Author Topic: fox、clockwork、blckchnd、elmato、crazybit、bangzi、magicwallt all ugly witness  (Read 1228 times)

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Online bitcrab

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I do not agree with the tone of the author, but some witnesses really did bad job in price feeding.

I am not referring to any specific witness, it's a generally speaking.

recently, I always feel that the market BTS/bitCNY price is a more exact BTS/CNY price than the feed price.

see below picture, market price is 2% higher than feed price, naturally you may think, does bitCNY has a 2% discount?



No. at the time bitCNY still have a premium of about 0.5%.

you may say that witnesses need time to response, so there's always delay when the market price change rapidly.

but what I see is that some witnesses do not update the price after 2+ hours or even 10+ hours even when the last feed price is 2% apart the market price.

I feel fortunate that months ago I disagreed to reduce the force settlement offset of bitCNY back to 1%, if it is 1% now it will provide chances for  speculators to exploit debt position owners!

I feel in the future we need to make a candle chart and put feed price of each witness inside for users to evaluate how exact the feed price is.

witnesses need to take the responsibility, it's important to the whole ecosystem, if you do not like the job, just leave and let others do.   
« Last Edit: April 07, 2019, 06:34:47 am by bitcrab »

Offline xeroc

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Its also the proxies responsibility to appreciate those witnesses that do a good job and unvote those that don't.

with that said, i am sorry i do not keep up to date sufficiently, but i have started work on an automated script to track and act on witness responsibilities ..
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Online bitcrab

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seems the cause is that recently USDT has a big premium, but some witnesses still calculate based on the normal USD/CNY rate.

Online binggo

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so,what's wrong with the feed price? what's wrong with the wittness?

Squeezing the market by the feed price?

DEX PRICE: 0.5

witness.yao   0.5009
zapata42-witness   0.5009
in.abit   0.4997
xeldal   0.4981
bhuz   0.498
openledger-dc   0.4978
roelandp   0.4977
delegate-zhaomu   0.4964
sahkan-bitshares   0.4936
btspp-witness   0.4931
bangzi   0.4922
witness.hiblockchain   0.4904
fox   0.4897
xn-delegate   0.4895
verbaltech2   0.4888
clockwork   0.4887
delegate-1.lafona   0.4885
magicwallet.witness   0.4877
blckchnd   0.4876
witness.still   0.4875
gdex-witness   0.4863


Offline xeroc

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Guys, please calm down ...

Due to the use of "MEDIAN" in deriving the feed price on chain, you will **ALWAYS** .. let me repeat that: **ALWAYS**
find half the witnesses produce a price that is *above* the price feed and the other half to be *below* the price feed!!
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Online binggo

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Guys, please calm down ...

Due to the use of "MEDIAN" in deriving the feed price on chain, you will **ALWAYS** .. let me repeat that: **ALWAYS**
find half the witnesses produce a price that is *above* the price feed and the other half to be *below* the price feed!!

I see, but the" MEDIAN" price is not a fair price, i don't think the price which come from the BTS/BTC price is a true fiat pirce, too many exchang and charge in there,  BTS-BTC-USDT(now6.93)-USD(6.7197)-CNY.

and i want to know what happened to the gdex-wittness, he is the highest in the last days, now he is the lowest!!!

If we can't make a professional feed price,how we can make a StableCoin?
« Last Edit: April 08, 2019, 10:45:14 am by binggo »

Online bitcrab

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Guys, please calm down ...

Due to the use of "MEDIAN" in deriving the feed price on chain, you will **ALWAYS** .. let me repeat that: **ALWAYS**
find half the witnesses produce a price that is *above* the price feed and the other half to be *below* the price feed!!

I see, but the" MEDIAN" price is not a fair price, i don't think the price which come from the BTS/BTC price is a true fiat pirce, too many exchang and charge in there,  BTS-BTC-USDT(now6.93)-USD(6.7197)-CNY.

and i want to know what happened to the gdex-wittness, he is the highest in the last days, now he is the lowest!!!

If we can't make a professional feed price,how we can make a StableCoin?

gdex-witness is reviewing the price feed.

now I feel maybe the BTS/bitCNY price in DEX + bitCNY premium/discount got from magicwallet can result a fair price.

other ways always involve  some uncertain factors, for example, USDT is not so stable but it's not easy for the script to get how unstable it is.

Offline clockwork

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fwiw, i dont use USDT pairs anywhere in my feeding

Offline clockwork

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As a possible improvement, I have just disabled the cointiger source as their high volume (and in my opinion probably fake wash trading) might be messing with my averages.

Online binggo

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Pleas don't use the bitCNY premium/discount in the feed price, as have too many factors to influence the bitCNY premium/discount.

witness.hiblockchain   0.4744
gdex-witness


explain?
« Last Edit: April 09, 2019, 12:47:46 am by binggo »

Online binggo

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Please remove the vote from gdex-wittness until he correct his feed script.

Offline pluswave

After BSIP42 was unvoted, magicwallet just use a "medium" price for months (multi sources include BitShares blockchain). Same as clockwork, there is no USDT in any sources. In these days, as BTS price in BitShares are higher than **many** external exchanges, it seems the feed price is low. Now magicwallet changed to use a "mean" price, it is slightly higher. However, there is no perfect strategy. As many external exchanges has faked volume, the following equation may be  better:

   mean( medium price of external sources , bts price in BitShares blockchain).

For these days, the feed price seems low, but it is health in my opinion: It is a warning sign to not just use MPA( which is derived from BTS) to bring BTS up. On the other hand, it is hard to be manipulated to eat the margin call to make profit as the market price is higher.
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Online binggo

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After BSIP42 was unvoted, magicwallet just use a "medium" price for months (multi sources include BitShares blockchain). Same as clockwork, there is no USDT in any sources. In these days, as BTS price in BitShares are higher than **many** external exchanges, it seems the feed price is low. Now magicwallet changed to use a "mean" price, it is slightly higher. However, there is no perfect strategy. As many external exchanges has faked volume, the following equation may be  better:

   mean( medium price of external sources , bts price in BitShares blockchain).

For these days, the feed price seems low, but it is health in my opinion: It is a warning sign to not just use MPA( which is derived from BTS) to bring BTS up. On the other hand, it is hard to be manipulated to eat the margin call to make profit as the market price is higher.

So the wittness can use the feed price to control the market?en?so interesting.

Now i think @ljk424 said is right: Feed price is the cancer of  BTS, the feed price which was provided by people is the cancer of BTS, anthropogenic factor and politics in there.

Just like the @ljk424 said.

Online bitcrab

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I suggest to take BTS/bitCNY price in DEX into important consideration, witness can firstly modify the DEX price with bitCNY premium/discount, then let this price be the bottom of feed price.

Offline alt

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can't wait to change to this. you'd better update the feed price ASAP.
I will borrow enough CNY to pull the DEX's price to 10CNY/BTS or higher, when your feed price change to 10CNY/BTS, I can reduce my collactory to 1.6X, get another millions free BTS.
the big bad debt posision belongs to the system, to those who hold CNY, good thing is you have destroied the black swan, you just have a GS price protect at 10/1.6 CNY/BTS,

I suggest to take BTS/bitCNY price in DEX into important consideration, witness can firstly modify the DEX price with bitCNY premium/discount, then let this price be the bottom of feed price.