Author Topic: another thing is forbiden the small group conversition among the witness.  (Read 166 times)

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Online alt

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Sure they could have a small group for fast connection to maintain the network.
but excepet that, all other things should be talked in public. it's not their private things like how to handle the comming bitCNY black swan event.
I ask to forbiden this private talk, which they have already screw up bitUSD.

Offline NeoReel

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Re: another thing is forbiden the small group conversition among the witness.
« Reply #1 on: November 27, 2018, 04:21:58 am »
Hello,

Sorry to bother you directly, but it looks like you understand the screwup with bitUSD black swan and I was wondering if you could explain the consequences of forcing millions of bitUSD to be converted to BTS. Will people freak out and loose confidence in BTS? I currently have bitUSD, should I be concerned that their value drop under 1$ USD? Why do you think the BTS value, which was for a long time about 1% below price feed, is currently higher by 10%? Scared people should be feeling BTS, but it looks like they flee bitUSD...
Lastly, does this emergency node hotfix for the stalled blockchain be destroying the confidence in BTS and does it have anything to do with the black swan or is it just a coincidence? Will the discussions in that "small group" move the market intentionnaly in ways that we should be aware?

Thanks for you patience and time for helping us out!
Cheers,
President - NeoReel.com
CTO- MoClip.com
CEO- Relinked.com

Offline sschiessl

Re: another thing is forbiden the small group conversition among the witness.
« Reply #2 on: November 27, 2018, 07:54:07 am »
The difference in the price feed results from BSIP42, which goal is to create a tight peg of bitCNY to CNY.

To clarify: No bitUSD were converted to BTS during the glocal settlement. People lost their margin positions, which are now owned by the settlement fund. But they still have the same value in BTS as before. Loosing your margin position means you lost your leverage which would kick in when BTS price is rising, you can now bid on the collateral of the settlement fund to get your position back and facilitating the revival.

The node hotfix is indirectly related. There was a bug in the bid_collateral method that allows to revive a globally settled asset, which was pretty much never used so far but now with bitUSD globally settled people started the bidding. I would say the swift reaction of the core team in fixing the bug and getting the chain operational again is a very strong argument pro BTS, and not against. Just like any other Software, a Blockchain can have bugs. Question is how you deal with them.

Cheers,
 Stefan
« Last Edit: November 27, 2018, 07:56:42 am by sschiessl »

Offline clockwork

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Re: another thing is forbiden the small group conversition among the witness.
« Reply #3 on: November 27, 2018, 07:58:43 am »
The difference in the price feed results from BSIP42, which goal is to create a tight peg of bitCNY to CNY.

To clarify: No bitUSD were converted to BTS during the glocal settlement. People lost their margin positions, which are now owned by the settlement fund. But they still have the same value in BTS as before. Loosing your margin position means you lost your leverage which would kick in when BTS price is rising, you can now bid on the collateral of the settlement fund to get your position back and facilitating the revival.

The node hotfix is indirectly related. There was a bug in the bid_collateral method that allows to revive a globally settled asset, which was pretty much never used so far but now with bitUSD globally settled people started the bidding. I would say the swift reaction of the core team in fixing the bug and getting the chain operational again is a very strong argument pro BTS, and not against. Just like any other Software, a Blockchain can have bugs. Question is how you deal with them.

Cheers,
 Stefan

also...with blocks every 3 seconds and over 45+ distinct operations, its bound to get noticed....if a bitcoin block (and transfer) takes 20 mins to show up, noone bats an eye