Author Topic: Force settled bit CNY - haven't received any BTS  (Read 3264 times)

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Offline Gleepower

Obviously at the end of the day this is my fault (as you say I didn't read the smartcoin contract precisely), but luckily I only used a small amount to test (and I don't think I've lost money, just didn't make any). I just think this looks very unprofessional and obtuse to newcomers to the platform (such as myself). Also why can the terms of the smart contract be immediately changed without the parties consent? Are all assets in bitshares like this?

Offline yvv

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So the smartcoins are actually loans for 0.95% of their respective currencies/assets? This seems very bizarre. In any case, I think the website owners should update their descriptions, since it's most likely illegal to misinform investors like this. It really gives a bad impression (or at least it did to me) of what seems like a very promising project.

Yes, it is bizarre, but only bitCNY has this 5% offset, because committee decided to screw it up this way . Other smart coins have less or no offset. You should check a smart coin description before you buy it, and keep in mind that any smart coin can be screwed up this way later without notice.


Offline Gleepower

So the smartcoins are actually loans for 0.95% of their respective currencies/assets? This seems very bizarre. In any case, I think the website owners should update their descriptions, since it's most likely illegal to misinform investors like this. It really gives a bad impression (or at least it did to me) of what seems like a very promising project.

Offline fav

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Wait sorry I'm slightly confused by this fee - so the bitcny contract is really a loan of 0.95% of a bitcny rather than 1 bitcny? Surely that can't be correct - I'm quite new to this and by the website my understanding is that these smartcoins are collateralized loans where each smartcoin long position gives you the right to settle at the feed price for each unit (which is what guarantees the long position is worth at least 1 CNY)?

the only legitimate source is the information you get in your wallet/blockchain. everything else can be outdated or false.

Offline Gleepower

Wait sorry I'm slightly confused by this fee - so the bitcny contract is really a loan of 0.95% of a bitcny rather than 1 bitcny? Surely that can't be correct - I'm quite new to this and by the website my understanding is that these smartcoins are collateralized loans where each smartcoin long position gives you the right to settle at the feed price for each unit (which is what guarantees the long position is worth at least 1 CNY)?

Offline fav

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Offline Gleepower

Hmm, it said that I was going to pay 0.61 BTS for force settling, but that looked fixed. Is there an additional 5% fee which didn't appear?

Offline fav

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force settlement is meant to be used in illiquid markets.

you will pay 5% fees for this action and it takes 24 hours to execute.

Offline hiquanta

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Offline Gleepower

Ah okay that's very good to hear. It would be nice if pending settlements could appear in the GUI somehow.

Offline fluxer555

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Offline Gleepower

Hello Bitshares,

Been playing around with the platform for a few days now and I think it's been fantastic. However, I just bought some BitCNY, and tried to settle it, which by my understanding will make the least-collaterizaled short position give (the feed price  of BTS/bitCNY) * number of bitCNY) to me. However, having done so, I haven't received any BTS! Should I be worried, or does the process just take a litte while?

https://imgur.com/a/01DZj

You can see the settlement operation made above!