prices peged in fiat/ any currency

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    I know that this has often been part of the discussion but I want to bring it up again.
    So my vision would be to have fixed prices on the marketplace in any currency i choose.
    for example.
    I offer an item for 10 USDT
    We have a bot that converts this price to a particl price in real time.
    the prices would be fixed in the moment the buyer initiate the buy.
    So we have a benefit on both sides:
    1.seller can choose to fix the price in any currency he chooses
    2. buyer can choose best conversion rate time
    In this cenario the buyer would end with particl in his wallet (not the thing he wanted)
    So we would need to have a second bot that exchanges the particl send by the buyer to convert these funds into a stable coin.
    Anyone sees another angle to solve this problem?

  • Community-active-members -

    Currency-agnosticism is definitely the way, yes.
    I believe we could simplify this:

    Let the seller be able to set a price in Fiat, say 10 USD. In the end, that is the only reference that matters, anyway.
    Have one bot/oracle calculate and display the corresponding amount of PART at the time of bidding, say 30 PART.
    Let the transaction be fully in PART. End of story. 😉

    Both benefits you mentioned are still there: objectively fixed item price and at least PART holders can take advantage of favorable price movements.

    Buyers will still need to acquire PART in order to use the mp but the announcement of the SMSG exchange bot sounded like it would be quite easy to integrate exchange mechanisms for other cryptocurrencies into PART down the line.

    My other idea would be to get a tradeable decentralized stable PART token:

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    I like the approach BTMR is mentioning. At the time of bidding, the exchange bot would have to fix the exchange rate, and offer the seller a bid that the buyer is willing to pay x-amount of PART for his item. If the seller accepts the bid (and the underlaying exchange rate), everything has to be finally paied in PART.

    The stable pegnet PART token sounds interesting as well.
    If buyer and/or seller have a pegnet account, each one individually would have to sell exactly the amount of pPart against pUSD as he would PARTs receive back after releasing escrow (in our example seller would have to sell 60 pPart and buyer 30 pPart). The price pegging then also could be done by instead of the exchange bot. After releasing escrow, the received PARTs can be transfered to pPart to compensate those pParts they sold against USD when setting up escrow.

    Problem, I don’t know whether pegnet supports short selling. I also don’t know how pegnet is financing their service, and they probably would need to have a liquid market to settle all their arbitrary customer transactions. 🤔

    btmr 1 Reply
  • Community-active-members -

    Just to make it a bit clearer:
    Pegnet is not a service or company.
    It’s a fully decentralized open source network built on top of the factom protocol. Basically, it’s a set of tokens that live on factom blockchains and have to fulfill a set of criteria.
    The factom protocol assures the validity and immutability of the underlying data while the network on top of it checks to see which parts of the data are in agreement with the criteria.

    The way pegnet works (very roughly) is that CPU miners publish prices for different assets like ETH or EUR. The miners that publish the most accurate prices are rewarded with the PEG token that can be traded or converted into pegged assets like pETH or pEUR. These pegged assets are “stable” due to arbitraging, as explained in this article here:

    For getting a pegged part asset, we would have to take the initiative, do some dev-work and convince the pegnet community to include an asset pPart, as outlined in this article:

    Downside is: while super cool, pegnet is still new and only on a few obscure exchanges and factom inc. is not doing well right now…
    even though it’s probably the most useful blockchain currently

    Pancake 1 Reply
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    Wow, this Pegnet is pretty complex and I actually don’t know how to fit this in our current private purchase flow. If I understood in a correct way, all those pegged tokens have to be listed on exchanges as well and you have to trade them there (probably with KYC and fees) to get finally “real” USD or whatever. For on- and off-boarding to/from the pegged Tokens you probably always need to buy/sell the PEG Token.
    I don’t know how to implement this in an easy way. Any ideas on that? 🤔

    btmr 1 Reply
  • Community-active-members -

    Yes, there’s nothing private about pegnet. I think that’s a no-no with stablecoins in general.

    Pegged part would not be used within the mp. They would be used to trade on exchanges that have traiding pairs like pPART/pUSD.

    If you’re interested, the stabilization mechanism is explained here:

    I think my first suggestion is a far easier solution though.

    Pancake 1 Reply
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    In general there’s nothing wrong with external services which doesn’t provide privacy, if this “stabilizing mechanism” is optional. So if a seller wants to avoid a potential loss due to price volatility, he could make such a “compensation trade” on an external service as an option by its own. He could set up his own account and maybe it could be integrated in some way into the marketplace so that the marketplace initiates the “compensation trade” and the seller only has to “approve” it.

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