Buying Tezos IOU at HitBTC

#1

Sorry if someone asked it before, I haven’t found a related topic.
I understand that XTZ-BTC market is available at HitBTC, and that the trade isn’t on XTZ itself, but on an IOU.
How do i add an amount of XTZ IOU to my HitBTC account, in order to trade it?

Thanks a lot!
Ran

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#2

You go to the HitBTC exchange, add btc to your account and buy the IOU token.

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#3

Ok, Is there a way to start from XTZ? Or was the all IOU amount created beforehand by the exchange?

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#4

I’m sorry, but this is a really stupid question. How could you sell ico tezos, they don’t exist yet!

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#5

You misunderstood the question. I wasn’t talking about Tezos tokens, but about the IOUs generated by HitBTC.
In order for the market to has volume, someone has to has an amount of the market currency (in this case, XTZ IOU). That means that someone had the IOU tokens when the trade started (otherwise, trades would be unavailable since no one would hold the IOUs in the first place).
Was that someone HitBTC alone?
If yes, my question is answered.
If no, can I generate IOU tokens based on the XTZ tokens’ amount that I will get when the token will be tradeable?

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#6

Of course they all come from the exchange.

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#7

I would recommend NOT trading those IOUs. I’ve noticed that it’s highly speculative buying, and they appear to be playing chicken - who can ride the rising price and pull out right before it dives? And dives it always does, as soon as the IOUs are converted to tokens, and all the gamblers sell off.

It’s irritating actually - I think it really distorts the actual price later. It give the impression of sudden wealth - that vanishes as soon as the actual supporters - us - can join. It creates a depressed vibe around the coin later. If instead it was listed along with everybody else, I bet the price would do much better overall.

But, if you really want to do it, the idea is that you put up cash toward them, not actual Tezos (if that were possible). Hitbtc has created a pool of objects they just call Tezos - that will be converted to actual tokens on release day. They make money off the wild speclation

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