BitShares Forum
Main => Technical Support => Topic started by: cylonmaker2053 on July 22, 2015, 02:01:01 pm
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Can someone clarify what exactly happens to open positions with the migration to 2.0? since we won't have equivalent assets in 2.0 such as bitUSD paying interest, what happens to those who currently hold bitUSD, or to those who have open short positions? Will the terms of these contracts be changed and the positions rolled into the closest equivalent assets in 2.0?
Are there any resources available that discuss this in detail? I've personally been hesitant on opening new positions with this uncertainty.
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Will the terms of these contracts be changed and the positions rolled into the closest equivalent assets in 2.0?
Yes.
@bytemaster can comment on the specific differences.
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What about orders? Will they be cancelled?
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What about orders? Will they be cancelled?
Yes open orders will be canceled and funds returned to owners -- to help reduce complexity of the migration.
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What about orders? Will they be cancelled?
Yes open orders will be canceled and funds returned to owners -- to help reduce complexity of the migration.
nice, simple solution i don't think will cause anyone any heartache. i'm still very interested to know how open positions will roll into 2.0 esp since we don't have identically matching assets in the new system. of course, any ex ante proclamations for redemption at some known price (like the peg) would trigger a race to liquidation...no bueno
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nice, simple solution i don't think will cause anyone any heartache. i'm still very interested to know how open positions will roll into 2.0 esp since we don't have identically matching assets in the new system. of course, any ex ante proclamations for redemption at some known price (like the peg) would trigger a race to liquidation...no bueno
BTW .. this is also why there will be a 30 day notice prior to the pitch fork to bts2 .. so that short have to re-evaluate the position!
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nice, simple solution i don't think will cause anyone any heartache. i'm still very interested to know how open positions will roll into 2.0 esp since we don't have identically matching assets in the new system. of course, any ex ante proclamations for redemption at some known price (like the peg) would trigger a race to liquidation...no bueno
BTW .. this is also why there will be a 30 day notice prior to the pitch fork to bts2 .. so that short have to re-evaluate the position!
great, we just need to know exactly how things will migrate in order to properly evaluate.
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we just need to know exactly how things will migrate in order to properly evaluate.
Something like this?
https://bitshares.org/blog/2015/06/08/migrating-to-bitshares-2.0/
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we just need to know exactly how things will migrate in order to properly evaluate.
Something like this?
https://bitshares.org/blog/2015/06/08/migrating-to-bitshares-2.0/
kinda...it at least starts to get at the issue, but it's still just super high level:
Because the new chain is a simple migration and should retain all the same “perceived value”, we can migrate all BitAssets and short positions. The snapshot date will be announced with 30 days notice so that any shorts that do not like the new BitAsset system can voluntarily exit. To ease your migration we recommend that everyone upgrade to BitShares 0.9.1 prior to the snapshot date and transfer 100% of every asset balance to yourself. This will consolidate your balances under a single account.
for instance, i'd like to know how 1 bitUSD will migrate over to 2.0? will it simply be stripped of its interest component and be the new 1 bitUSD, or will it be the new non-interest-bearing bitUSD + a 30-day bond with equivalent yield? and then from the short side of that same question, will those holding shorts simply have their short bitUSD converted to the new version stripping it of the interest obligation, or will it be accompanied by an open bond position where that party is still liable for yield?
i'm not sure if these questions have been considered in detail yet, but i'd be very happy to help brainstorm with the devs if not.