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Messages - JonnyB

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526
General Discussion / Re: Smart Coins & Forced Settlement
« on: December 01, 2015, 12:23:57 am »
Quote from: clayop on December 01, 2015, 12:11:32 am
Quote from: JonnyBitcoin on November 30, 2015, 11:56:12 pm
Quote from: clayop on November 30, 2015, 10:53:39 pm
Are you saying CNY/BTS (around 0.0203) or BTS/CNY (around 49)? I was saying CNY/BTS. And bitCNY feed should be higher than CNY because the feed is a price of bitCNY, not CNY Wrong statement. Sorry.
you're not explaining yourself clearly
You didn't answer my question. Tell me when bitCNY has premium than CNY. It's price feed in terms of CNY/BTS is always lower (e.g. 0.0203) than exchanged price (0.0207). Compare USD/BTS depth chart and CNY/BTS chart. You'll find the difference.

Quote from: JonnyBitcoin on November 30, 2015, 09:32:17 pm
Yes it does temporarily change the design of smartcoin. There was no emergency, if we change rules over non issues like this bitshares will not be trusted in the future. Yes I nearly paid 1 million bts to settle some bitCNY
There was some emergency, because someone (you may know who he is) was enjoying (for example, settled 4,200 CNY) free money with the wrong price feed. And you didn't pay 1 million BTS until your order is filled.

Quote from: JonnyBitcoin on November 30, 2015, 09:32:17 pm
No transwiser will not be able to sustain their business model if they sell 1 bitCNY for 1 CNY
the price feed isn't out that drastically, you can ask the witnesses to make adjustments but should not change the rules of a smartcoin contract overnight.[/color]
Again, with this small difference, someone was exploiting the system.

Who's the someone? Can you answer?
@clayop
It's no secret I was buying bitCNY for less than the feed and settling it because I am a rational market participant.
I still have a big sub feed price buy wall up and will continue to profit from it again when instant settlement returns. :-)

I'm not exploiting bitshares I'm exploiting transwiser.

527
General Discussion / Re: Smart Coins & Forced Settlement
« on: December 01, 2015, 12:08:59 am »
Quote from: Bhuz on November 30, 2015, 11:04:57 pm
@JonnyBitcoin
The really bad thing here is that You don't even try to listen and understand what we are saing.
You can continue in believe what you said replying to clayop, but it is just false.

-The price feed for CNY is lower than what it should be because the current script does not include some big chinese exchanges

-The committee has not changed any fundamental design of the system. The committee has temporary disabled a function that was used to exploit a situation in CNY market, caused by the inaccurate feed.
(function that probably more than 99.9% of the community never used before the gui introduction, yourself included I bet, so don't scream to the scandal if is not available for 1 week after months of being out of normal use)

-We need people that instead of insult and complain all the time, step up and put theirself on the table. Make a committee account and propose theirself for help the whole community and the current committee.

The change actually stopped the CLI client from doing a force settle because it was a fee change not a ui change.
I step up to the table by warning others users about the ramifications of a single vote from an ill advised committee.
The only thing we have that makes us special and different to ripple and others is smartcoins because of their floor peg to fiat, the committee removed that only USP we have even if it was just temporarily. 

 


528
General Discussion / Re: Smart Coins & Forced Settlement
« on: November 30, 2015, 11:56:12 pm »
Quote from: clayop on November 30, 2015, 10:53:39 pm
Quote from: JonnyBitcoin on November 30, 2015, 09:32:17 pm
the price feed is lower because CNY is cheaper than BitCNY
Are you saying CNY/BTS (around 0.0203) or BTS/CNY (around 49)? I was saying CNY/BTS. And bitCNY feed should be higher than CNY because the feed is a price of bitCNY, not CNY.

you're not explaining yourself clearly

Quote from: JonnyBitcoin on November 30, 2015, 09:32:17 pm
the committee should never have done this as it changes the fundamental design of smartcoins and their purpose
Did the committee change the fundamental design? It's just a temporarily suspension. Why do you cannot wait for days? Did this decision give damages to you?

Yes it does temporarily change the design of smartcoin. There was no emergency, if we change rules over non issues like this bitshares will not be trusted in the future. Yes I nearly paid 1 million bts to settle some bitCNY

Quote from: JonnyBitcoin on November 30, 2015, 09:32:17 pm
No transwiser will not be able to sustain their business model if they sell 1 bitCNY for 1 CNY
I agree. So price difference between price feed and exchanged price should be smaller that the conversion fee. But with the wrong price feed, they have to charge more than 3%, and it will significantly decrease demands. If the feed is fixed, they can charge smaller amount of fee.

the price feed isn't out that drastically, you can ask the witnesses to make adjustments but should not change the rules of a smartcoin contract overnight.

