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Stakeholder Proposals / Re: [Committee Member] Jademont's proposal to join the BitShares Committee
« on: March 23, 2018, 12:08:09 pm »
voted.
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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".
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.
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.
这个时候我甚至有了极端的想法,把cny的手续费提高到5%。因为收取手续费是单向的,只会抑制卖出资产得到cny的收益。而对买入资产者毫无影响。同时这会让爆仓者损失更多,但是这样好像会提高资不抵债的倍率。但是如果挂卖单的少了?爆仓的是不是也会更快被吃掉。现在就是抢着卖的太多了,一占掉了流动性,二让爆仓吃不到。收回来那么多手续费再大量吃爆仓,然后吃的时候还能收手续费,这样能慢慢循环起来了。相当于卖方每笔交易都要额外付出5%/(1-5%)=5.26%的价值,比千分之一收得多得多。其实可以考虑一下。可以有效抑制瀑布恐慌,鼓励人们长期持有。这个只能当笑话讲讲。
*增加一个条件就是爆仓单很多很多的时候才用那么高的手续费率,一旦爆仓基本被系统吃完同时系统开始抵押释放流动性,就要退出高手续费率,借以恢复正常的卖出秩序。
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?
"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=26072.0
After 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
supported at a fee of 0.1% and using committee-trade for execution
I agree with the BTS market mangement.I don't agree with you.
But I don't agree with below point of view:
-------
3. Borrow bitCNY/bitUSD by putting the bought BTS into collateral with high collateral ratio and continue to buy in BTS.
-------
I think some of bitCNY/bitUSD should be the fee when use them to Buy other coins but these BTS should not be COLLATERAL to borrow bitCNY/bitUSD.
Then there will be no risk for this account pool.
These BTS bought by fees should be locked for long time or forever, or use this as bonus for some development projects and projects like billionare project etc.
我主要想表达的是bitCNY/bitUSD可以作为交易费用,但是费用池中买回BTS不应该继续作为抵押。使得这个费用池出现任何风险都是不应该的。
而买回的BTS可以作为长期锁仓,或做长远项目费用拨备或支持类似billionare计划。
This proposal would cover all current BitAssets or just CNY & USD?
Generally speaking, charging fees on bitCNY and etc is doable.
However, I don't think those fees would be enough to do effective "market value management".
Say, on average 10M CNY volume a day, and a fee rate at 0.05%, means 5K CNY of income per day. In order to have a working "market value management", I guess we need billions of CNY.
Another possible con:
* charging fees introduces friction, thus may reduce activity, thus may harm reputation of BitShares and price of BTS token.
By the way, why not increase basic network fees? The fees were reduced when BTS is 6CNY each, now BTS is around 1CNY each.
Broadly speaking, I support the concept of a Committee controlled market bot. Owner set to Committee is required. I have some reservations about Active set to M/N accounts.
Consider the following implementation concepts (for each SmartCoin):
1. committee.smartcoin: Owner, Active set to Committee
2. Each Committee member runs (to-be developed) code locally that:
3. --Calculates which Committee Member is the 'Market Maker Proposer' (highest votes, next highest if Proposal delay exceeds threshold below)
4. --Observes SmarCoin market:
5. ----Market Maker Proposer (MMP) evaluates SmartCoin market conditions for Triggers (OP examples):
6. ----MMP broadcasts Proposed Transaction containing market actions based on Triggers
7. ----Observes Proposed Transactions:
8. ------Evaluates Triggers
9. --------If TRUE: Signs Proposed Transaction
10. The automated decentralized bot should execute the intended market actions using a dynamic set of Committee authorities.
The above rough concept is similar to a Block Producer (Witness) providing Price Feed data by observing and having authority to sign their findings. However, the decentralized bot above requires observations from multiple sources to form the authority to perform the market actions.