Author Topic: fox、clockwork、blckchnd、elmato、crazybit、bangzi、magicwallt all ugly witness  (Read 3094 times)

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Online binggo

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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,
:o :o :o

Online bitcrab

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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.

calm down bro, I just think that some witnesses can feed price like this, I am not suggesting that all witnesses should do this.

Online 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.

calm down bro, I just think that some witnesses can feed price like this, I am not suggesting that all witnesses should do this.
I am just kiding.
there is big problem in this strategy, witness who use this strategy will lose my support.

Online binggo

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I have a thought:

Feed price= (Median of witness feeds+DEX price)/2;

Median of witness feeds<= (Median of witness feeds+DEX price)/2<= Median of witness feeds*1.02

Online bitcrab

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I am just kiding.
there is big problem in this strategy, witness who use this strategy will lose my support.

the current price feed also have big problem, we need to find some solution for this.
otherwise, maybe we have to reset the force settlement offset back to 5%.

Offline xeroc

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Feed price= (Median of witness feeds+DEX price)/2;
Then, your only source of information is the internal price and the external becomes irrelevant.
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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Feed price= (Median of witness feeds+DEX price)/2;
Then, your only source of information is the internal price and the external becomes irrelevant.

The median of wittness feeds is the external price, not include DEX.

The wittness can only scrape the price from these CEX, then chose the median price from these wittness feed.

Feed price= (CEX price+DEX price)/2,  maybe clear, set two weight parameters X, Y, and one parameter Z like MSSR, these can be adjusted by committee:

if CEX price<= (X*CEX price+Y*DEX price)/2<= CEX price*Z,

then feed price=(X*CEX price+Y*DEX price)/2

if  (X*CEX price+Y*DEX price)/2 >CEX price*Z,

then feed price=CEX price*Z

if  (X*CEX price+Y*DEX price)/2<CEX price
then feed price=CEX price
« Last Edit: April 11, 2019, 05:22:02 am by binggo »

Online binggo

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I am just kiding.
there is big problem in this strategy, witness who use this strategy will lose my support.

the current price feed also have big problem, we need to find some solution for this.
otherwise, maybe we have to reset the force settlement offset back to 5%.

We need to solve the problem of the current price feed asap, it's not a "fair" price.

We need to banlance the weight of DEX price and CEX price, give more chance to the DEX, if we didn't want the Collateral to be killed by the CEX price, we must action now,the CEX price was squeezinginginginginginginging the DEX and make more margin call to squeezing.

I give you 0.4518 cny, can you buy 1 bts from binance bts/btc?!!!!!

Some project have done what we think, we just stand still and do nothing or "oh, yes, you may be right, but i don't want do it"
« Last Edit: April 11, 2019, 05:17:28 am by binggo »

Offline xeroc

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I am not sure I can follow. Obviously, people don't see arbitrage opportunity when they see it.

What is a "fair price" depends on perspective. For witnesses, the "fair price" is probably to consider markets with high volume to obtain a pricing of BTS against BTC then against CNY
The more markets there are between BTS and CNY, the more spread will be part of the "fair price".
Ideally, we get bitCNY listed on more exchanges and we get BTS listed against fiat CNY. Then witnesses can add those as source for their price feed and arbitrage will close the gab.

Blaming witnesses for inaccurate feeds is the wrong approach.
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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I am not sure I can follow. Obviously, people don't see arbitrage opportunity when they see it.

What is a "fair price" depends on perspective. For witnesses, the "fair price" is probably to consider markets with high volume to obtain a pricing of BTS against BTC then against CNY
The more markets there are between BTS and CNY, the more spread will be part of the "fair price".
Ideally, we get bitCNY listed on more exchanges and we get BTS listed against fiat CNY. Then witnesses can add those as source for their price feed and arbitrage will close the gab.

Blaming witnesses for inaccurate feeds is the wrong approach.

This is the design deficiency of feed price not the witness fault,the CEX price should be a reference and risk control price, real price should be the DEX price.

Offline pc

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Using the DEX price for the feed creates a feedback loop, which is inherently dangerous.

The real source of the problem is that the markets are skewed, and arbitrage is difficult because of political boundaries. The consequence is that there is no single "correct" price. We've had that discussion before.

IMO under these circumstances it is OK to increase the settlement offset, and perhaps also accept a higher premium by increasing MSSR. The resulting spread could cover the market differences and protect both sides.
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de

Online binggo

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Using the DEX price for the feed creates a feedback loop, which is inherently dangerous.

The real source of the problem is that the markets are skewed, and arbitrage is difficult because of political boundaries. The consequence is that there is no single "correct" price. We've had that discussion before.

IMO under these circumstances it is OK to increase the settlement offset, and perhaps also accept a higher premium by increasing MSSR. The resulting spread could cover the market differences and protect both sides.

increasing MSSR is not a good idea.

I have a idea below maybe solve some problems.

Feed price= (CEX price+DEX price)/2,  maybe clear, set two weight parameters X, Y, and one parameter Z like MSSR, these can be adjusted by committee:

if CEX price<= (X*CEX price+Y*DEX price)/2<= CEX price*Z,

then feed price=(X*CEX price+Y*DEX price)/2

if  (X*CEX price+Y*DEX price)/2 >CEX price*Z,

then feed price=CEX price*Z

if  (X*CEX price+Y*DEX price)/2<CEX price
then feed price=CEX price

Online binggo

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Using the DEX price for the feed creates a feedback loop, which is inherently dangerous.

It will not be a feedback loop,if the witness only give the price from CEX, and system give the DEX price, then the feed price will
calculate by the system by the CEX price and DEX price.

and give a range of risk which will be controlled by CEX price.


and what i want to asked is if you want to change the mechanism of the feed price?

or think it's perfect?

or i think it has some problems but we didn't want do something,so be it?


USDE had finished what we discussed and wanted, so if we stand still and argument all the time and do nothing?

They have MSSR=102%,they have charge fee from the margin call,they have insurance fund,they can settle the bitasset when GS.

LOOK!!!

https://test.pizza.live/

« Last Edit: April 12, 2019, 11:59:21 am by binggo »

Offline pc

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Just because they have a nice graphic with many little arrows pointing everywhere doesn't mean it's going to work better than what we have.

I'm not against experimenting either, within reasonable bounds. All I'm saying is that

a) using the DEX price for the feed is dangerous because such feedback loops tend to oscillate, and
b) there is no such thing as a "correct" feed price when external markets are skewed due to political boundaries, so it is pointless to argue about it.
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de

Offline clockwork

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Just because they have a nice graphic with many little arrows pointing everywhere doesn't mean it's going to work better than what we have.

I'm not against experimenting either, within reasonable bounds. All I'm saying is that

a) using the DEX price for the feed is dangerous because such feedback loops tend to oscillate, and
b) there is no such thing as a "correct" feed price when external markets are skewed due to political boundaries, so it is pointless to argue about it.

from what I can tell, they have an effective MSSR of 1.12 as far as the borrower is concerned. From that they take 10% for an insurance fund and place the collateral in the market for an MSSR of 1.02 (as far as the buyers are concerned)