Author Topic: Removing Bitcrab from the committee controlled open market operation fund  (Read 5779 times)

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Offline Thul3

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Totaly disagree on that.

First of all you are taking future RP funds hostage where many members already stated that the amount being used for OMO is way to high and doesn't leave any significant amount for other WP.

Second there is no transparancy at all.I'm a big supporter of bitshares as well and sold my BTS at peak speculating that we will see another downside to $5500 and left fiat .So you basicly are using RP funds to make it for me impossible to use the benefit of
my risk to stack BTS.You got yourself tons of BTS at cheap price so you try to protect it but most people don't have such a big stack and are looking for a great entry point which you are denying to provide.

Big corrections are very healthy for any ecosystem because these big correction makes that massiv amount of people join an opportunity.

I agree going to 6 CNY but not on a bear market.On a bear market you try to get adoption to get prepared for the next run.

Quote
maybe. why should OMO protect a person's interest who shorten BTS?

Thats the most stupid question.First of all DEX is a trading platform allowing to trade and shorten everything including BTS.
Also the purpose of OMO was to create liquidity by creating assets and not to dictate and force a price.

You are also aware if there are no shorteners than there is also no possible buying.
Have you seen what happened to the BTS price once your buy walls have been eaten ?A big fall and creating an unhealthy high price by dictacting the price will have the same issue as it doesn't bring any more mass adoptions.
It only benefits people holding big amounts of BTS to be able to dump them at high price'

Another argument to let the price go down is to get a better BTS distribution to get it more decentralised.
« Last Edit: August 08, 2018, 01:21:07 pm by Thul3 »

Offline binggo

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Am requesting to all commitee members to remove bitcrab from the committee controlled open market operation fund.
Its a clear conflict of interrest and also the unnatural buy wall which is exectly near bitcrabs margin which is causing unnatural prices on DEX can't be tollarated anymore on a free market which DEX should be.
Today we saw a feed price of 1.06 but BTS price on DEX kept up on 1,084 and never moving down because of the big buy walls for 1 million BTS at 1.08 ,1.07 ,1.06 ,1.05 ,1.03  .
The fund should be used to buy BTS and not to create heavy buy walls which are not going to break.
Also why are the funds at bottom prices on the buy walls if he really wants to buy BTS ?


Thats a massiv abuse and also cheat on all traders who shorten BTS on a bear market to protect a persons own interrest.
No new bitasset was created so you can't tell us it was created to increase liquidity.

Also i'm very disappointed once again from all commitee members who let it happen

yes, the current ratio is a little lower, and when the new funds come, it will be used to increase the ratio.

but I do not agree that the buying wall are cheating and abuse.

what role will Bitshares play in the future? in my view it is "World Central Bank", to play this role we need to stabilize the market and increase the liquidity of the smartcoin, that's why I suggest to create the OMO.

frankly speaking, one of my purpose is to make BTS price above 6 CNY and never go down in half a year.

I hurt who shorten BTS on a bear market to protect a persons own interrest? maybe. why should OMO protect a person's interest who shorten BTS?

I had do many things, for example one is to increase the force settlement ratio to 1% or even more, this definitely will help the smartcoin generator but won't do good to a BTS shorter. to help the ecosystem to grow definitely we need to encourage the constructor of the ecosystem.

several days ago I had expected that the BTS price will be never go down to under 1CNY, but unfortunately it goes again, but in my watching, the key point is that several big debt positions, including mine, do not use the target collateral ratio feature, and that because the GUI that support the target CR feature do not come until several hours ago.

this give the speculator chance to short BTS and make BTS price go down, what we need to remove is the chance that shorters can use. please use the target CR ratio feature.
agreed.

Offline bitcrab

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Am requesting to all commitee members to remove bitcrab from the committee controlled open market operation fund.
Its a clear conflict of interrest and also the unnatural buy wall which is exectly near bitcrabs margin which is causing unnatural prices on DEX can't be tollarated anymore on a free market which DEX should be.
Today we saw a feed price of 1.06 but BTS price on DEX kept up on 1,084 and never moving down because of the big buy walls for 1 million BTS at 1.08 ,1.07 ,1.06 ,1.05 ,1.03  .
The fund should be used to buy BTS and not to create heavy buy walls which are not going to break.
Also why are the funds at bottom prices on the buy walls if he really wants to buy BTS ?


