The configuration of the "> 1B$" market changes overnight

Hi guys,

I’m a bit bummed at the moment because I had 90 shares on Eth not being worth more than $ 1 Billion. This morning (9am GMT +2). I looked at coinmarketcap and didn’t feel so confident, so I heded over to groupgnosis to liquidate my position.

I sold my shares, but they only yielded 7 Eth, FAR less then they cost and FAR FAR less than they should have yielded.

When the market was set up it’s initial funding was 50Eth, that is what made me interested, as of right now it says it’s initial funding is 5 Eth. How can this even happen?

If it is possible to change the market conditions after the fact then I would like to request a refund please as it was not the market I began participating in.

Why do you think 7/90, close to 8% is less than YES should have yielded. It seems right to me.

The market was initially funded with 50Eth. If I had simply bough x amount and sold it again, all I should have lost was 4% in fees, plus or minus the other trader’s activities.

I had shares in the correct outcome and yet it’s not showing under in winning outcome column and I can’t reddem

thats just because the oracle has not set the winning outcome yet.

Ok - a few information here:

  1. There are two different things in Gnosis: Events (with shares) and Markets.
    And event contains a event description and a resolver address (giving the right to someone to determine the outcome). Once a event is created it can not be altered.

  2. We have markets - where the shares of this events are traded.
    In principal users could even trade the shares on other markets or directly p2p with the “send shares” function. Once a event is approved by us (this will not be necessary in the next version) ANYONE can create a market (with a automated market maker) and select a fee and a funding. However opens such a market can close the market at any time they want. The closing date is only the date when it will not longer appear here on the website but if the market owner choses to close it early they always can.

Since the market maker will lose all the initial funding if trading is allowed until after the event is decided it makes sense for them to close it earlier.

So what happened in your case: @sjalq - We created an event and amarket with a funding of 50 ETH on the > 1B market. Since we dosen’t want to give way all 50ETH to the traders we closed the market 1-2 days before the final outcome. Then (1 day later) another market was created with only 5ETH funding (which is reasonable to not to loose too much). @sjalq - you bought your shares on the first market but sold them on the second market.
I just want to mention that when you hit “sell” you could see in the interface how much ETH you will get so we do not consider this was not an error on our side. However - I totally understand that this all is confusing and the next version will be better. So on the second market (with less funding) the market reacts more quickly on trades with the price. So you essentially drove the price of “no” shares to 0 (and such you got close to 0 for most of your shares). Since one of our team saw the market with a price of close to 0 for no shares he could buy a bunch (totally underprices). It is very hard to reconstruct now exactly how much you lost because of this mistake. However - I can say that we made a close to 30ETH net winning on this market and we are willing to send them to you if you agree that this is a fair solution.

At this point I want to remind at the lots of warnings we put up: we mean this serious: THIS IS NOT A PUBLIC RELEASE - USE IT ON YOUR OWN RISK. If someone else would have taken the profit we would not made this offer.

Nevertheless - I thank you all for playing around with this brand new technology - this is valuable to us and I hope most of you could make some profits from the markets we funded so that your curiosity is rewarded.

Hey Martin, I calculate that with fees, discounting any other participants, it was supposed to yield 48.99 Eth back.

If you folks only got 30 out for whatever reason and didn’t actually get the 48.99, that’ll be acceptable.

Thank you very much for addressing this.

I am sorry to bother but I seem to also be having an issue with this market. I click reddem and the funds are not sent to my wallet, however the transaction is logged in the block chain. I sent you a PM with account and transaction details.

Thanks,

@test123
Sorry - you are right. I did a mistake and it was not resolved correctly on the blockchain. Now it is and now everyone can redeem.

Hi Martin, I’m not getting a response from you on Skype, can we resolve this please?