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Messages - Agent86

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196
General Discussion / Re: Where have all the bids gone?
« on: August 27, 2014, 02:44:17 pm »
Quote from: bytemaster on August 27, 2014, 01:54:12 pm
The price needs to offer people incentive to go long USD and thus the peg will currently be biased and thus BitUSD is currently 14% cheaper than USD.   To me 14% seems like a reasonable premium to entice people into BitUSD.
The only incentive people need to buy bitUSD is the additional benefits of bitUSD over USD (easy international transfers etc.)   They should be willing to pay the full price for these benefits.

Quote from: bytemaster on August 27, 2014, 01:54:12 pm
So if you want to trade BitUSD vs USD you just have to ask yourself which way will the spread be moving and trade accordingly.

If we were to use "price fixing" as you suggest then you would just dry up the supply of BitUSD and nothing would happen.  I already hate the 10% limits on either side of the feed which were interfering the other day.
The point of BitUSD is not about trading profits.  The point is to create an asset that is useful by virtue of how closely it tracks real USD.   The supply doesn't dry up because bitUSD that tracks USD and has benefits of crypto is valuable to some people.

The term "price fixing" has a lot of negative connotations that have nothing to do with what I am proposing and it's not appropriate.  On some level the whole point is to "fix" the price of bitUSD to USD without centralized counterparty risk.  Under my proposal all trades are still entered into voluntarily by people taking opposite sides of the transaction.

197
General Discussion / Re: Where have all the bids gone?
« on: August 27, 2014, 02:09:00 pm »
Quote from: bytemaster on August 27, 2014, 01:54:12 pm
Quote from: Agent86 on August 27, 2014, 01:45:48 pm
bytemaster, you are wrong.  The current market mechanic is flawed.

Using the price feed to set a floor price for valid bitUSD shorts is imperative.  The good news is that this will make bitUSD really work and it will actually track the value of the dollar nicely!  Please act quickly.

Agent, I am going to disagree with you on this one.  The price needs to offer people incentive to go long USD and thus the peg will currently be biased and thus BitUSD is currently 14% cheaper than USD.   To me 14% seems like a reasonable premium to entice people into BitUSD.  It means many people want to leverage up and are so sure of their position they are willing to do it at 14% above market.   The next time we get to bubble highs you will see this spread approach 0 or go negative as demand for a hedge increases. 

So if you want to trade BitUSD vs USD you just have to ask yourself which way will the spread be moving and trade accordingly.

If we were to use "price fixing" as you suggest then you would just dry up the supply of BitUSD and nothing would happen.  I already hate the 10% limits on either side of the feed which were interfering the other day.
I have to do something for work but will respond when I can.

198
General Discussion / Re: Where have all the bids gone?
« on: August 27, 2014, 01:45:48 pm »
Quote from: bytemaster on August 27, 2014, 01:35:25 pm
I think people are still learning the best strategies....  I made some money over night with the following strategy.

1) Buy BitUSD when prices BTSX is high and BitUSD is cheap vs USD
2) Sell BitUSD at the "peg price"  (I make money on corrections automatically)
3) Places shorts low to catch a market correction. (when the market overshoots on the down side I get solid short positions)
4) Cover shorts with USD that was bought cheap.

Anyone who wants to trade on the BTSX volatility can make a killing right now. 

So for the BTSX bull who is also a trader the slight discount on BitUSD vs USD is irrelevant and mostly a constant offset that will gradually move closer and closer to the peg over time as liquidity is added.
bytemaster, you are wrong.  The current market mechanic is flawed.

Using the price feed to set a floor price for valid bitUSD shorts is imperative.  The good news is that this will make bitUSD really work and it will actually track the value of the dollar nicely!  Please act quickly.

199
Stakeholder Proposals / Re: Criteria for selecting delegates
« on: August 27, 2014, 12:51:25 pm »
Quote from: alphaBar on August 27, 2014, 06:03:58 am
I refuse to vote more than 1 delegate per person. Furthermore, if a person has more than a couple of delegates in the top 101 I will do my best to vote them ALL out. It is harmful and should be discouraged.
I agree with your focus on reputation. 

