Author Topic: Developing a bitAsset research program  (Read 1185 times)

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Offline abit

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Offline bitcrab

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Re: Developing a bitAsset research program
« Reply #16 on: May 06, 2019, 05:02:44 pm »
Welcome Philip, expect that your research will bring suggestive ideas to BTS.
I just wrote down some of my thoughts on smartcoin evolution, maybe you are also interested in the topics https://bitsharestalk.org/index.php?topic=28367.0
Email´╝Ü[email protected]

Offline biophil

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Re: Developing a bitAsset research program
« Reply #17 on: May 06, 2019, 08:55:43 pm »
This sounds very interesting. You'll get my support. Looking forward to more outcome from your research. Do you have a schedule about the research, e.g. at what time you will publish what?

Thanks for your support! I have no formal proposed schedule yet, but here are some preliminary thoughts:

When the project launches, I expect to dedicate 1-2 months of my own time right at the beginning to refine the research questions and bring the student up to speed. In this time, I'd like to write two preliminary papers myself and submit them for publishing within the first 5 months of the project. These papers would serve to clarify some of the core problems and begin disseminating preliminary solutions among the community. Different parts of the academic publishing world run at different timescales, so the time between submitting a paper (to a conference) and its publication/presentation can be anywhere from 3 months (in the highly-competitive world of systems security) to 9 months (in the mature field of feedback control theory), and any time you submit a paper you run the risk that is is rejected for various reasons.

Because of these long timelines, I envision a two-track approach where we informally release information within the BitShares community far in advance of its publication in a formal academic venue. Then, as results are workshopped in the Bitshares community, we'll simultaneously prepare them formally to publish.

Welcome Philip, expect that your research will bring suggestive ideas to BTS.
I just wrote down some of my thoughts on smartcoin evolution, maybe you are also interested in the topics https://bitsharestalk.org/index.php?topic=28367.0

Thanks very much; I'll give it a good read. And this summer I'll also set up some one-on-one discussions with core community members to start gathering input on various problems.

Offline axismoto

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Re: Developing a bitAsset research program
« Reply #18 on: May 10, 2019, 07:27:06 pm »


This is awesome.  On a similar note, I have been research myself into this regarding the evolution of Bitshares from when the peg first broke in 2014 August.  Can someone point out or know by memory how the orgininal Bitshares X worked when the peg was first introduced?  I always felt that was the most viable model for stablecoins.  Not sure why Bytemaster went off of it.

You're talking about the original oracle-free mechanism? I don't recall the specifics, but one of the reasons Dan abandoned it was that it allowed for large deviations from the peg which resulted directly from BTS price swings. In principle, those deviations would eventually correct themselves, but it wasn't meeting the goals of accurate price-pegging. There was certainly some controversy over the change and allegations that it wasn't fully tested.


I'm interested in your paper and look forward to your written work. I've been looking back through the threads and coming up with a timeframe of how Bitshares evolved and what led to the changes.  Seems like:

July 2014 - Original Bitshares launched without feed.

August 08, 2014 - Bitshares X proposed with introduction of a live feed. 

The price you short at is the "median price feed"

September 17, 2014 - Second set of changes proposed to Bitshares Market Engine. 

prioritize shorts based upon collateral rather than fee.   All short sell orders with the min limit below the feed execute *at the feed price* prioritized by collateral.

September 30, 2014 - Bytemaster adds 30 days shorts (note this is where I thought things went downhill in terms of functionality of the market engine)

When your short order is executed you will be given 30 days until a mandatory cover (without fee) is executed.

January 27, 2015 - Changes to Cover Rules - Eliminate 5% fee

(Note: shorters take on asymmetric risk of shorting + 5% fee, so bytemaster thinks removing it will help attract more shorters to bitshares)

April 16, 2015 - Bitshares 2.0 changes are proposed. This is more or less what Bitshares currently has today if I am not mistaken.

