please release a emergency version to protect expired cover order

[abit]

This is indeed disgusting...

For days the system is allowing stealing from expired shorts...and nobody cares...

Hell nobody mentions it....

There do have some people care, for example alt, which is trying to protect the shorts, the peg, the system.
Hope the paid delegates are doing something right as well.

[arhag]

I hope the new version protect all automatic execute cover order, include expired order and margin call order.
don't sell the collection BTS  at price less than feed price

I'm not sure if the current implementation of the code as of v0.6.2 has the expired cover order set a price limit at the feed price as it is supposed to (I thought the recent expired short not buying up BitUSD sell orders at a BitUSD/BTS price below the feed price showed that it in fact does do this?), but the margin call cover order is supposed to have a price limit that is 10% lower than the BitAsset/BTS feed price. Why do you want margin call cover orders to get the benefit of being limited only to the feed price? With the 5% margin call fee gone that would mean there would be no disadvantage at all to letting a short get margin called (meaning no motivation to add collateral to a short position to prevent margin calls).

[Riverhead]

bitUSD is available on Yunbi, Metaexchange.info, and Shapeshift. There is enough volume to cover the shorts expiring in the next couple days but beyond that the market makers need to step up their game :).

[starspirit]

nobody dare to short new BITUSD

why not?

they worried about can't buy back these USD at normal price.
now the feed price is 0.009 USD/BTS, but the buy1 price is only 0.0084 USD/BTS,and the volume is only 5.6 USD.
maybe you need to buy BITUSD at price 1.05 USD/BITUSD these days.

As far as I can tell, there is no mechanism to prevent the expensiveness of bitUSD on the BitShares exchange from persisting indefinitely. This is due to the asymmetry between longs and shorts in the functioning of BitAssets - shorts are forced to expire and cover, but longs never are. This creates uncertainty on the short side, and reduces overall liquidity. In theory it would be possible at least for a holder of bitUSD to sell on the internal exchange, and switch their BTS back for bitUSD on an external exchange. That was previously difficult enough given high spreads, but now with the lack of a viable external exchange (BTER), this problem is further exacerbated, and we are reliant on where bitUSD holders decide the premium is sufficient to incentivise their sale.

I've recently suggested more symmetric systems between longs and shorts that might allow stronger pegging and 2-way arbitrage. These are alternatives to BitAssets, not simple changes. Maybe they're infeasible ideas (pending replies), I'm just seeing an issue and helping to try resolve it.

Somebody on this forum told me that expired shorts are prevented from paying more than some fixed premium over the feed price (10%?), though I've only seen it mentioned once. Is that true, or was I misadvised? If not, I suggest shorts need to be cautious in the absence of a viable and liquid external exchange.

[zerosum]

This is indeed disgusting...

For days the system is allowing stealing from expired shorts...and nobody cares...

Hell nobody mentions it....

And if you do not at all care for anything else (as in not caring for 'people losing money due to bugs and the system  not acting as described')
don't you at least see the total lack of market around the feed price??? Is sort by 'a' then sort by 'b' the most impossible thing in this system?

[alt]

nobody dare to short new BITUSD

why not?

they worried about can't buy back these USD at normal price.
now the feed price is 0.009 USD/BTS, but the buy1 price is only 0.0084 USD/BTS,and the volume is only 5.6 USD.
maybe you need to buy BITUSD at price 1.05 USD/BITUSD these days.

[alt]

everyone who have a  cover order,
please short USD to yourself, and cover it before it's expired. or your cover order will be attack, and you will lost 10%

how to short USD to yourself?

first you need to make an ask order, and make sure you are ask1. now , ask1 price is 0.0088, so you can make an ask order at price 0.0087.
and at the same time you should make an short order
if you have  100 USD debt, you need sell 100/0.0087=11495 BTS, or more if you need to pay for interest.

Code Select Expand


wallet_market_submit_ask your_account 11495 BTS 0.0087 USD

short order

Code Select Expand


wallet_market_submit_short  your_account  22990 BTS 0 USD 0.0087

you will get 100 USD.

[CLains]

Thanks for the info alt! I hope they fix this soon.

[starspirit]

nobody dare to short new BITUSD

why not?

[alt]

I hope the new version protect all automatic execute cover order, include expired order and margin call order.
don't sell the collection BTS  at price less than feed price

[alt]

disable expired cover order to deal with all bid order or short order which price is less than feed price.
or attack will not stop
nobody dare to short new BITUSD
and the BITUSD's price can not back to normal

please fixed it as soon as posible

everyone who have a  cover order,
please short USD to yourself, and cover it before it's expired. or your cover order will be attack, and you will lost 10%