BitShares Forum

Main => Stakeholder Proposals => Topic started by: bitProfessor on June 14, 2019, 08:25:42 am

Title: [poll] BTS repurchase destruction proposal
Post by: bitProfessor on June 14, 2019, 08:25:42 am
Work id : 1.14.200
https://github.com/bitProfessor/cn-vote/blob/cn/_workers/2019-06-cny%E4%BA%A4%E6%98%93%E8%B4%B9%E7%94%A8%E5%9B%9E%E8%B4%ADbts%E6%8F%90%E6%A1%88.md (https://github.com/bitProfessor/cn-vote/blob/cn/_workers/2019-06-cny%E4%BA%A4%E6%98%93%E8%B4%B9%E7%94%A8%E5%9B%9E%E8%B4%ADbts%E6%8F%90%E6%A1%88.md)
Motivation
Recently, discussions on how to promote BTS repurchase have been heated. Centralized exchanges such as binance have implemented the measures of repurchase and destruction of Platform Currency (BNB), and achieved good results.In this topic, we want to achieve the goal of BTS repurchase and destruction.

We believe that the BTS price depends on two points:

One of the key points is to increase the application scenario of BTS in the wider population or to enter the BTS ecosystem with large funds. That is to expand demand.
Reduce the supply of BTS, such as repurchase and destruction.
Ideally, we continue to repurchase and destroy BTS through the transaction fee of bitCNY. Unfortunately, the funds in the pool are limited, but we can have the following benefits by continuously repurchasing and destroying the BTS:

Although there are few bitCNY in the fund pool, marketing is of great significance. Will give great confidence to those who hold BTS.

Over time, more and more BTS can be destroyed

Worker Intent
The BTS is regularly and quantitatively purchased by the bitcny of the fee pool, and the BTS that is repurchased is destroyed and no longer flows to the market. After extensively seeking opinions, the repurchase strategy is defined as:

1, regular quantitative repurchase: weekly repurchase, each repurchase 100,000 cny, once a week.

2, the fee bitcny accumulated to more than 100,000 cny, it initiated a repurchase, until the bitcny in the pool of funds less than 100,000 to stop the repurchase, so cycle.

3, repurchase price: As long as the repurchase conditions are met, the market price* (1-5%) will be placed immediately.

4, repurchase conditions: (1) accumulated bitCNY> = 100,000 (2) the time is up to the stipulated time.

5, launch a variety of publicity channels, widely advertised: bts launched a repurchase program. In order to get a better marketing effect.

6, repurchase BTS and destroy it immediately.

All repurchase records are open and transparent and subject to the supervision of community members.
Legalities
This proposal has no legal implications.

Marketing Aspect
Members of the community, opinion leaders, fans, all kinds of media resources can be mobilized

Budget Requirements
This proposal does not require a budget.

BTS Repurchase Destruction Proposal   0 bitCNY
Weekly repurchase fee   10,0000 bitCNY
Marketing fee   0 bitCNY
Total   10,0000 bitCNY
Summary
The BitShares community has long been eager for the price of BTS to rise, and the supply of bitCNY can exceed 1 billion cny. We have learned a lot from the open market operation and the Spring Fund. The direction is right, but when the power is still weak, it can't be radical. We should slowly carry out repurchase and destruction.

In a bear market where the market is sluggish, members of the community can also have a hot discussion and propose a repurchase destruction proposal. A single spark can start a prairie fire. Therefore, we urge BTS voters to consider and support this work proposal.

中文版

动机
近来,关于如何推动BTS回购的话题讨论热烈。币安等中心化交易所已经实施了平台币(BNB)回购及销毁的举措,获得不错的效果。在这个主题中,我们想要实现BTS回购以及销毁的目标。

我们认为,BTS价格取决于两点:

1、关键点之一在于在更广大的人群中增加 BTS 的应用场景或有大资金进入BTS的生态圈。也就是扩大需求。
2、就是减少BTS的供给,比如进行回购和销毁。
理想的情况是,我们通过bitCNY的交易费来不断进行回购销毁,遗憾的是资金池里的资金有限,但是通过不断回购并销毁BTS我们可以有以下的收获:

资金池里bitCNY虽然少,但是营销意义大。会给持有BTS的人以巨大信心。
日积月累可以使销毁的BTS越来越多。
工作提案意图
利用手续费资金池的bitcny定期定量来回购BTS,所回购的BTS进行销毁,不再流向市场。 经广泛争取意见,回购策略定为:

