BitCNY Force settlement offset still at 5%?

[dexy]

JonnyBitcoin is right.

Look at this:



The top chart is the global market price of CNY/USD from https://ru.investing.com/currencies/cny-usd-chart
The bottom chart (blue bold line) is the DEX price of CNY/USD from https://cryptofresh.com/a/CNY_USD
We can see the difference between these prices has increased since the middle of November 2017.

[bitcrab]

5% offset does not mean bitCNY peg 0.95 CNY. please understand this first.

currently bitCNY is too scarce and too expensive, not too cheap, magicwallet clearly shows that 1bitCNY worth more than 1.11 CNY.

current time is not a proper time to lower the offset.

[JonnyB]

bump

[Gleepower]

Yes, bitCNY has tended to trade below its feed price, which I think is because the of the fact that you only get 0.95 CNY worth of BTS for settling. Historical data on bitCNY market price versus bitCNY feed price would be interesting to back this up.

[sahkan]

BitCNY offset is at 5% because bitcrab is the largest proxy and witnesses do what he wants or he will pressure them and other proxies.

[KlausV587]

This is why no serious business will ever accept bitshares as an underlying platform. Changing contract terms after it is done is bullshit. Terms should not be changed in such a way that they hurt users. You want to change something, apply it to new positions, terms of existing positions should be respected. No serious business will ever want to depend on a will of few anonymous dudes.

The change is passed with over 50% of committee and this is one of the rule.
And you guys are just only sitting behind the keyboard and shitting everywhere.
So no serious business will ever want to depend on a will of few anonymous dudes like YOU.

[KlausV587]

Currently 1 bitcny = 1.1 fiat CNY in margic wallet. And it is not 0.95 fiat CNY as you thought.

The market already admits bitcny value and need more bitcny.

[quicksnake]

This is why no serious business will ever accept bitshares as an underlying platform. Changing contract terms after it is done is bullshit. Terms should not be changed in such a way that they hurt users. You want to change something, apply it to new positions, terms of existing positions should be respected. No serious business will ever want to depend on a will of few anonymous dudes.

Very agree with you.

There are only two ways to deal with the Bitcny large fluctuation:

1. Increasing the minimum mortgage rate of initial mortgage, that is, the minimum mortgage rate that each mortgage can set should be more than 2.5 times to 3 times, instead of the current can be set to below 1.8 times , stop those who using mortgage to make a stop loss causing the continuous explosions.

2. The Bitcny force settlement offset reduced by 2.5% or less, now the 5% is clearly too high, there is no threat of low rate mortgage,  resulting in this "subprime mortgage crisis." Committee  should recognize this error, correct it early.

[yvv]

This is why no serious business will ever accept bitshares as an underlying platform. Changing contract terms after it is done is bullshit. Terms should not be changed in such a way that they hurt users. You want to change something, apply it to new positions, terms of existing positions should be respected. No serious business will ever want to depend on a will of few anonymous dudes.

[Brekyrself]

@bitcrab mentioned here that we need better price feeding to fix the problem.  How do we make this happen and at what point should we move it back to 1% where it belongs?

https://bitsharestalk.org/index.php/topic,25293.75.html

[JonnyB]

Back in November we were told that adjusting the Force settlement offset to 5% from 1% for BitCNY would be a temporary measure while feed prices were sorted out. Yet here we are almost 2 months later and it's still at 5%. see here: http://cryptofresh.com/a/CNY

In my opinion it's pretty reckless to be so relaxed about such a fundamental change the settlement peg.
If we want people to trust our stablecoins they'll need a history of consistency to make it trustworthy.

5% offset was acceptable as a short term emergency fix but the fact nobody seems to care its still at 5% 2 months later is a big worry for me.

1 BitCNY should not be pegged at 0.95 BitCNY