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.