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Messages - Troglodactyl

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76
Technical Support / Re: Margin Call Price
« on: October 17, 2015, 02:17:32 pm »
Quote from: alt on October 17, 2015, 09:03:10 am
many people hurt by this,  many of them even don't know they have lost, their BTS  have been selled at price 0.0193CNY/BTS even they have 2.75X reserve
I think we need a long time to recover...
so sad we action late

Sooner certainly would have been better, but there's still 111,550.17 BitUSD in existence, so which indicates that we managed to save most shorters' collateral from being dumped.  Does anyone know how much was actually force bought at 150%?

I really hope all the shorters who were liquidated can recover, but I think we stopped it in time to save the network.  The good news is that other than that serious issue, the 2.0 launch seems to have gone amazingly well.  It's probably a good thing that we now have a chance to stabilize our processes and polish the user interface before the referral program starts bringing in new users.

77
Technical Support / Re: Margin Call Price
« on: October 17, 2015, 08:44:54 am »
Quote from: ElMato on October 17, 2015, 08:31:52 am
I think we fix it

Indeed.  Now someone go tell the people over at Poloniex that it's fixed so they can stop dumping.

78
Technical Support / Re: Margin Call Price
« on: October 17, 2015, 08:31:11 am »
And it's done.  The sell wall has moved to 110%.  Congratulations everyone on dynamically managing blockchain parameters with no need to fork.

The MSSR does seem like a parameter that could be better managed by the committee members than by the witnesses, but at the moment I'm just glad it could be managed in a dynamic and decentralized way without too many bottlenecks.  We took a hit from this, but we're still learning how to run this, and it could have been much worse.

79
Technical Support / Re: [Python] Price Feed Script for BitShares 2.0
« on: October 17, 2015, 08:24:46 am »
Quote from: pc on October 17, 2015, 08:18:11 am
Ok, I've set cyrano down to 110%.

But this is really not my territory. I strongly agree that the ratio(s) should be set by the committee, not by the witnesses.

Excellent!  I tend to agree with that, but unfortunately this needed to be fixed as soon as possible.

And it's done.  Thank you witnesses, forced collateral selloffs are now reduced to 110% rather than 150%.

80
Technical Support / Re: [Python] Price Feed Script for BitShares 2.0
« on: October 17, 2015, 07:39:07 am »
And 8, so 3 or 4 more should do it.

EDIT: Make that 9!
Code: [Select]
MSSR Publisher Published
110% bhuz 2 seconds ago
110% bitcube 6 minutes ago
150% in.abit 7 minutes ago
150% spectral 9 minutes ago
150% wackou 14 minutes ago
110% elmato 15 minutes ago
110% mindphlux.witness 28 minutes ago
110% spartako 30 minutes ago
110% dele-puppy 39 minutes ago
150% bue 1 hour ago
110% delegate-1.lafona 2 hours ago
150% harvey-xts 3 hours ago
150% holytransaction 3 hours ago
110% rnglab 6 hours ago
110% roadscape 8 hours ago
150% delegate.ihashfury 11 hours ago
150% datasecuritynode 13 hours ago
150% mr.agsexplorer 17 hours ago
150% xeldal yesterday
150% cyrano yesterday
150% bts-bitshares-argentina 2 days ago
150% fox 3 days ago

81
Technical Support / Re: [Python] Price Feed Script for BitShares 2.0
« on: October 17, 2015, 07:31:51 am »
Quote from: puppies on October 17, 2015, 07:26:12 am
We are currently at 6 feeds at 110%.  As the european and east coast witnesses wake up I am sure this number will increase.  We seem to have stopped the bleeding.  I have got to try to get some sleep now.

I count 7.  Good work!  We're well on our way.

82
General Discussion / Re: 0.00001422 A NEW RECORD LOW (with no buy support)
« on: October 17, 2015, 06:36:02 am »
Wake up the witnesses, please.  Their bad price feed call pricing is destroying us.

83
Technical Support / Re: Margin Call Price
« on: October 17, 2015, 06:29:08 am »
Quote from: svk on October 17, 2015, 06:19:41 am
Quote from: clout on October 17, 2015, 05:22:37 am
Quote from: topcandle on October 17, 2015, 05:13:33 am
Quote from: clout on October 17, 2015, 12:10:45 am
Why is the margin call price for cny 0.0202 BTS/CNY. I just had a one of my short positions called even though my margin price was 0.025 BTS/CNY which the market never hit and the collateral was sold at 0.0202 BTS/CNY. I just lost a lot of money...

Clout what was your collateral? 

If it was only 2Xs, its probably not enough.  It might need to be 5X's in this thin market.

Bitshares has been 3X collateral for the past two years it makes no sense why in 2.0 you would need 5X. The whole point of the upgrade was so that less collateral would be needed. I'm literally done. I don't think I can endorse this project.
You do not need 5x, you need 1.75 *1.5 =2.62x. That's with the current maintenance and squeeze protection ratios defined by the witnesses.

Several things are bothering me about the current market engine though:

1. Margin called shorts cannot force cover at a fair price, but only at a price between their call price and feed + 50%. In BTS 1.0 this range was from feed to feed + 10% (unless I misunderstood that too)
2. Margin called shorts do not use the holder's current stock of bit assets to cover, but always buy on the open market at a premium.
3. The market engine allows margin positions to be opened at 1.75 collateral ratio, a position that gets margin called right away (I now prevent this in the GUI)
4. Probably most important: no one knew it worked like this before yesterday pretty much (including me)..

