BitUSD Market Discussion

[bytemaster]

All delegates have upgraded, version 0.4.8-a of the GUI has been released, trading can resume safely.

[donkeypong]

I bought some BitUSD. Could be very useful.

[cygnify]

Market has been paused while we investigate an issue.

OMG....

They "paused" the market by canceling there big orders ... such that the market depth was too low ..
They cannot really "pause" the market once s.o. else puts in the money :)

BM is usually posting thing directly when they appear .. might be a minor glitch worth nothing ..

Was wondering how that was possible. Cheers for that info.

[xeroc]

Market has been paused while we investigate an issue.

OMG....

They "paused" the market by canceling there big orders ... such that the market depth was too low ..
They cannot really "pause" the market once s.o. else puts in the money :)

BM is usually posting thing directly when they appear .. might be a minor glitch worth nothing ..

[Shentist]

is the market depth really needed? just now trading stopped, because someone chancelled 2,000,000.00 btsx
- most of 20 million is only fake, because the prices are a joke so why is it needed?

edit : ok, posted at the same time with bytemaster

[bytemaster]

Market has been paused while we investigate an issue.

[mf-tzo]

4 weeks too late ... not having anything besides bithsares anymore :) all in since sub $1c ;-)

Sold my few BTCs and some other irrelevant coins for bitshares back in December - April for PTS and just waited for this moment...Unfortunately I wish I have understood the whole AGS better and have donated my PTS earlier...
In the middle I lost some more money from NXT during the pump a month ago...

Bottom line, today, I am back exactly where I was a year ago. I will never make same mistakes ever again. From now on just HOLD my precious until they go to the outer space. Unfortunately if I do not trade I feel empty so I will probably do some bad trading again so some people can profit from my losses but at least now I feel that I am holding something really valuable for the first time in my life!

[xOR]

+5% Who needs Bitcoins anyway? They are not anonymous, slower in transactions, sustaining the network needs more energy and you have to deal with ugly addresses. To sum it up: inferior. But to be fair: they laid the cornerstone for all this so there was a time when it was important  :P

just sell your precious bitcoins before it crashes and get some bitshares now...

Hehe, if only vendors were to accept bitUSD on a large scale already. Unless that happens I will still make sure I got some BTC lying around for purchases.

[Riverhead]

BitUSD fees collected: $219
BitUSD issued:           $7952

Looks like our insurance fund is doing well at the moment :)

Is there a way we can see the insurance fund balance or does it need to be derived?

[xeroc]

just sell your precious bitcoins before it crashes and get some bitshares now...

4 weeks too late ... not having anything besides bithsares anymore :) all in since sub $1c ;-)

[mf-tzo]

+5% Who needs Bitcoins anyway? They are not anonymous, slower in transactions, sustaining the network needs more energy and you have to deal with ugly addresses. To sum it up: inferior. But to be fair: they laid the cornerstone for all this so there was a time when it was important  :P

just sell your precious bitcoins before it crashes and get some bitshares now...

[bytemaster]

BitUSD fees collected: $219
BitUSD issued:           $7952

Looks like our insurance fund is doing well at the moment :)

[xOR]

Seems to be tracking the real dollar value very nicely. Now i am thinking  what's the point of having bitcoins? I can use bitshares x  as a deflationary currency and bitUSD for stability for day to day transactions.

+5% Who needs Bitcoins anyway? They are not anonymous, slower in transactions, sustaining the network needs more energy and you have to deal with ugly addresses. To sum it up: inferior. But to be fair: they laid the cornerstone for all this so there was a time when it was important  :P

[xeroc]

Seems to be tracking the real dollar value very nicely. Now i am thinking  what's the point of having bitcoins? I can use bitshares x  as a deflationary currency and bitUSD for stability for day to day transactions.

.. you got the point :)

[hamiltino]

Seems to be tracking the real dollar value very nicely. Now i am thinking  what's the point of having bitcoins? I can use bitshares x  as a deflationary currency and bitUSD for day to day transactions.

