a BTS in the first place?