Author Topic: Take the Money and Run!  (Read 2926 times)

0 Members and 1 Guest are viewing this topic.

Offline Riverhead

Take the Money and Run!
« on: August 25, 2015, 07:47:36 pm »

I've temporarily shutdown the bitUSD, bitGOLD, and bitSILVER to/from BTC pairs on Metaexchange until I can rewrite my pricing software.

What I've found since running these pairs is that when a transactions doesn't go someone's way they come on here, request support, and we try and straighten it out for them as quickly as possible. However when an issue causes funds to flow the other way these same people become unresponsive.

The latest of these are:
1) A stumble in the median price feed for bitUSD (aka the peg) allowed one user to sell their BTC for bitUSD at about $1200/BTC. This cost me around $700.
2) A refund typo send 0.78 BTC to a customer instead of 0.078 BTC. This cost me a little over $150.

While the various people for whom bugs and mistakes have gone in their favor have no obligation to try and make things right it is a bit disappointing that no effort is made to do so.

So basically I am out of business until I can write code that makes me more money. Instant buys for a spread rather than tracking the real market value should do the trick. IT works for ShapeShift and a couple other services.

If metaexchange finds someone else to run these pairs while I'm doing my rewrite I'm cool with that. I'm happy to run the pairs and provide liquidity for the ecosystem but not when people just take the money and run.

I'll continue to run the internal market making bots as usual.


Offline Shentist

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 1601
    • View Profile
    • metaexchange
  • BitShares: shentist
Re: Take the Money and Run!
« Reply #1 on: August 25, 2015, 08:25:40 pm »
Thanks Riverhead!

I hope we find a solution and you can offer the markets again.

I see that most people are not trading and using the BitShares pegged Assets. the USD pair stucks for month in a cover backlog and normal trading is not possible. This makes pricecalculation in this pairs so tough!

Not many BitShares member are trading anyway and we should reconsider why  anyone wouild use our products (bitAssets) if not the own community is using it. At the moment no one has the convidence to short bitUSD in existance and the market value is only going down.

So again, thanks for the service so far and i hope the service will start again.


Offline Riverhead

Re: Take the Money and Run!
« Reply #2 on: August 25, 2015, 08:30:00 pm »

So again, thanks for the service so far and i hope the service will start again.

Thanks man :). I hope to have them back up ASAP. It's something I've needed to do for a while.

Offline Shentist

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 1601
    • View Profile
    • metaexchange
  • BitShares: shentist
Re: Take the Money and Run!
« Reply #3 on: August 25, 2015, 08:33:59 pm »
Yeah, calculation in bitAssets are really, really tough at the moment!


Offline Riverhead

Re: Take the Money and Run!
« Reply #4 on: August 25, 2015, 08:54:38 pm »
Yeah, calculation in bitAssets are really, really tough at the moment!

Seems I am not alone. on BlockTrades it says, To receive 600 BitUSD, deposit 376.20519551  BTC and you can't buy bitUSD at all with BTC.

Offline dannotestein

  • Hero Member
  • *****
  • Posts: 760
    • View Profile
    • BlockTrades International
  • BitShares: btsnow
Re: Take the Money and Run!
« Reply #5 on: August 25, 2015, 09:03:05 pm »
Yeah, calculation in bitAssets are really, really tough at the moment!

Seems I am not alone. on BlockTrades it says, To receive 600 BitUSD, deposit 376.20519551  BTC and you can't buy bitUSD at all with BTC.
BlockTrades works off the actual markets, in this case the BitShares DEX market (and to a limited extent off feeds for some markets). Right now, it looks like we're quoting 173BitUSD for 1 BTC. This is certainly buyable, it just means the market is valuing BitUSD higher than USD (this isn't that uncommon).
http://blocktrades.us Fast/Safe/High-Liquidity Crypto Coin Converter

Offline liondani

  • Hero Member
  • *****
  • Posts: 3737
  • Inch by inch, play by play
    • View Profile
    • My detailed info
  • BitShares: liondani
  • GitHub: liondani
Re: Take the Money and Run!
« Reply #6 on: August 25, 2015, 09:47:52 pm »
Since you are stopping  for now, please
change my 0.214556 CFSGOLD (that I bought to support your operations) to GOLD again until you decide to continue...  ;)

Thanks in advance,

PS You will see my order on our "BitShares Asset Exchange" under the CFSGOLD market of course  8)

Offline Riverhead

Re: Take the Money and Run!
« Reply #7 on: August 25, 2015, 10:38:17 pm »
Since you are stopping  for now, please
change my 0.214556 CFSGOLD (that I bought to support your operations) to GOLD again until you decide to continue...  ;)

Thanks in advance,

PS You will see my order on our "BitShares Asset Exchange" under the CFSGOLD market of course  8)

I'll refund you your money minus the 30% haircut everyone took as a result of the Bter hack (I still have around $10k of my own funds locked up there from supporting operations). So I'll put up 0.1501892 bitGOLD or you can wait until bter makes good on our losses ;) .

Offline Ander

  • Hero Member
  • *****
  • Posts: 3506
    • View Profile
  • BitShares: Ander
Re: Take the Money and Run!
« Reply #8 on: August 25, 2015, 11:10:49 pm »
Since you are stopping  for now, please
change my 0.214556 CFSGOLD (that I bought to support your operations) to GOLD again until you decide to continue...  ;)

Thanks in advance,

PS You will see my order on our "BitShares Asset Exchange" under the CFSGOLD market of course  8)

I'll refund you your money minus the 30% haircut everyone took as a result of the Bter hack (I still have around $10k of my own funds locked up there from supporting operations). So I'll put up 0.1501892 bitGOLD or you can wait until bter makes good on our losses ;) .

