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Messages - matle85

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General Discussion / Request Committee to correct margin sell price
« on: November 25, 2018, 01:41:34 pm »
Margin calls are sold at a lower price to clear margins and protect from global settlement (GS).

BitUSD has just suffered GS and I believe a significant cause of this was the fact margin calls were not clearing. This is because the current formula for calculating the margin sell price considers only the feed price.

During the current downtrend feed price has been 10% above Dex price meaning the margins are being sold effectively at the Dex price.

Margin calls should be sold at "10% lower than the lesser of the feed price and Dex price."

I request the committee to immediately correct this on bitCNY to avoid another GS there.

What about changing the margin sell price so that it is 10% lower than the lesser of the feed price or the Dex price?

That would encourage buying of the margin and mean that margin sell walls are actually eaten.

That is the biggest problem we have at the minute is margins are not eaten. We need to correct that asap otherwise we will never be safe in downward movement.

USDT's rule is "we tell you there's that much USD in the bank and you believe us".

When that collapses it is going to collapse hard.

I am more relaxed than others about the peg not being quite so tight when there is sharp movement - it is much more important in my view that GS is avoided as that causes much more damage to the assets credibility than some small fluctuations in the peg.

Suggest you proxy to George from Bitspark. They have a big voting power now and are against these issues that maybe help the peg or margin holders a bit but make GS more likely.

Guys this isn't the case.

bitUSD has been in existence for 4 years and survived this latest 90% drop in price of BTS. That's pretty remarkable and shows a robust system.

I agree that in recent weeks we have come closer to the global settlement situation than anyone wants but even then bitUSD has been backed by a minimum of 118% of its value.

The key thing for me is - how do we learn the lessons and make the system more robust?

1) The committee account had the right idea but should be EXTREMELY conservative with its margin. In my view it's function should be to step in when GS is getting close.we should not see it being called ever, it should have a call price of 1-2c.

2) BSIP42 needs to be evaluated and witness feeds in general need more clarity. We are talking about 'true' feed prices but at the minute we are concerned some of these feed prices (or at least their volume) is faked - we need to get our heads around that in a transparent way and have more reliable witness feeds. For info I voted against BSIP42 from the outset as I did not think it was the right way to go.

3) How do we make sure margins are eaten? In my view the current '10% below feed price" is not working as that can often match the DEX price. I would propose this is changed to '10% below the lesser of the feed price or the DEX market price'. Margins being sold as we drop is critical and I think that has been the main thing that has brought us so close to GS.

Please also compare our decentralised and blockchain checkable stablecoins against USDT with its endless audit dramas. Are you comfortable 1 USDT is definitely backed up by 1 USD held in a bank? Our solution is MUCH better and much more in line with how crypto should work. We just need to learn the lessons from this heavy drop in price and make the system more robust (note I say 'more robust' because it's been pretty damn impressive that there has been no GS considering 11 months ago everyone was margining on the basis we were about to break BTS = $1!

General Discussion / Re: Marketing Proposal
« on: November 23, 2018, 12:56:25 pm »
This sounds like a good initiative Kong - there is quite a lot of disagreement over where efforts are best spent to get 'mainstream' attention so phasing it seems logical.

I think twitter is a good way of reaching people, the amount of people on there who think Bitshares is a dead project is just insane.

Will the articles be on medium?


I know exectly how things works.I'm a business owner for nearly 22 years now and i doubt any of these will succeed.
But to take that argument from people away
i will create a worker proposal for marketing
i will start as a proxy
and i will get a witness (so i can understand and play more with the script,not expecting to get voted in)

BTW the only decent exchange which has already bitshares and could list bitusd is HitBTC .However the volume of BTS there is very low.Past 24h $92 .
RightBTC had a volume of 0

That's great to hear Thule, look forward to reading it and if you want any input / discussions on drafts I'm sure people would be willing to help - marketing is the big one that will take us to the next level.

Worker for what ?

A worker for any of the things you guys are complaining about constantly - marketing for example. Everyone knows we need something but Xeroc is the only one I've seen source/share a proposal. Contact some companies or draft a scope.

