Author Topic: Which witnesses do not doing well in CNY price feeding?  (Read 3328 times)

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Offline bitcrab

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Re: Which witnesses do not doing well in CNY price feeding?
« Reply #30 on: April 21, 2019, 01:17:33 pm »
I am considering to push one principle for bitCNY price feed -  price feed should not conflict with DEX price.

exactly speaking, price feed should not conflict with DEX price modified with bitCNY premium/discount.

as shown below, at the time bitCNY has a premium of about 1.7%, so the price feed should be about 0.4069*1.017=0.4138



but most of the witnesses feed a price which is even under 0.4069 at the time, this is killing the bitCNY ecosystem!


« Last Edit: April 21, 2019, 01:24:41 pm by bitcrab »

Offline sahkan

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Re: Which witnesses do not doing well in CNY price feeding?
« Reply #31 on: April 21, 2019, 10:27:53 pm »
Even though currently the DEX price more or less reflex the market price; based on buys and sells it can spike significantly in relation to global markets. And of course we can't just feed the DEX price by itself. I have been working on my tuning my prices a bit. I  have also noticed that GDEX updates their price feeds every 2 minutes. Is that were we are trying to go with this? Provide frequent up to a minute feeds?

Offline ljk424

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Re: Which witnesses do not doing well in CNY price feeding?
« Reply #32 on: April 22, 2019, 03:25:04 am »
witnesses are the god of BTS.

Offline bitcrab

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Re: Which witnesses do not doing well in CNY price feeding?
« Reply #33 on: April 22, 2019, 03:48:21 am »
Even though currently the DEX price more or less reflex the market price; based on buys and sells it can spike significantly in relation to global markets. And of course we can't just feed the DEX price by itself. I have been working on my tuning my prices a bit. I  have also noticed that GDEX updates their price feeds every 2 minutes. Is that were we are trying to go with this? Provide frequent up to a minute feeds?

I don't think each witness should feed every 2 minutes, however it is not acceptable that the market price have changed a lot but the feed price is not updated for long time.

feed price should not conflict with DEX price modified with bitCNY premium/discount, otherwise feed price will be the tool for shorting.


Offline pc

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Re: Which witnesses do not doing well in CNY price feeding?
« Reply #34 on: April 22, 2019, 06:28:32 am »
Is that were we are trying to go with this? Provide frequent up to a minute feeds?

*Publishing* a feed every 2 minutes is normally not required.

*Checking* the feed often is a good idea though. Technically you need to publish only if
a) your feed is about to expire, or
b) if the new feed price would change your position relative to the median (i. e. old price was below median and new price is above, or vice versa), or
c) your feed price *is* the median

You may want to publish more often than that to avoid being accused of neglecting your duties. :-/
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Online alt

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Re: Which witnesses do not doing well in CNY price feeding?
« Reply #35 on: April 22, 2019, 11:52:19 am »
you are definitely wrong.
every witness should input the feed price without any dependence from other witness or median price.
this is what the meaning of "witness".

here is a possible result when follow your suggest:
suppose there are 3 witness, a gives price 0.059USD, b gives 0.06 USD, c gives 0.061 USD
when the price rise, b change to 0.061, c change to 0.062, a get a new price at 0.06, so he don't need to update feed price.
when b and c goes to 0.062, 0.063, a still keep unchange.
...
when b and c goes to 0.1, 0.101, a still keep unchange.
now b and c got a chance to control median price between 0.059 to 0.1.

for 21 witness, when there are 11 witness always get a little bit higher price, while other 10 always get a little bit lower, this could happen too.

Is that were we are trying to go with this? Provide frequent up to a minute feeds?

*Publishing* a feed every 2 minutes is normally not required.

*Checking* the feed often is a good idea though. Technically you need to publish only if
a) your feed is about to expire, or
b) if the new feed price would change your position relative to the median (i. e. old price was below median and new price is above, or vice versa), or
c) your feed price *is* the median

You may want to publish more often than that to avoid being accused of neglecting your duties. :-/

Online sschiessl

Re: Which witnesses do not doing well in CNY price feeding?
« Reply #36 on: April 22, 2019, 04:21:49 pm »
 I have two questions:

If I offboarding 1 bitCNY to my bank account, how much CNY will I get?

If I onboard now 1 CNY, how much bitCNY do I get?

This must include all fees in the process.

Online zhouxiaobao

Re: Which witnesses do not doing well in CNY price feeding?
« Reply #37 on: April 22, 2019, 04:26:54 pm »
      The feed price should be  “how much RMB does it cost to buy 1 BTS?”
      But ,all along, I have been unable to use RMB to buy BTS  at this feed price .It is too low.
     (DEX price *bitCNY premium )is the actual price I paid.
     It is totally unfair that the feed price is lower than the price I actually paid.

Offline bitcrab

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Re: Which witnesses do not doing well in CNY price feeding?
« Reply #38 on: April 22, 2019, 04:31:05 pm »
I have two questions:

If I offboarding 1 bitCNY to my bank account, how much CNY will I get?

