Last night, BTC experienced a price fall of more than 15%, and BTS more than 20%.
What we have oberserved at ZB:
In one hour 400M BTS are sold, obviously not real trading.
BTS withdraw is forbidden in a long time.
as many traders have accounts in ZB and other CEX, they can arbitrage without withdraw/deposit, so finally BTS price in all the CEX fall down.
IMHO this is a typical shorting attack, the margin call mechanism in DEX actually always help this kind of shorting attack, the whole BTS ecosystem suffer this shorting attack for long time, I feel we need to find some solution for this, as we have applied GS protection, we also need some "shorting attack protection" , otherwise I can't see the future of BTS.
the key point of this protection is to avoid rapid and big price fall in price feeding following the market price, for example, we can introduce MA5 in DEX as a reference:
if MA5<1.05*market price
feed price = market price
else feed price =(MA5+market price)/2
I believe that we need one shorting attack protection algorithm to avoid the disaster like last night. we have to do something to avoid BTS price fall to 0 in rounds of shorting attack.
before the community reach consensus on this topic, can we do something?
abit is now feeding 0.22CNY and 0.035USD instead of feeding market price, is that a senseful and urgent measure to help BTS to go out of the shorting attack trap?
https://bitsharestalk.org/index.php?topic=29633.0as some witnesses had done to avoid bitCNY falling in GS before the GS protection BSIP is approved by stakeholders?