BitUSD Market Paused until Delegates can Upgrade

Started by bytemaster, August 25, 2014, 09:28:22 PM

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xeroc

#15
August 25, 2014, 10:57:34 PM

tonyk

#14
August 25, 2014, 10:55:42 PM
Quote from: trader on August 25, 2014, 10:21:55 PM
Quote from: CoinHoarder on August 25, 2014, 10:14:51 PM
Quote from: trader on August 25, 2014, 10:08:34 PM
As I understand it, if there was a 50% crash right now, the peg would be screwed because trading is disabled therefore shorters cant be forced to cover. Is that just about correct?

In that case, wouldn't they be forced to cover once the market comes back into action??

Yes but if the shorts did not post enough collateral, they could get away not losing as much BTSX as they should when the market re-opens. Im just trying to figure out how BTSX deals with this.

Can you explain how this 'not loosing enough collateral' works?
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

CoinHoarder

#13
August 25, 2014, 10:24:34 PM
Quote from: trader on August 25, 2014, 10:21:55 PM
Quote from: CoinHoarder on August 25, 2014, 10:14:51 PM
Quote from: trader on August 25, 2014, 10:08:34 PM
As I understand it, if there was a 50% crash right now, the peg would be screwed because trading is disabled therefore shorters cant be forced to cover. Is that just about correct?

In that case, wouldn't they be forced to cover once the market comes back into action??

Yes but if the shorts did not post enough collateral, they could get away not losing as much BTSX as they should when the market re-opens. Im just trying to figure out how BTSX deals with this.

Ah yeah, good point. Well, lets hope that doesn't happen! Short of a flash crash I don't think it well, especially considering the recent upwards trend.  :D
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speedy

#12
August 25, 2014, 10:21:55 PM Last Edit: August 25, 2014, 10:23:34 PM by trader
Quote from: CoinHoarder on August 25, 2014, 10:14:51 PM
Quote from: trader on August 25, 2014, 10:08:34 PM
As I understand it, if there was a 50% crash right now, the peg would be screwed because trading is disabled therefore shorters cant be forced to cover. Is that just about correct?

In that case, wouldn't they be forced to cover once the market comes back into action??

Yes but if the shorts did not post enough collateral, they could get away not losing as much BTSX as they should when the market re-opens. Im just trying to figure out how BTSX deals with this.

CoinHoarder

#11
August 25, 2014, 10:14:51 PM
Quote from: trader on August 25, 2014, 10:08:34 PM
As I understand it, if there was a 50% crash right now, the peg would be screwed because trading is disabled therefore shorters cant be forced to cover. Is that just about correct?

In that case, wouldn't they be forced to cover once the market comes back into action??
[url="https://www.decentralized.tech/"]https://www.decentralized.tech/[/url] -> Market Data, Portfolios, Information, Links, Reviews, Forums, Blogs, Etc.
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liondani

#10
August 25, 2014, 10:13:47 PM
It will be a long exciting night !  8)
[url="https://www.steempeak.com/@liondani"]https://www.steempeak.com/@liondani[/url]

speedy

#9
August 25, 2014, 10:08:34 PM
As I understand it, if there was a 50% crash right now, the peg would be screwed because trading is disabled therefore shorters cant be forced to cover. Is that just about correct?

tonyk

#8
August 25, 2014, 10:06:46 PM
yes, for the next time (let's hope never) it will be a good first step for everybody:

cancel all open orders
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

CoinHoarder

#7
August 25, 2014, 10:03:44 PM
At least it can be fixed somewhat easily it sounds like. Good work noticing the problem.  :)
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xeroc

#6
August 25, 2014, 09:56:30 PM
Quote from: luckybit on August 25, 2014, 09:54:22 PM
Wow I didn't even know markets could be paused. This is a pretty smooth way to handle it.
They cannot ... I guess they had a bigger stake on the order book to enable the market in the first place and canceled the order .... once the market is live and the depth is enough (until now) the market goes on ..

Having a market that can be paused would be VERY BAD PR

luckybit

#5
August 25, 2014, 09:54:22 PM
Quote from: bytemaster on August 25, 2014, 09:28:22 PM
We have identified an issue that requires an immediate hard fork to resolve.  We have removed the required depth.

Updates will follow shortly.

Wow I didn't even know markets could be paused. This is a pretty smooth way to handle it.
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xeroc

#4
August 25, 2014, 09:48:36 PM
puh .. just wanted to go to bed .. *darn*

Riverhead

#3
August 25, 2014, 09:40:18 PM
Quote from: tbkmcjl on August 25, 2014, 09:33:44 PM
How shortly ?

It's 5:33 AM here .
Am I gonna see it when I wake up at 10 AM about 5 hours later?


Time to brew some coffee :). I doubt I'll be getting much sleep tonight either.

bytemaster

#2
August 25, 2014, 09:39:13 PM
Quote from: tbkmcjl on August 25, 2014, 09:33:44 PM
How shortly ?

It's 5:33 AM here .
Am I gonna see it when I wake up at 10 AM about 5 hours later?

I hope DAC Sun can get a patch out within the hour. 
For the latest updates checkout my blog: [url="http://bytemaster.bitshares.org"]http://bytemaster.bitshares.org[/url]
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

bytemaster

#1
August 25, 2014, 09:28:22 PM
We have identified an issue that requires an immediate hard fork to resolve.  We have removed the required depth.

Updates will follow shortly.

For the latest updates checkout my blog: [url="http://bytemaster.bitshares.org"]http://bytemaster.bitshares.org[/url]
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.
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