in my view it is good, but not urgent to introduce CNY pair in the contest.

it's not difficult for traders from China to get USDT/BTC by paying CNY fiat, and USDT/BTC are accepted almost everywhere.

whether CNC/QC is suitable highly depend on the opinion of ZB and AEX, they need to estimate the legal risks for putting CNC/QC into use outside their own CEX.

what China traders need is a good OTC platform to connect DEX and fiat.

if BTS price can go above 0.22 CNY, bitCNY can be a good CNY channel, I think we can expect the day to come.

I agree to adjust reward ratio between buyers and sellers, because the current ratio incentivize traders to hold BTC/USDT, not BTS, this is a problem, and may be more obvious as time elapse.

maybe we can adjust the ratio to 9:1 and watch what will happen.

甘少，熬不住，就割，多说其它无用。

老太监说，我为啥比你有钱？因为割得早。

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Quote from: bitcrab on October 22, 2019, 09:57:34 am

接下去预计的改动：

当BTS市场价超过0.22CNY，MCR改1.5

因为需要和USD一致，不然的话不平衡。

当BTS价格稳定在0.246CNY之上，锁定喂价调到0.246

也是需要和USD一致，不然不平衡。

这点值得探讨。
平衡的意义在哪里？
USD和CNY本身法币汇率是有波动的，锁定价也达不到完全平衡。
BTS涨上去了是看不出这个问题的，不触发锁定，会有动态的平衡。

借USD的杠杆率更高，用户就会有倾向还掉CNY债务借更多的USD，导致USD贬值更厉害。
现在CNY/USD的汇率已经到了6.72，就是这种不平衡的表现。
锁定价格不搞成一致的话，以后在0.22CNY-0.0345USD这个价格区间，都会出现CNY锚定得很好，USD贬值严重的情况。

历史对现实是有启发的。

布雷顿森林体系建立之初，按照美国人的愿望，是确立美元的霸权地位。但是实际上经过20多年的实践，从1944年到1971年，整整27年，却并没有真正让美国人拿到霸权。

什么东西阻挡了美元的霸权？

就是黄金。

布雷顿森林体系建立之初，为了确立美元的霸权，美国人曾经对全世界做出承诺，就是要各国的货币锁定美元，而美元锁定黄金。

怎么锁定呢？

每35美元兑换1盎司黄金。

有了美元对全世界的这个承诺，美国人就不可能为所欲为。

说的简单点，35美元兑换1盎司黄金，意味着美国人不能随便地滥印美元，你多印35美元，你的金库里就要多储备1盎司黄金。

美国之所以有底气对全世界做出这样的承诺，是因为它当时手中掌握了全球80%左右的黄金储备。

美国人认为，我有这么多黄金在手，用它去支撑美元的信用是没有问题的。但是，情况并不像美国人想的那么简单。

美国在二战之后连续愚蠢地卷入了朝鲜战争和越南战争。这两场战争使美国耗费巨大，尤其是越南战争。越南战争期间美国差不多打掉了八千亿美元的军费。随着战争花费越来越大，美国有点吃不住劲了。因为按照美国的承诺，每35美元的流失就意味着1盎司黄金的流失。

到1971年8月，美国人手里的黄金大概还有8800多吨，这时美国人知道有点麻烦了，与此同时有些人还在给美国人制造新的麻烦。比如说法国总统戴高乐，他不相信美元，他找来法国财政部长和央行行长，要他们看一下法国有多少美元储备，得到的答案是大概有22亿—23亿美元。戴高乐说，一分都不剩全部提出来交给美国人，换成黄金拿回来。

法国人对美国人的这一击，对其他国家产生了示范效应，其他一些外汇盈余的国家纷纷向美国人表示，我们也不要美元，我们要黄金。这样就逼得美国人无路可走。

于是，在1971年8月15日，时任美国总统尼克松宣布关闭黄金窗口，美元与黄金脱钩。这就是布雷顿森林体系瓦解的开始，也是美国人对世界的一次背信弃义。

但是，对于整个世界来讲，当时人们还不能完全理清楚头绪。原来我们相信美元是因为美元背后有黄金，美元成为国际流通货币、结算货币、储备货币已经实行了20多年了，人们已经习惯使用美元。

