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Quote from: Thul3 on August 08, 2018, 12:56:20 pmQuotethis is the initial logic design at the start time of OMO, now when check it again, seems it is a little too conservative.the OMO has an advantage that other funds do not have, it has daily income of 200K BTS and also bitCNY&bitUSD market fees, so it is more powerful to resist risks - when risk appear, we can use the new coming BTS and smarcoins to increase the ratio.now the cnytrader team do the trading based on some other logic, mainly on the margin call price and the "bottom price" in our mind, we now suppose the price of about 0.75CNY is the bottom price and it's safe enough to set the margin call price at this point.yes, tomorrow we'll use the new coming funds to increase the ratio.and, actually I hope committee members from USD world can take care the committee-usdoperator account and do the bitUSD trading tasks, no problem to remove me from the multisig of committee-usdoperator.You are already planning future RP funds which i disagree.Many members already stated that this fund is already to big and leave peanuts for other WP .You can't take future RP funds hostagethe funds is not big enough considering it's Quoteobligation. and this WP is helping to maintain the BTS price and thus maintain the value of the BTS balance in each WP.any WP that need fund can try to attract voting to make itself above the OMO WP and get money.
Quotethis is the initial logic design at the start time of OMO, now when check it again, seems it is a little too conservative.the OMO has an advantage that other funds do not have, it has daily income of 200K BTS and also bitCNY&bitUSD market fees, so it is more powerful to resist risks - when risk appear, we can use the new coming BTS and smarcoins to increase the ratio.now the cnytrader team do the trading based on some other logic, mainly on the margin call price and the "bottom price" in our mind, we now suppose the price of about 0.75CNY is the bottom price and it's safe enough to set the margin call price at this point.yes, tomorrow we'll use the new coming funds to increase the ratio.and, actually I hope committee members from USD world can take care the committee-usdoperator account and do the bitUSD trading tasks, no problem to remove me from the multisig of committee-usdoperator.You are already planning future RP funds which i disagree.Many members already stated that this fund is already to big and leave peanuts for other WP .You can't take future RP funds hostage
this is the initial logic design at the start time of OMO, now when check it again, seems it is a little too conservative.the OMO has an advantage that other funds do not have, it has daily income of 200K BTS and also bitCNY&bitUSD market fees, so it is more powerful to resist risks - when risk appear, we can use the new coming BTS and smarcoins to increase the ratio.now the cnytrader team do the trading based on some other logic, mainly on the margin call price and the "bottom price" in our mind, we now suppose the price of about 0.75CNY is the bottom price and it's safe enough to set the margin call price at this point.yes, tomorrow we'll use the new coming funds to increase the ratio.and, actually I hope committee members from USD world can take care the committee-usdoperator account and do the bitUSD trading tasks, no problem to remove me from the multisig of committee-usdoperator.
obligation
as BTS price now grow up to above 2CNY, now it's time to adjust the rule to determine minimum collateral ratio in open market operation fund account.we need the minimum ratio to increase with feed price, with a nonlinear decreasing rate。I found below formula is likely a suitable choice, in the next price stage it will be used to determine the minimum collateral rate. please advise if you have any ideas on this.
2. operators need to take good care while operate with debt positions, as an initial rough principle, when BTS price is under 2CNY:while collateral ratio > 4, borrowing more smartcoin is allowed.while 4>collateral ratio>3, smartcoin income can be used to buy more BTS, but borrowing more smartcoin is not allowed.while 3>collateral ratio, smartcoin income need to be used to reduce debt position, buying more BTS is not allowed.
The last report is over 2 months old, when can we expect new one?
I would like to see a precise formulation of this worker before going forward, also an overview of the history therewith would be appreciated. But I am but a lone voice it seems ..How is the BTS inflow split so far? I know there was 2 million initially, plus worker pay plus bitCNY/bitUSD fee. What are the absolute numbers there, is it still necessary to keep market fees on the bitAsset?To your question:I can tell you if you formula is mathematically sound, but I can't tell you if it makes sense. Do you have any further explanation on the intended goals of the formula?
