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Messages - JonnyB

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541
General Discussion / Re: Stupid committee proposal: Urgent call for help by the BitCNY holders community
« on: November 29, 2015, 06:06:25 pm »
Your comment doesn't actually make much sense.
I've never complained about the free market here,
I've complained that democratically elected committee members such as yourself have casually voted for changing the fundamental structure of what a smartcoin is.

And the fact that you keep saying that forced settlement is a flaw or a loophole is really winding me up when it's actually a critical part of the design.
It just shows to me that you are not a suitable candidate to be a committee member in my opinion.

542
General Discussion / Re: Stupid committee proposal: Urgent call for help by the BitCNY holders community
« on: November 29, 2015, 05:25:47 pm »
One change that is probably needed as @svk pointed out is that when smartcoin is force settled it should take any bids above the feed first.

But once they're all gone the feed price should be the floor.

also you could increase the fee to do a settlement.

543
General Discussion / Re: Committee Proposal: Urgent call for help by the Chinese Community
« on: November 29, 2015, 05:15:33 pm »
Quote from: Akado on November 29, 2015, 04:58:27 pm
Quote from: cube on November 29, 2015, 04:46:36 pm
2) Stopping the opportunist users to exploit the flaws in the bitshares system and gain at the expense of our major partner.  If we allow the opportunistic exploits to happen, words will spread.  Other potential business partners will lose confidence and trust in doing business with the Bishares DAC. This is certainly against Bitshares's interest.[/b]


Some members are against this specifically because they can't exploit  :)

exploit what flaw?

if a market participant can see a way to profit they should do as it makes for a more efficient marketfor everyone.

arbitraging lowers spreads!

544
General Discussion / Stupid committee proposal: Urgent call for help by the BitCNY holders community
« 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.


545
General Discussion / Re: Committee Proposal: Urgent call for help by the Chinese Community
« on: November 29, 2015, 12:29:36 pm »
This is bullshit.

Last night large bitCNY holders held and asset that was pegged to CNY.

This morning their bitCNY is not really pegged to anything and subsequently worth a lot less.

Does the bitshares community want to create a stable trustworthy alternative to bank money or not?

546
Technical Support / Re: What will force settlement bring to the market and why I call it robbery?
« on: November 29, 2015, 09:37:26 am »
Quote from: bitcrab on November 29, 2015, 09:27:02 am
Quote from: JonnyBitcoin on November 29, 2015, 09:18:44 am
If you hold a smartcoin the peg has to have a floor at parity with the asset it mimics.
There can be a premium to buy it but never a loss when disposing of it.
I don't even like the 24hrs you have to wait when you hit settle.
It's not really a market pegged asset if you can't settle when you want to.

traders need to put up big buy walls at settlement price and then sell for a 5% premium.

you can issue a private smartcoin and set instant force settle and check its behavior.

We don't want any more smartcoins in the same currency, We need everyone using the same one so it becomes liquid.
For liquidity we need the ability to to buy at feed price with deviation.

547
Technical Support / Re: What will force settlement bring to the market and why I call it robbery?
« on: November 29, 2015, 09:18:44 am »
If you hold a smartcoin the peg has to have a floor at parity with the asset it mimics.
There can be a premium to buy it but never a loss when disposing of it.
I don't even like the 24hrs you have to wait when you hit settle.
It's not really a market pegged asset if you can't settle when you want to.

traders need to put up big buy walls at settlement price and then sell for a 5% premium.

548
General Discussion / Re: METAFEES owners discussion
« on: November 29, 2015, 12:36:53 am »
how can you see the orders owner?

549
General Discussion / Re: METAFEES owners discussion
« on: November 28, 2015, 10:48:23 pm »
FREE MARKETS!`

550
General Discussion / Re: UI Progress
« on: November 27, 2015, 08:51:15 pm »
Quote from: Thom on November 27, 2015, 06:32:21 pm
Troll box? A chat interface is different than a troll box, if what I've seen elsewhere is a troll box.

I hate the damned things, they just provide a lot of noise and nonsense to distract what I'm there for. If people more or less stayed on point like the chat window in mumble I could see it possibly being useful. In my experience it's 50 zillion convos between separate groups of people and hard to track a single group / convo.

If you know what the old school telephone party line was, a troll box is like that but with many different conversations occurring in real time simultaneously. It would be like a mumble session where fuzzy is talking with BM on one topic, I am talking with Stan on a different topic, DataSecurityNode is talking with kencode on yet another, all at the same time in real time. A real audio mess. That's how I feel a troll box is in text.

I'm OK with adding one so long as it isn't visible by default. It would be a terrible I/F for support. Private chat on the other hand would be perfect.

the chatbox/trollbox is a reflection of people using the platform.  Bitshares users are few in number and love bitshres. I think you would find the quality of chat would be much much higher and by the time it was like poloniexs trollbox we would have loads of liquidity which is what we are aiming for.