Quote from: JonnyBitcoin on November 30, 2015, 09:32:17 pm
No clayop we do not need that. What we need is for people to elect someone to the committee who can replace you.
Someone who understands finance better than you do.
I encourage you to apply committee member instead of blaming others.

Maybe I will one day, but for now I will voice my opinion if I find a representative like yourself being reckless.

My proxy vote goes to @Xeldal at the moment

529
General Discussion / Re: Smart Coins & Forced Settlement
« on: November 30, 2015, 09:32:17 pm »
Quote from: clayop on November 30, 2015, 08:28:37 pm
Quote from: Helikopterben on November 30, 2015, 08:19:39 pm
So it was a problem with the price feed and not forced stllement?

There are two separate problems. One is obvious- price feed is lower than the exchanged price so bad actors can exploit gateway effectively. To prevent this, the committee suspended force settlement with emergency.
Another is quite debatable. The question maybe that "is force settlement a unfair disadvantage for shorters?", "Can transwise sustain with force settlement?". To resolve these questions, we need more cooperation and discussion I think.

@clayop  You really don't understand do you?

There are two separate problems. One is obvious- price feed is lower than the exchanged price so bad actors can exploit gateway effectively.

the price feed is lower because CNY is cheaper than BitCNY

To prevent this, the committee suspended force settlement with emergency.

the committee should never have done this as it changes the fundamental design of smartcoins and their purpose

Another is quite debatable. The question maybe that "is force settlement a unfair disadvantage for shorters?", "Can transwise sustain with force settlement?"

No transwiser will not be able to sustain their business model if they sell 1 bitCNY for 1 CNY

To resolve these questions, we need more cooperation and discussion I think.

No clayop we do not need that. What we need is for people to elect someone to the committee who can replace you.
Someone who understands finance better than you do.

530
General Discussion / Re: Smart Coins & Forced Settlement
« on: November 30, 2015, 08:07:34 pm »
See I told you so.  Some of the best bits.

There is nothing "new", "unexpected" or "flawed" in how the market is behaving

Without forced settlement BitUSD holders must pay for liquidity by selling for less than a dollar

BitCNY is greater than 1 CNY and anyone selling BitCNY for 1 CNY is assuming 100% of the cost of liquidity

The conclusion from this is that if you are going to borrower BitCNY and sell it into the market, then you should be prepared to be force settled

So what date will forced settlement be re enabled?

531
General Discussion / Re: Converting gold & silver into bitGOLD & bitSILVER
« on: November 30, 2015, 09:35:47 am »
Theres no point in even approaching merchants etc until we have a stable peg and forced settlement has returned.

smartcoins aren't pegged to anything right now, they are all over the place with huge spreads and no liquidity.

The reality of the PM world is that there is hardly any direct trade from gold to other assets. PM holders will sell for fiat first and then buy what they are after.

 This is coming from a gold bug.


532
General Discussion / Re: METAFEES owners discussion
« on: November 30, 2015, 09:10:09 am »
what time is the metafee buyback today please?

533
General Discussion / Re: A simple fiat bridge into smartcoins
« on: November 30, 2015, 08:42:39 am »
the key point here is they have guaranteed zero spreads and zero trade fees with a direct route back to bank accounts

534
General Discussion / Re: A simple fiat bridge into smartcoins
« on: November 29, 2015, 10:13:09 pm »
Yes would be using upholds fantastic infrastructure that has zero fees, zero spread and zero slippage.

I have my own supply of bitcoin to fund it and to begin I'd just do BitUSD and BitBTC

The smartcoin I buy at parity I will sell for a fixed 6% markup on the DEX

535
General Discussion / Re: Stupid committee proposal: Urgent call for help by the BitCNY holders community
« on: November 29, 2015, 08:30:42 pm »
Quote from: Bhuz on November 29, 2015, 08:18:59 pm
@JonnyBitcoin Do you understand that it is a temporary solution?

I really hope so.
And I really hope it's the same rules for all smartcoins and not some special rules for some but not others.

536
General Discussion / Re: METAFEES owners discussion
« on: November 29, 2015, 08:07:26 pm »
Quote from: chryspano on November 29, 2015, 03:27:23 am
Quote from: JonnyBitcoin on November 29, 2015, 12:36:53 am
how can you see the orders owner?

http://cryptofresh.com/

click an asset and scroll down...

thanks

537
General Discussion / A simple fiat bridge into smartcoins
« on: November 29, 2015, 07:29:20 pm »
I've  come up with a simple elegant solution for a fiat bridge which could really help with liquidity and trust in smartcoins.

