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BitARS Smartcoin creation by rnglab

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· @rnglab · (edited)
$47.68
BitARS Smartcoin creation
The goal of ARS is to make as easy as possible for residents of Argentina to get into BitShares

----
# BitShares supporters from Argentina agreed with the Committee to issue the ARS Smartcoin, owned by the network.  

---

## Why not a BitAsset?
**We agreed not to compete with stronger BitAsset markets.**

## Why not a Privatized Smartcoin?
**Because it's not intended for specific private revenue. We want it to be decentralized, a tool to build bridges. A common good.**


## We found just good reasons to create this Worker proposal:
* To look for consensus in a more direct way.

* To be able to issue a 3-character asset (ARS, for logical reasons).

* As asset creation fee goes to the network it won't represent any dilution.

* Trading fees will go to the network too.

* It can potentially bring a whole new market to BitShares, with no cost.

> Note that Lifetime members pays Basic member fees for issuing 3 character assets, and then there's the 80% cash back. That's why the Worker budget is 1,174,108 BTS instead of 234,822 BTS. [Fee Schedule at cryptofresh](http://cryptofresh.com/fees)  

> Link to the original discussion https://bitsharestalk.org/index.php/topic,22231.0.html  
---
## The budget has already been created.

* **It lasts from may 1 to may 12.**  

* **If approved, ARS Smartcoin would be created that same day and its ownership transfered to *committee-account,* as agreed.**  
---
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vote details (24)
@flagfixer ·
@rnglab you were flagged by a worthless gang of trolls, so, I gave you an upvote to counteract it!  Enjoy!!
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@hcf27 ·
Thanks for posting this here too @rnglab !
👍  
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vote details (1)
@rnglab ·
Feedback is welcomed!. Any ideas on how to make the initial user experience something friendly?
👍  
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vote details (1)
@steemitboard ·
Congratulations @rnglab! You received a personal award!

<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@rnglab/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>

<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@rnglab) and compare to others on the [Steem Ranking](http://steemitboard.com/ranking/index.php?name=rnglab)_</sub>


###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!
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@xeroc ·
$43.96
Re: BitARS Smartcoin creation
+5%!

> ## Why not a BitAsset?

I think, we should clearify the terms a little. Technically, you are going to create a **market-pegged asset**.
These are usually also called smartcoins. Some even call them bitassets which is totally fine if you asked me.
The other distinction is between

* committee-owned assets (let's call them bitassets) and
* user-owned market-pegged assets, also denoted as *privatized* market-pegged assets.


> ## Why not a Privatized Smartcoin?
> **Because it's not intended for specific private revenue. We want it to be decentralized, a tool to build bridges. A common good.**

A Privatized Smartcoin can be decentralized as well if it has a multisignature issuer. That would be the same thing as
with committee-owned smartcoins. The committee-account is nothing more than a multsig account.
What is more important is that the price feeds are *distributed* among many people to not give a single individuum the
power over settlement price.


> ## We found just good reasons to create this Worker proposal:

Great stuff! Still, I would have loved to see a multisig account own the worker, but it's too late for that now.

Anyway, you have my support!
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vote details (13)
@rnglab · (edited)
We agree 100%. Because of your advise, elmato (who created the worker) has given committee-member account owner and active permissions over his own account, with a threshold of 2 and weights set to 1 on both account, so now it is a 2 of 2 multisig acoung between el mato and committee-account, until the asset is created. Many thanks.
👍  
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vote details (1)