I disagree about refusing to vote for anyone running multiple delegates. 

I think it is helpful if very trusted members of the community run more than one delegate as a candidate (at least until we have more than 101 great delegate candidates).  They should be named in a clear way to make it obvious they are all related (use sub accounts).  They should also be clearly ordered by priority so if you are only going to vote for one of their delegates you vote for delegate "1".

for example:
1.alphaBar  -> this is your primary delegate, encourage people to vote for this one if they only want you to have one delegate.
2.alphaBar  -> this is your secondary, if someone really trusts and likes you a lot they may vote for both your primary and secondary delegate.
3.alphaBar  -> this is your tertiary

If it gets very competitive and we have lots of great candidates and we don't allow more than 101 delegates (I prefer a dynamic number) than it could get to the point where few if any would be able to get more than their primary delegate elected.  But, I don't think we should judge people negatively for running multiple delegate candidates in a transparent way.  If someone was caught trying to run sockpuppets without being upfront then that is a problem and a trust issue.

200
General Discussion / Re: Use feeds to restrict BitUSD shorting (BitUSD issuance)
« on: August 27, 2014, 03:04:06 am »
Quote from: toast on August 27, 2014, 02:16:41 am
Quote from: Agent86 on August 27, 2014, 01:42:14 am
Quote from: toast on August 27, 2014, 01:34:48 am
So? These are people who would still short at a dollar. They have to pay more so there would be some percentage fewer usd but they would still be selling and pushing the bids down. Why would it suddenly track?

Sent from my SCH-I535 using Tapatalk

Well if they're shorting at a dollar then the price of bitUSD is now a dollar (what we want)

It costs a dollar to buy but you cannot sell it for a dollar. Having the shorts who are shorting undervalued now pay 10% more to take those shorts would not make them all want to stop taking out shorts and trying to find people to buy it. I think the order book would look almost the same except near the lowest asks it would be just asks instead of asks mixed with shorts, and there would be *only slightly* less selling overall - in proportion to the effective fee they're paying
I think you're wrong. Skype me.

I think anyone who cares about BTSX should NOT short bitUSD right now (at least not below dollar value).

201
General Discussion / Re: Use feeds to restrict BitUSD shorting (BitUSD issuance)
« on: August 27, 2014, 01:42:14 am »
Quote from: toast on August 27, 2014, 01:34:48 am
So? These are people who would still short at a dollar. They have to pay more so there would be some percentage fewer usd but they would still be selling and pushing the bids down. Why would it suddenly track?

Sent from my SCH-I535 using Tapatalk

Well if they're shorting at a dollar then the price of bitUSD is now a dollar (what we want)

202
General Discussion / Re: Use feeds to restrict BitUSD shorting (BitUSD issuance)
« on: August 27, 2014, 01:31:28 am »
Quote from: toast on August 27, 2014, 01:21:29 am
For the fact that it is not tracking perfecrly now to be evidence that you need feeds you would have to explain why you wouldnt see undervalued usd at this point with feeds. There has not yet been any event that whose outcome would have depended on what the feeds said assuming they were sourced from bter and btc38

Sent from my SCH-I535 using Tapatalk

Using feeds as a floor for initial shorts would make the price track very well.   The reason the price is undervalued is because people are allowed to short it into existence below the actual value of a dollar.

203
General Discussion / Re: Use feeds to restrict BitUSD shorting (BitUSD issuance)
« on: August 27, 2014, 01:27:50 am »
Quote from: TheOnion on August 27, 2014, 01:16:19 am
I do not know if I am purist or not but:

Trading bitUSD based on feeds is just plan B, in case the true market does not work.

