Which witnesses do not doing well in CNY price feeding?

[Thul3]

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.

[zhouxiaobao]

Is the price of the DEX fake? The daily turnover is tens of millions!

[bitcrab]

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 pluswave@magicwallet.io to get API for that info.

[zhouxiaobao]

      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.

[sschiessl]

 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.

[alt]

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. :-/

[pc]

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. :-/

[bitcrab]

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.

[ljk424]

witnesses are the god of BTS.

[sahkan]

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?

[bitcrab]

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!

[sahkan]

First off, I would like to say that it is important to me as a witness to do as much as I can to help Bitshares and businesses based on Bitshares to succeed. You and other companies put a lot of work into this and by no means am I ever trying to intentionally derail those efforts. You can rest assured that I care about all my feeds and I want them to be as accurate as possible (thus the paid services), and I do that across all price feeds on the DEX. In the past few months we have done a lot of changes on the Bitshares to accommodate BSIP42, MSSR changes etc. Sometimes I don't agree with those changes but as the witness I follow the majority (or whatever proposal gets voted in). As an example I wrote a warning about BSIP42: https://bitsharestalk.org/index.php?topic=20792.msg322796#msg322796 and a Black Swan on bitUSD and unfortunately we did have the Black Swan because BSIP42 was voted in.
I started to monitor my CNY feed more closely and will work with it to make sure that the feeds reflect true pricing from the markets. But let us remember that few months ago price feeds were within 4% range from the median and now most of the feeds are within 1% with spikes to 2%. The DEX with a settlement of 24hrs was not designed for REAL TIME PRICING, most witnesses feed every 20 -40 minutes.

2nd off this is just a personal comment, I think all witnesses have an obligation to provide a reliable infrastructure and price feeds for ALL committee owned smart coins. Is it too difficult for some to provide more than 2 price feeds?

and 3rd off, just wanted to say that your approach to constantly vote and unvote witnesses to pressure them to see things your way is not really well received. I think we are all open to conversations to make things better and improve on the things that we do, because as I said; we all want Bitshares to succeed and bitCNY is big part of that.

[pc]

So if the witness can get the "fair" price from the CEX? half of the witness give the lower feed price than the real price, the witnees think they give the "fair" price, can they prove it？

You cannot prove something to be "fair" because "fair" is subjective. Witnesses can explain how they calculate their feeds. Some will find the result fair, some won't.

premium is not a fixed value, 1.8% is the value in these 2 days, 4 days before, the premium is about 0.5%. you can only get this value in the market.

MSSR has impact on premium but it does not determine the premium.

The effect I described applies only when BTS price is going down relative to CNY. If the BTS price fluctuates, the premium will fluctuate as well and can vanish completely if BTS is in an uptrend.

[bitcrab]

we are always telling the traders like this:

"hi guys, look at this, now you need to pay 0.441*1.015(current bitCNY premium) = 0.4476 CNY to buy 1BTS, but if you margin call price is above 0.4388, your debt position will be margin called, so wonderful, right?"

[bitcrab]

Every time people in communities outside China talk about the premium of bitcny, they seem to have no idea about the premium at all. I think this should be because they have never tried to buy BTS with direct RMB. They simply cannot understand what the Chinese community has been complaining about.

it's easy to understand if  they want to.

you can get the premium simply if you install magicwallet in your mobile.





you can also contact magicwallet team to request an API to get the data with program - yes, you need to do that if you are a witness.