The general question here is how much risk is the BitShares DAC willing to take. Using a collateral ratio of only 2x would by high risk while 10x can be considered "low risk".A reasonable answer is probably in between but highly depends on market conditions.I do like the proposal linking the collateral ratio to the price level in general and would like to emphasis that any formula used today can (and should) be tuned an revised later on.However, I am not a financial expert and lack the expertise to have a well-founded opinion about this and thus would ask to go rather high on collateral ratio and low on risk.
Quote from: xeroc on April 04, 2018, 07:26:46 amI will vote for this worker so that it can receive funds.Two weeks after it received funds, I will remove my vote for a subsequent report to convince me it is a good idea.Without huge amount of funds (IMHO 100M CNY or more), the open market operation fund wouldn't be able to do any significant thing.
I will vote for this worker so that it can receive funds.Two weeks after it received funds, I will remove my vote for a subsequent report to convince me it is a good idea.
Quote from: fav on March 24, 2018, 09:02:20 pmQuote from: KenMonkey on March 24, 2018, 05:29:04 pmThis seems like a horrible idea. Let the markets evolve naturally. Spend money on quality development or just put it in the bank. We can start to reduce the supply and thus increase the value which will entice more people to the environment and grow bitshares further. Artificially affecting the beautiful decentralized markets seem contra to the ideas of the community.this.I too agree with this. Let's not emulate the obviously poor policies of a corrupt organization like the U.S. FED. I realize some who voiced an opinion here don't believe central planing of an economy is bad, but I certainly do. Let's "Let the market decide" was is an appropriate level of liquidity. Anything else I feel is risky and the funds would be better spent on other things we need more.If this WP is to be implemented, at least let the WP be written with a short time period, as xeroc and clockwork suggest.
Quote from: KenMonkey on March 24, 2018, 05:29:04 pmThis seems like a horrible idea. Let the markets evolve naturally. Spend money on quality development or just put it in the bank. We can start to reduce the supply and thus increase the value which will entice more people to the environment and grow bitshares further. Artificially affecting the beautiful decentralized markets seem contra to the ideas of the community.this.
This seems like a horrible idea. Let the markets evolve naturally. Spend money on quality development or just put it in the bank. We can start to reduce the supply and thus increase the value which will entice more people to the environment and grow bitshares further. Artificially affecting the beautiful decentralized markets seem contra to the ideas of the community.
The voting works again in the UI so this worker proposal can be reviewed.In the first post from bitcrab only contains suggested principles, is it possible that the committee reviews this and formulates a precise worker proposal? The ask is immense and I think the constraints should be put down exactly. And who will be the operators controlling the accounts until locked?
As far as 1. is concerned, it currently leaves about 40000 bts /daily available. That is almost 200k USD/month at current prices...Considering the workers already voted in, it seems more than enough for any upcoming worker.In any case, the idea is for this worker to function similarly to the refund400k one and have variable payment after all other workers have been paid. So we expect the community to vote responsibly.
Is that really serious? Are you guys using the reserve funds to operate in the market?Do I need to remember you that the whole point of SmartCoins is not to have someone with KEYs trying to set the price of the market? I'm again very disappointed with the BTS community and committee for allowing this. Seems to me like you don't want BTS to succeed... When things start to work out correctly someone comes with some BS to fuck it up.This and that new fucking 0.1% fee set arbitrary on BitCNY and BitUSD smartcoins are the new middle finger from BTS to the business models that were being built around it.Please if somebody can please point me out to the proposals for all this.
while 4>collateral ratio>3, smartcoin income can be used to buy more BTS, but borrowing more smartcoin is not allowed.while 3>collateral ratio, smartcoin income need to be used to reduce debt position, buying more BTS is not allowed.
If bitcrab's suggestions will be accepted, it's needed to get back 0% fee for bitCNY and bitUSD. 0.1% fee for bit-assets is a workaround to solve the issue at the expense of holders' pockets. There are many people how use bots and bring a liquidity on CNY and USD pairs. 0% for bit-assets was one of a big advantage of Bitshares DEX.
