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Messages - R

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256
General Discussion / Re: Hello 👋
« on: March 21, 2020, 12:43:28 pm »
Quote from: bytemaster on March 13, 2020, 11:59:11 pm
How did BitShares handle the market crash?
The Bitshares network remained fully operational, however bitUSD & bitCNY have not fared well at all.

BSIP76 established a 'minimum feed threshold price', once BTS price goes below this value the feeding mechanism stops accurately feeding the real reference feed price, instead resorting to a false fixed feed value.

This has triggered twice now, once back in late 2019 (https://bitsharestalk.org/index.php?topic=29654.0;all) which lasted several months, and now once again for more than a week due to the recent price collapse.

This is mandatory socialized loss of value to bitUSD/bitCNY holders to benefit debt holders (bad gamblers), as such these bitassets are no longer legitimate stores of value.

Vote weight should have been revoked once placed into debt positions, as bitasset holders had no say in this mandatory theft of value.

bitUSD with a fixed feed of 29 BTS/bitUSD at the lowest BTS price of $0.009265 (on 13th march 2020) equates to $0.268685 , 73% below the peg, even if you account for an MCR of 1.6x0.268685 that's only 0.429896 ie this is blatanty global settlement territory.

Since the price feeding and global settlement mechanisms have been cheated there exists no logical reason to hold these assets long term as that simply leads to theft of asset value instead of an opportunity to grow ones BTS balance.

What's pretty nuts though is that the official bitshares.org website still doesn't mention any of this thread's concepts/history, rather it continues to mislead investors with an old vision of what bitassets should have been. https://bitshares.org/technology/price-stable-cryptocurrencies/ Changes have been proposed to correct these inaccuracies, some feedback would be great https://github.com/bitshares/bitshares.org/pull/111

Quote from: bitshares.org
In the meantime, all participants can rest assured that BitUSD is always worth at least $1, and can consider the premium for entering the ecosystem as a one-time fee.
https://www.youtube.com/watch?v=G4Uw3m_dPpw

257
Stakeholder Proposals / Re: [Poll] BSIP76:Set bitUSD feed threshold
« on: March 21, 2020, 12:25:30 pm »
Back to feeding fake bitUSD price feed values, fail. bitUSD is not a store of value anymore for holders.

258
General Discussion / Re: [Market Making Contest Announcement] Adding bitAsset markets to the contest
« on: January 12, 2020, 02:33:26 am »
Why would you add fraudulent assets to the contest?

259
Stakeholder Proposals / Re: [Poll] BSIP76:Set bitUSD feed threshold
« on: December 31, 2019, 12:57:10 pm »
Quote from: binggo on December 21, 2019, 05:11:56 am
Quote from: R on December 21, 2019, 01:04:19 am
Quote
Recognise the reality. @R

So Who was dumping bts to the market？beos？oh

This has zero relevance to bitUSD being more than 50% devalued by BSIP76. Long term holders dumping is a symptom of refund400k & bsip76 consequences imo.

Oh. @R

Recognise the reality.

What blind your mind for so long time?
The devaluation of bitassets by bad debtors is worse than holders dumping BTS.

The current BTS/USD market rate is 1/$0.014788 (67.62239 BTS/USD feed price).

The current bitUSD feedprice of 28.98551 BTS/USD is 57% below the real market trading value; a severe devaluation of bitasset holdings.

260
General Discussion / Re: BSIP reorganization?
« on: December 21, 2019, 01:06:33 am »
Since the current core dev team is not renewing their WP in 2020, who will implement these BSIPs?

261
Stakeholder Proposals / Re: [Poll] BSIP76:Set bitUSD feed threshold
« on: December 21, 2019, 01:04:19 am »
Quote
Recognise the reality. @R

So Who was dumping bts to the market？beos？oh

This has zero relevance to bitUSD being more than 50% devalued by BSIP76. Long term holders dumping is a symptom of refund400k & bsip76 consequences imo.

262
Stakeholder Proposals / Re: [Poll] BSIP76:Set bitUSD feed threshold
« on: December 18, 2019, 06:08:16 pm »
Quote from: chigbolu on December 16, 2019, 11:09:50 pm
It's time to change strategy... I think it's time to activate the BAIP2, let us try this one as it is obvious that threshold feed price is no longer working, or better still deactivate BSIP76 for now, I think debtors have been given enough time to pay their debts...  BitCNY and BitUSD are now devalued by over 30%, they are currently useless as they cannot perform the role they are originally meant to play ... As stable coins meant to be used as a hedge with BTS, it may originally worked by having a threshold but right now it's no longer working
BAIP 2 does not negate bsip76, you would need to propose a new BSIP76 style vote or a new BAIP for a new feed price.

BitUSD is devalued by 53.62%.

BTS:USD=0.016
28.98551*0.016=$0.46376816‬

The current price feed threshold aught to be be set to approx ‭62.5‬ BTS/bitUSD.