Seriously.  Someone wake up the witnesses.  This is going to do very serious damage if we don't fix it now.

EDIT: Almost there!  Just a few more witnesses needed.

84
Technical Support / Re: Margin Call Price
« on: October 17, 2015, 05:08:20 am »
Quote from: topcandle on October 17, 2015, 04:57:45 am
There is no issue if you have lots of collateral if your a shorter. YOu need more than 3Xs.

Even if that's true, 3x collateral won't stay 3x for long with so many people being forced to dump BTS at 2/3 the market rate.

85
Technical Support / Re: Margin Call Price
« on: October 17, 2015, 04:48:46 am »
Quote from: lil_jay890 on October 17, 2015, 04:37:14 am
Quote from: tonyk on October 17, 2015, 04:15:15 am
Quote from: xeroc on October 17, 2015, 02:30:25 am
Quote from: clout on October 17, 2015, 12:54:27 am
Yeah that's bull. I'm pretty close to being done with bts. That's a bad rule. Honestly the bitasset market shouldn't be operational til yunbi and btc38 have upgraded
tell this to the witnesses .. I open a thread asking them not to publish feeds right after launch :-(

Anwyway .. in general the launch was a success and we only suffer liquidity .. those that pay the bill are the super bulls (me included) and that sucks .. still I am confident because I know the tech :D

You blame this to witnesses? Changing the rule to some idiotic rule? Give me a break man.

I know you are fan boy as much as the next guy...but changing the rules (without any notice) mind you to a rule  that defines "I am as stupid as hell" ...

We should have known this shit was serious when bm brought it up during the mumble without even being asked...

What did he say about it?  I had to work (as usual) and couldn't be there.

86
Technical Support / Re: [Python] Price Feed Script for BitShares 2.0
« on: October 17, 2015, 04:46:20 am »
Quote from: topcandle on October 17, 2015, 04:38:08 am
I think this is not a problem if shorts have HIGH COLLATERAL.  YOU NEED MORE THAN 2Xs COLLTERAL.  Try it out for yourself.

The biggest immediate problem now is that the witnesses are forcing those shorts to cover at 150% of feed price instead of near the actual value.  Are only 3 witnesses paying attention?

87
General Discussion / Re: how to get the total num of bts 2.0 shares?
« on: October 17, 2015, 04:36:03 am »
Just go here: https://bitshares.openledger.info/#/asset/BTS

88
Technical Support / Re: [Python] Price Feed Script for BitShares 2.0
« on: October 17, 2015, 03:13:35 am »
Quote from: tonyk on October 17, 2015, 03:08:49 am
Quote from: roadscape on October 17, 2015, 02:50:42 am
Quote from: puppies on October 17, 2015, 02:42:04 am
I'm sorry guys.  I can't move the feed price alone.  I've updated to 110% from 150%.  I will keep a close eye on it and move it back if needed.

I updated xeroc's feed script a few hours ago and submitted feeds with maximum_short_squeeze_ratio at 1100.. It was my understanding that it would help prevent calls, of which there seem to be an unprecedented amount of. Do I understand correctly?

Voting for you and expecting you to figure out why you did what you did.

...
2 witnesses included in my vote so far.

Looks like rnglab is onboard also.  You can see a handy listing of witness positions on the asset page.

89
General Discussion / Re: Margin Call Explanation & Beware of Illiquid Markets with Low Margin
« on: October 17, 2015, 02:32:12 am »
Quote from: puppies on October 17, 2015, 01:36:46 am
Quote from: alt on October 17, 2015, 01:23:53 am
Quote from: puppies on October 17, 2015, 01:19:32 am
What is the solution?  If we had more buy side pressure would that help?
no one will buy BTS with bitUSD at feed price when you know the reserve BTS is sell at price /1.5
the solution is to adjust the sell price for reserve to a reasonable premium, I think it should more than 1/1.1

I get that no one is going to buy it.  I guess I am still just unsure about what is going wrong.  I have a hard time believing that the system was designed to make bitusd $1.5

Yeah.  That's a major design flaw.  Setting the SQP to 1 or near 1 may stop the hemorrhaging and stabilize the market long enough to have a chance of fixing it.

EDIT: That or stop publishing feeds entirely.

90
Technical Support / Re: [Python] Price Feed Script for BitShares 2.0
« on: October 17, 2015, 02:27:23 am »
Quote from: puppies on October 17, 2015, 01:30:33 am
Quote from: alt on October 17, 2015, 01:19:19 am
Quote from: puppies on October 17, 2015, 01:16:41 am
It is something we have talked about at length.  At this point the consensus seems to be that we will trust BM, and not adjust just yet.
yes, all witness choose to trust BM, not think self.
you can do this is you want 1bitUSD=1.5 USD, until all bitUSD disapear.

I cannot believe that this market is working as intended.  If the issue is liquidity then perhaps people should place some bids.  if given the choice between bitusd being $0.5 or $1.5 I will pick $1.5.  It has only been a couple of days.  I don't think we are in danger of all bitusd disappearing just yet.  In fact people seem unwilling to sell it even at this inflated price. 

I have a number of shorts open as well.  I had to add margin to them today to ensure I wouldn't get margin called.  I am no happier about the current state of the network than anyone else that is currently short.

The issue is not that no one is providing liquidity.  The issue is that the market is set up wrong, so it can't support liquidity.  If you all just wait for BM to tell you what to do then having more than one witness is a waste of money.

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