Please provide liquidity in the bitUSD market!

[sittingduck]

Who are these negatively affected people?  What was their call price?   

It seems the only issue was low collateral during illiquidity and thin markets.   A transient issue.   

I think it was a major proof of the flexibility of the system that the community resolved it without the need for the devs to do anything. 

[Tuck Fheman]

The day before yesterday，i lost 2 000 000 bts , shit!

┻━┻︵ \(°□°)/ ︵ ┻━┻

[Moon]

why witness  can adjust force cover price to 1/1.5

Is not    committee members   job？

why not vote??

The day before yesterday，i lost 2 000 000 bts , shit!

[alt]

First of all, why is this parameter in the hands of witnesses?  Second, does it make sense that a change in this rate would apply to existing positions that were taken when the rate was different?

yes, it's very unreasonable for the existing positions. seems they have been robbed.

Its definitely a shitty situation.  I was thinking about trying to get donations together to see if we could provide some relief for those that were force liquidated at $1.50.  At the very least I would like those that were negatively effected to know that the community cares about them.

you are so kindly, thanks.
I think most of us are very hardly to offer the donation, even our core develop are lack of money.
loss is loss, maybe we can donation when situation get more better.

As I know, more important than the money loss is, community should admit the loss of the shorter is because of our mistake, we have made some terrible mistake during this upgrade,  we should fix it together.and never let it happen again.

[puppies]

First of all, why is this parameter in the hands of witnesses?  Second, does it make sense that a change in this rate would apply to existing positions that were taken when the rate was different?

yes, it's very unreasonable for the existing positions. seems they have been robbed.

Its definitely a shitty situation.  I was thinking about trying to get donations together to see if we could provide some relief for those that were force liquidated at $1.50.  At the very least I would like those that were negatively effected to know that the community cares about them.

[alt]

First of all, why is this parameter in the hands of witnesses?  Second, does it make sense that a change in this rate would apply to existing positions that were taken when the rate was different?

yes, it's very unreasonable for the existing positions. seems they have been robbed.

[alt]

there is a big mistake in this.
when you have a short position, you must make sure, when the price dropdown too much,  you will cover your short position instead of just add collateral. or you will lose everything. think about the price drop from 0.3 CNY to 0.02 CNY. so enough collateral is not a way to avoid your lose.
when you short bitUSD, you must  know you  need to buy back these bitUSD someday.

today the parameter is 1100, you can sell your bitUSD at 1.1X price
when you have to buy back your bitUSD, if the parameter change to 1500, you have to buy back the bitUSD at 1.5x price

While liquidity is low, and the price down, this is very much the case.

In a highly liquid market I'd expect the spread to be much tighter and whether its 1100 or 1500 will make no difference as any forced margins will be executed at the highest available, so maybe something around 1030.

price will always up and down. price can't protect shorter.
liquidity and depth is very important, if we can't provide a fair rule, no more shorter, no more liquidity and depth.
always new shorter attack old shorter, then been attacked by another new shorter.
if we have a fair rule, with a good UI, I believe the liquidity and depth will becore more and more better.

[tbone]

First of all, why is this parameter in the hands of witnesses?  Second, does it make sense that a change in this rate would apply to existing positions that were taken when the rate was different?

[Xeldal]

there is a big mistake in this.
when you have a short position, you must make sure, when the price dropdown too much,  you will cover your short position instead of just add collateral. or you will lose everything. think about the price drop from 0.3 CNY to 0.02 CNY. so enough collateral is not a way to avoid your lose.
when you short bitUSD, you must  know you  need to buy back these bitUSD someday.

today the parameter is 1100, you can sell your bitUSD at 1.1X price
when you have to buy back your bitUSD, if the parameter change to 1500, you have to buy back the bitUSD at 1.5x price

While liquidity is low, and the price down, this is very much the case.

In a highly liquid market I'd expect the spread to be much tighter and whether its 1100 or 1500 will make no difference as any forced margins will be executed at the highest available, so maybe something around 1030. 

[puppies]

guys, pay attention, you still have no word from witnesses or BM, they can adjust force cover price to 1/1.5 again.

Sure they could if the majority of price feed publishing witnesses agreed, but why would they do that?  Anyone who does that now should get voted out, since it's basically an attempt at sabotage at this point.

If I'm not misunderstand, most witness think it's temp to change parameter to 1100, they will change it back to 1500 when price stop drop. somebody have plan to change it to 1250.
In fact nobody give you the promiss they will not change it back to 1500 even more high. you need to know this risk before you short bitUSD.

Yes.  While this is a witness parameter it could be changed at any time.  I'm not convinced that 1100 is the best level for this long term.  Ultimately I would like to have this responsibility removed from witnesses.  Until it is removed I am not promising that I will not raise this rate.  I will however give 24 hour notice before I raise it.  I think an open discussion about the pros and cons of raising the mssr is needed.  Preferably without the sky is falling hyperbole from either side.  Until this is figured out please please please be safe and ensure that you have at least 3x collateral on all short positions.  Alt is correct 1100 is not a final setting.  We don't know where it will end up.  I still think this is a great time to short, just make sure you have enough collateral.

there is a big mistake in this.
when you have a short position, you must make sure, when the price dropdown too much,  you will cover your short position instead of just add collateral. or you will lose everything. think about the price drop from 0.3 CNY to 0.02 CNY. so enough collateral is not a way to avoid your lose.
when you short bitUSD, you must  know you  need to buy back these bitUSD someday.

today the parameter is 1100, you can sell your bitUSD at 1.1X price
when you have to buy back your bitUSD, if the parameter change to 1500, you have to buy back back the bitUSD at 1.5x price

I don't think that's quite right alt.  I think you will only have to buy at 1.5 if people are getting shorts called.  If you keep your collateral high this will not be the case.  I'm still learning about the new system and am very willing to admit I could be wrong.  I don't want bitusd to cost $1.50 any more than you do.  I'm also concerned about shorts not being properly collateralized. 