1、 定期定量回购:每周进行回购,每次回购10万cny,每周一次.
2、 手续费bitcny积累到10万以上cny,就发起回购,直到资金池里的bitcny少于10万停止回购,如此循环。
3、 回购价格:只要达到回购条件,马上以 市价 * (1-5%) 单委下单.
4、 回购条件:(1) 资金池里累积的bitCNY>=10万 (2) 时间到了规定时间。
5、 发动各种宣传渠道,广而告之:bts启动回购计划。以获的比较好的营销效果。
6、 回购BTS立刻销毁。
7、 所有回购记录公开透明,接受社区成员的监督。
法律问题
此项提案不涉及法律问题

营销部分
社区的各个成员、意见领袖、粉丝众多的大v、各种媒体资源都可以发动起来。

预算要求
此次提案不需要预算。

BTS回购销毁提案   0 bitCNY
每周回购费用   10,0000 bitCNY
营销费用   0 bitCNY
总计   10,0000 bitCNY
项目合作伙伴
概要
BitShares 社区一直以来渴望BTS的价格上升,bitCNY的供应量能够突破10亿元。而我们从公开市场操作、源水基金的失利学到很多,方向是对的,但力量还很弱小的时候不能激进,应该细水长流的进行回购销毁。

在市场萎靡不振的熊市,社区的成员还能进行火热的讨论,并提出回购销毁提案。星星之火可以燎原。 因此,我们敦促 BTS 的选民考虑并支持这份工作提案。
Title: Re: [poll] BTS repurchase destruction proposal
Post by: btstodamoon on June 14, 2019, 08:49:05 am
支持
Title: Re: [poll] BTS repurchase destruction proposal
Post by: sschiessl on June 14, 2019, 09:00:21 am
https://github.com/bitProfessor/cn-vote/blob/cn/_workers/2019-06-cny%E4%BA%A4%E6%98%93%E8%B4%B9%E7%94%A8% E5%9B%9E%E8%B4%ADbts%E6%8F%90%E6%A1%88.md (https://github.com/bitProfessor/cn-vote/blob/cn/_workers/2019-06-cny%E4%BA%A4%E6%98%93%E8%B4%B9%E7%94%A8% E5%9B%9E%E8%B4%ADbts%E6%8F%90%E6%A1%88.md)

Your link doesnt seem to work.
Title: Re: [poll] BTS repurchase destruction proposal
Post by: Digital Lucifer on June 14, 2019, 09:01:41 am
https://github.com/bitProfessor/cn-vote/blob/cn/_workers/2019-06-cny%E4%BA%A4%E6%98%93%E8%B4%B9%E7%94%A8% E5%9B%9E%E8%B4%ADbts%E6%8F%90%E6%A1%88.md (https://github.com/bitProfessor/cn-vote/blob/cn/_workers/2019-06-cny%E4%BA%A4%E6%98%93%E8%B4%B9%E7%94%A8% E5%9B%9E%E8%B4%ADbts%E6%8F%90%E6%A1%88.md)

Your link doesnt seem to work.

And the actual Poll is missing.
Title: Re: [poll] BTS repurchase destruction proposal
Post by: bitcrab on June 14, 2019, 09:05:51 am
I do not support this proposal.

comparing to the daily BTS release via worker proposal budget, the market fee accumulation is so few that can be ignored and will not generate obvious effect.

I prefer to set smartcoins 100% market fee sharing, I believe this will greatly encourage users to become lifetime member and invite more users to come to BTS ecosystem.

this is a much better way to use the smartcoin market fee than "buy back BTS and burn".

Title: Re: [poll] BTS repurchase destruction proposal
Post by: bitProfessor on June 14, 2019, 09:09:22 am
https://github.com/bitProfessor/cn-vote/blob/cn/_workers/2019-06-cny%E4%BA%A4%E6%98%93%E8%B4%B9%E7%94%A8% E5%9B%9E%E8%B4%ADbts%E6%8F%90%E6%A1%88.md (https://github.com/bitProfessor/cn-vote/blob/cn/_workers/2019-06-cny%E4%BA%A4%E6%98%93%E8%B4%B9%E7%94%A8% E5%9B%9E%E8%B4%ADbts%E6%8F%90%E6%A1%88.md)

Your link doesnt seem to work.
thanks
Title: Re: [poll] BTS repurchase destruction proposal
Post by: Thul3 on June 14, 2019, 11:44:17 am
I do not support this proposal.

comparing to the daily BTS release via worker proposal budget, the market fee accumulation is so few that can be ignored and will not generate obvious effect.

