BitShares Forum

Main => General Discussion => Topic started by: abit on January 27, 2016, 08:48:50 am

Title: [WARNING] Fee Pool Attack Going On
Post by: abit on January 27, 2016, 08:48:50 am

Dear UIA issuers:

Holders of your UIA is now attacking your feel pool by creating a sell order and then canceling it. Or say, sell your UIA back to you at the "face value" (the CER defined by you). Please consider set CER to somewhat lower than it's real value to avoid further attacks. The committee is voting on increasing fees for cancelling orders, but it needs time.

Yours,
Abit

Title: Re: [WARNING] Fee Pool Attack Going On
Post by: monsterer on January 27, 2016, 09:08:07 am

IMO the CER is a broken idea - having to specify a value for your asset when there is already a market for it is a bit mad. If there are no bids/asks, the system should just apply the base transaction fee in BTS.

Letting the fee pool run out is a better idea than raising the fee on cancels because you'll price liquidity out of the system like that.

Title: Re: [WARNING] Fee Pool Attack Going On
Post by: jakub on January 27, 2016, 09:22:16 am

Quote from: monsterer on January 27, 2016, 09:08:07 am

IMO the CER is a broken idea - having to specify a value for your asset when there is already a market for it is a bit mad. If there are no bids/asks, the system should just apply the base transaction fee in BTS.

Letting the fee pool run out is a better idea than raising the fee on cancels because you'll price liquidity out of the system like that.

I think CER should stay (e.g. we need it for percentage-base fees) but its updating could be automated in the future, if there is a liquid market for a given asset.

Title: Re: [WARNING] Fee Pool Attack Going On
Post by: abit on January 27, 2016, 09:23:02 am

Quote from: monsterer on January 27, 2016, 09:08:07 am

IMO the CER is a broken idea - having to specify a value for your asset when there is already a market for it is a bit mad. If there are no bids/asks, the system should just apply the base transaction fee in BTS.

Letting the fee pool run out is a better idea than raising the fee on cancels because you'll price liquidity out of the system like that.

If you're serious with your ideas, get yourself into the committee. At least you can create a committee member with 2 BTS, and vote.

If you don't like the idea of increasing order cancelling fee, just vote for the committee members who support your idea and vote against the ones who don't support your idea.

Or you mean the design of a committee is a broken idea as well?