[alt]

guys, pay attention, you still have no word from witnesses or BM, they can adjust force cover price to 1/1.5 again.

Sure they could if the majority of price feed publishing witnesses agreed, but why would they do that?  Anyone who does that now should get voted out, since it's basically an attempt at sabotage at this point.

If I'm not misunderstand, most witness think it's temp to change parameter to 1100, they will change it back to 1500 when price stop drop. somebody have plan to change it to 1250.
In fact nobody give you the promiss they will not change it back to 1500 even more high. you need to know this risk before you short bitUSD.

Yes.  While this is a witness parameter it could be changed at any time.  I'm not convinced that 1100 is the best level for this long term.  Ultimately I would like to have this responsibility removed from witnesses.  Until it is removed I am not promising that I will not raise this rate.  I will however give 24 hour notice before I raise it.  I think an open discussion about the pros and cons of raising the mssr is needed.  Preferably without the sky is falling hyperbole from either side.  Until this is figured out please please please be safe and ensure that you have at least 3x collateral on all short positions.  Alt is correct 1100 is not a final setting.  We don't know where it will end up.  I still think this is a great time to short, just make sure you have enough collateral.

there is a big mistake in this.
when you have a short position, you must make sure, when the price dropdown too much,  you will cover your short position instead of just add collateral. or you will lose everything. think about the price drop from 0.3 CNY to 0.02 CNY. so enough collateral is not a way to avoid your lose.
when you short bitUSD, you must  know you  need to buy back these bitUSD someday.

today the parameter is 1100, you can sell your bitUSD at 1.1X price
when you have to buy back your bitUSD, if the parameter change to 1500, you have to buy back the bitUSD at 1.5x price

[puppies]

guys, pay attention, you still have no word from witnesses or BM, they can adjust force cover price to 1/1.5 again.

Sure they could if the majority of price feed publishing witnesses agreed, but why would they do that?  Anyone who does that now should get voted out, since it's basically an attempt at sabotage at this point.

If I'm not misunderstand, most witness think it's temp to change parameter to 1100, they will change it back to 1500 when price stop drop. somebody have plan to change it to 1250.
In fact nobody give you the promiss they will not change it back to 1500 even more high. you need to know this risk before you short bitUSD.

Yes.  While this is a witness parameter it could be changed at any time.  I'm not convinced that 1100 is the best level for this long term.  Ultimately I would like to have this responsibility removed from witnesses.  Until it is removed I am not promising that I will not raise this rate.  I will however give 24 hour notice before I raise it.  I think an open discussion about the pros and cons of raising the mssr is needed.  Preferably without the sky is falling hyperbole from either side.  Until this is figured out please please please be safe and ensure that you have at least 3x collateral on all short positions.  Alt is correct 1100 is not a final setting.  We don't know where it will end up.  I still think this is a great time to short, just make sure you have enough collateral.

[alt]

guys, pay attention, you still have no word from witnesses or BM, they can adjust force cover price to 1/1.5 again.

Sure they could if the majority of price feed publishing witnesses agreed, but why would they do that?  Anyone who does that now should get voted out, since it's basically an attempt at sabotage at this point.

If I'm not misunderstand, most witness think it's temp to change parameter to 1100, they will change it back to 1500 when price stop drop. somebody have plan to change it to 1250.
In fact nobody give you the promiss they will not change it back to 1500 even more high. you need to know this risk before you short bitUSD.

I for one do not support 1500.  I've not seen any argument that justifies it.  In my mind 1100 is not a temporary fix, I believe 1100 is what it should have been from the start.

Thanks, my suggest is we need give an agreement to the shorter about this and need to  have a hard limit write in the sourcecode.
without this, the shorter need know the risk it can change to more than 1100 without any limit at anytime.

[Xeldal]

guys, pay attention, you still have no word from witnesses or BM, they can adjust force cover price to 1/1.5 again.

Sure they could if the majority of price feed publishing witnesses agreed, but why would they do that?  Anyone who does that now should get voted out, since it's basically an attempt at sabotage at this point.

If I'm not misunderstand, most witness think it's temp to change parameter to 1100, they will change it back to 1500 when price stop drop. somebody have plan to change it to 1250.
In fact nobody give you the promiss they will not change it back to 1500 even more high. you need to know this risk before you short bitUSD.

I for one do not support 1500.  I've not seen any argument that justifies it.  In my mind 1100 is not a temporary fix, I believe 1100 is what it should have been from the start.

[alt]

guys, pay attention, you still have no word from witnesses or BM, they can adjust force cover price to 1/1.5 again.

Sure they could if the majority of price feed publishing witnesses agreed, but why would they do that?  Anyone who does that now should get voted out, since it's basically an attempt at sabotage at this point.

If I'm not misunderstand, most witness think it's temp to change parameter to 1100, they will change it back to 1500 when price stop drop. somebody have plan to change it to 1250.
In fact nobody give you the promiss they will not change it back to 1500 even more high. you need to know this risk before you short bitUSD.