BitShares Forum
Main => General Discussion => Topic started by: bitcrab on August 26, 2016, 04:05:52 pm
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no need to wait more time, now I'll start the poll for modifying settlement parameters for all the fiat pegged smartcoins.
as scheduled bitUSD should have been modified yesterday, but because some unexpected issue(not enough BTS in committee-account to pay fee) the time is postponed to 28th.
other than bitCNY and bitUSD, in Bitshares there are also fiat pegged smartcoins including EUR, JPY, GBP, KRW, TRY, SGD, HKD, RUB, SEK, NZD, MXN, CAD, CHF, AUD, ARS. most of these smartcoins have little supply, however some of them are potential to become wildly used, for the same reason that we modify bitCNY and bitUSD, I now suggest to apply the same change to all the smartcoins mentioned above - set force settlement offset to 1% and max settle volume to 0.5%
as ARS have already 1% as force settlement offset and 2% as max settle volume limit, this time ARS will be left unchanged, it can also help us to observe how a different max settle volume influence the behavior of one smartcoin.
regarding other smartcoins as bitBTC, bitSILVER, bitGOLD etc, as what they peg are not stable in price by themselves and then they are different with the fiat pegged smartcoins, this time the suggested change will not touch these smartcoins, if necessary, we will discuss the necessity to also modify them in another poll/thread.
this poll will collect opinion from community for at least a couple of weeks, and considering that many need to see bitUSD's behavior after the modification and then decide the opinion, this poll allow voters to change option.
relevant links for reference:
poll for modifying bitUSD: https://bitsharestalk.org/index.php/topic,22936.0.html (https://bitsharestalk.org/index.php/topic,22936.0.html)
BSIP for modifying bitUSD: https://github.com/bitshares/bsips/issues/14 (https://github.com/bitshares/bsips/issues/14)
discussion thread for modifying bitCNY: https://bitsharestalk.org/index.php/topic,22416.0.html (https://bitsharestalk.org/index.php/topic,22416.0.html)
BSIP for modifying bitCNY: https://github.com/bitshares/bsips/blob/master/bsip-0016.md (https://github.com/bitshares/bsips/blob/master/bsip-0016.md)
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I'm neutral
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This may work short term for fiat.
Please do not mess with GOLD SILVER BTC!
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Very good, Bitcrab. Thanks for bringing this up. I support the proposal. Consistency across all smartcoins will make the entire platform easier to understand for newcomers.
+5%
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Very good, Bitcrab. Thanks for bringing this up. I support the proposal. Consistency across all smartcoins will make the entire platform easier to understand for newcomers.
+5%
Agreed. Similar bitassets should have the same rules.
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This was initially what I recommended. We still have to see what impact bitUSD will have with this.. starting to collect the data on community sentiments though is good.
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GOOD! +5% +5% +5%
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more than 4 months passed， I feel now it's time to apply this planned change.
in the 4 months we can see that force settlement still happen now and then on bitUSD and bitCNY, however now shorters do not worry too much on being force settled, on the other hand, there's no big will from holders to do force settlement as it's not easy to make profit via this way. we can say that the 1% force settlement conpensation and the 0.5% limit bring the expected consequence on bitUSD and bitCNY.
in Japan, the new law defines Bitcoin and other virtual currency as a form of payment method,https://news.bitcoin.com/japan-bitcoin-method-payment-april-1/ (https://news.bitcoin.com/japan-bitcoin-method-payment-april-1/) I feel this create the possibility for more adoption of bitJPY.
it seems we have whales from Japan, the account tsuratsura-3557 hold nearly 200k bitUSD, maybe they can help to bootstrap bitJPY.
in Russia, people are also preparing an entry point to DEX. xanoxt[/member]/pre-anons-rudex-org-i-zavtrashnego-ibcg-blockchain-mitapa-v-moskve]https://steemit.com/ru/@xanoxt/pre-anons-rudex-org-i-zavtrashnego-ibcg-blockchain-mitapa-v-moskve (https://steemit.com/ru/[member=42917)
I feel we should not wait, we need immediately apply the changes to the fiats.
as there are little dispute on this proposal, I will not create workers to collect share based opinions, if any one still think they are necessary, please create them.
