What is the actual price of Bitshares?

[Tuck Fheman]

My point was that we should have made the upgrade once these exchanges were ready to make the upgrade.

Ahh, well that I could live with, but ... that opens all kinds of new cans of worms and speculation on how long we would have had to wait for them to be "ready".

[clout]

Whether Yunbi or BTC38 asked for assistance isn't the point.

It's not like anyone outside BTC38 our Yunbi can force them to upgrade on "our" schedule.

It's their choice when to upgrade.  CNX or the BTS Community have no say in the matter.

Blaming CNX or BTS Community for some companies unwillingness or inability to upgrade is unfair.

My point was that we should have made the upgrade once these exchanges were ready to make the upgrade.

[Tuck Fheman]

Whether Yunbi or BTC38 asked for assistance isn't the point.

It's not like anyone outside BTC38 our Yunbi can force them to upgrade on "our" schedule.

It's their choice when to upgrade.  CNX or the BTS Community have no say in the matter.

Blaming CNX or BTS Community for some companies unwillingness or inability to upgrade is unfair.

[clout]

It was a mistake to not better coordinate the upgrade process with these exchanges.

I'm pretty sure they had every opportunity to seek assistance and were contacted just like the other exchanges (Polo, Meta, Block) who upgraded.

It was their choice and is on them, not Dan or anyone with BTS.

That is my understanding, I could be wrong.

Meta only recently upgraded (3 weeks after the initial upgrade). Blocktrades is CNX. And Polo just had a development workflow that was more conducive to the upgrade.

Whether Yunbi or BTC38 asked for assistance isn't the point. This isn't a symbiotic relationship. We need those exchanges more than they need us. Both generates substantial volume from BTC and the volume from bitshares is negligible in comparison. We need exposure to the chinese markets because that is where the biggest growth lies.

The point is that we missed an opportunity and put ourselves in a bad position because right now we neither have exposure to the chinese markets nor do we have liquidity on the internal exchange.

Instead of arbitrarily assigning a thirty day deadline for upgrade, CNX and the community should have set actual requirements for the upgrade to officially take place. If that were the case I assure you that maintaining our main sources of liquidity (i.e. Yunbi and BTC38) would have been the utmost priority because at the end of the day we are an exchange and there is nothing more important than liquidity.

[Tuck Fheman]

It was a mistake to not better coordinate the upgrade process with these exchanges.

I'm pretty sure they had every opportunity to seek assistance and were contacted just like the other exchanges (Polo, Meta, Block) who upgraded.

It was their choice and is on them, not Dan or anyone with BTS.

That is my understanding, I could be wrong.

[nomoreheroes7]

This actually makes a lot of sense...I really can't believe BTC38 and Yunbi aren't working yet. This basically cuts out the entirety of our Chinese userbase, doesn't it? Are they trading at Polo too?

Really, really sucks.

[clout]

When BTS was rising in september and the volume was being lead by polo, people were asking the delegates to just use polo for the price feed instead of BTC38 becuase supposedly BTC38 was a scam and their coin value was to low compared to polo.

This looks like the same case just in reverse...

I wouldn't have advocated for that... this isn't the same thing in reverse because now have to factor in the illiquidity of these markets as a result of the botched upgrade process.

[clout]

To the mod that moved this to trade and speculation... this isn't really a thread discussing the price of bitshares as much as it is about discussing the liquidity constraints that cause inefficient markets within the bitshares exchange and the implications of these liquidity constraints on managing margin trading.

[lil_jay890]

When BTS was rising in september and the volume was being lead by polo, people were asking the delegates to just use polo for the price feed instead of BTC38 becuase supposedly BTC38 was a scam and their coin value was to low compared to polo.

This looks like the same case just in reverse...

[clout]

In the past few weeks the price of bitshares has declined dramatically on the only exchange that actively allows for deposits and withdrawals of bitshares (i.e. poloniex). I have said before that it is a real problem that the only real source of liquidity for bitshares is poloniex, which, while being reliable in its operation, has some of the most speculative and volatile markets beholden to the whims of pump and dump groups. In the past 24 hours the two largest markets on poloniex (bts and eth) have been dumped. The price of bitshares on poloniex in particular has dramatically deviated from the price bitshares in the chinese markets. I do not think that the price on poloniex reflects the current market price of bitshares in the same way the surge in the price of bitcoin on Mt. Gox was not reflective of the fair market value for btc.

To those that said that Yunbi and BTC38 upgrading did not matter, you are fundamentally wrong. It was a mistake to not better coordinate the upgrade process with these exchanges. It was also a mistake to activate margin trading without these exchanges, which provide a major source of liquidity for bitassets.

What is the fair market price of bts if the price has not really changed on the chinese exchanges? What would the market price be if the upgrade of chinese exchanges were not botched, given that everything on BTC38 has risen as a result of the chinese demand for crypto? Should we still look to poloniex as the indicator of bts price? I don't have the answers to these questions. I just think that it is important to understand that we are in a bad position because of this lack of liquidity.