Author Topic: please restart BSIP42!!!  (Read 560 times)

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Offline bitcrab

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please restart BSIP42!!!
« on: November 29, 2018, 06:40:04 am »
as some time ago the voting power that oppose BSIP42 overcome that support BSIP42, most of the witnesses return to feed just market price, immediately the BTS/bitCNY price fall about 8%, although more margin call orders are eaten, but:

1. price fall continue, bitCNY holders seems to wait for lower price, no big will to eat current margin call orders.

2. bitCNY has a premium of about 10%, it's a disaster for bitCNY business.

3.more debt position margin called, not obvious margin call quantity reduction.

actually witnesses need to be careful while doing a big change, it is not a good behavior to just change while seeing the voting result - no one host/claim/announce the voting activity, it is likely that some balance owner change lead to this result, please be careful while seeing this!

now I greatly propose: 
 
1. witnesses please restart BSIP42, however according to what we learn in the past, I suggest to add black swan protection logic, and ensure the feed price is not lower than market price and not higher than market price*MSSR.

2. please vote to support BSIP42.

3.start the process to draft updated solution to relevant issues.

Offline dirnet

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Re: please restart BSIP42!!!
« Reply #1 on: November 29, 2018, 06:43:33 am »
agree

Offline yamtt

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Re: please restart BSIP42!!!
« Reply #2 on: November 29, 2018, 06:57:01 am »
Agree

Offline clockwork

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Re: please restart BSIP42!!!
« Reply #3 on: November 29, 2018, 08:52:54 am »
as some time ago the voting power that oppose BSIP42 overcome that support BSIP42, most of the witnesses return to feed just market price, immediately the BTS/bitCNY price fall about 8%, although more margin call orders are eaten, but:

1. price fall continue, bitCNY holders seems to wait for lower price, no big will to eat current margin call orders.

2. bitCNY has a premium of about 10%, it's a disaster for bitCNY business.

3.more debt position margin called, not obvious margin call quantity reduction.

actually witnesses need to be careful while doing a big change, it is not a good behavior to just change while seeing the voting result - no one host/claim/announce the voting activity, it is likely that some balance owner change lead to this result, please be careful while seeing this!

now I greatly propose: 
 
1. witnesses please restart BSIP42, however according to what we learn in the past, I suggest to add black swan protection logic, and ensure the feed price is not lower than market price and not higher than market price*MSSR.

You should really announce this part more... it's been people's MAIN grief with bsip42

(although to be honest it probably reduces effectiveness greatly)

Offline akledirs

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Re: please restart BSIP42!!!
« Reply #4 on: November 29, 2018, 11:30:46 am »
If Invisible hand of market decide. that bitCNY > CNY, I no think that witnesses must be manipulate of feedprice for safe interest of bitcrab and other big debtors

Offline kadawum

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Re: please restart BSIP42!!!
« Reply #5 on: November 29, 2018, 12:15:24 pm »
If Invisible hand of market decide. that bitCNY > CNY, I no think that witnesses must be manipulate of feedprice for safe interest of bitcrab and other big debtors

I am also against market manipulation by witnesses and manipulated feeds. I already updated my witness votes to reflect this, and I am currently only voting for witnesses with correct feeds. These manipulated feeds are the reason why we are in this mess in the first place, because they were leading to the accumulation of undercollateralized positions.

1. price fall continue, bitCNY holders seems to wait for lower price, no big will to eat current margin call orders.
You are suggesting to effectively disable margin calls, which will lead to unsustainable accumulation of debt. This is exactly what was leading to this problem now. Your argument that anyway nobody will eat the margin calls is very problematic. Just think about what you are saying:

If witnesses would always be feeding real market prices then everyone who eats these margin calls can make a 10% bonus. If nobody eats these margin-calls with a 10% bonus, then why would anyone do it, if you reduce the bonus to 0% (which is effectively what you are suggesting)? If you manipulate the price feeds in this way, you are effectively completely disabling margin calls and with it you are destroying the fundamental basis of how these assets are working. If bitCNY-Borrowers do not have to fear any consequences of being under-collateralize, it is damaging the whole system.

I still hope that shareholders will wake up and vote accordingly to safe this project.

Therefore:
1. please vote against BSIP42, which produced this mess in the first place.
2. please vote against witnesses who are feeding manipulated prices.

Online zhouxiaobao

Re: please restart BSIP42!!!
« Reply #6 on: November 29, 2018, 12:48:04 pm »
agree

Offline Customminer

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Re: please restart BSIP42!!!
« Reply #7 on: November 29, 2018, 05:57:22 pm »
BSIP failed bitUSD, why should it be reactivated?
Hertz, Beyond Bitshares, Gridcoin!

Offline Dinko

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Re: please restart BSIP42!!!
« Reply #8 on: December 03, 2018, 06:46:31 pm »
If Invisible hand of market decide. that bitCNY > CNY, I no think that witnesses must be manipulate of feedprice for safe interest of bitcrab and other big debtors

I am also against market manipulation by witnesses and manipulated feeds. I already updated my witness votes to reflect this, and I am currently only voting for witnesses with correct feeds. These manipulated feeds are the reason why we are in this mess in the first place, because they were leading to the accumulation of undercollateralized positions.