I prefer to set smartcoins 100% market fee sharing, I believe this will greatly encourage users to become lifetime member and invite more users to come to BTS ecosystem.

this is a much better way to use the smartcoin market fee than "buy back BTS and burn".

Agree on that
Title: Re: [poll] BTS repurchase destruction proposal
Post by: btstodamoon on June 14, 2019, 11:57:21 am
我建议巨蟹先生再创建一个预算,用于抵押智慧货币购买BTS,这样效果明显,手续费什么的,您是看不上的,哦,对了,那为什么以前要收呢?
Title: Re: [poll] BTS repurchase destruction proposal
Post by: sschiessl on June 14, 2019, 12:03:18 pm
I do not support this proposal.

comparing to the daily BTS release via worker proposal budget, the market fee accumulation is so few that can be ignored and will not generate obvious effect.

I prefer to set smartcoins 100% market fee sharing, I believe this will greatly encourage users to become lifetime member and invite more users to come to BTS ecosystem.

this is a much better way to use the smartcoin market fee than "buy back BTS and burn".

Now that's something!
Title: Re: [poll] BTS repurchase destruction proposal
Post by: binggo on June 14, 2019, 12:23:38 pm
Destruction
Title: Re: [poll] BTS repurchase destruction proposal
Post by: bench on June 14, 2019, 01:38:08 pm
I already had a similar idea here: https://bitsharestalk.org/index.php?topic=28437.0

My second idea was, to use the market fees for a GS protection to lower the MCR, which should have a positive feedback:
Lower MCR -> more smart coins -> more volume -> more fees -> lower MCR

I do not support this proposal.

comparing to the daily BTS release via worker proposal budget, the market fee accumulation is so few that can be ignored and will not generate obvious effect.

I prefer to set smartcoins 100% market fee sharing, I believe this will greatly encourage users to become lifetime member and invite more users to come to BTS ecosystem.

this is a much better way to use the smartcoin market fee than "buy back BTS and burn".
I support this, but I think a 80% cashback on trading fees is already good enough. But to have an effect, we need to raise fees to 0.1% again!

But this is also not new: https://bitsharestalk.org/index.php?topic=27199.msg322781#msg322781
Title: Re: [poll] BTS repurchase destruction proposal
Post by: binggo on June 14, 2019, 02:11:48 pm
????!!!! how about 10%?
we need to raise fees to 0.1% again!
Title: Re: [poll] BTS repurchase destruction proposal
Post by: Digital Lucifer on June 14, 2019, 03:01:56 pm
????!!!! how about 10%?
we need to raise fees to 0.1% again!

I agree. Think simple and small with just basic math.

Most of our regular users are attending DEXBot and beside CNY and few gateways around, its all how we are doing our market making.

Now set example, all those little guys (including myself) with $1000 or $2000 at tops for trading, setting $40-$100 orders would be ending up broken by the end of the day with 0.1% fee if market is not volatile for 3-5% in our favor.

100 USD 1 order
0.1% fee = 0.10 USD

10 orders = 1 USD.
100 orders = 10 USD.

profit per order on smaller spreads 0.003% if lucky.

I don't see math there unless we have REALLY LIQUIDATED markets so people can move for profits through it.

But I do agree that such move would be great incentive for reserve pool income and bigger players around.
Title: Re: [poll] BTS repurchase destruction proposal
Post by: bench on June 14, 2019, 03:28:00 pm
????!!!! how about 10%?
we need to raise fees to 0.1% again!
Because 0.2% is standard and we don't wont to rip of people here.

0.1% fee with 80% cashback looks like the best deal for everybody.
This gives power users 50% discount to now + 80% for every referral. 

0.02% of the fees could be used for GS protection, to lower MCR!
Title: Re: [poll] BTS repurchase destruction proposal
Post by: bitProfessor on June 14, 2019, 03:32:23 pm
I do not support this proposal.

comparing to the daily BTS release via worker proposal budget, the market fee accumulation is so few that can be ignored and will not generate obvious effect.