If I onboard now 1 CNY, how much bitCNY do I get?

This must include all fees in the process.

the deposit/withdraw fee in magicwallet can answer these questions.
you can mail to [email protected] to get API for that info.

Online zhouxiaobao

Re: Which witnesses do not doing well in CNY price feeding?
« Reply #39 on: April 22, 2019, 04:34:39 pm »
Is the price of the DEX fake? The daily turnover is tens of millions!

Offline Thul3

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Re: Which witnesses do not doing well in CNY price feeding?
« Reply #40 on: April 22, 2019, 04:59:05 pm »
Quote
Is the price of the DEX fake? The daily turnover is tens of millions!

Increasing the feedprice would take with a MSSR of 1.02 the last rest of possible arbitrage from margin calls.

I monitored feedprice ,cex price (from mainly real volume excluding the big fake ones) and will post my thoughts after holiday.

However i have to disagree with bitcrab.

Offline sahkan

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Re: Which witnesses do not doing well in CNY price feeding?
« Reply #41 on: April 22, 2019, 09:07:04 pm »
There are many crypto exchanges around the world. They trade many coins and fiat currency, and they charge different fees. For example coinbase charges about .5% to trade and there are withdrawal fees. We can't feed prices based on all the fees that traders pay to acquire a particular coin, it would be impossible to get an accurate feed that way. So this is not how the feed price works or should work:

      The feed price should be  “how much RMB does it cost to buy 1 BTS?”
      But ,all along, I have been unable to use RMB to buy BTS  at this feed price .It is too low.
     (DEX price *bitCNY premium )is the actual price I paid.
     It is totally unfair that the feed price is lower than the price I actually paid.

Online zhouxiaobao

Re: Which witnesses do not doing well in CNY price feeding?
« Reply #42 on: April 23, 2019, 02:42:02 am »


you do realise the prices we publish  are not random right?

I could cherry pick a combination of exchange routes from USD -> BTS or CNY -> BTS that result in even lower price or even higher than the ones you mention.

Thats why we take all of them into account.

       Don't you think there is no handling charge for such many price changes?All major CEX give you free exchange?
       This is why the feed price thus calculated is always surprisingly low.
        The feed price should not be lower than the actual price paid by investors to buy a BTS in the DEX  market.
        In fact, the feed price should take the highest price of several major CEX and DEX, because this is the actual amount of RMB paid by investors.

Online zhouxiaobao

Re: Which witnesses do not doing well in CNY price feeding?
« Reply #43 on: April 23, 2019, 03:08:24 am »
There are many crypto exchanges around the world. They trade many coins and fiat currency, and they charge different fees. For example coinbase charges about .5% to trade and there are withdrawal fees. We can't feed prices based on all the fees that traders pay to acquire a particular coin, it would be impossible to get an accurate feed that way. So this is not how the feed price works or should work:

      The feed price should be  “how much RMB does it cost to buy 1 BTS?”
      But ,all along, I have been unable to use RMB to buy BTS  at this feed price .It is too low.
     (DEX price *bitCNY premium )is the actual price I paid.
     It is totally unfair that the feed price is lower than the price I actually paid.

       This is ridiculous!
       For example,There are two exchanges, one handling fee is 10%, BTS price is 0.9; The other one handling fee is 1%, BTS's price is 1. How to determine the feeding price?0.95?
       
       It is true that there are too many transactions that cannot be counted accurately. should we take the higher one more reasonably?

Offline pc

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Re: Which witnesses do not doing well in CNY price feeding?
« Reply #44 on: April 23, 2019, 05:54:04 am »
you are definitely wrong.
every witness should input the feed price without any dependence from other witness or median price.
this is what the meaning of "witness".

here is a possible result when follow your suggest:
suppose there are 3 witness, a gives price 0.059USD, b gives 0.06 USD, c gives 0.061 USD
when the price rise, b change to 0.061, c change to 0.062, a get a new price at 0.06, so he don't need to update feed price.
when b and c goes to 0.062, 0.063, a still keep unchange.
...
when b and c goes to 0.1, 0.101, a still keep unchange.
now b and c got a chance to control median price between 0.059 to 0.1.

for 21 witness, when there are 11 witness always get a little bit higher price, while other 10 always get a little bit lower, this could happen too.

Is that were we are trying to go with this? Provide frequent up to a minute feeds?

*Publishing* a feed every 2 minutes is normally not required.

*Checking* the feed often is a good idea though. Technically you need to publish only if
a) your feed is about to expire, or
b) if the new feed price would change your position relative to the median (i. e. old price was below median and new price is above, or vice versa), or
c) your feed price *is* the median

You may want to publish more often than that to avoid being accused of neglecting your duties. :-/

In your example a majority of witnesses collude to manipulate the feed price. That always works, independent from what the minority does.
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de