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Messages - pc

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Stakeholder Proposals / Re: Proxy: xeroc
« on: September 18, 2018, 12:05:25 pm »
What was your voting for BSIP42 ?

He's currently voting FOR the proposal.

It is not possible to disable black swans.

This latest idea together with all the experiments and tweaking have taken bitCNY so far away from the original idea of BitShares' smartcoins that it would make sense to introduce a new kind of smartcoin tailored to your needs.

with BTS price going down, bitCNY are squeezed out, risk and capital cost of shorts increase. but demand change slowly than that, all these lead to higher premium and vice versa.

that's one problem of smartcoin, when premium go farer from 0 there's nothing to stimulate the premium to go toward 0, and that's why we now try the negative feed back price feeding, hope that can help.

Keep in mind that margin called short positions create automatic demand, and the amount of poorly collateralized bitCNY short positions is the biggest reason for the premium.

The whole theory of bitassets is based upon the premium. If bitXY trades with a premium there is an incentive for shorters to create (and sell) more bitXY, which brings the premium down. If bitXY trades below par there is an incentive for shorters to buy up cheap bitXY and close their positions. In both cases, the market price is driven towards par. Therefore it doesn't make sense to claim that nothing stimulates the premium - the premium exists to stimulate market participants.

Can anyone explain why whaleshares doesn't have the inflation protection for vested balances that steem has?
Why should I *not* claim the sharedrop, withdraw and sell as quickly as the rules allow?
AFAIK you cannot powerdown until mid october, and the rate of powerdown is affected by the platform's inflation rate.

Yes, that's what I meant with "as quickly as the rules allow".

I'm not sure about inflation protection, do you mean receiving rewards for held stakepower over time?

STEEM pays 90% of inflation into the vested steem pool, which looks like "interest" on vested steem / steem power. Apparently WLS doesn't do that, so effectively vested WLS are losing value due to inflation.


Can anyone explain why whaleshares doesn't have the inflation protection for vested balances that steem has?
Why should I *not* claim the sharedrop, withdraw and sell as quickly as the rules allow?

General Discussion / Re: Consider derailing feed price
« on: August 19, 2018, 07:34:56 am »
I disagree with OP. First, to me, the linked graph shows an exceptionally stable smartcoin that normally trades between 0.95 and 1.15. Also, I don't see evidence that this spread is the reason for the lack of mass adoption.

A certain spread is required by the system to incentivize market participants to push the price in the right direction.

Providing a deliberately skewed price feed is (once again, so who cares) a violation of the settlement guarantee.

MSSR is an important parameter here, it determine the gap between margin call price and the margin call order sell price, and will impact the behavior of different roles.

the higher the MSSR, the bigger the gap, the easier the margin call order will be eaten, but at the same time, the higher profit of shorting and the bigger the shorting incentive.

the lower the MSSR, the smaller the gap, more difficult the margin call order will be eaten, however at the same time, the lower the profit of shorting and the smaller the shorting incentive.

I'm glad to see that we agree about the mechanisms.

margin call is not bad or good, it will always happen, no use to blame bitCNY shorters who prefer being margin called, they have their risk and they provide liquidity.

I agree that the margin call as such is neither good nor bad. It is, however, an indication of a bad (read: dangerous) situation, i. e. short positions without sufficient collateral, which increases the likelyhood of a black swan.

The health of the system depends on shorters providing sufficient collateral. In bitCNY, shorters don't do that. They prefer being margin called. They even deliberately try to keep the collateral as low as possible, perhaps because only the least collateralized positions can profit from the 5% settlement offset.

IMO this is an indication of a very unhealthy situation. The settlement offset is an incentive for shorters to keep their collateral as low as possible, and the current MSSR isn't sufficient incentive for providing enough collateral. Your suggestion increases the likelyhood of a black swan, as you correctly pointed out above.

MSSR has one specific purpose: to incentivize shorters to avoid being margin called (or rather to punish them if they are). Margin calls are bad for the health of our smartcoins and should be avoided. Shorters are expected to actively manage their positions so they are *not* margin called.

It is clear, IMO, that bitCNY shorters are doing a very bad job here. As can be seen here ( ), most shorters make use of the recently introduced target_collateral_ratio to keep their collateral at the bare minimum. Obviously, they *prefer* being margin called. At the same time, they are *rewarded* from the settlement offset of 5% everytime someone settles a long position!

The logical conclusion is that the MSSR must be increased so its original purpose is fulfilled.

*Once again*, while BTS is in a downtrend, certain people come up with creative ideas to protect their own interests. So tired of this.

General Discussion / Re: Revive a global-settled smart asset
« on: August 09, 2018, 01:57:39 pm »
Yes, bid_collateral is how a globally settled bitasset can be revived.
When there are sufficient bids available to cover the outstanding debt, and if the collateral of those bids is sufficient in terms of price feed and MCR, the asset will be revived during the next maintenance interval.

General Discussion / Re: BitShares-Core Release 2.0.180612
« on: June 13, 2018, 04:08:22 pm »
The "older release" was for testnet, this one contains (mostly) the same set of changes but is for mainnet.

I'm for option 1.

The call_price caching is a nice example of Knuth's "Premature Optimization" rule. Removing the cache would simplify the code without changing chain behaviour, whereas deferring MCR changes would make it more complicated *and* reduce chain responsiveness. Also I don't think the impact on performance in order matching would be significant.

Technical Support / Re: Debugging witness nodes
« on: May 17, 2018, 02:10:16 pm »
I think if you use a https wallet you must access the API nodes via wss, not ws (i. e. also ssl-protected). Use the standalone client to connect to a non-ssl API node.

General Discussion / Re: How Is This Possible?
« on: May 10, 2018, 03:41:23 pm »
Actually the reason is different (I assume, it isn't spelled out anywhere AFAIK).
The price of the best offer is outside the margin call territory. If the feed price was where the internal market is, the call wouldn't be margin called.

Does this mean holders of bitGold had their bitGold converted to BTS forcefully?

No, the bitGOLD still exists, only it isn't pegged to actual gold anymore. It can be exchanged (i. e. settled immediately) for 4,753 BTS per GOLD, until the BTS price recovers sufficiently.

You can't currently borrow bitGOLD because it has seen a black swan during the recent drop of BTS.

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