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Main => General Discussion => Topic started by: btswildpig on January 13, 2015, 02:04:08 pm

Title: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: btswildpig on January 13, 2015, 02:04:08 pm
 :o

The NBT price on CCEDK once down to 0.6 USD , because the BTC-NBT trading bot malfunctioned and the owner decided to pull it off for a while .

Although the price at Bter was normal at that time and resume to normal today , but the news travels fast .

NBT-BTC brought them huge volume these days , but now we can see the risk .....
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: xeroc on January 13, 2015, 02:07:20 pm
Haha .. nice ... meanwhile bitUSD holds ... lets mark this day in the calender because as of today we have the ONLY decentralized exchange with pegged assets without counterparty risk ..

A great day for BitShares 8)

Edit: damnit .. i promised myself not to bash other cryptos :-\
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: alt on January 13, 2015, 02:15:35 pm
ironically, every time the big drop of the price just  prove how success BTS is.
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: biophil on January 13, 2015, 02:40:49 pm
:o

The NBT price on CCEDK once down to 0.6 USD , because the BTC-NBT trading bot malfunctioned and the owner decided to pull it off for a while .

Although the price at Bter was normal at that time , but the news travels fast .

NBT-BTC brought them huge volume these days , but now we can see the risk .....

How much volume was traded at the low price? Was it an actual panic or just a fat-finger?

Sent from my SCH-S720C using Tapatalk 2

Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: btswildpig on January 13, 2015, 02:45:21 pm
:o

The NBT price on CCEDK once down to 0.6 USD , because the BTC-NBT trading bot malfunctioned and the owner decided to pull it off for a while .

Although the price at Bter was normal at that time , but the news travels fast .

NBT-BTC brought them huge volume these days , but now we can see the risk .....


How much volume was traded at the low price? Was it an actual panic or just a fat-finger?

Sent from my SCH-S720C using Tapatalk 2

Don't know , they just pulled the buy wall , and next thing people know , price go down .
The volume is not the point , because this shows that BTC-NBT trading volume while looks attractive , but contains huge risks would break their 1USD promise some day .
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: cass on January 13, 2015, 02:50:53 pm
Haha .. nice ... meanwhile bitUSD holds ... lets mark this day in the calender because as of today we have the ONLY decentralized exchange with pegged assets without counterparty risk ..

A great day for BitShares 8)

 +5%

Edit: damnit .. i promised myself not to bash other cryptos :-\

 +5% let us focus on our quality products! No politics in this way! Let us give the users chance to decide on their own without complains etc ...

Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: islandking on January 13, 2015, 02:52:05 pm
How many nubits were sold underneath the peg? I would imagine some people made some money on this....
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: Riverhead on January 13, 2015, 03:06:12 pm
The same mechanism that gives them instant volume can give them instant trouble. I suspect this can be mitigated with more sophisticated buy wall bots but it still underlines the centralized nature of their asset.
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: biophil on January 13, 2015, 03:10:22 pm
:o

The NBT price on CCEDK once down to 0.6 USD , because the BTC-NBT trading bot malfunctioned and the owner decided to pull it off for a while .

Although the price at Bter was normal at that time , but the news travels fast .

NBT-BTC brought them huge volume these days , but now we can see the risk .....


How much volume was traded at the low price? Was it an actual panic or just a fat-finger?

Sent from my SCH-S720C using Tapatalk 2

Don't know , they just pulled the buy wall , and next thing people know , price go down .
The volume is not the point , because this shows that BTC-NBT trading volume while looks attractive , but contains huge risks would break their 1USD promise some day .

You're right, for the sake of public perception, the volume is not the point. Volume only matters if you're trying to assess what actually happened. If we want to assess the NuBits peg, we need to take into account how much people actually sold. The fact that the volume was very very low at the low price is actually very important information, since it means people understood what was going wrong and didn't panic-sell at 60 cents.

