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Offline nikauforest

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USD : BTSX spread
« on: August 29, 2014, 01:19:00 PM »

I have noticed right now the spread ( meaningful buys, sells, and shorts is roughly 28-32 btsx per USD)

Currently there are a lot of crappy 1 dollar buy orders from 32.7 -down to 30. With the 5% lock you cannot crash through those crappy offers and take them out. This kind of makes it easier to paint the tape and keep the spread artificial? Unless of course you want to take out those small orders 1-5 dollars at a time.

In other words if only 10 USD dollar buy orders exists for an 11.7% spread and you cannot take those bids out on one order. What is the point because the market is not behaving freely.

Whoever has 1 dollar bids to buy USD all the way down the chain is a bit annoying.

Offline biophil

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Re: USD : BTSX spread
« Reply #1 on: August 29, 2014, 01:26:38 PM »
See, I would say that the person shorting 2000 bitUSD at 80 cents is annoying, bordering on antisocial. Those people trying desperately to prop up the peg with their $1 orders are heroes. :)

Offline nikauforest

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Re: USD : BTSX spread
« Reply #2 on: August 29, 2014, 01:30:43 PM »
See, I would say that the person shorting 2000 bitUSD at 80 cents is annoying, bordering on antisocial. Those people trying desperately to prop up the peg with their $1 orders are heroes. :)

So I noticed a lot of those one dollar orders just disappeared.

So is it fair to say maintaining the peg has been difficult? Perhaps a growing pain until more users come aboard?

Offline biophil

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Re: USD : BTSX spread
« Reply #3 on: August 29, 2014, 01:35:33 PM »
See, I would say that the person shorting 2000 bitUSD at 80 cents is annoying, bordering on antisocial. Those people trying desperately to prop up the peg with their $1 orders are heroes. :)

So I noticed a lot of those one dollar orders just disappeared.

So is it fair to say maintaining the peg has been difficult? Perhaps a growing pain until more users come aboard?

I've had a lot of client problems, so I haven't been watching the peg as closely as I've wanted to. I hope it's only a growing pain, but I'm concerned that it's too easy to create new bitUSD and too difficult to destroy it, leading to an oversupply of bitUSD.

I'm not sure "difficult" is the word I would use, but it's true that bitUSD has been trading at a pretty consistent discount to USD.

Offline maqifrnswa

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Re: USD : BTSX spread
« Reply #4 on: August 29, 2014, 01:52:34 PM »
I have noticed right now the spread ( meaningful buys, sells, and shorts is roughly 28-32 btsx per USD)

Currently there are a lot of crappy 1 dollar buy orders from 32.7 -down to 30. With the 5% lock you cannot crash through those crappy offers and take them out. This kind of makes it easier to paint the tape and keep the spread artificial? Unless of course you want to take out those small orders 1-5 dollars at a time.

In other words if only 10 USD dollar buy orders exists for an 11.7% spread and you cannot take those bids out on one order. What is the point because the market is not behaving freely.

Whoever has 1 dollar bids to buy USD all the way down the chain is a bit annoying.

you can override the lock if you manually set a sell order:
Code: [Select]
>> help wallet_market_submit_ask

Usage:
wallet_market_submit_ask <from_account_name> <sell_quantity> <sell_quantity_symbol> <ask_price> <ask_price_symbol> [allow_stupid_ask]   Used to place a request to sell a quantity of assets at a price specified in another asset
Used to place a request to sell a quantity of assets at a price specified in another asset

Parameters:
  from_account_name (account_name, required): the account that will provide funds for the ask
  sell_quantity (real_amount, required): the quantity of items you would like to sell
  sell_quantity_symbol (asset_symbol, required): the type of items you would like to sell
  ask_price (real_amount, required): the price per unit sold.
  ask_price_symbol (asset_symbol, required): the type of asset you would like to be paid
  allow_stupid_ask (bool, optional, defaults to "false"): Allow user to place ask at more than 5% below the current buy price.

Returns:
  signed_transaction

aliases: ask

remember that the order matching algorithm is different than in what would be expected coming from a normal market. Your whole order will be executed at your ask/bid, not at the price of who you are matching
maintains an Ubuntu PPA: https://launchpad.net/~showard314/+archive/ubuntu/bitshares [15% delegate] wallet_account_set_approval maqifrnswa true [50% delegate] wallet_account_set_approval delegate1.maqifrnswa true

Offline nikauforest

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Re: USD : BTSX spread
« Reply #5 on: August 29, 2014, 02:00:57 PM »

remember that the order matching algorithm is different than in what would be expected coming from a normal market. Your whole order will be executed at your ask/bid, not at the price of who you are matching
[/quote]

Ah I see, ...so you cannot crash through multiple bids with one sell order. Thanks.

Offline maqifrnswa

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Re: USD : BTSX spread
« Reply #6 on: August 29, 2014, 02:10:19 PM »
Ah I see, ...so you cannot crash through multiple bids with one sell order. Thanks.

Happy to help, I learned this the hard way during dry runs! You can crash through orders, it will just cost you a lot of fees.
example order book:
bid 1@$10
bid 1 @$9
bid 1 @$8

I submit ask 3@$8

I sell 3 shares and get $24
bidder 1 gets 1 for $10, bidder 2 gets 1 for $9, bidder 3 gets one for $8 (paid a total of $27).
the $3 difference becomes fees

It's possible for someone to write a third party app which will allow bitsharesx to behave more like a "traditional" exchange, but right now it is set up like this to defend against a certain type of market manipulation
maintains an Ubuntu PPA: https://launchpad.net/~showard314/+archive/ubuntu/bitshares [15% delegate] wallet_account_set_approval maqifrnswa true [50% delegate] wallet_account_set_approval delegate1.maqifrnswa true

 

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