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Offline alt

what should we do if price is control by exchange??
« on: March 18, 2015, 02:17:47 PM »

This is very important!
I'm not saying anything for sure.
But let us discuss some technical measures in case unreal price happen in the centralized exchange that lead to a malfunction price feed

what will we do, if BTC38 sell fake BTS, and control the price?
should we pause feed price?
@Bytemaster

BTC38 promised that they'll disclose the cold storage address of their Bitcoin holding back in 26th,FEB, but now is March ,  some people are suspecting the reasons , so I wonder if BitShares will have the same situation . I'm just assuming the worst in a technical standing point of view . Maybe they're just slow in action though .
« Last Edit: March 18, 2015, 04:27:56 PM by alt »

Offline nomoreheroes7

Re: what should we do if price is control by exchange??
« Reply #1 on: March 18, 2015, 02:20:27 PM »
If you're "not saying anything for sure", why are you being so alarmist?

Offline alt

Re: what should we do if price is control by exchange??
« Reply #2 on: March 18, 2015, 02:23:45 PM »
btc38 still not prove they have enough balance, we need to be ready to face some bad situation
If you're "not saying anything for sure", why are you being so alarmist?

Offline btswildpig

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Re: what should we do if price is control by exchange??
« Reply #3 on: March 18, 2015, 02:25:36 PM »
If you're "not saying anything for sure", why are you being so alarmist?

security should be enforced even at a peaceful time .
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 nomoreheroes7

Re: what should we do if price is control by exchange??
« Reply #4 on: March 18, 2015, 02:26:06 PM »
btc38 still not prove they have enough balance, we need to be ready to face some bad situation
If you're "not saying anything for sure", why are you being so alarmist?

Do exchanges normally prove they have enough balance on hand of any asset they're holding? Why should we expect them to prove it for BTS?

It sounds like all of this is a bunch of unneeded panic over a rumor. These situations need to be considered by the devs, but until it's obvious this is what's going on there's no need to stir up the community.

I'd imagine a large portion of this rumor is being driven by those with buy orders around the 0.05 CNY level. Apparently it's working.
« Last Edit: March 18, 2015, 02:29:13 PM by nomoreheroes7 »

Offline emski

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Re: what should we do if price is control by exchange??
« Reply #5 on: March 18, 2015, 02:26:16 PM »
Delegates should react and ignore malicious exchange's feeds.

Offline svk

Re: what should we do if price is control by exchange??
« Reply #6 on: March 18, 2015, 02:29:23 PM »
btc38 still not prove they have enough balance, we need to be ready to face some bad situation
If you're "not saying anything for sure", why are you being so alarmist?

Do exchanges normally prove they have enough balance on hand of any asset they're holding? Why should we expect them to prove it for BTS?

It sounds like all of this is a bunch of unneeded panic over a rumor. These situations need to be considered by the devs, but until it's obvious this is what's going on there's no need to stir up the community.

Indeed. I'm surprised to see alt scaremongering like this, maybe its justified but we can't really tell for now, and it feels like adding fuel to the fire of falling BTS prices..
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Offline cube

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Re: what should we do if price is control by exchange??
« Reply #7 on: March 18, 2015, 02:31:54 PM »
Delegates should react and ignore malicious exchange's feeds.

Are you implying delegate to ignore BTC38's feeds?


Indeed. I'm surprised to see alt scaremongering like this, maybe its justified but we can't really tell for now, and it feels like adding fuel to the fire of falling BTS prices..

We do not have the information that the Chinese (alt in particular) have.  Let's give him the benefit of doubt (till things clear up) and do not classify him as 'scaremongering'.
« Last Edit: March 18, 2015, 02:34:49 PM by cube »
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Offline btswildpig

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Re: what should we do if price is control by exchange??
« Reply #8 on: March 18, 2015, 02:32:27 PM »
btc38 still not prove they have enough balance, we need to be ready to face some bad situation
If you're "not saying anything for sure", why are you being so alarmist?

Do exchanges normally prove they have enough balance on hand of any asset they're holding? Why should we expect them to prove it for BTS?

It sounds like all of this is a bunch of unneeded panic over a rumor. These situations need to be considered by the devs, but until it's obvious this is what's going on there's no need to stir up the community.

I'd imagine a large portion of this rumor is being driven by those with buy orders around the 0.05 CNY level. Apparently it's working.

most exchanges in China proved the fiat , bitcoin , ltc ..... they hold .
yunbi update their real holding on a daily basis .
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 luckybit

Re: what should we do if price is control by exchange??
« Reply #9 on: March 18, 2015, 02:33:09 PM »
This is very important!
I'm not saying anything for sure.
But let us discuss some technical measures in case unreal price happen in the centralized exchange that lead to a malfunction price feed

what will we do, if BTC38 sell fake BTS, and control the price?
should we pause feed price?
@Bytemaster

This is why it wasn't a good idea to let the delegates centralize. Bytemaster? What is your plan?
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline emski

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Re: what should we do if price is control by exchange??
« Reply #10 on: March 18, 2015, 02:34:00 PM »
Delegates should react and ignore malicious exchange's feeds.

Are you implying delegate to ignore BTC38's feeds?

if a delegate believes BTC38 falsifies feeds then that delegate should take action.

I'm not saying that BTC38 are doing anything wrong.

Offline luckybit

Re: what should we do if price is control by exchange??
« Reply #11 on: March 18, 2015, 02:34:52 PM »
btc38 still not prove they have enough balance, we need to be ready to face some bad situation
If you're "not saying anything for sure", why are you being so alarmist?

What we can do to prepare ourselves for the worst is buy BitUSD, BitGLD or something similar.

Fortunately Bitshares is a fairly adaptive design for it's time. It's not like Bitcoin where we'd all be screwed over something like this. Unfortunately the people who daytrade on the centralized exchange will be screwed which is why we don't need to be using the centralized exchanges for that.

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Offline xeroc

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Re: what should we do if price is control by exchange??
« Reply #12 on: March 18, 2015, 02:36:37 PM »
IMHO the correct reaction would be to withdraw all BTS from btc38 and trade on yunbi instead ..

Its all in the hand of the individuals .. I am not sure if tempering with price feeds is the correct reaction .. if an exchanges chooses to manipulate its market so be it .. let them damage THEIR reputation ..

If we start tempering with feeds at will we risk OUR reputation!!
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Offline emski

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Re: what should we do if price is control by exchange??
« Reply #13 on: March 18, 2015, 02:37:25 PM »
Unfortunately the people who daytrade on the centralized exchange will be screwed which is why we don't need to be using the centralized exchanges for that.

We dont need to use centralised exchanges at all... Only fiat->BTS gateway. Everything else can be traded on the BTS blockchain.

Offline alt

Re: what should we do if price is control by exchange??
« Reply #14 on: March 18, 2015, 02:38:17 PM »
btc38 have used a new public account to save cold balance: btc38-public-for-bts-cold
there is only 40 million BTS at this address, btc38 say they have transfer 150 million BTS, but the balance should be  250 million as they said.
Code: [Select]
default (unlocked) >>> blockchain_get_account_public_balance btc38-public-for-bts-cold
[[
    "btc38-public-for-bts-cold",[[
        0,
        4500000000000
      ]
    ]
  ]
]

 

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