OMG $10k.  I hope you get at least some of it back!  I've mentally written off my (way smaller) loss there already.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Riverhead

Re: Take the Money and Run!
« Reply #9 on: August 25, 2015, 11:17:12 pm »
OMG $10k.  I hope you get at least some of it back!  I've mentally written off my (way smaller) loss there already.

Thanks! Ya, we had just finished the API for the hedge bot on huobi and a couple other places when the hack happened. Just really crappy timing.

Offline dannotestein

  • Hero Member
  • *****
  • Posts: 760
    • View Profile
    • BlockTrades International
  • BitShares: btsnow
Re: Take the Money and Run!
« Reply #10 on: August 26, 2015, 12:39:10 am »
Yeah, calculation in bitAssets are really, really tough at the moment!

Seems I am not alone. on BlockTrades it says, To receive 600 BitUSD, deposit 376.20519551  BTC and you can't buy bitUSD at all with BTC.
BlockTrades works off the actual markets, in this case the BitShares DEX market (and to a limited extent off feeds for some markets). Right now, it looks like we're quoting 173BitUSD for 1 BTC. This is certainly buyable, it just means the market is valuing BitUSD higher than USD (this isn't that uncommon).

That valuation makes sense. I was referring to this below. Maybe I need to login or just a display bug?
No,  looks like there was a problem where the database for our live site was missing the market pairing for the bitusd->bts market direction, so it was unable to provide pricing in that direction. I've added it now, and it's providing proper pricing for that direction.

Not sure why it was reporting such a strange value for receiving 600 BitUSD for Bitcoin, but after updating the site to our latest code, it's reporting 4.252 BTC for 600 BitUSD, which I think is an accurate reflection of the market.
http://blocktrades.us Fast/Safe/High-Liquidity Crypto Coin Converter

Offline liondani

  • Hero Member
  • *****
  • Posts: 3737
  • Inch by inch, play by play
    • View Profile
    • My detailed info
  • BitShares: liondani
  • GitHub: liondani
Re: Take the Money and Run!
« Reply #11 on: August 26, 2015, 12:40:52 am »
Since you are stopping  for now, please
change my 0.214556 CFSGOLD (that I bought to support your operations) to GOLD again until you decide to continue...  ;)

Thanks in advance,

PS You will see my order on our "BitShares Asset Exchange" under the CFSGOLD market of course  8)

I'll refund you your money minus the 30% haircut everyone took as a result of the Bter hack (I still have around $10k of my own funds locked up there from supporting operations). So I'll put up 0.1501892 bitGOLD or you can wait until bter makes good on our losses ;) .

Wow! I forgot that! ...
I suppose we can't do anything about that now? :P

I have successfully take my money  :D




Offline Riverhead

Re: Take the Money and Run!
« Reply #12 on: August 26, 2015, 01:12:41 am »
Yeah, calculation in bitAssets are really, really tough at the moment!

Seems I am not alone. on BlockTrades it says, To receive 600 BitUSD, deposit 376.20519551  BTC and you can't buy bitUSD at all with BTC.
BlockTrades works off the actual markets, in this case the BitShares DEX market (and to a limited extent off feeds for some markets). Right now, it looks like we're quoting 173BitUSD for 1 BTC. This is certainly buyable, it just means the market is valuing BitUSD higher than USD (this isn't that uncommon).

That valuation makes sense. I was referring to this below. Maybe I need to login or just a display bug?
No,  looks like there was a problem where the database for our live site was missing the market pairing for the bitusd->bts market direction, so it was unable to provide pricing in that direction. I've added it now, and it's providing proper pricing for that direction.

Not sure why it was reporting such a strange value for receiving 600 BitUSD for Bitcoin, but after updating the site to our latest code, it's reporting 4.252 BTC for 600 BitUSD, which I think is an accurate reflection of the market.

Cool. I removed my post with the strange valuations now that it's fixed.  +5%

Offline Riverhead

Re: Take the Money and Run!
« Reply #13 on: August 26, 2015, 01:17:10 am »

I have successfully take my money  :D


Great! Sorry it had to come to this but thanks again for your support even after everything went to sh*t :P.

Offline kenCode

  • Hero Member
  • *****
  • Posts: 2283
    • View Profile
    • Agorise
Re: Take the Money and Run!
« Reply #14 on: September 06, 2015, 03:00:35 pm »
@Riverhead @monsterer @Shentist @svk
(sorry, I wasn't sure who to contact for this question)
 
Hey guys,
 
1. Will the syntax or URL's change on your feeds when 2.0 is released? If so, how, and to what?
https://metaexchange.info/api/1/getAllMarkets
http://api.bitsharesblocks.com/v1/cmc
 
2. Can I host a feed for everyone? ie:
http://bitshares-munich.de/api/2.0/allMarkets
If so, please PM me the graphene script to gen the JSON (i run io.js with koa)
 
Thank you,
  ken
kenCode - Decentraliser @ Agorise
Matrix/Keybase/Hive/Commun/Github: @Agorise
www.PalmPay.chat