1. price fall continue, bitCNY holders seems to wait for lower price, no big will to eat current margin call orders.
You are suggesting to effectively disable margin calls, which will lead to unsustainable accumulation of debt. This is exactly what was leading to this problem now. Your argument that anyway nobody will eat the margin calls is very problematic. Just think about what you are saying:

If witnesses would always be feeding real market prices then everyone who eats these margin calls can make a 10% bonus. If nobody eats these margin-calls with a 10% bonus, then why would anyone do it, if you reduce the bonus to 0% (which is effectively what you are suggesting)? If you manipulate the price feeds in this way, you are effectively completely disabling margin calls and with it you are destroying the fundamental basis of how these assets are working. If bitCNY-Borrowers do not have to fear any consequences of being under-collateralize, it is damaging the whole system.

I still hope that shareholders will wake up and vote accordingly to safe this project.

Therefore:
1. please vote against BSIP42, which produced this mess in the first place.
2. please vote against witnesses who are feeding manipulated prices.

Hi ! How can I vote against that, could somebody walk me through? I have just 33k BitShares but I would like to vote against such control. Why would not the free market of this decentralized world decide the direction of where all is heading? why would a crab be a market maker in "decentralized" society ? I may not be with much knowledge of this ecosystem but I know when I smell fish

Offline kadawum

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Re: please restart BSIP42!!!
« Reply #9 on: December 05, 2018, 11:20:25 am »
Hi ! How can I vote against that, could somebody walk me through? I have just 33k BitShares but I would like to vote against such control. Why would not the free market of this decentralized world decide the direction of where all is heading? why would a crab be a market maker in "decentralized" society ? I may not be with much knowledge of this ecosystem but I know when I smell fish

1) To vote against BSIP42, in the bitshares UI go to Menu --> Voting --> Workers. There you can toggle your votes. Specifically, make sure that you are voting for 1.14.119 and against 1.14.118, if you don't want prices to be manipulated by witnesses. Finally, it is important to remember to click on save so that your changes will be stored in the blockchain.

2) To vote for witnesses who are feeding correct price data, you first check which of the price feeds are real market prices. Therefore, go to https://wallet.bitshares.org/#/asset/CNY and on the bottom click on "Price Feed Data" and look in the column Settlement Price and note down all witnesses who are feeding the correct price. You can look up the real market price, for example by taking the binance USD/BTS price and converting it to CNY. Now, to vote for the corresponding witnesses go to Menu --> Voting --> Witnesses and toggle on the votes only for the witnesses who are feeding correct prices. And again, remember to save the changes to the blockchain.

In my case, the result looks like this:


Alternatively, you could just set a proxy in the voting screen so that you do not have to do all this yourself. In that case you need to find someone who is voting similar to you and you can just set their username as a proxy.

Offline dh

Re: please restart BSIP42!!!
« Reply #10 on: December 05, 2018, 05:01:52 pm »
Quote
2. please vote against witnesses who are feeding manipulated prices.

I would like to vote for backup witnesses who provide correct feeds, but unfortunately I cannot find an easy way to obtain feed data for backup witnesses.

Offline Bangzi

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Re: please restart BSIP42!!!
« Reply #11 on: December 05, 2018, 05:21:51 pm »
Quote
2. please vote against witnesses who are feeding manipulated prices.

I would like to vote for backup witnesses who provide correct feeds, but unfortunately I cannot find an easy way to obtain feed data for backup witnesses.

Only Active Witnesses can provide price feed for BitAssets.
Please Vote for My Witness: Bangzi
My Blog: https://steemit.com/@bangzi
请投票支持比特股见证人: Bangzi

Offline ljk424

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Re: please restart BSIP42!!!
« Reply #12 on: December 06, 2018, 05:28:31 am »
Quote
2. please vote against witnesses who are feeding manipulated prices.

I would like to vote for backup witnesses who provide correct feeds, but unfortunately I cannot find an easy way to obtain feed data for backup witnesses.

Only Active Witnesses can provide price feed for BitAssets.
bangzi压低喂价真的不行,请求执行bsip的修正版

Offline Bangzi

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Re: please restart BSIP42!!!
« Reply #13 on: December 06, 2018, 06:07:00 am »
Quote
2. please vote against witnesses who are feeding manipulated prices.

I would like to vote for backup witnesses who provide correct feeds, but unfortunately I cannot find an easy way to obtain feed data for backup witnesses.

Only Active Witnesses can provide price feed for BitAssets.
bangzi压低喂价真的不行,请求执行bsip的修正版

BSIP42被投出去后,见证人在回复市场价时有另外加了保黑代码的,所以BITCNY目前都还没黑天鹅。

BSIP的修正版要靠你们拉票了,其实你们只要搞定猴哥就行了!
Please Vote for My Witness: Bangzi
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请投票支持比特股见证人: Bangzi

Offline dh

Re: please restart BSIP42!!!
« Reply #14 on: December 06, 2018, 08:35:00 am »
Quote
2. please vote against witnesses who are feeding manipulated prices.

I would like to vote for backup witnesses who provide correct feeds, but unfortunately I cannot find an easy way to obtain feed data for backup witnesses.

Only Active Witnesses can provide price feed for BitAssets.

The goal is to vote for some backup witnesses to make them replace some active witnesses who doesn't provide correct feeds.