SO no one ever buys or sells any of the represented assets… what’s the point? I sold my entire position for a loss I guess I had too great of an imagination, I could see this as an intermediary for exchange digitally based on a 24/7 service that’s distributed and only depends on miners and a connection with an actual pool of assets… but if no one involved with a price change has any exposure to the actually price change except for putting up collateral for the “bet on the price of the asset” literally why not just short a stock on e trade, schwab, or any other institution…
Anyways seems less than worthless to me and a money funnel to the creators, but best of luck to the project and I hope to see a greater return of value in the future to people.
Can someone please in no uncertain terms clarify, DOES ANYONE EVERY OWN A SHARE OF A SECURITY OR HOLD PHYSICAL GOLD IN ANY WAY SHAPE OR FORM IN ORDER TO BACK IT ON YOUR NETWORK.
Nope, no one owns a share or physical anything using mirror. The CDP means they are backing the value of mAsset using their USD or other Asset with the agreement/ knowledge that the price of the mAsset can change with the oracle data feed.
The backing comes from a minter saying I’m backing this mAsset for it’s price up to the collateral ratio often 200% which means the mAsset can double (which is uncommon for a stock to do quickly) and the mAsset is still backed.
The minters have their collateral locked until they remove the asset from circulation to my understanding.
People interacting with the service are allowed to price speculate on real assets without anyone owning any of them, because minters are saying and smart-contract-ually obliged to back the asset.
555555555555555555555 good luck
If you’re a US user, buying an mAsset on Mirror is very similar to buying an asset on E-Trade or Schwab. However, the benefit is that you can’t trade those outside of market hours.
I’m not sure what it actually means to go an “obtain” an asset if it’s a share of stock… It does, however, sound fairly inefficient to do something like that. The AMM model that Mirror uses is, in my opinion, the better approach, though I do agree that it is similar to just “betting on prices.”
Essentially this is just gambling… as I said best of luck and I don’t understand it well enough I suppose as I’m mostly not a gambler, though I do think AAVE has long term potential so… maybe I’ll be mistaken; I saw the price spike like 50 percent today of MIR so again I wish the best and I’ll stay tuned,
I mostly instead of diversifying like an index as I had initially tried, turtled into Bitcoin, Ethereum, Band Protocol, AAVE, Matic, and a little TRB… I think for me it’s just too much risk to buy things I don’t understand that well and for many others it is too so I’m chasing the crowd. I would have loved this is the bet was like accross the globe, 24/7 but backed by the user in a more robust way…
I initially assumed that you could have your own bar of gold or something digitize it or have your own apple shares and digitize it then trade it back and forth 24/7 to people as a modeled coin and let’s just say they find a seller for the price at the time that holds and handles exchange or something then sells it back etc… idk haha