BitShares Forum
Main => Stakeholder Proposals => Topic started by: bitcrab on July 17, 2019, 05:46:31 am
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Based on BSIP59, https://github.com/bitshares/bsips/blob/master/bsip-0059.md (https://github.com/bitshares/bsips/blob/master/bsip-0059.md), now 2 poll worker proposals have been created:
1.14.210 Poll - BSIP59 - Reduce MCR of bitUSD to 1.5
1.14.211 Poll - BSIP59 - Keep MCR of bitUSD as 1.6
We have to save bitUSD.
bitUSD is in illiquidity for long time, partly because the black swan hurt its brand seriously, partly because now bitCNY is in good liquidity and pegging so even less traders would like to trade in bitUSD.
However, we need to find ways to change this, to make bitUSD still play an important role in BTS financial ecosystem.
To reduce MCR of bitUSD to 1.5 will reduce the cost to mint bitUSD, hopefully this will attract users switch from CNY market to USD market, as MCR of bitCNY will be kept as 1.6 at the same time.
On the other hand, GS protection for bitUSD already worked to avoid the risk of black swan.
Please vote according to your opinion.
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智能货币的三个状态：
A:随爆随吃
B:黄单高悬
C:黑天鹅防护
bitCNY现在大部分情况下处于A状态，少量时间处于B状态，基本不进入C状态，比较健康。
bitUSD现在大部分情况下处于B状态，BTS价格较高的少量时间处于A状态，进入C状态的概率比较大，比较不健康。
Alt这类用户属于典型的低风险偏好型，有明显的尽量减少负债囤积智能货币的倾向，bitUSD供应量一直难以增加，加上bitCNY好得多的市场深度和活跃度更能吸引用户，如没有相对有力的措施，bitUSD将难以摆脱困局，这对整个生态是非常不利的。
bitUSD的黑天鹅防护已经生效，当前，通过降低MCR来促进bitUSD供应显得更加可行。
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Reduce MCR of bitUSD to 1.5 can't save it，only the big holder of bitusd can save it.
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*I have a big mouth and wanna get banned*
Warning.
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Support!!!!!!!!!!!!!!!!!!!!!!!!!!!
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I hope everyone can understand the importance to reduce the cost to mint bitUSD and then encourage more supply.
please support this proposal.
1.5 is a high enough MCR, Maker DAI has adopted this value for long time and it works well.
with the help of GS protection, nothing to worry.
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Ok, I'll vote for it
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I don't understand why it's so difficult to persuade big proxies to support this proposal.
some said"now my team advices not to vote, sorry."
some said"I am conservative, not tend to support this"
some whales tend to accumulate bitUSD, they benefit from the scarcity of bitUSD and do not like the growing of supply.
but the community suffer the scarcity of bitUSD, can't you support encourging more bitUSD which benefit the whole ecosystem?
as MCR 1.5 is high enough, and bitUSD is under GS protection, really no need to worry!
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I would be supporting 1.5 as the final low MCR for bitUSD.
bitcrab
a) You should start voting on anything else apart your own workers as a whale who is crying why other whales don't support yours one. E.g. If you ever took time to read University Colorado research worker on BitUSD assets, you would be able to understand - THERE ARE MORE PEOPLE WHO THINK LIKE YOU.
https://bitsharestalk.org/index.php?topic=28542.msg332738#msg332738 - biophil explains in details why from economical and liquidity reasons bitUSD should have MCR 1.5. You - not voting on that worker. Shame.
b) "now my team advices not to vote, sorry." - Sounds like OL.
c) "I am conservative, not tend to support this" - Sounds like a core dev that was here from the birth of chain and respect that "minimum 180% collateral" as a letter in Bible. Should respect that - devs usually have no backgrounds in economics or trading to understand these efforts.
d) "some whales tend to accumulate bitUSD, they benefit from the scarcity of bitUSD and do not like the growing of supply." - George BitSpark for instance.
There is no need for some this, some that - we are here for transparency, right ?
So, since you all proxies are total mess when it comes to unity for the benefits for the blockchain, please exit that nugshell of yours and start voting AND PARTICIPATING other workers around.
I do support 1.5 as LOWEST MCR for bitUSD, but no more.
Chee®s
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I would be supporting 1.5 as the final low MCR for bitUSD.
bitcrab
a) You should start voting on anything else apart your own workers as a whale who is crying why other whales don't support yours one. E.g. If you ever took time to read University Colorado research worker on BitUSD assets, you would be able to understand - THERE ARE MORE PEOPLE WHO THINK LIKE YOU.
https://bitsharestalk.org/index.php?topic=28542.msg332738#msg332738 - biophil explains in details why from economical and liquidity reasons bitUSD should have MCR 1.5. You - not voting on that worker. Shame.
b) "now my team advices not to vote, sorry." - Sounds like OL.
c) "I am conservative, not tend to support this" - Sounds like a core dev that was here from the birth of chain and respect that "minimum 180% collateral" as a letter in Bible. Should respect that - devs usually have no backgrounds in economics or trading to understand these efforts.
d) "some whales tend to accumulate bitUSD, they benefit from the scarcity of bitUSD and do not like the growing of supply." - George BitSpark for instance.
