fiatcontract
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hunterlong
No Longer Updating?
It looks like this may have lost support. Is that true? If so, any recommended alternatives?
Hey there! Seems like the wallet ran out of funds so it wasn’t able to submit transactions. Thanks for giving the wallet some ETH!!!! I’ll be adding more ETH later today.
Awesome. We're planning to use it regularly in our smart contracts, and will support it as well.
Thank you!
Chris
On Tue, Aug 14, 2018, 12:42 PM Hunter Long [email protected] wrote:
Hey there! Seems like the wallet ran out of funds so it wasn’t able to submit transactions. Thanks for giving the wallet some ETH!!!! I’ll be adding more ETH later today.
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Very nice! The contract will always attempt to update the price, if... the wallet has enough funds to submit a transaction. I’ll put in a maximum gas price to make sure the funds will last longer.
Hi Hunter-- We contributed $25, but it only lasted 12 days or so. Does that seem right?
The Gas Price changes very frequently, this contract is also updating every 1 hour. I just added $50 to the sender address 0x004f3e7ffa2f06ea78e14ed2b13e87d710e8013f so FiatContract will continue to update the ETH market prices.
Todo
- [ ] Set maximum Gas price in config
- [ ] Reduce update times? Or only update contract when ~5% +/- change to price?
Ethereum GWEI Gas price for last month.
Aha. We will continue supporting.
We wonder if a combination makes sense: update every 5 mins IF price has changed more than 1%, otherwise wait another 5 mins and check again. The 5 and 1 may need to be optimized so as to avoid being triggered excessively by normal noise.
Perhaps every 15/30 mins would be more effective cost wise and drown the noise or it will be too costly for other people to pay for.
We would rather increase the tolerance to, say, 2% than delay the update. Our system is using FiatContract for placing buy/sell orders, and it would be bad to have a major mis-price simply because FiatContract had not yet detected a major move in ETH price.
Oh I see so your system will be using it 24/7 all year long okay I thought you wanted to just use it just sometimes and my concern was if it was pulled every 5 mins other people may not be able to afford the costings every day on it@ 1 % trigger. 2% is a better trigger for what you want I had 2% in my head before when writing the message above as 1% due to the noise it could be burning gas for nothing. I was not trying to be disrespectful to your needs but basing it off the cost of Oracle pricing per min which Fiat Contract solves the enormous costings of that and not have the trouble of having to build one into the contract. Running an ICO 24/7 for 30 days on an Oracle is crazy costings. My concern was the gas burning cost per day@ that rate but if you are using it every day and Hunter doesn't mind then other people can chip in too what they can contribute then I dont see anyone having an issue.
HI @hunterlong,
It looks like FiatContract is the only game in town for dealing this problem. And apart from needing more fiat currency support, it looks like a great solution. The only problem is trust. The contract code looks good, but what updates it and why should we trust the off-chain mechanism to both supply correct data and to continue operating as long as there is donated ether available?
I'm building a system that needs this functionality, and I don't want to build it myself, but if I did, my solution would face the same trust issue. So, I've been wrestling with the question of whether to add this as an important dependency all day. On the upside, I see over a year's worth of regular update transactions on etherscan. But I would like to know more about the off-chain mechanism if you could share some of that info with us.
Either way, thanks for building this really useful contract.
Fiat Contract ran out of funds again. It seems to burn ETH at about double the advertised rate (-0.003003792 ETH per day). From our estimates, it's more like -0.007 ETH per day.
We just contributed again. The web site now says, "Donations run out in 118 Days." If that's true, it will be okay. Regardless, we would love others to join us in supporting this contract!