I suggest we build a bridge from uphold.com fiat tokens to bitshares smartcoins.   

So if you send any smartcoin to (BTS account name: uphold) I will credit your uphold account 1:1 with the same fiat denomination which you can then withdraw to your bank account through uphold.com at zero cost.

Bridging the other way would come at a premium but would allow bank transfers into smartcoin in a simple 2 step process.

I'm not a dev but would like to work with one to make this a reality.

538
General Discussion / Re: Stupid committee proposal: Urgent call for help by the BitCNY holders community
« on: November 29, 2015, 06:31:34 pm »
The market will be deciding the mark up not you or transwiser.

paypal has hidden costs such as they can freeze your account at any time or they could leak you personal details.

Also paypal does charge merchants a markup which the end user actually pays for because the merchant has to build that price difference in to the retail price.

539
General Discussion / Re: Committee Proposal: Urgent call for help by the Chinese Community
« on: November 29, 2015, 06:24:40 pm »
Quote from: btswildpig on November 29, 2015, 06:07:10 pm
Quote from: Samupaha on November 29, 2015, 05:57:00 pm
Quote from: Akado on November 29, 2015, 05:46:23 pm
Quote from: Samupaha on November 29, 2015, 05:40:58 pm
This seems an awful lot like the traditional finance business. Big banks do irresponsible business, get in trouble and government has to save them because they are too big to fail.

I would rather see that Bitshares treated every business with same rules, whether they are small or big – no privileges to anybody. In the long run that is the best strategy because it is the only way to make sure that our blockchain is mostly used by competent businesses. More we have businesses with working business plans, more we get users and revenue. Bailing out incompetent businesses is not a good way to use our scarce resources.

I mentioned this too. Thing is at the moment we are too small not to give this businesses some flexibility. I'm not defending either options as I'm not yet comfortable enough to take a side. But atm BitShares is dependent on these businesses. This situation can have a strong effect on BitShares and it must be taken into consideration

Yes, this can be forgiven once, we are still so small that nobody cares. But when we start to grow this kind of action cannot happen again. All businesses have to be sure that we are not bailing out any bad businesses at the expence of others. Otherwise good businesses don't want to use our blockchain and we'll have only the bad ones.

Lol . Transwiser is the only legitimate proof that BitCNY is actually worth 1 CNY .
Without this kind of "bad business" to take risk to ensure a fine peg , no matter how you paint , no merchant in the world would use a crypto token that's suppose to be backed by another crypto token and they need to change their BTA to this weird looking token in order to get their fiat value . Telling them that their BTA is backed by this weird looking token but no one is willing to put up fiat 1:1 at anytime to buy it and they can only get their fiat value by selling this weird looking token on another exchange ...

Yeah , imagine that . tell your friends about this amazing price stable token , see how they react .

The only legitimate proof needed to demonstrate that 1 BitCNY is worth 1 CNY is the forced settlement feature at parity.
1 CNY is probably gonna be worth about 0.95 bitCNY but that is up to the market to decide not transwiser.

540
General Discussion / Re: Stupid committee proposal: Urgent call for help by the BitCNY holders community
« on: November 29, 2015, 06:19:01 pm »
Quote from: btswildpig on November 29, 2015, 06:12:43 pm
Quote from: JonnyBitcoin on November 29, 2015, 05:11:53 pm

Holders of CNY had the value of their smartcoin value decimated overnight when the peg floor was removed from beneath them by a simple committee vote.

whats the point of a smartcoin if it doesn't have a guaranteed minimum value?  why has the peg been removed?

Maybe the feed providers were feeding in the wrong price.
Maybe transwiser didn't understand the business they were in.
Maybe someone someone was sad that they might lose money.

I think we need to vote in some new committee members who have more conviction in the value and purpose of what a smartcoin is and does.

BTC38 and transwiser accepts BitCNY on a 1:1 ratio in exchange for ACTUAL CNY with large volume .
If you can buy cheap BitCNY lower than 1 CNY value  , you will make a killing by selling it to BTC38 or transwiser ,
DEX is not the only place to realize the value of BitCNY these days .

Yes and its not a good business model doing 1:1 exchange between bitCNY and CNY they will lose money doing this.
A better and more sustainable business model might by for them to buy bitCNY at 1:1  but then sell bitCNY for a 5% markup

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