BitUSD Market Paused until Delegates can Upgrade

[puppies]

We have identified an issue that requires an immediate hard fork to resolve.  We have removed the required depth.

Updates will follow shortly.

Wow I didn't even know markets could be paused. This is a pretty smooth way to handle it.

If someday, the government say: BM, I command you to pause the market, then it paused immediately.   

I never know this before.....

There is a requirement for a certain amount of market depth before the markets will execute.  This prevents a single person from attacking the order book in a market with very few actors.  Right now the market is very young and there is very little depth on the buy side of bit usd.  BM has placed bid orders to get the depth of that side of the book over the 20M BTSX requirement.  When there was a problem he simply removed those orders.  If another actor had the funds to place those orders and was so inclined the markets would have opened. 

[liondani]

We have identified an issue that requires an immediate hard fork to resolve.  We have removed the required depth.

Updates will follow shortly.

Wow I didn't even know markets could be paused. This is a pretty smooth way to handle it.

If someday, the government say: BM, I command you to pause the market, then it paused immediately.   

I never know this before.....

if that day comes remember that delegates must agree on that decision!
That was the case right now.The majority of delegates agreed for a reason !  For the best interrest of current shareholders.

[quickbit]

We have identified an issue that requires an immediate hard fork to resolve.  We have removed the required depth.

Updates will follow shortly.

Wow I didn't even know markets could be paused. This is a pretty smooth way to handle it.

If someday, the government say: BM, I command you to pause the market, then it paused immediately.   

I never know this before.....

[bitcoinerS]

That version wasn't tagged but is GUI only... "master" is the one you want.

I pulled master and recompiled. The issued did not go away..

[bytemaster]

That version wasn't tagged but is GUI only... "master" is the one you want.

[bitcoinerS]

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

I can't find 0.4.8-a...

Code: [Select]

$ git tag -l
0.2.0
0.2.1
0.2.2
0.2.3
0.2.4
0.3.0
0.3.1
0.4.0
0.4.1
0.4.2
0.4.3
0.4.4
0.4.5
0.4.6
0.4.7
0.4.8
v0.0.1-alpha.1
v0.0.1-alpha.2
v0.0.1-dryrun.10
v0.0.1-dryrun.8



[bytemaster]

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

[clayop]

Any ETA for the dmg / exe releases? I could build from source but not really in the mood if the team is releasing executables.

Executables in progress...

dmg is live! Thanks for all the hard work BTSX team.

waiting for .exe now

[robrigo]

Any ETA for the dmg / exe releases? I could build from source but not really in the mood if the team is releasing executables.

Executables in progress...

dmg is live! Thanks for all the hard work BTSX team.

[bytemaster]

Any ETA for the dmg / exe releases? I could build from source but not really in the mood if the team is releasing executables.

Executables in progress...

[robrigo]

Any ETA for the dmg / exe releases? I could build from source but not really in the mood if the team is releasing executables.

[xeroc]

*.xeroc up and running!
backup machine will follow tomorrow

[tonyk]

any progress?

yes it is up - read the important updates thread.

[robrigo]

0.4.8 is out: https://github.com/dacsunlimited/bitsharesx/releases/tag/0.4.8

[liondani]

any progress?

[xeroc]

incoming commits to the git repo
https://github.com/dacsunlimited/bitsharesx/commits/master

[tonyk]

As I understand it, if there was a 50% crash right now, the peg would be screwed because trading is disabled therefore shorters cant be forced to cover. Is that just about correct?

In that case, wouldn't they be forced to cover once the market comes back into action??

Yes but if the shorts did not post enough collateral, they could get away not losing as much BTSX as they should when the market re-opens. Im just trying to figure out how BTSX deals with this.

Can you explain how this 'not loosing enough collateral' works?

[CoinHoarder]

As I understand it, if there was a 50% crash right now, the peg would be screwed because trading is disabled therefore shorters cant be forced to cover. Is that just about correct?

In that case, wouldn't they be forced to cover once the market comes back into action??

Yes but if the shorts did not post enough collateral, they could get away not losing as much BTSX as they should when the market re-opens. Im just trying to figure out how BTSX deals with this.

Ah yeah, good point. Well, lets hope that doesn't happen! Short of a flash crash I don't think it well, especially considering the recent upwards trend. 

[speedy]

As I understand it, if there was a 50% crash right now, the peg would be screwed because trading is disabled therefore shorters cant be forced to cover. Is that just about correct?

In that case, wouldn't they be forced to cover once the market comes back into action??

Yes but if the shorts did not post enough collateral, they could get away not losing as much BTSX as they should when the market re-opens. Im just trying to figure out how BTSX deals with this.

[CoinHoarder]

As I understand it, if there was a 50% crash right now, the peg would be screwed because trading is disabled therefore shorters cant be forced to cover. Is that just about correct?

In that case, wouldn't they be forced to cover once the market comes back into action??

[liondani]

It will be a long exciting night ! 

[speedy]

As I understand it, if there was a 50% crash right now, the peg would be screwed because trading is disabled therefore shorters cant be forced to cover. Is that just about correct?

[tonyk]

yes, for the next time (let's hope never) it will be a good first step for everybody:

 cancel all open orders

[CoinHoarder]

At least it can be fixed somewhat easily it sounds like. Good work noticing the problem. 

[xeroc]

Wow I didn't even know markets could be paused. This is a pretty smooth way to handle it.

They cannot ... I guess they had a bigger stake on the order book to enable the market in the first place and canceled the order .... once the market is live and the depth is enough (until now) the market goes on ..

Having a market that can be paused would be VERY BAD PR

[luckybit]

We have identified an issue that requires an immediate hard fork to resolve.  We have removed the required depth.

Updates will follow shortly.

Wow I didn't even know markets could be paused. This is a pretty smooth way to handle it.

[xeroc]

puh .. just wanted to go to bed .. *darn*

[Riverhead]

How shortly ?

It's 5:33 AM here .
Am I gonna see it when I wake up at 10 AM about 5 hours later?

Time to brew some coffee . I doubt I'll be getting much sleep tonight either.

[bytemaster]

How shortly ?

It's 5:33 AM here .
Am I gonna see it when I wake up at 10 AM about 5 hours later?

I hope DAC Sun can get a patch out within the hour. 

[bytemaster]

We have identified an issue that requires an immediate hard fork to resolve.  We have removed the required depth.

Updates will follow shortly.