263
General Discussion / Re: I suggest to pay the worker payment with “direct debit”！
« on: December 11, 2019, 06:30:23 pm »
Quote from: binggo on December 10, 2019, 07:08:56 pm
Quote from: startail on December 10, 2019, 06:21:15 pm
Speaking as one of the developers on the platform, I always kept my bit assets on the dex as I knew I could keep them safe and rely on the fact that I could always know that 1 btiCNY = 1 CNY or 1 bitUSD = 1 USD worth of BTS. That always made me feel that I could trust the platform of a well funded system.

One thing I missed was the possibility to easily trade these assets on other exchanges, thus bringing bit asset liquidity of the bitshares dex. I felt part of a platform that was growing steadily, and didn't see a reason for worry as there where big ideas and a spirit of new things coming (like Wirex integration, bitUSD on other exchanges etc).

These days I see that I was wrong. I now hold "stable" assets that aren't backed by real value and feel that nothing is done to correct this. If the community felt that paying developers in any other way is better I'm always been open for it, but these discussions have not happened. If we are once again supported to develop the Bitshares reference UI I'm willing to look at arrangements just as sschiessl.

Still hoping for a better future for Bitshares.

If bts was gone short to zero by the rule flaw, then nothing is stable, this is the fact, you didn't want to hold a bitasset like bitgold or bitbtc.

We have the chance to revise something several years ago, but we lost the time, we waste too much.
So workers and bitasset holders deserve to have their holdings devalue instead of debt holders?

This is terrible for future prospective workers, nobody wants their savings cut more than 40% after being paid; this will massively encourage workers to immediately dump their pay for more trustworthy/stable holdings in the future.

Further who would want to put their external savings into bitassets when the underlying contract is no longer legitimate? I'm seriously surprised that competitor stablecoin projects aren't dragging the bitassets rep through the mud over these feed conditions.

Terrible state of affairs.

264
Stakeholder Proposals / Re: [Worker Proposal] BitShares Core Team Worker Proposal from Graphene Lab
« on: December 11, 2019, 05:53:28 pm »
Quote
Current core team of developers has a monopoly.
I don't think is/was the case, anyone could have joined in core development for rewards through the Community Claims program, did your team attempt such community claims?

265
Stakeholder Proposals / Re: [Worker Proposal] Core Team 2019
« on: December 11, 2019, 05:43:10 pm »
Quote from: Thul3 on December 11, 2019, 04:55:08 pm
Quote
The current worker proposal expires on 29 DEC 2019. Funding for the core worker 1.14.163 was “fully funded” due to BTS price peaking in July and requested suspension of votes to allow other workers to be funded. However, BTS price continued to drop and thus the core worker is not considered fully funded if it were to operate at full capacity.

Why didn't core worked at full capacity last months but just like 20% ?

It says it in the report:
Quote
The current worker proposal expires on 29 DEC 2019. Funding for the core worker 1.14.163 was “fully funded” due to BTS price peaking in July and requested suspension of votes to allow other workers to be funded. However, BTS price continued to drop and thus the core worker is not considered fully funded if it were to operate at full capacity.

So refund400k, devaluaing of bitassets and inactive worker proposal status is the reason why.

266
Stakeholder Proposals / Re: Witness: delegate-1.lafona
« on: December 10, 2019, 08:05:17 pm »
Quote from: R on October 27, 2019, 06:46:13 pm
Hey,

Could you please update your HERTZ price feeds to use a real USD:BTS rate than bitUSD? Since bitUSD's price feed is currently fake.

Cheers 👍
Hey lafona, please update your HERTZ price feed script - your published feed are approx 40% offset from the real price.

Thanks

267
Stakeholder Proposals / Re: [Witness Proposal] sahkan-bitshares
« on: December 10, 2019, 07:59:46 pm »
Hey,

Can you please update your HERTZ price feed to use a real USD price feed reference? bitUSD hasn't been accurate for months now, so your feeds whilst regularly published are about 40% off.

Cheers

268
Stakeholder Proposals / Re: [Poll] BSIP76:Set bitUSD feed threshold
« on: December 07, 2019, 05:12:27 pm »
Can we vote for a new BSIP76 justified market price feed to be set? 1/0.020346=49.149 BTS/bitUSD

269
General Discussion / Re: BSIP reorganization?
« on: December 07, 2019, 05:10:18 pm »
Quote
Bitshaes has flaws from initial design, simply speaking:
1.smartcoins operation request BTS be robust in price, otherwise shorting attack will have chance to make smartcoin crash, as well as BTS.

China community press "STOP" in a simple and crude way, it really "stop" the problems but what we need is to solve the problems.
It didn't stop the problem, it shifted the problem from the debt holder onto the bitasset holder, the problem is ongoing as bitassets continue to devalue.

A new BSIP76 vote to feed today's market feed price for USD (1/0.020346=49.149) would be great 👍


270
Stakeholder Proposals / Re: [Poll] BSIP76:Set bitUSD feed threshold
« on: November 22, 2019, 04:14:31 pm »
BTS now worth $0.020818 => 48.035 BTS/bitUSD

bitUSD is now (1-(0.020818/0.03449))*100 = 39.64% below peg


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