Fully backed Crypto ETP Project

Chia Development
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Dev Update No 33

Final stages are being reached in enhancing the XCH client’s transaction history. Collaboration with the Chia dev team has resolved multiple issues on both ends.

Key update: the next release aims to rectify the missing offer confirmation height in Chia, as detailed here:

We’re making final preparations, anticipating the transaction history feature’s completion within the upcoming official Chia release.

Should this update not fully address the problem, alternative plans are ready to accurately track offers even without a confirmed height.

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Its time for:

Dev Update No 34

unfortunately, I have to start this one with negative news, but I want to keep everything transparent.
What has happened?

I have been more involved with the project recently and did a lot of development work.
I did reworks to the rebalancing hood, following the Warren buffet Principle “Capital should behave like a shy deer”.

In other words, the portfolio tries to underbalance drastically when the market turns down. Perfect opportunity, BUT:
During my Updates, I updated the Exchange library for OKX.Com which contained a bug. The API would randomly crash and the issue was that the error was of such a type that it was not easily trackable with development tools. It was a generic error thrown from system, so the root cause could not be determined directly.

Damage Analysis:
The Prices were not properly updated during the time, although xch offers were still available most of the duration:
Screenshot from 2023-12-12 20-53-32

Furthermore, I missed the opportunity to examine the behaviour in downwards trends.
The portfolio took a hit of ~8% which roughly falls in line with the crypto market. The portfotio was fully invested at the time due to the preceeding uptrend.

Lessons learned:

  • Do not update external libraries parralel to your own changes
  • Utilize a test system

As a postive side, I went through all my code to find the potential issue (which was not in my code) and did a lot of improvements which should help resiliency and maintainability.

Portfolio

The Portfolio looks really good.
On a $ base, we are +21% since launch. Compared to XCH, on +33.95%.
The recent changes to the algorythm seem very healthy. The portfolio was able to catch the uptrend almost fully, while the downtrend was unfortunately also caught almost fully due to aformentioned problem which is now fixed.

Near Future

So far, I am still awaiting the fixes mentioned in the recent dev updates for Chia 2.1.2.
We are in Release candidate 4 so I believe It cant take long until this comes out. I should then be able to update my library and implement the Transaction history.
im looking forward to that.

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Service Status Update

As an interim notice, you might have noticed that we are having trouble keeping the offers up.

this is due to the Dust storms / blocks currently happening. I am working on the time-limited offers and seeing if that resolves the issue (because they dont need to be cancelled).

The Portfolio management is running perfectly fine in the Meantime. Its just that I cant cancle my former offfers.

chia 2.1.2

further, chia 2.1.2 has been released and I can get back to work with the performance statistics.

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Service update

I’ve implemented the time-based offers. They are now valid for 5 minutes and refresh on dexie.space.

This should resolve all issues coming from cancelling offers, which causes blockchain transactions and fees. :slight_smile:

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Hello,
I have read all your articles so far as much as I could, but I think I did not fully understand what the service or product here is.
My best guess is that it’s a trading bot.
Could I ask you to simply explain to me what exactly this is?
Thank you.

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hello root87,

in simple terms, it is a managed ETF which holds the currencies USDT, BTC, ETH, SOL, XCH and GT (Gate Token)

The ETF is managed by a Bot which manages the balances of each asset, and between wallets/exchanges

I think this is the simplest I can call it.
The goal is to have a diversified portfolio of large blockchains (BTC, ETH, SOL) and the respective amounts are kept relatively equal. (usdt is much lower nowadays, chart is out of date)
image

i have updated the info page, but please keep in mind, it is still under construction:

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Dev Update No 35

Long Time, no see. It has been almost 3 Months since the last update and a lot has happened in the Meantime.

where have I been?

First of all, I took a long needed, 1 Month Holiday in the phillipines.

EF9427F6-41CD-43D5-877C-16FE7A3433FD
EF9427F6-41CD-43D5-877C-16FE7A3433FD1920×1080 152 KB

During this time, my projects were still maintained, but the development of new features has been very limited. On the Positive side, everythin runs much more stable now.

Stability improvements

image
image1613×504 34.5 KB

I recently worked hard to improve the stability and responsiveness of my services, which clearly reflects in the charts.
If you go onto the yearly view in dexie.space, you can clearly see the iterations made.

Recent service Downtime

The old offering system had to cancel all offers on chain, which cluttered the chain and wallets tremendously. On the BTF Wallet, it has gotten so bad, that a wallet migration was deerly nessesary.
The wallet migration and downtime took multiple days, and I was in close contact with multiple chia devs during that time.
We Managed to transfer all funds to a new Wallet which is in use right now. All services are operational.

A new Mempool explorer and Fee calculator

Because the wallet Migration required two completely full blocks, it was nessesary to watch the Mempool and Calculate transaction fees.
The Project which emerged from this is:

You can use the project free of charge, in order to calculate your fees :slight_smile:

Here you can see one of the 5 transactions for the Wallet Migration, occupying half a block

image
image597×631 5.86 KB

The Portfolio History Topic

This topic, Is a far too long one. I have decided to move on.
I have worked dilligently with the chia devs and countless bugs in the portfolio history have been fixed. Also some in the recent chia client updates. Unfortunately, as of right now, I do no longer have the patience to try again, only to discover further issues in the chia wallet history.