Don't forget this; read the chart at November 5, 2014: https://bter.com/trade/BITUSD_USD
BitUSD was once sold at a price of 0.61 USD. What?? Doesn't that mean the peg broke?? No, of course not, because less than $20 was transacted at that price.
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: btswildpig on January 13, 2015, 03:13:52 pm
:o

The NBT price on CCEDK once down to 0.6 USD , because the BTC-NBT trading bot malfunctioned and the owner decided to pull it off for a while .

Although the price at Bter was normal at that time , but the news travels fast .

NBT-BTC brought them huge volume these days , but now we can see the risk .....


How much volume was traded at the low price? Was it an actual panic or just a fat-finger?

Sent from my SCH-S720C using Tapatalk 2

Don't know , they just pulled the buy wall , and next thing people know , price go down .
The volume is not the point , because this shows that BTC-NBT trading volume while looks attractive , but contains huge risks would break their 1USD promise some day .

You're right, for the sake of public perception, the volume is not the point. Volume only matters if you're trying to assess what actually happened. If we want to assess the NuBits peg, we need to take into account how much people actually sold. The fact that the volume was very very low at the low price is actually very important information, since it means people understood what was going wrong and didn't panic-sell at 60 cents.

Don't forget this; read the chart at November 5, 2014: https://bter.com/trade/BITUSD_USD
BitUSD was once sold at a price of 0.61 USD. What?? Doesn't that mean the peg broke?? No, of course not, because less than $20 was transacted at that price.

The underlining issue here is that "trading bot would cause problem for the funds , so the owner take it down ." 
What happens if the trading bot did cost serious problem and the owner wasn't there to take it down ?

Then the lost fund would become a deficit in the system .
This case just showed us how that can be possible .
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: biophil on January 13, 2015, 03:27:02 pm
:o

The NBT price on CCEDK once down to 0.6 USD , because the BTC-NBT trading bot malfunctioned and the owner decided to pull it off for a while .

Although the price at Bter was normal at that time , but the news travels fast .

NBT-BTC brought them huge volume these days , but now we can see the risk .....


How much volume was traded at the low price? Was it an actual panic or just a fat-finger?

Sent from my SCH-S720C using Tapatalk 2

Don't know , they just pulled the buy wall , and next thing people know , price go down .
The volume is not the point , because this shows that BTC-NBT trading volume while looks attractive , but contains huge risks would break their 1USD promise some day .

You're right, for the sake of public perception, the volume is not the point. Volume only matters if you're trying to assess what actually happened. If we want to assess the NuBits peg, we need to take into account how much people actually sold. The fact that the volume was very very low at the low price is actually very important information, since it means people understood what was going wrong and didn't panic-sell at 60 cents.

Don't forget this; read the chart at November 5, 2014: https://bter.com/trade/BITUSD_USD
BitUSD was once sold at a price of 0.61 USD. What?? Doesn't that mean the peg broke?? No, of course not, because less than $20 was transacted at that price.

The underlining issue here is that "trading bot would cause problem for the funds , so the owner take it down ." 
What happens if the trading bot did cost serious problem and the owner wasn't there to take it down ?

Then the lost fund would become a deficit in the system .
This case just showed us how that can be possible .

Yeah, I get that part of it. I'm just trying not to bash other cryptos (xeroc inspires me!) for relatively minor lapses. If the bot going down had caused a panic, then that would be real cause for concern.

I'm just trying not to be a Nxt-style blind fanboy :)

Sent from my SCH-S720C using Tapatalk 2

Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: Ander on January 13, 2015, 05:17:00 pm
You guys are really being delusional cultists here. 

NuShares is up 500% over the past several months, while Bitshares has had nothing but failures to market itself. 
Nubits has never been far from $1.00, it has worked just as well as bitUSD, but they have marketed far better.
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: bytemaster on January 13, 2015, 05:22:04 pm
You guys are really being delusional cultists here. 

