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Offline clayop

A huge amount of shorts were expired. What will happen?
« on: February 06, 2015, 10:13:22 PM »

Hundreds of thousand BitUSD shorts were expired just before and they are remaining expired now.
In this case, what happens next?
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Offline Rune

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Re: A huge amount of shorts were expired. What will happen?
« Reply #1 on: February 06, 2015, 10:58:02 PM »
I think they will just stay on the orderbook as bitUSD buy orders at the feed. It could probably take a while until they are gone.

Offline vlight

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Re: A huge amount of shorts were expired. What will happen?
« Reply #2 on: February 06, 2015, 11:04:34 PM »
If they're buy orders at the feed, why they do not buy all the short orders that sell at the price feed?
« Last Edit: February 06, 2015, 11:11:17 PM by vlight »

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Re: A huge amount of shorts were expired. What will happen?
« Reply #3 on: February 06, 2015, 11:04:49 PM »
I would suggest for BM to sell/short to them some bitUSD...after all he is the strongest proponent of the idea that it is a good business practice to lend money and pay interest for the privilege to lend them funds... :-*


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#200% collateral from shorts, as black-bird counter measures...

Offline liondani

Re: A huge amount of shorts were expired. What will happen?
« Reply #4 on: February 06, 2015, 11:43:38 PM »


I would suggest for BM to sell/short to them some bitUSD...after all he is the strongest proponent of the idea that it is a good business practice to lend money and pay interest for the privilege to lend them funds... :-*


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#200% collateral from shorts, as black-bird counter measures...

your suggestion make sense...
we could make some experiments on DevShares before we made them here... (and I am not talking for your suggestion )

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Offline Markus

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Re: A huge amount of shorts were expired. What will happen?
« Reply #5 on: February 07, 2015, 12:56:56 AM »
If they're buy orders at the feed, why they do not buy all the short orders that sell at the price feed?

It looks like this is a BUG!

Expired shorts are not matched against unlimited short orders. Selling BitUSD slightly below peg will get matched though.

Looks like about 3/4 of all BitUSD shorts are expired now. If BTS halves again before they get bought up the Black Swan flies in.

Offline sudo

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Re: A huge amount of shorts were expired. What will happen?
« Reply #6 on: February 07, 2015, 08:35:37 AM »
???
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Offline graffenwalder

Re: A huge amount of shorts were expired. What will happen?
« Reply #7 on: February 07, 2015, 08:40:30 AM »
This brings up another question. Let's say DACX and a couple of other platforms, need a couple of million in bitassets. Will there be enough people willing to short, to provide them with what they need?

Offline Gentso1

Re: A huge amount of shorts were expired. What will happen?
« Reply #8 on: February 07, 2015, 03:11:05 PM »
I thought when shorts expired, they were forced to buy bitUSD?

"Short orders are forced to cover after 30 days by taking the best offers at the time. No fee is charged."http://wiki.bitshares.org/index.php/BitShares/Short
« Last Edit: February 07, 2015, 03:20:49 PM by Gentso1 »

Offline pc

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Re: A huge amount of shorts were expired. What will happen?
« Reply #9 on: February 07, 2015, 03:41:45 PM »

It looks like this is a BUG!

Expired shorts are not matched against unlimited short orders. Selling BitUSD slightly below peg will get matched though.

There's a known bug that unlimited shorts aren't considered when a short with a higher interest rate and a limit less than 0.9 of the feed price exists. https://github.com/BitShares/bitshares/issues/1315

"Short orders are forced to cover after 30 days by taking the best offers at the time. No fee is charged.

Forced covers happen at the feed price or 10% below it.
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Offline xeroc

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Re: A huge amount of shorts were expired. What will happen?
« Reply #10 on: February 07, 2015, 04:09:44 PM »
an expiring short results in a FORCED cover? I thought exporation is different from margin calls?!?
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Re: A huge amount of shorts were expired. What will happen?
« Reply #11 on: February 07, 2015, 04:21:43 PM »
an expiring short results in a FORCED cover? I thought exporation is different from margin calls?!?
These are expired successful shorts aka  cover orders. Around 400k bitUSD worth expired yesterday and should've been forced to cover at the feed price or up to +10%, but a bug is preventing that from happening it seems.
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Offline xeroc

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Re: A huge amount of shorts were expired. What will happen?
« Reply #12 on: February 07, 2015, 04:39:47 PM »
Hm .. ok .. my impression was that a expired short is different from a margin call in such that the expired short is auto-covered at exactly the feed and not above (below, depends on perspective)
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Offline pc

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Re: A huge amount of shorts were expired. What will happen?
« Reply #13 on: February 07, 2015, 05:23:19 PM »
Hm .. ok .. my impression was that a expired short is different from a margin call in such that the expired short is auto-covered at exactly the feed and not above (below, depends on perspective)

That's the plan for the future, I think. Right now, both are treated the same.
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Offline NewMine

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Re: A huge amount of shorts were expired. What will happen?
« Reply #14 on: February 07, 2015, 05:34:49 PM »
Hm .. ok .. my impression was that a expired short is different from a margin call in such that the expired short is auto-covered at exactly the feed and not above (below, depends on perspective)

That's the plan for the future, I think. Right now, both are treated the same.

Well that definitely did not happen, otherwise my sell order would've been taken out 8% above the feed since all the sell orders and short orders below 10% over equaled nowhere near the amounts that expired.

 

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