Author Topic: Please Provide bitOIL Feeds!  (Read 9498 times)

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Offline xeroc

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We could create multiple market issued assets like ( Crude Oil Mar 15 (CLH15.NYM) ) and publish feeds.
But the client should be modified so that:
1 All feeds are invalid 1 day before target date.
2 All positions are closed 1 day before target date.

This is not something a delegate can do. Bitshares needs to be updated .
I prefer this solution .. let's update the bitAsset to be a derivative of a future  :)
will make deciding for a price feed much easier!

Offline emski

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We could create multiple market issued assets like ( Crude Oil Mar 15 (CLH15.NYM) ) and publish feeds.
But the client should be modified so that:
1 All feeds are invalid 1 day before target date.
2 All positions are closed 1 day before target date.

This is not something a delegate can do. Bitshares needs to be updated .

Offline Empirical1.2

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That chart is created by fxcm... somehow. Can you find information about what it actually represents ?

No I'm not sure. I see fxcm nearly went bankrupt two weeks ago so maybe relying on their price feed would be a bit risky.

Also I was wrong about spot prices,

http://www.etf.com/etf-education-center/21018-why-you-cant-buy-spot-oil-a-guide-to-contango-and-backwardation.html

It looks like when most places give a WTI or Brent price they referencing the front month futures contract and I don't really now how switching it to the next month and all of that works, Ander seems to understand it better.

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Offline Rune

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I thought it had already been decided that bitOIL is WTI?

IMO it would make more sense to rename it bitWTI, since then we could add bitBRENT in the future if there's demand.

If we start using trading hubs for commodities then we can do even more interesting stuff, like bitCOPPERUK and bitSTEELSHANGHAI or that kind of stuff. Would be amazing to see a thousand active MPA's all perfectly tracking at least one trading hub per widely traded commodity.

Offline emski

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That chart is created by fxcm... somehow. Can you find information about what it actually represents ?

Offline Empirical1.2

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We should pick a particular type of oil, and a particular contract length into the future, and then have all the delegates for oil based their feed on that.

For example, "Use X particular type of oil, use the price of a futures contract that is between 1 and 3 months away from expiration".  If everyone agrees on what they are pricing then it will work.

What will happen when that "future" time comes ? Shall we stop the trading ? What happens with the feed(s) after that future point in time?

EDIT: We could include all the assets like Crude Oil Mar 15 (CLH15.NYM) , Crude Oil Jul 15 and so on. However this needs modification(s) in the software.

I agree that we should choose a particular oil type like  Crude Oil (WTI) but then you just use the spot price not a futures contract.

How do you define such price ? Each future batch is traded at different prices.

I think spot price is like cash price -  The price it costs today to have it delivered this week, that is the price the market uses I think so you just get a price feed for that.

So that is the live spot price I think

http://www.livecharts.co.uk/MarketCharts/crude.php

For gold & silver the price feeds you are using are the same they reference the spot price

Futures contracts are different, they are the price you pay now for delivery much later - 1 month/3 month etc.  and we can ignore those.

http://en.m.wikipedia.org/wiki/Spot_contract

Quote
In finance, a spot contract, spot transaction, or simply spot, is a contract of buying or selling a commodity, security or currency for settlement (payment and delivery) on the spot date, which is normally two business days after the trade date. The settlement price (or rate) is called spot price (or spot rate).

A spot contract is in contrast with a forward contract or futures contract where contract terms are agreed now but delivery and payment will occur at a future date


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Offline emski

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We should pick a particular type of oil, and a particular contract length into the future, and then have all the delegates for oil based their feed on that.

For example, "Use X particular type of oil, use the price of a futures contract that is between 1 and 3 months away from expiration".  If everyone agrees on what they are pricing then it will work.

What will happen when that "future" time comes ? Shall we stop the trading ? What happens with the feed(s) after that future point in time?

EDIT: We could include all the assets like Crude Oil Mar 15 (CLH15.NYM) , Crude Oil Jul 15 and so on. However this needs modification(s) in the software.

I agree that we should choose a particular oil type like  Crude Oil (WTI) but then you just use the spot price not a futures contract.

How do you define such price ? Each future batch is traded at different prices.

Offline Empirical1.2

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We should pick a particular type of oil, and a particular contract length into the future, and then have all the delegates for oil based their feed on that.

For example, "Use X particular type of oil, use the price of a futures contract that is between 1 and 3 months away from expiration".  If everyone agrees on what they are pricing then it will work.

What will happen when that "future" time comes ? Shall we stop the trading ? What happens with the feed(s) after that future point in time?

EDIT: We could include all the assets like Crude Oil Mar 15 (CLH15.NYM) , Crude Oil Jul 15 and so on. However this needs modification(s) in the software.

I agree that we should choose a particular oil type like  Crude Oil (WTI) but then you just use the spot price not a futures contract.
If you want to take the island burn the boats

Offline emski

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We should pick a particular type of oil, and a particular contract length into the future, and then have all the delegates for oil based their feed on that.

For example, "Use X particular type of oil, use the price of a futures contract that is between 1 and 3 months away from expiration".  If everyone agrees on what they are pricing then it will work.

What will happen when that "future" time comes ? Shall we stop the trading ? What happens with the feed(s) after that future point in time?

EDIT: We could include all the assets like Crude Oil Mar 15 (CLH15.NYM) , Crude Oil Jul 15 and so on. However this needs modification(s) in the software.
« Last Edit: February 04, 2015, 07:48:02 pm by emski »

Offline vegolino

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We should pick a particular type of oil, and a particular contract length into the future, and then have all the delegates for oil based their feed on that.

For example, "Use X particular type of oil, use the price of a futures contract that is between 1 and 3 months away from expiration".  If everyone agrees on what they are pricing then it will work.
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Offline Ander

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We should pick a particular type of oil, and a particular contract length into the future, and then have all the delegates for oil based their feed on that.

For example, "Use X particular type of oil, use the price of a futures contract that is between 1 and 3 months away from expiration".  If everyone agrees on what they are pricing then it will work.
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Offline emski

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Presumably, without a clear definition of the index to be used, the price would fall somewhere between the current lower WSI and slightly higher Brent crude values.

Q. If the feed is not set currently, does this mean that it is not possible to obtain BitOil at present?

It is not possible to obtain bitOil until 51 delegates provide feeds.
Ok, thanks.
http://bitsharesblocks.com/asset/info?asset=OIL

The 2 delegates currently providing a feed - and any others incoming - should gain a lot of support.

And what exactly are these delegates providing as a feed ?  What does it represent ? Where it is coming from ?

Offline pgbit

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Presumably, without a clear definition of the index to be used, the price would fall somewhere between the current lower WSI and slightly higher Brent crude values.

Q. If the feed is not set currently, does this mean that it is not possible to obtain BitOil at present?

It is not possible to obtain bitOil until 51 delegates provide feeds.
Ok, thanks.
http://bitsharesblocks.com/asset/info?asset=OIL

The 2 delegates currently providing a feed - and any others incoming - should gain a lot of support.

Offline emski

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Presumably, without a clear definition of the index to be used, the price would fall somewhere between the current lower WSI and slightly higher Brent crude values.

Q. If the feed is not set currently, does this mean that it is not possible to obtain BitOil at present?

It is not possible to obtain bitOil until 51 delegates provide feeds.

Offline pgbit

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Presumably, without a clear definition of the index to be used, the price would fall somewhere between the current lower WSI and slightly higher Brent crude values.

Q. If the feed is not set currently, does this mean that it is not possible to obtain BitOil at present?