现在美元突然刹车，它的背后不再有黄金，从理论上讲，它变成了一张纯粹的绿纸，这个时候我们还要使用它吗？

你可以不使用它，但在国际间结算时用什么对商品的价值进行衡量？因为货币是价值尺度，所以如果不使用美元，难道还能信任别的货币？

所以，美国人就利用世人的惯性和无奈，在1973年10月迫使石油输出国组织（欧佩克）接受了美国人的条件：全球的石油交易必须用美元结算。

怎么理解美元与黄金脱钩这件事？没错，这的确是一种背信弃义，但是，有更好的办法吗？

经济是不断增长的，市场需要的美元也是不断增多的，但黄金只有那么多，不脱钩，美联储就只能等着自己的黄金都被兑换走。

全球石油交易必须用美元，全球大宗商品交易必须用美元，美国航母在全球游弋，某种意义上是在保护美元的强势地位。

bitCNY也一样，如果不搞喂价锁定，空头们就会像戴高乐逼死美联储一样，把抵押者逼死。

但不是锁定就行了，必须有办法让BTS价格走在锁定喂价之上才行。

做到，你就牛逼，就可以谋划长远发展。

做不到，BTS和bitCNY就会成为渣渣。

期望机器人大赛能起到作用，能帮助让BTS的定价权回到内盘。

> but now, we have threshold feed price, which remove the problem, and now we can borrow with margin call price < threshold feed price without worrying margin call.

The threshold price is not set for eternity. See e. g. this proposal: https://github.com/bitshares/bsips/issues/244
If this gets accepted the committee debt posiition would instantly be margin called. Also note that the external price for BTS is less than 0.19 CNY whereas when selling CNY on the DEX you have to pay 0.202 CNY/BTS. In other words, the committee would lose more than 6% with this deal, even without BTS going down.

so that means we need another BSIP to set the threshold feed price for eternity, or it can be increased but not be lowered?

0.202 bitCNY/BTS is cheap even when the market price is 0.19, we can buy at 0.22bitCNY/BTS when market price go to 0.22 without pay additional price , but I think it's not hard to tell which price is better.

A proposal is created to borrow 810K bitCNY with CR=1.61.

1.10.50600 | Expires: 28 Oct 09:59

Change committee-account bitCNY debt by 810,000.0000 bitCNY and collateral by 5,927,727.27273 BTS

borrowing smartcoin to buy back BTS is one method to make the accumulated funds in committee-account to contribute to the ecosystem.

in the past, this method is always opposed because no one know which margin call price is safe enough.

but now, we have threshold feed price, which remove the problem, and now we can borrow with margin call price < threshold feed price without worrying margin call.

if we use the initial 5.96M BTS to continue the borrow and buy back loop, finally committee-account can buy more than 10M BTS , not a very small volume. this worth doing at current market status.

however, there are some other questions need to answer:

1.bitCNY has a almost 10% devaluation, will this operation release more bitCNY to markets and make even more serious devaluation?

bitCNY devaluated because the market price is lower than the threshold feed price, the buying back operation intended to absorb more BTS liquidity from market, not to pull up the price, releasing of several millions of bitCNY do not have obvious impact on bitCNY devaluation.

the devaluation will end after the market price go above 0.22CNY, if we begin the operation after that moment, we will pay higher price in the trading, so now it is better to begin the operation just now.

2. won't the funds be used at the market making contest?

I suggest the MM contest to create a worker to get funds. suppose the contest need 10M BTS, it's better that 10M BTS are released from worker and being bought back buy committee-account, than just releasing the 7M BTS in committee-account to market.

Committee members, please check this proposal and vote according to your opinion.

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希望大赛其它方面也迅速推进。