Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.

Messages - bitcrab

Pages: [1] 2 3 4 5 6 7 8 ... 85
Its a big mistake to change MCR in a downtrend.It will have zero impact because of bad timing.
Instead we could use it in a real uptrend with clear singals to push BTS and make external traders join that push to pump it back up.
In a downtrend you won't see much of an even risk getting quicker near gs....... losing again its pegg and reputation.

Patience is a virtue

After a quick look at the calls this morning after a 5% drop, agree with Thul3 too.

In THEORY, it would be helpful, but in practice NOONE is being sensible about their CR so will only make things worse. Contemplating removing votes.

still in bear market.

reducing MCR means we can get more bitCNY supply and make better pegging.

GS? we have GS protection, it's not a big problem.

to increase MCR at current time is just like Federal Reserve to increase interest at Great Depression, it will make everything worse.

太阔怕了 >:(

As the poll worker proposal 1.14.174 has been voted active and got more support than the "do not change" worker proposal 1.14.175, and the protocol upgrade to 3.0.1 has been done successfully, MCR of bitCNY will change from 1.75 to 1.6.

The change will happen after  UTC 00:00 28th, April, 2019.

Every witness is requested to update the feeding script to publish 1.6 as MCR of bitCNY, please do the job after UTC 00:00 28th, April, 2019 and finish before UTC 00:00 30th, April, 2019.

For more information about the poll for this change, please check

I have two questions:

If I offboarding 1 bitCNY to my bank account, how much CNY will I get?

If I onboard now 1 CNY, how much bitCNY do I get?

This must include all fees in the process.

the deposit/withdraw fee in magicwallet can answer these questions.
you can mail to [email protected] to get API for that info.

Even though currently the DEX price more or less reflex the market price; based on buys and sells it can spike significantly in relation to global markets. And of course we can't just feed the DEX price by itself. I have been working on my tuning my prices a bit. I  have also noticed that GDEX updates their price feeds every 2 minutes. Is that were we are trying to go with this? Provide frequent up to a minute feeds?

I don't think each witness should feed every 2 minutes, however it is not acceptable that the market price have changed a lot but the feed price is not updated for long time.

feed price should not conflict with DEX price modified with bitCNY premium/discount, otherwise feed price will be the tool for shorting.









I am considering to push one principle for bitCNY price feed -  price feed should not conflict with DEX price.

exactly speaking, price feed should not conflict with DEX price modified with bitCNY premium/discount.

as shown below, at the time bitCNY has a premium of about 1.7%, so the price feed should be about 0.4069*1.017=0.4138

but most of the witnesses feed a price which is even under 0.4069 at the time, this is killing the bitCNY ecosystem!

中文(Chinese) / Re: 将MSSR降为101
« on: April 20, 2019, 10:39:00 pm »









中文(Chinese) / Re: 将MSSR降为101
« on: April 20, 2019, 04:14:17 pm »



中文(Chinese) / Re: 将MSSR降为101
« on: April 20, 2019, 08:26:53 am »







Maker DAI的MCR是1.5,我们是1.75,资产抵押创造智能货币的能力低了多少?这种规则下,如何去跟DAI竞争?



还有大户说,调低MSSR降低了空头的预期收益,不利于吸引交易者 - 拜托,如果你是一家上市公司老板,难道你整天想着邀请人来做空你家的股票吗?





If we all agree that MSSR should be 0%, MCR at 1.0 and force settlement as high as we can (100%?), we should be able to get everyone creating some bitCNY, but who is going to buy it? I would rather see a bit smaller MCR than non-existent MSSR.

you misunderstood what I mean. I don't forget the basic financial principle.

I don't think MCR can be reduced to 1, in my view, it is possible to go down to say 1.5 or 1.4 and stay there without going down.

MSSR is possible to go to 1, but need step by step.

force settlement offset is not supposed to go as high as possible, I don't think there is a "the higher, the better" logic for this offset, actually, now 2% for bitCNY is as low as possible, as up to now we do not have an always reliable feed price.

the only way can help increase the supply is provide more real money support BTS.

this statement is 100% correct but senseless.

rules are like tubes, funds are like water, to which direction will the water flow depend on how the tube is designed.

everyone knows that the ecosystem need real money to support, but as a system designer, what we need to consider is how to design the tubes well, then the water will be directed to the BTS ecosystem from outside.

what we need to do is to optimize the rules, to make it more friendly to BTS longers,  less friendly to BTS shorters, and of course, based on the base financial principles.

what we have done on this way:

introduce target CR.
reduce MSSR
increase force settlement offset.

what we can do in the future:

reduce MCR
reduce MSSR continually
introduce "close short" feature.

I think you just experienced what's the difference that MSSR=1.1 and MSSR=1.02 can make, the big price fall in 11th April is relevant to high MSSR and your big USD debt position, if MSSR has been reduced to 1.02 before that day, I think it's highly possible that the big price fall will not happen.

and the change from 1.02 to 1.01 also make sense, it reduce the profit expectation for shortening BTS.

I will not support reduce MSSR less than 1.02.
sure we need to keep some profit space for those who help eat the margin call order.
I saw some people want to reduce MSSR because they think feed price is too lower than it should be,
they should try to change feed price instead of change MSSR. there is big different between these two problem.

I agree that price feed problem and MSSR problem are different and need different ways to solve.

but after so long time practice,  I think we should understand more deeply on the margin call rule sets.

first, can we just ragard the profit space for eating margin call orders as same as "MSSR-1"?

No, actually when the debt position is margin called/the collateral is forced to be sold, the profit space for eating margin call/the punishment to debt position owners is there.

even if MSSR = 1.

because if you are provided the rights to buy some volume of BTS at the current market price, don't you think this right worth some money?

the same logic that trader need to pay for American options.

and what we can see clearly is that, either we set MSSR=1.1 or 1.02 does not determine whether the margin call orders be eaten or not, the more important factor is market sentiment.

the disadvantage of high MSSR is that, it benefit more on shorting BTS, and then encourage traders to short BTS.

so my ideas on MSSR setting is, MSSR should be greater or equal to 1, the lower, the better.

for bitCNY, 1.02 is a value that do not lead to "margin call orders not eaten" phenomena, it's time to consider to reduce MSSR more, to discourage shorters, to ensure better pegging.

for bitUSD, 1.02 is a value that margin call orders always stay there without being eaten, so no need to consider to reduce MSSR currently.

Pages: [1] 2 3 4 5 6 7 8 ... 85