It is still based on market forces, the only thing I am changing is that you can't issue new bitUSD (short it into existance) at a price below the actual value of a dollar.  It makes no sense for us to issue more bitUSD when there is an abundance that is pushes the price below parity.  Without feeds it doesn't work.  And the price feeds are designed in a very good way so they are very difficult to manipulate.

204
General Discussion / Re: Use feeds to restrict BitUSD shorting (BitUSD issuance)
« on: August 27, 2014, 01:07:32 am »
I know the "purists" don't like it, but we need to use the price feeds guys.  We need to use the median price feed as a floor for new issuance.  Without the price feeds it doesn't work!

205
General Discussion / Re: Use feeds to restrict BitUSD shorting (BitUSD issuance)
« on: August 26, 2014, 06:22:52 pm »
Quote from: xeroc on August 26, 2014, 06:20:17 pm
market is out of control of the delegates ... 1h moving average took over .. feeds are worthless now .. (at least that is my understanding of the ignition of the market)
I'm suggesting we revisit this policy and take a different approach.

206
General Discussion / Use feeds to restrict BitUSD shorting (BitUSD issuance)
« on: August 26, 2014, 06:17:32 pm »
BitUSD should only be brought newly into existence when it is trading above the value of USD (extra demand for the extra benefits of the bitAsset version of BitUSD)

I suggest we use feeds to set a floor for shorting bitUSD.  You can short but it won't be matched with buy orders unless it is above the median feed price. You can let the market otherwise operate freely and still use the moving average to trigger margin calls.

207
General Discussion / Re: Stolen fund alert system?
« on: August 22, 2014, 03:55:34 pm »
With a larger market cap we have a bigger target on our backs so to speak.  A few bad stories of hacks and it will start to get hard to convince people that it's safe to hold bitUSD or use BTSX as a "bank."  If early adopter tech nerds are getting their funds stolen why should others bother?

Seasoned funds is an important concept.  There could even be an advanced option to select a fund seasoning length for an account with a few options.  The default could be one week with a warning if you make it shorter.

I know it sounds a little complex but it's very useful and it will give people way more confidence to hold funds in bitUSD when they see that people don't get hacked and taken advantage of on BitShares.

BTW… If we don't restrict the internal marketplace to only seasoned funds, than any talk of a rollback or hardfork to deal with theft would be a cluster; it's just too easy for the thief to liquidate quickly and affect lots of people.

208
General Discussion / Re: What if the market-peg doesn't work?
« on: August 21, 2014, 10:51:27 pm »
Quote from: bytemaster on August 21, 2014, 10:43:27 pm

Quote from: Agent86 on August 21, 2014, 10:42:10 pm
Hi BM,  Can you clarify is the current market trading restricted by price feeds or only restricted by a moving average of prior trading activity?
Sorry I didn't keep up with this.
Moving avg. 

Sent from my iPhone using Tapatalk
Why do it that way?  I think the price feeds are more reliable and more difficult to manipulate.  If delegates decide to base their feed on a moving average they are free to do so.  With the feeds it's not possible for it to drift and there can be more assurance of control.  Delegates can make smarter decisions to accommodate the market without being manipulated.

I agree with the new tighter tolerances but I think it's better to use feeds.  I think the feeds can be very reliable, even if we have to demand that delegates stay on top of their sh*t.

209
General Discussion / Re: What if the market-peg doesn't work?
« on: August 21, 2014, 10:42:10 pm »
Hi BM,  Can you clarify is the current market trading restricted by price feeds or only restricted by a moving average of prior trading activity?
Sorry I didn't keep up with this.

210
General Discussion / Re: Earn 5% on your BitUSD Now with BitShares X
« on: August 21, 2014, 10:36:21 pm »
For the record, I don't like this idea.  I think there are ways of doing interest paying bonds but I don't think this is it.  I hope we don't push this or advertise it anytime soon.

"Holding this asset would appreciate at 5% based upon consensus alone"
If you are suggesting this doesn't require changes to the code, just a different asset name, than I don't think it works.

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