Allowing forced settlement that is initiated by LONGS after a certain number of days; the short with the least amount of collateral is forced to cover.  This LONGS get guaranteed floor on the value of BitUSD of $1.00. Forced settling merely keeps the peg closer than without it.

There is a daily limit to forced settlement; i think around 1%.

Anyhow I have the links of the actual postings if anyone wants it.  Let me know if this is all correct or not.
« Last Edit: May 10, 2019, 07:29:36 pm by axismoto »

Offline abit

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Re: Developing a bitAsset research program
« Reply #19 on: May 10, 2019, 10:26:20 pm »


This is awesome.  On a similar note, I have been research myself into this regarding the evolution of Bitshares from when the peg first broke in 2014 August.  Can someone point out or know by memory how the orgininal Bitshares X worked when the peg was first introduced?  I always felt that was the most viable model for stablecoins.  Not sure why Bytemaster went off of it.

You're talking about the original oracle-free mechanism? I don't recall the specifics, but one of the reasons Dan abandoned it was that it allowed for large deviations from the peg which resulted directly from BTS price swings. In principle, those deviations would eventually correct themselves, but it wasn't meeting the goals of accurate price-pegging. There was certainly some controversy over the change and allegations that it wasn't fully tested.


I'm interested in your paper and look forward to your written work. I've been looking back through the threads and coming up with a timeframe of how Bitshares evolved and what led to the changes.  Seems like:

July 2014 - Original Bitshares launched without feed.

August 08, 2014 - Bitshares X proposed with introduction of a live feed. 

The price you short at is the "median price feed"

September 17, 2014 - Second set of changes proposed to Bitshares Market Engine. 

prioritize shorts based upon collateral rather than fee.   All short sell orders with the min limit below the feed execute *at the feed price* prioritized by collateral.

September 30, 2014 - Bytemaster adds 30 days shorts (note this is where I thought things went downhill in terms of functionality of the market engine)

When your short order is executed you will be given 30 days until a mandatory cover (without fee) is executed.

January 27, 2015 - Changes to Cover Rules - Eliminate 5% fee

(Note: shorters take on asymmetric risk of shorting + 5% fee, so bytemaster thinks removing it will help attract more shorters to bitshares)

April 16, 2015 - Bitshares 2.0 changes are proposed. This is more or less what Bitshares currently has today if I am not mistaken.

Allowing forced settlement that is initiated by LONGS after a certain number of days; the short with the least amount of collateral is forced to cover.  This LONGS get guaranteed floor on the value of BitUSD of $1.00. Forced settling merely keeps the peg closer than without it.

There is a daily limit to forced settlement; i think around 1%.

Anyhow I have the links of the actual postings if anyone wants it.  Let me know if this is all correct or not.
The margin call mechanism is missed in your description, which plays an important role.

Quote
how the orgininal Bitshares X worked when the peg was first introduced?
It didn't work.
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Offline BTSMoon

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Re: Developing a bitAsset research program
« Reply #20 on: May 11, 2019, 06:13:19 am »
Support. Maybe you can propose a whole new BitAsset system rather than solving current BitAsset problems.

Offline axismoto

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Re: Developing a bitAsset research program
« Reply #21 on: May 12, 2019, 01:36:20 am »

It didn't work.

What are the problems with the current bitshares program?  I know Bitshares X didn't work because of liquidity issues on the shorts side -- eg they are taking too much risks.

Offline George_Bitspark

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Re: Developing a bitAsset research program
« Reply #22 on: May 12, 2019, 07:12:06 am »
Sounds great from the paper, looking forward to it and support your work  8)
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Offline abit

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Re: Developing a bitAsset research program
« Reply #23 on: May 12, 2019, 04:50:33 pm »

It didn't work.

What are the problems with the current bitshares program?  I know Bitshares X didn't work because of liquidity issues on the shorts side -- eg they are taking too much risks.
The problem is BTS's price is not high enough, thus holders are not rich enough.
Liquidity issue is still there to an extent. Risks are there as well. Higher BTS price would lead to more bitAssets supply thus better liquidity.
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