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Main => General Discussion => Topic started by: bitcrab on December 09, 2015, 03:50:03 pm

Title: Hello, TCNY
Post by: bitcrab on December 09, 2015, 03:50:03 pm
the private smartcoin TCNY is created and below is the info of it.
the issuer is bitcrab, later it will be transfered to a multisig account.
for price feed script, I hope the default SQP value can be set to 100.1% instead of 110%. other setting can be set as same as BitCNY.
[member=120]xeroc[/member] can you modify the script if necessary?

unlocked >>> get_asset "TCNY"
get_asset "TCNY"
{
  "id": "1.3.734",
  "symbol": "TCNY",
  "precision": 4,
  "issuer": "1.2.121",
  "options": {
    "max_supply": "1000000000000000",
    "market_fee_percent": 0,
    "max_market_fee": "1000000000000000",
    "issuer_permissions": 511,
    "flags": 128,
    "core_exchange_rate": {
      "base": {
        "amount": 1,
        "asset_id": "1.3.734"
      },
      "quote": {
        "amount": 1,
        "asset_id": "1.3.0"
      }
    },
    "whitelist_authorities": [],
    "blacklist_authorities": [],
    "whitelist_markets": [],
    "blacklist_markets": [],
    "description": "",
    "extensions": []
  },
  "dynamic_asset_data_id": "2.3.734",
  "bitasset_data_id": "2.4.33"
}
unlocked >>> get_object 2.4.33
get_object 2.4.33
[{
    "id": "2.4.33",
    "feeds": [[
        "1.2.9952",[
          "2015-12-09T09:15:18",{
            "settlement_price": {
              "base": {
                "amount": 1000,
                "asset_id": "1.3.734"
              },
              "quote": {
                "amount": 388050,
                "asset_id": "1.3.0"
              }
            },
            "maintenance_collateral_ratio": 1750,
            "maximum_short_squeeze_ratio": 1001,
            "core_exchange_rate": {
              "base": {
                "amount": 1000,
                "asset_id": "1.3.734"
              },
              "quote": {
                "amount": 388050,
                "asset_id": "1.3.0"
              }
            }
          }
        ]
      ]
    ],
    "current_feed": {
      "settlement_price": {
        "base": {
          "amount": 0,
          "asset_id": "1.3.0"
        },
        "quote": {
          "amount": 0,
          "asset_id": "1.3.0"
        }
      },
      "maintenance_collateral_ratio": 1750,
      "maximum_short_squeeze_ratio": 1500,
      "core_exchange_rate": {
        "base": {
          "amount": 0,
          "asset_id": "1.3.0"
        },
        "quote": {
          "amount": 0,
          "asset_id": "1.3.0"
        }
      }
    },
    "current_feed_publication_time": "2015-12-09T15:38:36",
    "options": {
      "feed_lifetime_sec": 7200,
      "minimum_feeds": 7,
      "force_settlement_delay_sec": 86400,
      "force_settlement_offset_percent": 200,
      "maximum_force_settlement_volume": 200,
      "short_backing_asset": "1.3.0",
      "extensions": []
    },
    "force_settled_volume": 0,
    "is_prediction_market": false,
    "settlement_price": {
      "base": {
        "amount": 0,
        "asset_id": "1.3.0"
      },
      "quote": {
        "amount": 0,
        "asset_id": "1.3.0"
      }
    },
    "settlement_fund": 0
  }
]
Title: Re: Hello, TCNY
Post by: xeroc on December 09, 2015, 04:34:59 pm
I'll work on the script it tomorrow .. shouldn't take too much time ..
Do you have your own set of feed producers or will witnesses be producers?
Title: Re: Hello, TCNY
Post by: bitcrab on December 09, 2015, 04:46:25 pm
thanks xeroc.
now no plan to build own set of feed producers, if possible it's good that witnesses be the producers.
Title: Re: Hello, TCNY
Post by: wackou on December 09, 2015, 09:00:25 pm
Wanted to let you know, I will also update my feed script. I'm not as fast as xeroc, so it'll take a few more days, but you can count on me too ;)
Title: Re: Hello, TCNY
Post by: merivercap on December 09, 2015, 09:03:19 pm
 +5%

