虽然我认为 bitusd 的锚定理论上已经成功了，波动不大，且在30天内总能按 feed price 买到 bts。
2. 就算有人提供兑换了，bitcny在支付应用上也有风险，如果他的发行量过小，根本无法满足流通需求。比如现在 40万bitcny发行量，交易所根本不可能用它来取代法币的地位。如果市场上太多人看空BTS，那么人们就没动力去及发行BTA了。
可以看到，这两个问题都跟发行量有关系，因为 bitcny 发行量的不可控，导致配套应用很难展开。
假如我们让他的发行量根据需求可控呢？根据市场对 bitcny 的实际承兑能力及流通需求，设定 bitcny 发行的最大值和最小值，由delegate喂给系统。
当发行量小于最低限制时，鼓励 short 单成交，比如免除利息，免除空单30天过期限制。
当发行量超过最高限制时，停止 short 单成交。
而愿意使用 bitcny 的商户，则应提供自己对 bitcny 需求量，作为流通需求参考。
Although I think the peg theory works , the fluctuation is not much , and you can always sell the peg asset for BTS at the open market rate according to the price feed within 30 days .
But this kind of effort is not that acceptable in the eyes of the general public . Because the peg demand from the public is that it can be converted to fiat at all time for 1:1 .
So , what's causing the difference between the ideal demand and the reality ?
1. Generally speaking , the people who believed in the peg should have incentive to provide 1:1 exchange for fees . Why didn't they ? Because they can't be sure they should put in how much fiat money for this kind of exchange . If the issuing amount of BTA is to much for the market to bear , then the people who provide this exchange service would have a lot of BTA but no fiat money .
2 . Even if some one provide such a exchange service , the issuing amount still can not meet the demand if the issuing amount is too small (comparing to the potential demand .). For example , there are just 0.4 million BitCNY now , major exchanges would not consider to use it as some sort of redeem code to be a on-ramp or off-ramp . If too many people on the market don't think the price of BTS will rise , they don't have the incentive to issue new BTA .
So , as we can see , these two issues are related to the issuing amount . Because if the issuing amount is unpredictable , it leads to uncertainty for those who offer to exchange it with fiat .
But what if we can control the issuing amount base on market demand ? The delegates can feed a maximum and minimum amount for the issuing of BTA according to the actual demand for BitCNY and the need for circulation .
When the issuing amount is lower than the minimum amount , the system encourages the shorts to execute by a discount on interest or lift the limit for the short order to expire after 30 days .
When the issuing amount higher than the maximum limit , the short orders should not be execute .
Because being an simple exchange between fiat and BTA is profitable , those who want to provide such service should gave financial proof to the public , the delegates gather those numbers to provide maximum demand parameters for the system.
Those who want to hold and use BTA , should provide their demand for BTA as well , so the delegates can gather them to provide minimum demand parameters for the system .
I believe this way we can have a lot of individuals who will exchange BTA for fiat , and merchants who will use BTA as a payment tool.