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Messages - bytemaster

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Technical Support / Re: cli_wallet keeps crashing
« on: March 10, 2016, 02:38:58 pm »
interesting errors.  If we can get a backtrace of the crash that would be helpful.

General Discussion / Re: Bitshares price discussion
« on: March 08, 2016, 10:41:43 pm »
people with more 'insider knowledge' than you or me tend to agree with you...

all those "weird name-weird name" accounts voting for xeroc as of late, send substantial amounts to polo on every price rise...I sincerely doubt they do it to go margin long...
Who are they?

I have no clue..but I am running with your speculation that it is either BM or some developers paid by him.... it just seems the most logical thing I have read or come up with myself.
(other explanations/speculations welcomed)

It isn't me and I don't know who they are.

General Discussion / Re: Bytemaster's Account is Down
« on: February 29, 2016, 07:55:50 pm »
I posted the key to establish its history on this forum.  It is more to protect future issues than to secure the current one.

Stan's confirmation of my post combined with no counterclaims from anyone that it isn't me should be enough to confirm that it is indeed me.

General Discussion / Re: Light Weight Market Status Page
« on: February 29, 2016, 07:53:03 pm »
I am looking for someone to put together a nice "market status" that loads "instantly" rather than with a delay.

It should be able to display any market pair on BTS and show the price history, order book, and market depth chart.

Ideally it would be on something like

It should work with server-side rendering and not require downloading 2MB of JS.

The assets pages have a basic market status section: -- does it load fast enough?

As far as I can tell, it's mostly just missing the depth chart and the ability to look at different pairs.. these market views will get dedicated URLs, something I plan to tackle early March if my worker gets voted in.. and it does look like it's on track :)

Yeah, I would like the ability to specify pairs and to show a depth chart / price up top.   Other stats are less important.

General Discussion / Re: Trustless, Decentralized Bond Market Draft
« on: February 29, 2016, 07:41:24 pm »
Is this SWAN price the same SWAN price that is used now?

Similar concept, but not identical.   SWAN is the price at which the least collateralized position is unable to fully cover itself with its collateral.

General Discussion / Testing Stealth UI
« on: February 29, 2016, 07:36:31 pm »
Anyone who would like to experiment with stealth UI please post in this thread:

To get started, create an account on the test network.
Then go to settings and enable multiple account mode.
Then go to dashboard and create private account
Then give someone your public key.. or get someone else's public key
Then add public account (with their public key)

Private accounts are indicated via a "~ACCOUNTNAME" in the transfer to/from field.  These accounts are not registered and are just local labels.

I have identified some major usability issues that we are going to address...

Some issues I found...

1. It should ask you to unlock prior to asking you to select a new account name rather than failing after you enter an account name because the wallet is locked.
2. Truncating the public key behaves poorly and unexpected when you click on it (we will remove the truncation)
3.  Clicking on a blind account should take you to the transfer page with the "from" already filled in
4. All account balances of from account should be displayed above the history
5. There is no way to recover past transfer receipts after you close the dialog, be sure to copy the receipt and give it to the person you are sending funds to.

This is the minimum interface to get things functional and does not represent what I consider to be a "finished" feature. 

General Discussion / Re: Subsidizing Market Liquidity
« on: February 29, 2016, 05:09:35 pm »
I think I've underestimated the difficulty and/or workload of off-chain data analysis. Current data fetching APIs are not friendly enough to do the analysis work. If it's me to implement this, I may write a plugin of witness_node first to output more data.

I have always thought the process of implementing this off-chain would be the same as on-chain.  The only difference is a single loop that iterates over those that need a payout and pays them. All other tracking would have to be implemented in a way that could be used by the consensus process directly.

The primary benefit to doing it off chain is not forcing everyone to upgrade. 

General Discussion / Trustless, Decentralized Bond Market Draft
« on: February 28, 2016, 04:18:26 pm »
The challenge is to create a bond market where lenders can earn interest while being 100% protected against default by the borrowers. This means that at all times the blockchain must be able to cover all loans on the market.

This is difficult because it is computationally expensive to calculate the cascade effect of multiple margin calls and this must be done after every market operation.

The Solution

Someone who wants to borrow an asset may do so as long as there exists enough orders on the book to cover their new position and all other open loan positions at the price of  the least collateralized loan’s DEBT to COLLATERAL. The least collateralized loan establishes what we call the SWAN PRICE, short for black-swan. 

Every time a limit order is created, filled, or canceled the blockchain updates a running total of how much of a given asset is available for sale above the SWAN PRICE.

Every time a loan position is updated and a new SWAN PRICE is established, the blockchain must also update how much of a given asset is available for sale above the SWAN PRICE.

