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Messages - biophil

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46
General Discussion / Re: Bitshares price discussion
« on: February 06, 2018, 06:34:38 pm »
Quote from: valtr on February 06, 2018, 10:26:05 am
Quote from: crypto4ever on February 06, 2018, 09:03:11 am
Quote from: inarizushi on December 16, 2017, 12:46:16 pm
Please do keep in mind that this whole general pump is largely fueled by the Tether scam   :-\...

You were right more than you may have realized!  USDT from tether is a massive sell off for Bitcoin, Bitshares, many different currencies everywhere.

https://news.bitcoin.com/bitfinex-printed-one-third-usdt-receiving-subpoena/

All you have to do is look for any Market on coinmarketcap.com that has a USDT trading pair... everyone is liquidating USDT and trading it for other coins and then most probably doing withdrawals back to fiat.
Well if I understand it correctly: Those selling their crypto for tether will end up with "money" worth nothing as always in history.

Likely enough. I quit using USDT a long time ago, a while before I quit using BitUSD (because we have some whales who are dancing awfully close to undercollateralization and black swans).

I'm absolutely shocked that the Tether people have been able to maintain USDT-USD parity for so long without even the illusion that USDT can be redeemed for USD. Seems like by now we'd start to see BTC/USD and BTC/USDT prices diverge, but they've been pretty well locked together for months. Blows my mind.

47
General Discussion / Re: Delegates Please Publish Feeds More Often
« on: January 30, 2018, 06:36:27 pm »
Quote from: abit on January 27, 2018, 06:47:19 pm
Quote from: yvv on January 26, 2018, 12:37:19 pm
Quote from: xeroc on January 26, 2018, 07:15:58 am
Quote from: yvv on January 25, 2018, 11:36:59 pm
There is no need for short squeeze protection imo. When a margin call happens, the system should take all orders up to a limit defined by collateral.
As the name implies, the short squeeze protection is to protect shorters for overpaying in low-liquidity markets.

Why to do this? Shorters deposit collateral to protect bitAssets. If a shorter can't maintain his collateral, use it all to buy back his debt. What's a problem with this?
Where you sit determines what you say.Where you stand depends on where you sit.

To state it explicitly, people with large short positions want to offload as much of their risk as possible to people on the long side. Hence things like short-squeeze protection and bitcrab's bizarre arguments for nonzero force-settle offsets.

It's things like this that have really weakened my trust in the BitAsset system. It seems that there is a deep incentive problem here:

If BitShares does well, people who took out short positions on BitAssets make a ton of money and gain a large share of the total stake. Since those people have short positions, they have two things:
1. Strong individual incentives to offload risk to longs, and
2. The voting power to make that a reality.

Of course, the whole point of holding BitAssets is that they're supposed to be a place to harbor oneself from price volatility and risk, and in my view, BitAssets are one of the major selling points for Bitshares overall. So if the large shorts vote their own interests myopically (which they have both the incentive and the ability to do), they weaken one of the very pillars that holds up Bitshares itself.

Maybe I'm overstating the importance of BitAssets to the overall Bitshares ecosystem? In any case, I've been aggressively reducing my exposure to BitAssets ever since I realized the magnitude of the incentive problem. The black swan risk is just too great and too difficult to quantify for me to keep significant amounts of my wealth here anymore.

48
General Discussion / Re: What is the best way to download all of my account history?
« on: January 30, 2018, 06:14:45 pm »
Quote from: oxarbitrage on January 27, 2018, 02:39:52 pm
Ok guys, sorry the delay. I had moved elasticsearch to a new node and now it is fully in sync and working. I changed the exporter to point to the new place, please try again:

http://open-explorer.io/bitshares-account-exporter/

I also increased the timeout to 60 seconds so big accounts can be downloaded without the need to go over it in chunks.

I confused at first with your account, thought it was biophil but i see now it is http://open-explorer.io/#/accounts/zebulon with 3782 operations.

I was able to download your account history now, sending the csv by email too but you can go ahead and try to download from the online tool.

thanks for the patience.

Fantastic, looks like the tool works fine now, and I also got the CSV by email. Thanks very much!

49
General Discussion / Re: What is the best way to download all of my account history?
« on: January 30, 2018, 06:12:47 pm »
Quote from: Spady007 on January 28, 2018, 05:57:56 am
Hello. I'm also trying to download all of my transactions in order to reconcile my account. I followed the above steps and it appeared to work. The issue is the CSV file has plenty of data, but not the simple data I'm looking for - such as fill price and amount of bts purchased.

Appreciate any help!

I'll be writing some Python tools to parse the CSV file into human-readable data, if that's any help. I'll come back here with a github link when/if I get the tools working in a publicly accessible way.

50
General Discussion / Re: Smartcoins on an interest/dividend paying asset?
« on: January 30, 2018, 06:10:31 pm »
Quote from: xeroc on January 26, 2018, 07:16:55 am
Quote from: biophil on January 25, 2018, 08:00:43 pm
Here's some official stuff: http://docs.hero.global/en/master/

That's not "official" .. it's just a page that factually documents what's actually going on.

Fair enough, I edited it.

51
General Discussion / Re: What is the best way to download all of my account history?
« on: January 26, 2018, 04:03:14 am »
Quote from: yvv on January 25, 2018, 11:27:58 pm
It has 30 sec timeout hard coded. So you better retrieve your history in chunks, which can be processed in less than 30 sec.

I'll try that more deliberately, but I tried something like that already and didn't get anything. But I'll give it another go.

52
General Discussion / Re: What is the best way to download all of my account history?
« on: January 25, 2018, 09:12:36 pm »
Thanks for the pointer. I tried the CSV exporter, and it looks like something is wrong -- it hangs for a while (30 seconds?) and then gives me a CSV that only has column headers but no actual data. Nice explorer, by the way. I only just learned about it today; has it been operating a while?

