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Offline bytemaster

BitUSD Market Discussion
« on: August 25, 2014, 03:59:59 PM »

This thread is to discuss the BitUSD market.   

The current status is that we have sufficient feeds, but still require additional market depth (20 Million BTSX, $800K worth of BTSX)

We want people to play with the interface, submit and cancel orders, and other wise make sure it is stable.  Once there is enough money in the market then we are a go.

Known Issues:
  - placing a short currently requires using the console because of a "stupid order" check that limits what orders you can place in the GUI.  This check is triggering because prior to the start of the market some people have placed some "stupid asks" which will be cleared out once the market starts.

  - Some people have placed orders for USD with an amount of BTSX so small that when multiplied by the price yields 0 USD.  When these orders are matched 100% will go to fees, thanks for your donation.  A future hard-fork will probably implement a minimum order size of 1 BTSX. 




For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline tonyk

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Re: BitUSD Market Discussion
« Reply #1 on: August 25, 2014, 04:04:20 PM »
1.I vote anybody to be allowed 'general stupidity', instead of order by order.

At least for me it will be better description of myself.  :)

Not everybody has participated in the dry runs, so Please, explain for everybody :


2.how the margin is increased (voluntarily) in the BTSX system.

3. The Depth Rules - size, what order kinds count etc.

 Thanks.
« Last Edit: August 25, 2014, 04:08:43 PM by TheOnion »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline johncitizen

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Re: BitUSD Market Discussion
« Reply #2 on: August 25, 2014, 04:04:33 PM »
I am too excited. Placing more orders !

Is the 20m market depth hard coded? What happens if the depth is achieved and then lulls to say 15m?


Offline bytemaster

Re: BitUSD Market Discussion
« Reply #3 on: August 25, 2014, 04:05:26 PM »
I am too excited. Placing more orders !

Is the 20m market depth hard coded? What happens if the depth is achieved and then lulls to say 15m?

The market depth must remain at 20m or above after all orders are executed. 
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline bytemaster

Re: BitUSD Market Discussion
« Reply #4 on: August 25, 2014, 04:06:22 PM »
To get extra "collateral" on your short position the current process is as follows:

Short 100 USD
Buy    50 USD
Cover 50  USD

Result:  partially covered position has 3x the required collateral. 

Easer ways of adding to your collateral will be made available in the future.  This system is MINIMAL VIABLE.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline johncitizen

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Re: BitUSD Market Discussion
« Reply #5 on: August 25, 2014, 04:35:16 PM »
This is fascinating...

Market depth reaching ignition!

Offline emski

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Re: BitUSD Market Discussion
« Reply #6 on: August 25, 2014, 04:41:31 PM »
I'd say "stupid" bids/asks should be allowed after the users clicks/types "YES" on a large "WARNING! YOU ARE ATTEMPTING SOMETHING STUPID" message.
No need to restrict this in UI.

Offline bytemaster

Re: BitUSD Market Discussion
« Reply #7 on: August 25, 2014, 04:47:58 PM »
We now have sufficient depth... the market is live... I repeat... the market is live!
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline BldSwtTrs

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Re: BitUSD Market Discussion
« Reply #8 on: August 25, 2014, 05:00:56 PM »

Offline bytemaster

Re: BitUSD Market Discussion
« Reply #9 on: August 25, 2014, 05:10:37 PM »
The price is rising so fast that the 1 hour moving average is taking a while to catch up.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

drekrob

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Re: BitUSD Market Discussion
« Reply #10 on: August 25, 2014, 05:11:42 PM »
Do i have to cover the full position even if it only got partially filled?
The number formatting on cover got way to much decimals.

Offline bytemaster

Re: BitUSD Market Discussion
« Reply #11 on: August 25, 2014, 05:13:10 PM »
Do i have to cover the full position even if it only got partially filled?
The number formatting on cover got way to much decimals.

Yes, you must cover it all to get your collateral back.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

drekrob

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Re: BitUSD Market Discussion
« Reply #12 on: August 25, 2014, 05:18:08 PM »
I must miss something here.
If there was no interaction i can cancel it and get back to before minus fee.
As soon as even one BTSX of my position got filled I need to buy it full to cover it. So i get back to before plus that one BTSX minus fee minus what i had to pay for the full position. So i lost half my money and got 1 BTSX for it??

Offline bytemaster

Re: BitUSD Market Discussion
« Reply #13 on: August 25, 2014, 05:22:29 PM »
I must miss something here.
If there was no interaction i can cancel it and get back to before minus fee.
As soon as even one BTSX of my position got filled I need to buy it full to cover it. So i get back to before plus that one BTSX minus fee minus what i had to pay for the full position. So i lost half my money and got 1 BTSX for it??

No... you only have to cover as much as was filled.   
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Gentso1

Re: BitUSD Market Discussion
« Reply #14 on: August 25, 2014, 05:23:32 PM »

 

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