Author Topic: please adjust your price feeding algorithm to save bitCNY!  (Read 2626 times)

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Online bitcrab

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please adjust your price feeding algorithm to save bitCNY!
« on: November 13, 2017, 06:30:28 am »
now there are endless bitCNY orders waiting to get cheaper BTS from shorters:



why this can happen?

the traffic jam of BTC blockchain and the BTC price fluctuation are the factors that lead to this.

and also there are something abnormal in exchanges, for example, poloniex has stopped processing BTS withdrawl for 5 days.



zb.com does not begin process USDT withdrawl yet.

on the other side, because of magicwallet, people can get bitCNY much more easily than before...

all this lead to the result that the settle price in bitCNY has been 3-5% lower than DEX price for several days. and lead endless settle orders.

this is unfair, and will hurt shorters and also the whole BTS economy, we need to take actions to stop this.

my suggestion:

while witness get price from exchnges, check the prices first, if one BTS price from some central exchanges is 3% lower than the price in DEX, just ignore this price.

this can only apply to bitCNY and is just to handle current abnormal conditions.

if any other better ways, please share, anyway we need to protect the endless settlement from happening. thanks!
 
« Last Edit: November 13, 2017, 06:46:51 am by bitcrab »

Offline JonnyB

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Re: please adjust your price feeding algorithm to save bitCNY!
« Reply #1 on: November 13, 2017, 04:20:18 pm »
Price feeds from witnesses should be weighted by the BTS volume traded at the exchanges. Any specific witnesses need voting out right now?

Maybe some witnesses could adjust their CNY feed -10% to average or mean the settlement price lower as a temporary measure.
« Last Edit: November 13, 2017, 07:18:07 pm by JonnyBitcoin »
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Offline renkcub

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Re: please adjust your price feeding algorithm to save bitCNY!
« Reply #2 on: November 25, 2017, 06:25:10 pm »
Did this get "fixed"?

Offline crypto4ever

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Coinmarketcap.com reports its price based on the highest volume markets, that includes centralized exchanges and certain coin pairings.

It appears that 69% of all Bitshares trading volume is happening with USDT and CNY, and as a result of that, the coinmarketcap.com price you see is based on that alone.

Look at this image for reference:



We need to discover what's happening with ZB.COM for USDT and with the recent problems with tether and USDT this could be causing Bitshares to freefall in price.

Please everyone speculate about this problem this and witness should re-consider their pricefeeds for ZB.COM and CNY in the short term.

Normally when you get those supposed "outages" at centralized exchanges, it is because they will allow deposits (but not withdrawals)... they use the excuse that they have a certain token under "maintenance"

The BTS DEX doesn't have this ability.  It is up to our developers and witnesses to react when there is a problem.

I think we have a problem with USDT paired with BTS and then paired again with CNY which is causing the strange prices we've been seeing.

Let's get more eyes on this....

Is over-printed USDT being funneled through BTS causing this short situation?

https://news.bitcoin.com/bitfinex-printed-one-third-usdt-receiving-subpoena/

By the way, in the coming year I hope to become a bitshares witness. Please remember I brought this to your attention.  I'm very careful about watching the health of our chain.

crypto4ever


(By the way, notice which thread and original OP I decided to post this to) --- only one user was concerned about ZB.COM and they've been quiet ever since November 2017.

« Last Edit: February 06, 2018, 08:03:41 pm by crypto4ever »

Offline crypto4ever

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Re: please adjust your price feeding algorithm to save bitCNY!
« Reply #4 on: February 06, 2018, 03:29:48 am »

To me it looks like they are buying BTS with USDT and liquidating it for BITCNY

Offline Digital Lucifer

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Re: please adjust your price feeding algorithm to save bitCNY!
« Reply #5 on: February 06, 2018, 04:06:38 am »

To me it looks like they are buying BTS with USDT and liquidating it for BITCNY

You can't forbid people to trade. If exchange ZB.com has USDT volume to trade you can't stop them. It's "business on top of the blockchain" with no limits or terms of agreement, so just buckle up and pray.

Local bureaucracy with Committee members and rest should anticipate this and prevent, instead of alerting now when already millions are gone through BTS and Tether.
Milos (DL) Preocanin
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Offline crypto4ever

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Re: please adjust your price feeding algorithm to save bitCNY!
« Reply #6 on: February 06, 2018, 04:08:52 am »
USDT may not be a good pairing for bitshares considering the public news that USDT was printed out of thin air.  Halt the feeds on USDT until the community decides to open them again.

If you are a witness with open margins and this sounds right, it is up to you to do it.

I am not a witness. But I am very interested in the discussion.
« Last Edit: February 06, 2018, 04:13:13 am by crypto4ever »

Offline crypto4ever

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Re: please adjust your price feeding algorithm to save bitCNY!
« Reply #7 on: February 06, 2018, 04:28:30 am »
1. print inflated USDT
2. Media finds out about it and talks about too much USDT on the market via bitfinex
3. Move USDT into Bitshares for the pair USDT to BTS
4. Sell USDT for Bitshares
5. Change Bitshares into BitCNY
6. Withdrawal BitCNY into ZB.COM
7. Sell BitCNY on ZB.COM for coin of your choice
8. Withdrawal any coin on ZB.COM out of the system

Bitshares takes a hit on price.  Coinmarketcap reports this BITCNY / USDT volume, which affects BTS price.

It's an elaborate plan but USDT, BITCNY and ZB.COM seems to be the source here.

Yes, Bitcoin fell in value, but usually we fall with it, just not as hard.  BTC is down 22% (over 24h) we're down 33%, (over 24h) we're falling extra hard because of this USDT / CNY connection.

Anyone else understanding now?

Bitshares would fall less in comparison to Bitcoin because Bitcoin holders usually move into alts.  If everything else was OK, I'd expect Bitcoin to be down 22% and us 12%
« Last Edit: February 06, 2018, 04:32:15 am by crypto4ever »

Offline crypto4ever

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usdt到cny现在是不好的bitshares价格。 我们需要在短期内停止目击者的价格报告

Offline crypto4ever

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Re: please adjust your price feeding algorithm to save bitCNY!
« Reply #9 on: February 06, 2018, 05:15:32 am »

Ever since I posted about this problem, the person is covering their tracks and putting up fake buy walls on ZB.COM to confuse you.

I have a screenshot to post, but all of a sudden steemit is down. Very coincidental, it hasn't been down in a very long time, but that is where I posted my images.

My screenshot showed the sell walls, but now that the news is out, they're putting fake buy walls up and steemit is getting DDoSed right now.


Offline crypto4ever

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Re: please adjust your price feeding algorithm to save bitCNY!
« Reply #10 on: February 06, 2018, 05:55:38 am »

The markets have started reversing soon as I started identifying USDT as the culprit. It's the same with Bitcoin too. Top markets are USDT related.

We'll see what tomorrow brings us.  Stay away from USDT as an indicator.   My opinion. Not trading advice.  Research this yourself.

Offline crypto4ever

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Re: please adjust your price feeding algorithm to save bitCNY!
« Reply #11 on: February 06, 2018, 09:05:08 am »

Well that was short lived, it's falling again.  Watch USDT everywhere.