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Messages - Brekyrself

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1
Stakeholder Proposals / Re: [Worker Proposal] Core Team 2019
« on: December 17, 2019, 05:10:49 pm »
Is the old core team going to add a new worker proposal ?

No, the 2019 Core Team does not intend to create a 2020 WP. Individuals may be providing proposals for future development effort.

This is terrible news, the core team has done so much for Bitshares!  What's the reasoning behind this?

2
Now that it is glaringly obvious that the current BTS downtrend has nothing to do with "price manipulation" and "short selling" on a CEX, but is due to a global BTC downtrend, can you guys finally scrap the "temporary" threshold price and just feed the true price?

Or what is the excuse du jours?

This is a must.  If this were to happen however and real price is fed, I feel many people with a short position will get closed quickly.  Perhaps give a time frame for people to either close their position or add additional collateral?

3
Stakeholder Proposals / Re: [Worker] Bitshares UI Worker Proposal for 2019
« on: September 05, 2019, 06:12:45 pm »
Really sorry to see this valuable worker proposal de-activated, I hope it gets reactivated soon.

Even if the workers get reactivated in 1-3 months, no guarantee the current developers will come back.  They are already looking for jobs elsewhere.

4
I will take this thread to express my opinion about what was discussed here and what is discussed also in related threads and other communication channels.

I do agree with bitcrab that bitshares is ill, we had been in downtrend for so long that we need to face trouble after trouble. The dumping of BTS we do with the workers systematically is currently making the overall situation to be worst.

Everybody haves different opinions on what is needed and what can be at least temporally suspended but some action should be taken to avoid the full collapse.

In my opinion , when waters calm down we should keep track of our profits, right now as far as i know fees are not enough to pay the witnesses. We should start by trying to make fees pay for the witnesses even if we dont do it that way as a measure of self sustainability without using the reserves. Then increase the profits the DAC makes. A higher BTS price will of course help.

As part of the core team i must say the worker i belong is one of the workers that takes a huge amount of the reserves so i suppose it will suffer, just as the rest. As i am inside the core team i know we are in the right direction with our development but the shareholders are the ones that should decide that.
We dont only bring new features that will be directly translated in more usage and fees collected but we also secure and optimize the network to make sure our technology can keep advancing and holding businesses of all kind.

It hurts me how the Chinese community think we are corrupt. It is true that the hour in the core is well paid but the reality those hours are generally for submitted code. I spend 12 hours a day working in Bitshares and some days i bill 0 of those hours as there was not work that could be presented to the community in github. A decrease of developer hour price will just make the developers to bill more hours. With a high hour price we can catch the best developers and guarantee the quality of the core.

I am going to tell this and i hope nobody get offended:

Put the core work in Chinese kids hands for 10 usd an hour and bitshares will probably be dead in a few months with luck independently of the price. The bitshares core haves the highest quality standards than any other graphene project, it is a very hard work for men(or woman), not for kids.

Well said.  I hope everyone voting for the refund worker reads your quote and understands you kept working for bitshares through the last number of years when everyone else left!

5
@tshen @bitcrab
The worker system is what makes bitshares unique and now we cut off the very people trying to advance bitshares?  If we do not pay the developers, they will simply find another job to put food on the table.  Once they are gone, it's game over, they will not come back.

It has been suggested before to create multiple 100k refund workers so it's easier include or exclude all the workers.  No time like the present to do this and get development funded again.

6
General Discussion / Re: bitusd peg
« on: March 30, 2019, 01:37:15 am »



Thanks again.

I misunderstood the steemit article thinking by bidding the system was providing additional collateral as incentive to bid however the bts received at the end of the day is just what you would get by selling bitusd at a certain price?

Using the system before GS was simple, borrow bitusd with safe CR, sell bitusd at market price for bts.  If bts went up in price, your in the green, if it went down, your in the red.

That brings up the question with bidding. in the UI there is the label of "bid price."  Does this mean that if the system revives and our bid is included that is the price we borrow and sell bitusd for bts at?  Or is the price the system revives at where bitusd is sold for bts?

Yes....the Settlement Price

NO the bid price is just for ranking purposes and to determine if your bid will be included when the revival happens, several bidders could outbid you for example and push your ranking down..After the revival it is up to you when, how  or if, you want sell the bitUSD...The BTS price will be going up and down per usual trading activity...
[/quote]

So the only real incentive to bid is for quicker revival of bitUSD?

7
General Discussion / Re: bitusd peg
« on: March 29, 2019, 06:51:58 pm »


@bitstopia2049 & clockwork, thank you for the replies.

Please confirm the following hypothetical bid for BitUSD

mcr 1.75
GS 0.051
Debt I will take 10,000 bitUSD
Additional Collateral I provide 400,000 bts
CR 59.608
call price would be 0.029

Based on the formulas and bitUSD revives with my bid being inclusive, I am essentially "rewarded" an additional 200,000 bts as collateral in the long position?

I think the easiest way to approach it to make it less confusing..is to settle on what level of CR you want and then work from there...

Let's say upon revival you wish to maintain a minimum CR 3.00 with 10k debt position;  Settlement price = 19.55496 bts/bitUSD

So you will need in total $30,000 in collateral.
and the revival price is 11.17426 bts/bitUSD   (without bids)
So total BTS required = 335,228
The collateral associated with 10k debt in the settlement fund = 195,550
Therefore additional collateral required  =  139,678 with your starting call price =  0.02983 bitUSD
and your bid position  13.96 bts/bitUSD  and  CR  =  0.831

Always keep in mind however that you are taking on debt,I wouldn't consider the settlement collateral a "reward"....It is a bet.
You can do the same calculation using the revival price including bids if you want.

