Author Topic: suggestion on new OMO fund  (Read 6600 times)

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Offline fractalnode

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committee are now continuously buying BTS with the accumulated market fees, and now there is more than 5M BTS in committee-account.
how to use these BTS? just leave them there? or burn them as someone suggested?
Why not mint smartcoins and release to the market? Can we find a way to maintain a debt position with enough safety margin?if we can, why not do that?
there is no working agreement between voters and worker proposal owners, every worker proposal owner should be aware that the worker may be voted down, I cannot suggest a man with serious illness to sell blood without stop.
If BTS price fall to zero, any worker will make no sense.

I'd send those BTS back to the reserve pool, the BTS quantity chart in the reserve pool is constantly falling. We should aim to maintain a ratio of 1/3 (reserve pool) to 2/3 (BTS in circulation)
But from now on I would accumulate these bitAssets and add them to the budget for further development (Worker Proposal System) - I would treat this fund as an additional one.
All funds accumulated in the form bitAsset other than bitCNY should be exchanged to bitCNY on DEX and then bitCNY should be sent outside DEX and sold on external CEX to pay salaries.
It is in our interest that as much bitCNY as possible exists in circulation on external exchanges.

Offline binggo

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There is a choice of many tokens to buy, many have active development.

Which and where their fund come from?

The core and UI only is worker, can vote in and out by the holder, the holder have the right to vote what they think is right.

Do you think the holder didn't have the right to vote? or the vote is shit?

If the income can't cover these worker, only can support the pay of the witenss,why the holder should give a vote to these and where the fund come from to support these worker or use the further issue token forever like a baby.

If the price went down and down, who want to buy it, and you have the active development, the people will buy it?!

Did the XRP have a active development? the UI of XRP just like a shit,people still want to buy it.

TRX and BTT have a active development,should we go to buy them? ;)

Or all we should buy BITCOIN?

If we can't make a good Cash Flow,what we say and talk about is nothing.
« Last Edit: September 06, 2019, 03:21:04 am by binggo »

Offline George_Bitspark

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No, this is a terrible idea, the OMO was already a failure and doubling down on failure is not a recipe for success. Focus less on trying to control the price (and being bad at that) and more on bringing new business and users to Bitshares- thats how you grow the price. With workers de-funded, no core or UI team why would anyone buy bitshares right now? There is a choice of many tokens to buy, many have active development, Bitshares does not, nobody would want to buy a token with no future.

Committee is not a slush fund, they exist only to adjust on chain parameters.
Bitspark- Cash to Cryptocurrency

Offline bitcrab

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The commitee should absolutely burn the existing funds, settle any smartcoins held to lower the margin sell wall and send BTS back to reserve pool. If you want to try and restart OMO then do it through worker proposal.

This would be a waste.
I will open a worker tonight more complex to support BTS price.
However i think bitcrabs proposal is not good enough because you can put even a 10 million BTS buy wall on DEX which can be easily destroyed by lowering BTS price on CEX which will make that margin call's will eat the support wall quickly which he have seen in the past.

I prefered first to talk about it more with committee thats why i try to join there but it seems it's currently urgent so i will hurry up.

right, burning is waste.

in the most conservative way, committee can buy back BTS when the price is low enough and sell BTS when the price is high enough, without any borrowing.

the point is not to sustain price using any buy wall, but to take in BTS liquidity when price is low and release BTS liquidity when price is high.
Email:bitcrab@qq.com

Offline bench

how to use these BTS? just leave them there? or burn them as someone suggested?

I think we should use the funds, to finance our important workers:
https://bitsharestalk.org/index.php?topic=29586.0

Lack of funds for important developments, is now the highest risk part. Because of the high refund400k worker vote, we need to take other options now.
« Last Edit: September 04, 2019, 12:08:41 am by bench »
Be part of the change and vote for the bitshares-vision proxy!

Offline bitcrab

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I would like to offer @bitcrab the chance to make a clear case for the objective of the OMO.

People are skeptical because it lacks a clear vision. Is it to maintain liquidity? Is it to pump the price? Anyone with a basic economics understanding can make a market.

Bringing this up after workers voted out gives the appearance that our largest stakeholders care about price > growth. This is a way to guarantee BTS long term value decreases.

I would like to believe the voters have the best intentions at heart. But we can't just fire employees and say now is the time for pumping our bags. That is like Wells Fargo CEO getting mega bonus after axing staff. The exact opposite principles of a DAC.

committee are now continuously buying BTS with the accumulated market fees, and now there is more than 5M BTS in committee-account.

how to use these BTS? just leave them there? or burn them as someone suggested?

Why not mint smartcoins and release to the market? Can we find a way to maintain a debt position with enough safety margin?if we can, why not do that?

there is no working agreement between voters and worker proposal owners, every worker proposal owner should be aware that the worker may be voted down, I cannot suggest a man with serious illness to sell blood without stop.

If BTS price fall to zero, any worker will make no sense.
« Last Edit: September 03, 2019, 10:50:12 am by bitcrab »
Email:bitcrab@qq.com

Offline JohnR

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I would like to offer @bitcrab the chance to make a clear case for the objective of the OMO.

People are skeptical because it lacks a clear vision. Is it to maintain liquidity? Is it to pump the price? Anyone with a basic economics understanding can make a market.

Bringing this up after workers voted out gives the appearance that our largest stakeholders care about price > growth. This is a way to guarantee BTS long term value decreases.

I would like to believe the voters have the best intentions at heart. But we can't just fire employees and say now is the time for pumping our bags. That is like Wells Fargo CEO getting mega bonus after axing staff. The exact opposite principles of a DAC.

