Author Topic: Somebody might enlighten me why BSIP42 on BitUSD ?  (Read 1243 times)

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Offline Thul3

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Somebody might enlighten me why BSIP42 on BitUSD ?
« on: September 27, 2018, 07:02:29 pm »
Can somebody enlighten me why BSIP42 is now being so quickly being implemented on bitUSD ?
You can't tell me you want to pegg bitusd to something ?
BSIP42 is experimental for bitcny so why is it already being implemented on bitUSD ?
What is the Agenda behind implementing BSIP42 on bitUSD ?
Why is a war started between witnesses who implement BSIP42 quickly on bitUSD and witnesses who refuse to make such massiv changes so quickly ?

I really would love to see some answers from xeroc and openledger who are making BSIP42 possible and if they really feel thats the right way to treat solid witnesses ?

I would love to hear what result you whish to achieve and what makes you call BSIP42 a success (defenition) that you already moved on to bitUSD without community consensus or is the experimental timeframe over?
If yes where are the results ?Info's and discussion about it ?


bitcrab :
Quote
updated witnesses voting, supported witnesses that take positive actions on implementing BSIP42 on bitUSD.
« Last Edit: September 27, 2018, 07:30:49 pm by Thul3 »

Offline Thom

Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #1 on: September 27, 2018, 07:41:59 pm »
I call BS on this as well. Seems the proxies are in full control and aren't interested in what community or witnesses have to say.

They aren't listening to us Thul3
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Offline paliboy

Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #2 on: September 27, 2018, 08:09:31 pm »
Yup, explanation is necessary. This platform is going in wrong direction ;(

Offline fav

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Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #3 on: September 27, 2018, 08:09:56 pm »
Such is shareoracy. Nothing you can do about
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Offline bench

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Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #4 on: September 27, 2018, 08:20:49 pm »
The feed method should only be changed, when we have enough experience and knowledge in the CNY market.

Offline xeroc

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Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #5 on: September 28, 2018, 08:06:09 am »
The feed method should only be changed, when we have enough experience and knowledge in the CNY market.
That's what I explained to bitcrab and jademont when we met in Amsterdam - he is desperate to moving on much more quickly than most others.
Being German, I would also prefer a more conservative approach. Still in talks with bitcrab to see how this can be resolved the nice way
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Offline Customminer

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Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #6 on: September 28, 2018, 09:23:18 am »
If BSIP42 is implemented on bitUSD, then Hertz will probably need to change its USD:BTS price reference https://github.com/BTS-CM/scripts/issues/2

Does BSIP42 apply to all smartcoins?
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Offline bitcrab

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Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #7 on: September 28, 2018, 11:08:26 am »
BSIP42 allow witnesses to modify their price feeding algorithms based on the "negative feedback" concept.

to push the things forward, not only need the BSIP be passed, but also need to do coordination with witnesses.

now many witnesses understand BSIP42 well and select to apply it in bitUSD, things went well so far, I don't understand why so many people do not like this.

we need to compete with USDT, GUSD... we have not too much time to wait, just start it and watch it carefully is the right way.

Offline xeroc

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Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #8 on: September 28, 2018, 11:33:31 am »
I must confess, I am not very happy with BSIP42 being applied on bitUSD already.
However, we had a great discussion today to make everyone happy short term and strengthen the concept of bitassets in general.
Expect a new BSIP to be published next week .. To allow comparison, that particular BSIP would (for now) exclude bitCNY as I do not
intend to change experiments while they are ongoing and also to allow comparison of performance.
The new BSIP will most probably only affect bitUSD and bitEUR.
Looking forward to hear your feedback as soon as it is finished ....
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Offline bitcrab

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Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #9 on: September 29, 2018, 01:19:04 am »
I must confess, I am not very happy with BSIP42 being applied on bitUSD already.
However, we had a great discussion today to make everyone happy short term and strengthen the concept of bitassets in general.
Expect a new BSIP to be published next week .. To allow comparison, that particular BSIP would (for now) exclude bitCNY as I do not
intend to change experiments while they are ongoing and also to allow comparison of performance.
The new BSIP will most probably only affect bitUSD and bitEUR.
Looking forward to hear your feedback as soon as it is finished ....

then are you happy to see that bitUSD kept a >3% premium for so long time?

what's  the core idea of the planned new BSIP?  is it "keep feed price the real market price and adjust MCR dynamically"?

Offline zhangweis

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Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #10 on: September 29, 2018, 01:51:11 am »
I'm trying to exit my bitcny position. I hope I don't need to do the same on bitusd.
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Offline armin

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Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #11 on: September 29, 2018, 03:42:10 am »
why r u exiting @zhangweis

Offline zhangweis

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Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #12 on: September 29, 2018, 10:12:43 am »
why r u exiting @zhangweis

bitcny price is about 0.996 CNY(RMB) while the price feed is about 0.816/0.78 ~= 104.6% of the external exchange price and I'm in fear of black swan when a quick fall happens.
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Offline JonnyB

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Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #13 on: September 29, 2018, 01:52:51 pm »
BSIP42 = You can't settle your bit assets for their face value anymore.
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Offline yvv

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Re: Somebody might enlighten me why BSIP42 on BitUSD ?
« Reply #14 on: September 29, 2018, 05:07:49 pm »
There is a clear conflict of interests here, which some committee members are trying to resolve by brute force in favor of their mercantile interests against of interests of many users, making bullshit excuses like "we want to improve shit blah blah blah... ". Ok, conflicts of interests are inevitable in this business, but they should not be ever resolved like this. You can do what ever you want with new contracts, but you have to respect old contracts which you already made. You can't change parameters of bit asset which you issued on a wish of your ass, PERIOD.

If this is not stopped, this would prove that dpos is a fatally flawed system, which can be easily manipulated just like mtgox.