Great to see the progress! 
Title: Re: Hello, TCNY
Post by: clayop on December 09, 2015, 09:16:04 pm
 +5% The first private BitAsset in the history!
Title: Re: Hello, TCNY
Post by: alt on December 09, 2015, 11:35:09 pm
+5%
you'd better enable multisig later
it's still not very easy to use.
here are some documents I can found, thanks  xeroc
http://docs.bitshares.eu/bitshares/tutorials/propose-transaction.html
Title: Re: Hello, TCNY
Post by: alt on December 09, 2015, 11:45:31 pm
for some people asked me how to create an private smart coin

1. create asset. '4' means precition is 0.0001, '511' means  enable all permision for the issuers. '128' means  get feed from witness.
     set 'market_fee_percent' to 100 if you want charge 1% fee.
Code: [Select]
create_asset bitcrab TCNY 4 {"issuer_permissions": 511, "flags": 128, "market_fee_percent": 0, "core_exchange_rate":{"base":{"amount":1,"asset_id":"1.3.1"},"quote":{"amount":1,"asset_id":"1.3.0"}}} {} true

check it
Code: [Select]
locked >>> get_asset TCNY
get_asset TCNY
{
  "id": "1.3.734",
  "symbol": "TCNY",
  "precision": 4,
  "issuer": "1.2.121",
  "options": {
    "max_supply": "1000000000000000",
    "market_fee_percent": 0,
    "max_market_fee": "1000000000000000",
    "issuer_permissions": 511,
    "flags": 128,
    "core_exchange_rate": {
      "base": {
        "amount": 1,
        "asset_id": "1.3.734"
      },
      "quote": {
        "amount": 1,
        "asset_id": "1.3.0"
      }
    },
    "whitelist_authorities": [],
    "blacklist_authorities": [],
    "whitelist_markets": [],
    "blacklist_markets": [],
    "description": "",
    "extensions": []
  },
  "dynamic_asset_data_id": "2.3.734",
  "bitasset_data_id": "2.4.33"
}
2. setup some important parameter for the smart coin
1) expired time for feeds 2 hours(7200 sec)
2) efficent number of feeds is 7, less than 7 is not efficeint.
3) delay 24 hours for force settlement(86400 sec)
4) price for force settlement have 2% addtion(200/10000)
5) limit for the force settlement volume is 2% of supply. (200/10000)
6) backup by BTS
Code: [Select]
update_bitasset TCNY {"feed_lifetime_sec" : 7200, "minimum_feeds" : 7, "force_settlement_delay_sec" : 86400, "force_settlement_offset_percent": 200, "maximum_force_settlement_volume" : 200, "short_backing_asset" : "1.3.0"} true
check it
Code: [Select]
locked >>> get_object 2.4.33
get_object 2.4.33
[{
    "id": "2.4.33",
    "feeds": [[
        "1.2.9952",[
......
    "current_feed_publication_time": "2015-12-09T23:44:54",
    "options": {
      "feed_lifetime_sec": 7200,
      "minimum_feeds": 7,
      "force_settlement_delay_sec": 86400,
      "force_settlement_offset_percent": 200,
      "maximum_force_settlement_volume": 200,
      "short_backing_asset": "1.3.0",
      "extensions": []
    },
    "force_settled_volume": 0,
    "is_prediction_market": false,
    "settlement_price": {
      "base": {
        "amount": 0,
        "asset_id": "1.3.0"
      },
      "quote": {
        "amount": 0,
        "asset_id": "1.3.0"
      }
    },
    "settlement_fund": 0
  }
]
Title: Re: Hello, TCNY
Post by: 55 on December 10, 2015, 04:55:46 am
 +5% +5%
Title: Re: Hello, TCNY
Post by: merivercap on December 10, 2015, 05:20:52 am
Thanks for the info.

Hey have you guys thought about adjusting the collateral requirements?

