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Messages - Markus

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Technical Support / Re: Rolling over a short position
« on: April 17, 2015, 01:40:07 pm »
Yes, definitely check that there are no expired orders! If there are you will have to wait until someone else fills them. A bug currently prevents new shorts to be accepted when there are any expired orders.

General Discussion / Re: USD inverse market pegged asset
« on: April 17, 2015, 01:13:07 pm »
Inverse to what? To one? How much is a one worth?

General Discussion / Re: BitAssets 3.0 - For Community Review
« on: April 17, 2015, 07:34:53 am »
Another question: The 200% collateral (100% each) is based on the feed price and not the actual transaction price, right?

If not it could be exploited the following way:
Short to yourself at e.g. 10% of feed price (possible in thin markets by smashing through the few buy orders in the book)
Don't worry about the short position, it will only be 20% collateralised. Just let it go bust.
Keep the long position which you got for paying just 20% of feed price.

Different scenario:
If the shorter had to post 100% of the feed price and the 'longer' pays only the purchase price (which I assume is the current plan) you could create a dangerously low collateralised position (100% + x with x→0) by shorting to yourself at near zero price. Conclusion would be that if there really is no limit for the shorting price the shorter's required collateral would have to be at least the margin call percentage, i.e. 150% at the moment.

General Discussion / Re: BitAssets 3.0 - For Community Review
« on: April 17, 2015, 07:12:02 am »
1) All short positions can "vote" and if more than 51% of the shorts think the market has gone bad then the forced liquidation of the long side can be initiated with a 10% premium to the USD positions.   51% of the shorts would equal 25% of the stakeholders in the asset and if they are all willing to take a 10% hit then chances are the long positions are being unreasonable.   

2) Allow the price feed producers to trigger it any time they feel it makes sense (with 30 day notice).   These producers are the "guardians of the feed" and the peg.

3) Require both the feed producers AND the shorts to agree.

I assume this scenario is meant to be a rare one and only to be used for unwinding a BitAsset totally?

Making long positions callable won't go down well with people just wanting to use them as a "stablecoin".

PS: Somebody mentioned there wouldn't be any benefits for shorting to oneself with these new rules. This rule does provide some incentive.

So if I'm short and the BTS price drops I get to keep my position. OK, I lose money but I knew the risk.

On the other hand, if the BTS price rises somebody will snatch away my short-position offering slightly higher APR and I miss out on the rise.

You're leaving me the risk but taking the reward.

Currently people can only short at 0% (even to themselves) if there is an under-supply of shorts. There's no need for a fix here.

What about YBitShares?
… the question mark is of course part of the name :)

Put some numbers in the fields for Quantity or Collateral.
Interest Rate needs a value too, just enter 0. That should do the job.

General Discussion / Re: USD market becomes deformed
« on: April 13, 2015, 01:06:34 pm »
Still thirty odd grand missing. Come on little bit more! :)

General Discussion / Re: USD market becomes deformed
« on: April 13, 2015, 12:43:22 pm »
Yeah, somebody seems to be cleaning up.

When you're finished with USD, please check out BTC and JPY too. Same problem.

A bug has stalled several internal markets (currently BitUSD, BitBTC and BitJPY) by extinguishing new supply and sucking up every free demand due to the 10% premium offered.

Until this is fixed nobody will touch bitassets.

General Discussion / Re: EMERGENCY : the market is broken
« on: March 23, 2015, 05:39:20 am »
Nothing's been fixed yet. Another 5% drop in BTS price (at the current pace in about one hour) and we'll see masses of short positions called with the asset market totally dried up and shorting still impossible. 30% more and undercollateralisation looms.

Perfect time for the dumping whales to give Bitshares the coup de grace.

Probably all just a planned resilience test.

General Discussion / Re: How about a bitshares leadership summer meet
« on: March 22, 2015, 07:43:13 am »
I would attend in any country but the U.S.
How about Pyongyang then? Since that's between China and the US it should be a convenient location for everybody :)

General Discussion / Re: EMERGENCY : the market is broken
« on: March 22, 2015, 07:34:17 am »
What's the "10%" is people are referring to? I thought in the current system expiring shorts sit at the price feed if there are no lower asks (i.e. no penalty), and that called shorts can buy as high as 110% (i.e. a 10% penalty)- is that incorrect? Sorry if my understanding is wrong, I've just not seen these confirmed.

This is another market bug that was introduced (in 6.2 I believe): not only the called shorts but also the expired ones will buy as high as 110%. How you describe it is how it should work and how it used to.

General Discussion / Re: EMERGENCY : the market is broken
« on: March 22, 2015, 02:25:58 am »
I am slightly shocked how much the developers ignore the severity of this bug.

How are they ignoring it?

If you want a safe quick fix, reduce the 50% max APR to something like 5%. This is one single variable and surely can not break anything else.

And what happens if that safe quick fix somehow breaks consensus. There is a process in place now to prevent bigger problems from occurring due to a fix being rushed. The last time a fix was rushed for an even bigger bug, the "fix" ending up forking the blockchain and the real fix required rolling back many hours worth of blocks (thankfully there were apparently no double spend issues). Let's avoid having a situation where the cure is worse than the disease, and follow proper testing procedure.

The devs are taking it seriously, it seems that there is already a patch being prepared, however these things still need to be properly reviewed and tested before release.

By the way, to the people with shorts expiring in the next few days (which is actually not a lot of money by the way), you do know you can sell your spare BTS (which you should always have if you are shorting) for BTC and then use the BTC to buy BitUSD via an outside exchange or a bridge like metaexchange, and then use the BitUSD to cover the short, right? That does add some fees due to the various spreads, but I bet it is much less than 10%. Just something that might be worth looking into.

Sorry for my language, I'm just a bit annoyed at yet another all time low in BTS price.

I realise that any fix will break consensus, that's obvious when a hard fork is needed. What I meant was that what I suggested won't introduce any other bugs.

BTW, the BitGold market is blocked with a 50% order too and there are no suitable bridges/external markets for BitGold. The best external offer is on bter for more than 2x the fair price.

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