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The floating wall is expired shorts waiting to be covered by blockchain so the short can get his collateral back aswell as the bts that was given to take the BitUSD that was created (shorted) which should be someone's profit from 30 days ago.People are starting to sell BitUSD for bts now.. Last few hours saw millions of bts bought at the price feed.You can simulate "current BitUSD" by having a 15-30 day delay on forced settlement. With such a massive delay on forced settlement it will rarely be used and all players would have 15 days notice. It would be very much like todays shorts which have 30 days notice until they are force settled at the price feed (assuming there are any takers).
Hey BM what is your synopsis of the current BitUSD trading?
It seems we currently have a float of $155k BitUSD: http://coinmarketcap.com/assets/bitusd/#charts
I hope the float will increase significantly somehow with a new design and that supply will increase/decrease gradually without any abrupt creation or destruction of BitUSD.
Right now I only use a webwallet and it seems simplified so I assume I can't short or use any other advanced features? There is a huge $77k buy-wall at the feed price (assume it's some kind of relative order?) I see transactions occasionally happen both at the feed and I just did a 1 BitUSD transaction at the market as a test. So I assume shorts have to cover in 30-days so there is some automatic flow at the feed and the rest of the trade happens at the market? Who is able to purchase at the feed price?
Anyways it would be great to get feedback to get some ideas from you and others as to what is going on in the current system and some theories of why it operates that way. Thanks.
77K buy wall are expired shorts waiting to be filled. Meanwhile the current bitUSD holders are not willing to sell at the feed price, hence the buy wall. There's a big premium to buy bitUSD right now.
Yeah thanks for the input guys. Interesting.
So what are the exact mechanics? BitUSD holders request settlement, wait 30 days and then do they have the option of settling or do positions automatically settle?
I assume you can't request settling at the feed using the web wallet?
I see the wall being taken down right now. Down to $65.5k. Will that get the float down below $100k? Or can part of the wall also represent long term BitUSD holders that just want to hold it for the very long term?
In a bull market I would expect there should be much more BitUSD creation. I know we are moving to a new platform so people may not be creating any new BitUSD, but I do want to make sure the new BitUSD design encourages a large sustained BitUSD float instead of being created/destroyed abruptly.
Also normally if these large orders were covered at the market, the BTS price should move even more quickly.. I'd rather see more market settlement than feed settlement in general.
Anyways it's interesting to just observe.
For those who yelled "insider trading" ...We have 3 white soldiers on the weekly so trend has changed medium term
lol , you really think the price movement in China during a grand rise of alt-coin while the retreating from the stock market has anything to do with any American .
Get over yourselves ...... Please ...
If good news lovers can drive the price up like this , we wouldn't be dropping like this in the past .
It's all about the trend . Keep in mind .
Also , I disagree with those who claimed any specific reason for the upward trend , including some delegate proposal who i'm not gonna name .
People are starting to sell BitUSD for bts now.. Last few hours saw millions of bts bought at the price feed.You can simulate "current BitUSD" by having a 15-30 day delay on forced settlement. With such a massive delay on forced settlement it will rarely be used and all players would have 15 days notice. It would be very much like todays shorts which have 30 days notice until they are force settled at the price feed (assuming there are any takers).
Hey BM what is your synopsis of the current BitUSD trading?
It seems we currently have a float of $155k BitUSD: http://coinmarketcap.com/assets/bitusd/#charts
I hope the float will increase significantly somehow with a new design and that supply will increase/decrease gradually without any abrupt creation or destruction of BitUSD.
Right now I only use a webwallet and it seems simplified so I assume I can't short or use any other advanced features? There is a huge $77k buy-wall at the feed price (assume it's some kind of relative order?) I see transactions occasionally happen both at the feed and I just did a 1 BitUSD transaction at the market as a test. So I assume shorts have to cover in 30-days so there is some automatic flow at the feed and the rest of the trade happens at the market? Who is able to purchase at the feed price?
Anyways it would be great to get feedback to get some ideas from you and others as to what is going on in the current system and some theories of why it operates that way. Thanks.
