I've always thought the global settlement mechanism was flawed. Because those with the least collateral should be forced settled long before the responsible ones are at risk. And that clearly didn't happen.
To me, the trigger that brought the system down started many months ago when the bots took over the market.
For a long time I was wondering which person in their right mind would sell bts under the margin call price.
And it was true: no person did, only bots.
It was revealed in one of the new block explorers that only bots were trading at the ridiculous prices.
So with these new bots almost no margin calls were getting bought for many, many months.
Until suddenly some months ago somebody bought a huge chunk of bts and I finally got margin called at 0.12usd. I was quite sad but now it almost feels lucky.
Because after that the bots rushed in and drove the price down even further.
So I think it's important to rethink the whole global settlement mechanism to protect against bot speculation.
Because it also makes the system vulnerable if somebody intentionally wanted to crash the price of bts.
Anyway I'm sorry for all the responsible investors who lost money. I still believe in bitshares and hope the system recovers strongly from this.
RE: BitShares Global Settlement and Chain Freeze