Author Topic: Internalizing the Hero  (Read 280 times)

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Offline Stan

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Internalizing the Hero
« on: July 13, 2018, 02:30:31 pm »
Hey guys, now that the bitHero has been an official bitAsset for a while, shouldn't we ask the witnesses to publish the price feeds as well as the volunteers who've been nice enough to do that for us in the first year?

Xeroc wrote the standard feed code and its been tested for a year now.

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Re: Internalizing the Hero
« Reply #1 on: July 13, 2018, 05:57:27 pm »
Your post made me curious so I checked. Right now 7 committee members or witnesses (haven't checked which is which) are providing price feed.

As an official bitAsset I agree that this needs to be advertised as it insinuates a level of confidence in the feed.

Offline fav

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Re: Internalizing the Hero
« Reply #2 on: July 13, 2018, 06:38:40 pm »
As an official bitAsset I agree that this needs to be advertised as it insinuates a level of confidence in the feed.

how was it declared "official"?
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Re: Internalizing the Hero
« Reply #3 on: July 13, 2018, 08:29:40 pm »
I guess official is the wrong word.

The UI highlights committee account owned Smartcoins with "bit" in the front, which symbolizes for me a higher level of trust in it. This makes it special compared to other SmartCoins as the committee governance reduces risk of abuse. (Where is the Lambo fav? :))

Was the hero always committee owned?
« Last Edit: July 13, 2018, 08:31:26 pm by sschiessl »

Offline abit

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Re: Internalizing the Hero
« Reply #4 on: July 13, 2018, 08:59:46 pm »
Transferring an asset's ownership to committee-account doesn't mean the committee nor any witness is responsible to maintain it.
BTS account: abit
BTS committee member: abit
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Offline montpelerin

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Re: Internalizing the Hero
« Reply #5 on: July 13, 2018, 09:51:05 pm »
1. What are the costs of providing Hero price feeds?

2. If ownership by committee-account does not denote a degree of "official" status, it may be a good time to clarify that definition.

3. The Hero Project appears beneficial to the Bitshares ecosystem - are there any arguments against it?...or against the limited support of proving price feeds (assuming negligible cost)?





Offline Troglodactyl

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Re: Internalizing the Hero
« Reply #6 on: July 14, 2018, 01:57:57 am »
If witnesses are already providing bitUSD fees then HERO feeds cost almost nothing.  It doesn't depend on any other data.  Providing feeds should not be considered an endorsement of or commitment to support any third party's secondary plans for the token beyond the features of the bitAsset protocol.

However, the current health of the HERO bitAsset is questionable and if the witnesses are given control of the feeds I think they should gradually increase the MSSR percentage also.  Since HERO is scheduled to appreciate, it consistently trades at a premium which often exceeds the MSSR, resulting in under-collateralized positions and a risk of failure.

Offline fav

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Re: Internalizing the Hero
« Reply #7 on: July 14, 2018, 06:57:01 am »
Transferring an asset's ownership to committee-account doesn't mean the committee nor any witness is responsible to maintain it.

this. I have no interest in supporting HERO.
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Re: Internalizing the Hero
« Reply #8 on: July 14, 2018, 07:52:14 am »
Thanks for the input. I will do some background digging before I can have a proper opinion.

Offline Stan

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Re: Internalizing the Hero
« Reply #9 on: July 14, 2018, 07:48:20 pm »
Much appreciated.  Clearly its been well tested as a private asset for over a year now and well publicized in many ways as well.  If bitUSD is popular, bitHERO should be as well.  Naturally, in a bear market there is less interest in shorting them into existence, which is why I spend my time trying to bring new products like this to BitShares - to stimulate interest in the ecosystem.  Naturally there is a chicken-and-egg issue in bootstrapping any asset, but moving it into the family of bitAssets is the natural next step.
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

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Re: Internalizing the Hero
« Reply #10 on: July 15, 2018, 06:26:35 pm »
Just FYI there is a committee proposal to transfer ownership of HERO asset to hero-foundation:

https://cryptofresh.com/p/1.10.11991
BTS account: abit
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Online sschiessl

Re: Internalizing the Hero
« Reply #11 on: July 15, 2018, 06:59:29 pm »
Questions that arise in my head:
 - Why was it committee controlled in the first place, and why did no one care so far? How long has it been committee controlled?
 - Is the hero-foundation the rightful owner? Who controls that account?
 - The asset has "Issuer may transfer asset back to himself", with a supply of 932 at a BTS price of roughly 1000 BTS. Independent of why it was committee controlled, it has been created by users with thought of having a trust-worthy bitAsset

Offline fav

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Re: Internalizing the Hero
« Reply #12 on: July 15, 2018, 07:23:27 pm »
Questions that arise in my head:
 - Why was it committee controlled in the first place, and why did no one care so far? How long has it been committee controlled?
 - Is the hero-foundation the rightful owner? Who controls that account?
 - The asset has "Issuer may transfer asset back to himself", with a supply of 932 at a BTS price of roughly 1000 BTS. Independent of why it was committee controlled, it has been created by users with thought of having a trust-worthy bitAsset

original issuer is hero-foundation, why they sent it over without a word - no idea.

I personally think the committee should not be held accountable for an asset that's vastly based on promises made by the centralized original issuer.

hero-foundation https://cryptofresh.com/u/hero-foundation lists 3 keys, one is cryptonomex https://cryptofresh.com/u/cryptonomex - no idea about the others
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Re: Internalizing the Hero
« Reply #13 on: July 15, 2018, 07:33:41 pm »
original issuer is hero-foundation, why they sent it over without a word - no idea.

Aha, I somehow thought that there was some kind of background process involved promoting it to a bitAsset. Anyways, I saw that xeroc did the proposal to change the issuer maybe he will shed some light?

The centralized former owner doesn't really affect the concept of the Hero.
« Last Edit: July 15, 2018, 07:37:21 pm by sschiessl »