I think it needs to be on by default with the option to disable it.

551
General Discussion / Re: Using Bitcoin as Collateral
« on: November 27, 2015, 07:36:58 pm »
Quote from: clout on November 27, 2015, 07:04:12 pm
Quote from: mf-tzo on November 27, 2015, 06:48:30 pm
I am not sure I understand exactly what you mean since I never figured out the SQP but the first thought that came reading this why bitbtc should be treated differently than bitusd. i.e if you think that there is a need for real btc to collateralise bitbtc then real usd should be needed to collaterilize bitusd as well..

The volatility of the BitBTC/BTS market is greater than that of the BitUSD/BTS market so shorts are more likely to get margin called which means they incur the cost of the SQP more often, which in turn creates a premium for BitBTC since shorts are willing to purchase  BitBTC up to a 10% premium in order not to incur the cost of the SQP.

I think that the market could work just as it works with BitBTC or BitCNY markets but the devs/committee/witnesses are unwilling to lower SQP.

Also it is not possible for the Bitshares blockchain  to hold fiat collateral, where as it is possible for the Bitshares blockchain to hold bitcoin collateral,  because all that is necessary is the processing of information. I just don't know how feasible it is to implement.

the concept of the bitshares blockchain locking up real bitcoin inside it is called sidechains.

This would be a huge step forward for bitcoin but hasn't been possible yet. The company trying the hardest to make this a reality is https://blockstream.com/

If and when sidechains work and bitcoincan be moved to other blockchains there will be no need for BitBTC at all.

There will still be a need for BitFIAT though. 





552
General Discussion / Re: Committee Proposal: Urgent call for help by the Chinese Community
« on: November 27, 2015, 06:45:25 pm »
Quote from: Xeldal on November 27, 2015, 06:41:41 pm
The urgent crises is that we have many committee members gone wild, who do not understand the system they are representing. 
The other urgent crises is that we continue voting for these committee members who consistently demonstrate they don't have a clue how things work.

Settlement is not a loophole, and is nothing new.  Its been available since the begining.  it was thoroughly discussed and understood long prior to BTS2 and is a critical function. 

Any available arbitrage opportunity is due to improper pricing of bitCNY by its users/gateways etc.  If transwiser is taking a loss they need to adjust their pricing.  We do not need to change the entire design of bitshares markets to fit 1 gateways uninformed business model.

There is no need to disable the settlement.  If it doesn't already, forced settlement should take all available bids below the feed before pulling from the least collateralized shorts.

this 100%

553
General Discussion / Re: Committee Proposal: Urgent call for help by the Chinese Community
« on: November 27, 2015, 06:12:40 pm »
I'm the one whos been buying BITCNY and settling it for bts profit. :-)

what we need for efficient liquid markets is this:

Allow  a buy/sell order that moves with the settlement price +/-  a deviation as a percentage.

Eg.
buy at settlement feed - 2% 
or
sell at settlement feed + 2%

this would allow joe bloggs to add liquidity to all markets very easily and avoid smartcoins being sold below settlement price.

others have suggested we need to copy bitstamps instant buy function where it adds a buy order at highest price and adjusts it to be the highest bid but not buying into the sell wall. This is not the same as what I have suggested above and I don't think it would help.


554
General Discussion / Re: instant profits from instant settlement?
« on: November 27, 2015, 06:05:40 pm »
Quote from: Xeldal on November 27, 2015, 04:57:44 pm
Quote from: JonnyBitcoin on November 27, 2015, 04:35:28 pm
if you can buy smartcoin cheaper than feed and than setlle for a profit why isn't their a huge buy wall just under the feed price all the time?

Generally with rational market participants you shouldn't be able to buy smartcoins cheaper then the feed.  Anyone selling there is making an error, doesn't know about settlement, are in a hurry,  or they figure the price in 24hrs will move against them so much that it will be cheaper to not use settlement.

You are welcome to maintain a bid just below the feed, you simply risk 24hr price movement and the fee's involved.  As well as the possibility that your bid will never get hit, if market participants are rational and efficient.

This is why we need a function that allows you to set a buy/sell order that moves with the setllement price +/-  a deviation as a percentage.

Eg. buy at settlement feed - 2% 
or
sell at settlement feed + 2%

this would allow joe bloggs to add liquidity to all markets very easily.

555
General Discussion / Bitshares Meetup in the UK on the 22nd Dec in manchester
« on: November 27, 2015, 04:44:29 pm »
I'm doing a Bitshares meetup on the 22nd Dec in manchester (UK) at madlab on edge street

http://www.bitcoinmanchester.org.uk/meetings/bitcoinmanchester-20/

http://www.meetup.com/Bitcoin-Manchester/events/227039202/
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