I will draft a post on github for public track and discuss of it and then begin to create the proposals.
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Is max force settle vol = % of 24h volume of USD:BTS market or sum of all USD markets? (USD as exmple here)
Can settle orders be canceled ? ( I quess not)
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I would rather vote for cleaning up flaws in basic shorting mechanics. It is beyond my understanding why do I need additional funds, besides the collateral, to close my short position. For example, if I have 1000 BTS locked in collateral, I need additional ~500 BTS to buy the borrowed asset and close the position. This is silly. Come on, people, I already have plenty of funds at my account, and I should be able to place a settle order at my price right away. If margin call happens before my order is taken, it should be canceled automatically and margin call should be executed normal way. Flaws like this create friction and hurt liquidity.
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I would rather vote for cleaning up flaws in basic shorting mechanics. It is beyond my understanding why do I need additional funds, besides the collateral, to close my short position. For example, if I have 1000 BTS locked in collateral, I need additional ~500 BTS to buy the borrowed asset and close the position. This is silly. Come on, people, I already have plenty of funds at my account, and I should be able to place a settle order at my price right away. If margin call happens before my order is taken, it should be canceled automatically and margin call should be executed normal way. Flaws like this create friction and hurt liquidity.
agree
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Is max force settle vol = % of 24h volume of USD:BTS market or sum of all USD markets? (USD as exmple here)
Can settle orders be canceled ? ( I quess not)
if max force settle vol =a%, then in one hour a% of the smartcoin supply can be settled, settle orders cannot be cancelled.
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I would rather vote for cleaning up flaws in basic shorting mechanics. It is beyond my understanding why do I need additional funds, besides the collateral, to close my short position. For example, if I have 1000 BTS locked in collateral, I need additional ~500 BTS to buy the borrowed asset and close the position. This is silly. Come on, people, I already have plenty of funds at my account, and I should be able to place a settle order at my price right away. If margin call happens before my order is taken, it should be canceled automatically and margin call should be executed normal way. Flaws like this create friction and hurt liquidity.
this is another topic, your suggestion sounds reasonable, however I am not sure if it is easy to realize it.
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15 committee proposals created to update the forcesettlement parameters of below smartcoins:
smartcoins proposal
EUR 1.10.1712
JPY 1.10.1714
GBP 1.10.1715
AUD 1.10.1716
CAD 1.10.1717
CHF 1.10.1718
SEK 1.10.1719
MXN 1.10.1720
NZD 1.10.1721
SGD 1.10.1722
HKD 1.10.1723
NOK 1.10.1724
KRW 1.10.1725
TRY 1.10.1726
RUB 1.10.1727
all the committee members, please approve the above 15 proposals.
memory for the steps to create such proposal:
begin_builder_transaction
return 17
add_operation_to_builder_transaction 17 [12,{"fee": {"amount":100000000, "asset_id": "1.3.0"}, "issuer": "1.2.0", "asset_to_update":"1.3.110", "new_options": { "feed_lifetime_sec": 86400,"minimum_feeds": 7,"force_settlement_delay_sec": 86400, "force_settlement_offset_percent": 100,"maximum_force_settlement_volume": 50, "short_backing_asset": "1.3.0","extensions": []}, "extensions":[]}]
propose_builder_transaction2 17 bitcrab "2017-04-27T04:00:00" 3600 true
the above 15 fiats are listed in the top20 trading volumes in FOREX, however, INR from India, BRL from Brasil, ZAR from South Africa are not created yet in Bitshares, these 3 fiats are from 3 BRICS countries and are also listed in top20.
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RUB is broken and needs to be fixed.
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For those who don't know, you can see these proposals using Cryptofresh, e.g. on http://cryptofresh.com/p/1.10.1727 for RUB
@bitcrab the Cryptofresh link for NOK doesn't work, any idea why?
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Very good, Bitcrab. Thanks for bringing this up. I support the proposal. Consistency across all smartcoins will make the entire platform easier to understand for newcomers.
+5%
Agreed. Similar bitassets should have the same rules.
But doesn't consistency across all smart coins include bitOIL, bitSILVER etc. - and all fiats treated equally.
Bitshares needs to be bitAsset agnostic.