Author [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] Topic: CFSGOLD buyback is resumed with 30% haircut. bter's BTC IOU coming later  (Read 982 times)

0 Members and 1 Guest are viewing this topic.

Offline Rune

  • Hero Member
  • *****
  • Posts: 1120
    • View Profile

Hey everyone

As I've written before, we unfortunately had about 30% of our CFS asset funds as BTC the moment the bter hack happened. As a result these BTC have been converted into BTC-B, an IOU that is meant to be redeeemable for real BTC in the future, based on bter's income on trading fees.

We've now opened the buyback of CFSGOLD at the price of 0.7 bitgold per CFSGOLD, so people can get their share of the free bitgold back. We're also going to distribute the bter IOUs once they start paying out - if they pay out in full it should mean that all investors will have received approximately the full amount of what they put into CFSGOLD, not accounting for exchange rate swings in the gold and btc price. We will distribute this BTC based on a snapshot of CFSGOLD holders at block number 2000000, so remember to not delete the accounts you have that held CFSGOLD until the IOU has been paid out, or you will lose the funds.

The hack was really bad for bitshares and especially bad for cryptohedge, but I'm glad that we got most of our money back and I'm optimistic that the bter IOU will also pay out some amount of money, perhaps even the full amount.

Offline arhag

  • Hero Member
  • *****
  • Posts: 1213
    • View Profile
    • My posts on Steem
  • BTS: arhag
  • GitHub: arhag
Nice. Now I suggest offering a small bounty for someone (pc seems like the ideal candidate) to improve the blockchain_generate_snapshot command to work with any asset type as described here:
Finally, you need to generate the map in the first place. It would nice if there was blockchain_generate_snapshot command that worked for any asset rather than just BTS. I'd imagine that it shouldn't be too difficult to create such a command. It seems like one could just copy the chain_database::generate_snapshot function and make some tweaks to support any non-BTS asset (it wouldn't need to worry about delegate pay balances, vesting balances, short order balances, or collateral balances, but it should be careful to pay attention to both asks and bids to not miss any markets that are trading the asset). One thing to wonder about is what would happen to assets protected by multisig or stored in escrow? I guess worst case scenario you tell your UIA holders to not hold the UIA in any multisig or escrow at the time of the pre-announced snapshot. Although it would be better if wallet_asset_issue_to_addresses allowed for reconstructing multisig withdraw conditions (then the snapshot generation tool would be augmented to support recording multisig balances and escrows could be treated as a 2-of-3 multisig).

And then all that is left after that is to:
  • Create a new data directory (which I will refer to as $NEW_DATA_DIR) and copy the existing chain folder into it (or rather just the chain/raw_chain folder). Run the BitShares client with "bitshares_client --data-dir $NEW_DATA_DIR --rebuild-index --stop-before-block 2000001" and wait until it rebuilds the index up to block 2000000 (can I get confirmation from devs, particularly theoretical, that this will do what I think it will do). Then once at block 2000000 (verify with get_info), use the new blockchain_generate_snapshot command to generate the snapshot to an output file. After the snapshot output file is generated and copied to a safe place, the client can be closed and the new data directory can be deleted.
  • Go back to the wallet that has the issuer of your CFSAssets and create a new sharedrop asset (let's call it CFSGOLD.B).
  • Write a small script that reads the snapshot output file and generates the allocation map for the new sharedrop asset (with appropriate scaling of values), then breaks up this map into disjoint pieces that are each of a reasonable size so that the resulting transactions are not too large in size (it would be nice if devs could let us know what the optimal max for the number of unique keys in the each map should be), and for each of these disjoint maps m, it uses the RPC (connected to the wallet of the issuer of the CFSGOLD.B asset) to call wallet_asset_issue_to_addresses CFSGOLD.B m. Do dry runs that print out the sequence of disjoint maps and publish them for everyone to verify it is accurate.
  • And finally when you are ready to actually distribute the sharedrop asset, run the script for real on the snapshot output file produced from the first step. And make sure you have enough BTS in the issuer account to cover all the necessary transaction fees (at least 0.1 BTS * number of disjoint maps).

