我有一个理解和假设,不知道对不对,为了方便理解,我用金本位相关例子来说明:
也许BitUSD和USD的1:1价格关联,在第一笔BitUSD被创造出来的时候就锚定了,就像早期银本位时发行出来的银元券一样,1银元券可以后面有等价1两银子作为背书,1个单位的BitUSD在被发行时也有1USD等价的BTS作为保证金(根据外部市场价格,这些BTS是可以兑换到1USD),这种本位机制是市场的依据,如果外部市场1BTS所能兑换到的USD单位数量变化了,那么在BEX中,1BTS对应的BitUSD价格也跟着相同方向变动。
举个例子,比如原来1BTS=10USD,1BTS=10BitUSD,如果外部市场波动美元上涨变成1BTS=5USD,那么原来10BitUSD所对应的BTS保证金等价的只有5USD,相当于增大了风险因为没有了等价10USD的BTS本位保证,那么BEX中BTS对BitUSD的价格会怎样呢? 如果BitUSD价格保持不变或者继续下跌,那么做空者的风险就会越来越大被强制平仓,所以为了避免被强制平仓,做空者会选择回补买入更多BitUSD导致价格上涨,直到保证金可以保证围绕着外部美元等价BTS本位。
Sorry about quoting some of my Chinese explanation posted 3 days ago. I'll try to translate them, sorry for my poor English.
BitUSD is like Gold standard system of earlier central bank, endorsed by Gov credit, e.g. one USD is endorsed by equal priced Gold. But BitUSD is endorsed by the similar concept of BTS(priced in USD for BitUSD) standard system, driven by margin and the market consensus created when some one created "BitUSD" relative to USD, gave the "USD" name, and the others followers. Any tend to deviate BitUSD price from USD will create long/short chance for the supporters/believers of the USD priced BTS standard system, which should be the mainstream market player of BTS X to avoid 51% attack to the BitUSD price feed.