[/quote]

Thanks again.

I misunderstood the steemit article thinking by bidding the system was providing additional collateral as incentive to bid however the bts received at the end of the day is just what you would get by selling bitusd at a certain price?

Using the system before GS was simple, borrow bitusd with safe CR, sell bitusd at market price for bts.  If bts went up in price, your in the green, if it went down, your in the red.

That brings up the question with bidding. in the UI there is the label of "bid price."  Does this mean that if the system revives and our bid is included that is the price we borrow and sell bitusd for bts at?  Or is the price the system revives at where bitusd is sold for bts?

8
General Discussion / Re: bitusd peg
« on: March 29, 2019, 04:29:31 am »
Please voice your wishes, suggestions or ideas for the marketing worker in a constructive way, I will happily listen.

https://cointelegraph.com/news/united-states-crypto-platform-huobicom-launches-fiat-crypto-trading

Does anyone have any experience with this exchange?   Can the foundation make a proposal to them to add BTS-USD pair..?

A direct fiat USD/BTS on ramp would be a major boon to a revamped Bitshares marketing campaign...

Obviously the sooner bitUSD is revived the stronger case the foundation can make...

Also..


https://www.newsbtc.com/2019/02/21/underestimate-samsung-galaxy-s10-crypto-millions-exposed-bitcoin/

I wonder if this announcement by Samsung had any influence on the BTS price spike on Upbit Exchange...Is Samsung aware of BTS' superior capabilities. ?

Is there a bitKRW asset? 

US$ =  1138 KRW   CNY = 169 KRW




@bitstopia2049 & clockwork, thank you for the replies.

Please confirm the following hypothetical bid for BitUSD

mcr 1.75
GS 0.051
Debt I will take 10,000 bitUSD
Additional Collateral I provide 400,000 bts
CR 59.608
call price would be 0.029

Based on the formulas and bitUSD revives with my bid being inclusive, I am essentially "rewarded" an additional 200,000 bts as collateral in the long position?

9
General Discussion / Re: bitusd peg
« on: March 28, 2019, 02:44:38 am »
By bidding for the settlement fund we are essentially bidding for a position at a specific bitusd/bts price?

      YES, ( and the more collateral you bid the better your position)

-If enough bids happen and this revives, we essentially skip the step of having to sell bitusd for bts in the open market after borrowing bitusd into existence?    YES, essentially

-If the above is correct and we had enough BTS backing, we could essentially open a position at $0.01 with 1k debt and 100k collateral?    YES,

but you would not want to tie up that much collateral for a relatively small amount of debt.....

a revival will only happen when the MCR is greater than 1.75....

 either because the feed price has increased sufficiently - e.g auto revival

 or because the total amount of collateral bids is greater than 1.75 x #bitshares in the settlement fund..

or some combination of both..


@bitstopia2409

How is call price calculated in the steemit example?  I am trying to figure out real life examples to bid...

https://steemit.com/bitshares/@haruka/detailed-mechanism-of-global-settlement-black-swan-and-reviving-of-bitassets

10
General Discussion / Re: bitusd peg
« on: March 10, 2019, 03:07:09 am »
Still trying to wrap my head around bsip18 after reading: https://steemit.com/bitshares/@haruka/detailed-mechanism-of-global-settlement-black-swan-and-reviving-of-bitassets

Please correct me if I am wrong about the following:

-By bidding for the settlement fund we are essentially bidding for a position at a specific bitusd/bts price?

-If enough bids happen and this revives, we essentially skip the step of having to sell bitusd for bts in the open market after borrowing bitusd into existence?

-If the above is correct and we had enough BTS backing, we could essentially open a position at $0.01 with 1k debt and 100k collateral?

End of the day I want to borrow bitusd and buy more bts with it by using existing bts as collateral.  Since that is not available at the moment, is the above method correct to get a position when this revives?

11
Any update to the legal council?  Last update I recall the legal opinion was completed however not shared with anyone?  Are all the exchanges basically giving NDA's?  Possible to list what exchanges have open communication to have BTS listed?

This is a good worker, just seems there has been a fall off in communication with some of the projects.

12
General Discussion / Re: When to expect the bitUSD revival?
« on: December 08, 2018, 04:26:32 am »
Option 3 is available in the GUI now for people to start bidding.  If bitUSD can be revived quickly, this will show how strong BitShares and its community is.

13
Stakeholder Proposals / Re: Legal Council about BTS and No-action
« on: December 08, 2018, 12:19:51 am »
Any update to this?  Perhaps one of the reasons BTS is not being considered by CoinBase?

https://blog.coinbase.com/coinbase-continues-to-explore-support-for-new-digital-assets-92ba4ab7f465

14
All of these potential changes should be considered for all bit assets.  No reason for CYN to be different, this is more confusing for users.

15
General Discussion / Re: Internalizing the Hero
« on: July 22, 2018, 03:00:12 am »
Digital Lucifer, well said.

This brings up a great point.  Perhaps it's time for BitShares holders demand committee members explain why they voted one way or another.  Would be great it this information was posted for historical quick reference as well.

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