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Offline liondani


"Somehow an evil cover has snuck its way past our defenses." Message I saw  after trying to cover one of my "Open Margin Orders"

I had 3 open margin orders before the last fork for a total for about $1000 and I did not cover before the hard fork !!!
I really thought it was ok since I understood I must cancel only my "Open Short Sell BitUSD Orders" , which I did,
and not the "Open Margin Orders"... Please tell me we can fix that !!! I will not manage to loose more money this last 3 days  :-[

« Last Edit: October 25, 2014, 06:51:26 PM by liondani »
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Offline bytemaster

Team is looking at it.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline liondani

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Offline bytemaster

It will be ok.. they have it sorted out.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Ander

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Was that an error message you coded in there?

Lol.
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Offline liondani

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Offline tonyk

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Does it really say:
"Somehow an evil cover has snuck its way past our defenses."

 :)

Sounds like the jokes I put in my daughter's computer class project when I am left 'helping' with them...
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline bytemaster

Was that an error message you coded in there?

Lol.

I think that was Nathan... the error is a bug in upgrading old cover positions.  The fix was "easy" and will be released shortly.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline vikram

It will be ok.. they have it sorted out.





Good catch liondani; we will have 0.4.22 out shortly as a required upgrade. This was an issue grandfathering in old margin positions (they get a 0% interest rate so everyone knows).

Offline liondani

Re: Please help me! I think I messed up with my "Open Margin Orders" ....
« Reply #9 on: October 24, 2014, 12:11:10 PM »
Still problem to cover open margin orders !!!

New error message:   "Rejecting cover order with invalid interest rate"  !!!



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Offline modprobe

Re: Please help me! I think I messed up with my "Open Margin Orders" ....
« Reply #10 on: October 24, 2014, 02:05:26 PM »
Yes, this is expected behavior until the softfork occurs later today. After that point you should be able to close your pre-interest margin position, but not before. This is to allow all delegates time to update; otherwise, delegates still on .21 will reject blocks which allow the cover.

Offline xeroc

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Re: Please help me! I think I messed up with my "Open Margin Orders" ....
« Reply #11 on: October 24, 2014, 02:09:30 PM »
FYI

block 828000 to appear at approx
UTC time: 2014-10-24 16:10:10
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline liondani

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Offline liondani

Re: Please help me! I think I messed up with my "Open Margin Orders" ....
« Reply #13 on: October 25, 2014, 02:01:22 PM »


I have covered one $100 "open margin order"
BUT I did not received my expected collateral back !!!!
I have shorted all my orders for about 120-130 collateral ratio (it was the max collateral ratio at time)
because I wanted first priority for my shorts.... That means for the $100 cover I should receive at
least 50,000 BTSX more back and not 17,072 as I have ! I assume I have received only 3x the standard collateral that is needed from now on for the new short orders after the fork. But that was not the case with my orders that was taken before the fork.


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Offline liondani

Re: Please help me! I think I messed up with my "Open Margin Orders" ....
« Reply #14 on: October 25, 2014, 06:50:48 PM »
nathan answered on git hub
... so the second "issue" was in reality my misunderstanding about the collateral ratio... sorry

Quote
nathanhourt commented an hour ago

I think you are misunderstanding the meaning of the old collateral ratio. You say you placed this short with a collateral ratio of 125, and you short sold $100. This means you sold $100 collateralized at 125 BTSX/USD, which means you put up 125*100=12500 BTSX in collateral. The margin position is around 4 days old, meaning when it was created the trading price was a little over .02 USD/BTSX, so when $100 were purchased from your short order, the long would have paid at most 100/.02=5000 BTSX into your collateral position, which when added to the 12500 BTSX you put in means we should expect your total collateralization to be less than 17500 BTSX, not 50000 BTSX. When you closed the position you received about 17000 BTSX back, which is exactly what would be expected.

https://github.com/BitShares/bitshares_toolkit/issues/875



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