How to start the market of bitUSD please read *EVERYONE*

[Riverhead]

Are you sure you're on 0.4.11-RC1?  What does get_info say on the console?


On the market screen you should see four boxes across the top: Median Price, 1hr Average, Your Balance, and something else I forget (on my work VPN so can't log into the client right now).


If you don't see Median price on the top you're not on RC1.

[speedy]

Check out 0.4.11-RC1. It does exactly this. Margins are in the margin table where they belong and the bid/ask tables are tradeable.

Im running 0.4.11-RC1 now, Im not seeing the gui changes that I was hoping for 
Still dont see a median indicator to indicate where Bids should be placed, and I still see the Bid/Ask overlap.

[Riverhead]

Check out 0.4.11-RC1. It does exactly this. Margins are in the margin table where they belong and the bid/ask tables are tradeable.

Compiling...

Also something I didn't notice before...if you cancel an order that hasn't seen any action you get your transaction fee back.

[speedy]

Check out 0.4.11-RC1. It does exactly this. Margins are in the margin table where they belong and the bid/ask tables are tradeable.

Compiling...

[Riverhead]

Check out 0.4.11-RC1. It does exactly this. Margins are in the margin table where they belong and the bid/ask tables are tradeable.

[liondani]

I agree that we should make the gui filter out invalid shorts, and then we should see if that encourages people to make higher BitUSD bids when they dont see any overlap in the Bid/Ask wall.

This! Because the market has zero usability for the newcomers! Only insiders figure out how they can trade right now!

[speedy]

Now I can only pray that bytemaster wakes up. If everybody shows him that he is wrong by governing the market, than I have hope he strips this shit regulation out of the code again and makes us all multi-millionaires.

I raised this issue in a thread that I started. Bytemaster's response was that if you allow shorters to short below the median price, they could eventually short BitUSD to zero, creating a theoretically infinite amount of BitUSD. This would be disastrous for BTSX. He does have a valid reason for putting in these restrictions.

I agree that we should make the gui filter out invalid shorts, and then we should see if that encourages people to make higher BitUSD bids when they dont see any overlap in the Bid/Ask wall.

[okidoki]

Yes sorry, I'm new to trading, thanks for explanation, I used arbitrage wrong.

It doesn't help establish peg though. If there are 10x more people that want to short than want to own BitAssets then it will trade below the peg.

Edit: Unless you do what they do now. Even better if they introduce interest to attract demand for owning BitAssets

No problem,  this is why THIS inefficient market trades below the peg, if it was the other way round it would trade above. But please guys... do not kill this project by banning the market, like you are doing now. It is soooo unnecessary. This project proved to work last week. I was really excited! Now I can only pray that bytemaster wakes up. If everybody shows him that he is wrong by governing the market, than I have hope he strips this shit regulation out of the code again and makes us all multi-millionaires.

[Empirical1.1]

Yes sorry, I'm new to trading, thanks for explanation, I used arbitrage wrong.

It doesn't help establish peg though. If there are 10x more people that want to short than want to own BitAssets then it will trade below the peg.

Edit: Unless you do what they do now. Even better if they introduce interest to attract demand for owning BitAssets

[okidoki]

The only problem is, that by halting the market bytemaster is making the shareprice go down... which is shitty for investors... I know that bytemaster is brilliant in many ways... I am simply disappointed that he thinks regulation helps to make the market move where he wants it to be...

I think your stuff is wrong.

The problem is there are consistently more shorts than longs.

So at 0.9 you weren't underpaying for a BitUSD you were paying the likely average price even 3 months from now.

Traders would not make it trade closer to the peg they would only tighten up that $0.85-0.95 trading range

Introducing the price feed that limits shorts (or a collateral system) does help the peg.

The problem is that there is very little demand @1-1  (I.e a dead market hence the need for interest.)

Sorry oasis... it does not work like this... I can make money if I buy at 0.85. Because doing the arbitrage costs money... especially in a still illiquid market. the more liquid it gets, the less it costs me, the less spread is needed, until it is exactly 1:1 in a superliquid market with small bid/ask spreads and low exchange commissions. But if you do not allow the market to start working you kill it like now.

The market worked just fine in the beginning... but by putting in these childish regulations now you do not have a market anymore, until you get rid of this government/regulation stuff... The good thing is that bytemaster, our governor, can simply get rid of this regulation stuff and make the market free again. If he does not do it, he will kill this project he worked so hard for.

Yes before you could make money buying @ 0.85 and selling at 0.95 even up to 1-1, so there were trading & arbitrage opportunities but because of the big orange wall on the right and the small green wall on the left, BitAssets will trade below the peg for a long time and if the peg isn't established then the system may not work.

In the new current system you can still make money by arbitrage, because it only limits shorting below the peg I think? But people can still buy and sell at different prices once BitUSD is created.

