Author Topic: To switch to feed real market price in CNY market?  (Read 1759 times)

0 Members and 1 Guest are viewing this topic.

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 1563
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
To switch to feed real market price in CNY market?
« on: December 26, 2018, 06:07:36 am »
it's clear now that bsip42 is given up by the community.

the key flaw of bsip42 is that it may make the feed price much higher than market price and make the margin call orders just stay there without being eaten. this can lead to risk accumulation.

even though, we have learned that the negative feedback mechanism really works, it's possible that we update the solution, one of the solution update plan is here: https://bitsharestalk.org/index.php?topic=27522.0

in the plan list the 4th -  reduce bitCNY force settlement offset to 2% - is finished, the 1st and 2rd involve big complex and need much time to reach consensus and implement.

the 3rd - change MSSR to 5% - is drafted as bsip41 and is now in voting process, in the voting process we can see it get big support from the community, however, some whales vote to oppose it as they do not want to reduce MSSR when some witnesses feed a price which is much higher than the market price.

as bsip42 is voted out, I think witnesses now need to feed real market price, right?

https://bitsharestalk.org/index.php?topic=27672.msg326693;topicseen#msg326693 here we can see that @roelandp @xman @xn-delegate and @cyazybit now feed a price which is 5%+ higher than the market price, how about to switch to feed real market price? in order to make the whales to support bsip41?

Offline alt

  • Hero Member
  • *****
  • Posts: 2796
    • View Profile
  • BitShares: baozi
Re: To switch to feed real market price in CNY market?
« Reply #1 on: December 26, 2018, 06:21:16 am »
it's clear now that bsip42 is given up by the community.

the key flaw of bsip42 is that it may make the feed price much higher than market price and make the margin call orders just stay there without being eaten. this can lead to risk accumulation.

even though, we have learned that the negative feedback mechanism really works, it's possible that we update the solution, one of the solution update plan is here: https://bitsharestalk.org/index.php?topic=27522.0

in the plan list the 4th -  reduce bitCNY force settlement offset to 2% - is finished, the 1st and 2rd involve big complex and need much time to reach consensus and implement.

the 3rd - change MSSR to 5% - is drafted as bsip41 and is now in voting process, in the voting process we can see it get big support from the community, however, some whales vote to oppose it as they do not want to reduce MSSR when some witnesses feed a price which is much higher than the market price.

as bsip42 is voted out, I think witnesses now need to feed real market price, right?

https://bitsharestalk.org/index.php?topic=27672.msg326693;topicseen#msg326693 here we can see that @roelandp @xman @xn-delegate and @cyazybit now feed a price which is 5%+ higher than the market price, how about to switch to feed real market price? in order to make the whales to support bsip41?
you are wrong to request permit from these witness.
the witness didn't have the authority to make the decide.
it's the voter's fault to keep these unresponsible witness acitve.

Offline finn-bts

  • Sr. Member
  • ****
  • Posts: 210
    • View Profile
Re: To switch to feed real market price in CNY market?
« Reply #2 on: December 26, 2018, 06:23:24 am »
Agree, I think we can ask more than half of the witnesses to provide the real price, and the final result is the real price. As for the witnesses who provide the witnesses deviating from the price, we can gradually persuade or replace them. Currently, the high premium generated by bitcny has a very bad impact on the market, and we should put aside prejudice and try to push it.

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 1563
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
Re: To switch to feed real market price in CNY market?
« Reply #3 on: December 26, 2018, 07:10:00 am »
you are wrong to request permit from these witness.
the witness didn't have the authority to make the decide.
it's the voter's fault to keep these unresponsible witness acitve.

now the final feed price is already very close to real market price.

I greatly suggest you to support bsip41 right now, both can be pushed at the same time: real market price + MSSR=105%

Offline alt

  • Hero Member
  • *****
  • Posts: 2796
    • View Profile
  • BitShares: baozi
Re: To switch to feed real market price in CNY market?
« Reply #4 on: December 26, 2018, 08:03:11 am »
you are wrong to request permit from these witness.
the witness didn't have the authority to make the decide.
it's the voter's fault to keep these unresponsible witness acitve.

now the final feed price is already very close to real market price.