Quote from: bitcrab on March 14, 2018, 08:11:54 amI don't think this suggestion is "pumping BTS", I think I have expressed clearly that the point is to "adjust smartcoin and BTS supply according to market condition".You are going to "adjust smartcoin and BTS supply according to market condition". This means that you will try to make actions like Central Banks in most of countries do (they make money emission). And I am sure this actions will be directed to move BTS price up. That's why I say it's "pump". You are going to implement something like "monetary policy" of "Central Bank of Bitshares " and going to decide when buy additional quantity of BTS and when sell it. But:1. When Central Banks realize their monetary policy they have calculations and clear vision about the final result. There is no any calculation in your suggestion. You just say "let's try and then we'll see result".2. Constant changes in the market condition is the nature of every markets, especially in cryptomarkets. This makes it extremely difficult (if at all possible) for any regulations to archive their goals in the longterm.
I don't think this suggestion is "pumping BTS", I think I have expressed clearly that the point is to "adjust smartcoin and BTS supply according to market condition".
We should borrow some BTS to generate BitCNY with an collateral ratio of 5. The fees from the BitCNY and BitUSD can buy BTS and refund the borrowed BTS. But what is the technical problem for not having enough BitCNY now? We need more FIAT/BitFIAT exchanges.
Frankly speaking this suggestion should be formulated shorter like this: "Let's pump bts using reserve pool funds!"IMHO, the pumping is definitely NOT that thing that Bitshares need "to make Bitshares great again". If somebode wants to pump let him do it with his own funds and not with the reserve pool. This suggestion smels like market manipulation in it's worse kind.
I'll take the current market conditions into considerations when next talking about the BBF worker proposal. So far, it used to buy bitUSD off the market and did not go short on bitUSD yet.The reasons was mainly due to liabilities against the actual workers that have a right for their pay and going short adds a risk .. as well as for accounting which needs to be transparent and easy to follow ...I'll re-iterate with the BBF over the previous decision to stick with "buying" ..
Sounds like a fair enough experiment, however I feel these are to jump start the market and should not be permanent.-Is there a set liquidity goal where the worker will not be required any longer?-Plan of action to maintain that 4x collateral ratio in big price down trends? Committee will need to act quick, perhaps daily adjustments required?-Phase out plan to settle all the outstanding debt if liquidity reaches x goal?
Now smartcoins like bitCNY have big demand, but are always in serious shortage, this limit the adoption of smartcoins and also the development of trading in DEX.
"owner": "1.2.0", "work_begin_date": "2018-04-01T00:00:00", "work_end_date": "2035-12-31T00:00:00", "daily_pay": "20000000000", "name": "committee controlled open market operation fund", "url": "https://bitsharestalk.org/index.php?topic=26107.0", "initializer": [ 1,{ "pay_vesting_period_days": 0 }
This is an upgraded version of the last post "suggestion for an official market value management infrastructure"https://bitsharestalk.org/index.php?topic=26072.0After reviewing the last post, I now feel it's better to call them "open market operation" than "market value management", here the operator is like central bank, it trade in the market to adjust the supply of smartcoins and BTS.Now smartcoins like bitCNY have big demand, but are always in serious shortage, this limit the adoption of smartcoins and also the development of trading in DEX.So currently the main policy of the open market operation is to buy more BTS, and create more smartcoins, mainly bitCNY by borrowing.As the income from market fee is limited, normally 10k-30k, so I suggest to add fund from reserve pool with a worker proposal.Now Bitshares has daily budget of about 310k, among them about 240k are go into refund400k work proposal and return to the reserve pool.I suggest to create a new worker proposal “committee controlled open market operation fund” to replace refund400k, each day about 240k BTS will be collected, with a higher than 4 collateral ratio, more than 50k bitCNY can be borrowed and be used to buy BTS.We need to make good use of the 1 billion BTS in reserve pool,I understand that borrowing smartcoin based on collateralizing public BTS bring risk to the system, however the risk is tolerable.The operation account is a multisig account of committee members under public supervising, not possible to set too lower collateral ratio. When BTS price is under 2CNY, it will be safe enough to set the collateral ratio higher than 4, right?Committee-account has continuous smart coin income to reduce the risk.Even the worst thing happen, the result is that the collateralized BTS be sold at a price 10% lower than the market price, no further hurt to the system.On the other hand, if we just leave the 1 billion BTS sleep in the reserve pool, surely we avoid all the risks, but at the same time we give up the chance to supply more smart coins, create more purchasing power and income and make BTS great.I believe a community with courage and vision will select to go ahead with tolerable risks. I'll collect feedback and build details on this suggestion