I'll PM you my email address to send me what you exported!

53
General Discussion / What is the best way to download all of my account history?
« on: January 25, 2018, 08:11:16 pm »
I'm trying to compile a good record of my Bitshares activity, and the web wallet doesn't give you much history. Does anybody have a nice CSV history service or anything? Or a better web interface that lets you download history?

54
General Discussion / Re: Smartcoins on an interest/dividend paying asset?
« on: January 25, 2018, 08:00:43 pm »
Quote from: Gleepower on January 21, 2018, 05:51:20 pm
If you had asset which tracked the dollar had as its underlying a share in a bank, then a borrower of this asset would get dividends from (collateral - feed_price * debt) units of the share and the smartcoin owner would get feed_price * number_owned units of the share.

One problem if you wanted to have bank deposits which pay interest would be to when you make the payments since if you make the payments every year, then the price of the smartcoin will rise closer to the dividend date, and drop instantly after the dividend is paid, which defeats the point of the smartcoin tracking the dollar.

One very simple way to hack this is already in operation with HERO, a smartcoin which tracks BitUSD +5% APR. Here's some information: http://docs.hero.global/en/master/

I wrote about some issues with it on Steem: https://goo.gl/nguw6E

55
General Discussion / Re: Delegates Please Publish Feeds More Often
« on: January 25, 2018, 06:15:47 pm »
Quote from: binggo on January 19, 2018, 01:20:40 am
The root problem is not the feed price and the max short-squeeze ratio.

The root problem is the DEX is very very friendly to the shorter, when someone was forced liquidation, the rest of BTS should be withdraw at least 60%  as a punitive margin by the DEX.

Yes, that's exactly what I'm saying. If I understand it correctly, that's what the max short-squeeze ratio does -- controls the penalty associated with getting margin-called.

56
General Discussion / Re: Delegates Please Publish Feeds More Often
« on: January 25, 2018, 06:14:27 pm »
Quote from: Customminer on January 18, 2018, 08:55:48 pm
Quote from: biophil on January 17, 2018, 03:33:41 pm
Quote from: Customminer on January 17, 2018, 11:09:53 am
Would it also not be worth increasing the max force settle volume per 24hrs? If it's set to 1% and someone has a margin call greater than 1%, perhaps the DEX couldn't clear the margin call fast enough?

I agree that max force settle volume is WAY too low. But I sort of assumed it didn't affect margin calls.

FWIW, the DEX doesn't clear margin calls -- the traders do. A possibly-bigger problem is the max short-squeeze ratio is only 110%, which means that margin calls are not very aggressive and traders don't have much incentive to buy into the margin call. I suppose USD will probably black-swan today because of it. A very serious problem is that Bitshares is too shorter-friendly, at the expense of people who hold the supposedly risk-free bitassets.

What would the effect of changing the max short-squeeze ratio be specifically? Would you desire it increase of decreased? All committee controlled assets use 110%

In my view (bear in mind that I haven't worked through all of the details here), it should be increased. As I understand it, 110% means that a margin call is settled at the price feed plus 10%, which means essentially that the shorter is assessed a fixed penalty of 10% for letting their collateral ratio get too low. Alternatively, BitAsset holders are offered a 10% premium to trade in their BitAssets for BTS. In wild market swings (especially when the price feeds are lagging the external prices), 10% may be too low to clear a high volume of margin calls and prevent a black swan.

I have a vague feeling that the reason the MSSR exists in the first place is to provide a measure of protection against manipulation. Unfortunately the effect of this is to transfer risk from BitAsset short positions to BitAsset long positions.

57
General Discussion / Re: Cryptofresh Block Explorer + MUSE now available
« on: January 25, 2018, 06:07:16 pm »
Quote from: Customminer on January 17, 2018, 11:43:19 pm
I too see 'Node replay in progress'.

Bear in mind there are the following alternative block explorers:
http://open-explorer.io/
http://bitshares-explorer.io/
https://btsapi.grcnode.co.uk/

Know who operates the first two? Their CSV download seems to be broken. I need a way to download my account history...

58
Stakeholder Proposals / Re: Proposal: change back settle offset of bitCNY to 1%
« on: January 17, 2018, 03:42:58 pm »
 +5% Agree.

59
General Discussion / Re: Delegates Please Publish Feeds More Often
« on: January 17, 2018, 03:40:04 pm »
Quote from: sahkan on January 17, 2018, 08:59:06 am
I have read through this and I agree. I have adjusted accordingly and sped up the price publishing to every 20 minutes. (This is of course the complete opposite of what bitcrab was asking for BitCNY).

Is bitcrab the one who thinks that bitasset risk should be moved from the shorts to the longs?

60
General Discussion / Re: Delegates Please Publish Feeds More Often
« on: January 17, 2018, 03:33:41 pm »
Quote from: Customminer on January 17, 2018, 11:09:53 am
Would it also not be worth increasing the max force settle volume per 24hrs? If it's set to 1% and someone has a margin call greater than 1%, perhaps the DEX couldn't clear the margin call fast enough?

I agree that max force settle volume is WAY too low. But I sort of assumed it didn't affect margin calls.

FWIW, the DEX doesn't clear margin calls -- the traders do. A possibly-bigger problem is the max short-squeeze ratio is only 110%, which means that margin calls are not very aggressive and traders don't have much incentive to buy into the margin call. I suppose USD will probably black-swan today because of it. A very serious problem is that Bitshares is too shorter-friendly, at the expense of people who hold the supposedly risk-free bitassets.

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