This is why I decided That I will move on to a very, very simple approach for now and will revisit that topic some time Later:
I will save a portfolio snapshot once every day, and will be able to pull charts from this.
With that I want to introduce the new BTF Overview page, posted in the previous answer here.
it is still work in progress. In the upcoming days, I want to implement live data updates for the performance and portfolio data.

I have worked a lot on the webpage recently, and im quite pleased with the results.

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The Last Update

I have had some time, stepping back from the Project and came to a conclusion:
It is time to leave.

The Project itself did well, but the permanent losses in chia value are cutting into its flesh. Hence, I decided to kick chia out of BTF.
Since its top, chia lost 99,2% of its value, with no end in sight. Halvings have no effect.

I think, after all, it all comes down to this, the total supply:

chia supply
chia supply647×593 24.5 KB

in red, you can see the totally mineable amount. As you can see, the chia company claims 50% of the total available supply to them selves. They have been too greedy. The only solution to this in my believe was if the chia company burns 95% of their Genesis pre farm Supply. they have been too greedy.

Furthermore, Chia has been unable to attract major Projects and exchanges. I cant even hold chia on a ledger. And while I do like the concept of farming on harddrives, and Its the best wallet I’ve seen utility wise, weaknesses in farming are showing up, plots have to be reprinted again, and again and the Wallet is not up for intense Tasks and will (!) blow up over extended use 100% of times.
As a power user, I had major issues with the wallet, which the chia company refuses to fix. Their response is essentially that the wallet is not ment for power use, is not up for the task and never will be. Technically, the issue is that the wallet generates new addresses for every individual transaction, until it cannot keep up anymore. This will particularly affect traders and people working with lots of offers. Not that this is happening quickly, But I rather not have my funds on a wallet that is basically a ticking time bomb which at some point will need recovery with tremendous effort such as writing transactions manually on chain in order to migrate to new keys. This was the nail in the coffin for the project on my side. I cannot operate an etf with customer funds and have the wallets blow up from time to time.

What will happen now? What will happen to my funds?

  • I will remove my entire stake in BTF and withdraw all my balances.
  • I will convert the entire rest of the supply to XCH and I will offer the remaining supply of BTF on dex, at the current price. This way every one who still had funds in BTF can withdraw their stake. The last Price will not update anymore. be aware of this as the chia value will continue to fall. doe the price will get worse over time.
  • finally, I will move on to new projects. I am currently experimenting with ai. And eventually, when these experiments are complete, I will move over to more reputable chains and build simmilar projects upon them.
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For anyone who doesn’t require a new address with every transaction, you can reuse one address and dramatically lower the impact of managing many addresses from many transactions…

FAQ: How can I configure Chia to reuse the same receive address?

answer in the link below

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Yes and no. Perhaps there have been some updates.
At least when I quit chia, this was not applying to offering, and the API did not offer this option officially for offers.

I have confirmed with the devs that you can indeed pass this option through the API, but its (was?) not documented.

Bugs aside, the red line for me was when I my wallet fully broke twice, because the derivation index went up so high. I had to work closely with the chia dev team at the time and manually scan the chain for my coins in order to manually bundle and sign Transactions to recover them.
This was all done with the help of one official chia dev’s private, off-work time. I appreciate that individual and what he did a lot.

The suggested fee to recover my coins was so high that I built a mempool explorer for chia (in the thread seen just above). The mempool explorer revealed that the Blocks were almost empty and I did not have to pay fees at all to push through transactions which occupied an entire half Block.

This is just a rough outline of what happened. All technicallities aside - This should not happen.

For anyone who doesn’t require a new address with every transaction, you can reuse one address and dramatically lower the impact of managing many addresses from many transactions…

This should be a default. It would relieve so many issues and enable many features.

By the way, the leftover funds from BTF. Nobody has claimed them yet.
Feel free to come to my discord, hit me up so that we can settle this if you ever whish to.

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This is why major exchanges steer clear, the wallet is just not up to the job, although an “enterprise” wallet is supposed to be in the works.

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I mean I don’t disagree “new user mode” should be default with opt-in for more complexity like obfuscation of addresses per transaction… but they opted for obfuscate by default (I think I put in a github feature request to toggle this for GUI users at least, they are the most likely to not have tech skills to do it).

I just wanted to mention there is an ability to re-use the same address, or for one case, they re-used a certain address for each “customer” they dealt with so all transactions with that customer were much easier to follow.

I think its a case of “we built a reference wallet not a feature rich wallet” that covers all the more specific uses, just a generic works good for most but not well for all use cases. Some of its a learning curve, some documentation, the rest is just case by case on what options would benefit them the most.

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wait a second
did you really think you could recover coins from xch wallet? even if you have the wallet did you actually try this?
come on man chia is a dark hole farmers coins has to go to space if not how can they sell 100,000 xch every month?