Author Topic: please give a warning to all customers for the comming blackswan  (Read 391 times)

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Online alt

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please give a warning to all customers for the comming blackswan
« on: November 23, 2018, 09:07:48 pm »
depends on no any response from the wintess. all smart asset include bitCNY bitUSD faced a coming black swan, or in another words, the collabrary can't pay their debt, 1 bitUSD can't buy BTS as same as a real USD dollar.
you'd be better tell all the users include some exchange the potencial risk.
it's a unhonest behave if you continue to give bitUSD to others don't know the risk.
it's a unhonest behave to ask others adopt bitUSD as a stable peg asset.
it's even worst to give a bonus to encourage others adopt bitUSD.

if you are an honest man, please stop any marketing for smart asset.
« Last Edit: November 23, 2018, 09:09:33 pm by alt »

Offline Thul3

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Re: please give a warning to all customers for the comming blackswan
« Reply #1 on: November 23, 2018, 10:00:46 pm »
In my opinion
bitcny depending on some big bitcny holders if they get activ before gs or not.
« Last Edit: November 23, 2018, 10:36:14 pm by Thul3 »

Online alt

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Re: please give a warning to all customers for the comming blackswan
« Reply #2 on: November 23, 2018, 10:44:07 pm »
In my opinion
bitcny depending on some big bitcny holders if they get activ before gs or not.
in fact the basic principle to support  peg theory have already lost after the witness's behave these days.
we all known that the witness can give a feed whatever they want.
whatever the black swan happened or not, the peg have already lost trust with these delegate, witness and commiittee.

Offline matle85

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Re: please give a warning to all customers for the comming blackswan
« Reply #3 on: November 24, 2018, 12:13:17 pm »
Guys this isn't the case.

bitUSD has been in existence for 4 years and survived this latest 90% drop in price of BTS. That's pretty remarkable and shows a robust system.

I agree that in recent weeks we have come closer to the global settlement situation than anyone wants but even then bitUSD has been backed by a minimum of 118% of its value.

The key thing for me is - how do we learn the lessons and make the system more robust?

1) The committee account had the right idea but should be EXTREMELY conservative with its margin. In my view it's function should be to step in when GS is getting close.we should not see it being called ever, it should have a call price of 1-2c.

2) BSIP42 needs to be evaluated and witness feeds in general need more clarity. We are talking about 'true' feed prices but at the minute we are concerned some of these feed prices (or at least their volume) is faked - we need to get our heads around that in a transparent way and have more reliable witness feeds. For info I voted against BSIP42 from the outset as I did not think it was the right way to go.

3) How do we make sure margins are eaten? In my view the current '10% below feed price" is not working as that can often match the DEX price. I would propose this is changed to '10% below the lesser of the feed price or the DEX market price'. Margins being sold as we drop is critical and I think that has been the main thing that has brought us so close to GS.

Please also compare our decentralised and blockchain checkable stablecoins against USDT with its endless audit dramas. Are you comfortable 1 USDT is definitely backed up by 1 USD held in a bank? Our solution is MUCH better and much more in line with how crypto should work. We just need to learn the lessons from this heavy drop in price and make the system more robust (note I say 'more robust' because it's been pretty damn impressive that there has been no GS considering 11 months ago everyone was margining on the basis we were about to break BTS = $1!

Offline Thul3

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Re: please give a warning to all customers for the comming blackswan
« Reply #4 on: November 24, 2018, 12:37:11 pm »
What you seem to ignore is that a big part of community is mayge going soon to lose their investment thanks to this experiment.
I really can't understand how easily people are taking this event who are not concerned themself.
The 90% drop is irrelevant.What is relavant is the fact that the CR was 1.75 when the price was 0.62 cny before the heavy drop.Dropping from 0.62 to 0.44 is not 90% but just 29% which nearly triggered the global settlement.
The drop was quickly and steady thats what was diffrent than before.I said it before in a bigger movement down BSIP42 will create a big margin wall which won't be able to get filled anymore.
Also the current feed price manipulation has no borders at all.A CR of 2.3 which makes people comfortable in a sideway  market can get tomorrow margin called because the manipulation which we saw up to 40% are unpredictable and not user/noob friendly.
If you want a tighter peg i have no issue with that but not by putting investors money in risk and creating a setting where nobody is able to predict which dynamicly changes will be tomorrow so he can adjust his risk accordingly.

Quote
3) How do we make sure margins are eaten? In my view the current '10% below feed price" is not working as that can often match the DEX price. I would propose this is changed to '10% below the lesser of the feed price or the DEX market price'. Margins being sold as we drop is critical and I think that has been the main thing that has brought us so close to GS.

Thats something which bitcrab is against heavily.

Quote
Please also compare our decentralised and blockchain checkable stablecoins against USDT with its endless audit dramas.
Currently i feel safer holding USDT than bitusd.USDT has clear rules which won't be changed.The only question there is if each USDT is really backed by 1 USD.
At BitUSD you have now the big risk of a black swan and the uncertainty which rules are going to be changed.
There were talks about allowing the CR do go under 1 and other proposals which purpose is to weak the 100% backed promise.

Offline matle85

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Re: please give a warning to all customers for the comming blackswan
« Reply #5 on: November 24, 2018, 12:50:41 pm »
USDT's rule is "we tell you there's that much USD in the bank and you believe us".

When that collapses it is going to collapse hard.

I am more relaxed than others about the peg not being quite so tight when there is sharp movement - it is much more important in my view that GS is avoided as that causes much more damage to the assets credibility than some small fluctuations in the peg.

Suggest you proxy to George from Bitspark. They have a big voting power now and are against these issues that maybe help the peg or margin holders a bit but make GS more likely.

Offline Thul3

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Re: please give a warning to all customers for the comming blackswan
« Reply #6 on: November 24, 2018, 01:09:22 pm »
BSIP42 shouldn't be changed currently as it would trigger instantly a GS.Whats important is to adjust margin call price so buy orders will fill the open margin calls to increase the CR instead that traders are taking majority of buy orders speculating that the price will drop because of the big margin wall and a falling BTC

Offline Thul3

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Re: please give a warning to all customers for the comming blackswan
« Reply #7 on: November 24, 2018, 09:26:56 pm »
Market moving down as predicted and no buy orders are being taken by open margin calls to increase the CR price diffrence between real market price and margin call price 0.04 bitcny
« Last Edit: November 24, 2018, 09:55:59 pm by Thul3 »

Offline abit

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Re: please give a warning to all customers for the comming blackswan
« Reply #8 on: November 26, 2018, 06:09:26 pm »
@alt if you really don't want bitcny to go GS (globally settle), you'd better vote for the witnesses who are feeding price higher than GS price, and don't vote for the witnesses who are feeding price lower than GS price. Of course, if you want GS, you can ignore this comment.
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Online alt

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Re: please give a warning to all customers for the comming blackswan
« Reply #9 on: November 26, 2018, 07:28:29 pm »
@alt if you really don't want bitcny to go GS (globally settle), you'd better vote for the witnesses who are feeding price higher than GS price, and don't vote for the witnesses who are feeding price lower than GS price. Of course, if you want GS, you can ignore this comment.

1. the best strategy is max(realprice, GS price)
2. the second is real price
3. the last is manupulation price