Author Topic: BitSharesBlocks.com - bitSILVER collateral crash?  (Read 5540 times)

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Offline kenCode

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Ok, I sincerely apologize for the title.
I have no way of knowing if this was BitShares related or that of the third-party website.
All I saw was my bitAssets suddenly becoming fiat.
 
@svk cleared this issue up by declaring it was an issue with his servers last week.
Hopefully this won't happen again.
 
Moderators, feel free to delete this entire thread now, thank you :)
Peace,
   -ken
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Offline onceuponatime

i wrote it before  - i don't get your problem!!!!!

maybe i am lacking english knowledge...

bitsharesblocks.com has nothing to do with BitShares code base etc. what bitsharesblocks show could be right, but it is often hours behind, so you should only trust your wallet.

The problem i have with your post is the headline and what you say. For outsiders it seems like you are talking about BitShares collateral and peg etc. but you don't. You are talking about a 3rd
party website and not "bitSilver collateral crash" it would be better phrased "bitSilver wrong price and collateral display".

As an example

Quote
peg pools, etc.?

what do you mean by this?

p.s.
the flashcrash you are talking about was real, this is "just" a display problem from a 3rd party. So in my opinion you are comparing apple with eggs.

I agree. The Headline is outrageously formulated and produces FUD.

Offline Shentist

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i wrote it before  - i don't get your problem!!!!!

maybe i am lacking english knowledge...

bitsharesblocks.com has nothing to do with BitShares code base etc. what bitsharesblocks show could be right, but it is often hours behind, so you should only trust your wallet.

The problem i have with your post is the headline and what you say. For outsiders it seems like you are talking about BitShares collateral and peg etc. but you don't. You are talking about a 3rd
party website and not "bitSilver collateral crash" it would be better phrased "bitSilver wrong price and collateral display".

As an example

Quote
peg pools, etc.?

what do you mean by this?

p.s.
the flashcrash you are talking about was real, this is "just" a display problem from a 3rd party. So in my opinion you are comparing apple with eggs.
« Last Edit: April 03, 2015, 03:38:47 pm by Shentist »

Offline lil_jay890

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Nothing to be afraid off...
A flash crash can occur only if the majority of covers that must be made are from one entity and he chooses to make them instantly!!! I think that is almost impossible to happen right now.... (am I missing something?) And don't forget it doesn't matter you see that again on bitsharesblocks site.... it will only matter if this event happens on the bitshares blockchain in reality. (am I missing something?)

 
In the future, when BitShares gets bigger, the MSM and alt-media will have a field-day with flash crashes like that, whether the site is "perceived" as illegitimate or not. If you ever get associated with a flash crash in the media, BTS will take a major hit, price wise, cap wise, you name it...
 
I don't think @svk will be very happy to hear your sentiments regarding all the hard work he's doing on the bitsharesblocks site either.
 
Don't attack me on this, I'm just a very concerned investor. Is it too much to ask to just add some code to prevent this from ever appearing again thru backups, extra nodes, api redundancy, peg pools, etc.? I don't think that sort of thing is too much to ask.
 
There needs to be an Else conditional for this so investors NEVER EVER get spooked. A lot of us have been screwed by wall street so many times, we tend to be just a bit skiddish, ya know?

I wouldn't go and sell my apple or google stock if yahoo finance went down or had an incorrect price. My brokers feed would be the only thing I base my buy/sell price decisions on.  The bitshares wallet is basically the same thing as an etrade or schwab account.  When more places are reporting statistics on bitAssets you can cross reference the prices.  There is no need to change anything in bitshares code to address a single third party websites issue.

Offline kenCode

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Nothing to be afraid off...
A flash crash can occur only if the majority of covers that must be made are from one entity and he chooses to make them instantly!!! I think that is almost impossible to happen right now.... (am I missing something?) And don't forget it doesn't matter you see that again on bitsharesblocks site.... it will only matter if this event happens on the bitshares blockchain in reality. (am I missing something?)

 
In the future, when BitShares gets bigger, the MSM and alt-media will have a field-day with flash crashes like that, whether the site is "perceived" as illegitimate or not. If you ever get associated with a flash crash in the media, BTS will take a major hit, price wise, cap wise, you name it...
 
