BitShares Forum
Main => General Discussion => Topic started by: Akado on January 11, 2016, 05:29:39 pm
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http://www.bloomberg.com/news/articles/2016-01-11/morgan-stanley-sees-20-a-barrel-oil-on-u-s-dollar-appreciation
I believe we're the only or one of the few places when you can actually trade oil. A good opportunity to advertise bts.
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Ever since gas prices came down from orbit I've been thinking this too.
Problem is, understandably, nobody seems to be shorting, and there's no bitOIL to be had:
https://bitshares.openledger.info/#/market/OIL_BTS
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Someone mentioned it on reddit and I completely forgot about it. Do we even have a feed price for oil?
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Someone mentioned it on reddit and I completely forgot about it. Do we even have a feed price for oil?
Don't even know. That might be why nobody's shorting lol.
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Sadly no feed for crude. I think we could get a good enough feed going.
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Sadly no feed for crude. I think we could get a good enough feed going.
I heard we might have to pay. If we did, it would make sense to have a worker proposal for this. However only if it's cheap enough otherwise since we're at this early stage I don't see anyone wanting to pay for nothing.
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With oil. I don't know if we need real time feeds. A daily update might be good enough.
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There is no feed price for oil because there is no "one OIL" price AFAIR
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There is no feed price for oil because there is no "one OIL" price AFAIR
Yeah. We would probably want to go with the futures price. If we can get this price from multiple exchanges we could take the mean. If not we could just use the price of the largest exchange.
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How about these links for crude oil prices, are they good enough? They both seem to be real-time prices to me.
http://www.investing.com/commodities/crude-oil-streaming-chart
http://www.stockexshadow.com/wti-crude-oil-realtime-charts-volume-1minute-200units-dukascopy
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There is no feed price for oil because there is no "one OIL" price AFAIR
Yeah. We would probably want to go with the futures price. If we can get this price from multiple exchanges we could take the mean. If not we could just use the price of the largest exchange.
We should probably specify between BRENT and WTI, the two most popular benchmarks in the oil industry. Both have different prices. I suppose perhaps you could take a median price feed from both or all three benchmark markets, since bitshares is truly global... we could set the standard for a globally priced oil.
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There is no feed price for oil because there is no "one OIL" price AFAIR
Yeah. We would probably want to go with the futures price. If we can get this price from multiple exchanges we could take the mean. If not we could just use the price of the largest exchange.
We should probably specify between BRENT and WTI, the two most popular benchmarks in the oil industry. Both have different prices. I suppose perhaps you could take a median price feed from both or all three benchmark markets, since bitshares is truly global... we could set the standard for a globally priced oil.
I'd prefer to not run OIL as well and instead have the committee create BRENT and WTI .. that at least would be easier to understand for traders ..
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There is no feed price for oil because there is no "one OIL" price AFAIR
Yeah. We would probably want to go with the futures price. If we can get this price from multiple exchanges we could take the mean. If not we could just use the price of the largest exchange.
We should probably specify between BRENT and WTI, the two most popular benchmarks in the oil industry. Both have different prices. I suppose perhaps you could take a median price feed from both or all three benchmark markets, since bitshares is truly global... we could set the standard for a globally priced oil.
I'd prefer to not run OIL as well and instead have the committee create BRENT and WTI .. that at least would be easier to understand for traders ..
Is it easier to find feeds for BRENT or are they also restricted in some way like paying for servies? Couldn't a worker proposal subsidize this if it can't be fetched from anywhere else? If it isn't expensive it might be worth it...
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I actually think it is worth considering a privatized bitasset that takes a 0.5% fee or something and by this pays a professional feed
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I actually think it is worth considering a privatized bitasset that takes a 0.5% fee or something and by this pays a professional feed
I'm okay with both options, but may I know why you prefer it this way? Is it that expensive to get a professional feed? Why not get the committee account to do this then? Through worker proposal it gets the first initial round to pay for the feed, then use that same 0.5% fee to pay the professional feed? Or since it's a bitasset, the fee structure of individual assets can't be changed?
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The committee account should be bothered with this .. also, every feed they produce has to be signed-off by at least 50%+1 committee .. that is too complex ..
for the worker: why should all shareholders pay for setting up a niche market that they may not be interested in ..
IMHO privatized bitassets are a perfect match for this ..
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The committee account should be bothered with this .. also, every feed they produce has to be signed-off by at least 50%+1 committee .. that is too complex ..
for the worker: why should all shareholders pay for setting up a niche market that they may not be interested in ..
IMHO privatized bitassets are a perfect match for this ..
I'm not against your idea but your last argument applies to everything it's done on BitShares. Every worker proposal will most likely have people voting against it, still if it's approved, they still have to pay for it. I think that argument isn't valid at all.
Regarding the complexity I really can't argue against it since you have way more knowledge about technical stuff than me so I'll go with your opinion on that.
As long we have the asset available. It seems it's something that people would like and Daily Decrypt even approached me about it so if we have it, we might create a little more buzz for BitShares :)
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so... do we want bitCRUDE trading on the dex?
edit: aren't witnesses getting paid for their job? this would make part of their job. Why not having all the witnesses collect some money montly and pay for a service that does this?
Only remembered now but why dont they do this? we've been all this time waiting for it. Pay would be to maintain their infrastructure and be sure they dont miss any blocks. But they work with feeds too. Why haven't witnesses bothered with this?
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I was explaining Bitshares to a finance professor the other day and when i described the market pegged assets he got excited and asked if there was a bitOIL. i also think it'd be an excellent idea, but i'm agnostic at the moment as to whether we have sufficient liquidity in the system to make it worthwhile. At some point, it'd be assets that like that could bring in more traders, so if we could pull it off, then it'd add another nice feature to our system.