77K buy wall are expired shorts waiting to be filled. Meanwhile the current bitUSD holders are not willing to sell at the feed price, hence the buy wall. There's a big premium to buy bitUSD right now.
You could neutralize your bitUSD short by going long bitCNY... I know its not a pure play, but it will reduce the exposure you have to bts until your bitUSD short is covered by the system.I can neutralize by buying bitusd of my entire collateral ampunt but im not prepared to invest that much over 10k bitUSD more at this point
was it one big short or more than one?
The collateral will released only if the order is covered in total...
I assume only a % of your short is covered from the system
PS
4) There are $80k at the call price, in what order would my position be resolved? It may take months for this position to unwind correct?
Maybe... Except you get a loan of BTS, cover manually your order , and give the BTS back...
If BTS go higher you will be lucky you not covered early
since its already expired, I can't cover anymore by reshorting, but im not even sure that is the right thing to do.
re-shorting means you need more BTS... if you have them but you are not confident the price goes higher ... you could buy with your BTS bitUSD with a premium an cover your position.... if not now maybe a bit later when the premium goes down due bitasset.v3...
Hi guys,
Based on my technical analysis I had strong suspicion that bitshares was to rise or finish higher than the last 30 days so a month ago I went all in with my BTS shorting bitUSD @ 250 BTS/bitUSD. It since expired yesterday yet there are no transactions or anything showing me what happened. There is a bug in the GUI when I goto the cover tab and click cover, the expired column shows up but dissappears when I close the cover popup dialog box.
I understand that the market engine put up a buy for bitUSD at the call price for the amount that was owed. My questions are:
1) Why does it still need to hold my collateral still?
2) Why was there no tx showing the bitUSD buy? Leaves you wondering what happened.
3) Where is my BTS? I should have more than I started with.
4) There are $80k at the call price, in what order would my position be resolved? It may take months for this position to unwind correct?
5) Are there any plans to fix this with bitasset 3.0?
since its already expired, I can't cover anymore by reshorting, but im not even sure that is the right thing to do.
Thanks!
1) It will hold your collateral until the position is closed. You can do this manually by purchasing bitUSD off the market to cover.
2)There likely hasn't been one yet. The expired short has put a buy order at the feed to purchase bitUSD to cover the short.
3)Its still locked as collateral until you cover it with the required amount of bitUSD. Its cheaper now to buy bitUSD so the collateral you get back will exceed what you have to pay to cover. You'll have a profit.
4)I don't know. I assume in the order which they were placed??
5)This is how it is supposed to work, very similar to what you can expect in BTA2.0. Though I think you should be able to purchase bitUSD with your collateral to cover. I'm not sure if this is going to be changed in the next update or not.
Double deposit escrow doesnt make much sense for localbitshares for either buyer or seller.It's a good idea to have something like localbitshares. with BitHalos double deposit escrow we could give people confidence to do OTC trades, without having to rely on a central platform and avoid regulatory burdens. However, that this will become bts compatible will take time.Hey,
I've requested a business associate of mine to take a look at this.
He supplies my start-up with a steady source of Bitcoin and is looking to diversify into ATM's.
He is a biz grad from a top tier college in America and has been working along with my team towards tapping opportunities within the emerging crypto-sphere. He is currently in Chicago and has told me he will look into this once he's back, which should be around Tuesday.
P.s - I personally don't believe ATM's alone would bring in mass adaption of bitshares, but yes - it would be a factor.
Regards
ATMs are only one channel to get fiat into crypto, and I strongly believe that if Bitshares has several funnels to bring in the customers, either KYC compliant or not, things will be great. Even with just something like OTC trades website like localbitcoins (which someone could name localbitshares) dedicated to Bitshares and bitAssets, that's would be a very nice start.
But regarding the need of ATMs, we believe they are vital to on ramp the unbanked. There is a extremely huge amount of people in the world with no access to financial services, or if they have, they pay outrages fees, because the current system does not favor low income groups. That's why the importance to keep it low cost, so we can help the people who need it the most. We can literally save life's with this tech. I can elaborate on this an other time.