I prefer to set smartcoins 100% market fee sharing, I believe this will greatly encourage users to become lifetime member and invite more users to come to BTS ecosystem.

this is a much better way to use the smartcoin market fee than "buy back BTS and burn".

Agree on that
Sounds like a good suggestion. It can be done at the same time. The two plans do not conflict.
Title: Re: [poll] BTS repurchase destruction proposal
Post by: matle85 on June 14, 2019, 03:45:28 pm
I am keen to hear novel proposals and welcome the suggestion but I think I agree with Bitcrab that the effect would not be significant considering the spend. I think I would need to see some charts / graphs explaining the return is higher than I currently foresee it to be before supporting.

Like I said though, thank you for bringing this forward and hope to hear more novel / new thinking suggestions from people on how to increase the price.
Title: Re: [poll] BTS repurchase destruction proposal
Post by: bitProfessor on June 14, 2019, 05:30:03 pm
This is not a personal point of view, but more than 70m votes behind cn-vote, so I try to explain:
1、The number of repurchases is very small, the speed is very slow, the period is long-term.why?That means giving up the sudden rise pirce.The  key point is:“Send a message to the world”.
2、I personally agree with bitcrab's proposal.But to discuss with the voters of cn-vote。I don't think there is any conflict between the two proposals.I heard that eggs should not be put in one basket.
3、In bts, destroying BTS means returning to the pool of funds。It's not burnt.As Bitcrab said, 300,000 BTS are released every day, and BTS destroyed  are used to replenish the pool.Is that not good?
4、Let's take a look at bnb:(The second column is the number of destruction.)
(https://user-images.githubusercontent.com/48040328/59526064-985a2400-8f0a-11e9-8a2a-76776405a85b.jpg)
I don't think the amount of destruction of BNB is positively correlated with the price, but it has changed people's expectations and people are scrambling to hold it.
5、To be honest, I don't know whether our proposal will change the price of BTS or what people expect. But I know it's a proposal that doesn't do any harm.
Summary: Send a message to the world:“Hey, BTS are burning every week. Aren't you going to hold a little?”


Title: Re: [poll] BTS repurchase destruction proposal
Post by: binggo on June 15, 2019, 12:20:39 am
你又何必跟他们解释这么多。

整体的营销思维都脱节与时代,他们能懂什么,风口,热点一个都蹭不上。

现在都在趁着bitcny还有点流量多吸一口血而已,你这岂不是打断了好事?!等bitCNY血吸干就会一窝蜂的消散的。

你看看他们又准备将手续费提高到0.1%, 何必这么遮遮掩掩,直接提高到10%多好。
Title: Re: [poll] BTS repurchase destruction proposal
Post by: ripplexiaoshan on June 15, 2019, 04:50:08 am
I do not support this proposal.

comparing to the daily BTS release via worker proposal budget, the market fee accumulation is so few that can be ignored and will not generate obvious effect.

I prefer to set smartcoins 100% market fee sharing, I believe this will greatly encourage users to become lifetime member and invite more users to come to BTS ecosystem.

this is a much better way to use the smartcoin market fee than "buy back BTS and burn".

Agree on that
Sounds like a good suggestion. It can be done at the same time. The two plans do not conflict.

Agree, we can do both at the same time.
Title: Re: [poll] BTS repurchase destruction proposal
Post by: bench on June 15, 2019, 10:03:11 am
I do not support this proposal.

comparing to the daily BTS release via worker proposal budget, the market fee accumulation is so few that can be ignored and will not generate obvious effect.

I prefer to set smartcoins 100% market fee sharing, I believe this will greatly encourage users to become lifetime member and invite more users to come to BTS ecosystem.

this is a much better way to use the smartcoin market fee than "buy back BTS and burn".

Agree on that
Sounds like a good suggestion. It can be done at the same time. The two plans do not conflict.

Agree, we can do both at the same time.

If we do a 100% fee sharing we can't do both.

If we do a 80% fee sharing, with a fee increase to 0.1%, we can do both.
Title: Re: [poll] BTS repurchase destruction proposal
Post by: bitcrab on June 15, 2019, 10:19:13 am

it's a good idea to set 80% market fee sharing and reset market fee to 0.1% for smartcoins, irrelevant to make both possible.

then lifetime members actually just pay 0.02% market fee,but will get 0.08% reward from his basic member referee's trading.

it will greatly encourage users to become lifetime member and invite new users.

