RE: Steemfeed-JS - A NodeJS price feed for witneses
I love the effort, but I think something got lost in the principals of how this should work, and the approach used here is fundamentally flawed.
If you look at all of the other example scripts out there, they all attach to multiple external data sources and make their own judgement of price. When once fails, it's fine because there are still multiple data sources.
This script is reliant on the value.steem.network API for pricing information exclusively, which to be honest, shouldn't be trusted as the sole source of this information. Each witnesses price updates shouldn't be derived exactly from the same source. This creates a single point of failure for failure or abuse.
I'm sorry, I don't mean to rain on your parade, but no one should use this.
Thanks for the information Jesta.
It uses value.steem.network, just because I wanted an MVP out to temporarily replace the python feed as fast as possible. Steem Value uses Poloniex+BTC-e to determine the price, and has an API I could plug into very quickly.
One of the reasons I'm able to personally trust this, is because the network doesn't exactly use a single witness as a source. One witness reporting $5 instead of $0.50 shouldn't shake the internal market.
This isn't to say it's perfectly fine for this to be a permanent solution, I will add more exchanges later on. But the network itself is capable of filtering out bad price feeds, because some witnesses update their feeds by hand, some witnesses use their own scripts, and others use a variety of the third party scripts available, like yours, @steempty's or @clayop's original.
Every witness should have a control for its price feed, so the calculation should be transparent and easily modified by witnesses for their preferences. Relying on a single server lacks this aspect. It's fundamentally no difference with parsing price data from the coinmarketcap IMHO.