Offline neo1344

  • Full Member
  • ***
  • Posts: 82
    • View Profile
trusting Bter? nope.

Offline Riverhead

trusting Bter? nope.

No trust. The 30% haircut values the BTC locked up in BTER at $0. Anything we get back going forward improves on that position.


Offline onceuponatime

@Rune


Would you please comment on the CFSUSDA:BitUSD market?  Is there going to be a liquid market there, and if so, when?

Offline Riverhead

@Rune


Would you please comment on the CFSUSDA:BitUSD market?  Is there going to be a liquid market there, and if so, when?

Putting this up shortly; soon as I'm done with 8.1 upgrade. I meant to do it last night but fell asleep at the keyboard  :-[

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12065
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BTS: xeroc
  • GitHub: xeroc
Putting this up shortly; soon as I'm done with 8.1 upgrade. I meant to do it last night but fell asleep at the keyboard  :-[

 :P
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline Riverhead


If anyone else has CFSUSDA they'd like to divest from please send me a PM. I'm trying to balance liquidity on the markets with allowing people to exit that wish to.

I'll make a thread about this too so it's not buried.

Offline mdj

Are there plans to increase liquidity for Bitassets on the internal exchange?

Offline Riverhead

Are there plans to increase liquidity for Bitassets on the internal exchange?

Yes. Currently I am funding a bot for bitUSD/BTS and today I'm hoping to complete CNY, Gold, and Silver.

Offline ubits

  • Full Member
  • ***
  • Posts: 52
    • View Profile
So if Bter returns all BTC,  CFSGold will go back to a value of 1 instead of .7?   And CFScoins are being issued on the full unit price? or 0.7 price?

So if we don't need the BTS, just leave CFSgold alone and it will go back to full unit, original value? and higher hopefully if there is market demand :-)

Offline Riverhead


There are two phases to the buy back because we can't be sure if BTER, even with best intentions, will be able to make everyone whole.

1) Buy back all the assets (excluding CFSUSDA which was post hack) at .7

2) Take a snapshot of who owned what before the hack so that we can return the value of the BTC as it's released by BTER.

The Gold that was on BTER as Gold was returned and those with CFSGold have mostly been repaid (with the haircut). If there's anyone still holding CFSGold and wants to unload it for bitGold at 0.7:1 PM me.

My current frame of mind is to do a reset of the pre-hack assets, make everyone as whole as possible, and then decide if I want to re-issue new assets and bootstrap the operation all over again.


Offline pc

  • Hero Member
  • *****
  • Posts: 1013
    • View Profile
    • Bitcoin - Perspektive oder Risiko?
  • BTS: cyrano
  • Witness: cyrano
  • Payrate: 100%
1) Buy back all the assets (excluding CFSUSDA which was post hack) at .7

The Gold that was on BTER as Gold was returned and those with CFSGold have mostly been repaid (with the haircut). If there's anyone still holding CFSGold and wants to unload it for bitGold at 0.7:1 PM me.

So do you want me to unload or not? What happens with my CFSGold if I decide to keep them?
Please vote for my BitShares witness "cyrano" and for my STEEM witness "cyrano.witness"!
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de

Offline Riverhead

1) Buy back all the assets (excluding CFSUSDA which was post hack) at .7

The Gold that was on BTER as Gold was returned and those with CFSGold have mostly been repaid (with the haircut). If there's anyone still holding CFSGold and wants to unload it for bitGold at 0.7:1 PM me.

So do you want me to unload or not? What happens with my CFSGold if I decide to keep them?

Nothing will happen with the CFSGold as we're not currently trading on BTER and since the hack it's tough to figure out the NAV as a lot of funds are in an unknown state. Of the 12oz CFSGold sold we have already bought back 90% of it.

I'll put up another buy order at 0.7. Anyone that had a CFSAsset at the time of the hack will have their value returned to them in BTC as BTER releases it.

Once the dust from the hack clears we'll reevaluate our position. I'm a bit reluctant to take on more IOU's however because of exactly what's happening now.

 

Google+