Author Topic: Used all my BTS to short bitUSD......  (Read 4979 times)

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Ggozzo

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Update.

Some of my shorts have been force covered.

I originally shorted when BTS was 0.006409845523 USD

I tried to cover on April 7 when price was 0.0053 USD

I was filled today at .0038 when the "call/feed" was .0042

I lost over 40% of my Shares because of this.

Thanks BitShares!



« Last Edit: May 03, 2015, 02:29:54 pm by skyscraperfarms »

lzr1900

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Is it so difficult to implement on next version the ability to use collateral to cover positions?  Do we want more angry investors?  Don't take this issue too "light" please @devs...

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@bytemaster please fix it.

Offline liondani

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Is it so difficult to implement on next version the ability to use collateral to cover positions?  Do we want more angry investors?  Don't take this issue too "light" please @devs...

Sent from my ALCATEL ONE TOUCH 997D


Offline lil_jay890

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This issue has been brought up sporadically over the last year.  Bytemaster mentioned that a fix could be done where you could cover with your existing collateral, but it sounded like a "duct tape" fix.  I'm sure it will be addressed in the future, but I guess now its like burning your hand on the stove.  Last year I got burned in the same way skyscraperfarms did recently.

Offline bitmeat

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skyscraperfarms brings up a good point. At some point "innovation" should be slowed down, and rules should be set in stone.

How else are hardware manufacturers going to commit to integrating with BTS?

Imagine an ATM that can dispose BitUSD by simply printing a private key (or transfer to one). Wow. That would be cool, right?

OK, but if the rules change all the time, no one is going to commit to making one.

We need to set in stone parts of the protocol that are vital for mass adoption.

Ggozzo

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So, just out of curiosity I covered a couple dollars worth of one of my short positions. I received yield for holding the little bit of BitUSD but have not received any of the BTS for covering collateral included.

You need to cover a cover_order in full (including interest) before its collateral is returned. If you have a few smaller ones that you can selectively cover it might give you sufficient funds to cover the bigger ones as well.

You should have had disclaimers telling people they cant cover without buying more bitUSD which requires more bts since the tied up bts cant be used.

There is one important disclaimer. You may have missed it. https://bitsharestalk.org/index.php/topic,7962.msg104898.html#msg104898

While I fully agree that it should be possible to use the collateral for covering, it is also generally unwise to invest in markets that you don't understand completely, especially if you're going all-in.

Really?

You are going to lecture me about an asinine market rule that I assumed did not exist because of how real worldly stupid it would be to  implement such a thing? And  then in the face of your bold comment on reading disclaimers and understanding every inticate market caveat, you then wonder why this project isnt even on the tarmac and widely adopted yet. Go figure.

I took the plunge you all so desperately need others to take.

Offline pc

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So, just out of curiosity I covered a couple dollars worth of one of my short positions. I received yield for holding the little bit of BitUSD but have not received any of the BTS for covering collateral included.

You need to cover a cover_order in full (including interest) before its collateral is returned. If you have a few smaller ones that you can selectively cover it might give you sufficient funds to cover the bigger ones as well.

You should have had disclaimers telling people they cant cover without buying more bitUSD which requires more bts since the tied up bts cant be used.

There is one important disclaimer. You may have missed it. https://bitsharestalk.org/index.php/topic,7962.msg104898.html#msg104898

While I fully agree that it should be possible to use the collateral for covering, it is also generally unwise to invest in markets that you don't understand completely, especially if you're going all-in.
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de

Ggozzo

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So, just out of curiosity I covered a couple dollars worth of one of my short positions. I received yield for holding the little bit of BitUSD but have not received any of the BTS for covering collateral included.

This is turning into a deal breaker with the entire project for me. I went all in and am now losing my ass and then I am going to get screwed even more when the system covers for me.

I am documenting everything from this experience; all the prices, trades and losses, the inability to cover a short position if you used all bts to short and collateralize, partial covers not showing up in wallet leaving no ability to actually cover in small amount, and then the eventual 10% hit when the system auto covers at expiration. This is all crap by the way. You should have had disclaimers telling people they cant cover without buying more bitUSD which requires more bts since the tied up bts cant be used.

Offline xeroc

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The problem is that 0.8 has an issue while recovering/regenerating active key.
Do you know details .. could you tell us more?

Offline abit

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anyone knows when the 0.9will release?I have some asset can not found. Now I need to cover the short with that money.

If you're brave enough, you could try the patch in this issue https://github.com/BitShares/bitshares/issues/1413 and make a work build yourself.  ;)
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Offline abit

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anyone knows when the 0.9will release?I have some asset can not found. Now I need to cover the short with that money.

Have you tried importing your wallet into 0.8?  I had no issues receiving shares from NOTES.
The problem is that 0.8 has an issue while recovering/regenerating active key.
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Offline yellowecho

anyone knows when the 0.9will release?I have some asset can not found. Now I need to cover the short with that money.

Have you tried importing your wallet into 0.8?  I had no issues receiving shares from NOTES.
696c6f766562726f776e696573

Offline lastagile

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anyone knows when the 0.9will release?I have some asset can not found. Now I need to cover the short with that money.


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Offline yellowecho

It seem it would be common sense to be able to cover, especially since the blockchain controls the collateral.

THIS ^

I hope they implement the future to cover our shorts using the remaining collateral soon enough! Traders expect this by default...

Truth.
696c6f766562726f776e696573

zerosum

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I realize it's a bit late now, but for any other readers, this is much easier to manage if you break up your shorts into small orders.  That way you can roll it all over gradually with a lot less extra BTS.

Is it all a single order coming due at once?

It was 3 separate order. Two small, one bigger.

They all come due within a day of the first one.

This is the worst thing I have come across in BitShares. How could this be? It seem it would be common sense to be able to cover, especially since the blockchain controls the collateral.

I do not know if you started this as a general concern thread or do you need a solution for just now.

1. Generally - This was done because BM feels the more collateral the safer system... at all costs. My total disagreement with that notion is well documented. At least he is softening his stands as was quoted above on this 'soft collateral' issue....

2. Practical - The way to do it (assuming you do not want to put new money in BTS) is to:
 Borrow BTS from a friend; buy bitUSD, cover your shorts and return the loaned BTS from the collateral you will get back.
This works only if you have not lost too much and there are enough bitUSD for sell...Right now you will have to pay quite a premium for any bitUSD you want to buy, though.

Hope this helps....