I greatly suggest you to support bsip41 right now, both can be pushed at the same time: real market price + MSSR=105%
I see now only you and @xeroc have supportted to reduce MSSR to 5%, why not you vote out those witness first, it has been delay for several weeks and it's only worth you several minutes.

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 1563
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
Re: To switch to feed real market price in CNY market?
« Reply #5 on: December 26, 2018, 08:33:55 am »
proxy bitcrab will vote these witnesses out tomorrow morning if they do not change, give them some time to response.

Offline btspp

Re: To switch to feed real market price in CNY market?
« Reply #6 on: December 26, 2018, 08:50:52 am »
Support
Feed the real price. adjust mssr to 103%-105%. Prevent black swan.
Email:[email protected]
Website:http://btspp.io
Witness:btspp-witness

Offline alt

  • Hero Member
  • *****
  • Posts: 2796
    • View Profile
  • BitShares: baozi
Re: To switch to feed real market price in CNY market?
« Reply #7 on: December 26, 2018, 08:58:18 am »
proxy bitcrab will vote these witnesses out tomorrow morning if they do not change, give them some time to response.
thank you.
I have to wait until all the wrong feed price be voted out or be fixed.
I need to make sure the majority voter have got the consensus to provide the real feed price, then I will support to reduce MSSR ASAP.

Offline finn-bts

  • Sr. Member
  • ****
  • Posts: 210
    • View Profile
Re: To switch to feed real market price in CNY market?
« Reply #8 on: December 26, 2018, 09:14:07 am »
proxy bitcrab will vote these witnesses out tomorrow morning if they do not change, give them some time to response.
thank you.
I have to wait until all the wrong feed price be voted out or be fixed.
I need to make sure the majority voter have got the consensus to provide the real feed price, then I will support to reduce MSSR ASAP.
I wonder if you could support some witnesses who are willing to offer the right price.Instead of just waiting. like gdex-wintness abc123

Offline alt

  • Hero Member
  • *****
  • Posts: 2796
    • View Profile
  • BitShares: baozi
Re: To switch to feed real market price in CNY market?
« Reply #9 on: December 26, 2018, 09:31:16 am »
proxy bitcrab will vote these witnesses out tomorrow morning if they do not change, give them some time to response.
thank you.
I have to wait until all the wrong feed price be voted out or be fixed.
I need to make sure the majority voter have got the consensus to provide the real feed price, then I will support to reduce MSSR ASAP.
I wonder if you could support some witnesses who are willing to offer the right price.Instead of just waiting. like gdex-wintness abc123
I will support gdex-witness if they agree to give the right feed price. feed price is the base requirment, not the sufficient.
And I still have to wait those witness who give wrong feed price be voted out.

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 1563
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
Re: To switch to feed real market price in CNY market?
« Reply #10 on: December 26, 2018, 09:51:46 am »
I will support gdex-witness if they agree to give the right feed price. feed price is the base requirment, not the sufficient.
And I still have to wait those witness who give wrong feed price be voted out.

we agree, kindly support.

Offline crazybit

Re: To switch to feed real market price in CNY market?
« Reply #11 on: December 26, 2018, 10:05:24 am »
i will feed the market price as well

Offline finn-bts

  • Sr. Member
  • ****
  • Posts: 210
    • View Profile
Re: To switch to feed real market price in CNY market?
« Reply #12 on: December 26, 2018, 10:10:25 am »
i will feed the market price as well
thanks :)

Offline finn-bts

  • Sr. Member
  • ****
  • Posts: 210
    • View Profile
Re: To switch to feed real market price in CNY market?
« Reply #13 on: December 26, 2018, 10:55:05 am »
proxy bitcrab will vote these witnesses out tomorrow morning if they do not change, give them some time to response.
I think we should also try to contact witnesses who offer too low a price and ask them to provide an accurate price.

Offline alt

  • Hero Member
  • *****
  • Posts: 2796
    • View Profile
  • BitShares: baozi
Re: To switch to feed real market price in CNY market?
« Reply #14 on: December 26, 2018, 11:26:59 am »
I will support gdex-witness if they agree to give the right feed price. feed price is the base requirment, not the sufficient.
And I still have to wait those witness who give wrong feed price be voted out.

we agree, kindly support.
I have supportted, but seems the feed price from gdex-witness still 3%-4% higher than market price.