@BTS2 Witnesses: Please postpond Price feeds in the real net for 48h or so

Started by xeroc, October 08, 2015, 07:46:27 AM

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liondani

Quote from: xeroc on October 08, 2015, 07:46:27 AM

- the price feeds incorporate both exchanges as source for the feed


witnesses on bts2.0 should ignore the exchange that does not  make the migration  (the price feed script should not get any price feeds from them)
[url="https://www.steempeak.com/@liondani"]https://www.steempeak.com/@liondani[/url]

liondani

Quote from: xeroc on October 08, 2015, 07:46:27 AM
- arbitrage between 1.0 and 2.0 honoring exchanges happen

I think here is your answer....
How would it be possible since exchange 1 would have the 0.9 wallet installed and exchange 2 the bts2.0 wallet?
the bts2.0 wallet could not receive bts from a bts1 wallet because they are on a different chain....
[url="https://www.steempeak.com/@liondani"]https://www.steempeak.com/@liondani[/url]

xeroc

I would like to discuss a potential issue that mindphlux made me aware of today.

Let's assume
- an exchange does not honor the upgrade to bts 2.0
- a single delegate in bts1 is still active after the snapshot
- arbitrage between 1.0 and 2.0 honoring exchanges happen
- the price feeds incorporate both exchanges as source for the feed

then we may see a big problem when people selling their (arguable) worthless BTS1 tokens and arbitraging kills the other (BTS2) markets.
This may also lead to plenty of settlements and maybe even a black swan in BitShares 2.0 if we publish prices there directly.

Hence, I propose to NOT publish price feeds and delay this by 1 or 2 days until things settle down ..

What would be the consequences for open short positions? They can't settle for 2 days
What are the consequences for longs: none that I would be aware of
What are the consequences for arbitraging people: they lose money
What are the opportunities: get cheap BTS (in BTS2) from people arbitraging BTS1/BTS2

Discuss!