Author Topic: Committee proposals to change price feed producers of bitCNY and bitUSD  (Read 4814 times)

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Offline abit

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There is an ongoing discussion about a protocol change that Decouples BitAssets from Platform Governance: https://github.com/bitshares/bsips/pull/238 . Before it finally gets on chain (also possible it won't), the committee can already do something with current protocol.

I created 2 committee proposals to remove the "witness_fed_asset" flag from bitCNY and bitUSD.

https://cryptofresh.com/p/1.10.50330
https://cryptofresh.com/p/1.10.50333

If the proposals got approved by the committee, active witnesses would be no longer responsible for feeding price for bitCNY and bitUSD, instead, the committee would be responsible for explicitly updating the list of feed producers for bitCNY and bitUSD. Other assets won't change this time.

One topic to discuss is, the feed producers will be paid according to their performance. The funds to pay the feed producers are from market fees. (Note that bitCNY has much higher market fee income than bitUSD.)

The initial price feed producers would be active witnesses, they'll not get paid in the beginning.

If you are an active witness, please reply in this thread about your plan, e.g. will stop feeding, or feed the market price, or feed by BSIP76 rules, or etc, for which asset.

If you aren't an active witness, but have interest in feeding price for bitCNY and/or bitUSD, please also leave your message.

Thanks for participation.
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Offline xeroc

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #1 on: October 16, 2019, 12:26:42 pm »
The initial price feed producers would be active witnesses, they'll not get paid in the beginning.

Are you 100% certain of this? I don't want to end up with expiring feeds if this was not the case!
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Offline blockchained

Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #2 on: October 16, 2019, 12:41:22 pm »
Create just private MPA with your homy, stop scamming bitAssets

Offline Bangzi

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #3 on: October 16, 2019, 12:59:55 pm »
Witnesses are busy, is not uncommon witnesses never check price feed and let it expire for few days before someone inform them. I believe if committee empower a group of oracles/price feed producers who can monitor and correct price feed 24/7 would be much better. 
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Offline btstodamoon

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #4 on: October 16, 2019, 01:57:47 pm »
报名

Offline George_Bitspark

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #5 on: October 16, 2019, 02:04:21 pm »
By what standard will new price feeders, which will need to be approved by the committee need to meet? What standards on price will the committee set? I am happy to consider any formulas for price feeding. This is very important to understand
Bitspark- Cash to Cryptocurrency

Offline abit

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #6 on: October 16, 2019, 02:29:05 pm »
The initial price feed producers would be active witnesses, they'll not get paid in the beginning.

Are you 100% certain of this? I don't want to end up with expiring feeds if this was not the case!
It's my proposal. Anyone who have a different proposal please describe it.

By what standard will new price feeders, which will need to be approved by the committee need to meet? What standards on price will the committee set? I am happy to consider any formulas for price feeding. This is very important to understand
What's your proposal about the standards? I'm interested to hear.

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Please describe what/how you will do, what resources do you have, and etc.

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Offline abit

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #7 on: October 16, 2019, 02:31:44 pm »
If you are an active witness, please reply in this thread about your plan, e.g. will stop feeding, or feed the market price, or feed by BSIP76 rules, or etc, for which asset.
As an active witness (in.abit) I'd like to continue feeding price for bitCNY and bitUSD according to the consensus, at this moment, the voting result of BSIP76.
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Offline liondani

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #8 on: October 16, 2019, 02:47:35 pm »
I like very much the idea from Dan Notenstein aka blocktrades to use BitShares Decentralized Exchange (DEX) market for BitUSD and BitCNY pricefeeds.