[xOR]

Must be and I am missing them...I just installed the new version and I am 13d behind and I hope it doesn't crash...I can't wait...

Has been stable for me so far. Even traded a bit already and it worked like a charm. The only time when it crashes a lot is when I exit the application. But as long as this doesn't corrupt my wallets or anything this is not much of an issue.
Catching up 13d shouldn't take too long. See you when you're there  ;)

[mf-tzo]

Must be and I am missing them...I just installed the new version and I am 13d behind and I hope it doesn't crash...I can't wait...

[xeroc]

I'm not home.  How is the BitUSD price holding up relative to the actual price?

So far the actual price has been climbing faster than the 1hr moving average can keep up, but it appears to be within tolerance.  We will need to see some price swings in BTSX large/long enough to really prove it, but it looks good.

exciting times!

[bytemaster]

I'm not home.  How is the BitUSD price holding up relative to the actual price?

So far the actual price has been climbing faster than the 1hr moving average can keep up, but it appears to be within tolerance.  We will need to see some price swings in BTSX large/long enough to really prove it, but it looks good.

[JakeThePanda]

I'm not home.  How is the BitUSD price holding up relative to the actual price?

[bytemaster]

Placed a short position and was filled.  Is the only way to close out the position through the cover button, or when I buy bitUSD will it close out the short order? I would like to place a limit order to get called out of the short, but it looks like the "cover" option to close will dump me in at current market price.

In short, will a normal bitUSD buy close out/cancel out my short bitUSD when it is filled? Or will I be long and short bitUSD at the same time in the same account?

The cover button users USD in your account already.  So if you want to "buy" then "cover" you can create a bot that will buy and cover at the price you want in 2 steps.

[Ggozzo]

Placed a short position and was filled.  Is the only way to close out the position through the cover button, or when I buy bitUSD will it close out the short order? I would like to place a limit order to get called out of the short, but it looks like the "cover" option to close will dump me in at current market price.

In short, will a normal bitUSD buy close out/cancel out my short bitUSD when it is filled? Or will I be long and short bitUSD at the same time in the same account?

[ripplexiaoshan]

Some feed backs from chinese community:

1: stupid orders can be reminded but also should be confirmed in GUI, instead of going to console.
2：Additional collateral should be added.
3: BitCNY market has no rush to open, wait one or two days until more people get familiar with the market GUI.
4: Now that bitUSD is live, we may need endorsement from big merchants or company who accepts bitUSD/bitCNY. Small bird says that 3I has a promoting plan in September, any details to release?

[vegolino]

Thanks Bytemaster this is great fun  :)

[bytemaster]

Short   23.40   100.00   2,340.00

I bought $50 but is showing like 49.9999
Yes I am using GUI

Yes, there are rounding errors that are the result of multiplying a price by an amount.   

You should see your short position in the open orders list... with an option to "cover" (assuming it executed)

[vegolino]

Short   23.40   100.00   2,340.00

I bought $50 but is showing like 49.9999
Yes I am using GUI

[bytemaster]

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. 

I have followed instruction to start playing first shorting 100 than buying 50 (shows as 49.9999) just do not know how to cover.
Please help
Thanks  :)

What are your orders and USD balance?

Are you using the GUI?

[vegolino]

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. 

I have followed instruction to start playing first shorting 100 than buying 50 (shows as 49.9999) just do not know how to cover.
Please help
Thanks  :)

[jsidhu]

Congrats... lets hope the train ride is a long and prosperous one.

[Gentso1]

[bytemaster]

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.   

[drekrob]

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??

[bytemaster]

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.

[drekrob]

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.

[bytemaster]

The price is rising so fast that the 1 hour moving average is taking a while to catch up.

[BldSwtTrs]

[bytemaster]

We now have sufficient depth... the market is live... I repeat... the market is live!

[emski]

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.

[johncitizen]

This is fascinating...

Market depth reaching ignition!

[bytemaster]

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.

[bytemaster]

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. 

[johncitizen]

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?

[tonyk]

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.

[bytemaster]

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.