NuShares is up 500% over the past several months, while Bitshares has had nothing but failures to market itself. 
Nubits has never been far from $1.00, it has worked just as well as bitUSD, but they have marketed far better.
http://bytemaster.bitshares.org/article/2015/01/13/NuBits-is-a-Ponzi-Scheme/
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: sumantso on January 13, 2015, 05:23:30 pm
Yet its marketcap is twice that of BitUSD. Its clearly the preferred mode for BTC holders to get into to weather the bear market.

Yeah, lets keep gloating :o
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: nomoreheroes7 on January 13, 2015, 05:29:15 pm
You guys are really being delusional cultists here. 

NuShares is up 500% over the past several months, while Bitshares has had nothing but failures to market itself. 
Nubits has never been far from $1.00, it has worked just as well as bitUSD, but they have marketed far better.

Sad, really. There's simply no reason why BitUSD shouldn't be the one with >$1,000,000 volume during this turmoil.

At the moment, NuBits/NuShares has us beat. I don't know how, but that's what's happened. The question is...can we reclaim the throne?

I'm actually starting to have my doubts.

http://bytemaster.bitshares.org/article/2015/01/13/NuBits-is-a-Ponzi-Scheme/

Unfortunately, that just looks like a FUD attack to the rest of the crypto world who seem to love NuBits. Doesn't matter if it's technically correct or not. Market doesn't care. It will be used to show how desperate to put down other coins BTS has become.
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: Akado on January 13, 2015, 05:32:53 pm

http://bytemaster.bitshares.org/article/2015/01/13/NuBits-is-a-Ponzi-Scheme/

Unfortunately, that just looks like a FUD attack to the rest of the crypto world who seem to love NuBits. Doesn't matter if it's technically correct or not. Market doesn't care. It will be used to show how desperate to put down other coins BTS has become.

Indeed. Some bold accusations and even if you're right, everyone will only see this as an attack and might backfire on BitShares reputation. I know that, if someone is certain of certain, that person must not be afraid to speak the truth, however, that's just how immature the crypto community is and they will use this against BitShares. However if you're right, one day everyone will run to get bitUSD eheh
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: btswildpig on January 13, 2015, 05:38:40 pm
You guys are really being delusional cultists here. 

NuShares is up 500% over the past several months, while Bitshares has had nothing but failures to market itself. 
Nubits has never been far from $1.00, it has worked just as well as bitUSD, but they have marketed far better.

Actually , this wasn't what I heard .
Nubits down to 0.9 then down to 0.6 two days ago on coinmatketcap , because the owner's bot on CCEDK got pulled down due to some error , so the owner took it down to be safe , there goes the buy order , so the price was hit at that moment .

 The issue here is that this proved BTC-NBT trading will bring risk to the system just like any trading bot , thus using BTC-NBT trading to pump the volume while gains profit at some point , the risks will still be there .

There was also a debate on the BTC-NBT trading pair in Nubits forum when this pair was first introduced .

USD-NBT would be the less risk option , but that couldn't bring organic huge volume .
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: gamey on January 13, 2015, 05:57:06 pm

I tried to take advantage of this the night before last.. and there were no sell orders below what it should have been.  If someone made a lot of money it was before I noticed it.
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: arhag on January 13, 2015, 06:29:24 pm
Yet its marketcap is twice that of BitUSD. Its clearly the preferred mode for BTC holders to get into to weather the bear market.

Sad, really. There's simply no reason why BitUSD shouldn't be the one with >$1,000,000 volume during this turmoil.

The market cap metric is nearly useless for NuBits and BitUSD. That can easily be manipulated and we have no way of knowing how much genuine adoption each has.

For example, if we could get enough BTS whales (collectively holding 400 million BTS) to short BitUSD to themselves, we currently could grow the market cap of BitUSD to larger than 2.3 million BitUSD, that's bigger than the current market cap of NuBits. These BTS whales would be exposed to BTS exactly as they were before. If they want access to their BTS they can simply cover with the BitUSD in their position.

