Author Topic: Committee Proposal: Urgent call for help by the Chinese Community  (Read 37104 times)

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Offline merivercap

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I completely believe that BitCNY does not need such a force settlement feature, so if possible i'd like to suggest to make the force settlement an asset-specific feature, and disable it for BitCNY. and then you can do what you like to BitUSD.


if the force settlement go public, BitCNY will be more expensive than 1 CNY, and there will be much uncertainty in BitCNY market, transwiser is not necessary to expose itself to these unnecessary risks. transwiser may stop its BitCNY business and  issue its private CNY and act as gateway accordingly.

Privatize the smart coin.  Tanswire can have complete control of all Params

Privatize the smart coin.  Tanswire can have complete control of all Params
BitCNY is listed on Poloniex. But how about a private-coin?
All about trust.

@bitcrab I've asked about Privatized bitAssets and would have done it to create a design that 1)removed forced settlement and 2) relied more on  the feed price (or setting SQP to 1000).. this was a couple months ago.  However I realized that would expose us to more regulatory risk because we would have control instead of the committee.  We would be acting as custodians and that would require millions in compliance.  I think privatized bitAssets are better for bigger institutions. 

Another option I thought about is to create another public bitCNY, called let's say bitCNY-with-a-better-design-and-liquidity,   via worker proposal and under committee control.  That way we can test out two different designs ... I think the original will die off, but we probably need to find a way to bridge between the two and subsidize transfer differences.
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Offline mindphlux

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Dear community,

I have reviewed this thread to come up with a decision whether to vote for proposal 1.10.18 or not. I have counted

Code: [Select]
JohnnyBitcoin - reject
clayop - support
Xeldal - reject
clout - support
tonyk - reject
bitcrab - support
btswildpig - support
Empirical1.2 - support
merivercap - support
sudo - support
wallace - support
pc - reject

4 reject, 8 support

I have voted for this proposal.

Best regards
mindphlux
Please consider voting for my witness mindphlux.witness and my committee user mindphlux. I will not vote for changes that affect witness pay.

Xeldal

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I guess I'll repeat myself again here in red.  Just FYI.


Settlement is not a loophole, and is nothing new.  Its been available since the begining.  it was thoroughly discussed and understood long prior to BTS2 and is a critical function. 
The 'loophole' is not referred to the settlement, but to the current situation on BitCNY market.
"loophole" implies a method to circumvent the intended operation.  The described scenario is exactly how it is supposed to work.  So not a loophole
Any available arbitrage opportunity is due to improper pricing of bitCNY by its users/gateways etc.  If transwiser is taking a loss they need to adjust their pricing.  We do not need to change the entire design of bitshares markets to fit 1 gateways uninformed business model.
No. It is due to a not accurate feed for CNY related markets. This will need a partial refactoring of the pricefeed script by xeroc. He needs time.

As I've already described and shown, the feeds are accurate to about 1%.  I've not seen any evidence to the contrary. In addition the feed is a representation of a best approximation of fair.  There is no official price to be within some percent.  Every market is different.  Any enhancement to the feed scripts is welcomed and I support that effort.  But this is not even close to the emergency its being made out to be.
There is no need to disable the settlement.  If it doesn't already, forced settlement should take all available bids below the feed before pulling from the least collateralized shorts.
We are asking for a TEMPORARILY disable of the function, just to give enough time to xeroc (for making the changes in the script) and to bitcrab (to put up a liquidity bot).
Plus: seems that the forced settlement doesn't works as you described. Seems that it currently doesn't take the available bids below the feed.

disabling transwiser is the proper action to take.  Not disabling properly functioning bitshares features to suit transwiser.  I'm aware that settlement may not pull from the bids first.  I already acknowleged this.  This is also not a problem, as its actually an opportunity for the settled short to replace his short order with an instant profit due to an ignorant decision made by the one who used settlement instead of selling to the higher bid. 

"Current" as in the moment of writing.

Right now Transwiser stop his business, so the situation on CNY is probably different. Still, this doesn't mean that it could not happen again.


Offline Bhuz

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Settlement is not a loophole, and is nothing new.  Its been available since the begining.  it was thoroughly discussed and understood long prior to BTS2 and is a critical function. 

Any available arbitrage opportunity is due to improper pricing of bitCNY by its users/gateways etc.  If transwiser is taking a loss they need to adjust their pricing.  We do not need to change the entire design of bitshares markets to fit 1 gateways uninformed business model.

+1

There is no need to disable the settlement.  If it doesn't already, forced settlement should take all available bids below the feed before pulling from the least collateralized shorts.
+1 +1

Just FYI

Settlement is not a loophole, and is nothing new.  Its been available since the begining.  it was thoroughly discussed and understood long prior to BTS2 and is a critical function. 
The 'loophole' is not referred to the settlement, but to the current situation on BitCNY market.

Any available arbitrage opportunity is due to improper pricing of bitCNY by its users/gateways etc.  If transwiser is taking a loss they need to adjust their pricing.  We do not need to change the entire design of bitshares markets to fit 1 gateways uninformed business model.
No. It is due to a not accurate feed for CNY related markets. This will need a partial refactoring of the pricefeed script by xeroc. He needs time.

There is no need to disable the settlement.  If it doesn't already, forced settlement should take all available bids below the feed before pulling from the least collateralized shorts.
We are asking for a TEMPORARILY disable of the function, just to give enough time to xeroc (for making the changes in the script) and to bitcrab (to put up a liquidity bot).
Plus: seems that the forced settlement doesn't works as you described. Seems that it currently doesn't take the available bids below the feed.


"Current" as in the moment of writing.

Right now Transwiser stop his business, so the situation on CNY is probably different. Still, this doesn't mean that it could not happen again.


Offline abit

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Privatize the smart coin.  Tanswire can have complete control of all Params
BitCNY is listed on Poloniex. But how about a private-coin?
All about trust.
BitShares committee member: abit
BitShares witness: in.abit

Offline sittingduck

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Privatize the smart coin.  Tanswire can have complete control of all Params

Offline btstip

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Hey Tuck Fheman, here are the results of your tips...
  • wallace: has been credited 5 PERCENT
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Offline btstip

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Hey 38PTSWarrior, here are the results of your tips...
Curious about BtsTip? Visit us at http://sharebits.io and start tipping BTS on https://bitsharestalk.org/ today!
Created by hybridd


Offline Empirical1.2

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If you want to take the island burn the boats


Offline pc

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Settlement is not a loophole, and is nothing new.  Its been available since the begining.  it was thoroughly discussed and understood long prior to BTS2 and is a critical function. 

Any available arbitrage opportunity is due to improper pricing of bitCNY by its users/gateways etc.  If transwiser is taking a loss they need to adjust their pricing.  We do not need to change the entire design of bitshares markets to fit 1 gateways uninformed business model.

+1

There is no need to disable the settlement.  If it doesn't already, forced settlement should take all available bids below the feed before pulling from the least collateralized shorts.
+1 +1

Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de

Offline bitcrab

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I completely believe that BitCNY does not need such a force settlement feature, so if possible i'd like to suggest to make the force settlement an asset-specific feature, and disable it for BitCNY. and then you can do what you like to BitUSD.


if the force settlement go public, BitCNY will be more expensive than 1 CNY, and there will be much uncertainty in BitCNY market, transwiser is not necessary to expose itself to these unnecessary risks. transwiser may stop its BitCNY business and  issue its private CNY and act as gateway accordingly.
Email´╝Übitcrab@qq.com