There is no need for some this, some that - we are here for transparency, right ?
So, since you all proxies are total mess when it comes to unity for the benefits for the blockchain, please exit that nugshell of yours and start voting AND PARTICIPATING other workers around.
I do support 1.5 as LOWEST MCR for bitUSD, but no more.
Chee®s
Thanks for reminding.
actually this is not a worker - no BTS income for this, this is just a poll voting to get community consensus.
to support a worker with BTS income always need more powerful reason.
I paid attention to biophil's worker for long time, I have hesitated on whether to support that, now I decided to support that project.
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I suggest voters to read Doctor Brown's paper to get some deeper understanding on the necessity of this change.
https://bitsharestalk.org/index.php?topic=28823.0 (https://bitsharestalk.org/index.php?topic=28823.0)
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every voter, I beg you to support this proposal.
(http://i2.tiimg.com/523014/a2f07c486dd7e7f8.png)
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Support on basis of https://bitsharestalk.org/index.php?topic=28823.0, and settings of other crypto-collaterized stablecoins.
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Support on basis of https://bitsharestalk.org/index.php?topic=28823.0, and settings of other crypto-collaterized stablecoins.
Thanks, I feel it's better to set bitUSD first, when more borrowing happen and make USD market active enough, then set bitCNY and bitEUR also.
bitUSD is ill and bitCNY is healthy at the moment, we need to attract some capital from CNY market to USD market.
I don't think now we need to pay much attention on smartcoins other than these 3, anyway if anyone want to do the same setting, he can also do that following BSIP59, I'll support.
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@bitcrab: When we allow MCR of 1.5, we should also introduce a margin call fee of 0.1% to make the ecosystem more sustainable!
The 0.1% fee doesn't hurt anybody, but makes a huge difference on the income side.
We should also consider we have no interest rate for the borrower compared to Maker/DAI.
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@bitcrab: When we allow MCR of 1.5, we should also introduce a margin call fee of 0.1% to make the ecosystem more sustainable!
The 0.1% fee doesn't hurt anybody, but makes a huge difference on the income side.
We should also consider we have no interest rate for the borrower compared to Maker/DAI.
I feel it's reasonable to charge the same market fee in margin call trading, but seems that need change in core code?
that's another topic and need another BSIP.
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Margin call fee discussion:
https://bitsharestalk.org/index.php?topic=29138.msg333633#msg333633
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What will happen if USD MCR is 1.5?
first, all the below margin called orders will disappear, which will reduce the sell pressure of BTS greatly.
(http://i1.fuimg.com/523014/fa56a0420ee6cc7f.png)
(http://i1.fuimg.com/523014/78b76bf40001af24.png)
second, as the cost to mint bitUSD is obvious lower than to mint bitCNY, more borrowers will switch from CNY market to USD market, which will activate the USD market.
there is only one question to ask - is 1.5 safe enough for MCR?
sure, we can see
DAI already adopted a 1.5 MCR for long time.
we already implemented GS protection for bitUSD, and it works well.
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What will happen if USD MCR is 1.5?
More people will borrow bitUSD, which does increase liquidity. Low liquidity is the bigger problem, than reducing MCR from 1.6 to 1.5. Without liquidity every MCR is too low.
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I hope all voters can consider this proposal carefully and understand how it can help the BTS ecosystem.
BTS is under big price pressure, that's why China community vote refund400k to reduce the inflation.
the low price keep on hurting the holders' confidence, it's necessary to find ways to make BTS price more sustainable, to reduce inflation from workers is part of the efforts, although it may hurt some contributors.
We need to find more efficient ways, to reduce MCR is another way, it can increase smartcoin supply and make the ecosystem more healthy.
please support this!
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Poll has been voted active
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Updated my votes as well 2019-08-17 02:14:57 (GMT +7)
Support MCR for BitEUR to 1.6 and BitUSD to 1.5, with MSSR 1.02 and 1.01 along GS protection.
More liquidity and less harm to both precious and very needed smartcoins.
@bitcrab
Please, evaluate and open discussion how possibly we could restore BitBTC - hence we have working HTLC function and actually can develop a trustless native built-in gateway through HTLC with Bitcoin blockchain.
Chee®s
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Updated my votes as well 2019-08-17 02:14:57 (GMT +7)
Support MCR for BitEUR to 1.6 and BitUSD to 1.5, with MSSR 1.02 and 1.01 along GS protection.
More liquidity and less harm to both precious and very needed smartcoin.
@bitcrab
Please, evaluate and open discussion how possibly we could restore BitBTC - hence we have working HTLC function and actually can develop a trustless native built-in gateway through HTLC with Bitcoin blockchain.
Chee®s
it will revive when BTS/BTC price restore to a certain level...
anyway, I don't think bitBTC make big sense, we need not to pay much efforts to cultivate it.
first, it is difficult and make little sense to peg an asset with big fluctuations.
second, to peg USD&CNY because we want to make fiat be transferred freely in Internet. however, BTS can already be freely transferred, no need to create another asset to peg it.