I'm still not exactly sure where the Smartcoin/TCNY buyer puts his BTS collateral, but if we have 'maintenance collateral' for the shorts of 750 instead of 1750 will it still work?  I assume TCNY long puts 1x collateral & TCNY short puts 2x collateral currently then we should be ok if we reduce it.  Just not sure exactly how the collateral works.  Thanks. 
Title: Re: Hello, TCNY
Post by: bitcrab on December 10, 2015, 05:32:56 am
I think 1.75 is OK.
maybe you can adjust it to say 1.5, but seems it make no big sense however debate will arise on it.
and definitely collateral ratio need to be at least greater than 1.
Title: Re: Hello, TCNY
Post by: merivercap on December 10, 2015, 05:40:23 am
I think 1.75 is OK.
maybe you can adjust it to say 1.5, but seems it make no big sense however debate will arise on it.
and definitely collateral ratio need to be at least greater than 1.

Do you know where the buyer's collateral goes?  It just seems to me we are starting with 3x collateral instead of 2x collateral, but I'm not sure. 
Title: Re: Hello, TCNY
Post by: ebit on December 10, 2015, 06:14:05 am
 +5%
Title: Re: Hello, TCNY
Post by: abit on December 10, 2015, 08:54:12 am
I think 1.75 is OK.
maybe you can adjust it to say 1.5, but seems it make no big sense however debate will arise on it.
and definitely collateral ratio need to be at least greater than 1.

Do you know where the buyer's collateral goes?  It just seems to me we are starting with 3x collateral instead of 2x collateral, but I'm not sure.
No buyer's collateral anymore (opposite to bts 0.x). Shorters "borrow" USD and sell it, buyers buy from the sellers.
Title: Re: Hello, TCNY
Post by: merivercap on December 10, 2015, 09:14:08 am
I think 1.75 is OK.
maybe you can adjust it to say 1.5, but seems it make no big sense however debate will arise on it.
and definitely collateral ratio need to be at least greater than 1.

Do you know where the buyer's collateral goes?  It just seems to me we are starting with 3x collateral instead of 2x collateral, but I'm not sure.
No buyer's collateral anymore (opposite to bts 0.x). Shorters "borrow" USD and sell it, buyers buy from the sellers.

If I'm a buyer, I use BTS to buy bitUSD.  Where does the BTS go?  Does the BTS go to the short seller?  If so that can make sense. So the short puts up 2x collateral and receives 1x collateral from the buyer when the trade executes?
Title: Re: Hello, TCNY
Post by: abit on December 10, 2015, 07:14:16 pm
I think 1.75 is OK.
maybe you can adjust it to say 1.5, but seems it make no big sense however debate will arise on it.
and definitely collateral ratio need to be at least greater than 1.

Do you know where the buyer's collateral goes?  It just seems to me we are starting with 3x collateral instead of 2x collateral, but I'm not sure.
No buyer's collateral anymore (opposite to bts 0.x). Shorters "borrow" USD and sell it, buyers buy from the sellers.

If I'm a buyer, I use BTS to buy bitUSD.  Where does the BTS go?  Does the BTS go to the short seller?  If so that can make sense. So the short puts up 2x collateral and receives 1x collateral from the buyer when the trade executes?
Shorters puts any amount of BTS as collateral as they like. More collateral, less risky of being margin called and/or forced settlement.
Title: Re: Hello, TCNY
Post by: abit on December 11, 2015, 07:54:53 pm
Price feed from witness in.abit activated.
Title: Re: Hello, TCNY
Post by: bitcrab on December 12, 2015, 12:14:39 pm
Thanks abit!
just now for testing I adjusted minimum feeds to 3 and made the first TCNY:

(http://i5.tietuku.com/6224cf43f44be090.png)

hope more witnesses can feed price to TCNY. Thanks in advance!
Title: Re: Hello, TCNY
Post by: wackou on December 21, 2015, 04:23:09 pm
I have updated the bts_tools package to now also publish feed price for TCNY with an MSSR of 100.1%. My witness 'wackou' is already publishing it (see https://bitshares.openledger.info/#/asset/TCNY)

Here is the annoucement of the update: https://bitsharestalk.org/index.php/topic,19537.msg267686.html#msg267686
Title: Re: Hello, TCNY
Post by: merivercap on December 21, 2015, 09:37:05 pm
I have updated the bts_tools package to now also publish feed price for TCNY with an MSSR of 100.1%. My witness 'wackou' is already publishing it (see https://bitshares.openledger.info/#/asset/TCNY)

Here is the annoucement of the update: https://bitsharestalk.org/index.php/topic,19537.msg267686.html#msg267686

Thanks for the update.  Look forward to seeing how things develop.