Offline Crypto Kong

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Seriously? You're kicking workers in the butt who provide actual value, and at the same time you propose to throw millions of BTS out of the window, AGAIN?

the worker mechanism is just like a man to seek better life by selling blood.

yes, when he is strong and in good health, maybe there is no problem, but when he is seriously ill and is going to die, I don't think I can suggest him to sell blood without stop.

please be aware that this is just a poll worker, not a worker that get BTS from the reserve pool, the plan is to use the accumulated BTS and smartcoin market fee in committee-account.

the BTS ecosystem is so weak that about 2M BTS dump can make a big fall in price, that's why I suggest to stop the workers temporarily.

my idea is that the OMO will help the ecosystem to recover, when the ecosystem return to be in good health, at least the price return to above 0.3CNY and the margin call orders in CNY and USD markets disappear, we can consider to recover the support to some important workers.


Unfortunately you have zero credibility when it comes to market operations, you were warned by myself and various others about what would happen last time and now you want to restart them and do the same again? You will fail in your attempt to hold up prices and end up making the situation worse.

I look forward to seeing Thule's proposal so the community at least has an alternative to your terrible guidance.

In times like these many people have underwater positions and will try ANYTHING in order to save their asses, the community needs to realise that sometimes it is OK to do nothing, rather than rushing into another bitcrab mismanagement that hurts us even more.

Ever heard the expression, "the trend is your friend"? Well the trend is down, so any thoughts of buying BTS with community funds is betting against the trend, take that into consideration when you vote for bitcrab to open up margin long positions again.
« Last Edit: September 01, 2019, 03:54:34 pm by Crypto Kong »

Offline bitcrab

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Seriously? You're kicking workers in the butt who provide actual value, and at the same time you propose to throw millions of BTS out of the window, AGAIN?

the worker mechanism is just like a man to seek better life by selling blood.

yes, when he is strong and in good health, maybe there is no problem, but when he is seriously ill and is going to die, I don't think I can suggest him to sell blood without stop.

please be aware that this is just a poll worker, not a worker that get BTS from the reserve pool, the plan is to use the accumulated BTS and smartcoin market fee in committee-account.

the BTS ecosystem is so weak that about 2M BTS dump can make a big fall in price, that's why I suggest to stop the workers temporarily.

my idea is that the OMO will help the ecosystem to recover, when the ecosystem return to be in good health, at least the price return to above 0.3CNY and the margin call orders in CNY and USD markets disappear, we can consider to recover the support to some important workers.
« Last Edit: September 01, 2019, 03:00:31 pm by bitcrab »
Email:bitcrab@qq.com

Offline bitProfessor

The commitee should absolutely burn the existing funds, settle any smartcoins held to lower the margin sell wall and send BTS back to reserve pool. If you want to try and restart OMO then do it through worker proposal.

This would be a waste.
I will open a worker tonight more complex to support BTS price.
However i think bitcrabs proposal is not good enough because you can put even a 10 million BTS buy wall on DEX which can be easily destroyed by lowering BTS price on CEX which will make that margin call's will eat the support wall quickly which he have seen in the past.

I prefered first to talk about it more with committee thats why i try to join there but it seems it's currently urgent so i will hurry up.
Can you talk about your idea?

Offline Crypto Kong

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I am happy for existing funds to be re used if included in a worker proposal that gets voted in for a reasonable amount of time. Using a poll is unacceptable IMO.
« Last Edit: September 01, 2019, 11:27:03 am by Crypto Kong »

Offline Thul3

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The commitee should absolutely burn the existing funds, settle any smartcoins held to lower the margin sell wall and send BTS back to reserve pool. If you want to try and restart OMO then do it through worker proposal.

This would be a waste.
I will open a worker tonight more complex to support BTS price.
However i think bitcrabs proposal is not good enough because you can put even a 10 million BTS buy wall on DEX which can be easily destroyed by lowering BTS price on CEX which will make that margin call's will eat the support wall quickly which he have seen in the past.

I prefered first to talk about it more with committee thats why i try to join there but it seems it's currently urgent so i will hurry up.

Offline Crypto Kong

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The commitee should absolutely burn the existing funds, settle any smartcoins held to lower the margin sell wall and send BTS back to reserve pool. If you want to try and restart OMO then do it through worker proposal.

The original OMO was a failed operation, a massive failure. The operation should have been shut down and funds returned, rather than being held onto in hope that a quick forum post and poll can allow you to convince yourself that you have authorization to reuse funds. Why should you be able to use community funds on the result of a poll when everyone else has to compete with Refund 400k worker?

Return existing funds and create a worker proposal with proper write up of strategy, a quick forum post is unacceptable. If you want to use community funds, you should expect to go through the same process as everyone else.

*To clarify, I understand that a poll is a worker but this is about reaching the funding threshold as required by worker proposals rather than just beating the opposing poll.
« Last Edit: September 01, 2019, 10:51:24 am by Crypto Kong »

Offline sschiessl

Seriously? You're kicking workers in the butt who provide actual value, and at the same time you propose to throw millions of BTS out of the window, AGAIN?

the worker mechanism is just like a man to seek better life by selling blood.

yes, when he is strong and in good health, maybe there is no problem, but when he is seriously ill and is going to die, I don't think I can suggest him to sell blood without stop.

In light of that I could suggest committee burns all existing funds, and OMO needs to obtain it's funding through a worker. I suppose that would not be constructive.

Can we be constructive towards all workers please?
« Last Edit: September 01, 2019, 09:44:12 am by sschiessl »

Offline pc

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Seriously? You're kicking workers in the butt who provide actual value, and at the same time you propose to throw millions of BTS out of the window, AGAIN?

the worker mechanism is just like a man to seek better life by selling blood.

yes, when he is strong and in good health, maybe there is no problem, but when he is seriously ill and is going to die, I don't think I can suggest him to sell blood without stop.
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de