With NuBits it's even easier because they do not have a 300% reserve. The custodians can print as many NuBits as they want and "sell" it to themselves to inflate the market cap of NuBits. Since this is an IOU they owe to themselves, they can later on destroy those NuBits without having to sell any BTC. Now, I don't know if they are actually playing games like this or not, but since it is easy enough to do, we shouldn't take the market cap of these pegged currencies seriously.
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: cass on January 13, 2015, 11:31:23 pm

http://bytemaster.bitshares.org/article/2015/01/13/NuBits-is-a-Ponzi-Scheme/

Unfortunately, that just looks like a FUD attack to the rest of the crypto world who seem to love NuBits. Doesn't matter if it's technically correct or not. Market doesn't care. It will be used to show how desperate to put down other coins BTS has become.

Indeed. Some bold accusations and even if you're right, everyone will only see this as an attack and might backfire on BitShares reputation. I know that, if someone is certain of certain, that person must not be afraid to speak the truth, however, that's just how immature the crypto community is and they will use this against BitShares. However if you're right, one day everyone will run to get bitUSD eheh

well said ...

Why not just focus on our product and bring it to masses? We have a awesome product, IMO there is no need to go against other cryptos! Market will show it over time ...
So pls let us focus on education of of BitShares... documentation, whitepapers, etc.

just my 2 bts
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: xeroc on January 14, 2015, 07:04:38 am
I think BM takes his responsibility very serious and mainly wants to educate people instead of bashing other crypto currencies ...
If he wasn't the lead dev of bitshares people would certainly read his blog posts more carefully and come to the same conclusions ...
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: hpenvy2 on January 14, 2015, 08:12:31 am
Fireworks would shoot out my ass in celebration if Stan or BtsWildPig took a quick read of BM's blog or any major announcements before posting. We'd save ourselves a lot of pain.
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: btswildpig on January 14, 2015, 08:19:43 am
Fireworks would shoot out my ass in celebration if Stan or BtsWildPig took a quick read of BM's blog or any major announcements before posting. We'd save ourselves a lot of pain.

I always want to shut BM up for a lot of reasons ....
But this one I'm not sure .
If what BM said is 100% true , then it won't be a big problem , just a rough guess  .

On the other hand , I wish he'd save himself a lot of time stay away from the blog and focus on the development , and let the others do that .
Because there are a lot of people who can do things he is doing on the blog , but there only a few in the world that can catch up to his development power .

Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: cass on January 14, 2015, 08:34:20 am
I think BM takes his responsibility very serious and mainly wants to educate people instead of bashing other crypto currencies ...
If he wasn't the lead dev of bitshares people would certainly read his blog posts more carefully and come to the same conclusions ...

yup, you could be right with this !
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: matt608 on January 14, 2015, 10:26:35 am
I wish he'd save himself a lot of time stay away from the blog and focus on the development , and let the others do that .
Because there are a lot of people who can do things he is doing on the blog , but there only a few in the world that can catch up to his development power .

 +5%
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: mike623317 on January 14, 2015, 02:17:31 pm
Personally, i think BM will be proven right with NuBits but our primary focus has to remain on getting a finished, polished product to market.

1. Finish our product and make it as EASY TO USE & UNDERSTAND as possible.
2. Harp on and on about what makes us unique.
3. Tell them again
4. Tell them what we've already told 'em.

You see ethereum going to the conference in miami and they have not even released anything yet. Lets remain focused and get a polished product then promote our competative advantage until people are sick of hearing it.
Just my 2 cents
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: jckj on January 14, 2015, 02:22:13 pm


1. Finish our product and make it as EASY TO USE & UNDERSTAND as possible.
2. Harp on and on about what makes us unique.
3. Tell them again
4. Tell them what we've already told 'em.


Agree.
Title: Re: Nubits broke their peg on CCEDK recently due to BTC-NBT trading bot error
Post by: cass on January 14, 2015, 04:32:03 pm
I wish he'd save himself a lot of time stay away from the blog and focus on the development , and let the others do that .
Because there are a lot of people who can do things he is doing on the blog , but there only a few in the world that can catch up to his development power .

 +5%

 +5%