不是传销,胜似传销。

Title: Re: [poll] BTS repurchase destruction proposal
Post by: matle85 on June 16, 2019, 09:44:34 am

it's a good idea to set 80% market fee sharing and reset market fee to 0.1% for smartcoins, irrelevant to make both possible.

then lifetime members actually just pay 0.02% market fee,but will get 0.08% reward from his basic member referee's trading.

it will greatly encourage users to become lifetime member and invite new users.

不是传销,胜似传销。

I agree this is a good idea.

I think this also will bring some big benefit for leveraged trading as well (when we introduce that) as the fee will be based on the leveraged amount (i.e. people inviting people who then carry out leveraged trades will have even more significant gains)
Title: Re: [poll] BTS repurchase destruction proposal
Post by: bench on June 16, 2019, 12:02:43 pm
We should discuss here about the use of the 0.02% bitAsset market fee:

1. Start a buy back of BTS
2. Build a GS fund to allow lower MCR

Discussion about market fee sharing here: https://bitsharestalk.org/index.php?topic=28517.0
Title: Re: [poll] BTS repurchase destruction proposal
Post by: finn-bts on June 17, 2019, 02:43:26 am
Support buy-backs. I'll vote for you
Title: Re: [poll] BTS repurchase destruction proposal
Post by: BunkerChainLabs-DataSecurityNode on June 17, 2019, 02:23:50 pm

it's a good idea to set 80% market fee sharing and reset market fee to 0.1% for smartcoins, irrelevant to make both possible.

then lifetime members actually just pay 0.02% market fee,but will get 0.08% reward from his basic member referee's trading.

it will greatly encourage users to become lifetime member and invite new users.

不是传销,胜似传销。

It's a model which has proven effective on other platforms... so yes it would be good if we could offer this.
Title: Re: [poll] BTS repurchase destruction proposal
Post by: sschiessl on June 18, 2019, 05:02:19 am
If active, will you be the one marketing the burns?
Title: Re: [poll] BTS repurchase destruction proposal
Post by: matle85 on June 18, 2019, 09:24:48 am
Current fee pool balance on bitCNY is 762,321.9948 bitCNY - does anyone know how long this has taken to build up? I thought accumulation rate was quite slow but maybe it is higher than I thought
Title: Re: [poll] BTS repurchase destruction proposal
Post by: bench on June 19, 2019, 02:16:00 pm
Destruction means sending BTS back to the reserve pool?
Title: Re: [poll] BTS repurchase destruction proposal
Post by: xeroc on June 24, 2019, 01:34:05 pm
I am not even sure I understand the proposal.
For me, the accumulated fees have *always* been owned by the community and "profits" should be shared with BTS holders.
The only way to do that is for the accumulated to be sold for BTS in the markets. So the worker only makes something explicit that was implicitly agreed upon (IMHO)
Title: Re: [poll] BTS repurchase destruction proposal
Post by: pc on June 25, 2019, 02:24:56 pm
I see three related workers (1.14.200, 1.14.201, 1.14.202), the latter two apparently being discussed in chinese in https://bitsharestalk.org/index.php?topic=28524.0 . Can someone explain the differences?
Title: Re: [poll] BTS repurchase destruction proposal
Post by: BTSMoon on June 30, 2019, 06:30:36 am
Support
Title: Re: [poll] BTS repurchase destruction proposal
Post by: bench on October 07, 2019, 09:15:14 pm
6, repurchase BTS and destroy it immediately.
Destroy by sending BTS back to the reserve pool. Everything else is destroying funds.
Title: Re: [poll] BTS repurchase destruction proposal
Post by: binggo on November 12, 2019, 04:31:52 am
I suggest to buy BTC instead of bts, at least use 1/3 Marketing fee to buy BTC, as when BTC fall, BTS will follow, and BTC can regard as some value added, we can use it at right price to fund what the community think suitable.

