We can say the promises were made by BM. Then BM left. We have to make our own decisions.
It wasn't ONLY BM, we ALL were there, it was a community consensus we all (including you) have been living with for at least 3 years, so it is totally inappropriate to blame the redeem-ability or collateral requirements on BM alone.
According to the analysis I made earlier in this thread (please read), some of the promises were too heavy, we're unable to keep all of them. You can't have your cake and eat it. You want the 10M bitUSD in your wallet be fully backed, but in case when BTS market cap dropped to below 10M, they're simply unable to be fully backed if you, as a holder, do nothing other than hold.
Changing strategy is hard, but when it's needed, we have to do so, otherwise there is no future. I'm well aware of the risks.
I am not sure you do understand the risks. If you do, you're willing to risk others funds in this haphazardly conducted experiment. I do agree if both
bears and bulls are promised they can't loose it's a problem. However to some degree that is indeed the situation. One or the other is going to complain there is no balance or it is skewed and needs to be "adjusted". I agree with you in your last sentence, except "they're simply unable to be fully backed if you, as a holder, do nothing other than hold." People that use leverage to trade with are used to the broken, under collateralized mainstream system and thus object to BitShares policies. Sorry, when you come to BitShares it's different for reasons, mostly the safety of funds, and you must maintain your collateral or you will be margin called. We don't need any changes that weaken investors collateral or allows fractional reserves, incentivizes accumulation of debt or skews the market via collusion or manipulation.
If course if a leveraged trader refuses to manage his collateral, well, should know the risks and not do that. It's the trader's responsibility to know the rules of the platform / game. If s/he fails to do so and the market accelerates its downward trend, the loss is on his/her back. It's not proper to blame the ecosystem for not being a mainstream institution. It wasn't intended or designed to be the same. Why can't people understand that? Do they want to repeat the mistakes all over again anew?
Witnesses are paid positions, meant to contribute. Witnesses (read: including you) are the nearest to price data because they produce price feeds, and data is all over there, just need some time/efforts to collect them and summarize and show them to people who asks. Keep asking others to report the result/findings IMHO is not very good behavior.
Why is asking not good behavior? Why is providing a coherent report / summary being avoided so much? Why (as Thul3 comprehensively asked) are the BSIP42 advocates using such coercion and force to change the ecosystem rather than playing by the consensus rules OR make a solid case why they need to be changed that is persuasive enough to gain the consensus sought? Could it possibly be b/c our principles are not aligned? I have to ask, since you said nothing to me about them. Principles are important, do you disagree with that?
If want the process to be more methodical and systematic, please propose the methods and see whether others will follow or convince them. There is a 30+page thread (and other threads) in Chinese forum shows how the algorithm is evolving: https://bitsharestalk.org/index.php?topic=26315.0 , a translator would help.
Actually some "findings" were posted, perhaps not in your favorite format:
* https://bitsharestalk.org/index.php?topic=26966.msg322398#msg322398
* https://bitsharestalk.org/index.php?topic=27170.msg322352#msg322352
* https://bitsharestalk.org/index.php?topic=26315.msg322288#msg322288
* https://bitsharestalk.org/index.php?topic=27203.msg322834#msg322834
Yes, a translator would help. The language barrier is tough for most of us. However, it isn't the place for BSIP42 opponents to fix the BSIP, it's for the authors of it to make their case with facts and data, and make sure that info is made available widely. The links you provided don't do that IMO. It's far from the data and analysis a financial system needs to make a quality engineering decision. The billions of funds invested deserve much better.
About redeem-ability:
I already acknowledged if inappropriate promises are made to 2 contrary positions it's a problem. You have a different take on how to resolve it than I do. You want promise A to be forgotten and I want promise B to be forgotten or reduced. Both of us want more liquidity, we're just not sure how to get it without upsetting someone.
I also think it's quite interesting that there is almost no talk about why things are the way they are now, no consideration of history. Your reference to BM wasn't analysis to facts to say why his reasoning was [all] wrong, you just used him as a scape goat. I'm not saying he was right, but you didn't show where his reasoning is wrong. WHY is an extremely important question. You may be annoyed by it, but it is essential to have the freedom to ask it and explore alternatives.
If there is indeed an "impossible trinity" of promises to community, it needs to be fixed. The question is which leg of the trinity needs to go? Why not add a 4th leg (as discussed at BitFest to publish an additional adjustment value to apply to market feeds)? We all know how unstable 3 legged chairs are.
I advocate for a position that provides the best balance between bears and bulls. I favor Austrian economic principles over the debt based Keynsian model that uses oligarchs to centrally "manage" an economy which has over a century of demonstrating how poorly that model works to help people live freely.