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Messages - Rune

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256
Stakeholder Proposals / Re: Blackwave Labs(黑潮实验室)/Excoin(是币交中心) Delegate Proposal
« on: January 19, 2015, 04:43:34 pm »
I'd like some more verification and updates on this as well. I think most of our delegates are not doing enough to update the community on what they are doing.

257
General Discussion / Re: bitcoin->bitBTC gateway needs testers!
« on: January 19, 2015, 12:33:29 pm »
Quote from: svk on January 19, 2015, 12:22:26 pm
Awesome, I'll see if I can find the time to do a test later today!

Am I understanding this right, you do not use an IOU for this?

As opposed to x-chain.info this gateway is direct BTC to BitBTC. So they have to charge a spread to monetize this, but it will be much more convenient for an average person to use this since they can pay bitshares transaction fees in BitBTC. Now all we need is to get BitBTC liquid and it will be really easy for anyone to use BitShares to trade BitBTC/BitUSD

258
General Discussion / Re: [MetaExchange] dev-metaexchange.monsterer development diary
« on: January 18, 2015, 10:26:54 pm »
Quote from: monsterer on January 18, 2015, 10:21:27 pm
Hi guys,

v1 is ready to go - I just finished writing the instructions for how to use the metaexchange BTC/bitBTC gateway but I've realised that since its GMT 22:18 and I'm about to go to bed, now is not the ideal time to launch this for testing as I wont be able to field inevitable support requests!

So, if you can wait until tomorrow morning, I will set the gateway up for business first thing so that I can be on hand to solve problems.

The code is fully checked in to github if you want to take a look.

Thanks for your patience!

Cheers, Paul.

Awesome!!

259
General Discussion / Re: [Delegate Proposal] Indolering's .p2p Proposal Q&A
« on: January 18, 2015, 09:09:17 pm »
This is great. Probably the best and most comprehensive delegate proposal our community has seen yet.

We should all thank toast for poaching indolering ;)

260
General Discussion / Re: DEX Arbitrage to increase liquidity
« on: January 17, 2015, 08:36:20 pm »
Quote from: xeroc on January 17, 2015, 05:25:34 pm
Quote from: Rune on January 17, 2015, 05:01:28 pm
If we get relative orders for cross pairs in 0.7, and assuming that our pricefeeds are highly precise and reliable for each asset, it will be possible to offer absolutely insane spreads, like 0.001% or less for pairs like BitGOLD/BitUSD with guaranteed profitability through automated hedging.
not sure about the precision of feeds .. bts are traded at a spread across different platforms .. that spread appears in the feeds too ... not sure how balanced this spread vs. nr. of delegates for the media really is .. we should analyse the spread of the variance of the feeds more closely .. but something in the range of 0.1% to 0.5 feels more realistic .. for now .. (just a gut feeling though)

It has to be standardized so what the feeds really report are the price of BTS in USD, and then the price of every other asset in USD, and then combines these two together to form the BTS/asset feed (that way the relative data of two feeds will produce the exact asset to asset rate). This will only be crucial if relative orders indeed are implemented for cross pairs.

261
General Discussion / Re: DEX Arbitrage to increase liquidity
« on: January 17, 2015, 05:01:28 pm »
If we get relative orders for cross pairs in 0.7, and assuming that our pricefeeds are highly precise and reliable for each asset, it will be possible to offer absolutely insane spreads, like 0.001% or less for pairs like BitGOLD/BitUSD with guaranteed profitability through automated hedging.

262
General Discussion / Re: Can someone ask CMC to move BTC/bitUSD pari from BTC market to bitUSD market?
« on: January 17, 2015, 02:48:33 pm »
Quote from: roadscape on January 17, 2015, 12:17:49 am
Last week I sent in a request for the BTS/BitUSD market to be listed on both BTS and BitUSD.
Currently BTS/BitUSD volume only counts towards BitUSD.

My rationale was that if volume was significant, it wouldn't make much sense to leave it out of either one.

It might be "double-counting" volume but CMC did agree to list shares+assets on the main page, which does the same thing to market cap.

Volume of currency pairs are always double counted, for exactly these reasons... It just seems like CMC didn't get the memo.

263
Stakeholder Proposals / Re: Listed all the major Chinese delegate proposals
« on: January 17, 2015, 02:21:45 pm »
Thanks for this overview. It's great, I love to finally see the delegate ranks swelling with competent and motivated people.

What about chen.haonan? Is he a financial journalist or something like that?

264
General Discussion / Re: Milestone changes
« on: January 17, 2015, 01:01:57 am »
Quote from: merlin0113 on January 17, 2015, 12:43:09 am
Are you VA devs working on light client in parallel with working on 1.0? If so, that's the big news!

来自我的 M040 上的 Tapatalk

Wait, the Chinese community doesn't know that the light client is coming out soon? Nathan Hourt and others have been working on it full time for months and it's soon done.

265
General Discussion / Re: Guys can we stop shitting on nubits
« on: January 16, 2015, 11:35:27 pm »
I honestly can't take them seriously when it didn't even occur to them that they have to hedge their bitcoin exposure until after they lost 100's of thousands of dollars during the crash.