The main problem is the trust of gateway.btc, or maybe can set a multi-signature BTC wallet by the committees.
Title: Re: [poll] BTS repurchase destruction proposal
Post by: fractalnode on December 04, 2019, 10:54:06 am
6, repurchase BTS and destroy it immediately.
Destroy by sending BTS back to the reserve pool. Everything else is destroying funds.

the money comes from the reserve pool for the needs of WP, which is why BTS is sold on the market.
It would be better if we pay employees in bitCNY (or bitUSD), and then that these employees exchange these bitCNY for BTC on external exchanges (CEX), so that bitCNY can be traded (circulated) there - if possible.
The more bitAssets on the markets outside DEX, the better.

in other words, IMO funds should not be burned (transferred to the reserve pool) in the form of previously purchased BTS, but should be stored for the same purpose as the reserve pool.
Title: Re: [poll] BTS repurchase destruction proposal
Post by: abit on December 05, 2019, 08:50:59 pm
6, repurchase BTS and destroy it immediately.
Destroy by sending BTS back to the reserve pool. Everything else is destroying funds.

the money comes from the reserve pool for the needs of WP, which is why BTS is sold on the market.
It would be better if we pay employees in bitCNY (or bitUSD), and then that these employees exchange these bitCNY for BTC on external exchanges (CEX), so that bitCNY can be traded (circulated) there.
The more bitAssets on the markets outside DEX, the better.

in other words, funds should not be burned or transferred to the reserve pool in the form of previously purchased BTS, but should be stored for the same purpose as the reserve pool.
On the other hand, the more bitCNY being on CEX or elsewhere, the less liquidity in the DEX for debt holders to close positions, so it's not a thing with only benefits (aka "the better").
Title: Re: [poll] BTS repurchase destruction proposal
Post by: fractalnode on December 05, 2019, 10:37:32 pm
6, repurchase BTS and destroy it immediately.
Destroy by sending BTS back to the reserve pool. Everything else is destroying funds.

the money comes from the reserve pool for the needs of WP, which is why BTS is sold on the market.
It would be better if we pay employees in bitCNY (or bitUSD), and then that these employees exchange these bitCNY for BTC on external exchanges (CEX), so that bitCNY can be traded (circulated) there.
The more bitAssets on the markets outside DEX, the better.

in other words, funds should not be burned or transferred to the reserve pool in the form of previously purchased BTS, but should be stored for the same purpose as the reserve pool.
On the other hand, the more bitCNY being on CEX or elsewhere, the less liquidity in the DEX for debt holders to close positions, so it's not a thing with only benefits (aka "the better").

it's also true. I have another idea ...

- maybe the funds accumulated from transaction fees could be used in a similar way to this formula.

Instant Settle from funds collected from trading fees
Code: [Select]
if ((lowest CR <= MCR) AND (fee pool >= 10 USD))                                             // → a small amount has mainly psychological effects
         calculate the amount betwean ( lowest CR <= MCR && MCR ) and
         execute Instant Settle for this amount and send those BTS to reserve pool

in this way we create a permanent source of partial financing of bad debt, but I also like the idea of additional funding for the WPS fund
Title: Re: [poll] BTS repurchase destruction proposal
Post by: pc on December 06, 2019, 06:12:38 am
         execute Instant Settle for this amount and send those BTS to reserve pool

in this way we create a permanent source of partial financing of bad debt, but I also like the idea of additional funding for the WPS fund

Settling at the fake feed price rewards bad debt. Speaking of it, when will you start feeding the true price again?
Title: Re: [poll] BTS repurchase destruction proposal
Post by: fractalnode on December 06, 2019, 08:32:36 pm
         execute Instant Settle for this amount and send those BTS to reserve pool

in this way we create a permanent source of partial financing of bad debt, but I also like the idea of additional funding for the WPS fund

Settling at the fake feed price rewards bad debt. Speaking of it, when will you start feeding the true price again?


I think it would be good to use this approach when the price returns to normal.

There are several new solutions that will help us fight the negative effects of margin call wall, including:

- bsip73 - Match force-settlement orders best-price
- bsip62 - Close Margin Position

Instant Settle from funds collected from trading fees would also help.

Today another idea came to my mind, but I don't know if it is possible

Allow users to set non-default MCR and MSSR for their positon as long as they are greater then default values.

it's worth to keep in mind that People use MCR like Stop Loss

that's why I would happily set values other than most people, e.g. MCR 1.69 nobody would know who and when is in the margin call area, or MSSR 1.03 so that a possible margin call would definitely close at market price at first time before most other orders start being fulfilled.