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Offline kenCode

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BitSharesBlocks.com - bitSILVER collateral crash?
« on: April 02, 2015, 03:46:01 PM »

This at first glance scared the crap out of me, but now that I look at it, it seems as if it was just an api connection issue, right?
http://bitsharesblocks.com/asset/info?asset=SILVER
 
On the website chart it says that on "Thursday, Mar 26, 23:33:30.482" the Collateral suddenly dropped to "Collateral 0.00 bitSILVER".
 
Since I hold silv, I'd like to know exactly what happened at that moment, please.
Thanx in advance,
  -ken
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Offline xeroc

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Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #1 on: April 02, 2015, 08:13:41 PM »
Seems to be a glitch in bitsharesblocks .. i see the collateral back up again
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Offline kenCode

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Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #2 on: April 03, 2015, 07:23:58 AM »
I need to know for a fact that my bitAssets are safe.
The code doesn't change itself so can the bitsharesblocks person or someone please detail here what happened to the collateral at that moment?
 
Was it a hack? A node shutdown? An api connection issue? Can we add some redundancy? Multiple pegs?
This could be a legal issue.
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Offline Shentist

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Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #3 on: April 03, 2015, 07:37:38 AM »
I need to know for a fact that my bitAssets are safe.
The code doesn't change itself so can the bitsharesblocks person or someone please detail here what happened to the collateral at that moment?
 
Was it a hack? A node shutdown? An api connection issue? Can we add some redundancy? Multiple pegs?
This could be a legal issue.

i don't get it, what you want!

the peg and the colleteral was never changed. Just bitsharesblocks as an explorer hat problems to "read" the information correct - thats it. You could check everything directly with your own client everytime, so you don't need to "trust" a 3rd party service to get this informations.

Offline kenCode

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Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #4 on: April 03, 2015, 07:44:55 AM »
Well, like I mentioned above, the code doesn't change itself, so, if the collateral could crash to zero (0) once, then it could do it again and again and again, and maybe never come back up.
 
When bitAssets are not backed by anything, they are fiat.
 
So, can we check the logfiles? Was it the bitsharesblocks website that was unable to make the connection? Then we need to add some redundancy.
Was it the nodes? Do we need a peg-pool of sorts?
 
This needs to be resolved before I start bringing in banks and the wealth mgmt companies I have spoken of.
 
This is serious guys, please treat it as such. It is a legal issue otherwise.
 
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Offline clayop

Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #5 on: April 03, 2015, 07:53:02 AM »
Same thing happened in other bitAssets at the same time point. Probably that's due to Bitsharesblocks' error; it might be upgrading, downed, or forked, whatever...
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Offline svk

Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #6 on: April 03, 2015, 07:58:17 AM »
Like clay said it's the same for all the assets, this happened last week when I was having lots of issues with the servers due to the new client, either through loss of connections, forking, or running out of space due to exploding log files. I wouldn't worry about it, I'll say with 99% certainty it's related to the issues my servers were having last week.
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Offline xeroc

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Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #7 on: April 03, 2015, 07:59:26 AM »
Paging @svk
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Offline kenCode

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Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #8 on: April 03, 2015, 09:55:31 AM »
Like clay said it's the same for all the assets, this happened last week when I was having lots of issues with the servers due to the new client, either through loss of connections, forking, or running out of space due to exploding log files. I wouldn't worry about it, I'll say with 99% certainty it's related to the issues my servers were having last week.

That was the "feel better" that I needed to see, thank you @svk :) Peace
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Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #9 on: April 03, 2015, 10:07:09 AM »
I need to know for a fact that my bitAssets are safe.
The code doesn't change itself so can the bitsharesblocks person or someone please detail here what happened to the collateral at that moment?

Nothing happened to the collateral. When a short is filled, the collateral is put away into a cover_order. The only way to get the collateral out is to fill the cover_order (and thereby destroy the shorted bitAssets).

The only way to bring the total collateral down to zero is to fill all open cover_orders, thereby destroying all shorted bitAssets. Obviously that didn't happen, so there is nothing to worry about.
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Offline kenCode

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Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #10 on: April 03, 2015, 10:12:56 AM »
Roger that pc.
It was just reminiscent to me of the flash crashes on wall street. It spooks investors and if there's a way, I'd really like to never see that again. There needs to be some sort of buffer, or float, a backup, some sort of redundancy that will not freak the chart (and investors) out.
Code-wise...
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Offline liondani

Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #11 on: April 03, 2015, 11:27:21 AM »
Roger that pc.
It was just reminiscent to me of the flash crashes on wall street. It spooks investors and if there's a way, I'd really like to never see that again. There needs to be some sort of buffer, or float, a backup, some sort of redundancy that will not freak the chart (and investors) out.
Code-wise...

Nothing to be afraid off...
A flash crash can occur only if the majority of covers that must be made are from one entity and he chooses to make them instantly!!! I think that is almost impossible to happen right now.... (am I missing something?) And don't forget it doesn't matter you see that again on bitsharesblocks site.... it will only matter if this event happens on the bitshares blockchain in reality. (am I missing something?)
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Offline lil_jay890

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Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #12 on: April 03, 2015, 11:35:04 AM »
Roger that pc.
It was just reminiscent to me of the flash crashes on wall street. It spooks investors and if there's a way, I'd really like to never see that again. There needs to be some sort of buffer, or float, a backup, some sort of redundancy that will not freak the chart (and investors) out.
Code-wise...

Bitshares blocks is a third party and you shouldn't base your investment in bitshares on that site... It is useful for finding information, but it's just a informational site.  Use your client or webwallet if you want more accurate data

Offline liondani

Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #13 on: April 03, 2015, 12:20:26 PM »
Roger that pc.
It was just reminiscent to me of the flash crashes on wall street. It spooks investors and if there's a way, I'd really like to never see that again. There needs to be some sort of buffer, or float, a backup, some sort of redundancy that will not freak the chart (and investors) out.
Code-wise...

Bitshares blocks is a third party and you shouldn't base your investment in bitshares on that site... It is useful for finding information, but it's just a informational site.  Use your client or webwallet if you want more accurate data

this^

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Offline kenCode

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Re: BitSharesBlocks.com - bitSILVER collateral crash?
« Reply #14 on: April 03, 2015, 01:51:06 PM »
Nothing to be afraid off...
A flash crash can occur only if the majority of covers that must be made are from one entity and he chooses to make them instantly!!! I think that is almost impossible to happen right now.... (am I missing something?) And don't forget it doesn't matter you see that again on bitsharesblocks site.... it will only matter if this event happens on the bitshares blockchain in reality. (am I missing something?)

 
In the future, when BitShares gets bigger, the MSM and alt-media will have a field-day with flash crashes like that, whether the site is "perceived" as illegitimate or not. If you ever get associated with a flash crash in the media, BTS will take a major hit, price wise, cap wise, you name it...
 
I don't think @svk will be very happy to hear your sentiments regarding all the hard work he's doing on the bitsharesblocks site either.
 
Don't attack me on this, I'm just a very concerned investor. Is it too much to ask to just add some code to prevent this from ever appearing again thru backups, extra nodes, api redundancy, peg pools, etc.? I don't think that sort of thing is too much to ask.
 
There needs to be an Else conditional for this so investors NEVER EVER get spooked. A lot of us have been screwed by wall street so many times, we tend to be just a bit skiddish, ya know?
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