Basic Algorithm

Code: [Select]
    Let TAS = Total asset for sale above swan price.
    Let TD   = Total asset that has been borrowed

    onOrderUpdate   /// create, cancel, fill
          push undo state
          create, cancel, or fill orders on the book
          update TAS
          if( TAS < TD )
                undo changes and throw
          commit changes
          execute margin call on least collateralized loan
          goto try

Someone looking to borrow an asset makes a request of the network that includes:

1. how much they wish to borrow
2. how much collateral they wish back it with

The borrowing request will be filled so long as they post sufficient collateral. The network will automatically bump lower collateralized positions if necessary.

A margin call can happen for any of the following reasons:
1. If canceling an open order would result in insufficient orders on the books to buy back the debt with the collateral, then a margin call is executed first, then the order is canceled (if it wasn’t used as part of the margin call).
2. If filling an order would result in insufficient orders on the books to satisfy all debt at the SWAN PRICE, then the margin call is executed first.
3. If someone is looking to borrow, offering more collateral than the SWAN PRICE, and there is insufficient orders above the SWAN price then the least collateralized position is called. This will update the SWAN price to the next best.

The impact of these rules is the following:

1. The least collateralized position is always at risk of margin call when there is more demand for loans than orders on the book.
If there are more orders on the book than demand for loans, then collateral requirements can fall and the least collateralized position is safe from potential margin call

2. The ability to move an order, rather than cancel and create a new order must be supported to prevent unnecessary margin calls.
Borrowers will post sufficient collateral to ensure sufficient market depth that they are not at risk of being called.

3. Increasing collateral lowers SWAN PRICE and increases the number of orders above SWAN and thus increases SUPPLY of asset to be borrowed.
Interest Payments

4. Everyone with an open order on the books above the SWAN PRICE is effectively lending money to those who wish to borrow. If there is heavy demand for borrowing then the market response should be to pay interest to the lenders.

In this algorithm, the network charges a “fixed” interest rate on the variable collateral. In this way the interest charged to borrowers grows along with the collateral requirement. Every open order on the books above the SWAN PRICE receives their pro-rata share of the interest paid by borrowers.

Lenders have the ability to “set their interest rate” and “collateral requirement” based upon the price at which they leave their order open on the book. If demand for loans grows enough to find the least collateralized loan  (SWAN PRICE) to be above the order price, then the loan is executed and the lender starts earning interest. If the SWAN PRICE never reaches the order price then the loan is not accepted and no interest is paid.

The impact of interest is to increase the number of orders on the book above the SWAN price which in turn serves to reduce collateral requirements.

The “fixed” interest rate can be configured by the asset issuer. If collateral requirements start to get unreasonably high, then interest rates can increase.

Feedback Wanted

General Discussion / Re: Bytemaster's Account is Down
« on: February 28, 2016, 02:45:19 am »
Hash: SHA512

I'm back... I promise its me ;)
Comment: GPGTools -


Comment: GPGTools -


General Discussion / Light Weight Market Status Page
« on: February 26, 2016, 08:40:22 pm »
I am looking for someone to put together a nice "market status" that loads "instantly" rather than with a delay.

It should be able to display any market pair on BTS and show the price history, order book, and market depth chart.

Ideally it would be on something like

It should work with server-side rendering and not require downloading 2MB of JS.

General Discussion / STEALTH Status Update
« on: February 25, 2016, 04:00:03 pm »
Now that the hardfork has gone through we are preparing to update the permissions on the STEALTH asset and distribute it to Onceuponatime.

We had a slight delay caused by a bug in our testing framework that was preventing us from testing the asset update transactions prior to broadcasting them on the BTS network.

Valentine and James are preparing a beta GUI that the community will be able to test later today or tomorrow.

If everything goes smoothly, we can merge the beta GUI into OL a week later. 

General Discussion / Re: NXT forks BitShares 2.O mojo! goes for scalability
« on: February 24, 2016, 05:45:40 pm »
can someone pull out the good ideas from that thread?

General Discussion / Re: Looking for Most Concise Rationale For SmartCoins
« on: February 24, 2016, 03:59:13 pm »
Ultimately all money is backed by a social network of people trading the currency. When you hold cash your wealth is backed by all of society, but when you deposit your cash in a bank it is only backed by the bank. SmartCoins give you the security of cash with the flexibility of a bank account. The larger the social network behind a SmartCoin the more secure your money becomes.

General Discussion / How much did Stellar and Ripple give new users?
« on: February 23, 2016, 11:26:48 pm »
I am curious how much Stellar and Ripple paid each user who signed up on their platform.

I am particularly interested in the dollar value they gave away.

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