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Process to Reset a SmartCoin after a Blackswan Event #664
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ALTCAP.X has blackswaned and has six holders who I would like to make whole by returning the underlying bitBTC collateral.
That should be possible by simply requesting a "settlement".
|
SmartCoin holders see the following using the gui
and in the cli
I cannot publish a price feed due to the blackswan. Is global_settle_asset useful in this situation? |
That looks like a bug. |
Thanks for your replies xeroc and pmconrad. I have been using the test-net to settle smartcoins after a blackswan. ALTCAP.X, SETTLE and SETTLE.WEEK have now all been force settled due to lack of collateral on the test net. In doing this, I have found FEED LIFETIME IN MINUTES to be very important in allowing holders to settle their smartcoins. SETTLE.WEEK was created with a FEED LIFETIME of 10080 minutes (one week) to test settlement of the asset for up to one week after a blackswan. I will post later if this works as planned. A 24 hour feed lifetime is insufficient time to allow holders to settle and recover collateral. I apologize to the ALTCAP.X holders for not testing this setting thoroughly and hope ALTCAP.X can be reset in the future to allow holders to recover their funds. In light of this, I have changed FEED LIFETIME to 10080 minutes for ALTCAP on the bitshares network and recommend the committee increases FEED LIFETIME on all bitASSET smartcoins. |
Relevant bitsharestalk thread: https://bitsharestalk.org/index.php/topic,23334.0.html The GRIDCOIN MPA (in blackswan state) doesn't have the 'Force Settlement' option (gave up said permission). |
That doesn't matter. After a black swan, forced settlement is allowed in any case. https://github.com/cryptonomex/graphene/blob/master/libraries/chain/asset_evaluator.cpp#L436 FEED_LIFETIME shouldn't matter, because after a black swan settlement doesn't happen at the feed price but at the (fixed) settlement_price. That is a bug that needs fixing. Should be allowed here but isn't: https://github.com/cryptonomex/graphene/blob/master/libraries/chain/asset_evaluator.cpp#L439 |
Yes "FEED_LIFETIME shouldn't matter" but it does at the minute. The test I mentioned above: |
The code
perhaps should be
so an asset not in black swain state shouldn't be forced settled if no enough price feed provided. Thoughts? |
Close... I think this would be the correct condition:
i. e. throw an error if neither feed nor settlement are available. Settlement is possible with either feed or settlement. |
This issue was moved to bitshares/bitshares-core#216 |
Is there a formal process to reset a SmartCoin after a blackswan event and divide the underlying collateral between the remaining SmartCoin holders?
I was under the impression that collateral would go into a settlement pool which holders can use to settle their remaining SmartCoins after this type of event.
ALTCAP.X has blackswaned and has five holders who I would like to make whole by returning the underlying bitBTC collateral.
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