so, if I am trying to short some bitCNY into existence, why is nobody buying them?
Because the price of BTS is too low , people don't want to sell BTS for BitCNY at this point .
They want BitCNY , they also don't want to trade their BTS for it .
So you need to wait for someone who is willing to dump their BTS for BitCNY at this point , but not likely because the price is really low , everybody I know refuse to do so .
So on one hand , you have people who lose incentive to short due to the low price ;
on the other hand , you have people who lost incentive to provide counter order for the shorting order , because they don't want to settle the loses by turning BTS into pegged asset .