It's downright criminal when you combine it with deceptive marketing like this that doesn't even mention that risks exist and tries to paint the peg as something eternal and unbreakable: https://www.youtube.com/watch?v=D_imtRPCKCg

I'm tired of bitshares getting overshadowed by shitty altcoins with flashy, pump n dumpy marketing. I look forward to watching them crash and burn, hopefully as soon as possible.

Edit: I deleted the post toast linked to because I have to admit it was pretty fucking dumb and bad PR. To paraphrase what I said "we'll copy your nubots, and we will hedge because we're not retarded, and we will use a sound asset that is cryptographically backed by highly liquid collateral"

266
General Discussion / Re: Milestone changes
« on: January 16, 2015, 11:28:16 pm »
Can we all come to a consensus that light client release = 1.0?

267
General Discussion / Re: Can someone ask CMC to move BTC/bitUSD pari from BTC market to bitUSD market?
« on: January 16, 2015, 11:27:13 pm »
LOL

Ahh this is great. It's probably not as simple as asking them about it then, they probably have it hardcoded into their system how that crap works.

268
General Discussion / Re: BitBots: concept for low-spread bitasset market maker with guaranteed profits
« on: January 16, 2015, 10:04:15 pm »
Quote from: tonyk2 on January 16, 2015, 09:59:40 pm
Hedging against BTC volatility is already proposed by arhag  (and I have included hedging for the USD if one choses to do that as well) here:

https://bitsharestalk.org/index.php?topic=13375.msg175109#msg175109

Yes. Using internal hedging is actually even more amazing, but will need more liquidity on the DEX before it'll be viable enough to give very low spreads. I wish we had thought of this months ago when nubits first appeared!

I'm gonna be approaching a couple of exchanges as a market maker over the next couple of days. If they have someone offering to do market making they'll likely be much more inclined to list us!

269
General Discussion / Re: Project: BitUSD Liquidity
« on: January 16, 2015, 09:58:56 pm »
Quote from: arhag on January 16, 2015, 08:41:50 pm
This is great stuff.

Would combining this with BitBTC shorted with BitUSD as collateral (shorting BitAssets with other BitAssets is still a future feature I presume?) help? That way you can short as much BitBTC as BTC you have on the exchange for your market maker bot and so the net effect is that you are not exposed to the price volatility of BTC (with the cost that you have only 1/4 of the total value you put up for market making for each side of the BitUSD/BTC exchange).

Since many of us are BTS bulls and are already exposed to BTS anyway, we can get close to this with the current client by simply shorting BitBTC with BTS. You can have X dollars worth of BTS converted into BitUSD, X dollars worth of BTS converted into BTC (at a price of P1 USD/BTC), and 2X dollars worth of BTS put up as collateral to short X dollars worth of BitBTC. So your 4X dollars worth of BTS gives you -X/P1 BitBTC, +X BitUSD, and +X/P1 BTC. If the price of BTC falls to P2 < P1, you take the X/P1 BTC (now worth X*P2/P1 USD), convert it to X/P1 BitBTC and cover the short to get 3X dollars worth of BTS (assuming the price of BTS has not changed). Then you reshort at the new P2 price with 2X dollars worth of BTS to short sell X/P2 BitBTC. You take the other X dollars worth of BTS and trade it for X dollars worth of BTC at this new P2 price (so for X/P2 BTC). Now you can put back the buy wall for X/P2 BTC which still maintains the value of X dollars worth of BTC. If the price of BTC increased instead you can see how a similar process would allow you to maintain X dollars worth of BTC in the buy wall after covering and reshort.

The problem with the above is that it assumes the price of BTS remains fixed relative to USD. This is why shorting with BitUSD as collateral would be better. But with this limitation it just means the price of the buy and sell walls in terms of USD would have to grow and shrink as the price of BTS goes up and down respectively. But if we are betting on eventually breaking away from BTC and all the other altcoins and growing the price of BTS relative to BTC and USD, this is a sensible strategy for our market making bots, isn't it? It allows the market making bots to maintain symmetric height (in dollar value) walls which do not depend on fluctuations in BTC price but do grow taller as the price of BTS grows relative to the dollar. Also keep in mind I am not including the effect of short interests here.


This is a really great idea, however I think at first it's better to use centralized services for this. When the DEX becomes more mature we can use that instead, it'll make the entire thing even better!

270
General Discussion / BitBots: concept for low-spread bitasset market maker with guaranteed profits
« on: January 16, 2015, 09:48:11 pm »
With simple open source market making bots we can begin to offer our bitassets for bitcoin at a tight spread and in large quantities at every exchange that lists them.

The concept is pretty simple. The market maker basically runs a bot that buys and sells a quantity of bitassets around the bitcoin price with a small spread. The spread will be determined by the exchange fees + the cost of hedging the bitcoin holdings. I think <1% can be realistically done for USD, and 1% for other assets.

Then within a given amount of time, say every 24 hours, the operator hedges all the bitcoin holdings of the bot by buying leveraged shorting contracts on bitfinex. If the bitasset isn't BitUSD, they additionally do a leveraged hedging from a forex/pm broker, hedging all the USD exposure from the bitfinex short. The lower the fees for the leveraged contracts are, and the more often the hedging is done, the tighter the spread can be offered while still making a guaranteed profit. The only risk will be exchange default risk and counterparty risk of the bot operator (if money is raised through a UIA).

Using this system we can offer a nubits style peg for every bitasset at every exchange!

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