I don't think @svk will be very happy to hear your sentiments regarding all the hard work he's doing on the bitsharesblocks site either.
 
Don't attack me on this, I'm just a very concerned investor. Is it too much to ask to just add some code to prevent this from ever appearing again thru backups, extra nodes, api redundancy, peg pools, etc.? I don't think that sort of thing is too much to ask.
 
There needs to be an Else conditional for this so investors NEVER EVER get spooked. A lot of us have been screwed by wall street so many times, we tend to be just a bit skiddish, ya know?
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Offline liondani

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Roger that pc.
It was just reminiscent to me of the flash crashes on wall street. It spooks investors and if there's a way, I'd really like to never see that again. There needs to be some sort of buffer, or float, a backup, some sort of redundancy that will not freak the chart (and investors) out.
Code-wise...

Bitshares blocks is a third party and you shouldn't base your investment in bitshares on that site... It is useful for finding information, but it's just a informational site.  Use your client or webwallet if you want more accurate data

this^

 +5%

Offline lil_jay890

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Roger that pc.
It was just reminiscent to me of the flash crashes on wall street. It spooks investors and if there's a way, I'd really like to never see that again. There needs to be some sort of buffer, or float, a backup, some sort of redundancy that will not freak the chart (and investors) out.
Code-wise...

Bitshares blocks is a third party and you shouldn't base your investment in bitshares on that site... It is useful for finding information, but it's just a informational site.  Use your client or webwallet if you want more accurate data

Offline liondani

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Roger that pc.
It was just reminiscent to me of the flash crashes on wall street. It spooks investors and if there's a way, I'd really like to never see that again. There needs to be some sort of buffer, or float, a backup, some sort of redundancy that will not freak the chart (and investors) out.
Code-wise...

Nothing to be afraid off...
A flash crash can occur only if the majority of covers that must be made are from one entity and he chooses to make them instantly!!! I think that is almost impossible to happen right now.... (am I missing something?) And don't forget it doesn't matter you see that again on bitsharesblocks site.... it will only matter if this event happens on the bitshares blockchain in reality. (am I missing something?)

Offline kenCode

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Roger that pc.
It was just reminiscent to me of the flash crashes on wall street. It spooks investors and if there's a way, I'd really like to never see that again. There needs to be some sort of buffer, or float, a backup, some sort of redundancy that will not freak the chart (and investors) out.
Code-wise...
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Offline pc

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I need to know for a fact that my bitAssets are safe.
The code doesn't change itself so can the bitsharesblocks person or someone please detail here what happened to the collateral at that moment?

Nothing happened to the collateral. When a short is filled, the collateral is put away into a cover_order. The only way to get the collateral out is to fill the cover_order (and thereby destroy the shorted bitAssets).

The only way to bring the total collateral down to zero is to fill all open cover_orders, thereby destroying all shorted bitAssets. Obviously that didn't happen, so there is nothing to worry about.
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Offline kenCode

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Like clay said it's the same for all the assets, this happened last week when I was having lots of issues with the servers due to the new client, either through loss of connections, forking, or running out of space due to exploding log files. I wouldn't worry about it, I'll say with 99% certainty it's related to the issues my servers were having last week.

That was the "feel better" that I needed to see, thank you @svk :) Peace
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Offline xeroc

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Offline svk

Like clay said it's the same for all the assets, this happened last week when I was having lots of issues with the servers due to the new client, either through loss of connections, forking, or running out of space due to exploding log files. I wouldn't worry about it, I'll say with 99% certainty it's related to the issues my servers were having last week.
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Offline clayop

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Same thing happened in other bitAssets at the same time point. Probably that's due to Bitsharesblocks' error; it might be upgrading, downed, or forked, whatever...
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Offline kenCode

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Well, like I mentioned above, the code doesn't change itself, so, if the collateral could crash to zero (0) once, then it could do it again and again and again, and maybe never come back up.
 
When bitAssets are not backed by anything, they are fiat.
 
So, can we check the logfiles? Was it the bitsharesblocks website that was unable to make the connection? Then we need to add some redundancy.
Was it the nodes? Do we need a peg-pool of sorts?
 
This needs to be resolved before I start bringing in banks and the wealth mgmt companies I have spoken of.
 
This is serious guys, please treat it as such. It is a legal issue otherwise.
 
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