Seriously, vote these clowns out of committee immediately. This is embarrassing.
1) The current price feed script does not take into consideration of CNY fiat prices from China mainly established websites eg OKCoin. Feed price for CNY is lower than the actual figure and this causes an artifical arbitrage opportunity. The author of the scipt, xeroc will be making a fix to the price feed script available soon. abit's idea may help in getting the fix up sooner.
The price feed can always use advancement. It is not broken, and provides a feed generally within about 1%. This is no cause for alarm.
2) A bot is needed to be created to provide bitCNY buy order positions such that the bid are higher or equal to the 'corrected' feed price. bitcrab needs to provide the fund and technical skill to create this bot.
This has nothing to do with bitshares function, and should be taken up by those interested. Not by disabling features through the committee. This is abuse of power.
3) Provide a frontend fix with displaying "settlement" button only when there are buy orders available above the price feed. Svk is working on the fix.
not necessary, as anyone using the settlement in this case is giving away free money to the shorts, that can immediately replace their position, using the available bids. But fine, whatever, doesn't make much difference.
It is important to fix the flaw in the bitshares system now because:
1) Our major partner and only bitCNY<-> CNY provider Transwiser will suffer losses and may be forced to cease this service. Stopping this crucial service is against the interest of the Bitshares DAC.
Not a flaw. The flaw is in transwisers service and if they want to remain solvent they should probably fix it.
2) Stopping the opportunist users to exploit the flaws in the bitshares system and gain at the expense of our major partner. If we allow the opportunistic exploits to happen, words will spread. Other potential business partners will lose confidence and trust in doing business with the Bishares DAC. This is certainly against Bitshares's interest.[/b]
Again, not a flaw. And if there is any exploitation, it is of transwisers poor business strategy. It has nothing to do with bitshares.
Sure...in the meantime while this temporally measures are going on... can transwise put a say 20,000 CNY buy bitCNY order at what they consider "market price"?
Good point Tonyk. There are many who own bitCNY and now suddenly they have lost the guarantee of a fair price with settlement, due to too many clowns in committee.