About Upcoming BitShares (BTS) Protocol Upgrade on 8th December

[renkcub]

Can someone please revive BTSBots? get the code or talk to the dev?

Also, are BitGold and BitSilver now working again?

[pc]

Could you explain how this is better or different from the previous arrangement?

**the asset holders can settle their assets (to get the collateral in global settlement fund) INSTANTLY at the original "black swan price"**.

This has always been the intended way how settlements are handled after a black swan. Unfortunately there is a bug that prevents such settlements after the price feed expires. Todays hardfork will fix that bug. See https://github.com/cryptonomex/graphene/issues/664#issuecomment-254056746 and https://github.com/bitshares/bsips/blob/master/bsip-0018.md.

In addition it will be possible to revive assets after a black swan, i. e. to restore the original pegging and re-enable shorting and regular settlement. I think it is obvious why this is better than just letting the asset rot away.

[KenMonkey]

I'm always confused by the shorting process on BTS. I know how it usually works (after lots of study) but the special case of the black swan is beyond me. I don't really care and I'm sure that the Austrian economics pros are on the ball here.

Could you explain how this is better or different from the previous arrangement?

[abit]

The protocol upgrade (hard fork) will occur on 2017-12-08 15:40:00 UTC.

All nodes should upgrade to `2.0.171105a` if agree with the protocol upgrade.

After the scheduled hard fork time, for the smart coins (e.g. GOLD, SILVER) / market pegged assets (e.g. BTWTY, GRIDCOIN), before enough witnesses / feed producers started to publish price feeds, **the asset holders can settle their assets (to get the collateral in global settlement fund) INSTANTLY at the original "black swan price"**.

When enough witnesses / price feed producers have provided new price feeds after the time, a revive process will start. If the new feed price is great than 175% of the black swan price, the asset will be revived instantly.

Otherwise, collateral holders can bid the settlement fund by providing more collateral to get a cut of the debt (via `cli_wallet`). The bids will be processed hourly, when reached more than 175% of collateral ratio for all debt, the asset will be revived.

More info about the mechanism is described in https://github.com/bitshares/bsips/blob/master/bsip-0018.md

Release page: https://github.com/bitshares/bitshares-core/releases/tag/2.0.171105a

Related discussion and how to bid (Chinese): https://bitsharestalk.org/index.php/topic,25417.0.html

Also posted on steemit: https://steemit.com/bitshares/@abit/about-upcoming-bitshares-bts-protocol-upgrade-on-8th-december

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12月8日BSIP 18生效后，黑天鹅复活相关规则和操作说明，见论坛贴 https://bitsharestalk.org/index.php/topic,25417.0.html

新版节点下载地址： https://github.com/bitshares/bitshares-core/releases/tag/2.0.171105a