how to revive bitCNY?

[bitcrab]

positive feedback appear again.

margin called order eaten -> global settlement price come down-> feed price come down->more debt position margin called.

in several hours the margin called orders quantity changed from 70M+ to 90M+. and bitCNY become in premium again.

will it be better to set feed price = max(market price*MSSR, black swan protection price)?

it's just another UI bug when you saw the quantity changed from 70M to 90M
And we don't need to change feed price to market price * MSSR, instead it should be the commiittee's authority to tune the MSSR from 10% to 1% or something else to reduce the premium,
but still need to give some premium offter others help eatern the margin call orders.

just urgent solution, possible to tune MSSR when things are stable and enough time to discuss/coordinate.

[alt]

positive feedback appear again.

margin called order eaten -> global settlement price come down-> feed price come down->more debt position margin called.

in several hours the margin called orders quantity changed from 70M+ to 90M+. and bitCNY become in premium again.

will it be better to set feed price = max(market price*MSSR, black swan protection price)?

it's just another UI bug when you saw the quantity changed from 70M to 90M
And we don't need to change feed price to market price * MSSR, instead it should be the commiittee's authority to tune the MSSR from 10% to 1% or something else to reduce the premium,
but still need to give some premium offter others help eatern the margin call orders.

[bitcrab]

positive feedback appear again.

margin called order eaten -> global settlement price come down-> feed price come down->more debt position margin called.

in several hours the margin called orders quantity changed from 70M+ to 90M+. and bitCNY become in premium again.

will it be better to set feed price = max(market price*MSSR, black swan protection price)?

[Thul3]

When there is a debt position with 112% collateral ratio, Increasing MSSR to 112% or more will trigger GS immediately.

Why did you guys waited so long ?People asked for it for a long time and just once its not possible anymore you guys start replying ?

[abit]

Yes I had it explained to me today that MSSR increases GS price - hadn't realised that.

I think Alex has put forward the best option so far removed: dynamic MSSR.

Doesn't really help us here though. I still disagree with the proposal though - it is again just betting on the price going up and abandoning how the asset is meant to work.

Unfortunately the asset doesn't work as some people think. Think about the impossible trinity.

When we're trying to make the asset fully backed, we're trying to control the amount of supply, which is monetary policy, the peg can not stand.

If the asset is not fully backed, likely the peg can not stand as well.



Recent thread: https://bitsharestalk.org/index.php?topic=27203.msg322852#msg322852

Old thread: https://bitsharestalk.org/index.php?topic=11946.0

[matle85]

Yes I had it explained to me today that MSSR increases GS price - hadn't realised that.

I think Alex has put forward the best option so far removed: dynamic MSSR.

Doesn't really help us here though. I still disagree with the proposal though - it is again just betting on the price going up and abandoning how the asset is meant to work.

Disagree.

Increase MSSR to 30% (1.3) so that the margins are eaten.

We need a robust system that will work in the future. This stop gap doesn't do anything to improve the system it just breaks the promise of it.

When there is a debt position with 112% collateral ratio, Increasing MSSR to 112% or more will trigger GS immediately.

[abit]

Disagree.

Increase MSSR to 30% (1.3) so that the margins are eaten.

We need a robust system that will work in the future. This stop gap doesn't do anything to improve the system it just breaks the promise of it.

When there is a debt position with 112% collateral ratio, Increasing MSSR to 112% or more will trigger GS immediately.

[R]

frankly speaking, bitCNY is already in black swan status if the feed price reflect the real market price.

however, I don't think it's good to return to feed real market price and leave black swan happen for bitCNY,  as we have seen in bitUSD, after black swan happened, now the peg break, borrowing stop, hard to revive.

I suggest to protect bitCNY from black swan by setting a black swan protection price, say black swan protection price = global settlement price*1.11.

feed price = max(market price, black swan protection price)

then when market price goes up, the margin called orders will be eaten step by step, the black swan protection price become lower and lower, and bitCNY has chance to revive.

Thoughts?

In any market you can't never be sure of anything, if the price never goes back bitCNY loses forever its PEG

Yeah, following BSIP18's bitasset revive process, bitCNY would automatically revive once the settlement fund value increases https://github.com/bitshares/bsips/blob/master/bsip-0018.md#auto-revive-after-increase-of-settlement-fund-value

With bitUSD's GS, vote weight slightly changed because the BTS is in the settlement pool which doesn't have voting rights. If bitCNY globally settles, perhaps there will be a larger shift in voting power which impedes experimental changes to bitassets?

There's some interesting threads:
https://bitsharestalk.org/index.php?topic=27459.0
https://bitsharestalk.org/index.php?topic=27451.0;all

Disagree.

Increase MSSR to 30% (1.3) so that the margins are eaten.

We need a robust system that will work in the future. This stop gap doesn't do anything to improve the system it just breaks the promise of it.

30% would be highly attractive given recent crypto volatility, better to punish under collateralized positions than to punish everyone (all margin positions) for 1 bad-debt holder's behaviour.

[akledirs]

Reduce MSSR to 0.01%, reduce pricefeed to CR=1.01, offset=0%. Else - all you write - big scam for bitCNY holders

[Victor118]

frankly speaking, bitCNY is already in black swan status if the feed price reflect the real market price.

however, I don't think it's good to return to feed real market price and leave black swan happen for bitCNY,  as we have seen in bitUSD, after black swan happened, now the peg break, borrowing stop, hard to revive.

I suggest to protect bitCNY from black swan by setting a black swan protection price, say black swan protection price = global settlement price*1.11.

feed price = max(market price, black swan protection price)

then when market price goes up, the margin called orders will be eaten step by step, the black swan protection price become lower and lower, and bitCNY has chance to revive.

Thoughts?

In any market you can't never be sure of anything, if the price never goes back bitCNY loses forever its PEG

[binggo]

so slow action，so much time has gone...

when we have time and chance to revive bitusd, but less witness care....

[alt]

are you witness still talk at small group?
please stop private talk, and unvote those witness never attend the public discuss.
there are many  order filled at about 0.317CNY now, when will you sell the margin call order at 0.322CNY?
it will be more harder to revive CNY with these slow action.

[matle85]

Disagree.

Increase MSSR to 30% (1.3) so that the margins are eaten.

We need a robust system that will work in the future. This stop gap doesn't do anything to improve the system it just breaks the promise of it.

[binggo]

agree，maybe 1.12 more better

[dirnet]

Agree