Voted

recently there are a lot of price feeding relevant discussion on Chinese community and wechat groups https://bitsharestalk.org/index.php?topic=26909.0

summarizing the discussion and reviewing what happened in the market these 2 days, I suggest witnesses to adopt a new model for CNY price feeding:

suppose A = BTS price in bitCNY at DEX + bitCNY deposit fee, Bi = BTS price in CNY got from one big external exchanges.

feed max(A,B1,B2...) as the BTS price in CNY.

let me explain why suggest to do so:

there are always shorters who watch the whole market, the dept positions in DEX everyday, and they are clear about the margin called rules in DEX, so when bear comes, they begin their work: sell BTS in big quantity in centralized exchange and lower the fee price and make the big debt position margin called, and they buy the margin called orders to make profits.

surely there should be shorters exist in a healthy market, but it's not good to always encourage shorting and speed up the falling of BTS price in bear market. to cultivate the smartcoin ecosystem, it's necessary to continually optimize the rules to encourage longers and discourage shorters.

the target CR is a very good new feature to do so, but we still need more optimization.

external centralized exchange are not transparent enough, in some market like zb.com, user can borrow BTS and short, and price come from these exchanges are mostly coverted from in BTC to USDT and then CNY, the too long conversion chain involve many uncertain factors.

BTS/bitCNY pair in DEX is the BTS trading pair with highest volume on the earth, and bitCNY has a convenient channel to fiat CNY, so this price can answer exactly in  what a price people can buy/sell BTS in fiat CNY.

sometimes the price in one market can be temporarily lower or higher then other markets, if the finally adopted price  temporarily higher than the actual price, it lead to little problem, but if the finally adopted price is temporarily lower than actual price, it may lead to margin call which should not happen, this is why I suggest to feed max(A, B)

currently the fed price to DEX comes from centralized exchange, it is like the neck of DEX are grabbed by exchanges outside DEX, we should let DEX itself play more important role in price finalizing, let the longers and shorters fight in DEX, not other exchanges.

to be careful, I suggest only try this model in CNY price feeding at first.

I am confused.... external price is ALWAYS higher than the internal one (right now we have 0.83 dex market price and 0.87 feed price)

Is the deposit fee higher than 5% which would be required for this to have any effect?

All these long nights finally paying off!

This worker hits right at a point I too have been considering and that is that the reference wallet , by being the reference and thus having to support every single way of interacting with the bitshares platform, has ended up too complex for the average user.

A more community orientedalternative, such as the one described in this worker will help adoption imho and will also provide the reference wallet team with some breathing space.

I am unsure about the total budget of this worker. I think it might be overestimated but as it is a budget worker and trusty team has already delivered a working product, while DLs commitment to transparency and hate for unnecessary costs is well-documented, I am sure funds will be used with dilligence.

I also hope that there will be a lot of collaboration between UI teams (especially as pertains to the bitsharesjs library) to ensure even better results for both.

Looking forward to this.

Hi everyone,

Website is live: https://hackthedex.io/

If you have any issues, questions, or feedback, let me know.

We can adjust rules as need be, so let's discuss what's best for the community.

Also, if you find the easter egg, let me know. 

AWESOME

_____________________
- I've personally tried to use best of my networking knowledge and create a pattern on the globe to utilize maximum availability. We did first (and only) public node in Australia and Canada, covered from East to West Coast of USA (where last year was only Xeldal and broken Texas node - before movement of witnesses re bitcrab vote and requirement) and all i'm saying we really had careful picks not just random purchases. I intend to keep utilizing network and optimizing its costs.
- I would point out that ES node that we would be hosting through worker has only sense having home in USA and best ISP for it would be Privex.io - Alex (Clockwork - Witness) is hosting ES in Asia and Fabian (Xeroc - BBF) is hosting ES in Europe.

Thanks for original input and feedback and hope to read more from you on this. Very important topic indeed, since we got into the problem with finance from scalability issues.

Just to clarify...Asia is my API node (seoul)...my ES node is in Finland.

Would be willing to relocate it if I find appropriate host in Asia (or anywhere) if needed.

Charge the security deposit from the asset.   the security deposit should be 888bts at least, to curb the fraudulent and phishing asset.

when someone create a asset，the man need to pay the security deposit to active the asset every year, the security deposit is circular, when paid the new security deposit, then return the old security deposit.

when the asset didn't renew the security deposit timely，then forbid the trading of this asset;

if the asset didn't renew the security deposit  two years，then the DEX can confiscate the security deposit.

hmmm..you might have something there

One cool thing about increasing the network's cut on transaction fees is .... wait for it ... the users are not affected. They pay 100% anyways. The only ones impacted are basically
* openledger, who claimed that referral fees are not their business
* cryptobridge, who seems to make money by listing fees and trading
* other frontends that may come with their own assets just like OL and CB
* bitshares europe, which sofar only has referral fees as income (as it's owner, I would rather see BitShares grow than hold back rational business decisions out of pure and stupid greed)

LTM Users too, they'll only get 50% instead of 80% cashback.

Not sure how many bots are depending on that for their profit margin.

Quote from: abit on July 17, 2018, 09:42:01 pm

Sounds like a good idea.

Thanks Abit for sharing your thoughts on this WP. I hope that other proxies & committee members follow your lead to come forward and express their support or concerns publicly about this initiative.

That is something that should have been requested and started PRIOR to launching the worker proposal on-chain so you could tweak it before putting it up for voting. (and no, a few hours, at least as far as the forum post is concerned does not constitute "PRIOR")