You can also put yourselves forward as an alternative proxy / witness.

Or just keep complaining / sh*tting on everything without contributing anything productive - it's easy to do that from the sidelines.

Alt and Thul - we are decentralised, you do realise there is actually nothing stopping either of you raising a worker and trying to get backing for it?

At least then you could legitimately say "come on guys we are trying here back us up" and complain if the proxies aren't supporting you.

I started typing out some examples but the reality is you both know plenty of the things that could be done so get something out there.

General Discussion / Re: Where is the leadership ?
« on: November 20, 2018, 12:25:02 pm »
2. Get some new big buy orders in eating up those margins. Concern is a lot of people think we are going to head lower so there isn't the buy action there.

General Discussion / Re: Where is the leadership ?
« on: November 20, 2018, 12:19:43 pm »
Hi Thule - thoughts / options welcomed at this point I think.

What would the options be?

  • Reduce Global Settlement (GS) price by improving collateral position of the Committee account:
    - add more BTS with a worker but the 277k/day limit means we wouldn't make a dent in it.
    - sell BTS at a discount from that account to try and balance its position. Issue is this can't be adjusted as it stands so would need to be 'informal' - i.e. someone sends bitUSD to the account, that's used to free up margin and BTS is sent back. Would require a big holder to make any dent.

Just have a look at their support channel where each days people come begging to process their withdrawl request.
Also RightBTC is a very small exchange with faked volume where volume have been already excluded by CMC for some coins.

Hi Thule, we are doing due diligence at the minute on the exchange listing options we have - this includes looking at reputation / user feedback and any concerns over volume. We want to make sure any listings add genuine value to Bitshares.

Stakeholder Proposals / Re: [Witness Proposal] 1.6.129 - zapata42-witness
« on: November 17, 2018, 11:34:18 am »
I'm not aware of any agreed weighting, but abit has publicly expressed his opinions, and this topic has been discussed multiple times here and on telegram.
I agree that some volumes (and trade history) seems faked, so I'll take some time to forge an updated opinion and scale my volumes accordingly.
I'll keep you informed.

Thanks Zapata and just to say, reading through all your posts I'm really impressed by the professional approach you have to this work. You're a great asset to the community.

It would be really interesting to see how the prices at different exchanges vary over time. That will show if some are skewing the price and causing some of the odd effects that Bitcrab & others are concerned about around discounts and force settlements etc.

It may be we consider some more reliable / relevant than others for bitCNY specifically. If the weighting is transparent and justified then it would be fine in my view to give some greater weight and others a reduced weight.

at beginning I'll try LBANK and RightBTC.


Hi Bitcrab - I contacted RightBTC on 20 October when we were discussing the draft worker. They are registered in Dubai which gives me some connection.

They have come back to me today with a quotation for listing bitCNY. I am not sure if you are discussing with them separately but I have private messaged you on Telegram so we can coordinate.

Stakeholder Proposals / Re: [Witness Proposal] 1.6.129 - zapata42-witness
« on: November 16, 2018, 05:10:06 pm »
That's great - thank you!

Have we got agreed weighting for the different price feed sources? I.e. if we are concerned one exchange has faked volume it could be having an unjustified impact on the feed - I can see various discussions on the reliability of different sources but not sure if we maintain a weighting somewhere?

General Discussion / Re: price feeding review
« on: November 16, 2018, 02:42:30 pm »
price feeding is so important for Bitshares and it need witnesses to pay more attention and efforts on this.

witnesses need to publish their algorithm to for voters to evaluate and check with the real feed price.

the published algorithm need to include

1. how the premium is calculated out.
2. how the feed price is calculated out based on premium and other factors.

I am sorry that I'll use my voting power to push this thing, after 20th, Nov, I may update voting on witnesses if the behavior on this is not satisfactory.

I agree price feeding is absolutely critical and the more transparent the better. The clearer we are on what is going on the easier it is to understand / discuss the various adjustments being considered.

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