Committee Proposal: Urgent call for help by the Chinese Community

[alt]

the point is, we need to talk about, if settlement is a flaw, if the answer is yes, we need to fix it, if answer is no, just let it keep there.
but many people always say:
1. it's at there from the beginning
2. it's Chinese's problem
3. I want to hear BM's advice
4. you should know the risk when you short
..................

so, I just want to know, do you really care about BTS or do you really care about who's fault it is?

[mindphlux]

@alt, I think it is very inapproriate that you call anybody in this community 'stupid'. That is very unprofessional of you.

The problem here in this thread is that some shorters on the bitCNY market (probably chinese people!) didn't know of the force settlement feature, even though it has been on the bitshares.org technlogy page since June 8th. One can blame it on the language barrier perhaps or perhaps missing due dilligence to base a business on a market you did not fully research. That is the real issue here.

[fav]

isn't this whole (non)issue documented here? https://bitshares.org/technology/price-stable-cryptocurrencies/

[alt]

why you still talk about Chinese Community?
this is  a problem of BTS, not just for  Chinese Community, what stupid are you?
last time when I ask change SQR from 1500 to 1100, do you think it as a Chinese community problem?

[xeroc]

Talking to a guy recently who is very knowledgable about crypto projects in general... he knew of my past interest in Bitshares and asked me if it is true ...   Is BitShares controlled by a small number of Chinese whales?

I told him I do not know, but such a thing could very well be true...

After reading this thread I really do wonder.

Some Chinese guy(including some so-called whales )  have asked me if BitShares is an ATM and controlled by a few western developers in I3 . why they can keep bleeding dilution on Chinese , Why the developers can put up a proposal that could grant them more BTS just in 2 month than any single whale in the Chinese community .

Sometimes I just don't know what to tell them .
Guess we all have our troubles .

Anyone can "put up" a proposal and ask for an arbitrary amount of money. Question is if he gets the money ..

I would love to see some chinese initiatives that improve the system and would love to vote for a worker to fund them (if the proposal makes sense)

[sittingduck]

This whole debate is getting out of hand.  As soon as you start throwing out terms like "flaw" it presupposes one correct interpretation.  Let's step back and ask some questions:

What is the precision by which we actually know the value of bitshares?  Based on the daily flux in price and spreads/volume I would say the valuation has a margin of error of at least 10%. 

Any price movements within +\- 10% are noise. It is pure gambling. Anyone with a couple million BTS could move the price by that much in an instant. 

Regardless of the market rules, the price feed should be allowed to be off by several percent without breaking the whole system. 

The parties involved who trade under the assumption that a price feed can be more accurate have unrealistic expectations.

You cannot peg against such volatile asset unless you control the market and play market maker with a large amount of capital on both sides of the trade.

It sucks to be surprised by a misunderstanding of the market.

Claiming there is no documentation is also bull.  Forced settlement rules have been documented on bitshares.org since June under the first feature page linked directly from the home page.  It wasn't hidden in this forum. Just because you claim there isn't proper docs doesn't make it so.

So who is to blame for building a business on smart coins and not even reading bitshares.org which has been translated to multiple languages? 

[btswildpig]

Talking to a guy recently who is very knowledgable about crypto projects in general... he knew of my past interest in Bitshares and asked me if it is true ...   Is BitShares controlled by a small number of Chinese whales?

I told him I do not know, but such a thing could very well be true...

After reading this thread I really do wonder.

Some Chinese guy(including some so-called whales )  have asked me if BitShares is an ATM and controlled by a few western developers in I3 . why they can keep bleeding dilution on Chinese , Why the developers can put up a proposal that could grant them more BTS just in 2 month than any single whale in the Chinese community .

Sometimes I just don't know what to tell them .
Guess we all have our troubles .

[Bhuz]

@Empirical1.2

If there is a flaw that let an expoiltation to be made, and somebody uses that flaw, I don't think you can call it "playing by the rules". We are trying to fix the flaw.
"Flaw" + "exploit" =! follow the rules

[Empirical1.2]

Are traders going to make the same amount of money they would have made if force settlement wasn't temporarily disabled?

I thought the pause helped stop Transwiser & others losing money to those traders.

Sorry I am not sure to understand what you exactly mean.

If you are referring to the "lose money" due to the currently not available "force settlement" function:
-Nobody is forcing them to sell their BitCNY at lower value instead of wait for the "force settlement" to be back.

If you are referring to the "lose money" due to the currently not available exploitation of the BitCNY market:
-Well, that is NOT "lose money", that is "not gain money exploiting some flaw in the sistem at the expense of the shorters".

Yes I mean the second one.  So let me change my statement so it is clear...

We responded to your 'Urgent call for help by the Chinese community' and urgently helped the Chinese community by temporarily disabling forced settlement. 

Some traders have lost money they would have gained, playing by the rules because we changed/suspended the rules to help the Chinese community and businesses who were using BitAssets but didn't understand the new rules.

[Bhuz]

Are traders going to make the same amount of money they would have made if force settlement wasn't temporarily disabled?

I thought the pause helped stop Transwiser & others losing money to those traders.

Sorry I am not sure to understand what you exactly mean.

If you are referring to the "lose money" due to the currently not available "force settlement" function:
-Nobody is forcing them to sell their BitCNY at lower value instead of wait for the "force settlement" to be back.

If you are referring to the "lose money" due to the currently not available exploitation of the BitCNY market:
-Well, that is NOT "lose money", that is "not gain money exploiting some flaw in the sistem at the expense of the shorters".

[Empirical1.2]

Some traders have lost money playing by the rules because we changed the rules to help the Chinese community...

False.
Plus: Nobody is forcing anybody else to sell their BitCNY meanwhile the force settlement is temporary disabled.

Are traders going to make the same amount of money they would have made if force settlement wasn't temporarily disabled?

I thought the pause helped stop Transwiser & others losing money to those traders.

[Bhuz]

Some traders have lost money playing by the rules because we changed the rules to help the Chinese community...

False.
Plus: Nobody is forcing anybody else to sell their BitCNY meanwhile the force settlement is temporary disabled.

[Empirical1.2]

I don't know why somebody think of this about Chinese community
Isn't it about the whole BTS system?

This thread is called 'urgent call for help by the Chinese Community'

Some traders have lost money playing by the rules because we changed the rules to help the Chinese community and businesses who were using BitAssets but didn't understand the new rules.

What to do next is about the whole BTS system.

[alt]

I don't know why somebody think of this about Chinese community
Isn't it about the whole BTS system?

[lzr1900]

you can you up.you can buy more bts for voting.controlled by Chinese whales?what a joke..poor guy foreigner