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Hitting "cover" should execute the exact same process as a margin call. It should use the bts locked up in collateral to buy the bitUSD back. It should buy at the price feed.No exchange makes you buy back short positions with money that was not locked up in the original collateral.
Quote from: lil_jay890 on January 26, 2015, 03:10:27 pmQuote from: xeroc on January 26, 2015, 02:48:50 pmQuote from: lil_jay890 on January 26, 2015, 02:45:06 pmQuote from: Gentso1 on January 26, 2015, 01:47:52 pmOk but say you shorted with your whole stash of bts, Why can't the market take the bitUSD it needs off the top at the market rate before it gives you your locked up shares back.This is a very important question. The covering process should buy back bitUSD at market price... We shouldn't have to go out and buy bitUSD in a separate order just to cover our open shortsAnd what do you tell people that have bitUSD in their wallet complaining about the client BUYing bitUSD instead of using the own ones (hint: the blockchain does not know how many bitUSD you already have) ..So if we have all our bts tied up in collateral and want to cover our shorts we can't? We just have to wait until the 30 days expire? If this is true it is beyond dumb... No one will ever trade on this platform and I now understand why the market cap of bitassets has been fallingWhat is dumb? Going short with your entire BTS holdings?Not keeping some BTS aside so you can buy back along the 30 days?Using a trading platform without understanding the rules?
Quote from: xeroc on January 26, 2015, 02:48:50 pmQuote from: lil_jay890 on January 26, 2015, 02:45:06 pmQuote from: Gentso1 on January 26, 2015, 01:47:52 pmOk but say you shorted with your whole stash of bts, Why can't the market take the bitUSD it needs off the top at the market rate before it gives you your locked up shares back.This is a very important question. The covering process should buy back bitUSD at market price... We shouldn't have to go out and buy bitUSD in a separate order just to cover our open shortsAnd what do you tell people that have bitUSD in their wallet complaining about the client BUYing bitUSD instead of using the own ones (hint: the blockchain does not know how many bitUSD you already have) ..So if we have all our bts tied up in collateral and want to cover our shorts we can't? We just have to wait until the 30 days expire? If this is true it is beyond dumb... No one will ever trade on this platform and I now understand why the market cap of bitassets has been falling
Quote from: lil_jay890 on January 26, 2015, 02:45:06 pmQuote from: Gentso1 on January 26, 2015, 01:47:52 pmOk but say you shorted with your whole stash of bts, Why can't the market take the bitUSD it needs off the top at the market rate before it gives you your locked up shares back.This is a very important question. The covering process should buy back bitUSD at market price... We shouldn't have to go out and buy bitUSD in a separate order just to cover our open shortsAnd what do you tell people that have bitUSD in their wallet complaining about the client BUYing bitUSD instead of using the own ones (hint: the blockchain does not know how many bitUSD you already have) ..
Quote from: Gentso1 on January 26, 2015, 01:47:52 pmOk but say you shorted with your whole stash of bts, Why can't the market take the bitUSD it needs off the top at the market rate before it gives you your locked up shares back.This is a very important question. The covering process should buy back bitUSD at market price... We shouldn't have to go out and buy bitUSD in a separate order just to cover our open shorts
Ok but say you shorted with your whole stash of bts, Why can't the market take the bitUSD it needs off the top at the market rate before it gives you your locked up shares back.
No 5% fee for expired cover, only low margin cover.