Maybe if we combine his idea with defences against several attack vectors on low liquidity markets(?), like triggering feed thresholds on certain limit down/up occasions or just feeding with dex prices only when feeds prices remains between  min/max deviation from recent average prices (24h maybe etc.). I think blocktrades idea is worth a serious debate! What do you think guys?

https://steempeak.com/bitshares/@blocktrades/using-a-bitshares-decentralized-exchange-dex-market-for-bitusd-and-bitcny-pricefeeds

Offline Bangzi

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #9 on: October 16, 2019, 02:48:23 pm »
Price Feeders who are interested but unable to register new forum account can register at Chinese forum:
本论坛目前不能注册新账号,如果您有兴趣成为预言家/喂价提供者可以去中文论坛注册:
https://dpos.club/t/topic/104
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Online Thul3

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #10 on: October 16, 2019, 03:04:34 pm »
I like very much the idea from Dan Notenstein aka blocktrades to use BitShares Decentralized Exchange (DEX) market for BitUSD and BitCNY pricefeeds.

Maybe if we combine his idea with defences against several attack vectors on low liquidity markets(?), like triggering feed thresholds on certain limit down/up occasions or just feeding with dex prices only when feeds prices remains between  min/max deviation from recent average prices (24h maybe etc.). I think blocktrades idea is worth a serious debate! What do you think guys?

https://steempeak.com/bitshares/@blocktrades/using-a-bitshares-decentralized-exchange-dex-market-for-bitusd-and-bitcny-pricefeeds

There is currently no market on DEX.500k BTS dump and you tank the price to 0

Offline liondani

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #11 on: October 16, 2019, 03:10:42 pm »
I like very much the idea from Dan Notenstein aka blocktrades to use BitShares Decentralized Exchange (DEX) market for BitUSD and BitCNY pricefeeds.

Maybe if we combine his idea with defences against several attack vectors on low liquidity markets(?), like triggering feed thresholds on certain limit down/up occasions or just feeding with dex prices only when feeds prices remains between  min/max deviation from recent average prices (24h maybe etc.). I think blocktrades idea is worth a serious debate! What do you think guys?

https://steempeak.com/bitshares/@blocktrades/using-a-bitshares-decentralized-exchange-dex-market-for-bitusd-and-bitcny-pricefeeds

There is no market on DEX.500k BTS dump and you tank the price to 0

That would be just a spike. We can defend against such kind of attacks. But consider that changing price-feeds source to the dex would very fast increase liquidity in my opinion because of new opportunity's for profit... I see many willing to open limit orders or using the DEX bot...   

Offline pc

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #12 on: October 16, 2019, 03:52:34 pm »
I created 2 committee proposals to remove the "witness_fed_asset" flag from bitCNY and bitUSD.

https://cryptofresh.com/p/1.10.50330
https://cryptofresh.com/p/1.10.50333

Thanks @abit . I support this.

I like very much the idea from Dan Notenstein aka blocktrades to use BitShares Decentralized Exchange (DEX) market for BitUSD and BitCNY pricefeeds.

I have often pointed out that this will create a feedback loop, because the feed price already affects trading activity on the DEX. Feedback loops are inherently unstable and dangerous, and should be avoided.
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de

Offline bitcrab

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #13 on: October 16, 2019, 04:01:06 pm »
gdex.witness would like to work as price feeder and follow BSIP76.

I like very much the idea from Dan Notenstein aka blocktrades to use BitShares Decentralized Exchange (DEX) market for BitUSD and BitCNY pricefeeds.

I have often pointed out that this will create a feedback loop, because the feed price already affects trading activity on the DEX. Feedback loops are inherently unstable and dangerous, and should be avoided.
exactly.

Offline EuropaSH

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Re: Committee proposals to change price feed producers of bitCNY and bitUSD
« Reply #14 on: October 16, 2019, 10:08:04 pm »

https://cryptofresh.com/p/1.10.50330
https://cryptofresh.com/p/1.10.50333

If you are an active witness, please reply in this thread about your plan, e.g. will stop feeding, or feed the market price, or feed by BSIP76 rules, or etc, for which asset.

If you aren't an active witness, but have interest in feeding price for bitCNY and/or bitUSD, please also leave your message.

Thanks for participation.

It is right. These BSIP76 innovations are necessary. We understand the importance of adjustments. This offer is necessary for the Bitshares at the moment. We support this proposal.
« Last Edit: October 16, 2019, 10:10:05 pm by EuropaSH »
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