Thats a massiv abuse and also cheat on all traders who shorten BTS on a bear market to protect a persons own interrest.
No new bitasset was created so you can't tell us it was created to increase liquidity.

Also i'm very disappointed once again from all commitee members who let it happen

yes, the current ratio is a little lower, and when the new funds come, it will be used to increase the ratio.

but I do not agree that the buying wall are cheating and abuse.

what role will Bitshares play in the future? in my view it is "World Central Bank", to play this role we need to stabilize the market and increase the liquidity of the smartcoin, that's why I suggest to create the OMO.

frankly speaking, one of my purpose is to make BTS price above 6 CNY and never go down in half a year.

I hurt who shorten BTS on a bear market to protect a persons own interrest? maybe. why should OMO protect a person's interest who shorten BTS?

I had do many things, for example one is to increase the force settlement ratio to 1% or even more, this definitely will help the smartcoin generator but won't do good to a BTS shorter. to help the ecosystem to grow definitely we need to encourage the constructor of the ecosystem.

several days ago I had expected that the BTS price will be never go down to under 1CNY, but unfortunately it goes again, but in my watching, the key point is that several big debt positions, including mine, do not use the target collateral ratio feature, and that because the GUI that support the target CR feature do not come until several hours ago.

this give the speculator chance to short BTS and make BTS price go down, what we need to remove is the chance that shorters can use. please use the target CR ratio feature.





Email:bitcrab@qq.com

Offline Crypto Kong

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Bitcrab should never have been involved in this operation down to his track record of constant margin calls from his personal accounts. If that wasnt proof enough of bad management I don't know what is. There is also now a conflict of interest with the spring fund and he should have volunteered to step down, failing that other members of the multi sig should have removed and replaced him.

I have said from the beggining ratios are not high enough and already ratios are at 2 which is far too close for comfort. How can everyone involved not have seen this coming.

I actually think the fund is a good idea so credit to bitcrab there but he shouldnt have been involved and ratios should have been much higher. I respect bitcrab and all hes done but this was clear from the beggining and the community is as much to blame as him for jumping on the bandwaggon in order to pump the BTS price.

I hope everyone learns from mistakes made here.
« Last Edit: August 08, 2018, 08:45:51 am by Crypto Kong »

Offline Thul3

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USD commitee account is at Ratio 1.96 so it may soon get margin called
CNY commitee account is now at 2.1 and a minute ago Bitcrab created again new assets to create a 1 million BTS buy order

Offline Thul3

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Offline Thul3

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Quote
2. operators need to take good care while operate with debt positions, as an initial rough principle, when BTS price is under 2CNY:
while collateral ratio > 4, borrowing more smartcoin is allowed.
while 4>collateral ratio>3, smartcoin income can be used to buy more BTS, but borrowing more smartcoin is not allowed.
while 3>collateral ratio, smartcoin income need to be used to reduce debt position, buying more BTS is not allowed.

Both accounts are clearly under Ratio of 3 and were not allowed to buy any BTS

Offline Thul3

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Am requesting to all commitee members to remove bitcrab from the committee controlled open market operation fund.
Its a clear conflict of interrest and also the unnatural buy wall which is exectly near bitcrabs margin which is causing unnatural prices on DEX can't be tollarated anymore on a free market which DEX should be.
Today we saw a feed price of 1.06 but BTS price on DEX kept up on 1,084 and never moving down because of the big buy walls for 1 million BTS at 1.08 ,1.07 ,1.06 ,1.05 ,1.03  .
The fund should be used to buy BTS and not to create heavy buy walls which are not going to break.
Also why are the funds at bottom prices on the buy walls if he really wants to buy BTS ?


Thats a massiv abuse and also cheat on all traders who shorten BTS on a bear market to protect a persons own interrest.
No new bitasset was created so you can't tell us it was created to increase liquidity.

Also i'm very disappointed once again from all commitee members who let it happen