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Offline alt

I suggest stop price feed and stop market engine
« on: January 14, 2015, 08:10:22 AM »

many people ask me to buy BITUSD or BITCNY to cover,
because there is not enough  bitusd and bitcny at market now. what ever price.
this is not fair to the short.
so I suggest to stop market engine emergency, any thought?

Offline agree

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Re: I suggest stop price feed and stop market engine
« Reply #1 on: January 14, 2015, 08:14:45 AM »
I agree with you.
bts id: agree

Offline merlin0113

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Re: I suggest stop price feed and stop market engine
« Reply #2 on: January 14, 2015, 08:22:07 AM »
I'm one of the "victims", I don't know what to do but I do think the situation need some changes!

Thanks alt!

Offline btswildpig

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Re: I suggest stop price feed and stop market engine
« Reply #3 on: January 14, 2015, 08:23:40 AM »
 +5% +5% +5% +5% +5%
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline alt

Re: I suggest stop price feed and stop market engine
« Reply #4 on: January 14, 2015, 08:23:54 AM »
If the price is 0.01USD/BTS, and if there is no USD at market,
I think it's OK to allow shorter to cover the order at price 0.009, this is the last way.

Offline Empirical1.1

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Re: I suggest stop price feed and stop market engine
« Reply #5 on: January 14, 2015, 08:26:01 AM »
You mean not enough people want to buy BitUSD right now?

I wouldn't halt the market. If it can't stay operational in a situation like this how can we ever sell it in the future.

Offline xeroc

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Re: I suggest stop price feed and stop market engine
« Reply #6 on: January 14, 2015, 08:30:22 AM »
You mean not enough people want to buy BitUSD right now?

I wouldn't halt the market. If it can't stay operational in a situation like this how can we ever sell it in the future.
I agree ..

I don't really get the issue now? Is it that the shorts made the wrong bet and have to cover though there are no sell orders?
would the expiration cover buy up bitUSD above the feed?
would the force cover?
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Offline merlin0113

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Re: I suggest stop price feed and stop market engine
« Reply #7 on: January 14, 2015, 08:32:32 AM »
You mean not enough people want to buy BitUSD right now?

I wouldn't halt the market. If it can't stay operational in a situation like this how can we ever sell it in the future.

We want bitusd to cover but there's nowhere to go to buy bitusd except in the wallet market. Bitcny I think we have the btstrade.com to go to, I will give it a try.

Online svk

Re: I suggest stop price feed and stop market engine
« Reply #8 on: January 14, 2015, 08:34:01 AM »
It's a market, it's not supposed to be fair imo..

What exactly is the problem? People do not want to pay the market price for bitUSD? I managed to short some bitUSD and bitCNY yesterday and so did a lot of other people (about 35,000 USD created yesterday), so the market seems to be working to me.

Yes the market is thin right now but that's also a consequence of a lot of trading action yesterday.

If the price is 0.01USD/BTS, and if there is no USD at market,
I think it's OK to allow shorter to cover the order at price 0.009, this is the last way.

Are there limitations on cover orders?
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Offline arhag

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Re: I suggest stop price feed and stop market engine
« Reply #9 on: January 14, 2015, 08:38:48 AM »
many people ask me to buy BITUSD or BITCNY to cover,
because there is not enough  bitusd and bitcny at market now. what ever price.
this is not fair to the short.
so I suggest to stop market engine emergency, any thought?

I think the market is working as intended.

It sucks for people who shorted and may have their margin called, but that is the deal they went into knowing this could be a possibility.

Also, if you want to avoid the margin call penalty, it is possible to just short to yourself at this new low price to cover your old short. You may likely need to buy more BTS to have enough collateral to do this though. And of course it means realizing the losses on your old shorts, as well as increasing your exposure to BTS (which could potentially fall even further). It's your choice whether that is better than just paying the penalty.

Other options include adding more collateral to keep the margin call price further away or even partial covering.
« Last Edit: January 14, 2015, 08:42:50 AM by arhag »

Offline alt

Re: I suggest stop price feed and stop market engine
« Reply #10 on: January 14, 2015, 08:47:57 AM »
yes, first he want to short to himself,but when he short, someone else buy his USD.
so he have to add collateral, and he can't do this from qt wallet, finally he have to ask me for help.
I feel the long and short is not balance

Offline arhag

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Re: I suggest stop price feed and stop market engine
« Reply #11 on: January 14, 2015, 08:48:56 AM »
would the expiration cover buy up bitUSD above the feed?
would the force cover?

I believe both the expiration and margin call covers would be limited to the price feed. In the current market environment, that means they will not be automatically covered but rather will sit there as an order until someone decides to sell BitUSD at the price feed (or short sell it at the price feed). Whatever damage there will be to the short seller will be inevitable at that point (although I suppose they could buy BitUSD above the price feed and sell it at the price feed if they are desperate to get their collateral back immediately), but his collateral BTS would still be locked up until the cover order is filled.

Although this is based on my current understanding, and I am not sure if it is completely accurate.
« Last Edit: January 14, 2015, 08:56:18 AM by arhag »

Offline BTSdac

Re: I suggest stop price feed and stop market engine
« Reply #12 on: January 14, 2015, 08:49:35 AM »
I don`t know the detail regular of BID and ask.
but I `d to say some as macroscopic view .
we cannot protect short so much. short should have risk. this risk restrict people short too many BTA . so it can limit the total supply of BTA . if bitusd is over supply,I think the price cannot peg.
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Offline graffenwalder

Re: I suggest stop price feed and stop market engine
« Reply #13 on: January 14, 2015, 08:56:14 AM »
You mean not enough people want to buy BitUSD right now?

I wouldn't halt the market. If it can't stay operational in a situation like this how can we ever sell it in the future.

 +5%

This would be the last thing we need right now, if we stop the markets BTS will go down, and we will be in bigger trouble.

BTS is outperforming BTC at the moment.
BTC seems to be over dumped at the 900 CNY level. (Time will tell)
I think we should see a reversal pretty soon.

Offline liondani

Re: I suggest stop price feed and stop market engine
« Reply #14 on: January 14, 2015, 09:01:51 AM »
yes, first he want to short to himself,but when he short, someone else buy his USD.
so he have to add collateral, and he can't do this from qt wallet, finally he have to ask me for help.
I feel the long and short is not balance

before he is shorting he can put a specific buy order so he knows that his buy order will be executed  first (after he short) with very high probability ....


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