Author Topic: Witnesses: Can you please add 'GRIDCOIN' to your price feed please?  (Read 3620 times)

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Offline Chronos

Re: Witnesses: Can you please add 'GRIDCOIN' to your price feed please?
« Reply #15 on: August 13, 2016, 10:48:11 pm »
[member=94]pc[/member] is correct. Market Pegged Assets against a thinly-traded token are a recipe for disaster and abuse. I would not recommend having this price feed managed by the elected Bitshares witnesses.

Offline R

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Re: Witnesses: Can you please add 'GRIDCOIN' to your price feed please?
« Reply #16 on: August 14, 2016, 01:01:09 am »
[member=94]pc[/member] is correct. Market Pegged Assets against a thinly-traded token are a recipe for disaster and abuse. I would not recommend having this price feed managed by the elected Bitshares witnesses.
When you say not managed by witnesses, would you be more comfortable with it being managed by a committee instead?

Can you provide links regarding black swan scenario & how MPAs handle them?

I'd really appreciate the bitshares documents on MPA's being updated to provide information regarding limitations surrounding low-volume assets - I've been hyped for the last 2 months since creating this MPA trying to get it live lol, at least we'll have our OPEN.GRC UIA in the near future.

Offline Chronos

Re: Witnesses: Can you please add 'GRIDCOIN' to your price feed please?
« Reply #17 on: August 14, 2016, 01:49:20 am »
[member=94]pc[/member] is correct. Market Pegged Assets against a thinly-traded token are a recipe for disaster and abuse. I would not recommend having this price feed managed by the elected Bitshares witnesses.
When you say not managed by witnesses, would you be more comfortable with it being managed by a committee instead?
No, not by the official BitShares committee. That wouldn't be any better. What I had in mind was a private group providing the feed, to absolve BitShares itself of any liability in case of abuse.

Offline R

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Re: Witnesses: Can you please add 'GRIDCOIN' to your price feed please?
« Reply #18 on: August 14, 2016, 12:36:40 pm »
[member=94]pc[/member] is correct. Market Pegged Assets against a thinly-traded token are a recipe for disaster and abuse. I would not recommend having this price feed managed by the elected Bitshares witnesses.
When you say not managed by witnesses, would you be more comfortable with it being managed by a committee instead?
No, not by the official BitShares committee. That wouldn't be any better. What I had in mind was a private group providing the feed, to absolve BitShares itself of any liability in case of abuse.
Yeah, I don't think that handing control of price feeds to a private/unknown un-elected group is appropriate.

Ultimately, I don't think witnesses are liable in any case of abuse, especially when they're reporting legit price feeds (unlike if they were to provide fake price feeds).

If witnesses are liable for external abuse of legit price feeds then that's a risk that witnesses have acknowledged by becoming a witness in the first place.

I'm willing to vote for witnesses that do decide to provide the GRIDCOIN MPA price feeds.

I've changed the GRIDCOIN MPA variables:
I've reduced the required quantity of price feeds from 7 to 1.
Changed the "Force settlement delay" to 1 week.
Set the "Max force settle vol" to 0.1%

Just spotted there is the ability to disable forced settlement too, could enable that to take forced settlement out of the equation.. but I assume that would be bad because that would then mean that if the price tanked or soared then you would still have the coins you purchased at a high/low value, so yeah probably not going to do that as long as there is no manipulation of the Gridcoin market.

I have disabled the following permissions (first MPA to do so!) so that I have less power over the GRIDCOIN MPA:
Require holders to be white-listed
Issuer may transfer asset back to himself
Issuer must approve all transfers
Disable confidential transactions
« Last Edit: August 14, 2016, 06:17:51 pm by crypto123 »

Offline R

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Re: Witnesses: Can you please add 'GRIDCOIN' to your price feed please?
« Reply #19 on: September 10, 2016, 01:59:36 pm »
***BUMP***

We've now got two witnesses providing price feeds for the GRIDCOIN MPA, looking for more to step forwards.

Edit: Worth pointing out that over the last few days we've exceeded $800k trading volume, would have loved to have seen some of this traded on BTS via OPEN.GRC (soon to be launched) & the GRIDCOIN MPA.

I made my second appeal to BTS witnesses in #172 of beyondbitcoin hangouts: https://steemit.com/beyondbitcoin/@officialfuzzy/guest-signups-beyond-bitcoin-hangout-172-9-9-16-rsvp-to-friday-s-hangout-refer-projects-for-rewards

I'll be continuing the appeal in the #173 and #174 etc until we have more witnesses.

Thanks :)
« Last Edit: September 10, 2016, 02:29:19 pm by crypto123 »

Offline R

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Re: Witnesses: Can you please add 'GRIDCOIN' to your price feed please?
« Reply #20 on: September 16, 2016, 03:48:45 pm »
I believe we experienced a 'black swan' event on 8th September 2016 (lol).

Here's a breakdown of the massive spike in trading volume we experienced: https://steemit.com/gridcoin/@cm-steem/08-september-2016-gridcoin-foldingcoin-and-curecoin-spiked-signifcantly-in-value

TL;DR: Gridcoin spiked to ~ $5 million market cap from ~$2mil w/ approx $800k trading volume, after about 36hrs we dropped down to $2.7 million and now after a week we're sitting around $3-3.5 million market cap with between $20-100k daily trading volume.

The Gridcoin MPA no longer has actively updated price feeds for 7 days now, perhaps this is due to the 7 day forced settlement delay that I implemented.

I'd really appreciate some input regarding how MPAs recover after a blackswan event and input on Gridcoin's MPA settings/variables.

Cheers,
CM.

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Re: Witnesses: Can you please add 'GRIDCOIN' to your price feed please?
« Reply #21 on: September 16, 2016, 04:47:34 pm »
Price feeds can no longer be published after a black swan.

Currently, there is no way to revive an MPA after a black swan event. Therefore, like someone mentioned on mumble today, this requires a hardfork.

Basically, what needs to be done is to pay out all holders from the settlement_fund. There is currently no mechanism to enforce this. Holders must settle individually. I believe forcing settlement of all holders wasn't implemented because it's computationally expensive (has to walk the list of all account balances).

Once all holdings have been settled and the settlement_fund has been emptied, the settlement_price has to be removed. I think it would be safe to do this at that point. This is something that has to be implemented, however.
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Offline R

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Re: Witnesses: Can you please add 'GRIDCOIN' to your price feed please?
« Reply #22 on: September 17, 2016, 09:06:48 am »
Price feeds can no longer be published after a black swan.

Currently, there is no way to revive an MPA after a black swan event. Therefore, like someone mentioned on mumble today, this requires a hardfork.

Basically, what needs to be done is to pay out all holders from the settlement_fund. There is currently no mechanism to enforce this. Holders must settle individually. I believe forcing settlement of all holders wasn't implemented because it's computationally expensive (has to walk the list of all account balances).

Once all holdings have been settled and the settlement_fund has been emptied, the settlement_price has to be removed. I think it would be safe to do this at that point. This is something that has to be implemented, however.
That's unfortunate & quite a short lived experiment in BitShares by the Gridcoin community then. We're still on track for otherwise integrating gridcoin into Bitshares. I hope black swan handling/recovery functionality is added into BitShares in the future.
« Last Edit: September 18, 2016, 10:49:34 am by crypto123 »

Offline R

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Re: Witnesses: Can you please add 'GRIDCOIN' to your price feed please?
« Reply #23 on: November 24, 2016, 12:19:35 am »
Minimum required changes to revive an MPA after a black swan event: https://bitsharestalk.org/index.php/topic,23334.15.html

Very relevant to this thread.