Author Topic: Price Feed Review  (Read 25833 times)

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Offline binggo

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zbbtsbp   中比的态度哪?竞选见证人的时候最基本的许诺在哪?0.4404?
verbaltech2
xeldal


Offline bitProfessor

Cn-vote has deleted the following witnesses:
delegate-1.lafona
openledger-dc
verbaltech2
clockwork
blckchnd
Reason:
1.disrespect for Community Consensus.
2. Feed price is not timely(More than 24 hours)
3. Deviation from market price。
Evidence:
https://github.com/Yamtt/bitcny/issues/1

Offline bitProfessor

Cn-vote has deleted the following witnesses:
delegate-1.lafona
openledger-dc
verbaltech2
clockwork
blckchnd

Offline clockwork

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I can sell you BTS for 6.2 cents like gdex-witness feeds if you want :)

sorry, gdex-witness will check and update USD price feeding, however that's not the excuse for you to not feed well. :)


Was only joking to point out double standards. Already explained what the issue was on a different thread due to fake Vols combined with zb API being down.

Feed looks stable now... Will adjust as needed

Offline bitcrab

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I can sell you BTS for 6.2 cents like gdex-witness feeds if you want :)

sorry, gdex-witness will check and update USD price feeding, however that's not the excuse for you to not feed well. :)
Email:bitcrab@qq.com

Offline bitcrab

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Time: UTC 14th May 15:08

BTS price in CNY should be about 0.4124*1.009 = 0.416CNY







Warning: verbaltech2, fox, zapata42-witness, blckchnd, delegate-1.lafona feed a price 2.3%+ lower than reasonable level.
« Last Edit: May 14, 2019, 03:38:31 pm by bitcrab »
Email:bitcrab@qq.com

Offline clockwork

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       Funny thing is, at the current feeding price, there is basically no place to buy such a cheap BTS. Witnesses actually think that the feeding price is no problem.
       For example, I bought 500,000 BTS in DEX last night. Each BTS cost me 0.404 RMB (2.1% of recharge rate is included). But the feed price is 0.395. Please tell me where the 0.395 BTS is available. Or which witness is willing to sell it to me at this price?

I can sell you BTS for 6.2 cents like gdex-witness feeds if you want :)

Offline ioex

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       Funny thing is, at the current feeding price, there is basically no place to buy such a cheap BTS. Witnesses actually think that the feeding price is no problem.
       For example, I bought 500,000 BTS in DEX last night. Each BTS cost me 0.404 RMB (2.1% of recharge rate is included). But the feed price is 0.395. Please tell me where the 0.395 BTS is available. Or which witness is willing to sell it to me at this price?

no ,you misunderstand. The feed price is the witness want to buy at the price. You should sell to them.

Offline zhouxiaobao

       Funny thing is, at the current feeding price, there is basically no place to buy such a cheap BTS. Witnesses actually think that the feeding price is no problem.
       For example, I bought 500,000 BTS in DEX last night. Each BTS cost me 0.404 RMB (2.1% of recharge rate is included). But the feed price is 0.395. Please tell me where the 0.395 BTS is available. Or which witness is willing to sell it to me at this price?

Offline bitcrab

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Thanks.

You're still ignoring the fact that there is a huge volume of poorly collateralized shorts out there, which means while BTS goes down the DEX price is permanently driven towards MSSR because of constant margin calling. Deriving the feed price from that skewed DEX price is what I'm primarily worried about, because it creates a dangerous feedback loop.

Also, I suspect that Chinese investors mostly do not invest in BTS, but they invest in BTC or other cryptos and use bitCNY/BTS merely as a vehicle. (I may be wrong of course.)

If large amounts of CNY enter the system that way, they will accept a worse-than-fair (less BTS per CNY and higher recharge rate) price, whereas when investors want to exit into CNY they will pay more BTS per CNY and accept a higher withdraw rate. Either way, the MagicWallet price will be skewed relative to the feed price. In a healthy market environment these differences would be resolved through arbitrage. Arbitrage is difficult here because of the general difficulty of investing CNY into cryptos. This only means that we must accept bigger differences, because with higher potential profits arbitrage will kick in at some point.

It is still debatable if the MagicWallet price reflects the fair price better than an external CEX. I see your logic there. At the very least though, the effect of margin calls on the DEX price must be taken into account.

what does CNY feed price mean? it means at which price you can do conversion between BTS and fiat CNY.

DEX price and bitCNY deposit/withdrawl fee in magic wallet is a good source to get such a price.

surely there are other ways, for example, the BTS/USDT price and USDT/CNY OTC price from huobi is also a good source to get such a price.

there may be price difference, but we should respect DEX enough as this is our home field, it is not acceptable that the feed price is much lower than the modified DEX price(2% or more), if you can really get BTS much cheaper than modified DEX price, please buy some and sell in DEX.
Email:bitcrab@qq.com

Offline pc

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Thanks.

You're still ignoring the fact that there is a huge volume of poorly collateralized shorts out there, which means while BTS goes down the DEX price is permanently driven towards MSSR because of constant margin calling. Deriving the feed price from that skewed DEX price is what I'm primarily worried about, because it creates a dangerous feedback loop.

Also, I suspect that Chinese investors mostly do not invest in BTS, but they invest in BTC or other cryptos and use bitCNY/BTS merely as a vehicle. (I may be wrong of course.)

If large amounts of CNY enter the system that way, they will accept a worse-than-fair (less BTS per CNY and higher recharge rate) price, whereas when investors want to exit into CNY they will pay more BTS per CNY and accept a higher withdraw rate. Either way, the MagicWallet price will be skewed relative to the feed price. In a healthy market environment these differences would be resolved through arbitrage. Arbitrage is difficult here because of the general difficulty of investing CNY into cryptos. This only means that we must accept bigger differences, because with higher potential profits arbitrage will kick in at some point.

It is still debatable if the MagicWallet price reflects the fair price better than an external CEX. I see your logic there. At the very least though, the effect of margin calls on the DEX price must be taken into account.
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de

Offline zhouxiaobao

      (1+ recharge rate)is the legal tender price for investors to buy bitcny in china.
      Thousands of our Chinese investors in the DEX(basically, the vast majority of DEX's traders) bought bitcny in this way, thus entering the DEX. DEX's price * recharge rate should be the most accurate price of BTS.

Offline zhouxiaobao

(1+ recharge rate)is the legal tender price for investors to buy bitcny in china.

Offline zhouxiaobao

Please explain what "Recharge rate" and "withdrawal rate" is.

In China, if you buy BTS on the DEX, you mainly use a software ,name Magicwallet. In the software, there are acceptors who is responsible for buying and selling bitcny. first, you buy bitcny from the acceptors,and then you buy BTS from the DEX. Recharge rate is the handling fee for investors to purchase bitcny, and withdrawal rate is the handling fee for investors to sell bitcny. These two handling fees reflect bitcny's premium.
The higher the bitcny premium, the higher the recharge rate, and the withdrawal rate is even negative.

Offline pc

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Please explain what "Recharge rate" and "withdrawal rate" is.
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de