suggest to disable forcesettlement for bitCNY

[zhouxiaobao]

if it is impossible to disable force settlement, I think there's only one choice to fix the bug: request that the feed price not lower than market price*96% for CNY, not lower than market price for USD.
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yes,let's do it.the only one choice.

[matle85]

One positive is nobody voted 'Don't care' so at least we are all engaged   ;)

[matle85]

I'm assuming the vote above is just informative - I guess the Committee have the authority make the decision and if they decide they want to put it to a worker vote on chain they do?

Sure informative, like CNN or fake news.

Rather than admit the sentiment is against this change, those pushing for it will keep trying to spin inputs until they get what they want, damned be the shareholders and contrary opinions.

Well the first vote was No and after it was reset and the new option was set the vote was still No.

Some people I would have expected to be against the change aren't though so Ill spend sometime this weekend doing some background reading to see what I'm missing.

My feeling is that we are still in the midst of a pretty serious stress test for BTS stablecoins as the price of BTS has dropped by 90%. That has meant a lot of us have been hurt pretty badly with our margins (I actually had to largely exit mine on the way down with quite a big loss of my BTS).

We need to take this as an opportunity to fix on something that works - the price will go up again during the next bull run but there will be more hard drops and margin holders exposed. The mechanism we figure out over the coming months should maintain the peg / underlying basis for it being a stablecoin above anything else.

[Thom]

I'm assuming the vote above is just informative - I guess the Committee have the authority make the decision and if they decide they want to put it to a worker vote on chain they do?

Sure informative, like CNN or fake news.

Rather than admit the sentiment is against this change, those pushing for it will keep trying to spin inputs until they get what they want, damned be the shareholders and contrary opinions.

[xeroc]

I'm assuming the vote above is just informative - I guess the Committee have the authority make the decision and if they decide they want to put it to a worker vote on chain they do?

Correct.

[matle85]

I'm assuming the vote above is just informative - I guess the Committee have the authority make the decision and if they decide they want to put it to a worker vote on chain they do?

[Thul3]

Create a worker proposal based poll, not an easily manipulated forum poll - I had to re-cast my vote for some reason and there's a new poll option now.. not ideal. 20% is way too much for force settlement offset

Create over time 20 accounts and you will win any poll :D

[FearlessAsian]

tomorrow the poll will be closed, please vote to express your opinion.

Create a worker proposal based poll, not an easily manipulated forum poll - I had to re-cast my vote for some reason and there's a new poll option now.. not ideal. 20% is way too much for force settlement offset 👎

Well, i stated earlier in TG that 15% would be sufficient by my personal opinion, but anyway - quite more happy with 20% change option than any other included in the poll

[R]

tomorrow the poll will be closed, please vote to express your opinion.

Create a worker proposal based poll, not an easily manipulated forum poll - I had to re-cast my vote for some reason and there's a new poll option now.. not ideal. 20% is way too much for force settlement offset 👎

[abit]

Alternatively, we can keep the 5% offset, but ask witnesses to set a % bottom (in comparison to trading price) when feeding BTS/bitCNY price.

Do you mean with a % bottom to aim for a constant but positive premium? Or what is the bottom?

No. It's related to the context.

[sschiessl]

Alternatively, we can keep the 5% offset, but ask witnesses to set a % bottom (in comparison to trading price) when feeding BTS/bitCNY price.

Do you mean with a % bottom to aim for a constant but positive premium? Or what is the bottom?

[bitcrab]

tomorrow the poll will be closed, please vote to express your opinion.

[abit]

I've foreseen the situation when drafting BSIP42, see https://github.com/bitshares/bsips/blob/master/bsip-0042.md#uptrend-and-discount . In short, a static force settlement offset is not quite compatible with BSIP42 when a bitAsset is oversupplied. BSIP42 aims to let debt position holders reduce debt at market/fair price, but not at higher price to punish them. If we agree with BSIP42, we either need to adjust force settlement offset dynamically, or disable force settlement temporarily.

Alternatively, we can try to do BSIP42 only when bitAsset is at premium, and let force settlement play its role when bitAsset is at discount. That said, since the two tools are incompatible, we adopt one of them.

To make the best use of force settlement, the offset should be set to near zero rather than 5%. The best time to make the change is when BTS/bitCNY price feed is higher than trading price, but we've missed it (we can still do it on bitUSD). Since now the price feed of BTS/bitCNY is around 4% lower than trading price, if change the offset or the feed in a sudden, there would be unexpected consequences, we need quite some efforts if want to make the change and make it perfect. Alternatively, we can keep the 5% offset, but ask witnesses to set a % bottom (in comparison to trading price) when feeding BTS/bitCNY price.

[bitcrab]

As a committee member I have one more request: When a proposal is created and approved for increasing the settlement offset, please make it execute with at least 5 days notice and ensure everyone trading on bitCNY has had a chance to adept to the upcoming change. Thank you.

sure

[xeroc]

Provided that we need to learn along the way, I think we add another experiment to the game and see if settlements can be dis-incentivized by raising the offset. If that results in a better peg, I am not convinced, but I also don't know.
I feel that the bitCNY:BTS market is the only one that can survive such a (to me rather drastic) step given the liquidity.

As a committee member I have one more request: When a proposal is created and approved for increasing the settlement offset, please make it execute with at least 5 days notice and ensure everyone trading on bitCNY has had a chance to adept to the upcoming change. Thank you.