@bitcrab: I'll have to remove my support for the worker "committee controlled open market operation fund".
The reasons are the *potential* conflict of interst that emerged with SPRING. Given that SPRING is a market
making fund, and the worker is funding another fund for providing liquidity, I believe it is best to not continue
subsidizing open market operations through a worker and leave the bussiness for SPRING (and other for-profit
competitors). This also puts you (@bitcrab) in a much nicer situation as you don't need to justify why you traded
when since you potentially could have SPRING trade against the open market worker.
Surely you understand my reasoning.
Let me give some explanation on why we launch SPRING and how we think the relation between SPRING and the open market operation fund(OMO fund).
China community has discussed a lot on how to increase the supply of bitCNY and promote the BTS and smartcoin ecosystem. Actually OMO help, it has income of BTS and bitCNY, bitUSD so it is more able to resist risk than general funds, however, it is small and the accumulation of fund is too slow, this limit it to play the role of a stabilization fund. Considering this, we finally decided to build another privately collected fund to help OMO, and of course, SPRING will make profit in this process, and when OMO grow big and powerful enough, SPRING will switch to focus on some other area, for example, to invest in some ICO project, especially in Graphene ecosystem.
OMO now focus on build a solid price bottom of BTS, now OMO has placed orders of 2M CNY at price 0.8CNY+, tomorrow OMO will added buying orders of 3M in this price level, in my plan, OMO will put orders of 10M in area 0.8-1 CNY, to make 0.8CNY a solid price bottom, and this bottom will slowly go up. Similar in bitUSD market.
OMO’s task is not to make profit, it focus on stabilizing market, it will help the system to resist the risks of black swan etc. and it will convince users to generate bitCNY/bitUSD at some certain price, say, now it’s very safe to borrow bitCNY will setting margin call price at 0.8 CNY.
SPRING play a role different with OMO,it will also provide bitCNY to build solid price bottom together with OMO, but it will also try to buy BTS, say, now SPRING will by BTS at price of about 1.3CNY
I don’t think there are interest conflict between SPRING and OMO, actually they help each other to make a good future of BTS.
SPRING do not have income from system, as OMO did, if SPRING do the job by itself, it will bear more risk than OMO did.
I built one sword to kill the wolf, when I find one is not enough I tried my best to build another one, but when the new one is ready I found the old one lost… this is what I felt when I saw your idea, please do not remove your support, here every trading is transparent and everyone can check what OMO and SPRING did anytime, no place for doing evil.