I agree that it creates a very small market now but I don't think old way was solution.
Solution is offering interest at 1-1 then many buyers, big market.

This is not arbitrage, this is speculation. By arbitrage I mean to buy bitUSD and immediately buy bitshares-x for these bitUSD on an exchange. Ending up with more bitshares-x instantly. That is why I am a proponent of BTSX:bitUSD market on Bter.com in order to make this process more efficient and let arbitrage costs come down. Liquidity will only come to these markets if you can earn money... with a 1:1 peg, no arbitrage is possible only speculation, where you buy today and hope that in a week the price goes up to sell it again. In arbitrage you do it in 5 minutes across several pairs at the moment, which costs money and gives you bad prices because of missing liquidity in between, so that is why there is/was a gap. As these costs are not accounted for at the moment there is no market at the moment, until bytemaster changes his mind.

[Empirical1.1]

The only problem is, that by halting the market bytemaster is making the shareprice go down... which is shitty for investors... I know that bytemaster is brilliant in many ways... I am simply disappointed that he thinks regulation helps to make the market move where he wants it to be...

I think your stuff is wrong.

The problem is there are consistently more shorts than longs.

So at 0.9 you weren't underpaying for a BitUSD you were paying the likely average price even 3 months from now.

Traders would not make it trade closer to the peg they would only tighten up that $0.85-0.95 trading range

Introducing the price feed that limits shorts (or a collateral system) does help the peg.

The problem is that there is very little demand @1-1  (I.e a dead market hence the need for interest.)

Sorry oasis... it does not work like this... I can make money if I buy at 0.85. Because doing the arbitrage costs money... especially in a still illiquid market. the more liquid it gets, the less it costs me, the less spread is needed, until it is exactly 1:1 in a superliquid market with small bid/ask spreads and low exchange commissions. But if you do not allow the market to start working you kill it like now.

The market worked just fine in the beginning... but by putting in these childish regulations now you do not have a market anymore, until you get rid of this government/regulation stuff... The good thing is that bytemaster, our governor, can simply get rid of this regulation stuff and make the market free again. If he does not do it, he will kill this project he worked so hard for.

Yes before you could make money buying @ 0.85 and selling at 0.95 even up to 1-1, so there were trading & arbitrage opportunities but because of the big orange wall on the right and the small green wall on the left, BitAssets will trade below the peg for a long time and if the peg isn't established then the system may not work.

In the new current system you can still make money by arbitrage, because it only limits shorting below the peg I think? But people can still buy and sell at different prices once BitUSD is created.

I agree that it creates a very small market now but I don't think old way was solution.
Solution is offering interest at 1-1 then many buyers, big market.

[okidoki]

The only problem is, that by halting the market bytemaster is making the shareprice go down... which is shitty for investors... I know that bytemaster is brilliant in many ways... I am simply disappointed that he thinks regulation helps to make the market move where he wants it to be...

I dont believe he is doing it due to regulation.  I think it may have just been a development error, this is trial and error remember.  I would like to hear his opinion, ill message him, and can some people do the same or get him to answer please.

He IS the regulator. No government forces him. He is the the governor of bitshares-x. Guys, please wake up and let us go back to free markets. PLEASE!

[eagleeye]

The only problem is, that by halting the market bytemaster is making the shareprice go down... which is shitty for investors... I know that bytemaster is brilliant in many ways... I am simply disappointed that he thinks regulation helps to make the market move where he wants it to be...

I think your stuff is wrong.

The problem is there are consistently more shorts than longs.

So at 0.9 you weren't underpaying for a BitUSD you were paying the likely average price even 3 months from now.

Traders would not make it trade closer to the peg they would only tighten up that $0.85-0.95 trading range

Introducing the price feed that limits shorts (or a collateral system) does help the peg.

The problem is that there is very little demand @1-1  (I.e a dead market hence the need for interest.)

Does the Page on the platform say how much demand there is?

[eagleeye]

The only problem is, that by halting the market bytemaster is making the shareprice go down... which is shitty for investors... I know that bytemaster is brilliant in many ways... I am simply disappointed that he thinks regulation helps to make the market move where he wants it to be...

I dont believe he is doing it due to regulation.  I think it may have just been a development error, this is trial and error remember.  I would like to hear his opinion, ill message him, and can some people do the same or get him to answer please.

[okidoki]

You want to short USD? Nobody is stopping you! Enter your short below the peg is now equivalent to entering a stop order. When the market rate hits your short price, you'll get your coveted short position.

Sent from my SCH-S720C using Tapatalk 2

What I see is there is no market rate if orders overlap like what I saw yesterday and today in the screenshots here... The market rate is not the 1:1 peg with prices provided by delegates, but for what people are trying to pay for it. By halting the market like now you do not help the project. WE NEED VOLUME! And you will not get it if you do not allow people to trade at the prices they are willing to pay.