Author Topic: Proxy: bitcrab - make the ecosystem grow  (Read 3904 times)

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Online Bangzi

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Re: Proxy: bitcrab - make the ecosystem grow
« Reply #30 on: May 07, 2018, 06:15:45 pm »
bangzi: wss://btsfullnode.bangzi.info/ws (Germany)
« Last Edit: May 07, 2018, 06:18:08 pm by Bangzi »
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Offline bitcrab

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Re: Proxy: bitcrab - make the ecosystem grow
« Reply #31 on: August 10, 2018, 07:49:39 am »
in the recent past the CNY feeding from elmato is too low to be reasonable, unvote it temporarily.

BTS need some change on price feeding to protect the ecosystem from being attacked by shorters, suggest witnesses can feed price with the suggestion here as a reference.https://bitsharestalk.org/index.php?topic=26914.msg320692;topicseen#msg320692

« Last Edit: August 10, 2018, 07:53:19 am by bitcrab »

Offline xeroc

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Re: Proxy: bitcrab - make the ecosystem grow
« Reply #32 on: August 10, 2018, 10:53:32 am »
in the recent past the CNY feeding from elmato is too low to be reasonable, unvote it temporarily.

BTS need some change on price feeding to protect the ecosystem from being attacked by shorters, suggest witnesses can feed price with the suggestion here as a reference.https://bitsharestalk.org/index.php?topic=26914.msg320692;topicseen#msg320692



Given that the blockchain derives a *median* of all the price feeds available, a single feed that is below by 100% is as irrelevant as if it was below only 5%.
Unvoting is unecessary IMHO, but the feed should be fixed asap
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Offline paliboy

Re: Proxy: bitcrab - make the ecosystem grow
« Reply #33 on: August 10, 2018, 11:09:13 am »
mr.agsexplorer worries me more... is there any SLA how often should witnesses produce feed? 3 hours doesn't seem right for actively traded assets.

Offline xeroc

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Re: Proxy: bitcrab - make the ecosystem grow
« Reply #34 on: August 10, 2018, 12:09:24 pm »
mr.agsexplorer worries me more... is there any SLA how often should witnesses produce feed? 3 hours doesn't seem right for actively traded assets.
Most scripts don't actually push prices *frequently* but instead have an expiration of say 12h (the minimum frequency) and trigger republishing only if a certain percentage in price difference (From on-chain feed to locally derived feed) is reached. That reduces the burdon that is put onto the blockchain by feed operations and still is flexible.

No need to announce a price again and again if it doesn't change
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Offline paliboy

Re: Proxy: bitcrab - make the ecosystem grow
« Reply #35 on: August 10, 2018, 01:22:00 pm »
Thanks, it makes sense

Offline bitcrab

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Re: Proxy: bitcrab - make the ecosystem grow
« Reply #36 on: September 07, 2018, 03:21:57 am »
BSIP42 passed, proxy bitcrab will push the implementation of this BSIP by witnesses voting.

below is a page on magicwallet that shows the bitCNY price feeding status.



the witnesses points that fall inside the smallest circle now provide the lowest price, possibly they haven't updated their price feeding according to BSIP42, please start to do that.

how to judge whether the price feeding is well enough, I have one simple metric: when bitCNY premium is higher than 2%, the feed price should be higher than Pdex*1.09, here Pdex is the BTS price in bitCNY in DEX.

one week later, proxy bitcrab will begin to unvote the witnesses that publish feed price that do not fulfill this condition.


Offline armin

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Re: Proxy: bitcrab - make the ecosystem grow
« Reply #37 on: September 09, 2018, 05:46:13 am »
I don't understand the point of the formula, can you please explain. BitCNY premium of 2% means that BitCNY is in shortage, also known as bear market. You're saying the feed price should be 1.09 times the BTS/BitCNY pair price, which at the moment would be 1.09 x 0.65 = 0.7085. The feed price is currently at 0.712 and always is at around a 10% higher price than the BTS/BitCNY pair price in a bear market, so I do not see how this new formula helps.

I hope you can explain, maybe I misunderstood something

Offline bitcrab

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Re: Proxy: bitcrab - make the ecosystem grow
« Reply #38 on: September 09, 2018, 02:27:14 pm »
the point is negative feedback, which means, when bitCNY is in shortage and have a big premium, we need to help to support the system to produce more bitCNY by feeding a price of market price + some offset.

more detail can be found at BSIP42 doc https://github.com/bitshares/bsips/blob/master/bsip-0042.md

Offline armin

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Re: Proxy: bitcrab - make the ecosystem grow
« Reply #39 on: September 10, 2018, 12:39:39 am »
I don't think it will work. Because bitCNY is a derivative asset and not actual CNY, the market can always adjust its demand to appreciate/depreciate bitCNY. For example, if we consider an extreme example, make feed price = 2x market price on Bitshares, internal price is 0.65, feed is now 1.3, so now margin calls can only go to (1.3 - 0.13), it doesn't mean the market will suddenly buy up all BTS from 0.65 to the margin call price.

I guess the effect it will have is margin calls won't be eaten though

Maybe it will also affect settlement operations by devaluing bitCNY in a bear market. If that is the case, maybe it can work. But as I just said, because bitCNY is a derivative the market can just increase demand for bitCNY when it is devalued
« Last Edit: September 10, 2018, 12:43:20 am by armin »