what should we do if price is control by exchange??

[NewMine]

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'.

That's funny because weren't the Chinese the ones complaining about The English speaking people having all the information and 'scaremongering'?

Pretty sure Alt was involved with a lot of the discovery of potential attacks on BTSX before launch. Could this be a real attack he is attempting.  I only say because he has posted multiple posts about different things this week in attempt to scare people. The post about shorting and now the btc38 posts. And all the posts did not describe his true message in the tittle but rather sensationalized his fear instead.

[cube]

for now, just exclude the exchange is not enough, because the price will spread to other exchange.
BTC38 is the most big exchange.

Big or not - if it manipulates data it should be ignored.

However I dont think there is enough evidence for manipulation yet.

As the largest exchange for bts, BTC38 does have the trading volume to influence buyers from other exchanges to take its bts price as 'most accepted price'.  We need to alert users to avoid BTC38 if we have sufficient evidence.

@alt, are you able to produce evidence?

[emski]

for now, just exclude the exchange is not enough, because the price will spread to other exchange.
BTC38 is the most big exchange.

Big or not - if it manipulates data it should be ignored.

However I dont think there is enough evidence for manipulation yet.

[alt]

for now, just exclude the exchange is not enough, because the price will spread to other exchange.
BTC38 is the most big exchange.

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!!

Tampering with feeds is called delegate's policy. Delegates can announce their feed sources and scripts/configuration. This is verifiable. If you see an exchange misbehaving you would like to exclude it from the feed.

[alt]

that's the most good result.
I have plan to build a fiat gateway name BOTSCNY, but I am afraid it's not so quickly.

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.

[alt]

yes, I hope this can happen quickly.
but if yunbi is not ready so quickly, we need to have a plan to protect BTS wallet market

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!!

[emski]

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!!

Tampering with feeds is called delegate's policy. Delegates can announce their feed sources and scripts/configuration. This is verifiable. If you see an exchange misbehaving you would like to exclude it from the feed.

[alt]

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 Expand


default (unlocked) >>> blockchain_get_account_public_balance btc38-public-for-bts-cold
[[
    "btc38-public-for-bts-cold",[[
        0,
        4500000000000
      ]
    ]
  ]
]


[emski]

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.

[xeroc]

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!!

[luckybit]

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.

[emski]

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.

[luckybit]

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?

[btswildpig]

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 .

[cube]

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'.